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Can Canadians Use TradeZero?
Some Canadians can use TradeZero. Residents of Ontario are NOT able to use it, however residents of all other provinces CAN use it.
What are the benefits of TradeZero coming to Canada?
TradeZero originally started as a brokerage based in the Bahamas, focused on day traders.
In 2019, they expanded to the US, and now offer commission-free trading to US residents through their US based brokerage.
TradeZero could be a good fit as a platform for day traders, and Canadians, besides those in Ontario, can now sign up for an account through their Bahamian based operations.
Alternatives for Canadians / Ontarians looking for TradeZero
Three good alternatives for Canadians at the moment are Wealthsimple Trade, Questrade and Interactive Brokers.
1. Wealthsimple Trade is Canadian and the only brokerage to offer zero-commission trading in Canada, however they do not offer advanced features.
2. Interactive Brokers, is a global brokerage based out of the US that also offers really competitive commissions as well as low interest rates on margin accounts.
3. Questrade is Canadian and compared to the big banks, offers competitive commissions when trading both stocks and options along with other features advanced traders may find useful.
4. The traditional banks are also an alternative for those who prefer to use their primary financial institution as their brokerage for the ease of transferring funds around.
TD Direct Investing / BMO InvestorLine / RBC Direct Investing / Scotia iTrade all have the same standard online commission structure:
Stocks: $9.99 per trade
Options: $9.99 per trade + $1.25 per contract
CIBC comes in lower at $6.95 per trade.
There are some variances if you get into the active trader volume of trades.