As I mentioned recently, I got my 1% rebate from RBC and want to come crawling back transfer my money back to my favorite broker – Questrade. There is one huge reason why I’m such a fan of Questrade and that is money – their $5 trades are the cheapest in the business and that is all I care about. I also like their customer service – I’ve rarely had to wait when I phone.
Can’t I just go to any new brokerage and get my fees covered?
Yes, but you have to negotiate the transfer fees and will probably have to pay $20-$30 every time you make a trade. As a huge fan of low-cost investing – I go for the cheapest fees.
I’d like to try out Questrade but I’m not a returning client
Good idea – in that case you can sign up here or click on the banner after the text.
Is it hard to transfer to a different brokerage?
It’s not hard but it does take some time and is a pain in the butt. However, I calculated that I will save about $150/year in trading fees by moving from RBC ($10 trades) to Questrade ($5) fees. $150 a year indefinitely is well worth a bit of time to make it happen. Also – I’m not a very active trader so your savings could be larger if you trade more.
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