Founded in 1999, with this discount broker called Questrade you can trade for as little as 1 cent. Among other things, this makes them the best discount broker in Canada. This broker is a Canadian company and mainly focuses on the Canadian market. Discount brokers sometimes get a bad name, because they are so cheap. But discount brokers actually deliver great service. Especially if you have a slight idea of what you are doing, this will be probably the best choice for you.
Assets and Services
They offer many assets to trade. And because this is a discount broker, you won’t pay as much when you trade any of those.
- Stocks: 1 cent per share – $4.95 per trade minimum and $9.95 maximum
- ETF: Free to trade
- Options: $9.95 per trade and $1 per contract, or Active account at $6.95 per trade and 75¢ per contract
- Forex Trading: Cost is integrated in the pip spread at approx. 1 to 2 pips
- Debenture Trading: $30 per trade
- Mutual Funds: $9.95 if traded online. Offline add an additional $45 for the trader fee
- Gold: $9.95 if traded online. Offline add an additional $45 for trader fee
- International Stocks: $19.95 per trade
- Bonds/CNSX Securities/GICs: Cost is 1% of the trade value with a minimum charge of $195
- Canadian IPOs: Free to trade: $9.95 per order with a minimum order size of $5,000
- Portfolio IQ (Managed Investing): Cost varies from a $99.95 per year minimum if there are $2,000 in assets or more
They have four different account types. And you should choose the one specific to your situation.
- Margin Accounts (e.g. Individual, Informal Trust, Business)
- Registered (e.g. TFSA, RRSP, RESP)
- Forex (FX) and Contract For Difference (CFD) Trading
- Managed Investing
New account sign-up us easy and effortless. And you can be trading within a very short time.
A platform targeted at day traders, it might be a little difficult to use when you are just starting out with them, but once you get the hang of it it should become second nature to place trades and to check your portfolio.
All in all this is great Canadian discount broker that will be a cheap way to trade for day traders.