*** The unofficial RBC Direct Investing thread ***
Royal Circle benefits information (for clients over $250,000 in assets):
Active Trader benefits information (for clients who make 30 or more trades per quarter):
General inquiries and trading desk:
1-800-769-2560 (option 4)
Royal Circle clients only:
Here's the basic info about their service (if this changes or someone notices it's inaccurate in some way, PM me and I'll update it):
LAST UPDATED: March 4, 2011
Commissions (online only; see [url]http://www.rbcdirectinvesting.com/commissions-fees-schedule.html[/url] for details):
[U]Less than $50,000 in assets OR under 30 trades per quarter[/U]
Up to 1,000 shares: $28.95
Over 1,000 shares: If stock price is up to $2.00, commission is 1.5% of trade amount; if stock price is over $2.00, commission is 3 cents per share ($28.95 minimum)
[U]More than $50,000 in assets OR 30-149 trades per quarter[/U]
Any number of shares: $9.95
[U]More than 150 trades per quarter[/U]
Any number of shares: $6.95
- Instant fund transfers between RBC DI and RBC banking accounts (during business hours). However, no direct electronic fund transfers are possible from RBC DI to a non-RBC bank account. You can wire funds to a non-RBC bank account for a $20 fee. Note: you can deposit money in RBC DI from a non-RBC bank account using a regular online bill payment (search your payee list for "RBC Direct Investing"), but of course the transfer will not be instant.
- Real-time non-streaming level 1 quotes, streaming 20-minute-delayed level 1 quotes. Active Traders (over 30 trades per quarter) get streaming real-time level 1 quotes and streaming real-time level 2 quotes in a Trading Dashboard tool. Royal Circle clients (over $250,000 in assets) get access to various advanced research reports and streaming real-time level 1 quotes, but no Trading Dashboard (see links above for more info on Royal Circle and Active Trader benefits).
NOTE: Level 2 quotes for NYSE or AMEX stocks are NOT available to any RBC Direct Investing clients. Level 2 quotes are only available for NASDAQ, TSX, and TSX Venture companies.
- Create multiple watchlists, each of which can contain up to 15 equities.
- Exclusive access to low-MER "Series D" RBC mutual funds (most are around 1% MER).
- Access to S&P research reports, Thomson/Reuters buy/sell consensus recommendations scales, and other research functions.
- Various "screeners" that let you select stocks, mutual funds, and ETF's by narrowing down based on various criteria.
- ALL registered accounts (RSP, TFSA, etc) allow you to hold both USD or CAD.
- Access to "Practice Accounts" where you can play with fake $100,000 and get used to the RBC DI interface.
- "Analyze and Rebalance" and "Manage My Goals" online software tools.
- Lots and lots of "learning" stuff...tutorials, information about investing, etc.[/COLOR]
For instance, today (Saturday) I'm looking at my margin account holdings, which have been updated overnight to reflect Friday's action. I have a stock that closed at $4.30. In fact, that's what it says when I click on its name in my Holdings screen.
But, if I back out to the Holdings screen and look at it in the list of all my holdings, in the "Price" column, it says "$4.29".
Another surprise was that in the Activity screen, it says that the stock, which I purchased for $4.10, was purchased at "4.1". I know they just truncated the last zero, but it just seems like a careless oversight to have it shown like that. And would it kill them to include the dollar sign?
Another interface quirk: When selling mutual funds, your holdings will show weird amounts and prices until the trade is finally settled. For instance, for a sale I initiated a couple of days ago, this is what it says for my sold mutual fund....the "remnants" of what was $30,000 worth of that fund:
Symbol Quantity Price MarketValue BookValue Change
MFC842 0.198 11.22 2.22 N/A N/A
I also sold all my shares in a stock a few days ago, and it still shows up in my Holdings screen....but with Quantity of "0", the current market price, a Market Value of "$0.00", and "N/A" next to everything else.
I know all this will eventually clear itself up, but in the meantime, it's a little weird to look at.
In short, I'm not all that impressed with the interface. I can move around it easily enough, but these little data quirks are.....unsettling, to say the least.
Other than that, I like the research reports and so on that RBC DI provides. I find I spend a lot of time in that "tab" of the interface. And since I have RBC banking accounts, and also have over $250,000 in assets and hopefully will get their Royal Circle status shortly, it's a good brokerage for me. But for folks with smaller portfolios who don't trade as often, and unless you have RBC banking accounts, I wouldn't necessarily recommend it.
Last question: Does anyone know if the IPO Centre gives us RBC DI folks some kind of "special access" to certain IPO's? Or is it the same info/access that's publicly available to any individual investor?