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Author Topic: Online Cdn Broker for Pinks and other Pennies
timv
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Hey All,

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).]


Posts: 4 | From: Saint John, NB, Canada | Registered: Apr 2004  |  IP: Logged | Report this post to a Moderator
waynetrades
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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
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rich555
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td waterhouse, but its about 29.95/trade

there are others around 10.00 http://www.questrade.com/home.html

i might join quest


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GREGDOGG
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I use TD and love it, except for the 29 US per fill.

It only took 3 days to get opened.

Stay away from CIBC, they suck, big time!

I'm going to look into this "quest", $10 sounds good.


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GREGDOGG
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Hey Guys, I just got off the phone with Quest, it seems they have two platforms,

1. CyberTrader 9.95 US/CAN No Pinks !
2. WebTrader 10.95 US/CAN Yes Pinks !

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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northern pike
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I also use TD and have had no problems with trading $29 us or 29 can per trade
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timv
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What about Ameritrade Canada, has anyone had an experiences with them??
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GREGDOGG
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No, can you look into it for us????? Thanks
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BCmouser
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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.
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GREGDOGG
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Heyyy Mouser, thanks for the info, I just filled out the application.
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rich555
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yeah i would have applied to ameritrade canada but they dont offer the tse or pinks at this time.
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GREGDOGG
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Hey Rich, I might have jumped the gun on Ameritrade Canada, I'll have to call them on Monday.
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northernprophet
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Guys, I have come across hundreds of penny players in my years, and believe me, it's not the commissions that kill you in this business.


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BCmouser
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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.
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northernprophet
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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.
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northernprophet
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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.

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GREGDOGG
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That's the problem...lol

We need a fixed fee of 10.00 per trade and no fees per share.

We deal with 100 000 to 10 million shares at a time, so any fee per share is unacceptable.

My guess is that once we start playing with big bucks we'll just have to renegotiate with TD.


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BCmouser
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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"
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northernprophet
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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.

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Onlydss
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Im using td right now.


They overcharge 30 usd minmum per trade, and some trades going as high as 155.

Was thinking about going elsewhere, but it seems as if no one has any luck


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GREGDOGG
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Quest is a max of $61 bucks.
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Junky
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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.
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salemm
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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.

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Volred
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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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Volred
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And the search goes on for the best canadian broker that allows us to buy pink sheets in the millions.
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vetten
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Hi folks,

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  |  IP: Logged | Report this post to a Moderator
   

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