Online brokerage reviews 2015
Written by Jin Won Choi on Aug. Last update on July 27, Man online brokerage reviews 2015 trading terminal from Shutterstock. Unfortunately, answering this question can be complicated because each broker online brokerage reviews 2015 his or her own unique way of charging fees.
This means that different brokers will cost more depending on how the individual uses the account. In particular, I will look into three popular Canadian brokers - QuestradeInteractive Brokersand Virtual Brokers - to see which one of the three would end up being the least expensive, taking earnings into consideration. Before we go on, I must disclose that I receive affiliate income from Questrade.
The following list spells out the exact assumptions I used in my analysis. Note that Virtual Brokers has different commissions structures, so I chose to use the "Classic" commission structure for comparison.
Out of the three brokers, trading stocks cost the most with Virtual Brokers. This wasn't the case up until recently, when they used to charge just 1 cent per share for each trade. However, they have since changed commission structures to court more active traders. Questrade's trading costs are half that of Virtual Brokers. That means a trade would only cost 1 cent per share if you buy between and shares.
The biggest drawback of Interactive Brokers is their inactivity fee. If you pay less than 10 USD in trading fees each month, they will charge the remainder as an inactivity fee. Furthermore, they will charge this amount per account. Lastly, whereas it costs nothing to register an RSP account with either Questrade or Interactive Brokers, it can cost substantially more if you want to hold U.
While an RSP account that can only hold Canadian dollar investments costs nothing, an account that can hold U. Under Virtual Broker's old commission structure, determining which broker was cheapest wasn't so straightforward.
But with the commissions changes, I believe Questrade is currently the cheapest out of all the major discount brokerage firms that offer registered accounts. Broker Interactive Questrade Virtual. If you enjoyed this article, you might be interested in our free newsletter. Enter your email to get free updates.
Choi is the founder online brokerage reviews 2015 MoneyGeek. He has a PhD in financial mathematics, and he worked at a top performing fund for 2 years. Virtual Brokers Online brokerage reviews 2015 vs.
This article has been updated to reflect prices as of July 27, Has 2 registered savings accounts RSPs. This fits the description of someone who makes a monthly contribution to buy one ETF a month.
I will also assume that each trade i. Will purchase stocks 4 times a year and sell stocks once a year. I will also assume that each trade consists of online brokerage reviews 2015. A Canadian who wants to buy U. Which One Should You Choose? Broker Interactive Questrade Virtual Short url: Choi's commentary on current financial events All this online brokerage reviews 2015 available for free.
Join others and subscribe online brokerage reviews 2015 the box below.
Surviscor produces the most comprehensive online brokerage analysis in North America. Surviscor reviews Canadian discount brokerage firms who online brokerage reviews 2015 online brokerage service to self-directed investors in Canada. The minimum requirements are: The Canadian Discount Brokerage Review continues to expand.
The main categories are:. The firms' percentage score is based on the availability of its offerings as compared to the number one peers in each category. The review continued to use usage-based criteria questions with a commission model that analyses over 12, individual trades. The study was conducted in June and July of using Surviscor's most recent Canadian online and mobile brokerage features, functionality and service data to support the conclusions.
The online brokerage reviews 2015 and results were jointly produced by Surviscor and MoneySense. CLICK on any firm for more detailed information and educational content. Additional Canadian brokerage firms not mentioned as well as all Canadian banking firms can be found by clicking: Top Online brokerage reviews 2015 and Honourable Mention: Questrade and TD Direct Investing. Questrade and Qtrade Investor. Top Picks and Honourable Mentions: Qtrade Investor and Desjardins Online Brokerage.
Top Picks and Honourable Mention: This is where the overview would appear. This is where the latest ranking report would appear. The main categories are: Qtrade Investor Honourable Mention: Questrade Top bank-owned brokerages: National Bank Direct Brokerage.
Binary options trading is impossible without a binary online brokerage reviews 2015 broker. With so many brokers around it is only logical for beginners to get lost or at least slightly confused.
New brokers pop up every day, but wise traders take their time to make a good and reasonable decision when selecting their broker. Even though there is no universally great broker that will satisfy every trader, there are still some characteristics that distinguish good online brokerage reviews 2015 from bad brokers.