Virtual Brokers in Review

24 Dec

May 2013, I switched over my margin account from Questrade to Virtual Brokers for cheaper commissions, lower margin rates and depth II quotes.  I am very happy with this move!  If I was stuck at Questrade, I wouldn’t have traded or gained this much!  Too bad, Virtual Brokers charges a fee for USD stocks held in TFSA and RRSP accounts… or else, I would have moved everything over from Questrade.

Summary Breakdown

* Market Value as of Dec 24, 2013:  $68,349.93
* Current margin amount:  ($9,902.22 )
* Net Equity:  $58,447.71
* Paper profit:  $16,347.71
* Currently holding 12 stocks
* Collected in distributions and dividends:  $780.49 
* Margin interest charges: ($181.24)
* Commission charges for 32 trades:  ($40.86)  

Note:  If I traded 32 times in Questrade at their minimum cost of $4.95, the total commission charges would have been $158.40!   

 

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5 Responses to “Virtual Brokers in Review”

  1. Voula Moran, Head of Marketing and Sales December 27, 2013 at 2.33 #

    It’s great to hear that you are happy with your move to Virtual Brokers. Allow us to clarify the point on USD stocks in your RRSP. If you open your RRSP and TFSA only in CAD currency, you can still hold your US positions/stocks without any charges, however you can’t hold USD cash, so once you sell your US position(s) at the end of the trading day a forced currency conversion will be done in your account with 75 bps spread which convert your US cash to CAD. In the other hand if you open US RRSP and/or US TFSA (with $50 USD annual fee), you can hold both currencies without any forced currency conversion.

    • paul January 10, 2014 at 2.33 #

      I’ve tried to open an account but when I’ve called to ask questions I’ve had to wait over 30 minutes each time. The last time – early this week for over 45 minutes. I emailed last Nov and never got a reply to a question. I can’t get the new accounts department to confirm the funds I want to transfer in are eligible to future trading. They only say funds of a certain class should be eligible and they can’t /refuse to verify which ones are eligible unless I execute a trade!!! …which means I’d have to open the account and find out the hard way. They won’t take 5 minutes to look up the codes and aren’t will to exert much effort or service to get the business

      • agentfang January 10, 2014 at 2.33 #

        Sorry to hear that you’re having a hard time getting the answers from Virtual Brokers. What kind of funds are you looking to transfer?

        Luckily, I haven’t had to deal with calling customer service yet. But one time, I set up a fund transfer, but changed my mind. I deleted the transfer thinking it was cancelled, but VB still went ahead and tried to get the funds from my bank account. They tried unsuccessfully and called me to check up on it. I missed their call, called them back and was able to get in touch with them almost immediately.

  2. kevi June 23, 2014 at 2.33 #

    In my 45 years of banking I have never seen an incompetent customer service on the scale Virtual Brokers provides! Not responsive to issues. It takes weeks for a response to an inquiry. Statement errors are frequent.

    • agentfang June 23, 2014 at 2.33 #

      Sorry that you didn’t get much service from VB.

      I just made an inquiry to VB this morning and got a response within hours. I haven’t had any problems from them so far. Though they tax slips are not summarized thus giving you a lot of paper work to go through.

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