Brokers for international investors wanting to invest in Canadian mining shares

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#1 Thu, Jun 16, 2011 - 3:16am
silvernomics
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Brokers for international investors wanting to invest in Canadian mining shares

The ideal broker is one that offers cheap, instantaneous online execution.

I am based in the UK, and the dearth of such brokers is frankly appalling. Most brokers don't deal in Canadian shares. Here are some that do: TD Waterhouse, Selftrade, Barclays International Trader.

I also have accounts with Swissquote and Questrade. The difference between these two and the above three is like between night and day. If I place an order designed to fill immediately, at Swissquote and Questrade the order is filled within a second or two. With the above three you can go into a black hole of ten, twenty, thirty minutes or more. It's like the dark ages. I have lost so much money over the last year through being deterred from trading my ISA with these clowns.

I think it's tricky to open a Questrade account if you are not based in Canada, but there are no such hurdles with Swissquote. Obviously they are covered by their domestic account insurance regimes rather than the UK's.

Can people recommend any other (non-US based) brokers offering cheap, instantaneous online execution of Canadian shares?

If you know of any which are UK based and do ISAs, pray tell!

Edited by: silvernomics on Nov 8, 2014 - 5:09am
Thu, Jun 16, 2011 - 3:40am
silvernomics
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Maybe with TDW and Selftrade,

Maybe with TDW and Selftrade, it's simply the fact that unlike Swissquote and Questrade their limit orders are run inefficiently and market orders rather than limit orders should be used.

Soggy, crappy little island!

Thu, Jun 16, 2011 - 3:44am
silvernomics
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Something else worth

Something else worth mentioning, which Jim Sinclair has always been a strong proponent of: if you have shares which you are not actively trading, it makes sense to order up delivery of physical share certificates. When the S hits the F, this will be your best insurance against a broker imploding and denying you your assets.

The price can vary a lot between brokers to take delivery of physical certificates of your online portfolio, so shop around.

Fri, Jun 17, 2011 - 9:39am
Turd Mentality
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Selftrade

Agree on difficulties buying Canadian miners. I use Selftrade. They are terrible! Telephoning orders through is ridiculously antiquated. The amount of times I have put an order in that has just been cancelled with no notes by the broker. I have had occasions where I have put orders in that I know is above bid and order has been cancelled - god knows what Loony/Sterling exchange rate they use. They also close telephone orders at 7pm UK time which is 2pm EST. This leaves 2 hours where you can't trade! I'd love to be able to put in some stink bids but you just can't when they are using telephone brokers. God knows it's like catching a falling knife trading miners at the moment - having to do it via telephone orders is like trying to catch a falling knife whilst blindfolded and with one-arm tied behind your back!! 

Okay - I'm on a roll here. The real icing on the cake is when you carry out all your DD on a junior and start looking to invest. You log onto Selftrade; find the stock ticker and discover that they don't trade the stock in any way (not even phone). The amount of times I have seen a junior go up big whilst I'm stuck on the damn sidelines!!

Surely there's got to be a better service. Is it due to Canadian regulations that we can't deal electronically? If not, there's a huge amount of demand that a decent broker could exploit so easily. 

Sun, Jun 19, 2011 - 9:40pm (Reply to #3)
JoeyJoeJoe
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Trading platforms

silvernomics wrote:

Something else worth mentioning, which Jim Sinclair has always been a strong proponent of: if you have shares which you are not actively trading, it makes sense to order up delivery of physical share certificates. When the S hits the F, this will be your best insurance against a broker imploding and denying you your assets.

The price can vary a lot between brokers to take delivery of physical certificates of your online portfolio, so shop around.

Thanks for the reminder. I didn't think of physical delivery, but the insolvency of brokers did occur to me. I use TD atm because I can open both a Canadian and a US account. Their commission fees is $10 which would be on the high end - I refrain myself my really diversifying as much as I want to as a result. I know $10 isn't much, but to me, it's not worth throwing a few hundred dollars at all the miners I like if it's $10 per transaction ($20 in and out). What do you know about the other platforms like Questrade? I suppose TD is the safer bet...

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