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Discount Brokers

Which discount brokers do you suggest?

Q – I’m trying to decide which discount broker to deal with. Which one do you suggest? – Sandra C.

A – I have not analysed the pros and cons of various Canadian discount brokers however Rob Carrick of The Globe and Mail publishes an annual review. His 2020 ratings were published last January, with Qtrade Investor at number one. He writes that he is impressed by Qtrade’s “attention to details in supplying almost all the features investors need to be successful”. He rates it “A+”. The whole review can be found here.

I was also recently alerted to a smaller scale analysis done by Christopher Liew, CFA, who is the creator of Wealth Awesome. He ranks the top six trading platforms in this country and rates Questrade as number one, stating: “The company has competitive fees, fantastic customer support, research tools, and a variety of trading platforms for beginners to pros”. Qtrade is also on his top six list. You can read his report at https://wealthawesome.com/best-trading-platform-canada/

It’s worth noting that among the major banks, TD Direct Investing rates high on both lists. Mr. Liew names it as his number one choice among the big banks while Mr. Carrick gives it an “A” rating. – G.P.