Interactive Brokers Canada Review: The Best Choice for Active Traders

Qtrade has a much more intuitive and well-designed web site. Questrade’s website doesn’t even have the ability to print your holdings to a file – I need to do a screenshot. Also, even though Questrade’s monthly statements runs to about 16 pages they are the worse of all the brokerages I use. I feel that the compensation you are receiving from Questrade is influencing your objectivity. That is also true of other financial bloggers I read – they all recommend Questrade.

Real-time trade confirmations, margin details, transaction cost analysis, sophisticated portfolio analysis and more. Award winning platforms for every investor from beginner to advanced on mobile, web and desktop. Apart from the “free” trading that builds the fee into the stock price, that isn’t offered in Canada. Depending on how you plan to fund your account, you may need to provide additional information, i.e., wire transfer or electronic funds transfer info .

interactive brokers forex review

Questrade is Canada’s low-cost leader, offering no-fee ETF purchases. They offer some of the lowest foreign currency exchange fees globally, which is something professional traders will love. In addition to the low fees, they also provide trading access to more stock markets than any other discount broker in Canada. Over 130 stock exchanges across 30+ countries and more than 20 foreign currencies. GFF Brokers is an evolving next generation brokerage firm.

Read our Questrade review for the full details on why it’s the best trading platform. When a standard buy or sell order is issued, the order is routed by your broker to the exchange where it is paired with seller/buyer. Payment for order flow introduces a ‘market maker’ in place of the exchange. Market makers are large institutions with sophisticated trading technology that ‘make markets’ by filling buy and sell orders.

Interactive Brokers Canada Investment Products

You can try the free trial of the Portal if you’re not quite ready to commit. For stocks and ETFs there is a tiered rate or a fixed rate. Yes – you can definitely buy Canadian stocks on Interactive Brokers .

interactive brokers forex review

This page will compare the 15 best trading platforms in Canada for stock trading, day trading, options, CFDs, crypto, and forex. Interactive Brokers Canada is a popular online brokerage platform for experienced traders who want to trade stocks, ETFs, bonds, options, and other securities. If you need access to an advanced trading platform, IBKR may be for you.

Qtrade, not to be confused with Questrade, is another discount broker product available to Canadians. Qtrade is a product suitable for Canadian investors who want to focus on Canadian and US markets. For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or maximum of 0.5% of trade value. Interactive Brokers Canada began in December 2000 and provides interactive brokers forex review Canadians with direct and high-speed access to trade in markets around the world. From Europe to Asia, Interactive Brokers gives users the ability to buy, sell, and hold stocks, ETFs, warrants, and options from companies around the world. The ability to trade stocks on the major exchanges in these two countries is standard and available on just about every platform in Canada.

Questrade Features

This gives you access to $7.75 commissions, a discount from the regular $8.75 commissions, plus no account minimums and admin fees. To avoid this, you can pay a $10 monthly subscription to get access to Wealthsimple’s Plus plan, which allows you to open an U.S. You’ll only be charged the 1.5% conversion fee once to convert CAD to USD, and once to convert USD back to CAD. Once you have a balance in USD, you can use it to purchase USD-denominated stocks commission-free. Wealthsimple Trade was revolutionary in bringing commission-free stock trades to Canada, a concept similar to Robinhood in the United States.

  • Today, Interactive Brokers Group is publicly traded on the NASDAQ with a current market value of over US$26 billion.
  • FXTrader provides an optimized trading interface, with Interactive Broker-designed tools to trade the forex markets.
  • This article/post contains references to products or services from one or more of our advertisers or partners.

Questrade’s practice account sets it apart from Interactive Brokers and will give beginners an edge to get their heads wrapped around forex trading before putting their real money on the line. For the vast majority of DIY investors who are using ETFs to build passive investing portfolios, you won’t need IQ Web or IQ Edge. Just stick to the basic trading platform, and you’ll be just fine.

Fees and Pricing

And, as you can imagine, this company takes fund security seriously. Because IBKR Canada customers don’t get to choose between IBKR Lite and IBKR Pro, everyone will get access to the TWS platform that professional traders love. It has some great options for that group, but the average person will likely never make use of them. What to look for in a Forex broker comes down to what is most important to you.

interactive brokers forex review

IBKR prides itself on being the best option for exchanging currencies around the world. The thing is that the vast majority of Canadian investors will never need to exchange currencies, and even those that do will only need US Dollars in addition to Canadian Dollars. In fact, if you’re looking to purchase stocks from around the world , then International Brokers allows you to buy on 135 markets, in 33 countries, in 23 currencies. So while your investments are likely as safe as possible from hackers or fraud, it’s perhaps the US taxman that you have to be most careful of. Interactive Brokers Canada is part of the parent company Interactive Brokers Group, Inc., which has been around for over 40 years and boasts a consolidated capital of over $10 billion.

Before you dive into Questrade yourself, here is an inside look at Questrade’s platform. The screenshot below shows the watch list and the order entry to buy shares. Interactive Brokers has a $10,000 USD minimum balance to open an account.

Interactive Brokers Canada Research

The repetition of the fee structure was over-played and clearly a marketing move. Normally I enjoy these articles but Jim, you sold out by publishing this author’s article in my opinion. Do a couple dozen trades each year and have watched everything grow. Your daughter’s TFSA shouldn’t receive an inactivity fee if there’s at least $5000 in her account, or she’s under 26.

Interactive Brokers is so good, why anyone still bothers to use bank’s trading platform?

Very satisfied with my experience with GFF Brokers thus far. Everybody that I spoke with was very knowledgeable and professional. They introduced me into some very specific details of trading, not many people can freely speak of. All that, makes me believe we are going to have a healthy and prosperous relationship. All customer service and compliance staffs I contacted at GFF Brokers are friendly and efficient.They are also knowledgeable in their areas and I am confident to work with people at GFF Brokers. If a Forex broker is not regulated locally, then you must at the very least ensure that they are regulated in a trusted location and by a regulatory body.

Here’s another example of what a watch list might look like with the Questrade trading platform. I like the colours since the red and green help you discern/ visualize how the stocks that you are watching are doing more easily. If you’re wondering what a watchlist is, the basic idea is that if you pick stocks, you might want to keep your eye on how your “targets” are doing at any specific time.

You can deposit using a credit card, debit card, or with a bank wire transfer. Withdrawals can also be made back to your credit or debit card, up to the amount initially deposited. Any excess amounts will need to be withdrawn via wire transfer. Wealthsimple Trade does not support margin trading or options trading. This means that you cannot short stocks with Wealthsimple Trade.

Charlie – simply Google US domiciled investments in the event of death. No official case precedent that I’ve been made aware of – and trust me, I’ve asked. TWS Mosaic is more of an all-in-one, comprehensive work space, making it easy to trade, get quotes, and use technical research tools in one spot. Users can also create and interact with watchlists and charts here.


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