IB Canada.. Anyone use them?

Discussion in 'Retail Brokers' started by harold_callahan, Nov 24, 2003.

  1. I am considering opening an Account with IB Canada...

    I am concerned that they need a W-8 form. I have 2 other Canadian broker accounts (that trade US stocks) and I have never been asked for a W-8. I used to have a US Broker account and they required a W-8.

    If IB Canada requires a W-8 why would I not just open a US IB account?

    Also, from the IB Canada website, they do not list a toll free number, this seems really odd...

    IB has such a great rating on this board I am hoping of getting some comments from any current (or past) IB Canada users.

  2. Daryn


    No problems at all. The W8 I believe is because IB clears in the US ...it is required. Also, the lack of a 1-800 number is so we as customers don't have to pay higher commissions so that some twit can call IB long distance and ask silly questions. I am sure Def can answer any specific questions you may have.

  3. Momento


    I am with IB in Canada, no complaints yet.
    IB Canada doesn't really have any real technical support. (except administrative duties like general questoins about your account etc. Most of the time, if problem occurs, they will ask you to call the US office.

    IB definitely one of the cheapest broker out there in Canada.
  4. thanks for the responses...

    the PDT rule is kinda funny...but I can live with it.

    Does anyone know if the IB Canada can interface with Medved Quotetracker? Or does Quotetracker only interact with IB US..?
  5. cashola


    To placate canadian regulations IB openned a canadian office. They still clear in the States so the W8 is required for tax withholding exemption. The TWS interface is the same so the only differences will be the base currency and the trading permissions.
  6. hermn


    Using IB and satisfied. If you have been looking you will realize that when it comes to choices for Canadians there are few. I am very happy that IB is one of them and when you compare commissions I can't see where anyone is beating them in Canada.

    PDT is a pain in the neck for all small traders so can't complain to IB on that count. If it is supposed to protect us from ourselves then I wish they would stop and let me take care of myself.

    Quote tracker works fine with IB. Too bad there is no TRIN or TICK, though I have seen some comments that it may be on the way.

    Good luck
  7. IB rocks. There is nothing comparable in Canada whatsoever.
  8. If you live in Canada, you gotta go with IB. The pickings up here are so slim :mad:
  9. In the past I have tested their 1-800 in the USA, for to join the trading room in the case where I could have a trouble in a transaction and this work fine for Canadian. Not tested recently, but I supposed that this should work again.

    Maybe I could suggest to be more explicit on IB website that we have to use this 1-800 in the case we have a trouble in a transaction, I have obtain this information IB staff locate in Montreal.

    Also, some weird rules are apply to Canadian as PDT even if in Canada we don't have this kind of restriction because the clearing house is US, lower margin (2:1 against 4:1 for oustide resident), and a PDT rule for Toronto, probably the only borker that do that.

    Even these minor remarks, I give a strong recommendation about IB if you're a serious trader.

    BTW, hope that IB will offer in the future RRSP account, the main drawback for Canadian traders!
  10. Quack


    .. you should also not have the restrictions for US-based traders as to what instruments you can trade.
    #10     Nov 24, 2003