The Best Firms To Open Your Brokerage Account With

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A brokerage firm or simply broker is a financial institution that helps people and institutions buy and sell financial securities on the market. Most big banks offer a traditional and online brokerage service. So if you are ready to open your first brokerage account, a good place to start your research is within the investment management department of your current commercial bank. Once you have got an idea of the services offered, you can compare them with competitors. To help you get started, we have compiled the best rated traditional and online brokerage firms in the United States and Canada for 2013.

UNITED STATES

The Best Full Service Brokerage Firms 2013 by Brokerage Review (U.S.)

Rank Broker

1

Edward Jones

2

UBS

3

Raymond James

4

Merrill Lynch

5

Wells Fargo Advisors

 

The Best Online Brokerage Firms by Daily Reckoning (U.S.):

Rank Broker

1

E*TRADE

2

Fidelity

3

 Scottrade

4

Charles Schwab

5

TD Ameritrade

6

Firstrade

7

Vanguard

8

Wang Investment

9

Trading Direct

 

 CANADA

 2012 Canadian Full Service Investor Satisfaction Study by J.D. Power and Associates

Rank Broker

1

Edward Jones

2

TD Waterhouse Private Investment Advice

3

Dundee Wealth

4

Scotia McLeod

5

RBC Dominion Securities Inc.

6

CIBC Wood Gundy

7

Investors Group Securities Inc.

8

Desjardins Securities

 The Globe And Mail’s 14th Annual Online Brokers Survey (Canada)

The overall rating is based on cost, account information, trading options, learning and screening tools and innovation. Please do your own research.

Rank Broker

1

Virtual Brokers

2

Qtrade Investor

3

BMO InvestorLine

4

Scotia iTrade

5

RBC Direct Investing

6

TD Waterhouse

7

Credential Direct

8

Questrade

9

Disnat (Classic)

10

CIBC Investor’s Edge

11

HSBC InvestDirect

12

National Bank Direct Brokerage

 Ratings are sometimes very close; they change from one survey to another and they should not be taken as an absolute representation of all clients’ preferences. Therefore, do not just accept a rating that an external company has placed on brokerage firms. Instead, you have to formulate your own opinion by doing extensive research before opening an account. Your preference should go to the broker that best suits your needs and your budget as an investor. For more tips and advice, read Investing With A Broker: How to Get Started.

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