There are many different stock brokers to choose from in Canada. While traditional brokerages are still available, the vast majority of stock trading is now done through online brokers. Our reviews will focus entirely on online brokerages. For most people, a discount brokerage is preferable. Below, we will compare all of the different discount brokerages in Canada. You will be able to click on each brokerage and read our full review when it becomes available. In the coming weeks and months we hope to review all of them.
Best Discount Brokerage in Canada
Currently the best discount brokerage in Canada, for most purposes, is Questrade.
Best Discount Brokerage in Canada for Day Trading
This depends on how frequently you trade and, more importantly the price of the shares you are purchasing. I will explain:[table “1” not found /]
Interactive Brokers is the better brokerage firm for day trading if you are buy a relatively small number of high priced shares regularly. eg. you are buying and selling 100 shares of MSFT or 100 shares of KFT. This is because their transaction fees are very low, but they’re based on the number of shares that are being purchased or sold. IB charges only $1 per transaction, but 1 cent extra for every share above 100 that you purchase. So, if you’re day trading penny stocks, your transaction fee could be very high.
Questrade is the better brokerage if you are trading shares in large numbers with a low purchase price, like penny stocks. This is because Questrade caps all transaction fees at $4.95 flat. So, if you buy 10,000 shares of a stock, you pay the same as you would if you purchased a single share of BRK-B