Note that it's CAD0.02/share for the first 500 shares, CAD0.01/share for additional shares. andrey: Why not ask IB directly which products cannot be daytraded without USD25000? Most people here are daytraders in US stocks (having more than 25K), futures traders (who are not subject to PDT), or are abiding by the PDT restrictions. Better yet, why not try your system first, doing just 3 trades a week, to see if it really works. In the time you've been asking this question, you'd already be on your 6th trade I think.
I found a site that gives a fairly comprehensive description of the Pattern Day Trader Rule (NASD rule 2520). The site is: http://www.patterndaytraderrule.com
I asked this same question of IB a few weeks ago, and the answer they gave me was the PDT rule only applies to US Stocks and Options.
If its a margin account, it will be available immediately. If its a cash account, then you can only trade stocks in the currency your account is denominated in, and yes it takes a few days for the trade to settle.
What is there to daytrade in canada these days? btw It seems to me the PDT rules apply to canadian stocks as well through IB because they clear through their US subsidiary. Has this changed?
I'd rather use a domestic broker that is regulated by the SEC and has SIPC protection, even though that means being subject to the PDT rule. http://www.alldaytraders.com/allcontact.html
PDT does not apply to Cdn stocks. One difference is that IB requires maintenance margin of 50% for overnight positions whereas Cdn brokers (IDA rules) only require 30% for maintenance (maintenance and initial are the same). Not a big deal. If you've traded with a Cdn bank owned broker for any time, IB is a godsend.