I have been trying to do research online but I feel like the more I read the more confused I become. I need you help to pick a discount brokerage. I heard that Questrade was good but there is a $1000 minimum to open an account. I hope to find one with low fees and no minimum to open. I definitely don't have that much to begin with, I would like to start with maybe a few hundred dollars.
Help??
3 comments:
I suggest you save up $1000 and then go with Questrade. You can get extra $$ if you use my referral ID:
o0soehds
With Questrade you can open up a TFSA and invest under there so you don't have to pay taxes on your earnings/profits, and their fees are pretty low.
There isn't any other place that I know of where you can open an account for less than $1000 (it's REALLY low) to start investing in stocks.
If you want index funds, like investing in the S&P 500 or something similar, then I like the TD e-series from TD Waterhouse, or TD bank directly (they have two different accounts/branches even though it's under the same "TD" name).
I think the index funds sold under TD Bank themselves are FEE-FREE once you buy them, with a minimum of $1000.
TD Waterhouse however, charges you a % of the amount you have invested per year, plus they take a % in the profits as well.
Wait, now that I think about it I think TD Waterhouse has a minimum of $1000 to invest but to AVOID fees, you need to invest $10,000+
I have an account with Questtrade right now that has $1000 sitting in it but I have not gotten around to picking the stocks and actually figuring out how to use the service. Definitely something that is going to have to get done over the next few days.
It is super scary to invest for the first time!
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