Need help choosing a broker

[Akromas]

Hi, can anyone suggest me a good broker to deal with ? I was thinking of using Options House... but as at the moment, they do not deal with Canadian customer.

Then I was thinking of using Interactive Broker. However, their pricing is not much competitive as it is 1.50 per contract... which is a hike from my current 1.25$ per contract at Cibc. And for that price, I might as well go with TOS.

For the moment being, I'm trading around 10 contracts, but would like to get to 50, 100 contracts in the foreseeing future. That being said, commission plays a major factor in my choice of broker.

Thanks for the heads up.

 

[Doobs789]

Hi, can anyone suggest me a good broker to deal with ? I was thinking of using Options House... but as at the moment, they do not deal with Canadian customer.

Then I was thinking of using Interactive Broker. However, their pricing is not much competitive as it is 1.50 per contract... which is a hike from my current 1.25$ per contract at Cibc. And for that price, I might as well go with TOS.

For the moment being, I'm trading around 10 contracts, but would like to get to 50, 100 contracts in the foreseeing future. That being said, commission plays a major factor in my choice of broker.

Thanks for the heads up.

10 contracts per day/month/year? With your volume, I would not be overly concerned with commissions (that's a good thing). Interactive Brokers offers many products, but there could be better firms out there for Canadian listings.

 

[tbaylx]

Hi, can anyone suggest me a good broker to deal with ? I was thinking of using Options House... but as at the moment, they do not deal with Canadian customer.

Then I was thinking of using Interactive Broker. However, their pricing is not much competitive as it is 1.50 per contract... which is a hike from my current 1.25$ per contract at Cibc. And for that price, I might as well go with TOS.

For the moment being, I'm trading around 10 contracts, but would like to get to 50, 100 contracts in the foreseeing future. That being said, commission plays a major factor in my choice of broker.

Thanks for the heads up.

CIBC is nowhere near IB in options pricing in Canada. You might be getting $1.25 a contract with CIBC but you have a big fat ticket charge as well at CIBC and ToS that IB doesn't have.

If you trade 10 contracts then you'll pay $1.25 a contract plus the $10 or $15 ticket charge. With IB you'll pay the $1.25 or whatever a contract and that's it.

I trade actively and IB is the only game in town for canadians, with maybe ToS for larger accounts where commisions don't matter as much. Depending on what products you trade, you'll see much lower than $1.50 a contract at IB assuming you aren't trading Canadian equity options, in which case nothing can help you

 

[Akromas]

CIBC is nowhere near IB in options pricing in Canada. You might be getting $1.25 a contract with CIBC but you have a big fat ticket charge as well at CIBC and ToS that IB doesn't have.

If you trade 10 contracts then you'll pay $1.25 a contract plus the $10 or $15 ticket charge. With IB you'll pay the $1.25 or whatever a contract and that's it.

I trade actively and IB is the only game in town for canadians, with maybe ToS for larger accounts where commisions don't matter as much. Depending on what products you trade, you'll see much lower than $1.50 a contract at IB assuming you aren't trading Canadian equity options, in which case nothing can help you

Haha... forget Canadian equity options, do they even exist ? Lol. You'are right, I think I'm better off with IB for the moment being. Thing is, at CIBC we have the most primitive platform ever; we have to log puts/calls individually... I can't even imagine placing an order for Iron condor, it must be a pain. Thnx