Discussion in 'Retail Brokers' started by Peternam, Aug 11, 2010.
Do they also require minimum 25,000$ for daytrading ?
not many are out there, all the big ones are high in commission, unless you doing high number of shares per trade.
IB is your best bet. Been there for 8 yrs . No problems.
I don't think the 25k minimum applies to Canadian stocks but I could be wrong.
If I trade US stocks through a canadian broker, the 25k minimum still stands ?
No. The 25K minimum applies only to brokers who clear your trades in the U.S. It doesn't matter whether they're U.S or Canadian shares.
Most of the Canadian brokers clear their trades in Canada, with the main exception of Interactive Brokers Canada, which clears in the U.S, so the PDT 25k minimum rule applies with IB Canada.
Questrade is probably your best bet outside of IB Canada. No PDT 25k minimum at Questrade. Decent commissions compared to brokerages south of the border. Way better than any of the Canadian banks offerings.
Completely wrong, the PDT does not apply for Canadian stocks, end of story, including IB.
He was talking about trading US stocks from Canada... so no it is not completely wrong. Yes the PDT does not apply for stocks trading on Canadian exchanges but everyone knows that.
IB fans are very defensive. If the shares are cleared in the U.S, it would be a U.S security, but it could also be a crosslisted Canadian company.
If you're Canadian and you don't have 25k and you want to daytrade highly liquid securities (US), don't go with IB. End of story.
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