Canadian Online Brokerage Review – RBC Direct Investing

[Alex Vichnevetski]

I had a terrible experience with RBC Direct while opening an account.
Minor issue, which easily could be resolved in one day, cost me about 3 weeks
of my time and money. Every time I had a new person to talk or write to,
and that person did not know, and did not want to know of what was discussed before.
I told them what the problem is and how to resolve it, but they did not listen.
Then, after 3 weeks of communicating forth and back and filling and sending forms
they finally realised that they need what I told them initially.
What follows… “We understand your frustration, we are sorry, etc., etc.” – but, really,
they do not. As Murray Coulter once said to me: “Big banks will screw up everything again,
as they always did”. He was right.
I have cancelled my application with RBC Direct and went with my money to more humane place.

[Brock]

What options strategies does RBC Direct Investing allow?
You can purchase call options or put options, write covered calls and, with special exception, write naked puts. Additional spread strategies are not allowed.

Need I say more!!! RBC is behind the times. If you are an options trader – look elsewhere.

[Nblumer]

I would have recommended RBC direct but the new watchlist is terrible. Essentially you cannot custom input data such as price and quantity and it is displayed in non-alphabetical order to the stock ticker. The changes came without any consultation and basically wiped out customer’s data. It has a good additional research function Customer service on the telephone is generally very good but I notice more mistakes are being.

Unless they reinstate the watchlist I’d look elsewhere

[Matrazy]

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[shoaib]

I recently moved to rbc direct investing, its horrible…

no stop losses
poor order execution
lack of order types
limited option strategies
web platform is very basic (like driving 1950s manual car)
no streaming charts
I ripped in exchange rates bt CAD and USD
in past 7 days I made around $150 as profit and paid around $300 to rbc in terms of commission and exchange fees.

more over I lost money because of no stop loss options.

searching for better sources now!

appreciate if some one advise on this.

[Yaja]

Stay away from RBC Direct Investing !

I had account with RBC since 7 months and their platform is not that great.
Account does not show real time value but 15min delayed. Don’t understand why???.
Second if you want customers to trade on your platform but cannot place trade with real time quotes at time of placing an order then it is useless for having such an account.
Third their customer service said we are electronic and transfer in-out is faster with brokerage like us but not the same with companies who are manual when I was doing my transfer-in. Now when I was transferring out to another institution their transfer out team is taking the same amount of time.

[tania]

the worst. I traded a stock and made $500, the next day they pulled out my profit and i was told that the stock i traded was restricted.they should have put a restriction on the stock.i tried to get my money back but no way its gonna happen.worst customer service. going back to scotia itrade.

[Allana]

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[Denise]

terrible… have just moved my cash and all my investments to RBC..45 minute wait or more at times, if you need to call direct investing. and worse than that, they do not even allow for a trailing stop…great way to lose money…i had always used a trailing stop when i was with scotia i-trade. i will be pulling my assets and going back….i can’t even imagine not providing what other trading platforms provide… i guess this tactic must make RBC more money..never mind the customers protection.

[Rick]

My love affair with Royal dates back 2 decades. It took awhile but reason finally won out. I spent $2500 in commissions last year + $1500 in foreign exchange fees. I’m moving my accounts to Interactive Brokers and expect to reduce my commissions by 40% and fx by 95%.

RBC cons:
slow order execution
limited order types
limited option strategies
no algo trading
pre 2k web based platform that is not cusomtizable
no streaming charts
high commissions (yes, I consider 9.95 + 1.25/contract high) especially when buying in USD
no free etf’s
charge 1.4% (2.8% round trip) to convert between CAD and USD

benefits:
a few, but none worth mentioning

[Author]

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