In this column, which appears every two weeks, we give you specific suggestions on how you can invest your money in the stock market.
When you manage your own TFSA or RRSP, the usability and power of the brokerage site you transact on is very important! What are the best (and worst) platforms in Canada?
Financial columnist Rob Carrick of The Globe and Mail recently published the 24th edition of his ranking of brokerage sites. Here are the most popular ones in Quebec, from worst to best.
Keep in mind that most brokers charge up to $100 per year if you don’t have a minimum balance in your account ($10,000 to $25,000).
RBC direct investment
note : C+
This site doesn’t offer the best customer experience, combining recently redesigned sections with others that are several years old.
- Transaction fee: $9.95
- Note: Does not allow the purchase of high yield funds (same as BMO and TD).
Desjardins online brokerage
note : C+
This recently updated site features free research notes from Desjardins and Morningstar.
- Transaction fee: $0
- Note: The low rating given by Rob Carrick to Desjardins is surprising considering this broker ranked third in the 2022 customer satisfaction survey by JD Power.
Direct agency of the National Bank
note : B
Completely redesigned in 2021, this site is not the most complete but it is very easy to use.
- Transaction fee: $0
- Note: No mobile Android app (yet).
CIBC Investor’s Edge
note : B
The well-designed CIBC website offers free CIBC, Refinitv and Morningstar research ratings on hundreds of stocks.
- Transaction fee: $6.95
- Highlight: Free paper statements.
wealthsimple
note : B
This broker’s mobile application and website are known for their ease of use and offer few analysis and research tools.
- Transaction fee: $0
- Note: Opening a US dollar account costs $10 per month.
Scotland iTRADE
note : B
This page is getting seriously out of date, but thankfully the mobile app has recently had a makeover.
- Transaction fee: $9.99
- Highlight: Allows you to buy and sell more than 100 ETFs for free.
Seek
note : B+
This website, one of the most popular in Canada, offers various tools to keep track of your portfolio.
- Transaction costs: from $4.95 to $9.95
- To be highlighted: very well designed mobile application.
BMO InvestorLine
note : B+
The site was updated a few years ago and opens to a dashboard showing performance charts and the status of pending orders.
- Transaction fee: $9.95
- Highlight: No fees for buying and selling almost 100 ETFs.
Qtrade
note : AT
This broker consistently ranks among the best and is constantly improving their website.
- Transaction fee: $8.75
- Note: A tool scans the securities held to show returns, costs and downside risk.
TD Direct Investment
note : AT
TD’s brokerage website was redesigned two years ago and remains up to date by offering multiple tools for analyzing portfolio returns and diversification.
- Transaction fee: $9.99
- Note: offers 50 free transactions per year on its mobile application.
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