Best Canadian discount brokers for day trading?
Hello,
I’m looking for an online broker that offers cheap rates for day trading. So far, I’ve been pleased with most features of Interactive Brokers (at a commission of $0.005 per share for US stocks). However, I keep on reading horror story about this broker that will not fill orders, liquidate positions at a loss, etc. There are some other problems, for example IB will apply some US rules to its Canadian customers, like the Day Trader Pattern that forces you to have over 25,000$ US in equity if you do more than 3 day trades per 5 business days period. Finally, the trading platform is not that great.
What are the good brokers out there for me? There is Questrade, which seems pretty good, but even though the comissions are low, they are still a bit high for day trading.
Thanks!
The rules apply to the country that the exchanges are in not to where the brokerage customers are. The US SEC rules about Day Trader Patterns apply to the Canadian customers because IB trades through the American exchanges. Perhaps if you selected stocks traded on the TSX instead of the more well known stocks on the American exchanges then you may not be subjected to the SEC regulations.
I don’t know what are good online brokers in Canada but it does seem that the Banks operate their own online trading services i.e.: RBC, BMO, and Scotiabank, the trusts like TD bank and CIBC seem to only allow trade in mutual funds. I suspect they would cater towards their customer base who typically would not day trade but you never know.
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