What's the best day, trading brokers for Canadians, whether you are trading a small account large account, non-biased or short, biased trading stocks or options, have the answers for you in this video. Let me clarify first, I'm indeed a Canadian living in Canada and I'm day trading and investing in a US stock market. I have many different brokerage accounts for day trading, long and short swing, trading and longer term investing with TFSA an RRSP. And yes, I do have some free Commission trading account as well so I'll dive into the details of how to choose a broker as a Canadian depending on your trading, were investing style and I'll.

Compare the different pros and cons of each broker and, if you enjoy videos like these, make sure to smash the like button to support a fellow Canadian right here. First, let's talk about quest rate, which is perhaps the most well known broker in Canada. Quest rate is a broker. I would recommend for day trading large cap stocks and options, as well as swing trading and longer term investing with RRSP or TFSA.

But if you predominantly trade Lowe floats small cap stocks, do not use quest rate, have much better alternatives. For you later, on quest rate. Has two commission structures for the active day trader accounts for the fixed rate? You have a flat fee of $ 5 per share, and that applies to whatever currency the stock you're buying or selling it in so that's either $ 4, u.s. or Canadian.

They also have variable rates for 1 cent per share to a maximum of $ 6.95. So, depending on your account size and the type of stocks you trade, you can have two flexible options for fee structure to choose from if you're day, trading on quest trade platform, you also need data subscription packages for quest rate. The owing one package comes at a hefty price of $ 89.99 in u.s. dollars or canadian depending on you're trading, but if you're a very active trader, those fees are easily rebate able.

So that's definitely one of the many things I love about quest rate. Also, their customer service is amazing and you can easily reach them through online chat. I find the online chat support extremely convenient and beneficial, especially when I'm doing moving positions and funds around when it comes to TFSA in our RSP. Personally, I use quests trade strictly for swing trading, large cap stocks and sometimes options in my margin account, and I also have both TFSA and RSP, as my long-term investing accounts with them, where I just buy and hold US stocks in some ETFs.

If you are thinking of opening a quest, trade trading or investing accounts, you can get some free commission trades where you sign up through my referral link down below now. Let's talk about some of the cons for quest rate, which of course is their commission fees are more expensive, which doesn't really matter to me personally, since I'm using this as a longer-term swing trading and investing another thing is that they have terrible stock availability when it Comes to shorting stocks, so, if you're looking for a broker too short Interactive Brokers, a better option, in my opinion, so interactive brokers, actually the first broker accounts. I got when I first started day trading six years ago and of course, what attracted me to interactive brokers is just like: most people is their low commission fees. Basically, the cost for buying and selling u.s.

listed stocks is half a cent per share with a minimum of $ 1.00 per trade, and if you're trading the Canadian stocks listed on the TSX, the cost will be one cent Canadian per share with a minimum of $ 1, Canadian per trade and for options trading the fees are pretty cheap as well for most day traders trading in a US equities market such as myself. This is what my subscription would look like and adds up to about 22 dollars us a month. This includes things like equities and options quotes for Nasdaq exchanges, level-1, level-2, etc. Next, we have TD thinkorswim and before you ask no there's, no free Commission trading and think or swim Canada.

Nor do we have that with Interactive Brokers here either. The only thing that's Commission free is, if you remember, to hit the like button at the bottom of the video it's completely free to do, and you really help support this channel. A lot of Canadian traders didn't know this, but, yes, we can open think with swim accounts with TD Waterhouse, but the catch here is the account minimum to get life market data. It used to be five thousand dollars, but unfortunately, that's been raised to twenty five thousand dollars.

Sorry about that guys. But that means, if you already have a thinkorswim account like I do, don't ever take out that five thousand dollars what I love most about thinkwe swim is their powerful charting features, platform, customizations and they're on demand feature. However, the platform executions in Canada comes with a not so pretty price tag. Their trade Commission's are a flat fee of seven dollars, US per trade.

That's a pretty steep Commission price, any of your trading ten to twenty trades a day that cost would definitely add up and that's why I personally don't use think of swim to place any trade executions. I just had the $ 5,000 sitting there to get life market data and use the charts. However, I will say, though, ever since they made think with swim commission-free in the US, the entire platform has been extremely laggy and there has been so many times in the past few months, where all the charts just read. So, honestly, I would not recommend using thinkorswim for Canadians to day trade, especially now that they raise their account minimum to $ 25,000.

