A discount brokerage firm lets you make your own “self-managed” trading decisions—and save on commissions. Discount brokerage firms typically have low fees for trades and low account minimums, henceforth the name discount brokerage firm.
Discount brokerage firms have become very popular over the last 20 years and they continue to offer investors a great alternative to full-service brokers.
While there may be good reasons to switch to a discount brokerage firm, low commission fees will not necessarily lead to better investment decisions. In fact, it can lead to crucial mistakes like selling your stocks too soon.
Online brokerage accounts can also lead investors to trade too frequently. Frequent trading can also lead you to buy lower-quality, thinly traded stocks. The danger here arises from the fact that the bid and ask spreads of many of these investments can be so wide that the share price will have to go up significantly before you’ll even begin to make money on a sale.
Discount brokerage firms can be useful for investors. The alternatives are full service brokers or using a portfolio management service. If you do use a discount broker, we recommend using our three-part Successful Investor philosophy for long-term investing:
Discover how to put an extra strength in your portfolio with our specific advice on how to identify high-quality dividend stocks. It’s all in our report, Dividend Paying Stocks: How High Dividend Stocks Can Supercharge Your Income Investing. And it’s yours FREE!
Through a series of sharp interest rate increases to curb inflation, the Bank of Canada raised its benchmark rate from just 0.50% in March 2022 to today’s 4.50%.
Higher interest rates are generally good news for banks, as those lenders earn higher interest rates on their… Read More
TD Bank recently announced two big acquisitions in the U.S. These new businesses will expand its already-strong presence south of the border as the world’s largest economy recovers from the COVID-19 pandemic. TD’s additional earnings will also continue to fuel its dividend growth.
TORONTO-DOMINION BANK $87… Read More
TORONTO-DOMINION BANK, $86.45, Toronto symbol TD, is a buy.
TD last raised your quarterly dividend with the January 2022 payment. Investors now receive $0.89 a share, up 12.7% from $0.79. The new annual rate of $3.56 yields a high 4.1%.
The bank has now agreed to acquire… Read More
TORONTO-DOMINION BANK, $83.44, Toronto symbol TD, is a buy.
The bank has agreed to acquire U.S.-based investment banking firm Cowen Inc. (Nasdaq symbol COWN). Founded in 1918, Cowen provides a wide range of services to corporate clients, including brokerage, stock and bond underwriting, initial public offerings… Read More
CANADIAN TIRE CORP. $143 (www.canadiantire.ca) is still a buy. The retailer has come under fire from U.S. hedge fund Spruce Point Capital Management, which claims the stock is overvalued by about 50%. Specifically, it feels Canadian Tire is losing market share to brick-and-mortar rivals Walmart and Home Depot,… Read More
Some investors prefer to use investment brokerage firms because they believe there is a benefit to doing so. There are many good brokers out there; however, there are a variety of problems that have arisen within Canada’s brokerage industry.
There are longstanding practices that have benefited… Read More
Saving money with a discount brokerage firm is a good thing, but investors should be aware of some of the pitfalls that exist.
Switching to a discount brokerage firm from a full-service broker makes sense for many investors. It’s sure to cut your per-trade… Read More
Learn everything you need to know in 'The Canadian Guide on How to Invest in Stocks Successfully' FREE Special Report from The Successful Investor.
How to Invest In Stocks Guide: Find 10 factors that make your investments safer and stronger.
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