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Best brokerage canada 2014

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best brokerage canada 2014

This is paid subscriber content. There are different types of paid subscriber content. They are: A select portion of content pieces available to non-subscribers to a maximum of content pieces per month by Dan Bortolotti May 1st, From the June issue of the magazine. He moved to BMO InvestorLine earlier this year. Surviscor, a business analysis firm based in Oakville, Ont. With 23 years experience in the brokerage industry, Surviscor president Glenn LaCoste knows the players like few others. The year has already seen some big fee reductions by the bank-owned brokerages. As Balakrishnan learned, however, low commissions are not the only factor to consider. If there is a problem with the account you want it fixed quickly. When it comes time to open an account, start by looking for a brokerage that allows online applications—we found BMO InvestorLine and Qtrade Investor have the most efficient process, while some such as TD Direct Investing make you visit a branch. Canada buying and selling securities, order screens should be intuitive to minimize trading errors. If you get confused, the help screen should be easily at hand. No brokerage matches it for the sheer number of ways settings and displays can be customized. RBC Direct Investing and Scotia iTRADE make this process especially seamless. Unfortunately, quality of service is hard to measure. Score one for Scotia iTRADE, which ranked very high for its prompt email responses and new live chat feature. Runner-up is Questrade, with responsive chat and call-back features. Credential Direct, by contrast, often answers emails in under an hour, but its other contact options are limited. Surviscor analyzes costs by creating investor profiles ranging from passive to highly active and calculating the total cost of transactions. Except for highly active traders, these are often within a few dollars of each other. Questrade and Virtual Brokers offer the lowest stated commissions: both have various plans from which to choose, including a penny-per-share offering. They also offer free ETF purchases regular commissions usually apply when selling. Consider features like integrated account balances, detailed histories, portfolio analytics and performance reports. Surviscor looks for online availability of statements, trade confirmations and tax slips. RBC Direct Investing stands out for calculating rate of return across all accounts. RBC scores high for reports that drill down into fund holdings to determine overall asset mix and offers suggestions for diversifying or rebalancing. You can even enter your investing goals and get progress reports. BMO InvestorLine is a close second with similar portfolio analytics and online access to wide range of documents. Top picks : Qtrade, TD Direct Investing Active investors value features like watch lists, stock screeners, market news, analyst reports and tools for fundamental and technical analysis. This research often comes from third parties like Morningstar, Lipper or Recognia, so the quality is often similar, but brokerages differ in the depth and variety of tools offered free. TD Direct Investing excels here, with a comprehensive research section that includes news and commentary from popular media and in-house expertsin-depth market outlook reports, industry and sector-specific data, and several screening tools, brokerage one for ETFs. Qtrade has a rich store of research tools, including multiple screeners and analyst recommendations. At iTRADE and TD, you must buy GICs by phone. Scotia iTRADE has a U. Do you have similar rankings for non-resident Canadians who live and work in Europe? Earnings are paid in Euros and investments are non-registered. I am struggling to find ratings for discount brokerages that meet our need. Everything they look at is charts over the years. I guess their charts back in were a little off. We the customer saw it coming so the banks had lots of time to move the clients money to avoid some of the big loses, but their comment always is wait it out, that is why so many clients loss their money and it will happen again will they be prepared this time? Banks are only in the investments to make money for themselves. At the time, the local TD bank had a TD Direct Investing office and things went well. However, since cutting the TD Direct Investing positions at the TD branches, you are left dealing with the bank, who then submits to TD Direct Investing on your behalf. The local TD branck cannot open or modify any account, they can only submit on your behalf. To summarize, last year, best we opened an account for my wife, we ran into many complications with the local TD branch. When they mistakenly opened the wrong account type for my wife, we advised them to make the correction. It took two and a half brokerage, many trips in person to the branch, and many calls to TD Investing. I stated to them on several occasions that this was terrible service and that their service delivery model was seriously flawed. My best and I joined TD Direct Investing upon the recommendation of MoneySense. I would advise any new client to think twice before going to TD Direct Investing. There are many options available out there. Do other brokerages offer the ability to make phone trades? I simply got the runaround from a dozen different people at TDW until the monies finally showed up back in my account. Every time you have to go to the branch to open or change an account you will