I just happened upon this board when I heard about friends talking about this QBID craze. I have been slowly reading up on trading for the past few months and I'm now to the point where I want to open an online trading account. Can anyone recommend the best online broker for us Canadians who want to be able to trade pennies including pinksheets.
Thanks!
[This message has been edited by timv (edited April 20, 2004).]
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I am currently using Royal Bank Action Direct. I have been able to trade everything so far. Haven't found any stocks not available to me. Bit expensive though at $30 a trade to buy and $30 to sell. Takes about 3 days before you can sell after a buy also to have funds settled. I think TD also has an internet site you can trade with. It took me about a week to get openned and running. Not sure if there are any others. I would like to find something with cheaper fees though....Hope this helps... Wayne
Posts: 115 | From: Vancouver,B.C. Canada | Registered: Mar 2004
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BUT, with WebTrader you pay a fee per share to a max of $50 , so a pink with 500 000 shares would cost $60 in, and $60 out, I think, correct me if I'm wrong.
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What about Ameritrade Canada, has anyone had an experiences with them??
Posts: 4 | From: Saint John, NB, Canada | Registered: Apr 2004
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Well folks I looked into Ameritrade Canada after my last trade on the OTCBB cost me a whopping 160 US for a 50,000 share trade. Phoned Ameritrade and asked what their commission would have been on that same stock sale. ANSWER --- 10.99 Fool me once , shame on you -fool me twice shame on me. I have my appy and a cheque on the way to Ameritrade Canada.
Posts: 443 | From: Valemount | Registered: Dec 2003
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yeah i would have applied to ameritrade canada but they dont offer the tse or pinks at this time.
Posts: 162 | Registered: Mar 2004
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Hey Rich, I might have jumped the gun on Ameritrade Canada, I'll have to call them on Monday.
Posts: 1171 | From: B.C. CANADA | Registered: Feb 2004
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May be true that pennies are tricky but you need every edge you can get. Over 200$ C. per trade with TD is more than I can stomach. Will probably use Ameritrade for all my US stock trading.
Posts: 443 | From: Valemount | Registered: Dec 2003
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There was a new one. An article in the Financial Post a few weeks back. Claims to be the cheapest of all. In believe it was called Interactive Brokers. I know I saved the article, when I find it I will post the info on here.
Posts: 268 | From: Edmonton, Canada | Registered: Feb 2004
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Interactive Brokers Canada Inc. is the name, a subsiduary of the parent company in the USA. They are completely no frills, no research, they do not even have a free 800 help number. They are going to do a major ad campaign shortly. Commissions on US markets cost 1 cent/share for orders up to 500 shares, and .5 cents for orders larger then 500 shares. Canadian orders are 1-2 cents/share. Plus you can easily trade overseas exchanges by setting up a IB universal account, IB will give you a loan in whatever currency, to your margin account, then you can place your order Also boasts the quickest order execution.
Posts: 268 | From: Edmonton, Canada | Registered: Feb 2004
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I phoned and asked TD about renegotiating my fee structure based on how many trades or $ worth.They said absolutely no -they will not manipulate trade prices no matter if you're spending a 100k a week or not. Claimed that their service is better than Ameritrade so I should just pay 200 CAN to them instead of 14 CAN to AMeritrade. My reply was " your service cant be that much better"
Posts: 443 | From: Valemount | Registered: Dec 2003
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Yes, Gregdogg, when you are buying 20M shares of a micropenny, .5 cents/share really adds up. There must be someone out there to accomodate those types of trades. I will keep my eyes open.
Posts: 268 | From: Edmonton, Canada | Registered: Feb 2004
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www.tradedeskamerica.com has a Quebec address and says its web platform is 10 bucks a trade. i've never used them so i have no opinion.
Posts: 393 | Registered: Jul 2003
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E*Turd Canada sucks as well when it comes to commissions. $26.99 per trade, and then a % on top of that if you trade huge volumes. Got Power E*Turd now... not sure if there will be a difference. As well... service here is VERY bad. I mean, they treat you like dirt, literally, if you call them. Stay away. I'm looking to move... salemm. Posts: 783 | From: Ottawa, Canada | Registered: Feb 2004
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quote:Originally posted by Junky: www.tradedeskamerica.com has a Quebec address and says its web platform is 10 bucks a trade. i've never used them so i have no opinion.
quote:Emailed back to me from Thomas Feldt: <thomas@fddl.ca> Sir,
Unfortunately, Trade Desk America does not offers its services to Canadian residents. However, this does not apply to Canadian institutions.
Given that we do not operate in the Canadian market, I do not know the competitors there.
If you represent an institution, let me know, so that we can discuss ways to work together.
Best regards
Thomas Feldt
[This message has been edited by Volred (edited December 02, 2004).]
[This message has been edited by Volred (edited December 02, 2004).]
[This message has been edited by Volred (edited December 02, 2004).]
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And the search goes on for the best canadian broker that allows us to buy pink sheets in the millions.
Posts: 30 | Registered: Dec 2004
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Just looking at the posts here. I looked up Questrade and they offer unlimited Canadian shares under $ 3.00 at Can$ 17.95 + TSX fee of 0.0002 of dollar amount per transaction. No platform fees with web trader. Best I`ve seen so far.
Posts: 4 | From: New Zealand | Registered: Nov 2004
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