I've been paper trading on TOS know for about 6 months. I really like it and have figured out how to use the software without issue. I can pretty much do anything that I need to do on it. In the meantime, I've been trading a small live account with Questrade. The platform isn't great, but it isn't horrible. Although, I think it would be WAY better if they just added the MARK PRICE into the column options when editing the columns. That said, I'm now looking at funding a live account. The Questrade commissions are just way too high in order to make it profitable. I am trading with TastyTrade style of trading so there are a lot of trades (usually 1-lots). I can get the job done with Questrade but the costs are just so prohibitive. I just downloaded the free trial for Interactive Brokers. I can't do anything in this software. I find it so difficult to use in comparison to TOS. Something as simple as entering a symbol requires me to type it in, click it, then a window pops up and I have to click it again. In tos, I just enter the symbol and press ENTER. That said, in Canada, the commissions for TOS aren't much better than questrade. In TOS it would cost $10 to open and close a 4-leg trade. In Questrade it would cost me about $15.90. In IB it would cost me MAX $8 (probably closer to $5). I know that IB can link into other software. Is there anything that I can get that is as easy to use as TOS? I'd like to get this new account funded by the end of the month, so if someone can suggest something, I have some time to try something out. I'm not opposed to spending a small amount of money on the platform, but the cost has to be MUCH lower than what I would be paying in the difference with TOS. Otherwise, I'll just spend the little bit extra on the TOS commissions and consider it my "Market Data package and Platform fee".
I use Virtual Brokers. User interface is awfull. Rates: Per Trade - Commission Structure Equities: $6.49 Options: $6.49 + $1.00 per contract (USD) $6.49 + $1.50 per contract (CND) $0.01 - Commission Structure Equities: $ 0.01 per share if share price ≥ $1.00 $ 0.005 per share if $0.25 ≤ share price < $1.00 $ 0.0025 per share if share price< $0.25 Minimum commission is $0.01 and maximum capped to $9.99 Options: $9.99 + $1.00 per contract (USD) $9.99 + $1.50 per contract (CND) I year ago I contacted TradrKing - they told me they plan to expend their service to Canada. Contact them, if they did, could be a good
For any kind of trading volume, IB is the only way to go in my mind. I have no complaints. I also have BMOIL and TDDI, but w/o TOS for my buy-and-hold equity only portfolio.
Virtual Brokers website shows they have $0.75 per contract with a $5.00 minimum. I don't think their Cust. Serv. reps know what they are talking about because they told me that it is $5.00 per LEG. Which would mean on an iron condor, there would be $20 in and $20 out of the trade. There is no way that can be right though. When you say the UI is awful, what do you mean? I just need easy one-click trades. Click on Bid to Sell and Ask to Buy of a spread with the ability to customize the trade. Beta weighting would be ideal too, but I can keep the Papermoney account for that purpose.
What is BMOIL and TDDI??? I wouldn't mind IB but I can't figure out their software and it seems like it is very cumbersome to use.
Have you looked at Sierra Charts? It has a very nice monthly fee and works with IB. Also, you should mention your province because it matters in Canada and not all provinces are represented by all brokers.
Gotcha. I have heard that in other provinces, like BC, some brokers don't operate there cause there are more rules.