My Story about Brokerage Accounts

30 Mar

Online brokerages are readily there for anyone’s picking where vast money can be made if one pick the right stocks!.

Being a former client of TD Waterhouse and BMO Investorline paying $29 per trade can certainly cut into profits/increase losses since most of my investments were in small amounts.  In order to get a discounted rate of $9.99, you need at least a $100,000 portfolio.  I certainly do not have that kind of money!  Nor do I see myself building a portfolio of that size in the forseeable future.

Been content with BMO Investorline since 2005.  What really pissed me off was they denied me adding margin to my cash account.  So I made the switch to Scotia Itrade which offers an attractive $19.99 per trade plus they approved a margin account for me right away.  Fees are reduced to $9.99 per trade if you have a portfolio of at least $50,000.  That seems much reasonable for me.  I am happy with Scotia Itrade as they suit my needs.

My RRSP and TFSA accounts are with Questrade.  Their fees are $4.95 to $9.99 per trade.  Dirt cheap, it does its job sometimes!  My very first trade… I tried buying a stock that didn’t go through on Questrade.  I tried several times to no availability.  That ended up costing me unrealized profits from that stock.  Instead I bought into some stocks that didn’t perform as well.

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