Cheap Trading only $10/Trade

[michaeljchan]

Hey guys,

I just wanted to see if any of you had experience with Bank of America investment trading?

I've just gotten off the phone with a representative, and they told me the following.

If I'm a Bank of America account holder (which i am)

It would cost me $10 / Trade regardless of how many shares.
$50 semi annual fee is Waived (if i'm a Bank of America Account holder)

So essentially, all i have to pay is $20 to complete a transaction ?? Now .. don't get me wrong . .but it seems a bit cheap.

If this is the case, why trade with e-trade and other external stuff when trading with a bank is soo cheap?

https://www.baisidirect.com/Static/SelfDirected/Commissions/commissions.html

[thefleet]

umm because they are based in USA :confused:

[TFCREDNWHITE]

Actually, I'm NOT a Bank of America customer....

Does anyone have any suggestions on where i can get $10 trades here in Canada???

1) I have only $1000 dollars to "play" with
2) I'm probably going to only "buy" one company and then just hold on to the shares for at least one year..(is this a good idea?)

[michaeljchan]

If you have small capital ($1000),

I cant find any canadian companies that won't charge you an arm and a leg.
I traded with CIBC before, and basically, they charge about $30 / transaction on the TSX.

I heard TD water house is good as well.

I'm not sure about quest trade or e-trade (E-trade rejected me because i don't have an American drivers license boo)

P.S.
I'm a canadian only working here in the states temporary =P but i love all the american perks thus far. (i.e. NO TAX shopping)

[jazzsax]

questrade. duh.

[NUTS]

If you have small capital ($1000),



I'm not sure about quest trade or e-trade (E-trade rejected me because i don't have an American drivers license boo)

P.S.
I'm a canadian only working here in the states temporary =P but i love all the american perks thus far. (i.e. NO TAX shopping)

lucky you - on first read of your first post, I was thinking wow, how did that Canadian get a US based trading account? - confused as I am most of the time what I read on here

Well, you're temporary which means - either

a) you have a work permit - & or-
b) a social security number
c) A US address

If the answer to all of those is yes - then off you go down to the local DMV with your Canadian drivers license, US address & SS# to get an exchange drivers license

Then you can go register for etrade if thats what you're after - but why bother - there are many discount on-line trading brokers stateside.

But, dont you have Canadian citizenship and have you thought of questrade on the US side as one possibility?

[mrwally]

Actually, I'm NOT a Bank of America customer....

Does anyone have any suggestions on where i can get $10 trades here in Canada???

1) I have only $1000 dollars to "play" with
2) I'm probably going to only "buy" one company and then just hold on to the shares for at least one year..(is this a good idea?)

Tradefreedom

[thefleet]

There are many other options in the US, I'm also here temporarily. Take a look at zecco where you can get some free trades for holding something like 2000 USD in the account.

[konfusion666]

questrade. duh.

+1

And isn't the Questrade thread usually on the first page of this forum? It's a bit hard to miss...

[michelb]

If you are only in the US temporarily, I don't think it's worth it to get a US based account (unless I'm mistaken, once you return to Canada, you'll be forced to close it and transfer to a CND account). You probably want to double check their resident requirements.

If you want cheap, I don't think I ever pay more than $1/trade with InteractiveBrokers (although I think they have a $10/month mininum activity fee). No idea what their account minimums are though.

[phomp]

+1

and isn't the questrade thread usually on the first page of this forum? It's a bit hard to miss...

+ 2

[clipz]

+ 2

+3 using it now and since im a noob trader and just got into stocks seems ok to me. I wish we where able to sign up with Zecco.com right now they are offering 10 free trades per month and 0 commissions. perfect for me since i only do about 5 trades a month. Oh well questtrade is fine for me.

[smihaila]

ThinkOrSwim.com