Day trading in Canada

Ten cents a share plus exchange and ECN fees is fair for a newbie trading small position sizes while he tries to learn the game? And that after charging them $3500 in training fees. Sure, that sounds really attractive.

Yes I know the software training fee is refundable from commissions, but at what rate? Dollar for dollar? I doubt it.
 
Originally posted by gmiskin
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.
More...

You call those rates fair? A low volume trader is paying several thousand dollars a month more in commissions than a penny/share, no ticket charge outfit. If you do a couple million a month, it 10's of thousands of dollars.

Does Questrade not allow their traders access to outside information? How they can keep anyone when the alternatives are that much cheaper is a mystery.

Corey
 
My name is Gary Miskin and I am the VP of Business Development for Questrade. I would like to address some of the comments that have been posted on this thread because many of them are misinformed. The Questrade training course is conducted by a third party and we receive no financial benefit from it whatsoever. While it is true that we charge $ 1500 for a software training course, it should be understood that we are mandated to do so by the Ontario Securities Commission, and that the proceeds are 100% refunded in the first commissions generated by the client. The reason this is done is to discourage individuals who have no interest in trading from consuming company resources.
Commissions at $.10 per share are obviously excessive, but are posted on the website to deter potential clients with low volumes from seeking a trading terminal in house. Remote clients are never charged more than $.025 per share, and in most instances are able to negotiate more attractive deals. Questrade never limits its clients to which charting software they may use. Currently, Realtick, Nextrend and Reuters are all being used at our Toronto office. I invite any Canadian trader to contact me with any questions or concerns they might have about our service, our platform, commissions, rates etc. at gmiskin@questrade.com.
 
Please tell us which comments are misinformed. All the information I posted comes from your site.

I am interested in the activities of the OSC. You say they "mandate" your software training course. What exactly does this mean? Is it a condition of your registration in Ontario that you force all clients to take the course? What about your $2000 how to trade course. Do they demand that all your clients take this too? I have asked them this question in the past regarding another firm but they refuse to reply.

It is generally agreed that newcomers to the business should start out trading small position sizes cautiously. To force them to either lose money doing this or to trade large sizes right away to avoid your 10 cents per share charge is outrageously greedy in my opinion.
 
When we were registered to do this business in Ontario there was a concern that clients were at risk because of the volatile nature of direct access trading, as well as the danger posed by an individual using Watcher hotkeys for the first time (never before available in Canada). To assuage their fears, we implemented a software course which teaches the client how to use the Watcher and nothing else. Experienced traders have taken it, found it beneficial, and it has never been an issue. Company, as well as IDA compliance require a test be taken demonstrating the clients ability to use the Watcher in a competent way.We do not make taking our theory course mandatory in any way. Clients may engage in any type of trader education that they see fit.

Questrade currently has 0 traders paying $.10 per share nor has anyone at any time ever payed that rate. There are no per ticket minimum fees, and traders are encouraged repeatedly to preserve capital. We have always maintained that churning clients is unethical and is a bad business practice.
 
Originally posted by gmiskin
When we were registered to do this business in Ontario there was a concern that clients were at risk because of the volatile nature of direct access trading, as well as the danger posed by an individual using Watcher hotkeys for the first time (never before available in Canada). To assuage their fears, we implemented a software course which teaches the client how to use the Watcher and nothing else. Experienced traders have taken it, found it beneficial, and it has never been an issue. Company, as well as IDA compliance require a test be taken demonstrating the clients ability to use the Watcher in a competent way.We do not make taking our theory course mandatory in any way. Clients may engage in any type of trader education that they see fit.

Questrade currently has 0 traders paying $.10 per share nor has anyone at any time ever payed that rate. There are no per ticket minimum fees, and traders are encouraged repeatedly to preserve capital. We have always maintained that churning clients is unethical and is a bad business practice.
More...


Good god are you serious!? clients at risk with direct access trading? mandated fee based training courses for software!?


Do these regulators have a clue about the reality of the marketplace? No wonder IB can't get registered! This is a F*cking joke!

by the way .025 cents per share is 5 times what IB shares per share. And also IB doesn't charge ECN fees!
 
As mentioned before, Questrade charges the fee to discourage individuals that are not serious. The fee is then refunded in it entirety. As for the regulators, cest la vie.
 
Originally posted by gmiskin
As mentioned before, Questrade charges the fee to discourage individuals that are not serious. The fee is then refunded in it entirety. As for the regulators, cest la vie.
More...


Well I admire your persistance in getting registered. But if the new rules regarding foreign brokers registration proposed by the BCSC go thru I suspect you'll lose your remote market to U.S. brokers in a heartbeat.

How many traders do you have in your Toronto office?
 
I see the Questrade site has changed to remove the 10 cent per share fee. That's good. However, now it is not clear what remote traders would pay per share.

No wonder this country is going down the drain when we have regulators and the IDA interfering in how people want to conduct their affairs to the extent of demanding that people take a mandatory $1500 course to learn a bit of software even if they have been trading for years.
 
Originally posted by dufferdon
I see the Questrade site has changed to remove the 10 cent per share fee. That's good. However, now it is not clear what remote traders would pay per share.

No wonder this country is going down the drain when we have regulators and the IDA interfering in how people want to conduct their affairs to the extent of demanding that people take a mandatory $1500 course to learn a bit of software even if they have been trading for years.
More...

Maybe clients should have take the CSC, Series 7, and computer programming classes as well. The whole idea that stuff like this should be a concern of regulators smacks of "big brother" paranoia.


Funny how they didn't care when TD and the like had hour + delays on fills back in '98.
 
You must log in or register to reply here.
Back
Top