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Best OTC Penny Stocks broker in Canada?

  • Last Updated:
  • Sep 7th, 2016 1:08 am
[OP]
Member
Jul 9, 2005
216 posts
266 upvotes

Best OTC Penny Stocks broker in Canada?

I have some non-essential savings I would like to trade in my TFSA. I am highly interested in trading penny stocks. What is the cheapest discount brokerage firm that trade penny stocks. Questrade? Does Virtual Brokers trade pink slips stocks? I couldn't find any info on their website.

Thanks as always for any insight you might have!
10 replies
Deal Addict
Dec 28, 2009
1304 posts
1051 upvotes
Montreal, QC
Sorry to be the bearer of bad news, but OTC stocks are not qualified for TFSA's (or other registered accounts like RSP's). You'll need a cash or margin account to trade these things.
Deal Expert
User avatar
Feb 11, 2009
19409 posts
8107 upvotes
Toronto
^Like the above poster mentioned, you can't trade in Registered accounts.

From experience, I can tell you not to go with TD Waterhouse for OTC. They don't offer Level 2 quotes for OTC (I feel these are a must if trying to flip OTC/Pinksheets), and to place an order, you actually have to call in (They still charge you your standard $9.99 comission, but its a pain in the a$$).
Deal Addict
Dec 23, 2005
2169 posts
354 upvotes
Canada
I use http://www.suretrader.com/ They are pretty good at getting shares to short as well.

$4.95 Trades.
No account minimums.
No pattern day trading rules.
No margin restrictions.
Deal Addict
User avatar
Nov 3, 2002
1321 posts
68 upvotes
Ottawa
OP, if you're not experienced trading penny stocks you will most likely lose money to start - and commissions will absolutely destroy you while you churn your account. I would suggest starting out with Interactive Brokers (margin / non-registered accounts only) - they have very low commissions which will hopefully help you stay alive while you get past your learning curve. You can trade a few dozen / hundred shares at a time for less than a dollar per trade and keep your losses low until you become confident in your abilities, then maybe you can consider opening a tfsa account somewhere for that purpose and start trading more volume. You don't want to be paying $5 - $10 per trade while you're learning. IB will give you a paper trading account as well, so you can practice.

IB also has pretty good borrows, if you're trying to get in to that.
Newbie
Nov 18, 2009
2 posts
Toronto
Hello, I was wondering if anyone knew a broker that accepts physical certificates for OTCBB stock? I have a good chunk of physical shares from a business deal in the US and I am having a hard time finding a place that will trade them for me. I found a few brokerages like IB accept OTCBB but only electronic stocks. Any ideas?
Newbie
Aug 14, 2013
3 posts
1 upvote
theredmoose wrote: Hello, I was wondering if anyone knew a broker that accepts physical certificates for OTCBB stock? I have a good chunk of physical shares from a business deal in the US and I am having a hard time finding a place that will trade them for me. I found a few brokerages like IB accept OTCBB but only electronic stocks. Any ideas?
We have been dealing with Questrade for quite some time now and they appear to be getting harder and harder to believe and trust! They will change their rates and your data plan without you knowing which will take away all of your profits. Look on the Internet you will find a lot more negative about questrade than any one else out there!
Newbie
Apr 20, 2008
4 posts
Hello I am also in kamloops and just getting my feet wet with penny stocks. I ordered Timothy stykes DVDs but they are a tad in the confusing side. I could really use a mentor in kamloops that can help me out along my way here. Please E mail me and I will send you my number
[email protected]
Newbie
Apr 20, 2008
4 posts
Kamloops wrote: I use http://www.suretrader.com/ They are pretty good at getting shares to short as well.

$4.95 Trades.
No account minimums.
No pattern day trading rules.
No margin restrictions.
Can you please send me a E mail I would like to get to know someone in my town which is also kamloops that is trading penny stocks.
[email protected] com
Newbie
Apr 20, 2008
4 posts
Looking for someone in kamloops that does day trading with penny stocks. I'm breaking into the market of trading and would like a mentor if at all possible that is in my town.
Deal Fanatic
Jul 1, 2007
8547 posts
1724 upvotes
What's the appeal of investing in OTC penny-stocks?
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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