Online stock brokerage

[speg]

So I'm in the process of moving to a new bank, and as such will no longer be using their brokerage service.

Right now I'm pretty much looking at just E-Trade or Interactive Brokers. Interactive Brokers seems really interesting but I'm not sure if I would use it to it's fullest potential, so I am leaning towards E-trade at the moment.

Does anyone have any recommendations for/against either of these?

I'm in Canada so only Canadian services are relevant.

I average maybe 2 or 3 trades per month. Ranging from a few positions in the 2K range and about 10K on the high end.

 

[nickbits]

IB is great. Just make sure you understand all of their pricing.

 

[speg]

Originally posted by: nickbits
IB is great. Just make sure you understand all of their pricing.

That was one concern, it seems awfully convoluted. I usually make 2 - 3 trades per month, so I'm thinking it might be overkill?

 

[JS80]

How much are you depositing? and how active are you going to trade?

 

[Evadman]

I use etrade to manage my roth IRA. *shrug*

 

[DukeFan21]

I do some light (~$2000 account total), non-frequent trading and have an account with Scottrade. $500 account minimum and $7 a trade. I'm not a power user or anything, but it works for me.

Edit: I didn't read the Canada part and have no clue if Scottrade can be used in Canada.

 

[TheNinja]

I use Etrade because I can view and manage my company stock plan, personal stock plan, Roth IRA, and Etrade Bank accounts all in one place.

 

[gotsmack]

How about TD Waterhouse? Their american division TD Ameritrade is only $10 a trade and they offer decent services.

2-3 trades a month would be decent for IB. You'll pay a $10 a month fee, but their trades are so cheap you'll make your money back.

WARNING: at IB there is NO handholding.

I think Charles Schwab has Canadian Services as well, dunno about Fidelity in Canada.

 

[cjvon]

Originally posted by: speg

Originally posted by: nickbits
IB is great. Just make sure you understand all of their pricing.

That was one concern, it seems awfully convoluted. I usually make 2 - 3 trades per month, so I'm thinking it might be overkill?

IB is extreme overkille for that level of trading. Do you trade large size (10K+ per trade)? If so then IB's price structure may still save you money.

Please note that I'm a failed day trader so take my advice for what it's worth.

 

[intogamer]

I believe thinkorswim works well in Canada. Interactive Brokers has a $10k deposit minimum. eTrade is POS. $12.95 a trade.

TOS desktop app allows you view streaming charts, CNBC, a whole lot of professional jazz. Only at $9.99 a trade.

edit: You can use an even cheaper discount broker (some at $4.95, but they could be spotty.. poor execution, service etc.) and use TOS tools. Only account/login is needed to use the application, funding not required.

 

[Capt Caveman]

I use eTrade and very happy with it. Best interface out there, fast execution, servers are always up and great customer service.

I also use it as an online savings account and manage my ESPP thru it.

 

[speg]

Originally posted by: intogamer
I believe thinkorswim works well in Canada. Interactive Brokers has a $10k deposit minimum. eTrade is POS. $12.95 a trade.

$12.95 isn't that bad is it? I currently pay $28.95 at RBC Direct Investing :disgust:

Looks like thinkorswim is in Canada so I'll look into them.

 

[Red Squirrel]

Actually I'm curious to know of any of these as well. I'm In Canada too. I would love to be able to do it fully Online, I just don't know who / what site to trust to actually put my money into.

I want to buy stocks in GM. I might score the gold, or score the Enron, but it's all fun and games if I don't put too much into it. Some people go overboard and put their whole life savings into stocks.

 

[gotsmack]

Originally posted by: RedSquirrel
Actually I'm curious to know of any of these as well. I'm In Canada too. I would love to be able to do it fully Online, I just don't know who / what site to trust to actually put my money into.

I want to buy stocks in GM. I might score the gold, or score the Enron, but it's all fun and games if I don't put too much into it. Some people go overboard and put their whole life savings into stocks.

If you're going to buy American auto stock, get Ford. It's a safer bet.