Online brokerage firm Virtual Brokers Wednesday announced the introduction of “The Penny” commission structure, which allows clients to trade stocks for as low as one penny per trade.
“Our goal is to deliver the lowest online trading commission and most innovative product line and yet to remain profitable. We have achieved this by developing our own proprietary clearing software and becoming self-clearing. We are also proud to have all of our administrative functions in Canada compared to some of our competitors who have moved these functions abroad,” said Bardya Ziaian, founder and CEO of Toronto-based Virtual Brokers and BBS Securities Inc.
Virtual Brokers also launched two new saving and investing products.
The “Kick Start Investment Program” helps support young Canadians to invest and generate savings. The program is an automated purchase plan that does not incur any trading fees and will help bring discipline to young investors interested in maximizing their wealth.
Canada’s first Self-Directed Dividend Purchase Plan stands out from traditional dividend reinvestment plans plans, by allowing clients to redirect their dividends to other eligible stocks or ETFs with flexible purchase intervals.