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CIBC - Foreign Exchange
Is HARC just an investment in CIBC's Forex team?
I've been looking into HARC because the FOREX trading market is one of those untouched things by most investors (probably for good reason), but because there are billions in volume happening every day, there seems to be people making money off of the speculation of prices. I had bought HGC and HARC when they came out (just play money) and Horizons decided to close down HGC because it's rules made it only long currency (and it didn't have as much invested as HARC, so was likely unprofitable). HARC on the other hand allow for long and short positions on currencies. I figured HARC would do quite well with the current financial crisis; analyst sees the market going down, fund immediately shifts to USD to weather currency storm. But HARC has gone down in this crisis as well. Wondering what PFC's take on HARC is. I've been looking for other active multi-currency ETFs but HARC seems to be relatively unique. In my research I came across this post https://www.reddit.com/Forex/comments/64bfb3/i_dont_want_to_trade_but_i_do_want_some_fx/dg172zm?utm_source=share&utm_medium=web2x Do people generally agree with this person's sentiment?
Just (probably) graduated in April, and I'm trying to clean up my credit cards. Don't really like having a bunch of cards that I never use. Currently, I have: CIBC Visa SPC(?) from 2015 - 3500 CL, not a revolving account on creditkarma if that makes a difference BMO SPC or whatever replaces it from May 2017 - 3000 CL Rogers World Elite from January 2020 - 1000 CL Amex Personal Platinum from May 2020 I don't really use the CIBC, BMO that much - especially the CIBC, and I got the Amex Platinum to replace Rogers World Elite. I have USD and USD credit cards so the forex rates don't matter a whole lot to me anymore, especially with the nerfs and spending minimums. What should I get rid of?
Cheapest low fee card to access money in Southeast Asia?
Hello, I plan to travel to Southeast Asia for about 6 months and can’t seem to find a good way to access money without getting charged with fee on top fee. Are there any cards available to Canadians that are specifically for travel? Is there any debit cards available that don’t charge an atm withdrawal fee and/or foreign transaction fees? Would a credit card be better?
Finding ATMs for Forex Card in Toronto with 1000CAD withdrawal limit
I just moved to Toronto, and have a forex card locked and loaded. Since I cannot transfer money to my account from forex card, I am looking to withdraw cash from the ATM. Due to high withdrawal fees, I want to make minimum withdrawals. I want to withdraw around 1500CAD for initial rent payment. Visited CIBC Bank, but all their machines had limits of 400CAD. So, which ATMs can I try which have withdrawal limits of around 1000CAD?
How-to & FAQ for holding Bitcoin and Ethereum in an RRSP/TFSA
A few months ago I came across a way to hold crypto in my RRSP/TFSA and have been answering questions about how to do that in comments, DM's, and Skype consults. I figured it would be helpful to put together one big comprehensive FAQ. Cryptocurrency is treated as a commodity by the CRA and you must pay capital gains taxes on any profits if held outside a TFSA. If bitcoin goes to $1m as some are predicting, the Canadian government is going to be taxing a huge windfall in capital gains taxes. BACKGROUND Bitcoin & other crypto cannot be held directly in a RRSP/TFSA, and there are no eligible ETF's in North America yet. However, the ETN COINXBT which trades on the Stockholm Stock Exchange in Sweden (Nasdaq Stockholm) is eligible. ABOUT COINXBT COINXBT holds bitcoin directly and its price per share is based on a 0.005 multiple of the current bitcoin price. For example, if the current price of bitcoin is $10000USD, a share of COINXBT will be worth $50USD (ie: $493 Swedish Kroner) Company's website and full prospectus at: https://xbtprovider.com/ Price quote / chart: https://www.bloomberg.com/quote/COINXBT:SS HOW-TO TRADE Only some Canadian brokerages allow you to trade on eligible international exchanges in your TFSA. Some do not. Typically placing trades on international exchanges online is not an option and must be made over the phone broker-assisted at a much higher cost than typical North American securities. CANADIAN BROKERS I've called pretty much every brokerage to inquire if international securities can be held in a TFSA and what the fee is to transact. You may want to call yourself to see if policies have changed, but here's a summary:
National Bank: $75 per trade + $0.06 per share (confirmed works)
TD: Fee dependent on amount traded. Up to $5K is $187, $80K would be $520 per trade (confirmed works)
CIBC: $250 minimum, based on trade amount. $50K would be about $350 to buy and $350 to sell (confirmed works)
Scotia iTrade: $250 CAD per trade CAD, unlimited shares & order size (should work)
BMO Investorline: Fee-based on total trade amount. $50K would be $325 to buy $225 to sell, $50-$60K would be $350 to buy $240 to sell (should work)
Not available, or not available in RRSP/TFSA:
Interactive Brokers, can trade it, but not in RRSP/TFSA
HSBC (has access to almost every exchange other than Stockholm)
FAQ's Are you sure it's legal? I'm quite sure it's illegal.
