General Information& Regulation
OTT Financial Canada Inc. is a Canadian-based discount broker. The company is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC) and the Autorité des Marchés financiers (AMF). In addition, OTT is an introducing broker to Interactive Brokers Canada Inc.
Market Instruments
OTT offers investors a range of financial instruments, including stocks/stock options, ETFs, futures/options and forex trading services.
Account Types
OTT has seven account types for investors to choose from, namely the Individual Account, the Joint Account, the RRSP Account (Registered Retirement Savings Plan), the Spousal RRSP Account, the TFSA Account (Tax-Free Savings Account), the Corporate Account and the Trust Account. Of these, Individual and Joint accounts can be leveraged using margin trading.
Currency Types
Users can trade 23 types of foreign currencies at OTT, including USD, AUD, GBP, CAD, RMB, JPY, CZK, DKK, EUR, HKD, HUF, NIS, etc. It should be noted that TFSA and RRSP accounts can only hold CAD or USD.
Order Types
OTT offers six order types: Market, Limit, Stop, Stop-Limit, Trailing Stop, and Trailing Stop Limit. Users can choose different order types according to their trading style.
Fees
OTT charges clients fees for providing products and various services as needed during the trading process. In the case of FX trading, for example, the commission to be paid is 0.00005% of the transaction amount for monthly trading volume up to 1 billion USD. There is a minimum commission threshold of 4 USD for each transaction. In some cases, clients may be charged additional trading fees that are applied by third parties such as: exchange fees, regulatory fees, taxes from other countries, etc.
Deposit & Withdrawal
Wire transfers and electronic fund transfers are the primary methods of deposit/withdrawal offered by OTT, with the former supporting multi-currency and the latter supporting CAD/USD. In addition, clients can also choose to make deposits by bill pay, but this is limited to CAD. In terms of fees, the first withdrawal of the month is waived for clients; after that, the company will charge a fee for each withdrawal.
OTT Trader
OTT offers clients a one-stop trading platform, OTT Trader, which will help clients optimize their trading speed, efficiency and perform complex portfolio analysis to some extent. In addition, clients can choose web, desktop or mobile for trading or inquiry on demand.