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Best Day Trading Brokers in Canada- Questrade, Interactive Brokers, Thinkorswim, Wealthsimple & More - YouTube
Channel: Humbled Trader
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what's the best day trading brokers for
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Canadians
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whether you are trading a small account
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large account non-biased or short biased
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trading stocks or options have the
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answers for you in this video let me
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clarify first I'm indeed a Canadian
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living in Canada and I'm day trading and
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investing in a US stock market I have
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many different brokerage accounts for
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day trading long and short swing trading
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and longer term investing with TFSA an
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RRSP and yes
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I do have some free Commission trading
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account as well so I'll dive into the
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details of how to choose a broker as a
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Canadian depending on your trading were
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investing style and I'll compare the
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different pros and cons of each broker
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and if you enjoy videos like these make
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sure to smash the like button to support
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a fellow Canadian right here first let's
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talk about quest rate which is perhaps
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the most well known broker in Canada
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quest rate is a broker I would recommend
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for day trading large cap stocks and
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options as well as swing trading and
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longer term investing with RRSP or TFSA
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but if you predominantly trade Lowe
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floats small cap stocks do not use quest
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rate have much better alternatives for
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you later on quest rate has two
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commission structures for the active day
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trader accounts for the fixed rate you
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have a flat fee of $5 per share and that
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applies to whatever currency the stock
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you're buying or selling it in so that's
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either $4 u.s. or Canadian they also
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have variable rates for 1 cent per share
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to a maximum of $6.95 so depending on
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your account size and the type of stocks
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you trade you can have two flexible
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options for fee structure to choose from
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if you're day trading on quest trade
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platform
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you also need data subscription packages
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for quest rate the owing one package
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comes at a hefty price of $89.99 in u.s.
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dollars or canadian depending on
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you're trading but if you're a very
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active trader those fees are easily
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rebate able so that's definitely one of
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the many things I love about quest rate
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also their customer service is amazing
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and you can easily reach them through
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online chat I find the online chat
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support extremely convenient and
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beneficial especially when I'm doing
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moving positions and funds around when
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it comes to TFSA in our RSP personally I
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use quests trade strictly for swing
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trading large cap stocks and sometimes
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options in my margin account and I also
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have both TFSA and RSP as my long-term
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investing accounts with them where I
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just buy and hold US stocks in some ETFs
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if you are thinking of opening a quest
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trade trading or investing accounts you
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can get some free commission trades
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where you sign up through my referral
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link down below now let's talk about
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some of the cons for quest rate which of
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course is their commission fees are more
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expensive which doesn't really matter to
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me personally since I'm using this as a
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longer-term swing trading and investing
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another thing is that they have terrible
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stock availability when it comes to
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shorting stocks so if you're looking for
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a broker too short Interactive Brokers a
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better option in my opinion so
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interactive brokers actually the first
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broker accounts I got when I first
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started day trading six years ago and of
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course what attracted me to interactive
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brokers is just like most people is
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their low commission fees basically the
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cost for buying and selling u.s. listed
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stocks is half a cent per share with a
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minimum of $1.00 per trade and if you're
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trading the Canadian stocks listed on
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the TSX the cost will be one cent
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Canadian per share with a minimum of $1
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Canadian per trade and for options
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trading the fees are pretty cheap as
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well for most day traders trading in a
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US equities market such as myself this
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is what my subscription would look like
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and adds up to about 22
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dollars us a month this includes things
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like equities and options quotes for
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Nasdaq exchanges level-1 level-2 etc
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next we have TD thinkorswim and before
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you ask no there's no free Commission
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trading and think or swim Canada nor do
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we have that with Interactive Brokers
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here either the only thing that's
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Commission free is if you remember to
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hit the like button at the bottom of the
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video it's completely free to do and you
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really help support this channel a lot
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of Canadian traders didn't know this but
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yes we can open think with swim accounts
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with TD Waterhouse but the catch here is
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the account minimum to get life market
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data it used to be five thousand dollars
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but unfortunately that's been raised to
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twenty five thousand dollars sorry about
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that guys but that means if you already
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have a thinkorswim account like I do
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don't ever take out that five thousand
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dollars what I love most about thinkwe
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swim is their powerful charting features
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platform customizations and they're on
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demand feature however the platform
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executions in Canada comes with a not so
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pretty price tag their trade
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Commission's are a flat fee of seven
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dollars US per trade that's a pretty
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steep Commission price any of your
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trading ten to twenty trades a day that
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cost would definitely add up and that's
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why I personally don't use think of swim
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to place any trade executions I just had
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the $5,000 sitting there to get life
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market data and use the charts however I
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will say though ever since they made
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think with swim commission-free in the
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US the entire platform has been
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extremely laggy and there has been so
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many times in the past few months where
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all the charts just read so honestly I
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would not recommend using thinkorswim
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for Canadians to day trade especially
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now that they raise their account
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minimum to $25,000 oh and one last thing
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I should remind you is that you can only
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trade us lists
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stocks on thinkorswim no Canadian stocks
