Comments on: Canadian Discount Brokerage Review and Comparison for TFSA and RRSP

By: Money Hacks Carnival #73: Working For The Weekend Edition | Money Beagle

Money Hacks Carnival #73: Working For The Weekend Edition | Money Beagle — Tue, 24 Jan 2012 17:42:25 +0000

[...] presents What is a Roth IRA? posted at Wise Money Matters.Ray @ Financial Highway presents Canadian Discount Brokerage Review and Comparison for TFSA and RRSP posted at Financial Highway.TIP Guy presents Estimation of Beta-Based Expected Returns posted at [...]

By: stephen

stephen — Fri, 30 Sep 2011 04:48:12 +0000

hey there, I’m new into scalping (daytrading). I’m set up with interactive brokers and using ninja trader for my technical charting etc. I’d like to get into using a TFSA account to trade with but can’t find any descent Canadian brokers with good charting capabilities like Ninja or Worden Brothers.
Do you have any suggestions? also, why would you go with CMC?

By: Steve

Steve — Tue, 27 Sep 2011 22:34:03 +0000

I think if it’s over one year…they have o grounds to request any money from you.
What kind of broker does that and even after you talk to them, they could not figured it out.

I think if they take you to court, they will have no grounds…but I’m not an expert so hopefully someone will have a better advice.

Good luck my friend…Sorry you lost that money during 2008—Many of us did…

By: Clodian

Clodian — Tue, 27 Sep 2011 20:57:41 +0000

Just wondering…
In 2007 I had some gold stock AMNP ‘added’ to my account(175,000 shares for $1.25 each)).
I did not buy that stock
I chatted with one of the reps-he said he wasn’t sure why that stock was into my account. He did some searching, but came back with the same answer.
Then he said if I could try to trade it then I should since it was in my account.
So I did. I sold all of it..since it was a cheap stock and it was going down in value.

3 years later they called and said they realized they put the stock into my account and it was an error and they wanted all the money for it.
I explained to them that I asked one of your reps and was told I could sell the stock.

I had lost most of that money trading in 2008..but want to know where are my grounds on this issue?
I’m mot mentioning the broker’s name, but was one of those with poor customer service and not very knowledgeable reps.
Any help would be greatly appreciated.

Klodian

By: John

John — Sat, 10 Sep 2011 19:33:14 +0000

As an active investor for “over 7 years” managing a profile where 35% of your entire funds amounts to approximately $900 some odd dollars, I’d say you’re full of shit.

Best,

John

By: Wally Kasey

Wally Kasey — Tue, 16 Aug 2011 10:54:45 +0000

QTrade is the bestest by a mile. OK, so they don’t have a commission below $10, BUT they have the best on-line tools, customer service that is actually answered by a live person and not phone hell, and they are on top of all the major developments. If a competitor instigates an “innovation”, you can be sure that QTrade will follow ASAP. I usually trade in lots of 1000 or more shares but for those occassions when I do trade less than 1000, I don’t mind paying a few extra dollars over Questrades rates. My next fav choice is BMO Investorline (if you can open a min $50K account). Anything to stay away from Questrade. Those guys are crapola. Yes, you might save a few coins, but one screwup by them (and it will happen….missed trade because site is down, wrong trade, misplaced funds) and you’ll lose or regret any potential “savings”.

By: Kerry

Kerry — Sun, 06 Mar 2011 22:56:52 +0000

I switched to TDW from Questrade. Before that I was with TradeFreedom. Between Tradefreedom and Questrade….I was charged thousands of dollars in ECN fees above the commissions I was charged. A good 10 to 12 grand I could have kept in my pocket. Never Again. If you are an active trader like me…..ecn fees are NOT an option.

By: rob

rob — Fri, 18 Feb 2011 22:27:17 +0000

Simon – I can just imagine. I’m not a fan of the big banks but at least they kiss you first! If they’re was some company that came out & was honest from the start & gave customer service.They’d make a killing.

By: Simon Piskaret

Simon Piskaret — Fri, 18 Feb 2011 18:52:23 +0000

Rob, consider yourself lucky that you never got to experience their “low” commission rates as you would have been in for a bitter surprise.

By: Rob Williams

Rob Williams — Fri, 18 Feb 2011 16:23:58 +0000

I had been at TD Waterhouse for years & decided to transfer my accounts to questrade mainly because of commission rates.
To say the least what a nightmare!! It took approximately 2wks to get the margin account & tfsa set up to begin with. Then after they were set up,I mailed in the transfer papers. Three weeks later the transfer still was not initiated. Upon talking to them they said that they hadn’t even received the paperwork.
In that three weeks I was on their live help through the website (wait times 36-79min). When I finally get in touch with someone I get them telling me that they don’t have access to that part of the account. Trying to get through on the phone is even worse.
Needless to say after wasting at least five hours & 23 emails in that 3wks I told questrade to forget it & close the account.
You have to fund the account with a min. of $1 in the opening process. When I told them to just put the $1 back in my bank account they replied that they don’t do that just for a $1. I told them to cut a check & mail it then – they replied that there was a $10 fee for that.

In closing as far as I’m concerned Questrade has n0 customer service & even tho their commission rates are considerably lower than the big banks – i now know why!