3 Day Trading Alternatives to Lightspeed Trading Canada

| May 27, 2022
✓ Verified by Matthew Jaekel

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. 

3 Alternatives to Lightspeed Trading Canada

Interactive Brokers

Summary

Interactive Brokers caters to the professional trader not only through superior trade execution, but also through their extensive selection of professional trading tools that can be used to trade a wide range of assets available through the platform.

Pros

  • Ranked as the #1 broker by StockBrokers.com for international trading in 2021.
  • One of the best charting platforms available for day traders without jumping between different platforms to chart futures, options and more.

Cons

  • Learnin how to navigate the user interface as well as how to properly use the vast array of tools can be time consuming.
Scotia iTrade

Summary

Owned by Scotiabank, Scotia iTrade offers a high powered series of trading platforms geared towards heavily active traders.

Pros

  • 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.

Cons

  • High fees compared to other brokerage platforms.
Questrade

Summary

Questrade is a good option for self-directed investors who are looking to avoid the high fees that bank-backed trading platforms charge. It is built for both self directed trading as well as those who want a professional to manage their money.

Pros

  • Both the desktop and mobile trading platforms are intuitive and function well which allows clients to day trade from wherever they are, whenever they want.

Cons

  • If day trading only small amounts, the transaction fees can add up and make it very difficult to turn a profit.

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

Interactive Brokers has an extensive cost chart for different types and tiers of trading.

For trading US equities, they offer:

  • A fixed price of $0.005 per share with a minimum of $1.00 and a maximum of 1% of the total trade value.
  • Tiered pricing per share depending on minimum activity levels; from under 300,000 shares traded per month at $0.0035 per share to over 100 million shares per month at $0.0005 per share.
  • Ability to access markets from around the world

Scotia iTrade

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:

  • Standard
    • Stocks: $9.99
    • Options: $9.99 + $1.25 per contract
  • Active trader pricing
    • Stocks: $4.99
    • Options: $4.99 + $1.25 per contract

Questrade

Questrade has an intuitive and powerful platform for desktop and mobile.
It’s an excellent option for both beginner and professional traders who trade in high volume.
Pricing for self-directed investors is as follows:

  • Stocks:
    • $0.01 per share
    • Minimum charge of $4.95 and max of $9.95
  • ETFs
    • $0.01 per share
    • Minimum charge of $4.95 and max of $9.95
    • They only charge when the ETF is sold.

Will Lightspeed Trading be Coming to Canada?

As of now, there are no plans for Lightspeed Trading to expand into Canada.

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!

Lady reading about Lightspeed trading platform

Frequently Asked Questions

  • Is Lightspeed Trading available in Canada?
  • Is Lightspeed Trading faster than Interactive Brokers?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.