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Want to manage investments on your own? Start by checking out these discount brokerages that offer accounts for Canadians.
If you’re getting frustrated by the investment offerings of your bank or you’re sick of buying investments through your financial planner, it may be time to take the plunge and set up your own discount brokerage account. You’ll be able to eliminate the middleman and make the trades you want when you want.
Here’s a round up of Canada’s discount brokerages. While researching the companies, make sure to find one that has fees that are appropriate to your trading frequency. Some offer reduced fees for heavy traders or people with large accounts.
BMO InvestorLine
CIBC Investor’s Edge
Credential Direct
Disnat
HSBC InvestDirect
Interactive Brokers
National Bank Direct Brokerage
Questrade
Qtrade Investor
RBC Direct Investing
Scotia iTRADE
ScotiaMcLeod Direct Investing
TD Waterhouse
TradeFreedom
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These are almost all the banks. They charge $10. per trade.
They charge 1.3% to move money between U$ and C$ That Is Absurd! The money never leaves their computer.
Some have limited inventory available for short trades.
Otherwise td is good.
RBC have an office in Vancouver with two guys who face to face can deal with any issue, NOW.
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Near zero charges on trades are nbdb.ca and ibkr.ca
nbdb national bank wait times for phone support can be an hour, otherwise good for cash accounts.
ibkr has gone to facial recognition..
ibkr’s trade summary report is excellent
Questrade has no phone support.