SureTrader - Providing sensitive information
- Thread starter Max Dup
- Start date
SureTrader might have more products and lower trading fees than TD Canada Trust.
Since you don't have to deposit a minimum of 25K, should I understand that the PDT rule is only for US?
One you bank with and the other you don't. Thus, the one you bank with already has a lot of private information about you especially if you use any other services besides savings/checking. Thus, its much easier to open a trading account with the one you bank with...just make sure you understand their fee structure and reporting practice. Also, if you go the bank route...check and see if they allow "linking" between your different types of accounts. Its a plus if they do.
In contrast, a broker that doesn't do any banking...you're going to need to cough up a lot more information to open that trading account. Yeah, it seems like an overkill but if its worth it if you're like me and paranoid type about privacy and identity theft. I've been a victim once (discussed by me here many years ago) and I refuse to allow such to happen again. Thus, if my broker ask me what's my spouse favorite position just to open another account...I'm going to tell them.
Yes
This is from the SpeedTraders' website:
"SPEEDTRADER ACCEPTS APPLICATIONS FOR MARGIN AND OPTION ACCOUNTS ONLY NO CASH ACCOUNTS ACCEPTED – MINIMUM DEPOSIT $15,000 FOR US AND $25,000 FOR FOREIGN CLIENTS. Day Trading Accounts : There is a $25,000 minimum required to establish a day trading account. Accounts that fall below the required minimum will be subject to certain restrictions, and additional funds may be required. Speedtrader does not currently offer debit card and/or checking accounts."
If the PDT rule applies only for US, why is the minimum deposit 15K for US and 25K for foreign (let's say Canada)?
One you bank with and the other you don't. Thus, the one you bank with already has a lot of private information about you especially if you use any other services besides savings/checking. Thus, its much easier to open a trading account with the one you bank with...just make sure you understand their fee structure and reporting practice. Also, if you go the bank route...check and see if they allow "linking" between your different types of accounts. Its a plus if they do.
In contrast, a broker that doesn't do any banking...you're going to need to cough up a lot more information to open that trading account. Yeah, it seems like an overkill but if its worth it if you're like me and paranoid type about privacy and identity theft. I've been a victim once (discussed by me here many years ago) and I refuse to allow such to happen again. Thus, if my broker ask me what's my spouse favorite position just to open another account...I'm going to tell them.
I don't get it, are you saying you are "for" or "against" opening an account with a broker? On one hand, it seems like your saying that you are more of a paranoid type about privacy and that you have to provide a potential broker a lot of private information, and on the other hand it seems like your saying you would gladly give information to a broker.
They ARE anal how you fund the account. And each time an American resident opens a simple mom and pops bank account the same information is reported to the IRS as well. I still don't get where the problem with this lies. As law abiding citizen there should be no issues at all. How others conduct themselves criminally should make zero difference of how we ought to conduct ourselves. If you make money trading why do you care which tax office has which information of you? What's the huge deal. It comes down to the same thing I said in another thread re Windows 10. It's hypocritical now 99% of people sell their souls to Google and Facebook and even show videos of their kids on YouTube without their consent and make a huge amount of information accessible to the free world yet they go on a rampage when the IRS gets their personal banking info. Makes zero sense to me
IMO ....... It's total BS the info you have to provided to open a trading account. A trading account should be no different than a savings/checking account.
I'm in Canada and I recently opened up a 2nd trading account and savings/checking account with TD Canada Trust. The savings/checking account was completed online in a few minutes and I got the account number immediately - the trading account required me to visit a TD Canada Trust branch in person and provided employment records and it took a week to activate the account.
If they are worried about money laundering then they should be anal about how you fund the account and that would apply to trading accounts and savings/checking accounts.
That is also not accurate. PDT rules apply as soon as you trade a US listed stock. Whether with a foreign or American broker whether as non US resident or US resident. Everyone outside the US is equally subject to PDT rules at Interactive Brokers for example when trading a US stock.
Yes
I'm saying both are good and one will request more private information about you.
Also, I'm saying to compare the trading services to each other to determine which is better for you.
- You took my response out of context - it was in reply to Max Dup's inquiry about TD Canada Trust.
- I'm with BMO Investorline and TD Canada Trust - the PDT rule doesn't apply with either broker in Canada.
- Perhaps the PDT rule applies with other brokers in Canada.