Is $28 too much to pay for stock trading?

[jfall]

I'm with Royal Bank canada and am interested in signing up for their investment accounts so I can start trading stocks. Their Commission rate is $9.95 (if you trade 30 or more times per quarter) and $28 for any less. Are these prices normal or do they seem high?

I'd like to have my account with them mainly because I can link it to my existing banking account and have everything in one location. But I don't want to get milked on commission rates either.

I doubt I will be doing 30 trades a quarter, at least not for a while

 

[JS80]

Yes. you shouldn't pay more than $10/trade

 

[Dacalo]

Wow, that's a ripoff, even if it's in Canadian. Aren't there cheaper brokers in Canada like Scottrade?

 

[JS80]

Originally posted by: Dacalo
Wow, that's a ripoff, even if it's in Canadian. Aren't there cheaper brokers in Canada like Scottrade?

Yea, isn't there an Aboottrade in Canada?

 

[Golgatha]

Originally posted by: jfall
I'm with Royal Bank canada and am interested in signing up for their investment accounts so I can start trading stocks. Their Commission rate is $9.95 (if you trade 30 or more times per quarter) and $28 for any less. Are these prices normal or do they seem high?

I'd like to have my account with them mainly because I can link it to my existing banking account and have everything in one location. But I don't want to get milked on commission rates either

That's middle to high for stocks. $10 would be about the lowest you can go and $40 would be the advisor assisted types of trades.

 

[jfall]

Even E-Trade Canada is $20 a trade if you have less than $50k in assets

 

[gotsmack]

TD waterhouse? they do banking and trading and they are in both america and canada

 

[jrenz]

Scottrade online is $7 for me

 

[everman]

If you don't have a lot of money, you may want to just try some mutual funds. You won't need to pay a transaction fee in most cases.
Otherwise even a $10 transaction fee may be too much for you, depending on how much you plan on investing.

 

[jfall]

Originally posted by: gotsmack
TD waterhouse? they do banking and trading and they are in both america and canada

I looked at them, they actually charge more 1.5% of principal trade + $29.00 minimum - WebBroker.

Even if I do find a lower priced option from a different company won't I still be hit with fee's for transfering money from my bank etc.?