Update: You cannot open a discount broker account with Ameritrade Canada, as it has been acquired by TD Waterhouse (Read review here).

Canadians investing in US equities should seriously consider Ameritrade for their brokerage account. Ameritrade offers one of the lowest brokerage commissions:

RBC Action Direct: Min. $29.95
TD Waterhouse: Min. $29.00
ScotiaMcLeod: Min. $25.95
BMO InvestorLine: Min. $25.00
CIBC Investor’s Edge: Min. $25
E*Trade: Min. $26.99
Ameritrade: Flat $10.99

You would think that Ameritrade would be the most bare-bones discount brokerage because of its low price. Not true. It offers quick execution, a simple and intuitive web page and also offers free stock reports from Standard & Poor’s.

I am posting this entry because Ameritrade once again exceeded my expectations in a recent transaction. I wanted to withdraw some cash left over in my account, so I logged on and requested a cheque. I was hoping to get the cheque within 2 weeks, but was surprised to see it in my mailbox a mere three days after my request. Now, that was fast!

Full Disclosure: Other than having a brokerage account, I have no financial interest in Ameritrade. In fact, I own shares in its competitors: TD Bank and E*Trade.