Registered: Nov 2010
04-30-12 01:51 PM
IB is practically the only choice in Canada for futures and Forex and the best choice for options. For low priced stocks, however, their commissions will kill you, TDW will make much more sense. Please keep in mind that for Americans a "penny" stock is a stock below $5 and IB's commissions reflect this culture. So you might have to split your business between IB and TDW.
IB applies US rules, like PDT, to all
customers regardless of their country of residence. TDW, of course, doesn't have PDT restrictions.
If you decide to go with IB and TDW, you would need to get the best platform from TDW. It used to be AxisPro from Nexa Technologies (called Active Trader by TDW). Other brokers, like Scotia iTrade, offer the same platform, but TDW charges no ECN fees. I'm not sure if they finally offer TOS in Canada, this has been on to-do list for a long time.
Also, there has been a similar thread here not long ago about Canadians opening an account with a US based futures broker.
You should also check these Canadian-only forums for more info: