Note: this is an affiliate program which means that any time someone signs up for this offer, I will potentially receive monetary compensation in the future. I’ll explain my thoughts on why I accepted participation in this affiliation below…
If you do just a bit of searching on the web you’ll find lots of useful reviews on the various discount brokerages available to Canadians. You’ll find no such thing here, but only because I haven’t used them all (or even visited their sites to really check them out).
I can tell you that I personally use Questrade for my discount brokerage accounts and my decision was based purely on the fee schedule. There are no account fees, and equity trades are as little as $4.95 and no more than $9.95. If you buy US listed securities in your RRSP there are no forced currency conversions (and corresponding forex drag) and so on and so forth. For me, the price was right. I had read some of the blogs which reviewed Questrade and noticed a few complaints here and there – enough that I opened my account with my eyes open and on the lookout. I haven’t had any issues so far with Questrade.
However, to recognize that others have had some issues in the past, when Questrade contacted me to see if I wanted to participate in their affiliate program I told them that I would consider it only if they provided me with the contact details of a senior client support person that I could contact if any of my readers signed up and had problems they couldn’t reasonably have sorted out when contacting the regular client service personnel at Questrade.
So if you have recently been thinking about switching discount brokers, or are looking to open your first discount brokerage account, you might want to look into Questrade. They are offering $50 in free trades for new accounts through this offer.
Click here if you are interested in signing up.
For a bit of a primer on Questrade’s services you can visit this page.