August 9, 2010, 3:49 am

Trade Wiser Review – Brokerage Account Reviews

by: The Financial Blogger    Category: Reviews
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As you may noticed, I don’t review many websites anymore. While I never intended to review a tons of them, a few reviews are not bad for my wallet once in a while ;-). However, this time I got contacted by a long time internet friend; Blain Reinkensmayer. This is the kid behind Stock Trading To Go and he is up with another great idea: Trade Wiser.

What is the purpose of Trade Wiser?

While most bloggers say that you are getting ripped-off by financial advisors and their high (too high… very high… ridiculously high) management fees, many investors have started opening brokerage accounts and begin trading by themselves. However, then again, many investors open the wrong type of brokerage account with the wrong broker according to their needs.

So if you are about to open a new brokerage account or if you are wondering if there are any better options than your current brokerage account, Trade Wiser can help you find out this information.

In fact, Trade Wiser is a website that compares tons of brokerage accounts in one place. You get to see how much commission is paid per trade (and depending on the type of trades too), learn more about their trading and research tools along with customer service appreciation scores.

What I like about Trade Wiser

I think the idea is brilliant. So brilliant that I will talk about why it is so smart to use such great website in my next newsletter about how to make money online (don’t forget to subscribe if you want to learn more about it ;-) ).

I like how it is easy to compare 2 brokers at the same time with great visuals and easy to understand ratings (with stars… how convenient!). I also like how you can search your brokers (according to fees, important website reviews or trade platforms) and get a quick idea of which broker is the best one.

There is also a commission calculator to show you if you are making a good deal by keeping your old brokerage account or not ;-).

Along with other great features, you can also contact directly Trade Wiser to get more assistance if you have a specific needs (let say that you want to do a DRIP and you are inquiring about fees, I guess you could contact them as ask them to do the research for you ;-).

What could be improved on Trade Wiser

The one thing I would have liked is a more personal review of each broker. Maybe this is something yet to come but I think that having a personal point of view on each platform would be nice. Especially if you are rating customer service, knowing on what you base your rating could be interesting ;-). Instead, the broker reviews give a feeling of generic advice with a few small screenshots (I would like to have them bigger please).

Final thoughts on Trade Wiser

The idea is great, the service is good but it could be improved with the feedback of real traders. I would be very curious to know which brokers you use and why you use them? How about starting the discussion here? Personally, I just opened a Questrade account, read why here.

Trade Wiser screenshots:


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Disclaimer: This is an honest but paid review. We did it because we think it is a great financial resource on the Web and our opinion has not been biased. We are now offering to review your website for a highly competitive price. If you want The Financial Blogger to review your website, please feel free to contact us at thefinancialblogger (at) gmail (dot) com or visit our advertise section.

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Comments

I use BMO Investorline, but I don’t like it much. I wanted to try eTrade, but their Canadian brand was bought by someone here, maybe Scotia, and I heard it wasn’t that great.

Is Questrade good? Your “Read Why Here” link didn’t work and I tried searching for Questrade but it didn’t come up with an article about that.

by: The Financial Blogger | August 9th, 2010 (9:51 am)

@CR,

thx for letting me know about the link. This is what happens when you are prestamping your posts and you forget to edit them before they go live ;-)

I’ll write more about Questrade in the upcoming weeks since I just got the paperwork to open my company’s account there. They seem pretty good but I want to wait for a few weeks before I do a full review (of something that I know completely!).

I choose them in the first place since they are pretty cheap and offer DRIPS and periodic investments with ETF (which not all borkers offer in Canada).

by: The Financial Blogger | August 9th, 2010 (9:51 am)

@CR,

What do you dislike about BMO investor line?

Looks like Trade Wiser is US-brokers only (TD Ameritrade, not TD Waterhouse)… not too useful here then

TD Waterhouse loyal here, in fact TD loyal entire family :)

Investorline constantly has problems with delayed quotes and delayed fill reports. They almost always have a warning that there is some issue with their data and fill, and they are working so hard to fix it.

Second, they charge $10/trade, which is higher than other discount brokerages. Also relatively high margin interest and forex imo.

Third, they don’t give trade history in a format that can be imported easily into quicken.