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Email this3:08 am
June 3, 2015
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Hi, I'm more than a casual trader, but not a day trader. I make about 50+ trades/mth. I have been using TD Webbroker for the last 20 yrs, but am now looking to change. TD has a new website, which I just do not like. I find it slow and clunky, and there new alert pages do not function properly. For the last 4 months, I have not been able to set new debenture alerts, as well as alerts for a large amount of preferreds. I believe some features such as research have improved, but I do not do my research on there site anyways. I still continue to use the original webbroker, but they keep telling me it will be cancelled by the end of the year.
So, I'm wondering if there any recommendations out there....I have been looking at Questrade, but have not made up my mind. I like a fast site, and an alert page where you can set them on the fly, like the original webbroker. Surprisingly some brokers do not allow you to trade bonds and debentures, which is a no go for me. Any thoughts?
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
7:54 am
October 27, 2013
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Look at Rob Carrick's review of brokerages in the G&M and also the MoneySense review of brokerages. There will likely be no single brokerage that does everything you want.
The closest I think that comes to what you are looking for is BMO Investorline. One can trade bonds and debentures, has an alert system that provides alerts by email (perhaps other ways too), and a Level 2 trading platform called MarketProTrader that is free at 5 star Gold ($500k) or Platinum levels -- perhaps even at the $250k level (not sure). Phone them to find out. I think MarketProTrader also provides real time alerts but I don't use it because I use Scotia's software instead (see next).
Scotia iTrade also does the above, with alerts by email and in real time via their Level 2 Flight Desk trading software. I use FlightDesk all the time. Can trade in your account straight from Flight Desk. I have Flight Desk loaded most trading days.
I have accounts at both Scotia iTrade and BMO Investorline. I like some things better at one place or the other, but none at deal breakers at either. They both have research that I find is pretty good though I don't use it much myself. A few key differences each has over the other:
Scotia -
1. Has IPO offerings, i.e. one can put in an Expression of Interest and depending on your activity level, you can buy IPOs online
2. Can see all Scotia accounts on one summary page, including banking and credit card
3. Has the largest selection of GICs and maybe bonds and debentures too.
4. Can set up an EFT mechanism with a non-Scotia Cdn bank of your choice to move funds which is handy if you do not have Scotiabank accounts
5. Key downside: No true USD RRSP yet though they claim it is coming....before end of the century.
6. One additional downside to TD: No electronic issue yet of PDF T5 and T3 tax slips
BMO IL -
1. Has a true USD RRSP account
2. Has a MyLink chequing account mechanism tied to the Cash in the brokerage account which allows one to move funds to other Cdn institutions electronically, though not intended to be used as a real chequing account. One free transaction per month. Good if one does not do banking at BMO.
3. Key downsides: No IPO offerings and cannot see all BMO (including bank accounts) on one summary page I don't think. There might be a way to do that, but I have not pursued it.
4. Same downside as Scotia regarding no electronic PDF T5 or T3 tax slips yet.
9:44 pm
June 3, 2015
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Thanks for that AR....over the last 3 months, I have read every comparison article out there and have actually had the chance to be hands on with friends/family brokerage accounts at the big banks.....and IMO, there all just about the same, except TD excels at year end reporting.The non big bank brokerages seem better rated ....I'm going to try the practice account at questrade, there alert system seems better, there much cheaper commission wise, and there offering me a nice incentive to open there. I'm thinking of keeping my RRSP account at TD, trying someone new with my CAD and USD margin....and decide after a year, if I want to be all at one brokerage or not. The only issue with the independents is the amount of time to move money in/out of the account.
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
6:18 pm
June 6, 2014
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Can't imagine why you wouldn't go with Questrade. Phone app works well, desktop apps are good and are always being improved, commissions are low (free to buy ETFs!), they've always been fairly prompt with providing tax slips, etc. I wouldn't hesitate to go with Questrade.
5:15 am
June 29, 2013
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iTrade is owned by Scotia Bank, a parent co. which is well established, stable and profitable. I do not know who owns Questrade, how strong and stable a company it is. Something I would consider in choosing a brokerage firm.
iTrade also has good apps, their commissions are low and many of their ETFs are commission free to buy.
I was told that TD Direct is the best if you are interested in IPOs and new issues. BMO told me they are not involved in much underwriting of new issues.
As was suggested by Alta Red, read the Moneysense recent review of discount brokerages which gives the pros and cons of each. It presents a good comparison.
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