Investing

what is your recommended low fee trading platform for beginner?

  • Last Updated:
  • Oct 13th, 2020 5:31 pm
[OP]
Jr. Member
Oct 22, 2016
157 posts
41 upvotes

what is your recommended low fee trading platform for beginner?

hello. I am looking into trading stocks.

what is your recommended low fee trading platform for beginner?

I am checking out TD Direct Investing since I do most my banking with TD. But I wonder if there are more user friendly and low fee trading platform out there to allow me to trade Canada and USA market? Thank you!
5 replies
Deal Fanatic
User avatar
Sep 21, 2007
5282 posts
624 upvotes
Winnipeg
Wealthsimple
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
Deal Addict
Jun 18, 2018
1290 posts
802 upvotes
Toronto
faken wrote: Wealthsimple
Bad advice here, Only use Wealthsimple Trade for your CDN investments, not US. This is because you will get charged a fee every time you sell or buy because they don't let you hold US currency.
Jr. Member
Apr 6, 2019
140 posts
27 upvotes
GTA
WealthSimple, Questrade and Interactive Brokers
Sr. Member
User avatar
Nov 30, 2007
513 posts
80 upvotes
North York
I have experience with Questrade and Interactive Brokers.

I recommend QT if you're only planning to trade a few times a month, are not planning to use margin, and are not going to be doing a lot of FX conversions or options trading. Most would agree that QT is easier to use, although their desktop platform is more full featured than the web or phone interface.

I recommend Interactive Brokers for low costs (interest) for margin (borrowing), cheap trades, and FX conversions. Everyone mentions IB as cheap for trades but not everyone mentions that you need to pay for real-time data and monthly fees, which can $200+ per year depending on which package you get.

With QT offering free ETF buys nowadays, IB makes less sense.

I use QT for RRSP and TFSA due to the fact I use uncomplicated investments and I use IB for the non-registered because of the low margin fees and I like their tax reporting better.
Sr. Member
Oct 31, 2009
570 posts
101 upvotes
OP I am not so sure if you want a low fee platform to start trading or investing? If by all means you said you are a beginner and you want to start trading or investing, Wealthsimple Trade is a No fee platform as long as you only buy Canadian stocks.

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