Day Trading Broker Canada Reviews – Questrade, Interactive Brokers, Wealthsimple Trade, Thinkorswim


What’s the best day trading broker for Canadians? We see a lot videos for the American traders. But I don’t see a whole lot fo information
out there for us Canadians. So today I’ll be clarifying this question
for all you Canadians out there who are thinking of getting into stock trading. Specifically I’ll be talking about the four
brokers I personally use, Interactive brokers Canada, Questrade,TD thinkorswim, and Wealthsimple
trade. I’ll be comparing their pros and cons and
of course, their broker fees. If that topic sounds interesting to you, make
sure to hit that like button for me and subscribe. Now let’s get started. So first we’ll be going over Interactive
brokers. This is the first broker I got when I started
day trading. And of course, what attracted me to interactive
brokers, just like most people, is their low fees. At first glance, IB is indeed a lot cheaper
than most other brokers out there. Basically the cost for buying and selling
US listed stocks is $0.005/ US per share, with a minimum of $1USD per trade. As for the TSX listed stocks, the cost would
be $0.01 CAD/ share. With also a minmum of $1 CAD per trade. So that’s Interactive brokers fees at a glance. Seems pretty cheap right? But where they really get your money is with
the market data subscription packages. Interactive brokers offer a list data packages
for all the exchanges, equities, futures, options and bonds… all separately. For an average day trader trading the US equities
market such as myself, this is what the subscriptions would look like and it adds up to about $48
us a month. That includes things like Equities and Options
quote for nasdaq exchanges, level ii etc etc. Now if you trade the TSX listed stocks You’ll
need to subscribe to additional Canadian market data subscriptions, or OTC market data if
you trade those. So the cost would add up. I’ll leave a linkt to IB’s data fees down
below for you to check out. I still use IB everyday because their equities
and options trade prices are cheap, but the cons of course their expensive data packages,
and I find their execution speed could be really slow sometimes. I also think their level ii is hard to read,
and lagging behind other brokers too. And their customer service, is horrendous,
which can be very troublesome sometimes when I need to call them for support. So that’s definitely something you should
keep in mind of. But i will give it to IB for getting better
at having short borrows on small cap penny stocks. In that regard IB is better than Questrade. That’s a perfect segway to our next broker
for day trading in Canada. Questrade, which is the broker I personally
prefer when it comes to most equity trades other than shorting penny stocks. They have two commission structures for the
active day trader accounts. For the fixed rate, you have a flat fee of
$4.95 per trade. And that applies to whichever currency the
stock you are buying or selling is in. So either $4.95 CAD or USD. 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. WHich is really nice! To day trade on Questrade platform you’ll
also need data subscription packages. For questrade the all in one packages come
at an hefty price of $89.95, either in USD or CAD depending on thwat you trade. Yes I know what you’re thinking, holy moly
thats a lot more expensive than interactive brokers. But hold your horses, because these data fees
are 100% rebatable. If you trade more than $48.95 in commission
fees in a month, then you’d receive $19.95 rebate from Questrade. And let’s been honest, if you’re day trading
actively, you easily spend $50 in commissions in a day… But if you trade more than $399.95 in trade
commissions in a single month… well, you get the entire $89.95 data fee rebated. The subscription fee rebate situation of course,
depends entirely on how you trade. Fortunately, or unfortunately rather, I usually
get the entire data package rebated to me each month. So that’s one of the many things I love about
questrade. Also, their customer service is amazing and
you can easily reach them through online chat. I find this extremely convenient and beneficial. Their platform Questrade IQ edge offers great
charting for technical analysis, and interface is easy to use as well. But the cons for Questrade is of course their
commission fees are more expensive compared to interactive brokers. But it’s still the broker i would recommend
any Canadians for day trading, swing trading, and long term investing. The third broker we’ll be talking about
today is TD Thinkorswim. This is absolutely my favorite broker for
charting. Very powerful platform and sophisticated analysis
tool for doing option strategies. They also offer paper trading just like IB
and Questrade. But what makes think or swim different is
their OnDemand feature. This tool allows traders to go back to any
US listed stocks on any date in time in the past and practice trading the price action
on that specific date. This is so so powerful, and is a great tool
for traders of all levels to go back and test out their strategies and review their trades. I use this feature all the time on trades
I messed up on and going back to review what I could do differently next time. The thinkorswim platform interface is definitely
top notch. But, it comes with a not so pretty price tag. Their trade commissions are a flat fee of
$6.95 US per trade. That is a pretty steep commission price. If you trade more than 10-20 trades a day,
