Take a look at TradeZero. You wire funds in, you keep your account in USD until you are ready to withdraw. I use them to trade and they offer commission free trading.
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Broker is Messing with me.
- Thread starter GotherL
- Start date
Never heard of them before. My biggest question of course would be are they legit?Take a look at TradeZero. You wire funds in, you keep your account in USD until you are ready to withdraw. I use them to trade and they offer commission free trading.
Reading the rules it says they only give commission free to $1 or above limit orders and limit orders must not create an immediate match? It seems too good to be true.
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I've been with them for almost a year. What you see is what you get. I have a $20k account there. No PDT and with my swing trading style, I rarely pay commissions. I have taken wires at least once a month. I would highly recommend them.Never heard of them before. My biggest question of course would be are they legit?
Reading the rules it says they only give commission free to $1 or above limit orders and limit orders must not create an immediate match? It seems too good to be true.
It's unfortunate that you weren't aware but it is the norm.
Banks conversion rates are not ideal. You could always research Norbert's Gambit or get with a broker like IB Canada that is going to offer you some reasonable spot forex transaction or the option to loan you U.S dollars( this would still cost you interest).
At any rate be aware that this is normal and nothing particular to your broker.
The brokerages at BMO and RY are the easiest platforms to use for Norbert's Gambit. Purchase the interlisted security in CAD (USD) and sell it immediately in USD (CAD). This will get you inventory of your desired currency. For the others, namely TD, CM and BNS it's a little more tedious. You'll have to actually call them to 'journal' you trade to the 'other' side (either the CAD side or USD side). Sometimes you have to wait for the shares to settle (T+3 days) before they allow you to journal. There is a lot of material on NGs.
For the latter three brokerages, if you use the CAD side of your account for USD denominated stocks, you're going to get dinged on both sides. To avoid this, convert your CAD to USD via NG, keep it in USD and do everything on the USD side of your account.
Why would anyone ever go through all of that trouble? That sounds crazy.The brokerages at BMO and RY are the easiest platforms to use for Norbert's Gambit. Purchase the interlisted security in CAD (USD) and sell it immediately in USD (CAD). This will get you inventory of your desired currency. For the others, namely TD, CM and BNS it's a little more tedious. You'll have to actually call them to 'journal' you trade to the 'other' side (either the CAD side or USD side). Sometimes you have to wait for the shares to settle (T+3 days) before they allow you to journal. There is a lot of material on NGs.
For the latter three brokerages, if you use the CAD side of your account for USD denominated stocks, you're going to get dinged on both sides. To avoid this, convert your CAD to USD via NG, keep it in USD and do everything on the USD side of your account.
No idea how it works at Bank of Montreal but RY Royal (if that's what you were referring too.) it is crazy expensive to convert CAD/USD or in aleast the way I was doing it.Because it's one the cheapest/easiest ways for Canadians to physically convert USD/CAD. I'd be happy to hear alternatives.
What happens is when I tried to buy a US security with CAD it converts it to US then when you sell it, it converts it back to CAD so you lose twice on the currency conversion. That is how I loss $500 in under 10 trades.
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What you need to do is move your money to a broker that allows you to trade and keep your funds in USD only doing the conversion when you want.... Not after every trade or settlement.No idea how it works at Bank of Montreal but RY Royal (if that's what you were referring too.) it is crazy expensive to convert CAD/USD or in aleast the way I was doing it.
What happens is when I tried to buy a US security with CAD it converts it to US then when you sell it, it converts it back to CAD so you lose twice on the currency conversion. That is how I loss $500 in under 10 trades.
Research what he said "Norbert Gambit".
Also any Canadian broker would offer for you to simply convert CAD to U.S funds and leave it in U.S for your trading so your not converting back and forth.
Also some of the banks still offer ways to sell U.S stocks and then just move the proceeds of the sale to a U.S money market. This use to be the only way to settle in US with registered accounts but now most offer U.S dollar RRSP and TFSA accounts.
Also any Canadian broker would offer for you to simply convert CAD to U.S funds and leave it in U.S for your trading so your not converting back and forth.
Also some of the banks still offer ways to sell U.S stocks and then just move the proceeds of the sale to a U.S money market. This use to be the only way to settle in US with registered accounts but now most offer U.S dollar RRSP and TFSA accounts.
RY does offer that and that's exactly what I did. The problem is they've a messy client. Converted all my funds to USD yet there is still an option to buy a security with either your CAD or US account. What's worse is the default is always CAD and the option to change to US is in very small print. As an active trader it was very easy to make the mistake of buying a US stock with my CAD account. I didn't see the option to choose US account until I already made 10 or more of these ripoff trades. If anyone has a account with them and uses the trading dashboard they'd know what I mean. One of the worse websites ever for trading!What you need to do is move your money to a broker that allows you to trade and keep your funds in USD only doing the conversion when you want.... Not after every trade or settlement.
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