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Old Mar 19th, 2010, 06:04 PM   #1
derthert
 
 
Join Date: May 2004
Posts: 48
A friend has asked me about a good options broker in Canada. Not something I am too familar with. He's older/retired and wants a easy to use web based broker (though I could maybe teach him how to use a software platform). Looking for relatively cheap fees (will be trading less than 10 contracts, usually 2-3 contracts per trade).

I have seen some newer companies just looking to see people's reviews and experiences with the following

Virtual Brokers
Jitney Trade
Questrade
OptionExpress Canada
TD Waterhouse (really expensive Assignment fee $42!)
ScotiaItrade
TradeFreedom
RBC

etc

Looking for a decent broker, decent fee's (cheaper the better), easy account opening process, web based trading.
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Old Mar 20th, 2010, 11:45 PM   #2
psytrade
 
 
Join Date: Feb 2004
Posts: 2,600
quest is known on here as being a crap broker...

TD obviously is absurd for options given the commisions, and even if you did big lots, the fills are shit with TD.
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Old Mar 21st, 2010, 01:22 AM   #3
FanOfFridays
 
 
Join Date: Apr 2002
Posts: 5,193
Doesn't IB make a market in Canadian options? If they don't, surely you can get filled on the Canadian exchanges?

I'm assuming that when you say 'an options broker in Canada', you mean a broker headquartered in Canada who can get you filled on options on instruments traded in Canada. If you want fills on U.S. options, none of the brokers you mentioned are in the top 5.
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Old Mar 21st, 2010, 08:01 PM   #4
stefan_777
 
 
Join Date: May 2008
Posts: 436
Quote:
Quote from traderNik:

Doesn't IB make a market in Canadian options? If they don't, surely you can get filled on the Canadian exchanges?

I'm assuming that when you say 'an options broker in Canada', you mean a broker headquartered in Canada who can get you filled on options on instruments traded in Canada. If you want fills on U.S. options, none of the brokers you mentioned are in the top 5.
We're very limited in Canada in terms of equity/options brokers.
Our regulator prohibits U.S brokers from doing business with Canadians unless the brokerage has a Canadian office, among other hoops that need to be jumped through as well.

So that scratches a huge portion of discount brokers off the list.
IB Canada should be on the OP's list, I'm assuming it was omitted for some reason.

We get robbed by the ones who can do business with us, with the sole exception of IB which charges the same to Americans and Canadians.

Our regulators are ridiculous, but the U.S regulators are ridiculous in a different way. PDT rule is something we don't have up here.

Thankfully they're not dictating the futures business.
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Old Mar 22nd, 2010, 07:07 AM   #5
heiasafari
 
 
Join Date: Jul 2009
Posts: 254
Quote:
Quote from stefan_777:

We're very limited in Canada in terms of equity/options brokers.
Our regulator prohibits U.S brokers from doing business with Canadians unless the brokerage has a Canadian office, among other hoops that need to be jumped through as well.

So that scratches a huge portion of discount brokers off the list.
IB Canada should be on the OP's list, I'm assuming it was omitted for some reason.

We get robbed by the ones who can do business with us, with the sole exception of IB which charges the same to Americans and Canadians.

Our regulators are ridiculous, but the U.S regulators are ridiculous in a different way. PDT rule is something we don't have up here.

Thankfully they're not dictating the futures business.
I concur... unfortunately
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Old Oct 16th, 2010, 10:19 AM   #6
BLUK
 
 
Join Date: Nov 2006
Location: Canada
Posts: 3
Has anyone more recent positive experiences? Last post is more than a year old.


Unfortunately I agree with the sentiment expressed in previosu posts on thsi topic.

I am using US based brokers for the US markets, but would love to have someone , say comparable to TOS, to operate with Canadian securities. Any suggestions?
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