that cost adds up really quickly. But if you are an active trader and make around
20 or more trades a day, they will reduce your fees to 5.95 or even 4.95 per trade if
you call them up and charm the customer representative with your charisma. Which, I may or may not have done, but, anyways. Despite their expensive fees, with Thinkorswim
you won’t need to purchase data subscription packages. They’re free for the Canadians, IF you maintain
$5,000 US in your account. In the US it’s only $500. 5000 could be hard for some Canadians . unfortunately
there’s no way around it. But honestly the OnDemand feature I mentioned
earlier is worth keeping the 5K in there. For me personally, i just leave $5000 in my
TD account and have access to the free platform charting. And I use IB and Questrade for my day trading
executions. Oh one last con i should remind you is that
you can only trade US listed stocks, no Canadian securities on TOS. Sorry guys, I gotta apologize like a good
ol’ Canadian here. Now last but not least we have Wealthsimple
Trade. Which is a free trading app, or as some call
it, Robinhood for us Canadians. I have done a video going over the app features
and emo extensively, I’ll leave a link down below so feel free to check that out after
this video. While the obvious appeal to wealthsimple trade
is the face that it’s commission free. I do not recommend this app for day trading. You need a lot more comprehensive interface
in order to do technical analysis on your stocks, with candlestick charts liker we have
here on Thinkorswim. WST only offers line charts. And there is no way of adding volume studies
or indicators. Which are essential for day trading. Besides the lack of charting, WST also charges
you a foreign exchange fee of 1.5% when you buy or sell US listed stocks. While that is a standard rate for broker exchange
fees, usually 1.5-2%, but the disadvantage is that WST does not have the functionality
of holding USD currency right. So that means you are charged a 1.5% for each
buy and sell, and you cannot hold USD cash for future trades on US equities. So that immediately scratches this broker
from my list. The most important downfall for WST is the
fact that the data quotes are delayed up to 15 min. There is no way you can day trade stocks without
live data and level ii, not successfully anyway. While I do appreciate the no fee trading,
I would only use wealthsimple trade for very casual swing trading with Canadian listed
stocks. I have put $1000 in the account just to play
with the app and swing trade some cannabis stocks such as Aurora and Canopy growth. Now that we’ve gone through all four brokers. Let’s put all four of them into perspective
together here. Which one should you go with? This is simply my recommendation as someone
who have used all four brokers. If you’re just starting out day trading
as a complete beginner, and perhaps just want to test out the water. I’d say, start with Interactive brokers,
the do offer paper trading, which is a great way to get started for the first few months
without breaking your bank. If you have an extra $5000 US lying around,
I would open an account and practice with Thinkorswim paper trading instead. But once you get a hang of it, and perhaps
become novice and intermediate, I would suggest moving on to Questrade. They do cost a bit more than IB, not as bad
as thinkorswim, but they offer far better execution speed and customer service than
IB. Hopefully by then you would have $5000 US
to open an account with thinkorswim and use their free charting and data as well. Now if you’re already a baller and trade
exclusively the US stocks, and don’t care about the $6.95 US per trade fees. I’d say, go ahead and open a Thinkorswim
account right away. It’s powerful platform is simply undeniable. For wealthsimple trade, I’d only recommend
it for swing trading Canadian stocks and not for day trading. If you want to trade US equities, I’d stick
with the previous three brokers I just mentioned. We will touch on long term investing here
briefly too, for Canadians seeking to take advantage of their TFSA and RRSP with a discount
broker, the only one i’d recommend is Questrade. They have the most reasonable commissions
and low quarterly activity fees that are easily waived. The other brokers just don’t offer those
tax advantage accounts. IB does offer those options but I really don’t
recommend it for long term accounts because of hidden fees, which is why I recently transferred
my TFSA from IB to Questrade. I have a video explaining that in detail if
you’re interested. If you are thinking of opening an account
with Questrade, please do consider using my referral code down below. You’ll gt $50 of free commissions, and I’ll
get the same as well I have received a lot of messages from fellow
Canadians regarding which brokers to use for day trading etc. So hopefully you guys find this breakdown
of four brokers useful. I have another video summarizing how to choose
a broker depending on the type of trader you are as well, so check that out below if you’d
like more information. Make sure to leave a comment and let me know
if this video helped you out. And please smash that like button for me and
subscribe for more content like this in the future. I make videos every Monday and thursday, and
sometimes even on weekends if I don’t have a life. If you have any questions or feedback regarding
brokers, day trading, or anything related to the stock market feel free to let me know
down below. This is the humbled traded, thank u for watching
and I’ll see u next time.

