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Discussion Starter · #1 ·
Started with Inv Edge at start of "trading" career , but now that i've been into it for a while it is now seeming very lackluster and even worse , slow . It is convenient for transfers and a "snapshot" of finances but when i'm losing out on $$ because of site performance , that's where i draw the line .

Thinking now about liquidating smaller positions and leaving a few long term stocks in TFSA and moving the rest to TD / Scotia ... or other options ?

For long term holds CIBC is fine and single trades are only $6.95 so would like the active trading account to be possibly around there , but would spend more to get more of course .

Looking for best platform , cost friendly with better options .

Vector seems expensive for my needs ., checked out Quest and Wealth early on but stuck with CIBC after trials .

Also for analysis what are people liking , i'm not minding Simply for the quick snapshot when initially looking at a stock .

Any info and input on CIBC performance for others would be greatly appreciated .

Thanks
 

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Interactive Brokers. $1 trades. Margin at Prime - 1% or lower. Cheap forex and support for many different currencies. Great mobile platform. I couldn't be happier with them. You need >$100k with them to avoid some of the fees.
 

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I have accounts at CIBC Investors Edge, I-trade and Interactive Brokers.

Interactive Brokers is best for active traders. Trading fees are very low, but there is a monthly exchange access fee which might eliminate the amount you save in trading fees if you trade infrequently. Interactive Brokers is also good if you want access to other exchanges such as the ASX. Interactive Brokers also allows you to trade foreign currencies at spot market rates, which can save you a lot of money in hidden Fx fees. I use IB to change money from CDN to USD. I transfer CDN from my bank, trade it for USD and then transfer it back to my USD account, paying only $2.50 in fees, and saving the banks 2.5% rip-off on exchange rates.

The difference between I-trade and CIBC is a matter of personal preference. Last year, I would have said go with CIBC because they used to give you preferred FX rates on US stocks and US dividends. That has changed now they offer US denominated RRSP and TFSA accounts. Now they cream the usual 2.5% off the top when ever you do a transaction that involves a change of currency.
 

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I use IB to change money from CDN to USD. I transfer CDN from my bank, trade it for USD and then transfer it back to my USD account, paying only $2.50 in fees, and saving the banks 2.5% rip-off on exchange rates.
In IE I just buy DLR and sell DLR.U to avoind any FX fees.
About 4-5 years ago I transfered my last account from TDW to IE and I'm happyi did it.
P.S. Cannot call myself active trader :)

btw, I'd prefer the "old" system when i was getting BoC FX rate, but CIBC had it only until they implement full USD$ registered account, so i don't complain
 

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I moved most of my business to CIBC IE, mainly due to info gibor shared, (thanks gibor), but now I'm thinking of moving the rest, just to consolidate under one roof mainly.

Yes, TDDI was faster at processing my orders; CIBC IE seems to need about a minute and a half or so to 'approve' the order, wheras with TD, it went through to the market instantly. I'm not sure if there's a way around this, maybe applying for a margin account or something but for me it's not a factor of huge significance.
I generally decide on a price to buy or sell, put in a limit order for 30 days and let it ride for a bit.

I understand for an active trader this could be a problem.

As far as the new separate accounts go, so far CIBC IE has been treating my USD dividends in my CDN accounts VERY fairly, I'm keeping track, and I'll eventually open a new thread on this.

As far as trading US stocks in the wrong (CAD) account, I have a small trade waiting to happen before I move all to the US side, this will be in the new thread too.

I did speak to a rep and he said the FX cost on such trades would be 1.5 cents.
When I asked him to clarify, 'do you mean 1.5% from the BoC rate?' he said no, if the current market exchange rate is 1.3, you will get 1.285 (if I remember correctly).

That's still a hell of a lot better than the 2 to 3 % that TDDI likes to stick in their pockets.

As I've said, I'll create a new thread eventually (and add a link to the thread I created years ago exposing TDWH's thieving ways, the numbers in which Canadian Capitalist did use in his blog on the same subject).
 

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CIBC IE seems to need about a minute and a half or so to 'approve' the order,
I noticed that when I have available cash on account, IE processed my orders immediately, but if money in ATL5000, it will take minute or so..
btw, from what I noticed, USD DRIPs in registered accounts are still proccessed with prefered rate..
I also like GUI in IE much more then in TDDI
 

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Discussion Starter · #7 ·
Thanks for all the input and info , still on the fence since i like having all my finances in one area , minus a RSP at IG that i need to move soon . Their lack of involvement for the fees they charge is criminal .. my portfolio manager didn't even know what alimentation couche-tard was .

Anyway thanks again , might try IB for my active trading .
 
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