I will go through the process of buying a mutual fund from my discount broker Questrade. Many people have never seen a real trading platform, so I will remove the mystery for those who never seen a real trading platform.
Every broker should have the option to buy mutual funds. Therefore, from my discount broker Questrade, I will click on MUTUAL FUNDS since I am going to buy a mutual fund.
To buy a mutual fund with a broker account if the broker has the option, you need the fund code. In this case, RBF263 which is in CAD. After a few seconds, the screen will populate with the fund information. Next, you can either purchase in Units or Dollars. In this case, I use Dollars and enter $1000. From there, click the SEND ORDER button.
You will notice that the commission charge is $9.95 to buy. Since I am using an independent broker, I must pay a broker fee. The same goes when it comes to selling the mutual fund. $10 to buy and $10 to sell.
Read the confirm your request carefully and if you are satisfied, click CONFIRM.
To purchase mutual funds from a broker, be sure to ask how much it will cost to buy and sell. In most cases, the cost to buy and sell is free as long as it is the banks own mutual funds. To buy other banks mutual funds, the fee to buy or sell can be high.