59 Replies to “Day Trading Broker Canada Reviews – Questrade, Interactive Brokers, Wealthsimple Trade, Thinkorswim”

  1. How nice of you to make a video just for Canadian. And you're at 911 subscribers now, probably next week you'll start to get paid from YouTube. Anyways, you said questrade have a faster execution speed than interactive brokers but you also said you use interactive brokers for penny stocks in your comments. I get winning trades the most buy going long on penny stocks, but of course I want fast execution too. So are you saying questrade doesn't work with penny stocks? So my best choice is to go with interactive brokers if I'm buying long on penny stocks?

  2. I use Questrade, I wish they would have an IQ Edge version for mobile devices since I mostly use my phone for day trades. So I'm constantly switching from TradingView app for my technical analysis to Questrade's website to place orders.

  3. Another Great video, Thanks! I use Questrade right now but was thinking of opening up another account with IB FOR Options trading only because of better commission rates but I've heard you need 25k to do this or be under the pdt rule…Do u know if this is true? Thanks

  4. Great video! I am a first time investor looking for an online broker in Canada. This is the best video I've found!

  5. Have you looked into TradeZero? Sounds like the best option for Canadians. BTW your channel is cool. Keep the content coming.

  6. Is the market data must have in order to trade? The subscription is kinda expensive. What if I have Tradingview already, do I still need to the subscription?

  7. None of the above. Found IB to be so slow it was an absolute joke. You have not mentioned any off shore brokers such as CEMG or Tradezero. Using TZ at moment, so far found it to be very fast in trade executions with good short availability. TZ is 99 cent for 200 or less shares then .005 thereafter. Platform fee about $80 but if I remember correctly that is forgiven for 100K shares per month.

  8. Thanks for the great video! May I know which software you used for the animation of the hand-writing? Or did you write it by yourself and filmed it? It looks great

  9. IB with the cheapest commision. and uses TD think or swim for charting and scanner alerts πŸ™‚ Be carefull with Questrade trading split stocks, i got stock selling it and i had a huge loss!!! 5K USD.. Questrade doesnt have good scanner set up

  10. The video's Wealthsimple cons focused a lot on the charting. That is the least of one's worries. Just use better charts, which you'd do on a laptop anyway (TradingView for e.g.). In the TSX, which is the only Canadian market available on WS, I get my data from TMX.com which owns the exchange and posts real time data on their website.

    The fees for US stocks are actually higher than said in the video. It is 1.5% + the current nominal market exchange rate which at the time of writing is 1.346, so you're actually hit with 2.84% both ways for a total of 5.68%. That means you have to make a return of at least that amount on a trade just to start profiting. Source: see "What's the fee schedule for Wealthsimple Trade?" on wealthsimple.com

    Considering that cost, you'd want to stick to long term investment for US stocks using WS. Except that most of the big names you'd want to invest long in average around 7% a year if we go by the SPY so… factor in inflation of 2% a year… you may as well hold cash. Not worth the risk.

    Second major con – no shorting, no stop loss market orders. WS would be really incredible if I could put in a stop loss order under the real-time price to reduce risk, but alas, no.

    Also not really a con but a lot of people aren't aware that stocks must maintain a 52 week average price of 50 cents to stay listed and some stocks may not be listed for other reasons that are more regulatory in nature.

    Conclusion: If you want to trade the TSX and TSX Ventures markets, Wealthsimple Trade is an excellent cost-free way to do it. I literally have not yet paid anything for market data, trades, or charting tools. For example, on a brokerage there's no way I'd make a trade like buying 2000 shares of a stock at .44 and selling all 2000 at .45 for 100% profit of .01 * 2000 or $20. The removed risk of losing that 20 instead PLUS ~$10 in fees, for a measly $10, makes WS a fairly attractive penny stock tool.

  11. Could you just not use tradeview for all their tools and charting software,,,then day trade on Canadian exchanges…Otc ect,,,,using weathsimple? That way you get free trades with weathsimple,,,unless they flag day traders? gOOD VIDEOS! aRE YOU FROM cANADA HUMBEL TRADER?

  12. Great comparison break down video, πŸ‘πŸ‘πŸ‘Thank you HumbledTrader!
    What about PDT rules for these Canadian brokers?

