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Goldcorp Inc. Message Board

  • one_world_one_govt one_world_one_govt Jan 14, 2006 12:31 AM Flag


    Has anyone here had a problem with Scottrade
    overcharging for Candadian Stock Purchases?

    It may be my branch....But they seem to refuse to execute a stock purchase until my offer is well above market....They then refuse to refund the difference.

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    • one,
      I have Scottrade too, and have recently started buying Canadian issues. Many appear on the US pink sheets, but you can't get an order to execute using internet orders.

      I called my branch and got the scoop on how best to use Scottrade for Canadian stocks.
      Here's what was suggested ...

      First look up the current currency value of dollar vs looney. Then go to the TSX web and look up the current market value of the security you're interested in and do the math to determine this value in dollars.

      Call your branch for a broker assist purchase or sale using a limit order. Do not use market orders no matter what the broker says.
      The fee will be $27.00 under this proceedure, however ... stocks that trade for under a dollar are subject to significant additional fees as spelled out on their website.

      If you are buying and selling stocks that trade for under a dollar freguently on the Canadian exchanges, Scottrade probably isn't the best choice.

      Maybe someone else here will jump in and suggest another brokerage that is better, I don't know who to suggest.


      • 2 Replies to contrarian2001
      • one
        I have used Scottrade to purchase a TSX traded stock under $1.00 and have put my limit at the current bid with no problems through my Spokane, WA. branch. It costs me the $27.00 plus some additional fees most or all of which goes to the Canadian broker.

      • Take a look at Interactive Brokers. Only 2$ commisions on small trades.

        It's been great for me over the past month with my small account to buy a lot of junior stocks on the TSX and Venture and not paying thousands in commissions. I can sleep a lot better too as I'm diverified putting small ammounts in each one.

        I would have only bought the mid-senior stocks with my other broker that charged 29$ a trade. Now I can get the Junior upside.

        I'm Canadian so not sure if exactly the same in US but the fees look the same on the US website.

    • I know they have to do the trades at the local brokerage when you're dealing with Canadian warrants, but we haven't had problems buying Canadian stocks online at Scottrade.

      A "broker ssisted" trade, which is the type of trade you've referred to, is listed at $27. That's an outrageous amount for a simple order, and it is why we trade on Scottrade only when it is convenient.

      They shouldn't be overcharging you any more than that in any case. Call the headquarters in St.Louis to verify rates for specific orders.

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