Online Borkerage for Canadians

[ExtraSlow]

Anyone out there trading stocks online? I know most of the big banks have brokerages, and there's always e-trade, TradeFreedon, Q-trade, Credential etc.

Which one do you use and why do you like it?

I'm just getting into this, and I would like to be able to trade Canadian and American stocks, which I hear not all of them allow.
I'm not looking to get into day trading where a couple of minutes will make or break me, this is for a more long term type of investing.

Looking for opinions.

[ryanallan]

I use TD Waterhouse.

I have been using it for some time now, and really have no complaints. if you make less than 30 trades per quarter the cost is $29.00 per trade, $9.99 if you make between 30-150, and $7 if you make more than 150 trades per quarter.

The interface is easy to use, and I am able to make trades in both the Canadian and US markets.

[roopi]

http://forums.beyond.ca/st/132116/online-brokers/

http://forums.beyond.ca/st/143926/buying-and-selling-commisions/

http://forums.beyond.ca/st/194534/penny-stocks-which-broker-to-use/

http://forums.beyond.ca/st/27592/good-investments-stocks/

[bmeier]

if you are just starting and have 10 K to put into your account you should look at disnat direct. if you open a new account with them you get a free stock trading course that usually costs around 3 grand... The guy who started the course is a local calgarian and he knows his stuff.

http://stockscores.ca/offers/knowledgeismoney/

[ExtraSlow]

Just read those threads and I can't see a clear winner.
I do have around $10k to invest, I'll look into the stockscores stuff.

[Canmorite]

+1 for Tyler at Stockscores. I've known him for a while and his course is top-notch for beginners.

EDIT: That course is all about technical trading, and mostly day or swing trades. Might not be what your into...

[Rat Fink]

.

[bmeier]

The course might not be what you are looking for but i guarantee everyone can learn something from it. If you are planning on putting 10 k into the account anyways you might as well get the free course.

Disnat is pretty cheap too and they have a bunch of different options for different levels of activity.


Originally posted by Canmorite
+1 for Tyler at Stockscores. I've known him for a while and his course is top-notch for beginners.

EDIT: That course is all about technical trading, and mostly day or swing trades. Might not be what your into...

[ExtraSlow]

Anyone using credential direct or tradeFreedom?

[ExtraSlow]

I'm going to go ahead and answer my own question.
Canadian online brokerages are rated here: http://www.surviscor.com/scorview/2007Summer/
They have ranked 16 online brokerages and Credential Direct came out tops.

I'm going to investigate more before I invest with them, but this is a good start.

[EG STyLeZ]

I feel like I have to warn anyone thinking about signing up with Tradefreedom and considering trading on the OTC markets to seriously consider going with another brokerage instead.

I've probably said it in the other threads already but i'll say it again. Tradefreedom does not allow any online trading whatsoever of OTC-based stocks; instead, you have to call in each and every order you want to place over the phone. They call it a 'temporary restriction' but has been in place for nearly a year now.

If you're doing any trading on the TSX.V, you basically are not provided with any quotes on TSX.V stocks unless you pay extra or trade at least 10 times/month.

US and TSX stocks trade for $10 commission. TSX.V stocks have the additional fee of $0.0004/share, which can add up quick.

Just google 'tradefreedom problems' and you'll see why I think they're so terrible.

[Rat Fink]

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[Canmorite]

Originally posted by Rat Fink
Does anyone here have a TD Waterhouse account, with the Active Trader Plus platform??

I qualify for it, and have been thinking of switching from CIBC over to TD.

If anyone here has it, let me know how it is!!

TD Should be able to let you 'test-drive' it for free.

[Rat Fink]

.

[Canmorite]

You might want to also look at Interactive Brokers or Trade Station. IB is Canadian, TS isn't. Since you play a lot of TSX stuff IB might be your better option, but I'm not sure on this.

If you're looking for super fast order entry and TONS more features (Compared to TD's Active Trader) definitely check out IB.

http://www.interactivebrokers.ca/en/main.php

[BigMass]

Just opened an Etrade account. Fund it with 25,000 and you get 100 free trades that have to be used up in 60 days. They have multiple platforms which is nice depending where i am and on what computer i'm using. They also have a %4.25 interest rate on their savings account.

If you get the 100 free trades you auto qualify for their low commission fees and their active trader platform.

I also feel more comfortable depositing 25g with Etrade than with “Billy Bob's Trading Website”

[alloroc]

LOL

I know it was totally unintentional but when I read the thread title .
Online Borkorage for Canadians

All I can think of is the Muppets and the Swedish chef.

"Bork Bork Bork"

[250and3]

Originally posted by alloroc
"Bork Bork Bork"

I know, I tried to edit the title, but once you have started a thread, you can't change the title.

Ah well, good comic relief.

[250and3]

sorry, double post.

[TomcoPDR]

Originally posted by Rat Fink
Does anyone here have a TD Waterhouse account, with the Active Trader Plus platform??

I qualify for it, and have been thinking of switching from CIBC over to TD.

If anyone here has it, let me know how it is!!

I got it, haven't had too much time to use anything these couple years, but I guess I can still describe what you need to know.

TD also gave me a free subscription to "webbroker SELECT" (name of their program) for being a platinum account. L2 included.

Another note, I hate trading on Etrade platform, when you click on the equity within your profile (either wanting to buy, or sell more), the program doesn't automatically update the "market" or the end suffix at the end (i.e. if it's a trust, or dates for options)... and when you're in a hurry, you input all your numbers to hit submit, but only to find out you're missing the suffix, market, etc... and the browser bounces back = loss time.

[BigMass]

Originally posted by TomcoPDR


I got it, haven't had too much time to use anything these couple years, but I guess I can still describe what you need to know.

TD also gave me a free subscription to "webbroker SELECT" (name of their program) for being a platinum account. L2 included.

Another note, I hate trading on Etrade platform, when you click on the equity within your profile (either wanting to buy, or sell more), the program doesn't automatically update the "market" or the end suffix at the end (i.e. if it's a trust, or dates for options)... and when you're in a hurry, you input all your numbers to hit submit, but only to find out you're missing the suffix, market, etc... and the browser bounces back = loss time.

i doubt Rat Fink is going to trade full time using a browser based platform. Etrade does offer their Power E*TRADE Pro which is a nice software based platform.

Even web based I never use their regular order entry. I use their Power E*TRADE Trading Desk which is a one click order entry. They have many options