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Discussion Starter · #1 · (Edited)
I'm currently with RBC with a direct investing account and a TFSA. I'm going to try a bit of day trading and RBC's online platform is horrendous.

I'm thinking of either going with IB or Questrade. IB will be cheaper overall, and I love their TWS platform, but they don't have TFSAs, and I can only get their cash account. I'd leave TFSA with RBC and just park the money in some mutual funds. Forex is really easy with them too.

For Questrade, I tried their IQ Edge platform and I like it, but costs 5-10$ instead of >1$. Their data packages are more expensive. And they have TFSAs and free ETF purchases. But I read a lot of complaints online about them. They also seem to be a smaller company than IB.

Advice?
 

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I'm using IB for non-reg and Questrade for TFSA/RRSP. I prefer IB, I'd use them for reg if they had it. I'm using real-time data from IB as it's cheaper. Also most trades are cheaper on IB.
I find IQ Edge annoying with the mandatory updates every couple of weeks, but not bad as a trading platform. IB's TWS allows automation, they have an API.
 

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Discussion Starter · #3 ·
I'm using IB for non-reg and Questrade for TFSA/RRSP. I prefer IB, I'd use them for reg if they had it. I'm using real-time data from IB as it's cheaper. Also most trades are cheaper on IB.
I find IQ Edge annoying with the mandatory updates every couple of weeks, but not bad as a trading platform. IB's TWS allows automation, they have an API.
I don't qualify for their margin account. From their description of their cash account:

"Stocks/Warrants/ETFs

You must have enough cash in the account to cover the cost of the stock plus commissions. Shorting of stock is not allowed. Cash from the sale of stocks becomes available 3 business days after the trade date. When authorizing market, relative and VWAP orders, a 5% cash cushion is required to compensate for market movements."

Seems you can't really day trade with it.
 

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Also advise against day trading. Though I do have a friend who basically quit his job to trade TSLA & penny stocks. This is the kind of thing that happens in the latter stages of bull manias by the way
 

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I have no complaints with questrade. If you are going to be using margin then I believe ib offer much better rates. Although with questrade you can use your tfsa balance as leverage in the margin account. as your day trading interest rate would be of minimal concern.
 

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I'm with Questrade and really like them. They seem to get a bad rep for customer service, but I've always found them to be great. Also, for trading I do like the leveraging from the TFSA that liquidfinance mentioned.

I use IQ Web rather than Edge usually and like it. I don't like their mobile and tablet platforms though.
 
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