X Fees and commissions tend to be on the high side X Unexplainable lack of commitment to customer service responsiveness √ Industry pioneer and influencer since the early days of self-directed investing √ Initial impression (good integration of discount brokerage service within bank-based site)
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The troubling reality for TD Direct Investing is that the main areas where it misses the mark, namely customer service and fees, are critical to investor satisfaction. (It narrowly edges out last year’s overall winner, Qtrade Direct Investing*, which has an overall score of 22 points.) TD’s major strengths are its depth and availability of market data (including quotes, charts, technical analysis, research, and market notifications), its commitment to financial literacy and its overall equity investing experience, making it the winner in each of those categories. TD Direct Investing, the largest discount brokerage firm in Canada, rounds out the top three for the fourth straight year with a score of 25 points. √ $0 commissions on Canadian and US equities, and ETFs That said, like all other firms, it’s not all roses the process of becoming a customer is not as slick as with some competitors. National Bank’s brokerage is one of Canada’s most well-rounded offerings, catering to both the novice and sophisticated DIY investor through multiple programs, with what we believe is the most competitive overall commission structure in Canada.
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ETF trading was already free for both buys and sells, with unlimited inventory availability. Then, after our initial June 2021 publication, it went one better in late August and reduced its commission fee for online trades of Canadian and U.S. National Bank Direct Brokerage entered our top three for the first time in nine years with a score of 31 points. X Depth and breadth of market information 2. X Charges electronic communication network (ECN) fees, an additional per-transaction fee that can considerably increase stated commission costs √ Commitment to financial literacy Needs improvement: √ Industry influencer (progressive dedicated to improving the service for customers) √ Mobile experience is similar to online experience √ Initial customer experience (transparency on offerings and fees, account opening experience, etc.) √ Industry-leading customer service responsiveness Learn more about Questrade Accounts* > Things we like: As in previous years, it still lags in terms of the market data it provides, and loses marks for having commission fees that aren’t always as low as advertised. Having said that, even the top firms have holes in their offerings and Questrade is no different. (Be sure to read the individual category reviews below.) In addition, Questrade maintains its top standing in the mobile experience category and leads our new customer onboarding category, which explores the overall process and experience of becoming a client. 1? There are several reasons, not the least of which is Questrade’s consistently high level of customer service, an area where it continues to outperform its industry peers. 2 last year after placing first in 2019, has reclaimed the top spot with a score of 36 points. Here’s a closer look at the top three overall winners. $25,000 across all accounts OR 5 other conditions OR $50 per month deposit for Young Investors $20,000 across all accounts OR 5 trades per year
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Click here to view our full comparison tool of 14 online brokers to see how they stack up. Customized for MoneySense to include hundreds of data points-including price, customer service, product offerings and mobile capabilities-Surviscor’s deep-dive into the Canadian online brokerage marketplace is second to none. Now in its ninth year, the ranking again relies on analysis provided by Surviscor, a leading Canadian research and consulting firm specializing in digital and direct financial services’ customer experiences. That is where the annual MoneySense Best Online Brokers ranking comes in. Of course, with a growing number of online brokerage services now available in Canada, it is hard to know which one is best for your needs. While pricier full-service investment options provided by financial advisors and bricks-and-mortar firms have their place-as do robo-advisors with their affordable hands-off portfolios-DIY investors who want the greatest selection of assets at rock-bottom fees can’t do better than online brokers.