Q regarding discount online trading platforms:

[maggie123]

I am thinking of getting back into self trading using an online discount brokerage. I would prefer using one of the major banks as that feels more "secure" (might be just psychological). So far I have narrowed it down to TD Direct Investing and RBC Direct Investing (I have used this in the past). Anyone using one of these - if so, how happy are you with it? Also, what about other systems that are not a part of a major bank, such as WealthSimple - any good? I know they have lower trade commissions but is the overall system just as good?

Would love to hear back from people who are currently using a system. Thank you for your feedback.

 

[lynturc]

@maggie123

RBC Direct Investing

High fees @ 10$ per trade vs free for online brokers

major banks as that feels more "secure"

it is psychological. everything is cipf insured the same way

 

[maggie123]

@lynturc

cipf

But isnt cipf just in the event the institute fails? I was also talking about sytems getting hacked into. A while back one of the smaller brokerages was hacked and money was stolen as their security wasnt up to par. Just thinking out loud here...

 

[asmodea]

@maggie123 Questrade and WS Trade are good brokerage choices for buy and hold ETF investors because they don't charge commissions for ETF purchases and they don't charge any maintenance/inactivity/ low balance fees.

WS Trade is a good choice for those who want to completely automatic regular investments because they can set up recurring (and fractional share) purchases of XGRO, VGRO, XEQT, VEQT VBAL, XBAL, VCNS, and XCNS.

For Questrade you could set up automatic deposits and have Passiv Elite remind you to make "one click purchases" as soon as money hits your account.

Setting up Passiv Elite or recurring purchases may reduce the odds of experiencing a drag on return caused by tampering with your investment plan.

 

[hundreddays]

@maggie123 I prefer TD over RBC's website. NBDB.ca has free trades if your account is above 25k. TD has better reporting features, NBDB is kinda basic, but still better than RBC's.

 

[maggie123]

@hundreddays Excellent - thanks.

 

[aryas]

@maggie123 I have access to RBC but prefer Wealthsimple. It is basic but meets my needs as someone new to investing. Wouldn’t recommend for day trading.

 

[emilswift]

@maggie123 I would pick either BMO InvestorLine or National Bank Direct Brokerage as both allow purchasing asset allocation ETFs commission free.

 

[unidentified]

@maggie123 I can't find one that offers all the various registered accounts.

I tried contacting WS. They wouldn't respond to chat or answer the phone. I know with a B&M bank I can get ahold of someone within a week.

I'm not thrilled with TD - $10 to buy an ETF is a little much. I think it's ridiculous I have to call by 2pm on a weekday to move money into my account, but at least it does get done.

 

[maggie123]

@unidentified Can't you just move the money (into your account) yourself online?

 

[unidentified]

@maggie123 No, not for my RDSP.

 

[geoff58]

@maggie123 BMO has the best commission free etf list, then is Scotia. After that CIBC has cheaper trades with $7 vs $10 for td/rbc. I would go BMO or Scotia for free etf trades.