Comments on: 2009 Globe and Mail Discount Broker Rankings

By: Some Canadian Linkstuff, ING Referral Code And Book Links

Some Canadian Linkstuff, ING Referral Code And Book Links — Sun, 10 Apr 2011 02:48:30 +0000

[...] Canadian Capitalist reports on the Globe and Mail top brokerage rankings. [...]

By: Daniel Ardeline

Daniel Ardeline — Thu, 02 Dec 2010 05:04:39 +0000

I’m not too crazy about RBC Direct Investing and I may be leaving them soon. Reasons:
1. They advertise the fact that they offer separate US and Cdn accounts within their registered accounts, however I cannot transfer cash back and forth between the two currencies. As a result I currently have a $5000 US debit in my LIRA that I cannot do anything about except sell the equity I bought.
2. I cannot open my messages which I hope includes answers to questions like the above.
3. Phone support is no help at all. I think their front line reps are mostly in Bangalore, judging the names which appear at the bottom of the transaction statements they send me.
4. Preferential treatment for six figure portfolio holders. My coworker can view spread screens which I could not get if I offered to pay extra for them.
5. Inconsistent trading fees. I’ve paid $9.95, $28.95 and $34.95 for buying or selling the same block of equities over and over.
6. Slow updating of positions online especially the cash balances. I don’t have a problem with how quickly they fill equity orders however especially when you order in blocks of 100. I’ve bought option positions at 3:59 EST before.

By: DavidS

DavidS — Sat, 09 Oct 2010 19:10:18 +0000

I suggest you use ACATS (Automated Customer Account Transfer Service). This can be initiated at your current broker and should be able to transfer all securities and cash from your Virtual Brokers account in a few days. If there is any problem, you can contact your current broker (the recipient of the transfer).

http://www.dtcc.com/products/cs/equities_clearance/acats.php

By: nathan

nathan — Fri, 08 Oct 2010 18:14:34 +0000

I recently opened an account with Virtual Brokers [ http://www.virtualbrokers.com ]
When I tried to return my money back from virtual brokers to my own bank I have problem getting my money back. I filled the form on their website which state that within 2 days the money will be return via EFT – the secretary on the phone confirmed it will be done within 2 days. It was not. Later I talked to Peter Wong, one of their Trading Support people (at that time). I was verbally told the money will be in my account in 10 days. It was not. I contacted a manager BBS Securities Inc. [ Virtual Brokers is a branch of this company ], I was told he will look into this … now I’m in contact with investment industry regulatory organization of canada – 416-943-6910
Is anyone out there had similar problem with Virtual Brokers ? Have you got your money back? What did you do?

By: DavidS

DavidS — Tue, 01 Jun 2010 08:38:11 +0000

Is there such a thing as a good brokerage firm in Canada?

http://www.elitetrader.com/vB/printthread.php?threadid=150077

By: Your Turn: Opening an US Dollar Self-Directed RRSP Account with QTrade | Canadian Capitalist

Wed, 13 Jan 2010 01:58:54 +0000

[...] 2010 · No Comments QTrade (a reader shares his experience with the broker here), which consistently earns top honours in Globe and Mail’s annual discount broker rankings, is now offering US-dollar self-directed RRSP accounts. These accounts would allow investors [...]

By: Steve C

Steve C — Tue, 17 Nov 2009 02:44:10 +0000

It is outrageous that RBC Direct Investing took away their Equity Research about two weeks ago!!!

By: Joseph

Joseph — Wed, 11 Nov 2009 13:11:48 +0000

I do have question – My funds are mostly in US dollar and I was thinking opening account with US discount brokerage (Charles Schwab). I did a bit research and they do allow Canadian citizens who live in Canada to open an account. Their fees are good as well . It ranges from $7.97 – $12.95 .

I probably can’t buy Canadian stocks trade on TSX.

Any downside to opening this account as far as the legality and etc?

By: Igor

Igor — Mon, 09 Nov 2009 21:49:38 +0000

My fault. I read it wrong. Missed “nothing” word

By: Canadian Capitalist

Canadian Capitalist — Mon, 09 Nov 2009 21:38:19 +0000

@Igor: What do you think is wrong in that post? It does mention that not allowing USD RRSP is not a legal requirement — simply that brokers haven’t bothered to allow it.