Suffering in Canada

I shall try to open an account with them this week and will find out first hand if my friend is accurate. Thanks to the Doctor.

PS, when you say 'students', are you a university prof or are you teaching trading?
 
Quote from plugger:

Thanks simsim. Unless I'm missing something, they charge $10.99 flat for unlimited shares (ameritradecanada.com). As for IB, it's funny they enforce the pattern daytrader rule for Canadian residents when it's my understanding they don't have to. It's the one positive thing I can say about TD is that they don't. Why the difference? (maybe they can't figure it out?) [/QUOTE


Sorry for creating the confusion, I was refering to IB when I said 1$ for 100 shares. Yes AMTD charges 10.99 for unlimited trades, but their execution is by far slow then IB.

When you open the account, dont do the transfer account, that is more complicated , Just fund your acount first with the minimum and then you can either transfer or close the positions and transfer the amount. this way you will get to keep the TD account and use their tools also.
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Hi Plugger,

I want to assist people here as I feel I owe something to this forum for the information and assistence I received. I must admit most people here are great people and traders. I guess they beleive in what you give is what you get back!

I am in the UK and traded thorough a discount broker. When I was lossing money they were okay, when I started making money, my fills got delayed and much problems to follow with it......
I searched thorough this board and found several brokers that offer sub account so you can go round the 25k minimum and day trading rule.

Thorough much research I have chossen to go with Genesis, reason being very low comission, Very fast execuation, and good people. IB is good, but you need $25k, also I heard but need to verify, that if your interenet connection goes down, its hard to get hold of people straight away to close a trade., and they charge you. I maybe wrong, but pls double check.

I am bringing a lot of my group with me from the UK who have similar problems with that particular broker.

Please PM me if you need more details about my comission, and who I went thorough.

I hope this has helped, and wish you every success in trading.

Thanks

GK
 
Quote from plugger:

An open question (invitation?) to anyone who has a recommendation. I currently reside in Canada and trade fairly actively. I trade only equities on the TSX, TSX Venture, NYSE and Nasdaq and some stock options. I currently use TD Waterhouse but am tired of their platform and their high commissions (especially when compared to the US side of their business). When I compare my commissions from TD to someone like IB, I could save about $400 a week.

I don't have a large account but I do generate commissions. I would like to have per share pricing with NO minimums. My first choice would be IB, but they recently declined a friend of mine who has similar trading stats to mine. I guess business must be really good for them right now and they don't need more clients.

Any suggestions? I would like to hear from other Canadians who have accounts elsewhere as I find the non residency thing to be a problem, but all suggestions and comments are appreciated.

As a side note, after reading through some of the threads, some of you guys would have a heart attack if you were stuck with the service you receive in Canada from the online brokers. I'm quite sure I would find the US platforms to be "trading nirvana" compared to TD Waterhouse in Canada.

Thanks to all who reply.
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You can try

Ameritrade Canada
Etrade Canada
IB canada
Not sure about Cybertrader, but last I heard they were working on opening canadian brokerage.

Also there are some prop firms in Canada, use the search function on top right.

Quite a few choices you have there.
 
Quote from mhashe:

You can try

Ameritrade Canada
Etrade Canada
IB canada
Not sure about Cybertrader, but last I heard they were working on opening canadian brokerage.

Also there are some prop firms in Canada, use the search function on top right.

Quite a few choices you have there.
More...

cyberTrader is not here yet, but Questrade licences their software. I happen to use it.
 
plugger,
We do not have any account size requirements except $2000 minimum. We can decline application based on your answers if we decide that you are completely inexperienced trader. Otherwise, you are welcome.
 
Thanks to all who replied.

Torontotrader, a couple questions for you if you don't mind. Do you currently prop trade through Quest? What kind of arrangement do you have (sorry if I'm nosing in your personal business too much)? If you are using Quest to prop, how do you like them? Thanks in advance.
 
To answer your question I am a maths professor and have limited knowledge of trading, but I am leading some graduate students on a project related to applied math. The idea is to use mathematical principles in the real world in creative ways that are new, and thus worthy of publication. Several students have been assigned to build black box trading machines that not only work in simulator and back test mode, but that really work. Sounds easy for a math phd, but isn't. Two students so far seem to have achieved this, but the test continues. Obviously they need a broker with low costs, wide range, and small 'university research' size accounts. We picked IB Canada. To IB, we are just individuals with small accounts. Our test model calls for us to randomly select three trades a week to actually execute and from this we can extrapolate slippage and other things for paper trades not actually executed.
 
...Open an IBC (International business corp) preferably offshore, once complete you'll have an international, private entity that can open a trading account anywhere on the planet with any firm.

As an added "kicker" you will not pay any tax on the gains you make as the company is domiciled offshore and will not pay tax on gains made in the markets. Actually if you pick the right jurisdiction you shouldn't have to pay any tax at all...with the respective country it domiciled in as the profits would be considered foreign gains and will be free of any tax....there you go. :cool:
 
Wait a minute, zman, are you suggesting I pull a 'Paul Martin'? Isn't that type of move reserved for wealthy politicians who register their shipping companies offshore?

Sorry, couldn't resist a jab at good ole' Paul, the set up was there. Anyways, thanks for the suggestion.
 
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