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Mikael

Canadian Brokers

By Mikael, in General Board

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Mikael    31

Mikael
Posted

I'm not sure if i'm the only Canadian at SO but just in case there are others what broker are you using for your registered account?

 

I'm with Questrade right now and they are charging 6.95 ticket + 75c a contract on options (with the QT advantage package) , but they let you keep USD in your RRSP and TSFA accounts. 

 

Have anyone tried negotiating with them on reducing the commission to match IB? I really hate to split up the accounts but seeing how IB is only 70c flat i seem to have no choice. 

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mike_tee_vee    35

mike_tee_vee
Posted

I'm from Canada as well, and I haven't had any luck negotiating with Questrade.  They don't seem to fear losing our business.  I'm with IB, and will just eat the tax expense until I find something else. 

 

I'm currently looking into Virtual Brokers.  They have a $1.00 USD per option contract structure, but I'm not sure if they allow USD in TFSAs.

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Mikael    31

Mikael
Posted

yeah i tried them this morning, heavy sigh. I have over 250k in 2 accounts with them and they just said flat out no. let me know how it goes with virtual brokers (i'm worried about their fill speed, people have said optionhouse has horribly slow fills). 

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Mikael    31

Mikael
Posted

I called VB this morning, they let you keep usd in registered accounts for 50 dollars a year. Considering the commission we will save from questrade I think it's a no brainer.

I asked a few questions regarding their routing system and fills and the CSR was clueless. He took down my number and said someone from the trade desk is going to get back to me, so I will update when i hear back from them

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mike_tee_vee    35

mike_tee_vee
Posted

Thanks for the update!  Hopefully we can get some answers regarding their routing/ fills before committing real money.  I have accounts all over the place, and would like to consolidate.

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Mikael    31

Mikael
Posted

Okay here's the update, they called me back.

 

Couple of things that kills them:

 

1. they don't have a software ready yet which allows you to trade spreads. So right now, if you want to place any spread orders you have to call into the trade desk. That is a huge deal breaker.

 

2. they have "SMART" routing, but they don't do it like IB, they will not split up the legs of a combo to attempt to get a better fill. Combined with the fact they don't even have a software that let you place spreads...

 

in summary, probably no point of switching over to them. 

 

i think questrade is still the best option for registered accounts. 

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