5. List of online brokerages and comparison of their commission and services
Here is a list of online brokerage companies. We recommend Questrade as it is the most cost effective and easiest to start with as well as lower trade and starting costs.
| Broker Name: | Typical Stock Commission: | TFSA and RRSP Support? | Minimum Payment to Open: | Notes: |
|---|---|---|---|---|
Questrade (recommended by ABstocks) | $4.95 (Bonus: when you click here or on Questrade banner below and open an account, you receive $50 in commission-free trades) | Both | $1000 | Trade stocks for 1¢ per share, $4.95 minimum / $9.95 maximum. Plus, commissions for options trades are only $9.95 + $1 per contract. |
| TD Waterhouse or TD Ameritrade | Waterhouse: 150+ trades/qrtr: $7.00 30-149 trades/qrtr: $9.99 $50,000+ in Assets: $9.99 Ameritrade: $9.99 and up | Both | $50,000 | |
| CIBC Investor's Edge | 150+ trades/qrtr: $6.95 30-149 trades/qrtr: $9.95 $50,000+ in Assets: $9.95 $100,000+ in Assets: $6.95 | Both | $25,000 for no annual fee | |
| Interactive Brokers | Depends on share prices and number of shares: US: Flat Rate: 0.0051 per share Minimum Per Order: $1.00 Maximum Per Order: 0.5% of trade value Canada: Flat Rate: 0.01 per share Minimum Per Order: $1.00 Maximum Per Order: 0.5% of trade value | None | $10,000 |
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