encounter complete incompetence. The TD bank employee have no idea how to complete requirements for TD Direct Investing. Setting up a Riff and Spousal Riff and partial transfer has taken 5 months and still not complete. Transfer forms have magically appeared or modified by them. No explanation or apology. It took 45 minutes, and the girl who assisted had to print over 10 pages, have me sign them, and then she said she had to FAX, yes FAX them back east. Then she said she made a mistake and was not able to correct it online so it would take a few days to correct and would involve me returning to the branch She was very nice, and wanting to help, but clearly she was not equipped with the tools to do her job. Now I am very concerned that the FAX was sent to the right place. I was able to live with their canada website but as of today, I have decided that TD does not innovate, does not keep up with technology, and therefore presents a risk to investors. Brokerage have experience in transferring to another broker? The best for trouble shooting for clients have been Qtrade and Credential. It improved over the past years though. Active traders should have a look at Virtual Brokers. They have the best commission rate. I like their research better than TD. TD used to use Ford research, which was replaced by a convoluted ranking rating report, that adds little value. Nothing to write to your mother about. So I prefer to stay cash in US… waiting for the opportunity in the market to make it grow. That was four months ago. The regulatory agencies are best as strict as the US counterpart. So it looks like you have to take your chances. This time last year, I was able to transfer my shares from Computershare free of charge. Furthermore, no update is done in real time. The administration is terrible! Their employees are very incompetent and it takes a long time to get anything done on the paper work end. I have found them to be very helpful and easy to use. It is also nice not to have my investments with a bank that I use. A little diversification here. Have you any thoughts on their cost structure? I do find the number of time we are asked to call to start to be aggravating they are not so Direct it seems. In the past year their service deteriorated to the level on totally unacceptable. Most problems are with online access and underlying trading system. Here is the list of problems, some of them are extremely critical Poor security. Online login to your account taxes maximum of 6 characters in password and these passwords are not even case sensitive. Any teenage hacker can break-in to your account in less than 10 minutes. I raise this issue with IL over 3 years ago and they told me that this will be fixed soon — nothing is done as of Jan Overloaded servers. Try logging in to your account around am or 4pm. The page you are looking for is currently unavailable. Even when you are successful with login it takes up to 3 minutes delay until you get to your portfolio page. Often, you get disconnected for no reason just because their servers cannot handle that many simultaneous connections. I reported a number of problems using their support system — the answers I received were either inappropriate e. This problem is intermittent, but it occurred to me at least 4 times in the past month In on one of my accounts I actively trade in options and in the past 3 months I encountered at least 5 days when I would not be able to see bid and ask for all my options for hours. Suddenly, all bid and ask values go to zero and even when you click on the option to trade you get zero values in trading screen. As you can imagine, this is totally unacceptable for options trader. I just love the answer I got from IL support the screenshot was taken 2014 the middle of the trading day and showed zeros for options, including GOOG, BX, CNQ, ENB, etc. At this point I had enough and will be moving to another discount brokerage. It is too bad as IL used to be the best in Canada. Why is it that sites like Financial Post, Globe and Mail, and Moneysense are giving them good service reviews while there are so many bad reviews of them online? For example, I would like to invest a fixed amount into a mutual fund on a monthly basis. Does any brokerage offer this directly through their webpage? These guys are the worst! I wanted to buy a specific MF and I contacted them about it before signing up. They said it was available. Worst experience … ever! Only the first of several page statements are visible on the iPad although they are on 2014 Windows desktop computer. I am looking for a new discount broker, even though the local TD branch support person is great and most of the telephone support people are also. There should be rules in place so consumers are protected from this when large banks take over small discount operations like this. I find it not intuitive at all. I have been a TDW customer for several years and am now shopping. BMO InvestorLine is a close second with canada portfolio analytics and online access to wide range of documents Top picks : Qtrade, TD Direct Investing Active investors value features like watch lists, stock screeners, market news, analyst reports and tools for fundamental and technical analysis. I stated to them on several occasions that this was terrible service and that their service delivery 2014 was seriously flawed My wife and I joined TD Direct Investing upon the recommendation of MoneySense. All rights reserved Privacy Policy Ad Choices Terms of Service. best brokerage canada 2014

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