Day trading in Canada

Does anyone use<a href="http://www.tradefreedom.com/trading/trading_fees.html">TradeFreedom</a>- an EDAT broker in Canada, uses PCQuote platform? Commission structure is similar to most daytrading brokers in US: ticket + ECN fee (no fee for ATTN ECN, SOES). I haven't used them, comments are appreciated.

Tradefreedomš actually has better rates for Canadian securities than all Canadain online brokers!

It's time for Canadian brokers to give separate rates for online "unsupervised" trading and "manualy supervised" trading. $29 fees for 100 shares are outrageous.

Protecting the local broker oligopoly from outside competition with restrictive legislation hurts the investor with artificially high fees ($29 for 100 shares) and bad order executions.

Fohat

 

Looks like August is a writeoff:/

 

To tell you the truth, I'm starting to think that IB isn't pursuing Canadian regulatory approval as vigorously as they would have us think. But it no longer matters to me anyways, as I'm now in the process of opening an account with Echotrade. Not only do they welcome Canadian traders (and traders from all over the world, for that matter), but so long as you've passed the Series 7 they don't require the Reg T minimum equity.

Considering that their commission structure is virtually the same as IB, and that First Alert is now available to remote traders, what more could you possibly ask for? I might switch to IB in the future once I've saved enough to comply with Reg T, but for now Echo is going to be my new home.

Rushman

 

rushman - WRONG. Applications have gone into all provinces. I spoke to the IB Canadian office on Tuesday and was told that the regulator that is handling the IB application is on holiday till the first week of September. As I do have a great deal of experience filing applications with regulators in two different regions, it really doesn't come as a huge shock to me that regulatory approval moves along this slowly.

 

Thanks for setting the record straight, Def. I don't mean to sound overly critical of IB; I'm well aware of and appreciate all that IB has done to help make EDAT a practical option for non-institutional daytraders in the last couple of years. It's just frustrating to see how drawn out the regulatory process is. But like I say, it doesn't really matter to me now anyways.

Rushman

 

you could also open a LLC in USA.

 

Thanks for the update def.

It's just laughable when I think back to an email I sent to the Ontario Securities Commission. They strongly maintained that it only takes a few weeks to get registration processed. Of course then they went on to extoll the virtues of the crappy Canadian alternatives.

 

any more info from the Canadian office these days def?

thanks

 

there is supposed to be a meeting this week. hopefully, they will not be asking for further information.

 

You might get in touch with Threei at Realitytrader. He's a pro that trades from Canada and likes to help people out.