# Anyone used Credential Direct before?



## michika (Apr 20, 2009)

Just doing some more research...

Anyone used Credential Direct before, or have any feedback about it?


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## daveking (Apr 3, 2009)

I'm doing research on online brokerage as well. Never heard of Credential Direct. (Though from first impression they don't look too reliable.)

From surfing around the web, the 'zeitgeist' discount brokerage for Americans is Scottrade at $7 per trade. However, Scottrade does not operate in Canada.

A good article on online brokerage I found by Barron. Written just a few weeks ago on March 16, 2009.

I'm going to get my feet wet and try out thinkorswim Canada. Note this is not a recommendation as I have not traded with them yet.


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## michika (Apr 20, 2009)

Thank you!


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## CanadianCapitalist (Mar 31, 2009)

I found two Credential Direct articles in my archives, which you may find useful (be sure to check out the comments as well):

*Limited Wash Trades at Credential Direct*
*Credential Direct Review*


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## fersure (Apr 19, 2009)

CanadianCapitalist said:


> I found two Credential Direct articles in my archives, which you may find useful (be sure to check out the comments as well):
> 
> *Limited Wash Trades at Credential Direct*
> *Credential Direct Review*


CanadianCapitalist's review is accurate. I use Credential Direct for both my non-registered account and TFSA. Trading fees are relatively high ($19) for non-active traders. There are no account fees for TFSAs and no fees for RRSPs valued over $15,000. (I think the fees are lower if you only hold mutual funds in the RRSP account). There is little in the way of analyst research (Desjardin is the only regular analysts report). I use Credential Direct because it was linked through the credit unions in BC. When I opened my account, its fees were comparable or less than the banks trading platforms.


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## michika (Apr 20, 2009)

I'm considering it right now because its tied to my credit union right now. The other potential runner in this race is BMO, however I haven't even started my research there above and beyond some feedback from friends.

I'll go through all the articles, and hopefully have a better formed opinion at the end. Thank you for the links.


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## Robillard (Apr 11, 2009)

I used to work for Credential (on a temporary contract 2 years ago). My general impression of the Credential Direct personnel, specifically the people taking the calls from investors, was that they were smart, competent and fairly well managed. Of course, I wasn't an account holder, so I can't really comment on the service on the client end. 

Credential Direct piggy-backs of of the same back office platform and personnel as Credential Securities. While I found most of the back office departments to competent, Credential has had a reputation for employing lots of temporary contract workers. This is not entirely bad, since it tends to keep costs down, but I found the transfers department had the most turnover of contract workers by far. Transfers is a pretty low-prestige part of a brokerage's back office that involves copious amounts of paperwork. So next time you switch brokers, be kind by being patient as it is a long tortuous process. The broker you are leaving has no incentive to make the process seamless. Incidentally I didn't work in transfers; I was processing brokerage deposits and withdrawals.


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