I live in Canada and have never traded stocks before. I'm a college student who just graduated from high school and am still learning about the stock market. I heard Questrade is a decent online broker in Canada but I'm confused about their account types. So what are some good online brokers I should definitely consider?
When your ready... If you have sufficient capital to open an account [$3K US for age<26] Interactive Brokers [IB] is my suggestion. Low monthly fee's Good Simulator Solid Broker, http://individuals.interactivebrokers.com/en/main.php Once you are ready to trade live [past sim], you will have a good learning curve of the platform as it can seem daunting at first. If you are serious about trading, then you should obtain a good foundation. There is so much to learn and understand before you execute your first trade. So choosing a broker is lower on the "To Do" list. To follow is a link to my previous comments regarding IB, which also links to a reading list which may be of interest to you. http://www.elitetrader.com/vb/showthread.php?s=&postid=3588006#post3588006
I browsed through Interactive Broker's site and came upon this question, "Select the market in which you want to trade stocks." Does that mean I can trade in foreign markets despite the fact that I live in Canada? As for the requirement they listed that having an employer's information is nessecary. I understand why they would need to know that but what happens if I became unemployed or switched my employer?
You can trade any foreign markets unless prohibited by Canadian regulators. Just check all the boxes - that is just to determine which agreements you will have to sign at the end. Or just put Canada and U.S. for now to cut down on numerous signature pages. You can change it any time anyway later on. As for employer, you are supposed to notify them later on if your financial circumstances change materially (since they are a creditor as they may be advancing margin credit or otherwise taking risks on your trading).
By the way, there are activity and quote fees unless you generate commissions of $20 a month or so, so if you will be very inactive, another broker may be a better choice (but trading fees will be much higher at other brokers).
I would generally recommend IB as well, but it's quite possible they don't accept OP's application because of youth and lack of experience. It doesn't cost much to try anyway.
First, would there be any problem if I try to open an account on IB with just $3k Canadian? And last, is that even a reasonable amount money for a beginner with no experience at all?
Individuals age 26 or younger USD 3,000 (or non-USD equivalent) Nice I guess I qualified the required minimums.
What's with this IB touting , in fact IB is an expensive broker for low priced stocks , that's where the money can be made . Stick with fidelity or Tda , or better OX.
this is always how it goes on ET. Some beginner asks a question and everybody has an answer. Nobody ever asks the beginner for more information. What are you planning to do with that 3k? Will there be more to come later? Do you want to try your hand scalping the market? Glued to the screen trading everyday? Is your idea to look for a good stock you can buy and hold? Will this be the start of your retirement account? Do you want to get into the business of full time trading for a living?