Suffering in Canada

Discussion in 'Retail Brokers' started by plugger, Jun 5, 2005.

  1. plugger

    plugger

    An open question (invitation?) to anyone who has a recommendation. I currently reside in Canada and trade fairly actively. I trade only equities on the TSX, TSX Venture, NYSE and Nasdaq and some stock options. I currently use TD Waterhouse but am tired of their platform and their high commissions (especially when compared to the US side of their business). When I compare my commissions from TD to someone like IB, I could save about $400 a week.

    I don't have a large account but I do generate commissions. I would like to have per share pricing with NO minimums. My first choice would be IB, but they recently declined a friend of mine who has similar trading stats to mine. I guess business must be really good for them right now and they don't need more clients.

    Any suggestions? I would like to hear from other Canadians who have accounts elsewhere as I find the non residency thing to be a problem, but all suggestions and comments are appreciated.

    As a side note, after reading through some of the threads, some of you guys would have a heart attack if you were stuck with the service you receive in Canada from the online brokers. I'm quite sure I would find the US platforms to be "trading nirvana" compared to TD Waterhouse in Canada.

    Thanks to all who reply.
     
  2. simsim

    simsim

    have you looked at Ameritrade canada. 9.99/10.95 I think.
     
  3. IB Canada
     
  4. ozzy

    ozzy

    Simple. Interactive Brokers. Don't make another trade with TD I paid around 150K in commissions in 2003-2004. Leave them as soon as you can.
     
  5. plugger

    plugger

    Yes, I have looked at Ameritrade but I want to avoid the minimum pricing model. I often trade smaller size and would like per share pricing. I'm also a little concerned about the current talks between TD and Ameritrade. Who's going to drag down the other guy?
     
  6. simsim

    simsim

    The problem with IB is that with smaller accounts , less than 25 K, even out side US , they enforce the T+3 rule strictly, that is you can daytrade only 3 trades in a span of 5 days ,

    Otherwise I love the IB execution,& the commissions.
     
  7. simsim

    simsim

    For 100 shares you pay only 1$ and they have a max limit , I think of 7$ but check their site , it may have changed.
     
  8. plugger

    plugger

    Thanks Ozzy and Condor. I would like to go with IB but after my friend was declined, I got the feeling they didn't want to deal with smaller fish.

    If anyone from IB wants to post a response on their requirements for accounts, I would certainly appreciate it. And don't tag the standard line, lay out what your company is looking for. If you're only willing to accept accounts which are $250k +, then just say so. Thanks.
     
  9. plugger

    plugger

    Thanks simsim. Unless I'm missing something, they charge $10.99 flat for unlimited shares (ameritradecanada.com). As for IB, it's funny they enforce the pattern daytrader rule for Canadian residents when it's my understanding they don't have to. It's the one positive thing I can say about TD is that they don't. Why the difference? (maybe they can't figure it out?)
     
  10. Good news Mr. Plugger. Your 'friend' who gave you the information on IB wanting only large accounts has totally sucked you in and made a complete idiot out of you.

    I have many Canadian students who have small IB accounts, less than $5000.

    This is wonderful news for you, and next time don't go to someone who is so obviously yanking your chain for your info on IB, just go to IB.
     
    #10     Jun 5, 2005