Globe Rankings Highlight Importance of Personalized Approach to Online Brokerage Selection
The Globe and Mail's latest ranking of online brokers in Canada shows that each digital broker has its pros and cons, depending on your investment priorities and strategy.
Questrade and QTrade top the list as the best overall online brokerage firms, followed closely by Royal Bank of Canada and Toronto-Dominion Bank. However, it's essential to consider what matters most to you as an investor, whether that's fees or usability.
A Globe and Mail survey found that self-directed investors' top consideration is fees, which can make a significant difference over time.
While low-cost options like Questrade are attractive, they might not be the best fit for everyone. Active traders who frequently buy and sell stocks and ETFs will want to consider trading costs, which have decreased significantly over the past five years but still vary between brokers.
The Globe's ranking also takes into account the usability of desktop and mobile platforms, as well as the products and services available, including market research capabilities and portfolio monitoring services.