Investing

*** The unofficial RBC Direct Investing thread ***

  • Last Updated:
  • Nov 14th, 2017 6:57 pm
Newbie
Oct 31, 2017
1 posts
i have purchased a warrant through RBC direct investing, now somebody please tell me how to exercise it
Newbie
Jan 7, 2015
17 posts
2 upvotes
Burnaby, BC
I just started using RBC DI recently. Fairly new to day trading. So far so good, but got a few basic questions.

Q. Where can I see the cash that's actually from settled trades? I noticed that I have the cash available almost immediately after selling stocks. Since trades take 3 days to settle should this cash be immediately available?

Q. When I go to place a buy order, RBC DI shows me how much cash I have available. Is this cash only from settled trades + whatever I transferred to the account? I want to make sure I'm not buying stocks from proceeds from unsettled trades.

Q. Anyone get into trouble for day trading through this platform?

Q. Can you convert an existing cash account to a margin account, or do you need to open a new account?
Member
User avatar
Oct 14, 2015
216 posts
26 upvotes
Drumheller
Q. Where can I see the cash that's actually from settled trades? I noticed that I have the cash available almost immediately after selling stocks. Since trades take 3 days to settle should this cash be immediately available?
Trades now settle in two days.
The cash is immediately available to place a 'buy' order, but not to transfer out of the account. Must wait for trade to settle before moving cash out.
Q. When I go to place a buy order, RBC DI shows me how much cash I have available. Is this cash only from settled trades + whatever I transferred to the account? I want to make sure I'm not buying stocks from proceeds from unsettled trades.
In a regular account, (not margin account) the 'buy' order will not be accepted if the cash isn't available.
In a margin account, the order may still be filled if cash isn't available, and interest will be charged on the borrowed amount.
Q. Anyone get into trouble for day trading through this platform?
What kind of trouble?
I don't day trade, so I don't know.
Q. Can you convert an existing cash account to a margin account, or do you need to open a new account?
Just fill out the application for margin account, and your existing account becomes a margin account.

Disclaimer:
All answers subject to verification.
Deal Addict
User avatar
Aug 9, 2011
1873 posts
264 upvotes
GTA
Rockintalkin wrote:
Nov 5th, 2017 12:27 am
I just started using RBC DI recently. Fairly new to day trading. So far so good, but got a few basic questions.

Q. Where can I see the cash that's actually from settled trades? I noticed that I have the cash available almost immediately after selling stocks. Since trades take 3 days to settle should this cash be immediately available?

Q. When I go to place a buy order, RBC DI shows me how much cash I have available. Is this cash only from settled trades + whatever I transferred to the account? I want to make sure I'm not buying stocks from proceeds from unsettled trades.

Q. Anyone get into trouble for day trading through this platform?

Q. Can you convert an existing cash account to a margin account, or do you need to open a new account?
why would one get into trouble for day trading? Unless you mean in your TFSA and whether or not CRA will not allow it?
Newbie
Jan 7, 2015
17 posts
2 upvotes
Burnaby, BC
IrwinW wrote:
Nov 5th, 2017 8:46 am
Trades now settle in two days.
The cash is immediately available to place a 'buy' order, but not to transfer out of the account. Must wait for trade to settle before moving cash out.
Understood. That fits what I observed. I've now found the settlement dates on the activity page.
In a regular account, (not margin account) the 'buy' order will not be accepted if the cash isn't available.
In a margin account, the order may still be filled if cash isn't available, and interest will be charged on the borrowed amount.
Great! That was my biggest concern. I was worried I had to keep track of unsettled cash myself before buying. This saves me the trouble.
Disclaimer:
All answers subject to verification.
No worries Thumbs Up Sign. I'll do my due dilligence.
Newbie
Jan 7, 2015
17 posts
2 upvotes
Burnaby, BC
imflying12 wrote:
Nov 5th, 2017 11:25 am
why would one get into trouble for day trading? Unless you mean in your TFSA and whether or not CRA will not allow it?
I was needlessly worried about finra restrictions you get for violating PDT rules. That only applies to margin accounts. I have a cash account.
Newbie
Nov 6, 2017
1 posts
Has anyone experienced discrepancies with their balances?

