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Recommendations for Self Directed account

Tangwhich

New member
Jan 26, 2004
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I'm looking to start investing in some stocks for long term dividend growth. Minimal number of trades, probably a handful of purchases a year with dividend re-investing.
Any recommendations on which bank I should open an account with?

Thanks.
 

msog87

Banned
Dec 11, 2011
2,071
1
0
I'm looking to start investing in some stocks for long term dividend growth. Minimal number of trades, probably a handful of purchases a year with dividend re-investing.
Any recommendations on which bank I should open an account with?

Thanks.
questrade is by far the cheapest, its basic platform is no frills and gives you all you need unless you are an active trader who's into more high tech trading platforms. they do however have more advanced platforms for active traders. the other drawback is that you can only trade north american markets as with most brokerages, there are alot of high yielding strong asian companies that have a great future listed on asian markets
 

Tangwhich

New member
Jan 26, 2004
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Thanks.. I had not heard of them. I just did a quick search for reviews and they are almost universally extremely negative. I always expect some negative feedback but this much is a serious red flag.
Any other suggestions? Doesn't have to be the cheapest, I'm looking for quality, but without being super expensive either.

Thanks..
 

djk

Active member
Apr 8, 2002
5,953
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36
the hobby needs more capitalism
Check out Think Or Swim or Interactive Brokers.

Elitetrader.net has a list of brokerages with ratings.
 

msog87

Banned
Dec 11, 2011
2,071
1
0
Thanks.. I had not heard of them. I just did a quick search for reviews and they are almost universally extremely negative. I always expect some negative feedback but this much is a serious red flag.
Any other suggestions? Doesn't have to be the cheapest, I'm looking for quality, but without being super expensive either.

Thanks..
dude think about what your saying, you plan on making what a few longterm buys? how much glitz and glamour do you need. all you need to do is to be able to enter the stock quote, and the amount of shares you want to buy. go download their test platform and try it out for fun I urge you to do that questrade is great.
 

msog87

Banned
Dec 11, 2011
2,071
1
0
TD. Waterhouse charges 19 per trade.
rip off, add another $15 for ecn fees when buying and selling your looking at double on average each transaction $35 to buy and sell. you shouldnt pay more than $10 commission a trade, ecn fees unfortunately cannot be avoided with anyone unless you place a limit order
 

Tangwhich

New member
Jan 26, 2004
2,262
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dude think about what your saying, you plan on making what a few longterm buys? how much glitz and glamour do you need. all you need to do is to be able to enter the stock quote, and the amount of shares you want to buy. go download their test platform and try it out for fun I urge you to do that questrade is great.
You're right, but I've read so many reviews that are damning. I'm not talking 2 of every ten, I'm talking 9 of every ten are screaming stay away. From what I'm reading they were excellent in the early days but are a shambles now. I cannot ignore such an overwhelming negative opinion base.
But I appreciate your feedback.
 

iamasian

Member
Jan 25, 2011
47
0
6
You're right, but I've read so many reviews that are damning. I'm not talking 2 of every ten, I'm talking 9 of every ten are screaming stay away. From what I'm reading they were excellent in the early days but are a shambles now. I cannot ignore such an overwhelming negative opinion base.
But I appreciate your feedback.
Personally, I've never had trouble with Questrade. I use them for barebones investing/trading. If I needed help, I've waited long in the past. Having said that, I think you should check out QTrade, different from Questrade. They're based in Vancouver and each call was answered by a person when I've needed help. The credit unions refer many of their customers to them for brokerage needs.
Hope this helps, PM me if you'd like a more personal discussion based on wants/needs and investible assets, this does have bearing on choice of broker.
 

msog87

Banned
Dec 11, 2011
2,071
1
0
You're right, but I've read so many reviews that are damning. I'm not talking 2 of every ten, I'm talking 9 of every ten are screaming stay away. From what I'm reading they were excellent in the early days but are a shambles now. I cannot ignore such an overwhelming negative opinion base.
But I appreciate your feedback.
something tells me they had problems when they first came out, bc I have no idea how they get negative comments I have read bad reviews and they are years old. as a matter of fact they just upgraded their trading platforms this week, brand new and much better than the previous and the previous was good. now remember im using it not as an active daytrader who likes all the frills so I am only reccommending them as a guy who makes a few trades a month swing trading stocks. check it out for yourself, if you don;t its just stupid unless you enjoy paying double the commission.
 

Tangwhich

New member
Jan 26, 2004
2,262
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something tells me they had problems when they first came out, bc I have no idea how they get negative comments I have read bad reviews and they are years old. as a matter of fact they just upgraded their trading platforms this week, brand new and much better than the previous and the previous was good. now remember im using it not as an active daytrader who likes all the frills so I am only reccommending them as a guy who makes a few trades a month swing trading stocks. check it out for yourself, if you don;t its just stupid unless you enjoy paying double the commission.
I don't wish to beat this to death, but there's no shortage of recent complaints for questrade. Take a look at the finance forum on red flag deals. Some of the stories are scary, like the guy who's money went "missing" for 8 months until they did an audit. To be fair, most of the people I've seen complaining are those that trade more often than I plan to. I'm obviously not looking to pay double the commission, but I don't have to have rock bottom either for a bit of piece of mind.

Based on what I'm reading, most of the people leaving questrade are going with Virtual Brokers. I will take a look into Qtrade too.

Thanks guys..
 

msog87

Banned
Dec 11, 2011
2,071
1
0
I don't wish to beat this to death, but there's no shortage of recent complaints for questrade. Take a look at the finance forum on red flag deals. Some of the stories are scary, like the guy who's money went "missing" for 8 months until they did an audit. To be fair, most of the people I've seen complaining are those that trade more often than I plan to. I'm obviously not looking to pay double the commission, but I don't have to have rock bottom either for a bit of piece of mind.

Based on what I'm reading, most of the people leaving questrade are going with Virtual Brokers. I will take a look into Qtrade too.

Thanks guys..
lol that reminds me of MF global. I bet they had good reviews..
 

Prophet

Member
Aug 29, 2001
333
0
16
Toronto
I use RBC Direct Investing. Customer Service is excellent like many reviews say. If your account is large enough trades drop to $9.95 each. Infrequent traders making large trades might be losing 10 basis points or less on each trade at that price.
 

wonkyknee

Active member
Jan 20, 2006
3,499
18
38
stick with the big brokerage houses...

I use RBC Direct Investing. Customer Service is excellent like many reviews say. If your account is large enough trades drop to $9.95 each. Infrequent traders making large trades might be losing 10 basis points or less on each trade at that price.
RBC is definitely safe. You might find a better deal at a smaller house, but why look to save $100/year just to have ALL YOUR FUNDS DISAPPEAR!!!!
 

Googled

New member
Jan 7, 2006
202
0
0
hated setting up with questrade but love using their new platform
 
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