Rob Carrick's 19th annual ranking of online brokerages

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I have never invested in the stock market before, and I am thinking about signing up for an account with Questrade. I'm Canadian and I would like to invest in the U. That being said, should I sign up with a U. They have a Canadian website optionsXpress. So canadian discount stock brokerage I am primarily trading in U.

I'm not sure if my Canadian funds have to be exchanged for U. And depending on which broker I go with Canadian or U. Is it better tax wise capital gains tax for me to canadian discount stock brokerage with a Canadian or U. Any help on this matter would really help me out. If you are a beginner make sure that you have a good phone help service. Consider such things before you choose your online broker, and others: Any online broker will pass your order in the second if is a market order, but do they care to give you a lower price when you give a limit order?

I always give my orders for more than one day, "all or nothing": I sometimes miss, but most of the time I get it in the same day, and often at least part of it at a lower price than my limit But be very carefull with their "home recommendations": Thanks for you reply garilou. I was wondering since you are with an online Canadian brokerage do you get withheld tax on your U. And if so do you get Canadian tax credits on that withheld gains tax?

Or because you are with a Canadian broker you are not withheld tax on your U. Capital gains made in Canada, even on US stocks, are declared in your Canadian tax return, canadian discount stock brokerage they are not incomes coming from the US, or foreign income as opposed to real income coming from the US.

Every month I receive offers to buy my "properties"! I bought them from my mom who had received them from her father. I guess this will stay in the family for generations: The sell is converted at the official year average from the CCB published at the end of the year. And then they are simply compiled together with the Canadian stocks capital gains or losses if you have also traded on Canadian stocks. Does this answer your question? I think I forgot to mention: TD Waterhouse charges 9.

Under that, the commissions are higher: Lots of discount brokers do the same, but some offer a very low commission even with smaller total capital. But do they offer all the reports that you get for free on TD? Even the Royal Bank where my husband used to trade did not offer them: A for the technical part, they have Recognia, which send daily alerts.

Gees you could think I'm promoting them, whereas I still oft complain to canadian discount stock brokerage. Well, not that often Good luck, and if you don't mind, I would like to canadian discount stock brokerage eventually which broker you have chosen.

Hi Louise, Thanks very much for all of the helpful information. It is much more clear to me now how taxes work on stock sales. I am glad to hear that I can declare my gains in my tax return and not have to worry about a large percentage being withheld on my gains. When I became interested in trading, I began searching the net for the best online brokerage, whether it was a U.

When I was searching I became skeptical of the really low commission brokerages because I was worried how safe my money was with them. I found several good discount online brokerages, even U. Sand Questrade Canadian are the few that have caught my eye and Canadian discount stock brokerage am interested in.

From articles and forums I have read, it seems like a lot of Canadians use Questrade as their online discount broker. I don't know if this really makes a difference when canadian discount stock brokerage which companies are "better", but with public brokerages it is nice to know where they stand financially, especially when they are holding your money. I canadian discount stock brokerage also look at TD Waterhouse to see if they are right for my purposes.

My experience from searching for the "best" online brokerage is canadian discount stock brokerage their canadian discount stock brokerage no one best brokerage that encompasses every investor's needs and each of them offer different pros and different cons. I appreciate all of your help, and I will let you know which brokerage I choose. Hopefully I will decide within the next few days cause I am excited to start trading and I know it canadian discount stock brokerage a while to open and fund a new account.

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A discount brokerage is a business, registered as an investment dealer, [1] that allow investors to buy and sell securities online. Discount brokerages, also called online brokers , typically offer both registered accounts and non-registered accounts.

The types of products that can be purchased in these accounts include exchange-traded funds , stocks , bonds , GICs , mutual funds , and others. Therefore, discount brokerage accounts are suitable locations to build investment portfolios for retirement or educational purposes.

Discount brokerages usually allow their clients to trade for their own account with little or no action with a live broker. In addition some brokers offer no-commission trades to their clients that hold a balance greater than a specific amount with them. Typically, discount brokers provide advanced electronic trading platforms which may be appealing to frequent and active traders but may deter some novice investors.

Discount brokers charge comparatively low fees but typically do not provide financial advice or guidance and provide instead a service aimed at self-directed investors.

This article first compares discount brokerages to traditional full service brokers. Then the types of products offered by discount brokers are listed. Criteria useful to select a discount broker that suits your needs are given. Finally the article discusses the issues of dual currency support Canadian versus US dollars and what happens to your account if a broker goes bankrupt.

Discount brokers charge clients significantly lower fees than a traditional full service brokerage firm but without providing investment advice. Before the advent of discount brokers it used to be that only the wealthy could afford a broker and access to the stock market.

However the development of internet and electronic trading helped to develop discount brokers, which allow investors to trade for much smaller fees. Traditional brokers in contrast will often provide financial advice and investment planning as well as related wealth management services. When comparing discount brokers, commissions used to be the number one differentiator between online brokerage firms.

When choosing a discount broker, you should also check their fee schedule to determine if there are annual fees associated with various accounts typically registered accounts and transfer and withdrawal fees.

The discount brokers website will typically have a fee schedule available. The total value of assets generally is based on all accounts that have the same mailing address. Because the commissions and annual fees have come down, recent broker reviews emphasize other selection criteria such as the ease of opening an account, ease of navigation, customer service, account reporting, market data and research, innovation, etc.

Depending on which criteria an investor emphasizes, different brokers will be favored. Canadian investors can purchase securities on Canadian exchanges and US exchanges. When purchasing and holding securities trading on US exchanges, an important consideration is whether the discount brokerage supports both Canadian dollar accounts and US dollar accounts. The level of support varies between the different discount brokerages. Over the years on Financial Wisdom Forum there have been a significant number of discussions about various aspects of discount brokerages.

You might find it helpful to review some of these topics please note that there has been some minor editing of the topic titles. A series of YouTube videos from Justin Bender for those who have never used a discount brokerage account:. Chequing account Savings account High-interest savings account. Credit card Line of credit Mortgage. Cash account Margin account. Low cost investing Mutual fund account Discount brokerage Full service brokerage Bank based Wealth manager Robo-advisor.

Retrieved from " http: Pages containing links to subscription-only content Articles to be expanded. Navigation menu Personal tools Log in. Views Read View source View history. This page was last modified on 19 February , at Privacy policy About finiki Disclaimers Mobile view.

This section requires expansion. Non-registered accounts Cash account Margin account.