For example, on Friday at the close my (Intraday) "Investments" Value was $XX,305. When I opened my account Monday morning prior to open, that balance was $XX,050.

Monday morning when I clicked on Previous Day instead of Intraday, the Investments value was another $300 ish lower than $XX,050.

This is just one example I've noticed recently. RBC says they "don't know" and I've been waiting on a callback since Friday when I noticed a different discrepancy.
Deal Guru
Jun 26, 2011
10000 posts
939 upvotes
Markham
Website was fd this morning. Couldn't load pages so I couldn't put in a sell order which end up being costly.
Newbie
User avatar
Nov 6, 2017
2 posts
1 upvote
Man ... your not kidding ... absolutely HORRID
1. no charting metric defaults brought forward
2. old charts that took a full screen ... now occupy 2 1/2+ screens
3. way too much wasted white space in the displays (27" display screen is a way too small now)
4. some mixing of old and new charting formats (depending on the security you are viewing)
5. a perfectly function system is now almost useless ... expect a big productivity hit
6. support listen very politely to complaints, but no empathy
7. must be a nightmare for them as well as us.
Deal Addict
Feb 4, 2015
2575 posts
457 upvotes
Canada, Eh!!
User697253 wrote:
Nov 7th, 2017 9:45 am
Has anyone experienced discrepancies with their balances?

For example, on Friday at the close my (Intraday) "Investments" Value was $XX,305. When I opened my account Monday morning prior to open, that balance was $XX,050.

Monday morning when I clicked on Previous Day instead of Intraday, the Investments value was another $300 ish lower than $XX,050.

This is just one example I've noticed recently. RBC says they "don't know" and I've been waiting on a callback since Friday when I noticed a different discrepancy.
Not sure but perhaps they are not using current prices on Friday and then also different exchange rates used [only applies if have non CAD holdings].
Deal Addict
Jul 30, 2001
2414 posts
673 upvotes
GTA
The new website is rubbish. It is slow at the best of times, and damned near unusable around market open. I might as well not be trading at all. :facepalm:
Deal Addict
Jul 30, 2001
2414 posts
673 upvotes
GTA
Just took 11 seconds to refresh a quote, this is unacceptable.
Newbie
Jan 7, 2015
17 posts
2 upvotes
Burnaby, BC
Honestly RBC DI is a terrible platform for day trading. It's slow, clunky, too many clicks, errors (e.g. watchlist, etc), expensive roundtrip $20 commission. It's the slowness that'll really cost you money. It can take RBC DI 40 seconds or more to fill a market price order. That's an eternity if you're day trading and can screw you over big time. If you contact them prior to opening an account, they'll tell you these types of orders fill instantly. Not so. My advice would be to take your money elsewhere if you're day trading.
Newbie
Oct 29, 2015
33 posts
12 upvotes
Rockintalkin wrote:
Nov 9th, 2017 11:46 am
Honestly RBC DI is a terrible platform for day trading. It's slow, clunky, too many clicks, errors (e.g. watchlist, etc), expensive roundtrip $20 commission. It's the slowness that'll really cost you money. It can take RBC DI 40 seconds or more to fill a market price order. That's an eternity if you're day trading and can screw you over big time. If you contact them prior to opening an account, they'll tell you these types of orders fill instantly. Not so. My advice would be to take your money elsewhere if you're day trading.

Which broker would you use for daytrading?
Deal Addict
Feb 1, 2006
1166 posts
201 upvotes
DecayHeat wrote:
Nov 10th, 2017 8:52 am
Which broker would you use for daytrading?
How about Interactive Brokers? www.interactivebrokers.ca

I have an account with them and am very satisfied. Commissions for me are usually $1/trade.

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