July 21, 2016
Been awhile, hope everyone’s doing swell. Quick note on Questrade. The Globe & Mail does brokerage comparisons every year and their 2015 one is here. Didn’t realize I was getting robbed by TD via commissions until I looked at their competitors. Did a bunch more research a found Questrade to be the best value. Some highlights:
- $5 commission per stock trade (unless you trade more than 500 shares, then it’s a penny per share up to $9.95)
- $0 for ETF purchases, and ETF sales follow suit with the commission outlined above
- $0 for an RRSP account (compared to $100 PER YEAR at TD and probs other banks)
- Based on my expected trading activity (10+ trades per year), I expect to save at least $2500 over my lifetime; not a ton, but still nice to have. Also, many people make many, many more trades than that (and maybe I will too!)
Needless to say, I switched brokers. It was a bit of a hassle and cost, though I’m not done yet (only going to sell my stocks at TD once I want to buy more of those same companies with Questrade, so I just buy them all at once… if that makes sense). Been with them for awhile and have no complaints; I highly recommend.
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