Just looked at my year end fee statement and I gave Scotia bank 163k to trade option. However I’ve been documenting there practices and they double charge options commissions. They take commission at the time of the trade then overnight they take the commissions again. I noticed this as one day I was fully invested and the next day I my account was negative $1500. This happened on a regular basis
https://i.redd.it/v3vgo3pdcppg1.jpeg
Posted by Kashabowiekid
34 Comments
But how much did you make
https://preview.redd.it/tl0bn7prcppg1.jpeg?width=1170&format=pjpg&auto=webp&s=f749619a76a49bab6bdded30933622ce7fe84676
Nuff is nuff said the beaten down fwog
really Scotiabank ? move to Wealthsimple or Questrade and save all expensive fees you pay on Scotiabank
This is exactly why I tell my boomer parents to stop using that greedy bank and switch to one of the newer ones like Wealthsimple.
How long is your 1099?
Why would you even trade options with Scotia? There are plenty of cheaper alternatives.
What’s the benefit of paying higher fees for options?
Does it help you to get better pricing when selling or buying?
I have sold 1k-2k options at once on RH and never had any issues with filling.
Wealthsimple lets you trade options for free…
Why use Scotia when Wealthsimple has $0 commissions and $0 options trades?
Ha! I lose money on Robinhood, for free!
Wealthsimple + tradingview. Cheaper than any of those big 5.
Holy hell, how do you make money if you pay 173k in fees? Sometimes you gotta DCA just to break even and get out of a bad spot.
Who needs exit liquidity with customers like you
I paid like 20k in fees with ibkr
“Fees above do not include Free Trades, Discounts and Rebates with the value of $0.” Why would you use an archaic bank offering broker services for options trading, especially at that volume? It would have been cheaper to stay on the floor in New York or Chicago at this point (?!)
I lost 274k with 0 fees.
And that’s not even including the amount you paid in spreads☠️
Calls on Scotia Bank, they gonna beat expectations with you as customer
God damn. I used itrade for my TFSA and when I saw their commissions I instantly noped out. Switch to IBKR, the fills are better and commissions are tiered
Also what is your total loss for the year?
Just put the rest on red!!!
Yoo just kidding. If I were in that situation I would not buy calls and put all my money in a good AI stock and leave it alone. Or a stock like O realty pays .27 per share.
I put 2 kids through Harvard by trading options. Unfortunately they were my broker’s kids.
You must be trading your dick off
trading cost is an extremely material friction in performance, so minimizing trading counts is a must, that should be a trading 101.
There’s always a bigger degen
Bro trading here on his banking app like it’s the stone age lmfao. IBKR forever. Fuck these banks.
How many trades you make a day?
You must have a shitload of money
Speak to him as if he were a small child. Or a golden retriever.
https://preview.redd.it/z23w6dnogppg1.png?width=1080&format=png&auto=webp&s=6a0952fe8c891002b6f7d2c5c330acd05ec26908
brother get IBKR
You’re poorer than you think.
Lol. You have to pay commission when you open and when you close the position.
Wealthsimple is 0$. You’re really special bud.
Anyone recommending WS doesn’t know what they’re talking about, extremely limited and heavily restricted.
IBKR is the only way to go unless you want to pay for a fancier UI
You’re regarded