Each firm was assigned a score based on its ranking within the seven sections of review 5 points for 1st, 4 for 2nd, 3 for 3rd, 2 for 4th and 1 for 5th , and the overall score was the sum of the awarded sections. But recently it appeared they have cancelled that function. To compound that, reaching an option trader by phone is almost impossible.
In addition, for covered call transactions, be aware that their system does not permit a user to write another call option until the following Tuesday. Equity options expire on Saturday and usually you can write a new option again on the following Monday. How many questions, etc those covered were asked is irrelevant. I too would like to know. Hi Patricia, thank you for your comment. We are reaching out to Surviscor at the moment and will share their rationale when we hear back from them. Why would Scotia I-trade make this list they are impossible to get in touch with, by phone or emial, over an hour wait time on the phone, and 10 days to respond to an email, there mobile app is not very good wonce you explore other apps, and as with ALL canadian platforms there are fees, why is it free in the USA but not here.
Scotias responce is because of the tools and research available while if your not using them why am I still charged 9. From a very lengthy account opening to very long waits on order submission to them actually submitting the orders. Multiple times.
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Phone staff are miserable. Never received an answer… and never received a phone call to alert me to a problem, I had to phone. Why Interactive Brokers are not mentioned here? I guess it may not fit your definition, but how about mentioning Wealthsimple Trade next time. I guess if Questrade was deciding to add free ETF sales, that would be a game changer. Please fix the link. Thank you. As a client of NDB for 3 years, I agree that their call center rarely keeps you waiting. Thanks for the great article and information.
I registered with TD and although they have some great tools, I found their customer service terrible if you try to reach by telephone. Literally on hold for hours and then they close for the day. After numerous calls, I finally gave up. I sent a complaint in by email, and it was responded to promptly but with no resolution except an apology. Trying to get a hold of a human being at TD Web Broker is getting harder by the day. Another issue is dividends , they are not registering on the day that they are supposed to be in the account , especially one US stock that I own.
I was on hold on the phone for four hours one day and three the next and never got through. I have accounts at Q trade as well and though not perfect at least you can get a hold of someone in a reasonable amount of time. Also a question about jurisdiction. NBDB refused to process the transaction, saying no sale allowed on DSC funds, even though the issuer said it was good. Ontario based brokers have no problem with this… is this a Quebec thing? I am a long-standing customer with Questrade and my experience is terrible. This has been and continues to be a long-standing issue.
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Resolving a problem is a horrendous, time-consuming process. Just maybe, if there is enough of us, IIROC will open an investigation and hopefully corrective measures will be taken. I was surprised that Virtual Brokers was not on this list. I agree with Mike G from December 9, They have the lowest fees. I get good customer service.
Yet, MoneySense never seems to acknowledge them.
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Maybe, they are to tied up with partnering up with Questrade. Thanks to the editors for having a comments area. I think I learned as much there as the article. Thanks to the comment posters; however, many of the posts level serious criticisms but are short on viable alternatives. As a person who is about to open a trading account my impression is that no broker is perfect and that I should be prepared to encounter challenges and disappointments. At the moment, I think I will start with Questrade.
I suppose everyone would agree that starting somewhere is better than not starting at all? The first 2 calls I was on hold for over 1 hour. This call has been over 30 minutes so far — still waiting! TD has NO service. Over the last 4 days I have spent at least 8 hours waiting for someone to answer the phone. Do they actually have people working? I found some of the responses to be silly. Major banks charge the same rates.
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Which brokers offer hard copy of tax forms? Did the customer ask for them? We are retail investors. It costs money to handle your money. Banks have billions of dollars to invest at all times.
Complaining about below average service over the phone? Want better service? Switch to a full service brokerage, and pay higher fees. A category on best online brokers that accept in coin transfer of tfsa and rrsp would have been appreciated. Ask a Planner. Comments Cancel reply Your email address will not be published. Learn more. Trade listed options on stocks, indices, interest rates, energy, metals and more across 23 exchanges globally. Advanced options tools. Take advantage of our option chain functionality, combination order tickets and one-click trading.
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The workflow is very smooth on the mobile apps. Mobile apps are extremely well laid-out and easy to use and are among the most comprehensive and extensive apps tested. Investors who would like direct access to international markets or to trade foreign currencies should look elsewhere. Clearing and exchange fees, typically a fraction of a penny per share, are spelled out on the order confirmation screen and are passed through to customers.
The commission structure for options trades tends to be more complicated than its equivalent for stock trades. Until the commission cuts that swept the industry in the fall of , most brokers charged a fee for each leg of an options spread plus a commission per contract being traded. The per-leg fees, which made 2- and 4-legged spreads expensive, have been eliminated industry-wide, for the most part.
We are also seeing some brokers place caps on commissions charged for certain trading scenarios. Investors with fairly large portfolios can also take advantage of portfolio margining at some brokers. This is a practice that assesses the total risk inherent in a portfolio that contains stocks and derivatives.