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Jitneytrade is a high-end brokerage firm for both institutional clients and advanced individual investors. A direct access broker, Jitneytrade provides lightning-fast trade executions and supports high-frequency trading. Trade commissions start high for less active traders but can be substantially reduced with volume discounts. Registered and non-registered accounts are available, but Jitneytrade’s lean toward day traders, retirement savings and buy-and-hold strategies aren’t the reason clients seek the brokerage.
Jitneytrade has a dozen different platforms to choose from, including 5 that support futures trading. The learning curve is steep and Jitneytrade is only recommended for the most experienced and knowledgeable traders.
- Advanced Canadian traders
- High-frequency trading firms
- Futures and options traders
- Traders who want to implement algorithmic strategies
- Multiple platforms to choose from
- Fast trade executions
- One of the few sophisticated Canadian brokers
- Fewer data and access fees
- Expensive for non-active traders
- Steep learning curve
- Can’t electronically access exchanges outside North America
Jitney is an old-fashioned word describing a broker who makes trades for another, smaller broker that doesn’t have the same level of market access. (It also could refer to two brokers that artificially inflate volume by trading the same securities back and forth, but we’ll assume this isn’t the version intended.) Jitneytrade acts like, well, a jitney: It provides direct market access to both individual investors and institutions who otherwise couldn’t trade with the level of speed and accuracy offered by electronic communications networks (ECNs).
Jitneytrade doesn’t try to simplify investing so that mom and pop can understand. It’s a sophisticated brokerage that caters exclusively to high-frequency and active traders who already possess an encyclopedia of market knowledge. Jitneytrade isn’t the broker for you if you’re new to investing or don’t have any interest in advanced, high-risk strategies. But Jitneytrade is one of the best Canadian brokerages for expert investors, if not the top firm in the entire country.
Canaccord Genuity Group, the Canadian-based investment bank that specializes in M&A and corporate finance consulting, recently purchased Jitneytrade. Rest assured that Jitneytrade and its mothership, Finlogik Capital Inc., with Canaccord’s deep pockets, will open both firms to new sources of clientele.
- Who’s Jitneytrade for?
- Jitneytrade’s Platform and Tools (5 Stars)
- Jitneytrade’s Research Offerings (3 Stars)
- Jitneytrade’s Commission and Fees (4.5 Stars)
- Jitneytrade’s Security (5 Stars)
- Jitneytrade’s Customer Support (2.5 Stars)
- Jitneytrade’s Tradable Asset Classes (5 Stars)
- Jitneytrade’s Edge’s Ease of Use (2.5 Stars)
- Overall Rating: 4 Stars
Who’s Jitneytrade for?
Many brokerages have simplified their offerings to attract investors who aren’t interested in active trading. Buy-and-hold investors benefit from reduced commissions, access to cheap index funds and a growing range of investable markets. Simple, easy-to-operate trading platforms give everyone with a smartphone and some capital a chance to invest.
Those advances certainly help the broader population invest and build nest eggs for retirement. But Jitneytrade isn’t interested in helping your parents build retirement savings. They’re in the business of making as much money as possible for their clients and that means attempting market-beating strategies like day trading and using automated algorithmic systems.
Jitneytrade appeals to advanced traders and HFT firms, but also to traders who are looking for high volume discounts and access to options and futures markets. Jitneytrade has provided fast, efficient trading since 2001 and consistently ranks as one of the best liquidity providers to Canadian-based stock exchanges.
Jitneytrade’s Platform and Tools (5 Stars)
Most brokers have a single policy when it comes to its proprietary trading software — take it or leave it. These platforms are often adequate for a less experienced investor. A day trader or someone who has advanced knowledge of securities might want a few more options, and Jitneytrade doesn’t disappoint.
Jitneytrade supports a whopping 13 different trading platforms if you count its proprietary Web Access program. Here’s the scoop on a few of our favorites.
Sterling Trader Pro
Sterling Trader Pro is one of the most powerful platforms supported by Jitneytrade. Designed to support both active individual traders and professional trading firms, the platform allows equities, options and futures trading with speed and efficiency. Sterling Trader Pro is designed for desktops, tablets and smartphones, so you need a WiFi connection.
Sterling Trader Pro will give you access to exchanges in the U.S., Canada, Europe, Brazil, Hong Kong and Shanghai. Trade quickly with multiple order types and see the underlying transactions with Level II market data. The charting tools have 60 configurable settings and you can search for trade targets using high-tech scanning programs.
Iress has a financial software firm that offers not only a terrific trading platform but consulting and wealth management services for business clients in Canada, Australia, England, New Zealand and South Africa. The Viewpoint platform is one of the most user-friendly options for Jitneytrade clients.
