Personal Finance

Beginner Online Brokerage Recomendation

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  • Feb 22nd, 2010 9:27 pm
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[OP]
Deal Addict
May 6, 2007
1308 posts
284 upvotes
Ottawa, On

Beginner Online Brokerage Recomendation

Hello all,

Well I've had mutual funds and GICs and high interest savings accounts for quite some time now, but I've decided I'm at a point in my life and personal/financial educations that I should be able to do more. So I'd like to look into some stocks. I was wondering what online brokerage firms you'd recommend for a beginner. I was thinking something that had some good reading material, and a practice mode might be good for me. I won't be starting with much money maybe ~$5000 for now. So... what do you recommend?

David
7 replies
Member
Sep 28, 2009
333 posts
1 upvote
London
I'd recommend learning more before you start buying stocks. Read some books on the subject, do a search of this forum to find some good book lists.
Deal Addict
Aug 21, 2009
1320 posts
67 upvotes
6ft AGL
You can find good reading material and simulators for free on the web

Don't pay a brokerage annual fees for such non sense and gimmicks

You're brokerage is just a place to trade stocks, and if you're a beginner I would look for low fees or the fees will destroy any profit on $5000
Deal Expert
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Dec 11, 2005
18925 posts
1360 upvotes
While I usually do not reccomend RBC, they actually have an awesome starter investor program. Basically you can sign up for this fake account with play money and use their *REAL TRADING PLATFORM* with that money. Once you think you know what you are doing, you can open a real account.

I think it's a great idea that all the online brokers should do - but AFAIK RBC is the only one doing it right now.

http://www.rbcdirectinvesting.com/servi ... neral.html
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
[OP]
Deal Addict
May 6, 2007
1308 posts
284 upvotes
Ottawa, On
brunes wrote:
Feb 22nd, 2010 6:40 pm
While I usually do not reccomend RBC, they actually have an awesome starter investor program. Basically you can sign up for this fake account with play money and use their *REAL TRADING PLATFORM* with that money. Once you think you know what you are doing, you can open a real account.

I think it's a great idea that all the online brokers should do - but AFAIK RBC is the only one doing it right now.

http://www.rbcdirectinvesting.com/servi ... neral.html
Ya that's the kinda thing I was looking for. I know I can read a lot but unless I DO it and try some stuff out I'm not gonna learn as much.

Do you know what the limitations the RBC practice account has? Is it a limited time, or do they not give you all the tools of a real account?
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Aug 21, 2008
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West Side GTA
i think questrade also has a practice platform as well.
Deal Expert
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Dec 11, 2005
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da_guy2 wrote:
Feb 22nd, 2010 8:42 pm
Ya that's the kinda thing I was looking for. I know I can read a lot but unless I DO it and try some stuff out I'm not gonna learn as much.

Do you know what the limitations the RBC practice account has? Is it a limited time, or do they not give you all the tools of a real account?
I have never done it myself but the link I posted says there are not many limitations at all. You can open RSP, THSA, all kinds of accounts. You can do stocks, funds, options, you name it.

Only real restriction seems to be you can't transfer any real money in or out of the account. It is not limited time but it says they will close the account i it sits idle for more than 6 months.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Sr. Member
Jul 20, 2005
691 posts
2 upvotes
I am using Questrade, low fee, good for beginner.

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