Thinking of Switching Brokerage
Just a couple of days after I “advertised” Questrade I’m actually considering switching to CIBC Investor’s Edge account. I’ve been semi-actively trading for about 4 months now. So far I’ve had 26 transactions, total cost – $296.90 or $11.41 each. I’d consider staying with Questrade if they offered some kind of flat-fee option, monthly or annual.
CIBC seems to be the only Canadian more or less flat-rate option at the moment:
– $395 for the first 50 trades
– $6.95 / trade thereafter
– and the best part – no ECN fees.
If my $11.41 average holds up, I’ll get 35 trades with Questrade for the price of 50 with CIBC. Hmmmm….
I think I’ll switch this fall, won’t have time to do it before end of September.
Edited to add:
The only disadvantage for me with CIBC would be having to deposit money by cheque. I don’t have a CIBC bank account, so I can’t do an electronic transfer, which is really the most convenient way to “move” money. Oftentimes with Questrade I’d execute a trade on margin, transfer the $ right away, and next morning the money is there and I’d pay no fees on using the margin account overnight.
With CIBC I’d have to carefully plan how much I want to keep there or deposit larger amounts.
Edited to add more:
I’m re-negging on this decision, see my later post.