Hereafter, all money is in Canadian Dollars. My relative in Canada banks with HSBC Canada, is an Advanced customer, and possesses an HSBC InvestDirect account.
She buys and holds for the long run,
around $2000 of only ETFs, monthly or every two months.

Should she trade using HSBC InvestDirect, or try another brokerage? Because of HSBC's costlier transaction fees, she could reduce her rate of purchase (ie every 2 months instead of every month). She could try another brokerage, but she worries about bank transfer charges. She is happy with a discount brokerage; she doesn't need a brokerage with a physical location.

closed as off-topic by Chris W. Rea, JoeTaxpayer Jun 3 '15 at 1:51

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "Questions seeking product or service recommendations are off-topic because they tend to become obsolete quickly. Instead, describe your situation and the specific problem you're trying to solve." – Chris W. Rea, JoeTaxpayer
If this question can be reworded to fit the rules in the help center, please edit the question.

  • Requests for specific product/service recommendations are off-topic. – Chris W. Rea Jun 2 '15 at 22:00
  • @ChrisW.Rea I meant to ask in general, whether the conditions above suggest changing to some other brokerage. I wasn't seeking recommendations of a brokerage. – Greek - Area 51 Proposal Jun 3 '15 at 0:21
  • Doesn't your link to a list of discount brokerage already supply you with the information you need to decide, if this is strictly a cost optimization problem? If not, what are you asking? Any legitimate discount broker will take your ETF order and charge their stipulated commissions/fees. What other issues might concern you? – Chris W. Rea Jun 3 '15 at 0:51
  • @ChrisW.Rea Re your 1st question: No, because other reasons may exist for switching or staying. I'm asking in general whether one should stay with one's bank's brokerages, or switch to a lesser known one. Does this help? – Greek - Area 51 Proposal Jun 3 '15 at 18:56
  • I suggest you edit your question to generalize it better, then, because it didn't read that way. – Chris W. Rea Jun 3 '15 at 19:13

From looking at HSBCs website, it looks like advanced customers are allowed free fund tranfers out of their checking/saving account. I would call the bank to guarantee that the transfers don't face a .5% fee for any outgoing transfer to another brokerage, as listed on this site. However, given that trades are as low as $6.88, I'm not sure she could save much by switching to another brokerage.

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