Self-Directed Investing Made Easy

Do you want to build your own portfolio of stocks and bonds, digging into the data to find hidden gems? Are you looking for access to exchange-traded funds (ETFs) and mutual funds with low trading fees? Or maybe you want a mix of both?

Self-directed investing may be a great option for you — and Prospera has partnered with Qtrade® Direct Investing* to make it easy. Here’s how it works.

Step 1: Open an account

First, open an account. Here’s what you’ll need:

Government-issued ID (a JPG or PNG file works)
Social insurance number

Details of your income, assets and net worth

Start by entering your legal first and last name, email address and a password. When you get an email with a four-digit confirmation code, use it to activate your account and complete your application. When your application is approved, you’ll get an email to let you know.

Step 2: Choose your account type

Okay, this is technically part of step 1, but it’s so important it gets its own section. As part of the application process, you’ll need to choose your account type.

There are two types of non-registered trading accounts:

Cash accounts let you buy and sell stocks, corporate and government bonds, ETFs, mutual funds, and more
Margin accounts let you use more sophisticated strategies such as short-selling, options-trading and leveraged-investing

You can also open a registered account such as a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP) or Registered Retirement Income Fund (RRIF).

Need help choosing between a TFSA and an RRSP?

Check out our guide to find out which is the right option for you and your investment goals.

FIND OUT WHICH IS RIGHT FOR YOU

Step 3: Research your investments

Through Qtrade, you have at-your-fingertips access to fundamental data and analysts’ reports to help you make informed decisions about what to buy and when to sell.

Fundamental data includes key performance metrics from a company’s financial statements, as well as a stock’s performance history and ratings. You can compare one company’s data against others to get a sense of how it’s doing relative to its peers.

Analysts’ reports provide expert assessments of Canadian and U.S. investments. You can even find the analysts’ top choices in categories such as growth, value and income.

Looking for investment ideas? Use Qtrade’s screening tools as they are, or customize them yourself, to identify securities that meet specific criteria. Qtrade also publishes a weekly market pulse, which summarizes market, business and economic news.

Step 4: Start trading

Here’s where self-directed investing gets real. When you’re ready, start using Qtrade’s trading platform to buy and sell with “market orders” (at the market’s price) or with orders that include parameters such as stop-loss, stop-limit and trailing-stop orders. Qtrade’s trading prices are very reasonable.

Once you’re active in the markets, monitor your investments and the ones you’re thinking about buying through real-time quotes, news feeds, watchlists and alerts. Check your account history to see every transaction you’ve ever made. You can also compare your performance against benchmarks.

The platform is user-friendly with clear graphs and charts that help you make sense of all the numbers. And, anytime you need expert support, you can reach out to Qtrade’s licenced agents.

Fit self-directed investing into your overall financial plan

Some people use self-directed investing as their main strategy for accessing the markets. Others see it as a way to try out their investing skills with a small portion of their savings. Speak with your Prospera Wealth Advisor through Credential Asset Management Inc. or Credential Securities about how self-directed investing complements the rest of your financial plan and builds on other strategies to grow your wealth.

Disclaimers

*Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and trademarks of Aviso Wealth. Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.