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The Best Discount Stock Brokerages
discount brokerages

The Best Discount Stock Brokerages

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The Best Discount Stock Brokerages

best discount stock brokerages

There are many discount stock brokerages in Canada these
days and its hard to compare them directly.

While each of the brokerages have different criteria, minimum balances,
and response times, there are many brokerages available. This means that you can get the best discount stock brokerages for your own unique situation.

Customer service is key

When comparing the different companies, take into consideration their customer service and response times. While some are available 24 hours a day, some aren’t. If you’re looking to have arapport with your adviser and communicate on a regular basis, CIBC Investor’s Edge is a great choice. With the most availability, you can reach someone day or night no matter what you need.

Low minimum balances are available

For those that are looking for the lowest minimum balance, Questrade is your best bet. With the minimum balance of only $5,000.00 across all accounts. For investors under 25 there are also no fees. With unlimited commission free ETFs, Questrade is a great option for the active investor.

Low fee funds

For those that are looking at low-fee funds, HSBC InvestDirect is your best option. With
over 4,000 low-fee funds there are many options to trade while incurring low fees. While the minimum account balance is $25,000.00, there is no online application to easily navigate your portfolio. HSCB InvestDirect encourages active communication and with the ability to trade globally, is a great option for established investors. It takes upwards of 35 hours to respond to customer inquiries though so if you need constant customer service or trade often, this isn’t the best choice for you.

If you’re just starting out

For the investor that is just starting out, Qtrade Investor is a great option. Qtrade Investor
offers no minimum balance for young investors who deposit $50.00 or more per month. If you don’t qualify for the young investors discount, you’re looking at $25,000 minimum balance across all accounts or two trades per month.  Qtrade’s customer service is also second to none with the best response time at 2 hours. If you’re new to investing or like to have your discount stock brokerage available to help with question on a regular basis, Qtrade is a great company.

Credential Direct is a great choice for long-term investors. With research, planning, and
analytic tools, you can customer build your portfolio to best serve your long-term needs. While normally available by chat, Credential Direct offers many low cost mutual funds which remove advisor commissions. Some of the many mutual funds include: Mawer, Series D, Blackrock, Beutel, Goodman BMO, Mackenzie, and Purpose. If you’re looking to make a plan and work that plan, Credential Direct is a great solution.

What are you’re goals?

While there are many different discount stock brokerages to
consider in Canada, the best way to make sure that you’re making the right
decision is to consider what you are trying to achieve. Are you a new or young investor just starting out? Are you specifically interested in low-fee funds? Are you looking for an
available partner to help you day in and day out? Do you prefer to invest in mutual funds?While each person’s circumstances are unique, there are many discount stock brokerages to help no matter what.

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