I just make less than 30 trades per quarter but the volume would be over 1000 shares. I am in Canada and want to invest in Toronto and New York stock market. I just know “E*trade Canada” up till now.
I wonder:
1, which is the cheapest reliable online broker according to my situation? (Few trade and big volume)
2, is there any services and fee comparison chart for all those online brokers?
Thanks
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2 Comments on “Which online stock broker is the cheapest for a long-term investor in Canada?”
Analyst 15th March 2010
Zecco…
Zecco Review: The Cheapest Online Stock Trading Brokers
http://www.stock-investment-made-easy.com/zecco-review-the-cheapest-online-stock-trading-brokers.html
Yarcofin 15th March 2010
All of the major banks in Canada offer online and telephone stock trading. I personally use BMO Investorline so I can tell you a bit about that… commissions are $25 per trade if you have under $100,000. If you have over that, all trades are $9.99. You can trade on any Canadian or US exchange or OTC stocks, either online or through the phone.
TD also offers a good service called TD Waterhouse. I have seen it in use. Commissions may be a bit higher, but it seems like they offer more information such as annual reports, etc.
I’ve never seen RBC’s investment brokerage website but I imagine it’s comparable.
From what I’ve seen, CIBC is the one odd bank out… their commissions seem way higher than the rest.
So personally I would go with BMO or TD, unless you want to use an online broker that specializes in only stock trading, but I have no experience with those.
Hope that helps… unfortunately I can’t find a single comparison website, you’ll have to go to each site and look at fees individually and compare for yourself.