Hey fellow wso’ers
I stumbled across this trading website and I wanted to hear your input on it. It’s called Questrade and it costs 1 cent a stock. I’m not looking into buying options, just basic trades like etf’s and stocks. If I wanted to trade at any of my local banks it costs $5/trade, so it would a huge cost difference. I won’t be buying 500 shares of anything so the per share one is cheaper for me.
I’ve done some research and there are people saying they got scammed because they had CAD and bought stocks for USD, and the bank loaned them the currency to trade, charged them interest and didn’t inform them of the loan. This problem is avoidable if you convert your money on the site.
There's also a "Inactivity fee under $5,000 combined equity" of $24.95/quarter. does anyone know what this is?
Apart from that, does anyone know any hidden fees on Questrade? Or do you know any other ways to trade for cheaper than $5 a trade in Canada?
Anyone want to drop some trading knowledge on me?
It says minimum $4.95 a trade and a max of $9.95. You can buy etf's for free. But the commission applies for selling.
So I have to do 5 dollars regardless, I guess it's better for ETF's then if there is only an OUT cost. Do you trade? What do you like to trade on?
Personally, I do not trade my own account unless I plan on holding it for awhile due to compliance. I just have it set up for periodic rebalancing. It is less of a headache and preapproved. Look into Interactive Brokers. Otherwise Robin Hood is apparently free, I would be concerned about execution though depending on what you are doing.
I had a 2k account on questrade that I would "YOLO". It was alright, not really a scam.
Are you rolling in quarters now? How was the buying and selling, did it take really long to process?
It really did not take long to process trades. Nah I actually blew up that account with shitty option trades.
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