Investing

Virtual Broker Kick Start Investment Program (KIP)

  • Last Updated:
  • Nov 24th, 2013 2:24 am
Tags:
None
[OP]
Member
Jul 20, 2005
359 posts
142 upvotes

Virtual Broker Kick Start Investment Program (KIP)

Hi All,

Does anyone have any experience with this? I am looking for a way to get into investing without a lot of money to start with. We signed up for an Scotia itrade account without doing our research, and have been paying out the nose for trade commissions and inactivity fees. This service from Virtual Brokers seems to be a good set it and forget it solution without paying fees and commissions for a reasonable annual fee of $50 per year.

Any thoughts as to why this wouldn't be a good idea, or suggestions for a more efficient way to accomplish the same thing?

https://www.virtualbrokers.com/contents ... age_id=119


We are committed to the success of our clients. To help encourage savings and investment in a simple, valuable, and cost effective manner Virtual Brokers has launched the Kick Start Investment Program (“KIP”).

KIP is a revolutionary concept in online investing that helps support young Canadians to invest and generate savings. KIP is an automated purchase plan that does not incur any trading fees and will help bring discipline to young investors interested in maximizing their wealth. Every month, Virtual Brokers KIP service will transfer an amount specified by the account holder from their bank account to their Virtual Brokers Account. The funds will then be used to purchase up to 5 different Canadian or US Stocks or ETFs, according to client instructions.

There are no commisison charges for the automatic monthly purchases. In addition, there are no annual fees for clients who are students or recent graduates (within the last 2 years). All other clients will be subject to an annual fee of $50 CAD. KIP is a simple but effective method to grow your account, and take advantage of Virtual Brokers exceptional low cost services.
3 replies
Deal Expert
Mar 25, 2005
22380 posts
3246 upvotes
With already low commissions, its worth looking into if the $50 annual fee is worth it.
Member
Apr 29, 2006
408 posts
46 upvotes
Toronto
This seems very neat. But I cannot be sure of the benefits?

I am a recent graduate so this would be free for me, for now.
Sounds like a great way to accumulate savings. Judging from the close prices from yesterday, one could buy one share of a TSX 60 company each month except for CNR, CP, CTC and VRX based on the $100/month minimum.
Deal Addict
Oct 2, 2006
1277 posts
244 upvotes
with penny commissions i dont think its worth to pay 50$

with that you could buy 5000 shares of any (multiple) companies

Top