Virtual Brokers Review
Canadian Online Brokerage Review
Pricing Fees
As of late December 2018, Virtual Brokers has updated their commission pricing by lowering their commissions and moving to a slightly different method of charging for trades. While their previous trading commission plans are available to customers already on the plan, they also do offer access to those commission plans to new customers upon request.
The new commission plans offer DIY investors pricing of $0.01/share with a range between $1.99 to $7.99 per ticket for equity trades as their standard rate, and for active traders, defined as those who trade over 150+ trades per quarter, the standard per ticket pricing is $3.99 flat.
For those unfamiliar with per ticket pricing, this refers to the direction of a trade (buy or sell) and it means that you get charged by the direction of a trade in a particular security. This is usually clearer with an example, so if an investor buys 100 shares of BCE, at 10am, then buys another 200 shares of BCE at 1pm on the same day, the total commission charged would be 300 shares x $0.01 = $3.00 (as opposed to 2 commission charges being charged for two trades).
Another important fee to note is the quarterly inactivity fee of $24.95. This fee can be waived if: the individual makes at least one commission-generating trade worth at least $1.99 within a quarter; or is under the age of 26; or has at least $5,000 across all accounts; or is a registered charity.
Account Types
Like their peers, Virtual Brokers offers a number of account types. Virtual Brokers offers clients the ability to trade in both registered accounts and non-registered accounts. In addition, Virtual Brokers offers trading in stocks, ETFs, bonds, mutual funds and options.
Registered accounts include tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and registered education savings plans (RESPs). While Virtual Brokers offers US dollar accounts for all registered accounts, they do so for a fee. For registered accounts you cannot use margin or short stocks. Options trading in registered accounts is limited to buying and selling options and writing of covered calls.
The non-registered account offered by Virtual Brokers is called the “All in One” account which is a combination of equity, option, margin and short accounts all rolled into one. This enables individuals the opportunity to access margin (should they want to) to finance a trade that they may not have the ability to do otherwise.
Platform
Virtual Brokers offers a number of trading platform options – many more than most other brokerages. There are professional level trading platforms available however most individual investors would be interested in the standard platforms. The web-based trading platforms offered have been consolidated to just one: VB Dashboard. There are now several application-based trading platforms for users to choose from PowerTrader Pro (by Sterling) and the relatively new VB Wave. In terms of mobile trading platforms, they also offer Virtual Brokers Mobile App which is supported on Android and iPhone.
When considering a trading platform, keep in mind the kinds of trading and analysis tools that you will need, especially because most application-based platforms require a monthly subscription fee ranging from $75/mo CAD to $580/mo USD (ITS TraderLite). Although VB WebTrader offers free snap quotes, some very active traders tend to prefer streaming quotes for which Virtual Brokers offers streaming Level 1 data for Canadian markets at around $20/mo (the TSX/TSV combo is $25/mo) CAD and US streaming Level 1 data can be added on for $4 or $5/mo USD. Additional market data feeds (e.g. Level 2), can be added on with pricing varying by market.Virtual Brokers Brokerage Experience
Virtual Brokers Brokerage Experience is a good experience for those familiar with sophisticated and advanced dashboards. Virtual Brokers caters to experienced traders and thus seems to be tailored for high frequency trading.
Can I use Virtual Brokers Brokerage to buy Bitcoins or other cryptocurrencies?
Virtual Brokers does not exchange any sort of cryptocurrency. This means that Virtual Brokers does not trade Bitcoin, Ethereum or any other forms of cryptocurrency in the market.
How does Virtual Brokers Brokerage compare to other Brokerages?
Virtual Brokers has a focus exclusively on trading, which provides it the tactile advantage of being able to focus on the trading experience. Overall Virtual Brokers is more polished than other brokerages and provides a seamless experience between web and mobile app.
Who is Virtual Brokers Brokerage Best For?
Virtual Brokers Brokerage provides an innovative trading platform with Pre & After market trading. Virtual Brokers Brokerage also provides free ETF trading and with powerful research tools, it’s a strong service to provide to both new and experienced traders.
Does Virtual Brokers Brokerage Have an app? Full review!
Virtual Brokers currently does have an app for iPhone,
Virtual Brokers also has an app for iPad. Virtual Brokers also provides a mobile web browser interface if you don’t wish to install the app.
Virtual Brokers currently does have an app for Android, Google, and Samsung.
Therefore, Virtual Brokers fully supports mobile based trading.
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What is Virtual Brokers Brokerage Fees?
You can buy ETFs for FREE, buy and sell stocks for as little as 1 cent per share.
With a minimum of only $1.99/trade, and a maximum of just $7.99, Virtual Brokers is your low cost trading partner.
EQUITIES
$3.99/trade flat
(For clients who placed over 150 trades in the previous quarter.)
OPTIONS
$3.99 + $1.25/contract
(For clients who placed over 150 trades in the previous quarter.)
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What account types does Virtual Brokers Brokerage offer?
Does Virtual Brokers Brokerage have TFSA accounts?
Virtual Brokers Brokerage offers TFSA accounts in both Canadian and US Dollar. Is there a fee to use the TFSA accounts? No, there is no fee to use the TFSA accounts.
Does Virtual Brokers Brokerage have RRSP accounts?
Virtual Brokers Brokerage offers RRSP accounts in both Canadian and US Dollar. Is there a fee to use the RRSP accounts? No, there is no fee to use the RRSP accounts.
Does Virtual Brokers Brokerage have RESP accounts?
Virtual Brokers Brokerage offers RESP accounts in both Canadian and US Dollar. Is there a fee to use the RESP accounts? No, there is no fee to use the RESP accounts.
Does Virtual Brokers Brokerage have Cash accounts?
Virtual Brokers Brokerage offers Cash accounts in both Canadian and US Dollar. Is there a fee to use the Cash accounts? No, there is no fee to use the Cash accounts.
Does Virtual Brokers Brokerage have Margin accounts?
Virtual Brokers Brokerage offers Margin accounts in both Canadian and US Dollar. Is there a fee to use the Margin accounts? No, there is no fee to use the Margin accounts.
How to switch to Virtual Brokers Brokerage?
You can transfer an account to Virtual Brokers by completing and submitting a transfer form.
Virtual Brokers does not charge transfer-in fees, and Virtual Brokers will cover up to $150 of the transfer-out fee charged by the relinquishing institution if you are transferring more than $25,000 in assets to Virtual Brokers.
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How to switch from Virtual Brokers Brokerage?
To switch from Virtual Brokers Brokerage, please refer to the guide for the brokerage you are looking to transfer from. SparxTrading takes pride in providing up to date information, please see the brokerage review you are looking to transfer to for assistance on how to transfer to that brokerage.
