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Crowtservo · 05-20-2010, 04:27 PM

This has been discussed a bit in the Stock Market thread but I wanted to get your guys' opinions on online discount brokers. I'm planning to open a TFSA at one of them with $10k to invest. I'll be trading reasonably actively over the summer (5-10 a month) then likely go to less risky long-term investments in the fall when I go back to school (bonds and mutual funds). The ones I've been primarily looking at are Scotia iTrade and Questrade.

I likely won't be qualifying for the lowest pricing tier on iTrade so the commissions on Questrade are certainly lower. This can be a pretty big deal with a small account like mine (easily 1-2% of a trade).

Neither have any fees aside from commissions as far as I can tell. Are the ECN fees the same for all discount brokers or do these vary?

Mutual funds have $0 up front commission on iTrade. $9.95 on Questrade but you keep the trailer (usually 1%) so if you hold for a year or two this would again be cheaper.

So far Questrade seems like the better option but are there any factors I'm not considering? How do the research tools compare? Does one have better access to certain funds and markets?

Thanks in advance. I hope this can serve as a good resource for others in the same situation.

05-20-2010, 04:27 PM	#1
Crowtservo 14 dolla balla aint got nothing on me! Join Date: Jul 2004 Location: Vancouver Posts: 622 Thanked 23 Times in 16 Posts Failed 14 Times in 7 Posts	Dicount Broker This has been discussed a bit in the Stock Market thread but I wanted to get your guys' opinions on online discount brokers. I'm planning to open a TFSA at one of them with $10k to invest. I'll be trading reasonably actively over the summer (5-10 a month) then likely go to less risky long-term investments in the fall when I go back to school (bonds and mutual funds). The ones I've been primarily looking at are Scotia iTrade and Questrade. I likely won't be qualifying for the lowest pricing tier on iTrade so the commissions on Questrade are certainly lower. This can be a pretty big deal with a small account like mine (easily 1-2% of a trade). Neither have any fees aside from commissions as far as I can tell. Are the ECN fees the same for all discount brokers or do these vary? Mutual funds have $0 up front commission on iTrade. $9.95 on Questrade but you keep the trailer (usually 1%) so if you hold for a year or two this would again be cheaper. So far Questrade seems like the better option but are there any factors I'm not considering? How do the research tools compare? Does one have better access to certain funds and markets? Thanks in advance. I hope this can serve as a good resource for others in the same situation.