Investing in the stock market is no longer the domain of investment advisors and stockbrokers.
Today, the average Canadian can easily open a trading account and begin purchasing all types of investment products, including stocks, bonds, Exchange Traded Funds (ETFs), mutual funds, and commodities.
The key to this accessibility is through a service called an online brokerage. An online brokerage is a web-based brokerage that allows you to make an account, fund it through your bank, and buy and sell stocks and other securities yourself.
You’ll usually pay a fee per purchase, and you can open many types of registered accounts, including Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). While online brokerages used to be pretty rare, many have opened in the last ten years in Canada, making this style of investing more accessible to Canadians than ever before.
Today we’re looking at two of Canada’s most popular online brokerages, Questrade and Scotia iTrade, to help you decide which one is the best option for your money.