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Good Futures Brokerage in Canada?
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Good Futures Brokerage in Canada?

  #1 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
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Good Futures Brokerage in Canada?

After getting burned with PFGBest, I want my next broker to be located in Canada so at least I am protected by IIROC and/or CIPF. So other than IB Canada or RJOB Canada, does anybody have a good brokerage to recommend located in Canada?

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  #2 (permalink)
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  #3 (permalink)
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Why not IB?

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  #4 (permalink)
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Big Mike View Post
Why not IB?

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That's who I am leaning towards but I was wondering if there were other options.

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  #5 (permalink)
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Whats RJOB Canada?

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  #6 (permalink)
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Montreal
 
Futures Experience: Intermediate
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Broker/Data: IB Canada/IQFeed
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superpete View Post
Whats RJOB Canada?

RJ O'Brien.

R.J.O'Brien & Associates Canada Inc - Home

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  #7 (permalink)
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Windsor Ontario
 
Futures Experience: Beginner
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You can setup an account with TD Waterhouse and thru them you can get an account with TD Waterhouse Think or Swim (TOS). It is somehow affiliated with TD Ameritrade which is owned by TD I believe. You can trade US equities, options, futures, etc. The money transfers are handled thru your TD account.

AdamGG

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  #8 (permalink)
Elite Member
Ontario
 
Futures Experience: Intermediate
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Broker/Data: Mirus/ZF
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TD Think of Swim vs IB

I am in the same boat...finding a good Canadian broker.

Any idea re: commissions and margins for TD TOS vs IB? Also, charting?

As far as margins compared to U.S. as you all know, they are a bit hefty in Canada... Must be our conserative (hint hint Harper) nature....

http://www.interactivebrokers.ca/en/p.php?f=marginCA

For example for CL during normal trading hours (9:30am to 4pm)

Intraday Initial 4028
Intraday Maintenance 2984

After hours they jump to $8055 and $5967 for Initial and Maintenanc Respectively.

For ES

Intraday Initial $2188
Intraday Maintenance $1750

After hours $4375 $3500


For 6E (Euro)

Intraday Initial $4050
Intraday Maintenance N/A

Overnight Maintenance $3000





Any idea on Roundtrip prices (all in) for Think of Swim vs IB?

Thanks
Jungian

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  #9 (permalink)
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Windsor Ontario
 
Futures Experience: Beginner
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Posts: 14 since Apr 2012
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CDN TOS commissions

TOS commissions are higher than IB however the data and software are free. The TOS platform includes charting and execution - lots of tools and customizable with extensive options support. You can monitor/trade futures, options, equities etc from one platform and save specific program setups.
If I remember correctly you also have to setup a margin account with TDWaterhouse Active Trader. A bit clunky but you get access to CDN and US equities etc (not futures). OK for maybe swing or longer trades but a bit pricey for day trading equities. ($7 RT)
If you trade lots of futures contracts then using a low commission US broker is probably in your interest or maybe IB - I don't know much about IB (they are discussed here somewhere).
You can get more info at TD Waterhouse | Investment and Wealth Management Services and search Think or Swim.
I have a couple of futures brokerage accounts in the US and I don't currently use my TOS account that much however I will be using it more in the future. The reason being to spread the risk around. One model that I will use only requires a couple of trades per day, the extra commission and higher margin are not a big factor.
For more active futures day trading my approach is to utilize the low margin requirements and low commissions at a couple of US brokers (AMP, Mirius, etc - take your pick). With $400-$500 margin (ES Futures) and I estimate potential drawdowns based on my risk model and keep that in margin account. Say at 1% risk model (per day), on say a 50K allocation thats a potential $500/day risk, set up for 10 days of full loss = $5k. So if you trade 5 cars (10K allocated per car) that would be margin $2500 plus risk $5000 = $7500 deposited in broker account.
The balance of your 50k allocation can be used to generate a return elsewhere (accessible).

In this day and age it is difficult to figure out who is solid. Diversity is one method to reduce risk. Its hard enough to win - not good if it then gets stolen.


Best of luck

AdamGG

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  #10 (permalink)
Elite Member
Windsor Ontario
 
Futures Experience: Beginner
Platform: Ninja
Favorite Futures: ES
 
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Posts: 14 since Apr 2012
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TOS - no futures for Canadians


I was just checking with TOS (Canadian account) and you cannot trade futures.

I will have to re-adjust my plans.

AdamGG

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