Investing

Choosing Discount Broker/Viewing Inventory

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  • Dec 7th, 2014 7:20 pm
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[OP]
Deal Addict
Dec 3, 2014
1572 posts
101 upvotes
New Westminster, BC

Choosing Discount Broker/Viewing Inventory

I am new to investing, though I have taken the CSC course and follow economic news closely, and am thinking about opening a self directed RRSP/TFSA probably starting with $5000.
My big hangup is that I want to know what securities/investment products the discount brokers have access to since they don't seem to advertise more than the general ETF, bonds, or equities. For example, Questrade has a "bond bulletin" so I skimmed it and noticed they don't have any foreign bonds offerings so I contacted them and they confirmed this. So for someone who wants to know exactly which securities I will have access to when selecting a discount broker how am I supposed to know this before signing up?
I know to do my due diligence and read the fine print for administrative fees, trading fees, account minimums, etc. Any other tips you have, I would appreciate.
Thank you in advance.
12 replies
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Hi gelato69,

I can’t speak for any other brokerage, but if you’d like to see a full listing of products we offer at Questrade, take a peek at our products page. Let me know if you have any questions.

John – Team Questrade
Deal Addict
Jan 7, 2014
2628 posts
515 upvotes
Manitoba
Ok lets talk about ECN . The highest ranked broker as per the article charges ECN and Questrade too . So I thought of looking into it.
Why is a hugh cry about it ? Is it such a large fee? I saw on Questrade website that it is $0.0035 / share that too only when you sell it.
So for the ETF folks, lets say VUN is 33.25 today. Even if someone sell 50000 CAD worth of VUN that would be 1500 units so by $0.0035 / share it would be 5.25$. Can't someone pay 5 bucks for such a large value order ? Whats big deal? Anyone knowledgeable on this?
[OP]
Deal Addict
Dec 3, 2014
1572 posts
101 upvotes
New Westminster, BC
Not the answers I am looking for. Let me try to clarify.
I want to know which securities/investment products that a discount broker offers. For example, if they trade in stocks, they should at least list which exchanges the discount broker has access to then I would go to the website of the exchange and be able to look up the specific stocks available. If they trade in bonds, again which bond exchanges they have access to then I would be able to look up the specific bonds offered. If the broker is also a dealer, I want to know what securities they hold in inventory.
All of the discount brokers' websites I have visited do not list specifics rather generalities such as we trade in ETF's, bonds, equities and that's it with no specifics.
Deal Addict
Jan 7, 2014
2628 posts
515 upvotes
Manitoba
gelato69 wrote: Not the answers I am looking for. Let me try to clarify.
I want to know which securities/investment products that a discount broker offers. For example, if they trade in stocks, they should at least list which exchanges the discount broker has access to then I would go to the website of the exchange and be able to look up the specific stocks available. If they trade in bonds, again which bond exchanges they have access to then I would be able to look up the specific bonds offered. If the broker is also a dealer, I want to know what securities they hold in inventory.
All of the discount brokers' websites I have visited do not list specifics rather generalities such as we trade in ETF's, bonds, equities and that's it with no specifics.
You can safely assume they all provide you ability to trade on Canadian exchange.
Deal Fanatic
User avatar
Jun 19, 2009
6133 posts
1980 upvotes
Scarborough
Any security listed on a the prescribed markets which you sign up for when you create the account. I don't think they a dealer so there would be no private placements, new issues or things to that effect which would require a subscription for.
Banned
Dec 3, 2014
105 posts
51 upvotes
Toronto, ON
gelato69 wrote: Not the answers I am looking for. Let me try to clarify.
I want to know which securities/investment products that a discount broker offers. For example, if they trade in stocks, they should at least list which exchanges the discount broker has access to then I would go to the website of the exchange and be able to look up the specific stocks available. If they trade in bonds, again which bond exchanges they have access to then I would be able to look up the specific bonds offered. If the broker is also a dealer, I want to know what securities they hold in inventory.
All of the discount brokers' websites I have visited do not list specifics rather generalities such as we trade in ETF's, bonds, equities and that's it with no specifics.
How many exchanges do you think there are? a dozen? You want to buy some stock on the BATS exchange or some *****? Pink sheets?

Why do lazy people like you expect other people to do their work for them?

Did you even read anything on Questrade's page? http://www.questrade.com/trading/products
With Questrade, you can buy, hold or sell stocks in pretty much any company listed on North American markets.
TSX, NYSE, NASDAQ, AMEX, CVE. Is that enough for you?

http://www.questrade.com/pricing/exchange_ecn_fees

http://www.questrade.com/trading/products/bonds
For a list of available inventory on our fixed- income investments, subscribe to the daily bonds bulletin.
http://campaigns.questrade.com/Librarie ... .sflb.ashx
Deal Addict
Jan 15, 2009
1081 posts
450 upvotes
Just north.
Maybe OP wants to buy something on the Karachi exchange in Pakistan. Or maybe he wants to buy future of butter production in Bangladesh since it correlates with the S&P.
Banned
Dec 3, 2014
105 posts
51 upvotes
Toronto, ON
[QUOTE] foreign bonds offerings[/QUOTE]

Lol. OP takes one course and is ready to trade foreign bonds, and other exotic financial instruments. :cheesygri

OP, I heard an ad on the radio here in Ontario about Israeli bonds. 3.5% interest. Get on that *****.

http://www.israelbonds.ca/

ROFL :facepalm:
Banned
Dec 3, 2014
105 posts
51 upvotes
Toronto, ON
guyver0 wrote: Maybe OP wants to buy something on the Karachi exchange in Pakistan. Or maybe he wants to buy future of butter production in Bangladesh since it correlates with the S&P.
:cheesygri
Banned
Dec 3, 2014
105 posts
51 upvotes
Toronto, ON
Asker123 wrote: Ok lets talk about ECN . The highest ranked broker as per the article charges ECN and Questrade too . So I thought of looking into it.
Why is a hugh cry about it ? Is it such a large fee? I saw on Questrade website that it is $0.0035 / share that too only when you sell it.
So for the ETF folks, lets say VUN is 33.25 today. Even if someone sell 50000 CAD worth of VUN that would be 1500 units so by $0.0035 / share it would be 5.25$. Can't someone pay 5 bucks for such a large value order ? Whats big deal? Anyone knowledgeable on this?
The big deal is only because its unexpected. People understand commissions, they don't understand variable ECN fees. TSX is pretty convoluted, you pay ECN fees if you are "removing liquidity". Look that up on google. At the end of the day. its not a huge deal. Its just that the Questrade platform is not transparent about how much commissions you will pay on a trade. On IQ Web there is no way to see how much comissions you paid after selling something. You have to login to myquestrade (separate platform) and check under "equity trade confirmations" after the trade settles, to see how much commissions + fees you paid. Or do the math manually based on your balance and sell price....or wait for the monthly statement.

Questrade has massively improved over the years. I'm fairly happy with the service. One of their weak points is tax slips, annual trading summaries. Hopefully they improve.
Deal Addict
Jan 15, 2009
1081 posts
450 upvotes
Just north.
No ECN fee from Qtrade, $8.75 per trade.

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