Which is a good/safe Online Trading Platform

« Back to Previous Page
▲
0
▼
♥ 0

Hi Guys,
I need your help in gauging & then shift if needed, to a right trading platform.
Presently I use HSBC InvestDirect and they charge $6.88 fix fee for any (stock, MF, ETF) Sale or Buy, irrespective of the total value to each transaction their fee is $6.88 and I feel it becomes too expensive when I buy a small qty of shares.

But frankly speaking I’m not sure if any other platforms have better pricing & features. Since I’m banking with HSBC, just started HSBC InvestDirect trading account without evaluating if that was rightly priced compared to any other option.

I seek your advice on this matter. And if at all I decide to switch from HSBC to any other trading platform will it cost me anything to carry forward all my investment portfolio from HSBC InvestDirect to the new online trading portal and hope it is safe to switch from one to another online traders.

Appreciate if you could guide me in detail to take this call for a long term prospective based on your experience and feedbacks.

Marked as spam
Asked on November 27, 2020 11:08 pm
2 views
▲
0
▼
✔
Private answer

Hi Shail,

Unlike the U.S., Canadians have very few options for brokers. For example, I am with RBC Direct INvesting and they still charge 9.99 per trade. However, i stick with it out of the convenience of having all my banking in one place and instant transfers to my RBC DI account. So if i make a transfer from my bank it is instantly available for me to make a trade.

Questrade is a good option for investors. Certain ETF trades are free and their typical stock trade is only $5.99 per trade. It also provides the full breadth of trading possibilities.

Then there is Wealthsimple - which allows for free trades. There are some benefits here for investors just starting out or those investing small amounts and making smaller purchases. THere are some drawbacks as well. In the search bar (type in Wealthsimple) and there is a discussion about Wealthsimple vs Questrade that you can see. Some member provide some feedback with their experience.

Personally, I think Wealthsimple is an excellent option for investors just starting out but you have to be ok with the limitations of the platform.

Mat

Marked as spam
Posted by Mathieu Litalien
Answered on November 28, 2020 7:41 am
« Back to Previous Page