Residents of Alberta, British Columbia, Ontario and Quebec may open accounts with Interactive Brokers Canada Inc. starting June 1.

On May 14, the Investments Dealers Association admitted Interactive Brokers Canada to its membership. Beginning June 1, investors in four provinces will have the opportunity to trade U.S. stocks, U.S. equity options and commodity futures and futures options traded on electronic exchanges around the world.

Canadian stocks and derivatives are not currently available, but the firm plans to eventually offer these products. As well, Canadian customers must fund their accounts in U.S. dollars.

“Many Canadian investors will soon have a low cost alternative for trading stocks, options and futures. For only US$1, investors can trade 100 shares of US stocks. This is a small fraction of what other Canadian brokers charge,” said Tim O’Meara, director of Interactive Brokers Canada Inc. “Besides low commissions, customers will also benefit from our direct access technology. No middlemen. Customers’ orders are routed directly from their Trader Workstation to the electronic market center of their choice.”

It is expected that residents of Manitoba, New Brunswick, Newfoundland, Nova Scotia Prince Edward Island, and Saskatchewan will be able to open accounts with Interactive Brokers Canada in the near future.

According to the firm’s commission schedule, stocks are US1¢ per share with a US$1 minimum. Options are US$1 per contract and futures are US$2.40 per contract.

Interactive Brokers Canada is a member of the Interactive Brokers Group LLC. IBG is comprised of electronic brokerage and proprietary trading firms, including Timber Hill, a leading market maker. IBG executes trades on more than 40 exchanges and ECNs in 16 countries.