If you’re a trader of penny stocks you’ll really appreciate the amount of money that can be sucked away by commissions, on large lots of stock.  With some of the larger brokerages you could be paying $100 or more in commissions and ECN fees.  If you’re not looking at cheaper alternatives, then you should be right now!

This blogger uses Questrade and has for a while now.  After receiving many inquiries about what broker I used, it was time to start giving people more than just a positive referral, and actually give them some free money along with it.  More on that later (but if you can’t wait click here).

What Does Questrade Offer?

They pretty much offer every type of investment account out there.  Stocks & Options, Forex, Gold, and Mutual funds.  They’re able to handle it all as well as TFSA and RRSP.  I’m especially fond of trading with their TFSA account.  One really interesting feature they have is that you can trade US securities inside your RSP in US dollars, saving you the currency conversion (more on USD in RSP here).

What Has The Canadian Penny Stock Blogger Experience Been?

Questrade has “democratic” pricing and different trading platforms based on the level of trading that you do.  Since the majority of my trading is based on fundamental analysis I stick with the web-based trading platform but they do have a pretty easy to use desktop platform as well.  I’ve demo’d it.  Sticking mostly to QuestraderWEB. I’ve never had a problem with the platform, executing trades except for the fact that the market orders aren’t always within the bid/ask spread that stated (but never too far off).  I’m a big believer in limit orders though, and Questrade has never let me down executing those at or better than my limit.

The pricing can’t be beat.  I haven’t paid more than $20 in comissions on a trade yet, and when you’re dealing with penny stocks things can get pricey with large ECN fees and volume of shares changing hands.  Check out their democratic pricing.  When they say commissions start at $4.95 they’re not kidding and there isn’t any hidden fees.  That being said, in penny stock land expect there to be added cost per share as well as an ECN charge if you’re trading on the venture exchange.

A Few Things to Note:
– $1000 minimum to open an equities account
– $5000 minimum to trade options
– $250 minimum to keep account in good standing
– You should have an up to date internet browser and anti-virus software installed
– Majority of the application can be completed online. This is a great feature!

Free Money Time!

Questrade is offering you $50 into your brokerage account for people who open an account and trade $100 worth of commissions which is only about 10 trades for a penny stock investor and means you’ll get the money fast and those first trades won’t cost you a thing.

If you’re considering opening an account with Questrade sign up using the link below and you’ll be eligible for this $50 offer.  Otherwise you can use the promotion code “cdnpennystocks” and will also be able to snag the $50 offer.

Sign Up and Get Your $50 with Questrade

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