I am margin free!

19 Apr

Sorry, I haven’t been in the mood lately to blog about stocks.  The stock markets have been giving me a queasy feeling in my tummy.

On Monday, April 15th, every stock I had was in the red!  I decided to sell my Potash that was on margin at a loss.  I also transferred $2200 into my USD margin to wipe out my margin balance there.  So I am margin free!!  I don’ t have to pay stupid little interest at the rate of 6% to Questrade.

This is in preparation for my move from Questrade to Virtual Brokers.  A couple of days ago, I finally mailed my application to Virtual Broker’s head quarters.  (I was over by 6 grams, but I took the risk of just putting on a 63 cent stamp instead of $1.10.)  I know sometimes, I’m a cheapo, but it was in those standardized envelopes.

One of my reason for switching brokerage is that Questrade was charging 6% for CAD and 6.25% USD for any money that is borrowed in their accounts.  Their interest rate is at least 2% higher than other online brokerages.  And I don’t want to pay more than I have to.

At Virtual Brokers, their interest rate is 4.5% for CAD and USD for funds that are on margin.  This beats Questrade.  Their 99 cent commission is the biggest lure for me.

If I like their platform, I will consider moving my RRSP and TFSA over.  But I want to test it first before I make the entire switch over.

Side Note:  I went over to my local Community Savings credit union to help a coworker sort and count his nickles, dimes, and quarters at thi’s coin machine.  The branch had no customers.  The customer representative saw me and showed me how to use the coin machine.  After it finished counting all those coins, I had $20.70!  She was friendly and tried to get me to sign up for their chequing account.  It’s unlimited transactions with a monthly fee of $2.00 which will end by April 2013.

I’d be interested in opening an account with them since they do have branches locally.  But I enjoy my free banking at ING Direct where I can use their ABMs.

I got a free key chain out of it with a couple of  “coins” I can dispense from to use in shopping carts.  Neat eh?

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4 Responses to “I am margin free!”

  1. Dividend Webber April 20, 2013 at 2.33 #

    It feels good not to owe people money, i for one hate being in debt. Congratulations on being Margin Free! 🙂

    • agentfang April 20, 2013 at 2.33 #

      Thanks Webber. I don’t like to waste money. The margin was weighing me down. Margin is only good for short term plays and I never should have let Goldcorp and Suncor go down the way it did recently. Cut my losses early. But now, I’m stuck with them till they make a come back.

  2. theoutliermodel April 20, 2013 at 2.33 #

    Always nice to clear away something like that. Also – I hadn’t heard of Virtual Brokers till your post. I’d be interested in hearing about your experiences with them.

    • agentfang April 21, 2013 at 2.33 #

      I will do up a post when my account is set up at Virtual Brokers. I’m always looking for the best deal around. If you’re not happy with something, always look for alternatives to switch over.

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