Best Trading Platforms in Canada: IBKR, Questrade, TD Direct Investing, Wealthsimple, BMO investorline
https://www.reddit.com/r/Daytrading/comments/pln27i/any_canadians_on_here_that_day_trade_if_so_what/
Personally I like TD Direct Investing. You pay the fees, but it's the best platform for day trading IMO.
Kinda depends what you trade and in what volume. I use questrade as I trade larg cap stocks and their variable pricing works for me there, although their data prices are expensive to be eligible for that commission pricing. I do like their platform for the most part although you may deal with some buginess from time to time, just browse r/questrade and you'll see what I mean. And I don't trade options but their options commissions aren't great.
IBKR would be great and I will likely move there once I start trading with more volume as they have better prices if you trade enough and their data is more reasonable. Their platform however is terrible, at least to me. I'm sure it's fast and it's got all the bells and whistles but it's nowhere near the user friendly experience of questrades edge platform. That being said you can link with a number of different platforms with them for a better experience. Since they don't have crazy account minimums anymore they became a much more practical choice so will likely be my trading home in the future.
There is no td ameritrade in Canada, only td direct invest where you can't get around the fees so it's not practical for day trading imo. If you choose to believe the rumors tastyworks is supposedly coming to Canada although that has been a rumor for a long time.
First of all please be very skeptical of random people messaging you offering to help they maybe scammers expecially since you mentioned your 60. Don't give out private information and I would advice you to seek official brokerages youtube channels for any tutorials. Also, some of these brokerage do offer live online tutorials that I suggest you check out. My older parents have been contacted by scammers offering hot stock tips or investment advice that all turned out to be pump and dump schemes. Luckily I was there in time to stop it.
All the brokerages you mentioned are insured and well capitalized, but some are more pricier than others with buy/sell fees and admin fees for RRSP/Margin acounts below a threshold of deposits like CIBC or BMO, but for TFSA I think they are all free to use. However, Questrade, wealthsimple or Interactive Brokers have slower withdraw/deposit wait times. Considering you will just buy and hold, I would say all platforms are good. Ive used Investors Edge, Questrade and IBKR and for me Investors Edge was the easiest to use in terms of graphical interface and would suggest it for new people. And the plaform has become alot better than past years in terms of the interface.
Questrade has better charting and had a better interface for advanced options trading. Both Investors Edge and Questrade have the same quality in costumer support. Investors Edge offers USD/CAD currency exchange at somewhat good exchange. Questrade offers them at bad exchange.
IBKR is the best in everything, but its very complicated and not made for new investors so I would not suggest it to you at this time.
Questrade and Interactive Brokers both offer virtual fake practice accounts if your interested in learning and trying it out.
CIBC investors edge offers Fixed(5%) and cash GICs(4%) that have better rates than their online retail banking platform. For ETFs, I would suggest you to look up Horizons or IShares. For example instead of the GIC, you could invest in the CASH.TO product offered by Horizons that offers a 5% return that is not frozen like the fixed GIC and can be liquidated at any time. Same thing applies to the dividend portion, both these asset companies offer many ETF products that match your needs, just watch out for the MER fees and the underlying assets to which they hold. Adjust your risk accordingly and to how large you want to broaden your diversification.
bmo investorline
cibc investor's edge
Wealthsimple
Questrade
Comments
Post a Comment