I used National Bank Direct Brokerage. The fee's came out to $75 per trade + $0.06 per share. For example, the commission for a trade I did for 885 shares of COINXBT was $75 + $53.10 for a total of $128.10. Canadian funds were used to make the purchase and there were no forex fees for converting to Swedish Kroner (SEK)
How do I make a trade once I'm ready?
Call your brokerage and say you want to place a trade on the Stockholm stock exchange. You may be forwarded to a person that specializes in that, and eventually to a broker that deals with placing order on international exchanges. Tell them the symbol to trade is COINXBT and the name of the ETN is "Bitcoin Tracker One".
How do I calculate the number of shares to trade to max out my TFSA?
The price of COINXBT is in SEK. In my case using NB I took my balance minus anticipated fees divided by the current price to see how many shares I could buy. For example: For a $10,000 TFSA, current COINXBT price = $554.77SEK (84.27CAD), would be 117 shares at a cost of $9859.59 + $82.02 commission for a total of $9941.61CAD
Market or Limit order?
The first time I placed an order for COINXBT I tried to place a limit order a little below the market price. Over the next week the price of bitcoin ran up a lot and didn't come down. I ended up buying a lot higher. Since then I've been placing limit orders slightly above the current price or just market orders so that they go through right away. I've had no issues doing it either way.
When can I trade? Is it only possible to make the trade while the Swedish market is open and the TSX are open at the same time? Or can you place the order at any time of day?
XBT Provider has said they will monitor forks for 3-months and then decide what action to take. In the case of Bitcoin Cash, they sold the forked coins and distributed it as a dividend to anyone that held ETN shares on the fork date.
What about other cryptocurrencies?
An ethereum ETN was recently launched: COINETH that also trades on the Stockholm exchange. https://www.bloomberg.com/quote/COINETH:SS Other than that, I am not aware of any other eligible crypto securities that can be held in a RRSP/TFSA
How is the price of COINXBT determined?
It's based on the average price of the top 3 exchanges
Why not just buy GBTC?
GBTC is traded on the OTC exchange in the US and is not RRSP/TFSA eligible
Why can't I place a trade online myself?
For now, there are no crypto ETF's on North American exchanges. They have been in the works for years in the US, but no approvals yet. Evolve funds recently said they plan to launch a Canadian Bitcoin ETF. Trading COINXBT is a bit of a hassle, but you're getting in ahead of everyone else that are not willing to put in the time/effort. Once the Canadian/US ETF launches, it will probably be worth it to sell COINXBT and switch to the North American one which should be easy to trade online just like other ETF's.
Feedback If you've managed to get crypto into your RRSP/TFSA in any other ways than listed above please do leave a comment and I'll update the post. Thanks!
Hey guys, my first post here. I have 4 years of experience in (recreative) trading. Most of was on practice accounts, I admit, since I had no capital in the past. Year ago, I started trading for real on Oanda and made profits that made me realize I should get more serious about trading. The problem about Oanda is that there are no more than a 100 markets to choose from, not even Bitcoin for example. So I started looking for another platform only to find 90% of them are actually scams and a whole bunch of requiring 10,000$ minimum deposits. IB seemed perfect for my needs, I traded with their practice account but I read countless bad reviews and concluded they scam traders (occasionally) as well. Can you recommend me an online platform that isn't a scam? Which online trading platform do you use and why?