Iress understands that high-speed traders and long-term investors have drastically different needs. One-size-fits-all isn’t true in the world of finance. Viewpoint users can tailor their experience to their own unique trading style. Thanks to a tiered pricing system, you only get what you pay for. Advanced charting and technical analysis bells and whistles won’t be forced on you — you pay for the level of service you need and not a penny more.
Viewpoint can access 130 different markets from all over the globe. Users can execute trades rapidly with the Quick Trade feature or use contingent orders to find the perfect entry or exit point. You can view and analyze your portfolio using 100 different charting tools and drawing features. Trading equities, options and futures from the same interface allows for quick optimization and nimble traders can execute multiple orders within seconds. The platform requires no download — you can access all features on a web browser whether you’re a PC or Mac user.
Interested in cryptocurrency markets? The trading platform from Trading Technologies gives users access to futures, options and digital currency markets, all from the same software. Trading Technologies also has inclusive analysis tools with 18 types of charts and more than 100 technical indicators. You can enter trades directly from the entry points you map out on the charts as well.
The TT Platform is accessed from a desktop, web browser and both iOS and Android operating systems. Trading firms can connect the desktop version to 16 different monitors to track every angle of the market simultaneously. Customizable API solutions give technically advanced traders the ability to program their own automated trading systems. The platform sends orders through 1 of 13 different data centers in the Trading Tech global network for lightning-fast execution. Trading Technologies has the perfect platform for you if futures or cryptocurrencies are your game.
Jitneytrade’s Research Offerings (3 Stars)
Jitneytrade’s research depends largely on the specific trading platform you use. Jitneytrade doesn’t provide any research reports from firms like Morningstar, so you’ll need to seek those out through your specific trading platform or an outside source.
Jitneytrade does have two education partners: Revolutionary Trading and OptionsPlay. Revolutionary Trading’s partnership with Jitneytrade helps clients get specialized coaching from the firm’s founder Ron Wagner. Wagner offers more than 20 years of market knowledge and experience.
OptionsPlay uses technical signals and natural language processing to identify targets for trading. Don’t let the name fool you, either: There’s plenty of great ideas for equity trading here as well.
Jitneytrade’s Commission and Fees (4.5 Stars)
Jitneytrade has a reasonable set of fees for data and market access, but that doesn’t factor in the costs of each individual trading platform. Sterling Trader Pro and Trading Technologies have their own fees for usage, so make sure you tally them properly and know exactly what you’re spending. Unlike brokerages in the U.S., Canadians firms still try to nickel and dime their clients. Here’s what to expect from Jitneytrade.
Jitneytrade charges a fraction of a penny per share instead of charging a flat commission. For many traders, this is the fairest way to do it. You aren’t penalized for small trades and large volume firms pay the most (they can afford it).
Data fees apply and they can get high, especially if you want Level II market data. However, Level I data from major stock exchanges like the NYSE, AMX, NASDAQ and TSX is completely free to Jitneytrade users.
Jitneytrade’s Security (5 Stars)
Jitneytrade is a member of the CIPC and IRROC and protects customer data with its latest security features. However, security ultimately comes down to your trading platform and each platform is disconnected from the other. Be sure to read the security features of each platform you consider before opening an account.
Jitneytrade’s Customer Support (2.5 Stars)
On Jitneytrade’s contact page, you’ll find an HTML form to fill out if you have questions (with no CAPTCHA verification). The firm also lists the address of its main address and 2 phone numbers. There are no chat features, which is limiting. An email address is also missing, so if you want to contract Jitneytrade, you have to call the office or fill out its HTML form. This can — and should — be better.
Jitneytrade’s Tradable Asset Classes (5 Stars)
Each trading platform is different but clients can find access to a tremendous number of securities, including:
- Mutual funds
- Fixed income
Jitneytrade has securities and the tools to trade them that will pique your interest, no matter your trading style.
Jitneytrade’s Edge’s Ease of Use (2.5 Stars)
Jitneytrade has a learning curve, especially with some of the more complex trading platforms. Novice investors will want to try out the different platforms before making a decision and most of them have demos. But novices will often find themselves lost in the complex trading jargon and complicated computer systems. Remember, Jitneytrade is primarily for advanced and experienced investors.
Overall Rating: 4 Stars
Jitneytrade is an exceptional direct market access broker for advanced traders and trading firms, but novices and mom-and-pop investors will definitely feel out of place. Jitneytrade’s 13 different platforms and numerous securities are its selling points. If you’ve only begun to dabble in trading, there’s probably a brokerage more suited for you. But if you want access to the inner sanctum of the markets, Jitneytrade offers one of the fastest routes.