Discount day trading brokers canada
In connection with governmental and regulatory anti-money laundering requirements, Interactive Brokers Canada is able to satisfy verification requirements for its customers if the One Canadian Dollar Cheque clears through the Canadian banking system.
The cheque will not be credited to your account and it is non-refundable. If you do not file a Form W-8, we will be required to close your account. You must use the Deposit Notification Form so that Interactive Brokers Canada has advance notice that you are depositing funds, and to assist us in making sure that your funds are credited to your account. If you do not use the Deposit Notification Form, you may experience a delay in having the funds credited, and this may affect your ability to trade or it may result in a liquidation of positions in your account if your account has not been credited.
TOP Can we trade the Canadian stock exchanges? In this regard, if you effect 3 stock or equity option "day trades" on a US securities exchange within a 5 day period, IB Canada will designate you as a "pattern day trader". Yes, if your account is approved to do so. TOP How are my funds held, and how will they be used to pay for my settlement and margin obligations for my stock, equity options and futures trades?
Your funds will be held by Interactive Brokers Canada in a bank account. Each night, after the close of trading that day, Interactive Brokers Canada will remove funds from this bank account to pay for your trade settlement and margin obligations that arise from that day's transactions, including changes in the market value of positions held in your account. In turn, your Daily Account Statement will reflect debits made to your account for your settlement and margin obligations.
Of course, your Daily Account Statement will also reflect other debit items such as margin interest, commissions, and withdrawals; and, credits to your account, for example, for deposits, proceeds from sale transactions, interest, dividends, etc.
TOP How long will it take for account approval? Commission are quoted in the currency of the exchange on which the trade took place. And then they are simply compiled together with the Canadian stocks capital gains or losses if you have also traded on Canadian stocks.
Does this answer your question? I think I forgot to mention: TD Waterhouse charges 9. Under that, the commissions are higher: Lots of discount brokers do the same, but some offer a very low commission even with smaller total capital. But do they offer all the reports that you get for free on TD? Even the Royal Bank where my husband used to trade did not offer them: A for the technical part, they have Recognia, which send daily alerts.
Gees you could think I'm promoting them, whereas I still oft complain to them. Well, not that often Good luck, and if you don't mind, I would like to know eventually which broker you have chosen. Hi Louise, Thanks very much for all of the helpful information. It is much more clear to me now how taxes work on stock sales. I am glad to hear that I can declare my gains in my tax return and not have to worry about a large percentage being withheld on my gains.
When I became interested in trading, I began searching the net for the best online brokerage, whether it was a U. When I was searching I became skeptical of the really low commission brokerages because I was worried how safe my money was with them.
I found several good discount online brokerages, even U. S , and Questrade Canadian are the few that have caught my eye and I am interested in. From articles and forums I have read, it seems like a lot of Canadians use Questrade as their online discount broker. I don't know if this really makes a difference when depicting which companies are "better", but with public brokerages it is nice to know where they stand financially, especially when they are holding your money.
I will also look at TD Waterhouse to see if they are right for my purposes. My experience from searching for the "best" online brokerage is that their is no one best brokerage that encompasses every investor's needs and each of them offer different pros and different cons.
I appreciate all of your help, and I will let you know which brokerage I choose.