Hey guys! This is first time for me to be on Reddit, so please kindly let me know if I post in wrong place. I am quite new to stock market and do not have that much fund as I could probably invest about $1000. But, I guess it is worth to start trading as it seems that I finally find something that I am interested in. I have been doing a paper trading, but I realize there are moments I miss a place to buy. Although I have tried to trade with my CIBC InvestorEdge but, the commission really hurts me as my capital is too small. Moreover, I am interested in either day trading or swing trading, so commission really matters, which is the reason why I would like to use Questrade as their benefit for ETFs is just too good to be true. Back to what I was saying, this is very frustrating and I was trying to find a way to solve this problem (enter at the price I want. I used limit order but.... it sometimes requires even faster calculation which is not really ideal), and I heard there are ways to do with computer programming. I am currently majoring in mathematics, and know how to program in python, Java and matlab. I was looking into MQL4 but it does not seem to be working for buying ETFs or Stocks. Please give me some tips what to do. FYI, I am currently in BC Canada, so I believe I wouldn't be able to do Forex.
From what I read the ability to hold USD in RRSP at CIBC IE starts tomorrow. I would be curious of people's experience with: 1) Forex spreads. In registered accounts (at least RRSP) these had been very low from reports. Has this changed for the worse? 2) Norbert's gambit. How did you do it? Phone call necessary? How long did it take? 3) How dividends from US securities are treated. Do you have to request the currency? What is the spread on the exchange to CAD? Thanks! https://www.reddit.com/PersonalFinanceCanada/comments/32z349/currency_conversion_charges_at_cibc_investors/
Euro set for biggest daily fall of 2017 vs. dollar
This is an automatic summary, original reduced by 50%.
LONDON Beset by political worries, the euro was set for its biggest daily fall of 2017 on Tuesday as broad gains halted a four-week run lower in the U.S. dollar. Both represent large risks to the euro project as a whole and the cost of hedging volatility in the single currency against the dollar around the time of the final French vote on May 7 EUR3MO= rose to its highest in over a week. The dollar, recovering from its worst start to a year in three decades, gained against a basket of other currencies, rising 0.7 percent. "The euro is on the defensive, with markets nervous not only about European political risks but also the upcoming reduction in ECB bond purchases," said Jeremy Stretch, head of currency strategy at CIBC. "All in all it's been a virtuous tailwind for the U.S. dollar this morning and there is also fear of capital flight which is feeding safe-haven flows." The Japanese yen gave up earlier gains against the dollar and at 0900 GMT was down 0.4 percent at 112.12 yen to the dollar JPY=EBS. But the yen's relative outperformance compared to the euro underlined the perceived risks to the dollar from U.S. trade policy and signs the Trump White House would rather it did not gain further. "Until we have answers to some of the big questions I can't see any free space for dollar bulls to run into. They are fearful of what the administration is prepared to do to actually keep a lid on the dollar."
Apologies if this is the wrong subreddit for this. I just received a check from Australia and I'm not sure the cheapest way to go about cashing/depositing it ($1400 AUD). I'm in the US right now, but I also have some bank accounts in Canada. In the US I have Chase and First Republic, in Canada I have a credit union account and CIBC. I'm not in a rush to get the money, I just don't want to pay massive fees/forex. Are there any suggestions?
At CIBC FirstCaribbean, we offer our clients access to a dedicated professional team able to formulate and implement comprehensive risk-management strategies using foreign exchange products. Global competition demands that more companies compete on an international market and buy and sell in foreign currencies. CIBC doesn’t publicly post their exchange rates online like many other Canadian banks, which makes it difficult to compare their rates with other banks and money transfer services. Despite this, it’s more than likely that CIBC charges a margin of 2% – 5% on top of the mid-market rate, which is the rate the banks trade at. CIBC Branches and ATMs Search by Transit Number Search by Address, City, Province, or Postal Code Search Search By Location Search by Transit Number Search for a CIBC branch or ATM near you Team CIBC, 15,000 strong, will never stop running. The Canadian Cancer Society CIBC Run for the Cure is October 4. Sign up and run your way. Learn more about the Canadian Cancer Society CIBC Run for the Cure. Opens a new window in your browser. Mr. Mendes joined CIBC Capital Markets in 2015 as a Director and Senior Economist after having spent several years at the Bank of Canada. He is currently the lead author of the department's monthly FX publication and writes other thematic research pieces on various topics of interest to financial markets.
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