Day trading in Canada

M

michaelday

Hi,
Is anybody familiar with day trading and online trading laws in Canada? Most US firms won't accept Canadian customers and there is virtually zero online brokers with reasonable commissions. What is the reason for this?
Thanks.
 
IB was accepting Canadian customers in 2000.In October 2000 they stopped accepting any additional customers from Canada. Since then they have been trying to solve this problem for more than 6 months now and to my knowledge without success.
Swift Trade offers trading only in their locations and has very high commission. I would say that for now best bet is to wait for IB.
 
IB has applied for registration in all Canadian provinces. It's just a matter of time now. Unfortunately it's been several months now even though the Ontario Securities Commission maintains that it only take s a few weeks to get registered.

IB is saying 3-6 months. Hopefully the OSC gets off their ass and gets it done before summer is in full swing.
 
IB's applications have been submitted to the Canadian authorities. A few people are in the process of being registered as well. Hopefully approval will come sometime during July and August at the worst.
 
Thanks for the update def. The fact that IB has to get individuals registered makes the delays understandable. They probably have to have time to study/pass the Canadian securities exams.
 

I live in Ontario and have dealt with 2 USA tarding firms that will accept Canadians. For daytrading try JPR Capital, no problems there at all, very fast ECN executions using Realtick, costs are $10 per trade up to 2000 shares. You will have to pay $260 a month though for data feeds.

For regular trading try Webstreet Securities, I am no longer with them, but used to be. However, they just got purchased by E-trade so their policies might change.


 
Wouldn't recommend that (above) as technically this is 'illegal' and your account could be stopped anytime. Just a heads up, so if you want to go ahead, you know the risk that you could be prevented from trading with the US firm anytime, without warning (since it is widely known what the Cdn regulatory's stance is).

A good way around the legal shennanigans is to open an account in the name of a company rather than your own person.
 
Almost all futures brokers accept Canadian accounts as well as Watley, Cybertrader, and a host of others. The only ones that don't are the big national firms. Realistically there is very little real risk to opening an accounts with these firms.

Canadian brokers are so far behind the technological curve that it's embarassing. Not to mention those $29 commissions LOL..who do they think they are kidding.


Vote with your feet.
 
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