Low costs are one of the top reasons for using an online broker. Here, we compare stock-trading commissions and foreign-exchange costs for buying a U.S. stock.
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Commissions and Fees: Part One
Each of the 12 brokers in this ranking was asked to show its stock trading commissions for a variety of trades. Here are two examples showing how how costs compare for customers paying regular commission rates.
|
Broker |
Trade #1:
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Trade #2:
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Qtrade Investor |
$19* |
$37.50 |
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Credential Direct |
$19 |
$30 |
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BMO InvestorLine |
$29 |
$45 |
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Scotia iTrade |
$19.99 |
$30 |
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RBC Direct Investing |
$28.95 |
$45 |
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TD Waterhouse |
$29 |
$45 |
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Disnat (Classic) |
$29 |
$45 |
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National Bank Direct Brokerage |
$28.95 |
$45 |
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CIBC Investor's Edge |
$28.95 |
$45 |
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Questrade |
$4.95 |
$9.95 |
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ScotiaMcLeod Direct Investing |
$28.95 |
$45 |
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HSBC InvestDirect |
$29 |
$45 |
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*add $4 for non-market orders |
Commissions and Fees: Part Two
To get a sense of how foreign exchange charges vary, brokers were asked to provide the pre-commission cost of buying 100 shares of Microsoft at $16 (U.S.) on the morning of Sept. 25.
|
Broker |
Cost |
|
Qtrade Investor |
$1,758.88 |
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Credential Direct |
$1,724 |
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BMO InvestorLine |
$1,747.20 |
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Scotia iTrade |
$1,769.44 |
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RBC Direct Investing |
$1,772.16 |
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TD Waterhouse |
$1,770.40 |
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Disnat (Classic) |
$1,783.52 |
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National Bank Direct Brokerage |
$1,776 |
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CIBC Investor's Edge |
$1,750.24* |
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Questrade |
$1,766.88 non-reg |
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$1,754.88 RRSP |
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ScotiaMcLeod Direct Investing |
$1,759.20 |
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HSBC InvestDirect |
$1,660.80 |
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*"best rate" |
Rob Carrick