Any opinions on SwiftTrade?
IB's Canadian Registration..............
- Thread starter mskl
- Start date
I've done some modest research on them. I believe they scalp Nasdaq stocks only. If you're hired you'll get a 30% payout , no capital contribution required. I've received varying responses on what they charge for commissions, anywhere from 3 cents/share down 0 (based on BID rebates). I think the average is about 1 cent a share.
Whether or not their traders make money (living), I've heard different things also. From a majority of them blowing out (due to high commish), to most consistent making $10-40K a month.
So I guess this has been a pretty usless post on my part...no concrete information.
axe
Any opinions on SwiftTrade?
-----------------------------------
The fee are 15U$+1¢/action, about the samething than other Canadian broker.
I know some users and have a lot of trouble with the reliability of their systems.
TradeFreedom is another Canadian DAT brokers, better fee struture (about near 15U$ flat), but also the same problem with the reliability.
A comment for Fohat, these brokers accept remote daytrader for 10,000 CAN$, and you could daytrade US market with about 6000U$ even if US regulation required 25,000U$ to do that because the regulation is Canadian not American for this. If you choose an online broker as ETrade Canada, you could start daytrading with only 1000 CAN$ (not big, but you could do), even if ETrade USA required the 25,000U$.
-----------------------------------
The fee are 15U$+1¢/action, about the samething than other Canadian broker.
I know some users and have a lot of trouble with the reliability of their systems.
TradeFreedom is another Canadian DAT brokers, better fee struture (about near 15U$ flat), but also the same problem with the reliability.
A comment for Fohat, these brokers accept remote daytrader for 10,000 CAN$, and you could daytrade US market with about 6000U$ even if US regulation required 25,000U$ to do that because the regulation is Canadian not American for this. If you choose an online broker as ETrade Canada, you could start daytrading with only 1000 CAN$ (not big, but you could do), even if ETrade USA required the 25,000U$.
DO NOT DAYTRADE THROUGH ETRADE CANADA!!!!!!!!!!!!!!!!! Absolutely useless. I have my RRSP with them and they are the biggest monopoly scammers in North America. They will rip u loff in spreads, commissions, fillls, fees, etc. There is no way in the world you could actively daytrade with them and make $$$$. Hell, they charge $27 per trade.
axehawk,
I agree with you!
I agree with you!
I think the first guys to get mowed down will be:
www.tradefreedom.com
www.questrade.com and
www.swifttrade.com
These guys are supposed to be targeting the active trader and once 'active' traders in Canada calculate how much they can save with IB, they will be toast.
Swift Trade knows this and has tried to veer off into another direction: hedge funds and prop trading.
The big 5 banks will be less affected as their clients are less active and only a slow erosion will take place for them. I' gonna enjoy the coming years!
can you say, karma?
www.tradefreedom.com
www.questrade.com and
www.swifttrade.com
These guys are supposed to be targeting the active trader and once 'active' traders in Canada calculate how much they can save with IB, they will be toast.
Swift Trade knows this and has tried to veer off into another direction: hedge funds and prop trading.
The big 5 banks will be less affected as their clients are less active and only a slow erosion will take place for them. I' gonna enjoy the coming years!
can you say, karma?
Originally posted by axehawk
North Pesos,
Hilarious screen-name!
axe
A little bit of history for youse kiddies out there
It was not always like this in Canada, where I lived for a few years. Circa 1982, Brown & Co was one of the first discount brokers to hit Canada. I could not wait to switch. Boy it was so great! This guys were pro's and they sounded like pro's too: super efficient and on the ball.
The prices were outstanding (for the time) and you could get a quote in less than a minute on the phone (the other way to get a quote was to buy a newspaper: these were the days...). This may not sound like much, but at the time, you would call your broker, and if he/she was not there or on the phone with someone else (which they always were since people were calling for quotes or "advice"), you either had to wait or call back later. For some reason, the secretaries and such could not or would give you a quote: I guess the Quotron machines were too expensive...
Then, a couple of years later, circa 1984-85, Brown went into business with a Canadian discount broker: Marathon, and this begat Marathon-Brown. A couple more years and Brown bailed out of the Canadian market, and this begat Marathon Securities. This lasted about 4 or 5 years, until Marathon sold out to TD-Green Line, the discount brokerage arm of the Toronto-Dominion bank. And that's how starting with an account with Brown & Co, the leanest meanest US discount broker at the time, I ended up with my account at a freaking Canadian bank. It all went downhill after that. The banks went on a buying binge and ended up owning it all.
You don't know how good you got it in the United States, unless you have lived somewhere else.
Elvis