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Day trading in Canada
- Thread starter michaelday
- Start date
michaelday
Ironically, I received a call yesterday from a Canadian trading firm owner that claims there are only two direct access firms in Canada. :eek:
Rather than advertise their name here, if you'd like to get in touch with them, feel free to email me and I'll be glad to put you in touch.
Stickman
Ironically, I received a call yesterday from a Canadian trading firm owner that claims there are only two direct access firms in Canada. :eek:
Rather than advertise their name here, if you'd like to get in touch with them, feel free to email me and I'll be glad to put you in touch.
Stickman
Originally posted by Bill Kingsbury
michaelday
Ironically, I received a call yesterday from a Canadian trading firm owner that claims there are only two direct access firms in Canada. :eek:
Rather than advertise their name here, if you'd like to get in touch with them, feel free to email me and I'll be glad to put you in touch.
Stickman
Yes we know who they are and they both suck.
http://www.questrade.com/
http://www.tradefreedom.com
I'm a Canadian daytrader who recently switched to trading full time for a living. I was stuck at TD Waterhouse for years, paying thier outrageous commissions when I traded less frequently. To be honest, I don't know how anyone could trade actively with an outfit like that and stay in business.
But I recently wrote the Series 7 exam, at home in Saskatoon, and joined Echotrade, who will accept Canadians. The costs are comparable to IB and you have advantages as a pro that you can't get with a retail firm, the biggest being increased leverage and the ability to short on a downtick. If you can't make the 25k minimum for a daytrader, you can get in here with as little as 10. If you only swingtrade, that's fine too.
Guys, I feel your plight. I know how frustrating it is to be prevented from conducting your business by government regulators who are in the back pocket of the banks. Your options are limited, but I really think a pro firm that allows remote trading is the best option. I've been through the process and would be happy to answer any questions.
Corey
btw, I'm not trying to pump Echo, I'm just familiar with them.
But I recently wrote the Series 7 exam, at home in Saskatoon, and joined Echotrade, who will accept Canadians. The costs are comparable to IB and you have advantages as a pro that you can't get with a retail firm, the biggest being increased leverage and the ability to short on a downtick. If you can't make the 25k minimum for a daytrader, you can get in here with as little as 10. If you only swingtrade, that's fine too.
Guys, I feel your plight. I know how frustrating it is to be prevented from conducting your business by government regulators who are in the back pocket of the banks. Your options are limited, but I really think a pro firm that allows remote trading is the best option. I've been through the process and would be happy to answer any questions.
Corey
btw, I'm not trying to pump Echo, I'm just familiar with them.
Not me. It looks to me that just in case they don't make enough off you in outrageous commissions they are determined to get a big whack up front in so-called training.
Do they demand you take the training before you can trade with them? There used to be an oufit in Ottawa that did that, to the tune of several thousand dollars. They claimed the Ontario Securities Commission made them do it. The OSC would, in their normal secretive way, neither confirm nor deny this.
Do they demand you take the training before you can trade with them? There used to be an oufit in Ottawa that did that, to the tune of several thousand dollars. They claimed the Ontario Securities Commission made them do it. The OSC would, in their normal secretive way, neither confirm nor deny this.
Why get excited about a registration that may or may not ever materialize. Questrade's platform is as fast as they come, the rates are more than fair, and the service is as good as you will find in Canada. 416 227 9876, ex. 335, gmiskin@questrade.com