Hi all, Lately I was computing the commission fees i paid for my trading acct. I realized that 80% of my lost came from commision fees. I daytrade in and out with small lot size usually under 500 shares and i make approx. 150 trades /month. My trading acct is under 25k and my current fee structure is 9.95$ for the first buy and sell of the day and thereafter each trade costs me 1$ per 100 share. I want to know what is the best broker for me taking into consideration my trading style and acct. balance. I am tired to pay those high fees and with this rythm i am sure that m y acct is going to be depleted . I am asking for your advice and any suggestions will be welcome. Thanks!
I don't know how current this is but it lists most of the retail brokers with their rates. Overall they are expensive compared to the US brokers but I am suprised how much they have come in the last few years it used to min $24 a trade with size limits which was robbery for a short term trader. http://www.ndir.com/SI/brokers/discount.shtml IB is the best that I have seen in Canada but you need over 25k to day trade.
Isnt it amazing how Canadian Banks call 1.5% each way a "Discount Broker" I wonder what a Full Service Broker costs, 3% each way?!?
This topic has been discussed at least 20 times. Have you tried searching the website for the information you're looking for? All the answer you need are already here.
If you trade 500 shares or less as you say, Questrade is the way to go. Nice platform (and free for the amount of trading you do), $4.95 commissions for up to 495 shares.
Sound like you have the best deal with your broker. Who are you with that lets you trade of a penny a share after the initial 9.95 trade? IB is good but the day trading rule is in effect. You might consider switching to futures as you don't need 25K to play. Questrade also charges an exchange fee on top of their $4.95 rate.
My broker is Tradefreedom, the only thing is that the 9.95$/ trade and thereafter 1$ per 100 shares (min 1$) is applicable on a PER STOCK BASIS. So to day trade 2 stocks for example i need to pay the 9.95$, 4 times (round trip). Also, i need to pay ECN fees for adding liquidity. That's why i try to limit my shares up to 500 per trade. I did consider Questrade at 5$ per trade up to 500 shares, but its not that good for daytrading. Casinokid
I understand that this subject has already been discussed in the past. But the discount brokerage industry is constantly evolving. I just want to have the accurest update. Casinokid
Have you discussed this with TradeFreedom? I have an aqaintance that trades with them and because of the volume he does he gets a preferrred rate.
TradeFreedom is an utter piece of crap. Check the reviews here. CasinoKid, if you are with TradeFreedom, you are getting ripped off. There are only a few other solutions for you. As I have already told you, all of them have been discussed 20 times on these boards. Take a few hours and use the search function, get the information you need, and carry on.