By - MrHaphazard1
The concensus is ibkr, so I opened an ibkr account and will be funding it in thr coming days, thank you
It’s works ok, I would describe as a traditional old clunky trading app and program but does the job ok until we can get Webull here would be great
I use ibkr, costs about $1 to trade an option
It's even cheaper than that.
I recently sold 5 contracts and commission was $3.31, average 0.66 cents a contract.
I usually end up paying between a buck and a buck fiddy. It's so rare for me to get under $1 per contract.
Make sure you are on a tiered plan.
Awesome, I just opened a ibkr account. Thank you
Not Canadian, but I am pretty sure that you could use IBKR or Tastyworks
I wish tastyworks was in canada
Canadian here. Use IBKR for options. Lowest commissions for options.
Thanks I opened an ibkr account
I switched to ibkr. Quest trade was bleeding me
IBKR, it's what I use. It's pretty common... cheap USD conversion, cheap commissions
Like everyone else, Canadian and I just made the switch from Q to IB
IBKR is easily the best option for options trading in Canada. Only comparable would be TD thinkorswim but you need a large account to get the good pricing
I'm Canadian, was using questrade odte and would feel pressure to buy enough calls to push past the crazy fees. As fun as that was, I switched to ibrk last week and can now develop with the help of om on small positions sizes. About 1 to 1.40 per contract. Not as good as being American but ya. Youre gonna hate their platform. I urge you to use classic instead of mosaic and call customer service to help with your global configuration stuff. If you get someone from Chicago on the phone your set.. in my limited experience.
If you have a big enough account or w.e then the upgraded qt package at .75 c an contract plus I think 6$ fee just to play the game, with enough contracts that becomes the cheaper option but I'm a ways from that
I’m curious about preferring classic over mosaic? Please elaborate!
Do you also have issues with “blackouts” in various charts? Data simply missing? It’s been bugging me a fair bit lately.
Apparently a lot of the hot key configuration( not just keys but for example what happens when you click the ask or bid) only works on classic. Haven't had any black outs so far. I'm still learning it I got a confirmation wibdow trying to sell yesterday that told me my order was a certain percentage off the current price or something... Didn't read the whole thing... That was a first.
With classic it's nice because instead of the order entry window you can just setup your account profile and add a call tab and a put tab drag a bunch of different ones down there and then just click on the ask to buy.
If you go to edit- global configuration- hotkeys , you can set up automatic stop loss attached or change the quantity you buy or set like a ask+.02 cents or w.e you want. You can also click a transmit instantly box. Just make sure you hit apply on the hot key page.
Anyways I'm still learning obviously but I was told some of the configuration doesn't work on mosaic
Thanks for the answer, sounds interesting, especially if daytrading multiple instruments.
Trying to flip from calls to puts for instance when scalping, this could make for better entries. Every second counts :)
IBKR is the best. You can hold multiple currencies in the same account, so you can have your USD and CAD in the same account and they both contribute to your available margin.
Wow that's insane
Another vote for IBKR. You cannot trade OM's system on Questrade with a small account, they will bleed you dry in fees. Look at every time OM hit a sub 5% win, all of those would pretty much be losses to you after fees.
I'm Canadian and was on TD and QT until finding my home at IBKR.
Yup the commissions are terrible at QT and TD when compared to IBKR, but even worse is the assignment fee. QT charges 25 bucks assignment!? what the actual fuck.
IBKR doesn't have an assignment fee, its just a buy or sell transaction at normal commission price.
Also, are you tired of how long Norbert's Gambit takes to exchange your currencies?
IBKR currency conversion uses forex for spot currency conversion for 2 dollar fee. Better than Norbert's in both conversion rate and execution time.
Thanks I've never used Narberth gambit I've just dealt with the conversation fee. Thanks for your input. I opened an ibkr tfsa and will be funding jt in the coming days.
I use questrade for options. It really isn't worth it for low cost stocks. Gotta do bigger unfortunately
How is TDA not available?
Toronto Dominion Ameritrade
I know they are in the process of merging with Charles Schwab, but seems like they should be available to you
In Canada TDA is TD Direct and even more expensive than Questrade.
OP go IBKR.
National bank brokerage has no commissions
I'm with TD Thinkorswim (in Canada) so believe me, I hear you on the fees. It has caused me to trade contracts with larger value (TSLA for example) so I buy less contracts, but look for the same return. Not sure if it would work, but can't you just buy a contract that is more expensive, but deeper ITM?
I thought TOS Canada was discontinued? I was trying to setup an account last month but hit a bunch of roadblocks and was told be a TD rep that they closed TOS Canada down.
Are you able to see the chat rooms using TOS Canada?
I think they're not taking any new members. The software is great, but they are super strict about requirements, and kind of a pain in the ass. I got a question wrong on credit/debit spreads (they make you do a test to turn on option trading) and they blocked me from trading options for 6 months, only allowing me then to retest lol. The fees suck too.
Never looked into the chat rooms.
Have they mentioned anything to you about discontinuing the TOS platform?
(Apparently, they have their own Advanced Trader platform now.)
I hope not. It's the only reason I'm with them. I'm sure there are other solid platforms out there, but man, ToS is a quality product.
Oh, and if their "advanced trader platform" is the absolute garbage I downloaded last month and played around for about 10 minutes, then if ToS goes away, TD and I are through.
It probably was that. Lol
Ibkr all day long
If you're just trading SPY, consider looking into trading the ES futures with a futures platform. The ES prints the same as SPY. I'm in the US and use Ninja Trader. Margin for intra day $50 a point ES contract is $500. There's also the micro ES contract, aka MES, that is $5 per point if you don't need as much leverage. I pay around $2 per contract in commissions. I'd imagine rates would be similar in Canada.
I think TDAmeritrade (ThinkorSwim) can also be an option, just as Tastyworks, I’m not Canadian, but I’m far away from the US and was able to open just fine
Agreed, IB, questrade is s h i t
Interactive brokers, or NBDB or Desjardins but nbdb and desj. Have minimum 6.25 and 8.25 fees but still if trading 5 or more contracts it’s ok and if trading a lot of contracts that are valued under $2000 aka you buying lots of spy 0dte options fees are capped at 19.95 I believe
If the only way of trading options you know is Questrade, you should not be trading yet. Seriously.
I went to ibkr.
Let me google that for you...