IBKR Account Setup (Canada)

[Mohammed Wahid Ullah 0]

Hi, 

I am a new trader. Appreciate anyone sharing following advice setting up an IBKR Canadian Account. 

• Are there any specific recommendations when opening a Canadian IBKR account?
• Would you suggest going with the Fixed or Tiered commission plan? ( I usually do 5-10 trades a day, mostly established tickers like TSLA/NVDA etc with 50K account) 

 Thanks

WAHID

[Kelvin 0]

Hi Wahid,

Welcome! Totally understand there are a lot of options as you open your first IBKR account.

1. Look into whether you want to convert a portion of your capital to USD before you start trading if you intend to trade US stocks. This might save you interest and some conversion fees in the long run.

2. Fixed vs tiered commission plans is not a simple answer as it varies depending on what and how much you trade. Although it is geared towards EU users, this article explains the difference well: https://thepoorswiss.com/ib-fixed-or-tiered-pricing/

Hope this helps,

Kelvin

[Mohammed Wahid Ullah 0]

Thank you Kelvin for your feedback. Greatly appreciated.