Can anyone out there in fooldom recommend a good Canadian Discount Broker? Any replys would be appreciated...thnx
I believe that currently the best deal is with Bank of Montreal's Investor line: http://www.bmo.com/cgi-bin/Tango1.cgi/Investorline/frame.qry?function=lrInternet comission (and probably Touch Tone) $25 flat rate.I have been told they also have useful statements as opposed to the traditional brokers statement that give no indication of how your holdings have done.Their compeitors charge $29 flat rate for Internet trading, and E-trade is probably 28.88 (or hihger?)I was thinking of moving my RRSP to BOM from the Royal Bank to take advantage of the lower fee since they currently pay the moving fee. However, since the two will most likely be merging I am wodering, will they both, or the new 'one', be offering the same low rate?
Thanks for your suggestion. Just so happens thats my bank. Sometimes the answers are right under your nose. Again, I appreciate your helpRgds, JamesLT ( novice investor)
TD Greenline seems to set the standard in Canada for discount brokers, but personally I prefer the Royal Bank's Action Direct Discount Broker. Benefits:- Electronic trades (eg. over the internet) are a flat $29 (CDN) per trade on Canadian stocks, and $29 (USD) per trade on US stocks. There may be a premium on really large trades...either way, this is about is cheap as it gets with Canadian discount brokers- I don't know if you are Canadian, but their fee for a self-directed RSP account (i.e. hold stocks as well as mutual funds) is only $25/year. Most brokers (discount brokers included) charge around $100 for this type of account. The fee is waived if holdings are greater than $25K.I also like HongKong Bank of Canada's discount broker as you can trade directly on Hong Kong exchange (and others...) and hold Hong Kong Dollar, as well as US and Canadian dollar accounts (so for HK, you don't have to expose yourself to currency fluctuations every time you make a trade there).
<<TD Greenline seems to set the standard in Canada for discount brokers>>Not anymore. They were first with flat rate but BMO was always cheaper for Canadian stocks and now they are the cheapest for US stocks: $25 flat rate. Same price, unlike the others, for touch tone.> There may be a premium on really large tradesThey all add cents/share charges after 1,000 shares.>...either way, this is about is cheap as it gets with Canadian > discount brokersNo longer. Royal matched them, BMO beat them and I am told they have much more useful monthly statements.
I have redirected some people to BMO based on your info...What's BMO's fee for self directed RSP account?
<<I have redirected some people to BMO based on your info...What's BMO's fee for self directed RSP account?>>Why you lazy ....http://www.bmo.com/cgi-bin/Tango1.cgi/Investorline/frame.qry?function=lr/I think it is a tad better deal than the Royal. And yes I know the Royal is free for account balances over 25K.
Actually,Scotia Bank beats them all. Trades over your computer are listed at$ 22.50 cdn. AND, On my last two trades I was only billed a flat rate of $ 20.00.Scott ( Pippen )
<Scotia Bank beats them all. Trades over your computer are listed at$ 22.50 cdn. AND, On my last two trades I was only billed a flat rate of $ 20.00.>You're only giving half the story here. The $22.50 fee is only for Canadian equities. The following comes from the Scotia Bank Stockline website, pertaining to their commission fees:"For orders placed through StockLine you receive a 20% discount off the above commissions, with a minimum commission of $22.50 for Canadian and $28.00 for U.S. equity trades."Now what I need to know is whether or not the $28.00 fee for US equity trades is in Canadian or US funds. If it's in US funds, then Bank of Montreal's InvestorLine would beat it with their $25.00 US fee. If it's in Canadian funds, then it's worth considering to move over there...KM...
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