Canadians Brokers

The discount brokerage industry in Canada is doing anything but 'constantly evolving'. It's about as stagnant as it could be.

 

and that is why we went to great pains to convince IB to setup in Canada.

 

Has anyone had any experience with them yet? They're relatively new to the Big North.

 

IB: Great broker if you don't need any handholding.
Need 25K to daytrade; I believe 5K to swing trade. Also need to subscribe to Canadian quotes.

 

How about Think or Swim Canada?

 

or open up with mbtrading, etc.....you can also open an american brokerage account, and be just tax in canada, no need to worry about double taxation

 

In my opinion IB is your only choice.

commission for 75 round turns (500 sh)per month would be

(0.0035 + 0.0030 ) * 500 * 75 * 2 = 487.50

This assumes you always take liquidity on your trades

If you are daytrading you will need 25 K though.


As far as futures I think a lot of US firms will open accounts for Canadians but tradestation recently discontinued Canadian accounts for futures.

Many US equity brokers will not open accounts for Canadian residents.


Another option is to look into trading prop with a Candain firm that offers this. (swifttrade, title ,golden, loin pride , questtrade are a few ) you will get low commissions and need little or a small deposit but you will be subject to daily risk limits and or trading in a way that the prop firm dictates.

If you go the prop route there is also the opportunity cost of not being able to work a day job so you must also consider this.


Good Luck..