Announcing Questrade too Early – thanks you BAD BAD readers!

I am jumping the gun here by releasing this ahead of my planned release date but feel it is now necessary to let my readers know who I use for my on-line brokerage account. My readers have forced me to jump the gun because of their questions.


I use Questrade. They are an online brokerage based in Canada. Unfortunately this program is only open to residents of Canada, Britain, and Australia. That is why I was holding off telling you about it.

I am currently trying to work out a deal with a reputable US-based online brokerage but thus far we have not completed our negotiations. Because of the holiday season people are on vacation so I am in wait mode. For now I recommend that you use TradeKing. While they may not be the cheapest their costs are low and they have an excellent reputation.

I Love to Expose Myself

And no I am not a perv. I am just grabbing your attention in an evil shifty marketing sort of way. I don’t mind exposing my affiliate id because it has to be used to get the $50.00 in free trades that they will give you when you sign up through me.

The Perils of Due Diligence

Keep in mind that an online brokerage is a bit of a pain in the butt to sign up with. They have to do a lot of due diligence to verify who you are, where you live, and make sure that you are not a front for some sort of money laundering scheme.

I was able to complete all of my documentation online. It took me about 1 hour. They have a very good process but beware you will have to reveal a lot of personal identification. Your Social Insurance number is mandatory, as well as they will be using information in your credit report to verify that you are you. They also have a method whereby you create an e-signature for signing your documents.

All of your information provided is available to government agencies so if you are thinking that you will be dodging taxes illegally, think again. As for legal tax dodging, that is country specific and I am not an accountant. You should probably get one.

Once you have been verified you will be then asked to fund your account. If you are trading stocks, such as I am, then you will need to fund your account with a $1,000.00 CDN minimum. I funded my account via my online banks bill paying system. Questrade is a legal vendor from my banks perspective.

Once the transfer has been done you will wait approximately 5 – 7 days for your user account and password to be sent to you. These will not be the same ones that you registered with. Your trading account is separate from you Questrade account.

Penson

Somewhere along the way you will be prompted to register for penson services. It is a free service that will supply a record of all of your transactions sent to your email address as a pdf file. I forget (sorry) where I was prompted to sign up for that, but I recommend that you do the same. If someone can report back to me where they were prompted to join this, it would be appreciated.

Now why do I choose Questrade? It is A-B-C easy.

AFFORDABILITY

Questrade charge 1 cent per share for each trade to a maximum cost of $9.95, with a minimum cost of $4.95.

BETTER PRODUCTS

Whether it is to trade stocks or options, dabble in forex, trade gold, or mutual funds…Questrade offers you a 1-stop shop for all of your financial needs. They also have RSP’s and Tax-Free accounts for Canadians.

CUSTOMER SERVICE

Questrade has the best customer service that I have ever seen. Phone support, email support, online live help desk, and an extensive FAQ. I have personally tested all levels of support and have been extremely happy. In fact that is why I did not publish who I was dealing with until now. I wanted to make sure that their interface worked and that they were reputable. It did and they are.

Sign up for Questrade by clicking here.

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