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A Solid Online Discount Broker Is Questrade

Posted by Timothy Sykes on Wed 25th of Feb, 2009 08:25:30 AM

No matter how many times I say that I use and recommend Thinkorswim, people ask me for brokerage advice…

So, even though I’ve never used them–I’ve only heard good things about them–Questrade is a discount online broker that’s especially good for you Canadians out there (again, so I hear).

Basically a penny per share to trade, with a $5//trade minimum. And they allow you to trade physical gold, which I guess some of you may be into.

See the offer below and get $50 in free trades and if you switch your account by March 2nd, they’ll pay you $150…crazy….but that’s only if you have over $25,000 Canadian dollars–you poor people with $2k or $3k accounts can’t make an easy $150, nobody but Thinkorswim and me cares about your business!

QUEST TRADE

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  • Ryan
    I'm out of ToS if TDAmeritrade merges the SW platform of TOS with TD. I left TD for ToS because of execution and the high commission costs. I refuse to trade directly with TD. Keep them separate or I'm gone...
  • Josef H
    Thanks YoungGunz and Bill ... I knew I read that TDA bought ToS a few months back. In fact, I'm currently in the market looking for a stocks/options broker. ToS was at the top of my list ... until I remebered the buyout article I read a few months back. I use to be a TDA client back when it was just Ameritrade. Since that merger, that company has become rubish. I'm currently looking at ThinkorSwim or Zecco. I think I will side with Zecco (after a little more research, or course).

    Though, I am curious about the TDA/ToS merger. ToS offers trading such as Forex and I wonder what TDA will do with that. I people will signup with TDA to trade Forex, no matter how expereiced the trader is. The only way figure TDA buying ToS is for their technology. I don't believe ToS clients will stay once the merger is complete given TDA horrible trading platform and given TDA will more than likely increase ToS client's trade commission to its own $9 a trade.
  • bill
    i think we can all speculate as to why TD bought ToS
    ToS has a few in-efficiencies, such as paying for ppl's internet if they make 40 or more trades / month and the referral bonus, which TD will quickly cut off
    TD also has a flat trade fee of $9.99 which they will also incorporate into ToS to make them boatloads more money
    eventually ToS will become TDA and we'll have to go find a new best friend
  • younggunz
    Its not that people don't like ToS its that TD Ameritrade bought them out and ToS may not exist by the end of the year it TD decides to assimilate the customers into their own software...The whole reason they bought ToS was for their strong options trading platform and customer base. So I don't know if they're going to hack that part out of ToS and add it to the TDA software or possibly keep them separate. Biggest issue for pennystocks is that TDA's clearing house sucks for borrows, even more then ToS's current one Penson.
  • nevercomeshere
    IRIDQ
  • faran
    i'm canadian and i love thinkorswim
    it won't let you hold canadian $ so make sure the exchange rate is favorable when you deposit as you will get the current rate
    quest trade can't compete with thinkorswim's free software and promotions and ease of use
    and i hate quest trade's account management system, it's very bureaucratic (i'm still waiting for a withdrawal request i put in a week ago to go through)

    stick with thinkorswim..
  • younggunz
    Looks like it is $1000 minimum to trade stocks and options...don't say anything about shorting. So if this is a canadian broker are be able to not have the PDT rule or because we're US citizens we still have to follow it?
  • younggunz
    Thats a 25k minimum or just for the free money? Yes ToS was bought out and they say it will be 6 months or so before anything's decided with the way ToS currently runs or how they're going to merge the customers.
  • Josef H
    I thought Thinkor Swim was boughtout by TD Ameritrade? If so, I doubt TDA would allow TS clients to continue using TS technology ... being TDA has been very anal about their own trading technology.

    ... and I to have heard some good things about Questtrade!
  • Unless you've worked out a different deal with them, the CPA only converts with Canadian leads only. If I'm mistaken, let me know.
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