  13. Hi, I am wanting to use the TFSA and RRSP account to day trade and swing trade both stocks and options. In this case which platform is the best one to use? Would it be the quest trade one? Also how much different is quest trade's software compare to td's? Is there a way to test out the quest trade trading software before having an account?

  14. @Humbled Trader what is the best broker app for charting and level 2 ? I cant seem to find one. I find it almost impossible to day trade from my phone. Thank you

  15. Hey, been studying for the past months with paper trading and feel that I am ready. Looking to become an active day trader and was initially planning to go with Questrade, however going through the comments I've seen you mention it is better for mid/large cap stocks. Personally I have a small account, I plan to start with $1000 and play micro-mid cap and low float stocks, the setups I have learned or rather have practiced more so than the other are long biased. I plan to trade short as well but on a later date.
    Should I go with IB, stick with Questrade or look into TradeZero?
    Thanks in advance!

  16. Excellent video!!! I just subscribed. Do you have a video strictly on short selling and which canadian broker is best for that? So glad I found your channel; it looks full of useful trading/investing videos.

  17. I use Questrade and currently want to try IB. The most annoying for me with Questrade is the login process is very sluggish on mobile and it's timeout quick when you just leave you phone for monitoring stocks price. The API of IB has a lot of features for me to try. The API of Questrade is very limited.

  18. Great info… does Questrade offer shares to short for OTC stocks ? If not what can you short with Questrade? And what broker is the best for shorting any type of stock?

  19. Hi, what broker do you think the best for locate short, like for SGBX or VVPR the last Friday. I'm stuck with Suretrader but their short locating is down

  20. Great videos! It's helpful watching a Canadian. I like your humor and get a couple of good laughs per video too. Thank you!

  21. If I'm trading Nasdaq stocks through questrade what data should I have for level 2? is the Advanced U.S package suffice?

  22. Really looking for something that I can use during work on my mobile phone, maybe a trade or 2 per day, trying to avoid as many fees as possible. Wealthsimple seems to be the one, what do you think

  23. Hey, I'm thinking about opening a Questrade account, do we need to chose a special account for day trading?

  24. Where did you get that information for think or swim commissions, it is 9.95 flate rate starting until you are considered an active trader making 150 trades per quarter you then have access to 7 dollar flat trades, and you also are not able to negotiate commissions at all in Canada that is only in the us

  25. I am trading at Questrade and the fees are not the same as you mention for 1000 shares I pay 16.00 can in and 16.00 out

  26. Hey, I'm in Vancouver and have heard about Qtrade (not Questrade). There's an office here. https://www.qtrade.ca/en/investor.html Actually some online reviews rate it well, within top 5. I'm just getting started, don't have a broker yet, and looking at all options. I'm a little mixed about all of them…. I'll probably end up doing some swing trades, and longterm couch potato portfolio.

  27. I'm not sure why you subscribe to so much data with IB? Plus you did not mention that with some of those data subscriptions the fee is waived if you make a certain amount of trades/month. If you are day trading that should be no problem to meet the required number of trades.

  28. Thanks for your awesome videos! Thumbs up and Subscribed! Just what I need. As a beginner I have few questions if you don't mind to give some advices.
    1. I notice that ThinkorSwim in Canada is hosted by TD Direct Investing but not TD Ameritrade, which losses a lot features such as Forex trading. Do you know as a Canadian residence can we open TD Ameritrade account so we could enjoy lower fees and more functions in ThinkorSwim?
    2. I found TradingView.com is very helpful as a charting and researching platform, do you have any experiences with that? I read many traders use that as a charting tool and executed their orders elsewhere.
    3. I just wonder how inconvenience it will be to using two platforms together, like you said in video, one for charting and one for executing. Do you feel that your position won't be reflected on the charting side will cause some confusion? Or is there a work around?
    Anyway thanks for your fantastic video! Keep up and good trade!

  29. Very very good information, thank you ! I have been trading with Investorline , their service is great, but the trading commisions are very high, I guess I should consider switching, or bargain with them
    Thanks again, Today I found your channel and watched 5 videos already, so much more to learn from you !
    Your a very bright and humorus young lady ! Always hit the like button, should be a Love button, for great videos like yours

  30. Hello, my question might not be related to this video but how are the taxes done for trading? (I am canadian too) Thanks!
    Great videos, keep up the good work. Cheers!

  31. Tradezero all tha way. great commissions, great HTB stocks, no PDT. only thing that sucks is the deposit/withdraw fees which are big (D30 w70) because it's all bank wires

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