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Looking for a new broker. Suggestions?

post #1 of 9
3/15/12 at 6:01pm
Thread Starter 

 

Hi everyone! This is my first post here. I live in Canada I've been looking for a broker for a while and can't find one that fits me. I really like ThinkOrSwim and Interactive Brokers, but both have a 10K minimum deposit. I only have 5k right now.

Here's what I need:

  1. No Pattern Day Trader rule.

  2. Have an iPhone app

  3. Cheap commission

  4. Being able to short penny stocks

  5. Under 5K deposit requirement

  6. Available to Canadian residents

So far OptionsXpress is the only one that works, except their trades are $9.95 and the PDT applies to margin accounts, but not cash accounts. I've also looked into SureTrader, but they charge $49 for their desktop software, $40 for Level II quotes and $15 for regional quotes for a total of $104 worth of fees a month (maybe I don't need these features. suggestions here will also be appreciated confused.gif). Quest trade is cheap but no iPhone app.

 

Anyone got suggestions? 

 

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post #2 of 9
3/16/12 at 5:12pm

Thinkorswim requires $10k? That does not sound right to me, double check that.

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post #3 of 9
3/16/12 at 5:20pm
Thread Starter 

At least ThinkOrSwim Canada does. I called them and they said they have a 10K minimum. Im not sure about the ToS in the states, but they have the PDT rule. I'll probably go with SureTrader for now. 

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post #4 of 9
3/29/12 at 6:32pm

Td thinkorswim tells you to have 10k , but as long as you can get the account opened

you can deposit 5k and it should be fine. Just tell them you will get the rest of the funds

in there soon if they do ask. They don't actually check to see that you have 10k deposited.

 

My brother recently opened an account with them he only deposited about 4k.

 

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post #5 of 9
3/29/12 at 6:41pm
Thread Starter 

If only you told me that 2 days ago. I already wired my money to SureTrader....

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post #6 of 9
5/11/12 at 7:10pm

Hey, how have you been making out with SureTrader? I'm going the same route myself at the end of the month....

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post #7 of 9
5/16/13 at 7:12am

Hello, I don't know if you have already found broker u like, but I can suggest a new one- Trader's pulse.....they have really low spreads,offering  2 platforms and no opening, transfer or hidden fees

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post #8 of 9
5/16/13 at 7:59am

As long as you use settled funds for trading ( your own cash and non-margin account ), there is no day trading rule...just make sure you are actually using cleared funds though.

 

read more here:

 

https://www.tradeking.com/faq/unsettledfunds

 

This is typical of "day trading rules" for brokers. They cannot tell you how to use your own money, as long as it is settled funds available for trading in your account.

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post #9 of 9
5/18/13 at 11:40pm
Look into Choicetrade and if possible, fund ToS with the minimum for live data for free. Unless that $10,000 rule is Canadian only, you can open an account for much cheaper.
Quote:
Originally Posted by TornTech View Post


Hi everyone! This is my first post here. I live in Canada I've been looking for a broker for a while and can't find one that fits me. I really like ThinkOrSwim and Interactive Brokers, but both have a 10K minimum deposit. I only have 5k right now.



Here's what I need:



[*]

No Pattern Day Trader rule.


Anywhere you go as an options trader, PDT applies to margin accounts but not cash accts

[*]

Have an iPhone app


Choicetrade has a mobile trading website which is essential the same thing.

[*]

Cheap commission


They have the cheapest commissions I have come across.

[*]

Being able to short penny stocks


I think you can do this with Choicetrade but it is extremely risky in general. I'd stick to options and puts personally.

[*]

Under 5K deposit requirement


No minimum requirements

[*]

Available to Canadian residents


I've seen mixed reviews when I googled it. You might need to contact them


So far OptionsXpress is the only one that works, except their trades are $9.95 and the PDT applies to margin accounts, but not cash accounts. I've also looked into SureTrader, but they charge $49 for their desktop software, $40 for Level II quotes and $15 for regional quotes for a total of $104 worth of fees a month (maybe I don't need these features. suggestions here will also be appreciated confused.gif ). Quest trade is cheap but no iPhone app.



 



Anyone got suggestions? 




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