I dealt with Jessica Munro and am very pleased with the product knowledge she offered. However, it’s not the best for those new to investing because the platform is complex. Interactive Brokers charges a variety of other fees that you should know. The benchmark rate for Canadian investments is 0.088%, so you can use that to calculate your interest. If your balance is greater than $140,000, you will receive the full amount, while lower balances will receive a portion of it.

• IB Forex transactions are OTC and may be transferable dependent on the transaction.
• I contacted Insurdinary online and received a callback very quickly from Eric of Alliance.
• For example, Interactive Broker’s snapshot data costs $0.01 per data request for NYSE and NASDAQ and $0.03 per data request for all other markets, with $1.00 of data quotes being free every month.
• I got stopped out 185 pips (AUD/NZD) on top of my stop loss for holding my trade over the weekend.

It’s important to have access to customer service in case you run into any problems while using your trading platform. Commissions vary according to the type of security you wish to trade. Trading stocks start as low as 1¢ per share, with a minimum of $4.95 and a $9.95 maximum, while trading options amount to $9.95, plus $1 per contract.

They have recently made some upgrades to their Client Portal homepage, which offers key account metrics at a glance, portfolio performance, tools and services, and access to quick trade functions. FXTrader provides best-execution functionality and a transparent pricing structure. The Filer offers trading in 16 currencies with market spreads as small as 1/2 PIP. These tools allow traders to track and analyze market data in real-time, enabling them to make better trading decisions.

Interactive Brokers Account Types

If you choose tiered pricing for stocks, warrants, and ETFs, you’ll need to pay at least $1 per order. Before you start using Interactive Brokers Canada, consider the fees and commissions you’ll need to pay. Look at the breakdown to make sure it will be worth it for your investments, or if you want something with fewer fees. You can use IB Canada to invest in stocks, bonds, options, and future options. Other investments include mutual funds and precious materials. This year marks a shift in the ranking to include investing apps as well as traditional online brokers.

Interactive Brokers Canada is the Canadian arm of this global brokerage — otherwise known as IBKR — offering access to the US and global markets. IBKR has top-level trading tools, affordable fees, and low commissions on trades. FXTrader provides an optimized trading interface, with Interactive Broker-designed tools to trade the forex markets.

The tiered pricing model is really for professional traders making hundreds of trades or making really large trades. You can also buy ETFs, mutual funds, options, and several other Canadian investments using the brokerage. Yes, Interactive brokers offer you real-time market data for level 1 & 2 market depth for an additional fee.

So, if you purchase 500 shares of a Canadian-listed stock, you pay $5 in trading commissions. As of this writing, Interactive Brokers has $9.93 billion in equity capital and 1.07 million client accounts. Its platform also facilitates over 2 million trades per day. For example, Wealthsimple Trade offers no-commission trades for thousands of stocks and Exchange-Traded Funds . It became the first zero-commission platform to trade ETFs and stocks in Canada when it launched.

Choose the Best Account Type for You

BMO InveestorLine has only one web platform, which is called InvestorLine Self-Directed. It features a simple user interface https://forex-review.net/ and is quite straightforward. Hi guys, I’m just not sure what to do with the Forex Income Worksheet provided by IB.

Use this form to submit website feedback and suggestions, or to inform us about website issues. IIROC Rules and IIROC Acceptable Practices each set out detailed requirements and expectations relating to leverage and margin for offerings of foreign exchange contracts. The degree of leverage may be amended in accordance with IIROC Rules and IIROC Acceptable Practices as may be established from time to time.

Interactive Brokers Canada: What Is It?

When trading options, you’ll have to pay at least $1.50 per order. Commissions range from $1 to $1.25 per share based on the volume. In view of these regulatory regimes, investors would receive little or no additional benefit from requiring the Filer to also comply with the prospectus requirement. Keep in mind you need to cover commissions, monthly data fees and the most important margins on the products you plan to trade. I’ve been asked several times about futures trading and opening accounts in Canada. The reality is there are not nearly as many options available for affordable futures trading brokerages in Canada.

While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services.

Accounts can hold most major currencies, allowing for access and exposure to different markets around the world. This increase in competition has driven commissions down but has also made the process of selecting a platform more difficult. This article has been reviewed for accuracy by a Senior Editor that is Canadian or Canada based and actively using the Canadian financial system. The PiggyBank editorial team strives to provide you with accurate, up-to-date information that’s useful in your personal finance journey. Along with the ID, you must provide proof of residency and a bank statement dated within the last 6 months that includes your full name and address. The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice.

Interactive Brokers Canada Research

We’re aware of the request and are building a generic broker neutral way of approaching this feature. No timeline on its ETA but the foundation has been laid with the IOrderProperties type which holds broker/order specific properties. We’ve already made OrderProperties for Financial Advisors sending trades to multiple accounts.

Your feedback matters

While a similar offering is available with Interactive Brokers, IBKR Lite is not available in Canada as of writing. Casual or beginner traders might find it challenging to adjust to the platform, and its customer support is known for not answering for days. If you choose to use third-party research tools, you will have to pay a monthly fee for their services integrated into TWS. For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or 0.5% of trade value. While the platform obviously caters to higher volume, higher account value traders, there are nevertheless some very real benefits to IBKR over other platforms for even the most beginner traders.

The commission for most securities for online trading in Canada, including equities, options, and mutual funds, is $8.75. In addition, the company offers over a hundred commission-free ETFs with no minimums. There is interactive brokers forex review also a promotional offer for traders aged 18 to 30, which includes commissions for stock and ETF trades that amount to $7.75. RBC Direct Investing is an online investing service offered by Royal Bank of Canada .