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To buy and sell stocks, ETFs and other securities without using an advisor, you can use the services of a Canadian discount broker.
A discount broker, also called an online broker or a self-directed broker, is a brokerage house that executes an investor’s buy and sell orders for stocks and other securities. Discount brokers, most of which operate online, do not provide investing advice or other services, so they charge lower commissions than traditional full-service firms. However, the good, reputable ones do offer education tools and data to help you make your investing decisions.
Discount brokers appeal to do-it-yourself investors who are comfortable with researching potential investments and making trading decisions. (Many discount brokers do offer educational content.) Depending on the broker, investors can buy and sell stocks, bonds, exchange-traded funds (ETFs), mutual funds, guaranteed investment certificates (GICs) and cryptocurrency.
In Canada, discount brokers may offer non-registered and registered accounts, such as tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs).
Example: “Do-it-yourself investors often prefer to use discount brokers, which charge low or no commissions.”
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