Oh - and one last thing I should remind you, is that you can only trade us lists stocks on thinkorswim, no Canadian stocks. Sorry guys! I got ta apologize like a good old Canadian here. Next on the list is trade, zero international, which is an offshore broker in a Bahamas. That's known for the extensive locate list for traders short hard to borrow stocks and yes, they do allow Canadian traders to open account.

So if you have a smaller account and if you want to short these hard to borrow stocks, you can definitely consider trade, zero they're. Also known for their low account minimums for as low as $ 500, but how much you deposit in the accounts will determine how much leverage you get when you're day trading? Personally, I don't recommend opening an account with less than four to five thousand dollars. I do have an account with trade zero, but I use it only as my back up account when it comes to shorting low float stocks. I have a main trading account for shorting, which we'll go over in just a little bit.

The biggest reason I don't prefer to use trade zero is because there's zero pro platform. Executions are extremely konkey, sometimes the fills and the speed are just a little bit off and if you're trading larger size, even one cent count, it doesn't happen often, but all it takes is once to ruin a trade on top of that trade, zero international. They don't provide easy and rebates and they're just tons of fees that just eat up to your profits every single month. That being said, if you have less than $ 30,000 to found your accounts, trade, zero is really the only option for Canadians who focus on shorting hard to borrow stocks.

Just make sure you read all the fine prints and the fee schedule. I've done the trade, zero review and tutorial for you to check out, but if you're a baller starting out with already over thirty thousand dollars, and if you want to short hard to borrow stocks, then I highly recommend Centerpoint securities. They are the best bro, careful Canadians when it comes to shorting low float stocks, they're, poor, Oh fees and commissions are mostly reasonable and they offer easy and rebates. In addition, you can also connect your Centrepointe accounts to trader pro.

Like I mentioned earlier, it's the best execution platform out there with the fastest fills and market data speed. Okay, now, let's finally talk about these $ 0 Commission brokers. Now so many people are asking me about and no there's no weebo or Robin Hood for Canadians. Those are for American users only.

I know you've seen that have accounts with some of these brokers and that's because I used to study and work in a US and have a status they're, the only free Commission trading app in Canada. It's called wealth, simple trade, but guess what it's not meant for day trading and wealth, simple trades official website, they specifically say they discourage day trading on their trading app and making actually flag your trading account and block transactions at their discretion. In addition to that, if you buy and sell us listed stocks, you'll pay a 1.5 % FX transaction fee both ways since the app doesn't allow you to keep a u.s. dollar balance so basically, well simple.

Trade. App is only good for swing trading. Canadian stocks, which is what I do, they do not offer margin, but they offer either cash with TFSA accounts and, to be honest, this app is for me to gamble and have a few cannabis stocks here to play with, under the same brand umbrella. There's also wealth, simple, investing, which is their Robo investing service, focusing on ETFs of various sectors and asset allocation.

According to your personal risk tolerance, this Robo investing service is made for people who want to just invest regularly and take a completely hands-off approach and just let the computer, we balance positions for them. And, yes, I do have a TFSA in RRSP account with them. For long term investing since I'm actively day trading every single day - and I use that to generate my main income - I want my investing to be very stress-free. I'm autopilot and just half the contributions made automatically each month.

I've been very happy with the service and the returns, and I look at my investments, maybe once every six months and I never touch anything I know I talked about over six different brokers for Canadians now for both trading and investing. So let me just summarize it really quick for the best brokers, in my opinion, for each trading style and purpose. If you're day trading and predominantly long, biased and small caps, I would use interactive brokers, large caps and options. I would use quests trade if you're short, biased with a small accounts.

Trade, zero, big account center point. If you're looking to swing trading and investing long term, including with tax advantage accounts, I would use quests trade or wealth, simple Robo, investing. If you have some money sitting around to play here and there for swing trading, maybe wealth, simple trade. Now, if you are rich - and you don't know what to do with twenty five thousand dollars and you want to park it somewhere and get some pretty looking charts, then I would open TD think of swim.

If this video really helped you out, please remember to drop a like and subscribe, feel free to ask any questions you have regarding in any of the brokers. Thank you guys for watching us always and the humble trader and I'll see you guys next week. Hey guys, thanks for watching, I hope you enjoy the video and the bath jokes. If you want to see more day trading content, make sure to subscribe and follow me on Twitter and Instagram for more.

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