Quote:
Originally Posted by Shazam
Questrade, simply because of lower trading fees.
Many of the places will have yearly account fees if the book value of your accounts is under a certain dollar amount.
Might want to wait for Wealthsimple's trading platform.
Avoid RBC's, the platform has barely changed since the mid 90s.
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This I can sorta agree to a certain extent. If I recall correctly, many banks will waive certain fees if you have other products with them. My buddy is looking to transfer his Qtrade account to his bank as it's more convenient for him as a casual trader. It's not cheaper for sure though, but not by a horrible amount.
I think a bank platform is a good place to dabble, Qtrade etc. if you decide you want to play on a more consistent basis. It's also not horribly problematic to have both.
For instance, if no basic fee to open and maintain (ie: TFSA with bank), a total difference of $10 isn't huge ($10+10 vs $5+5) assuming you aren't putting in a huge amount of transactions. The ease of set up and quick transfer of funds is ideal for dabbling. Thus if a dabbler gets bored, they don't have some random assets somewhere. Said dabbler would be constantly reminded they have investments when online banking.
I do understand the reason for something like wealthsimple and quest trade. I am just throwing it out there as a devil's advocate I guess that I just think that going through a bank isn't as dumb as it once was. (ie: $150 per year + $20+20 transaction fees)