Advertisement
In our first-ever survey of the bank-owned giants and the independents, we help you pick the best online brokerage—no matter what type of investor you are.
Not many years ago, trading stocks or bonds meant using a full service brokerage and paying hundreds of dollars for the privilege. This “full service” often included the advice of a stockbroker who was less concerned with service than with generating commissions.
Discount brokerages changed the game 30 years ago by removing advice from the equation: you made your own buy and sell decisions and phoned the order desk to place your trade. In return, these brokerages charged much less.
Investors now make most trades online and commissions are lower than ever: typically $10, and as little as $0.99 if you trade a lot. But low cost isn’t the only feature to look for in a discount brokerage. Except for some deep discounters, account fees and commissions are surprisingly similar. With $25,000 to invest, you have many options for opening accounts with no administrative fees and low trading costs. But online brokerages differ dramatically on other key features.
Unfortunately, they’re hard to compare. It’s impossible to know in advance how attentive customer service reps will be, how quickly stock quotes are updated, or how easy it is to navigate a brokerage’s order screens. These important differences aren’t obvious until you’ve been a client for weeks or months.
That’s why MoneySense partnered with Surviscor for our first-ever survey of the Best Discount Brokerages in Canada.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
A trio of new books from notable (and notorious) authors offer fresh insights on retirement investing.
Covered call ETFs are gaining popularity in Canada, offering higher income for investors—but experts warn of higher fees and...
Canadian markets saw a mix of expansion, earnings gains and challenges this week, with mining, logistics, fintech and forestry...
Fintrac says the Vancouver-based exchange failed to report thousands of suspicious and high-risk transactions, marking the largest enforcement action...
Physical gold isn't the only option. How ETFs, closed-end funds, and gold miners compare for Canadian investors.
Cenovus builds momentum for its MEG Energy takeover with a bigger stake, while major deals from Parkland and Cineplex...
Stablecoins could help Canadians save on costly remittance fees, offering a quicker, more affordable way to send money abroad.
Non-registered accounts held individually can lead to frozen funds and probate fees. Learn how joint accounts can protect your...
