# TFSA - Looking for a Discount Brokerage



## Blue Caper (Apr 13, 2009)

I've decided that I would like to use my TFSA for my riskier equity investments. I get bored watching my sleepy portfolio and would like to play around with picking some stocks with the extra money I have set aside for my TFSA. Kicking myself for not getting on top of this in March. Even my mother was bugging me then to start a TFSA... ha ha

Has anyone done a comparison of the online brokerage TFSA's that are available? I know that MDJ added them to his Blog comparison chart of discount brokerages, but the chart wasn't built to specifically look at TFSA's. 

I currently use BMO investorline for both my self directed RRSP and non-reg investments. BMO unfortunately charges $120/yr for their TFSA trading account and their trades are $30. 

I'm considering Questrade's TFSA (no annual fee and the trades are $5-10). 
What are people’s experiences with Questrade's TFSA? I've read mixed reviews on some blogs and threads on their regular trading accounts.
What other alternatives are out there?
Maybe this is worthy of a Blog article (CC, MDJ???)


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## Wealthy1Day (Aug 30, 2009)

Blue Caper said:


> I currently use BMO investorline for both my self directed RRSP and non-reg investments. BMO unfortunately charges $120/yr for their TFSA trading account and their trades are $30.



I'm with TD Waterhouse and all administration charges are waived if you're enrolled for eServices (which essentially means everything is handled online versus paper in the mail - my preference anyway). See if BMO offers something similar to waive the admin fee and, if so, it may be easier and beneficial to keep it under the same umbrella as your other accounts.

However, Questrade is certainly worth looking into since they do have the lowest commissions. I don't know enough about complaints against their service. 

Now if you're not planning on trading in and out on a regular basis then $30 becomes nominal. But who can argue with saving money?


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## Rickson9 (Apr 9, 2009)

I'm with TD Waterhouse as well.


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## yun (Apr 4, 2009)

I set up a TFSA with Questrade. I've only been using it for about a month and at that, for 3 buys. I can say that these buy transactions were handled with no surprises. I've not done any cash withdrawals, but can say it does take a few business days for them to put a deposit into your account via the "electronic bill payment" through your bank.

Some of their trading platforms have monthly fees attached so be careful. The questraderweb platform has no such fees and suits my requirements.

I don't want to give them a thumbs up or down yet. Too soon and I haven't asked much of them. Just wanted to say I'm one to try them for this purpose.


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