Hi, Wondering if someone can explain this. I have two different stocks I bought on itrade. Both have been performing poorly so I’ve lost a bit of money. I recently wanted to buy a third stock so I moved $425 into my itrade account but was only allowed to spend $340 of it buying a third kind of stock. I don’t understand where the other $85 dollars went. Did it go to making up for the what I can only assume has been an $85 deficit? Eg the loss I’ve incurred on the other stocks? I can’t understand that because if the original two stock prices go up, where does my $85 go then since I didn’t get to buy anything with it? thanks for helping someone who clearly should be paying someone else to do this kind of thing.
It has nothing to do with the equity losses. I'm not familiar with iTrade but I suspect the problem is that you were using a market order. If you switch to a limit order, you should be able to spend the money right down to the penny. Also, welcome to Stockaholics.
I think you lost $85 to fees. Looks like iTrade charges you commissions for each trade, and also charges you an annual fee for the account. https://www.benzinga.com/money/scotia-itrade-review/
Be careful choosing brokers, especially when you have low funds. For the amount of money you mentioned above, and based on the fees that @anotherdevilsadvocate just posted, those are going to eat you alive. I would find another broker immediately.
Thanks for explaining. The fees are nuts (they are more clear on the benzinga website than they are on the Scotiabank website). I will not be using itrade again! thanks again!
I try to be pretty chill, and I've spoken my piece, but I don't see how you are limited by the fee structure. First, the account fee is charged annually, not per transaction, and they don't hold funds to cover it. Second, the transaction fee for a micro-trader is 9.99, as far as I know. You should be able to cut a limit order for up to $415.01 ($425 - 9.99 transaction fee). Canadian brokers require a cash buffer on market orders, for registered and non-margin accounts. I suggest you call iTrade and have them explain the discrepancy to you.
Any Canadians here try that Wealthsimple.com app? I think its the Robinhood type free broker of Canada.
