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Rating Index

Pros

Virtual Brokers is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), ensuring a level of security for traders.

They offer a wide range of trading instruments, including over 250 options, catering to various trading strategies.

The platform provides access to advanced trading tools and resources, including copy trading and educational materials for both novice and experienced traders.

Cons

Virtual Brokers has a high minimum deposit requirement of $1,000, which may be a barrier for new traders.

They do not offer negative balance protection or guaranteed stop loss, which can increase risk for traders.

Withdrawal fees apply, which can add to the overall cost of trading with them.

Virtual Brokers broker Accounts

Virtual Brokers Account Type

Virtual Brokers offers a variety of account types to cater to the needs of Canadian self-directed investors. The account options include:

Non-Registered Trading Account: For cash, margin, and options trading.
Tax-Free Savings Account (TFSA): A registered account allowing tax-free growth.
Registered Retirement Savings Plan (RRSP): A retirement savings account with tax benefits.
Spousal RRSP: A retirement account for a spouse.
Locked-In RRSP (LIRA): For pension funds that are transferred to a locked-in account.
Registered Retirement Income Fund (RRIF): For managing retirement income.
Life Income Fund (LIF): A type of locked-in retirement account.
Registered Education Savings Plan (RESP): For saving for a child's education, with a $25 annual fee.

Virtual Brokers is known for its low fees, including commission-free ETF trading and competitive equity trading fees, with commissions as low as $1.99 and a maximum of $7.99 per trade.

Virtual Brokers Broker Account Opening Process

Opening an account with Virtual Brokers is a straightforward process that typically involves the following steps:

Research and Choose an Account Type: Determine which account type suits your investment goals.
Gather Necessary Documentation: Prepare personal information, including your Social Security Number, identification, and financial details.
Visit the Virtual Brokers Website: Navigate to their website and look for the account opening section.
Complete the Application Form: Fill out the online application with accurate personal and financial information.
Account Verification: After submission, Virtual Brokers will verify your identity, which may take a few hours to a few days.
Fund Your Account: Once approved, fund your account via electronic funds transfer, wire transfer, or by mailing a check.
Start Trading: With your account funded, you can begin trading and investing.