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Can Canadians Use TradeZero?
Yes, TradeZero is now available to Canadians, including those in Ontario, as of February 2022.
TradeZero received IIROC approval in January 2022.
What are the benefits of TradeZeroa?
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 could benefit Canadians who didn’t get a chance to open an account prior to May 2021. Those who did can continue to use their accounts at this time.
Alternatives for Canadians looking for TradeZero
For those who are not ready to change brokers, three good alternatives for Canadians at the moment are Wealthsimple Trade, Questrade and Interactive Brokers.
1. Wealthsimple Trade is Canadian and was the first 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.
- Lowest and most transparent commissions
- Large number of tradable security types
- Robust suite of research tools
- Low margin rates, from 0.75% to 1.59%
- Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
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.
NEW: National Bank Direct Brokerage has moved to $0 commissions as of August 2021, the first broker of a Canadian bank to do so!
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