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Best stock brokerage firms for Canadians (2010)
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- Stocks and ETFs: 1 cent per share, $4.95 minimum, $9.95 maximum per trade
- Options: $9.95 plus $1 per contract
- All options assignments are $12.95 flat
- Mutual funds: $9.95
- Gold: $20 per trade
- International stocks: 1% of the trade value (minimum charge of $125 USD)
- Bonds: $30 per trade
- Investment products: stocks, options, mutual funds, international stocks, gold, CNSX securities, bonds, term deposits, GICs, ETFs
- Minimum to open account: $1,000, $250 to keep an account open
- Good commissions for stock and ETF orders of up to 700 shares
- Cheap mutual fund commissions
- Ability to buy physical gold
- No surcharges for large orders, penny stocks and extended hours trading
- Ability to hold US $ in RRSP account
- Forex trading is available
- Online Trading Academy courses
- Checking account (but with annual fee)
- No research reports
- Outgoing ACAT: $125 - most companies charge this fee, but few have it so high
Questrade Review
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OptionsXpress is a US brokerage that upon review and at their discretion will accept accounts from Canada residents.
Although their account opening process is geared toward opening accounts for persons with a U.S. domestic address,
they will review and open foreign accounts depending on the country of residence and at their discretion.
- Stocks and ETFs: $9.95 if under 1001 shares; $0.01 per share if over 1000 shares
- Options (0-34 trades/quarter): $14.95 (for one contract), $14.95 (for five contracts), $15 (for 10 contracts), $30 (for 20 contracts)
- Options (35+ trades/quarter): $12.95 (for one contract), $12.95 (for five contracts), $12.95 (for 10 contracts), $20 (for 20 contracts)
- Mutual Funds: $14.95
- Investments: stocks, options, mutual funds, bonds, futures, ETFs
- Minimum to open account: $0 for cash account, $2000 for margin account
- All OptionXpress fees
- Best customer service
- Many well-designed trading tools
- No hidden fees
- No fee IRA accounts
- Great research
- Free real-time and streaming quotes
- Free virtual trading
- $0 to open cash account
- Free account transfers
- Free instructor lead online classes
- Free broker-assisted trading
- High trading costs for stocks and options
OptionsXpress Review
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- Stocks and ETFs: $9.99 if 0-149 trades per quarter; $7.99 if 150+ trades per quarter
- Options: $9.99 plus $0.75/contract if 0-149 trades per quarter; $7.99 plus $0.75/contract if 150+ trades per quarter
- Mutual Funds: $19.99
- Futures contracts: $2.99 per contract, per side + fees
- Investment products: stocks, bonds, mutual funds, futures, options, ETFs
- Minimum to open account: $1000
- All Etrade fees
- Very good trading tools
- No IRA account fees, no minimums with electronic statements and confirms
- Minimum to open: $1,000 for cash account, $2,000 for margin account
- Banking products: checking, savings, money market accounts, CDs and credit cards
- High commissions
- Extra $0.015 per share will apply to that portion of the order that exceeds 2,000 shares
- $40 Account Service Fee might be charged each quarter in some instances
- Very high margin rates
- IRA premature distributions: $25
Etrade Review
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