Lightspeed is currently not available in Canada, however several other online brokerages offer similar functions.
Lightspeed Trading aims to service the heavily active and professional trader niche, resulting in requirements for high balances and commission minimums per month.
Lightspeed is a preferred platform for options trading.
3 Alternatives to Lightspeed Trading Canada
- Ability to purchase fractional shares.
- Low commissions, especially for high-frequency traders.
- The platform is not as user-friendly as other options.
- The pricing structure is complex, and understanding commissions may be difficult at first.
- No fees to purchase ETFs.
- Easy to navigate mobile and desktop platform.
- Minimum account balance of $1,000 is required to trade.
- Subscription required to stream real time quotes.
- Scotia iTrade has won several awards for being one of the best bank-owned Canadian brokerages.
- Clients are able to practice trading in a paper account and when they move on to actual trading, active traders receive discounted commission fees.
- High fees compared to other brokerage platforms.
Even though Lightspeed Trading isn’t available in Canada, several online brokers offer the same or similar services.
Below are short descriptions of three platforms that are on par with Lightspeed Trading and are available to Canadian investors.
Interactive Brokers is a great alternative for Canadians.
The costs of trading are extremely low, and there are several different pricing structures to choose from depending on the type of trader you are.
The fixed pricing structure offers trading for as low as $0.005 per share of US equities, with a minimum of $1 and a maximum of 1% of the trade value.
For the tiered structure, pricing starts at $0.0035 for the first 300,000 shares and drops to $0.0005.
As you can see, high-frequency traders are likely to benefit the most from the Interactive Brokers pricing structure.
Aside from stocks, investors also have access to a wide range of other assets, including ETFs, options, futures, FOPs, warrants, structured products, SSFs, currencies, commodities, indices, fixed income, and mutual funds.
Interactive Brokers offers their Canadian clients a variety of account options.
Both registered and non-registered accounts can be created in just a few simple clicks.
TFSA, RRSP, Spousal RRSP, margin, and various trust accounts are all available through the trading platform.
Interactive Brokers also offers the ability to trade fractional shares, except in RRSP and TFSA accounts.
This feature has been highly requested, as it allows for traders operating with small sums of money in their accounts to buy stock in companies with high individual share prices such as Amazon.
The investment platform offers both a mobile application and a desktop application, both of which have an initial learning curve to them.
However, once users get a grasp of the interface, there are a variety of useful features that can be used to conduct research to make better financial decisions.
Questrade has been around in the Canadian market for over 20 years.
During this time, the company has consistently been rated amongst the top investing platforms in the country by offering low-fee trading and a variety of services that cater to both amateur and experienced traders.
Just like Interactive Brokers, Questrade offers a few different account options depending on user needs.
Regular accounts have commissions ranging from $4.95 to $9.95 for most Canadian and U.S. stocks. The company also offers an Active Trader package which can bring commissions down to as low as $0.01 per share.
Aside from stocks, Questrade offers access to several other assets including ETFs, options, forex, CFDs, mutual funds, bonds, GICs, and commodities.
In terms of account types, Questrade offers a large range of both registered and non-registered accounts.
This variety opens up investing to those with different financial goals, from saving for education to retirement planning.
Money can be held in either USD or CAD, which can allow traders to buy and sell both Canadian and U.S. equities with ease while saving higher-frequency traders hundreds of dollars in transaction fees each year.
One feature not offered by Questrade is fractional share trading.
In this area, both Interactive Brokers and Wealthsimple Trade come out ahead.
Both the mobile application and desktop application are fairly straightforward and easy-to-use.
A variety of customization options are available, allowing traders to focus on what is important to them.
Powered by one of the big banks in Canada, Scotia iTrade has high fees on standard accounts when compared to their counterparts.
For an account to be qualified for active trader discounts, it must have carried out a minimum of 150 trades or more per quarter.
Scotia iTrade has the following commission fees:
- Stocks: $9.99
- Options: $9.99 + $1.25 per contract
- Active trader pricing
- Stocks: $4.99
- Options: $4.99 + $1.25 per contract
What Is Lightspeed Trading?
Lightspeed Trading is an online trading platform that boasts a day trading focused platform for highly active traders.
Its robust platform has a allows access to global assets and the software is customizable to each trader’s unique preferences.
Did You Know?
Lightspeed Trader uses commission fees and pay-for-order flow to generate revenue. It boasts over 100 order routing destinations!
Frequently Asked Questions
- Is Lightspeed Trading available in Canada?
At this time, Lightspeed Trading is not available in Canada.
- Is Lightspeed Trading faster than Interactive Brokers?
Interactive Brokers has consistently come out on top based on analysis by several reputable finance review sites.