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sorry guys I gotta apologize like a good
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old Canadian here next on the list is
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trade zero international which is an
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offshore broker in a Bahamas that's
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known for the extensive locate list for
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traders - short hard to borrow stocks
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and yes they do allow Canadian traders
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to open account so if you have a smaller
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account and if you want to short these
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hard to borrow stocks you can definitely
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consider trade zero they're also known
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for their low account minimums for as
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low as $500 but how much you deposit in
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the accounts will determine how much
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leverage you get when you're day trading
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personally I don't recommend opening an
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account with less than four to five
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thousand dollars I do have an account
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with trade zero but I use it only as my
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back up account when it comes to
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shorting low float stocks I have a main
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trading account for shorting which we'll
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go over in just a little bit the biggest
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reason I don't prefer to use trade zero
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is because there's zero pro platform
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executions are extremely konkey
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sometimes the fills and the speed are
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just a little bit off and if you're
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trading larger size even one cent count
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it doesn't happen often but all it takes
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is once to ruin a trade on top of that
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trade zero international they don't
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provide easy and rebates and they're
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just tons of fees that just eat up to
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your profits every single month that
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being said if you have less than $30,000
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to found your accounts trade zero is
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really the only option for Canadians who
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focus on shorting hard to borrow stocks
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just make sure you read all the fine
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prints and the fee schedule I've done
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the trade zero review and tutorial for
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you to check out but if you're a baller
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starting out with already over thirty
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thousand dollars and if you want to
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short hard to borrow stocks then I
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highly recommend Centerpoint securities
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they are the best bro
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careful Canadians when it comes to
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shorting low float stocks they're poor
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Oh fees and commissions are mostly
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reasonable and they offer easy and
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rebates in addition you can also connect
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your Centrepointe accounts to - trader
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pro like I mentioned earlier it's the
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best execution platform out there with
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the fastest fills and market data speed
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okay now let's finally talk about these
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$0 Commission brokers now so many people
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are asking me about and no there's no
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weebo or Robin Hood for Canadians those
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are for American users only I know
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you've seen that have accounts with some
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of these brokers and that's because I
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used to study and work in a US and have
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a status they're the only free
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Commission trading app in Canada it's
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called wealth simple trade but guess
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what it's not meant for day trading and
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wealth simple trades official website
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they specifically say they discourage
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day trading on their trading app and
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making actually flag your trading
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account and block transactions at their
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discretion in addition to that if you
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buy and sell us listed stocks you'll pay
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a 1.5%
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FX transaction fee both ways since the
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app doesn't allow you to keep a u.s.
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dollar balance so basically well simple
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trade app is only good for swing trading
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Canadian stocks which is what I do they
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do not offer margin but they offer
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either cash with TFSA accounts and to be
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honest this app is for me to gamble and
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have a few cannabis stocks here to play
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with under the same brand umbrella
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there's also wealth simple investing
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which is their Robo investing service
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focusing on ETFs of various sectors and
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asset allocation according to your
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personal risk tolerance this Robo
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investing service is made for people who
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want to just invest regularly and take a
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completely hands-off approach and just
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let the computer
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we balance positions for them and yes I
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do have a TFSA in RRSP account with them
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for long term investing since I'm
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actively day trading every single day
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and I use that to generate my main
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income
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I want my investing to be very
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stress-free
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I'm autopilot and just half the
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contributions made automatically each
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month I've been very happy with the
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service and the returns and I look at my
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investments maybe once every six months
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and I never touch anything
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I know I talked about over six different
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brokers for Canadians now for both
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trading and investing so let me just
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summarize it really quick for the best
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brokers in my opinion for each trading
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style and purpose if you're day trading
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and predominantly long biased and small
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caps I would use interactive brokers
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large caps and options I would use
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quests trade if you're short biased with
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a small accounts trade zero big account
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center point if you're looking to swing
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trading and investing long term
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including with tax advantage accounts I
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would use quests trade or wealth simple
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Robo investing if you have some money
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sitting around to play here and there
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for swing trading maybe wealth simple
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trade now if you are rich and you don't
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know what to do with twenty five
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thousand dollars and you want to park it
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somewhere and get some pretty looking
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charts then I would open TD think of
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swim if this video really helped you out
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please remember to drop a like and
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subscribe feel free to ask any questions
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you have regarding in any of the brokers
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thank you guys for watching us always
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and the humble trader and I'll see you
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guys next week
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hey guys thanks for watching I hope you
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enjoy the video and the bath jokes if
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you want to see more day trading content
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make sure to subscribe and follow me on
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Twitter and Instagram for more if you'd
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like to trade with me daily and get my
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free weekend watchlist and trading
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journal make sure to check out the links
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below for
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more resources stay green stay positive
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and I'll see you guys next time
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