Best discount broker

[nottyboi]

Ok I am looking to consolidate my RRSPs and increase my trading volume. In my non-registered account I used Interactive brokers, but they do not do RRSP's.

I plan on doing min 1000 share trades so most of the 9.99/trade guys will be ok for me. Who has the best platform/execution etc. I already have TD waterhouse, they charge $99 for streaming quotes unless I do 150+ trades/month. This is on the high range of what I might to, althought I can do 20-30 trades to pump up my volume. Opinions?

Etrade/TD?

TIA

 

[Rockslinger]

What is the size of your portfolio? Yes, size matters when it comes to getting the best commission rate.

 

[nottyboi]

What is the size of your portfolio? Yes, size matters when it comes to getting the best commission rate.

I plan to consolidate about 160K of RRSP's into this acct.

 

[Rockslinger]

I plan to consolidate about 160K of RRSP's into this acct.

You should be eligible for the $9.95 per trade commison rate at BMO and RBC. A lower rate applies if you do a large volume of trades. Some of the smaller discount houses might have lower rates but my concern is that they might go bust and then the hassle of getting your securities back.

 

[nottyboi]

i think i will go with itrade which is part of Scotia for security and best over all pkg

 

[Rockslinger]

i think i will go with itrade which is part of Scotia for security and best over all pkg

Do they pay you an "incentive" for moving your account over (see FUJI posts)?

 

[hinz]

I plan to consolidate about 160K of RRSP's into this acct.

Rather than the discount broker from the big 5, you should consider HSBC Investdirect. Their Prestige program gives you more bang for a buck starting CAD $100K+ monthly balance. No annual fee for self-directed TFSA and RRSP with $15K+ balance

Plus you'll receive complimentary access to HSBC Premier with all-inclusive banking that has similar, if not better convienience and equally price competitive compared to PC Financial. You'll also receive Mastercard that has perks and rewards programs comparable to the charged Plantinum Card at the big 5, except it's free under this program.


http://www.investdirect.hsbc.ca/products_and_services/en/prestige_program.aspx

 

[nottyboi]

Do they pay you an "incentive" for moving your account over (see FUJI posts)?

they cover the fees and give you 100 free trades for 60 days (worth about 1K to me)

 

[club69]

i think i will go with itrade which is part of Scotia for security and best over all pkg

Scotia Bank bought eTrade Canada, and now called iTrade

http://www.milliondollarjourney.com/e-trade-canada-review.htm

https://www.scotiaitrade.com/pages/home/main.shtml

 

[nottyboi]

I looked at that site and apparently CIBC has really good trading costs, but people tell me their platform bites. Does anyone use CIBC to trade? any opinions?

TIA

 

[hinz]

I looked at that site and apparently CIBC has really good trading costs, but people tell me their platform bites. Does anyone use CIBC to trade? any opinions?

TIA

Used to work at CIBC and like many ex-CIBC people, I do not recommand it.

If you want to stick to the discount brokerage at the big 5, itrade or TD Waterhouse is a better deal.

Hope BNS is not going to f*ck up itrade and interactive broker (the bank is in the process of intergrating this acquired business) by jacking up the trading costs and fleezing the holders with fees.

 

[Rockslinger]

Used to work at CIBC and like many ex-CIBC people,

Is it true that there are actually more ex-CIBC people than actual CIBC people?

 

[Rockslinger]

100 free trades for 60 days (worth about 1K to me)

My man, how many trades do you do? Don't you have a life?

 

[nottyboi]

My man, how many trades do you do? Don't you have a life?

I'm planning to try it as an alternative to a day job. Sometimes I do 10 trades a day, sometime 4 sometime 2. I plan to trade a lot more maybe 10-14 trades a day within about 2-3 hours.

 

[fuji]

That much trading is sure to bankrupt you. Try it with the 100 free trades but after that you are just killing yourself.

If you must do that consider interactivebrokers or some such, but no rrsp...

For "regular" RRSP on the platform/costs I would recommend either iTrade or TD Waterhouse. I am currently with RBC, though, because they bribed me. Once I recieve the full amount of the bribe I will probably switch away because RBC's platform is slow and annoying.

 

[nottyboi]

That much trading is sure to bankrupt you. Try it with the 100 free trades but after that you are just killing yourself.

If you must do that consider interactivebrokers or some such, but no rrsp...

For "regular" RRSP on the platform/costs I would recommend either iTrade or TD Waterhouse. I am currently with RBC, though, because they bribed me. Once I recieve the full amount of the bribe I will probably switch away because RBC's platform is slow and annoying.

What does number of trades have to do with bankruptcy? One of the keys in day trading IMHO is to reduce your transaction cost, which is why I am so price sensitive.

 

[club69]

I believe Interactive Brokers Canada is still a subside of Interactive Brokers (US), not Scotia Bank affiliated.

Hope BNS is not going to f*ck up itrade and interactive broker (the bank is in the process of intergrating this acquired business) by jacking up the trading costs and fleezing the holders with fees.

 

[Rockslinger]

One of the keys in day trading IMHO is to reduce your transaction cost, which is why I am so price sensitive.

To make money, you will have to consistently make TWO (not one) correct decisions. When to buy and when to sell (2 decisions). Please say you are not doing shorts. Have you ever consider sports betting as an alternative?

Fuji: Congrats on getting a bride from RBC. Well done!

 

[Tia Phoenixx]

What is the size of your portfolio? Yes, size matters when it comes to getting the best commission rate.

good man...i may ask for your advice someday!

Thx for input

 

[nottyboi]

To make money, you will have to consistently make TWO (not one) correct decisions. When to buy and when to sell (2 decisions). Please say you are not doing shorts. Have you ever consider sports betting as an alternative?

Fuji: Congrats on getting a bride from RBC. Well done!

No, you don't have to be bang on in either case, you can buy too early and sell to early and still make money. you have to not be greedy and keep your powder dry.