Crappy Canadian Brokers

[Monsieur_dee]

On 3/15/2021 at 12:43 PM, KCLarkin said:

 

Disclosure: long IBKR

 

As a Canadian, there are a few main advantages

1. Generally easier to connect with other banks (my wife has TD and they only let you transfer to a TD account). I even have IBKR connected with a USD margin account at a Big Bank CAVEAT: they are extra cautious with both deposits and withdrawals. So it is easier to get money in and out. But it is slower. And they have weird limits on $$$ value.

2. Significantly better foreign exchange rates

3. Buying international stocks

4. Margin rates

5. Online elections for spinoffs and other corporate transactions

6. Better executions

 

I don't lend out shares, but I believe it is available for Canadians. RESPs -- all my registered accounts are still with a Big Bank so I am not sure. I only use IBKR for my US/international shares.

 

I much prefer IBKR, but I don't trade my Canadian stocks enough to bother with a transfer. For my US stocks, the ForEx rates alone made the transfer worthwhile.

What account do you hold your international stocks (non US) in? Tfsa? RRSP? I'm with questrade & I don't really want to pay $250 Canadian to buy a Japanese company. 

[randomep]

About the wait times: I can assure you the US vs Canada is no different. I had to call several US brokers regarding stock transfer problems and the average wait time in one week was 4hrs. Yes you heard that right. I just worked at my desk and set an alarm around the time when the expect wait is done.

 

But I feel canadian brokers/banks are a big huge ripoff when it comes to fees.  They charge for everything, invactivity, minimum balance, etc.  US IBKR charges almost nothing for currency exchange, other US brokers like Fidelity charge 1%, TD Canada? 2%!  I need to know some good brokers in canada.

 

 

Edited April 17, 2021 by randomep

[KCLarkin]

18 hours ago, Monsieur_dee said:

What account do you hold your international stocks (non US) in? Tfsa? RRSP? I'm with questrade & I don't really want to pay $250 Canadian to buy a Japanese company. 

I use my taxable IBKR for my rare international trades. If you are buying international stocks, IBKR is the only real choice. If you do enough US or international trades to justify the maintenance fees, IBKR does offer registered accounts.

[Monsieur_dee]

1 hour ago, KCLarkin said:

I use my taxable IBKR for my rare international trades. If you are buying international stocks, IBKR is the only real choice. If you do enough US or international trades to justify the maintenance fees, IBKR does offer registered accounts.

When I spoke to them. They said they don't allow any international (outside USA or Canada) trades inside a registered account. Seems like if I want to make an international trade it'll have to be in a non registered account. Thank you. 

[randomep]

Speaking of IBKR, apparently it doesn't cover certain international stocks that fidelity covers.

 

I tried to transfer the following, BTW does any know what the heck DTC eligible is?

 

EUROPEAN RELIANCE S.A.
EUR0.63(CR)

ISIN #GRS277023008 SEDOL #5212770
(ERPRF)IBCS 2021/04/15 09:11:29
Dear Randomep,

IB does not trade ERPRF /
Security cannot be added: Not DTC Eligible - Not in DTC file: IB offers only DTC-eligible securities.

 

 

[Xerxes]

Anybody has experience with HSBC as a Canadian for foreign stock exchanges ?

 

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