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Discount Brokerage Weekly Roundup – May 31st 2013

Discount Brokerage News

This roundup features deal spotting from Disnat and TD Direct Investing at the Cambridge House World Resource Investment Conference, a new review of Qtrade and news about a costly mistake made by a  Questrade trader. In addition we take a quick peek at the latest ranking of Canadian discount brokerages.

Deal Me In

TD Direct Investing is quietly launching the new free trades deals. This is an interesting move on TD’s part given that they’ve largely stayed away from offering free trade promotions and because of the timing/roll-out of the deal.  The “50 free trades” promotion was launched towards the end of May and expires mid-July.  Check out our deals section for more info.

Also in the deals section is an updated promotion from Disnat that was being offered at their SCATE tour and at the last World Resource Investment Conference in Vancouver this past week.

Positive Feedback

Money Smarts blog posted an interesting review of Canadian discount brokerage Qtrade earlier this week.  The review contains some feedback from account holders, and it appears that customer service was a point most (including the article’s author) agreed was a strong point of the Qtrade experience. Interestingly, Qtrade did not perform nearly as strongly on the Dalbar Direct Brokerage Service Experience evaluation as other Canadian discount brokerages did.  The Dalbar study directly measures customer service and so the difference between what many consumer posts suggest and what some other studies also show

False Start on the Offense

Earlier this month, Questrade was in the penalty box with the Investment Industry Regulatory Organization of Canada (IIROC) for trading actions one of its employees took between August of 2009 and February 2010.  According to the decision document, the trader was found to have “entered orders on the Toronto Stock Exchange that he ought reasonably to have known could reasonably be expected to create an artificial bid price for Quebecor Inc. Class A securities”  while Questrade was penalized for not having adequate controls in place to prevent such practices from occurring. Both the trader and Questrade were fined for these infractions.

Joining the Ranks

The June 2013 edition of MoneySense magazine is on newsstands and features a review of Canada’s Best Discount Brokerages.  This is yet another in the growing list of discount brokerage rankings.  The rankings themselves are actually compiled by Surviscor, so the data is also available for free on Surviscor’s site too.  Check out our article regarding the numerous Canadian discount brokerage rankings in which we try to make sense of those who claim to be “Canada’s best discount brokerage.”

Interestingly, JD Power’s Investor Satisfaction Award survey is also currently being deployed to Canadian investors.  The survey is generally conducted in the late spring/early summer time frame and  results should be released in the fall.

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Bulls, Brew & Bottoms: Review of the Vancouver World Resource Investment Conference 2013

World Resource Investment Conference 2013This year’s World Resource Investment Conference (WRIC) in Vancouver came a bit earlier in the calendar than last year’s conference against the backdrop of a mining and exploration market fraught with pain and nervousness. In the mining sector, hope seems to be the rare commodity everyone is looking for these days.

The two-day WRIC featured the standard recipe of resource companies exhibiting and presenting, familiar speakers from Cambridge House conferences past and of course, the big bull.   Unlike previous conferences, however, this year’s WRIC felt like a much smaller show.  Attendance figures showed that close to 3700 individuals attended the conference this year which is down considerably from 2012.

Speakers and exhibitors also pointed out the smaller crowds this time around. One of the more popular speakers often present at Cambridge House shows, Danielle Park, remarked that the small numbers of attendees at this past conference are a far cry from the height of investor fervor during 2007.   As a follow up to that statement, however, she pointed out that fewer investors in the conference may actually be a healthy albeit contrarian indicator that the business cycle in junior mining and exploration stocks is working itself out.

From many of the talks, the sentiment appears to have shifted from denial of bad news to acceptance. As any seasoned investor knows, when it sounds like other investors are throwing in the proverbial towel, it is probably a good time to start looking over the merchandise to see what might go on sale.

Despite the widely acknowledged doom and gloom, there were a number of bright spots throughout the conference.  For attendees, this year’s speakers offered a great mixture of colourful analysis and opinion. In particular, the closing panels on both days saw spirited debates about the future of venture capital funding for junior companies (day 1) and an especially fiery closing panel on the world outlook (day 2) that saw outspoken personalities Rick Rule and Danielle Park exchange clever quips across the panel table, some of which landed on Marin Katusa who was seated between them.

Also spotted at the conference were a couple of the usual discount brokerage suspects, TD Direct Investing as well as Disnat.  What was particularly noteworthy was the promotion by TD Direct Investing that has yet to be widely launched. They have jumped into the ‘free trades’ game and will be offering up to 50 free trades to new clients between now and mid-July.  Check out our deals section here to find out more.   Disnat was also offering an ‘unadvertised’ deal which was being offered during their SCATE tour. The big lures for the Disnat deal are a 1 year subscription to Tyler Bollhorn’s daily alert newsletter and $300 in commission rebates. For more details on this deal, click here.

Other interesting bright spots included the Rocks to Riches course preview in which attendees could learn about some of the important concepts within geology by doing some hands on (experiential) learning.  This course is likely going to be offered in January 2014 at the Vancouver Resource Investment Conference. For more information on it, click here.Visual Capitalist Beer

Lastly, Visual Capitalist, an innovative Vancouver communications firm that creates fun and informative infographics (and apparently craft beer too) on a number of commodity and mining-related topics , is launching the beta-test of their new mining and exploration company comparison tool: TickerScores.  This tool aims to tackle making the difficult process of scanning and researching mining and exploration stocks much more intuitive and far less time-consuming.  To learn more about this neat tool, check out the link here.

The upcoming summer months will provide many answers to the predictions made by the analysts and experts at this conference as to the fate of many cash-strapped junior companies.  This lines up nicely with the timing of the last of the Cambridge House conferences in Canada in 2013, the Toronto Resource Investment Conference to be held in September.  Of course, for those investors and companies hoping for a market bottom, how they manage to stomach these next few months will be worth hearing about in September.

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Discount Brokerage Weekly Roundup – May 17th 2013

We are back with the Discount Brokerage Weekly Roundup! Here’s the latest news from Canadian discount brokerages this past week:

JitneyTrade and Credential Direct have stepped into the investor education game offering learning webinars to their clients. A look at JitneyTrade’s Twitter feed gave us the low-down on a series of webinars about market analysis and breakout patterns they have been offering over the last week.

Credential Direct has also launched into providing educational webinars with their first one being on technical analysis. The description of the event sounded familiar, and so a quick check of the Recognia website showed that it is, in fact, a Recognia focused educational seminar.

CredentialDirectWebinar_TechnicalAnalysis

As they launch into providing these webinars, it appears that both JitneyTrade and Credential Direct still have a bit of work to do in order to make this information easier to find. In JitneyTrade’s case, this information was only available on their Twitter feed and is not listed as a dedicated section on their website.  For Credential Direct, they do have a big advertisement for the seminar on their homepage, but they haven’t posted the webinar in their education section.  Whether or not they continue to offer webinars in the future remains to be seen however, in the meantime you can check up on educational event information on our calendar.

In other JitneyTrade news, the discount brokerage has launched support for a new platform called RealTick Express. According to their website, the RealTick Express was “conceived for the active trader … who maintains 75-200 trades per month”.  For more information, visit the RealTick website.

Several major financial institutions (including discount brokerage JitneyTrade) were spotted as sponsors to the first ever  FinTech Conference 2013 which took place yesterday in Montréal. According to the website’s description of the event, the event is “intended to promote financial application development to attendees from the finance, information technology and risk management sectors, both domestically and abroad. The conference also seeks to help discover new talents, create networking opportunities, raise interest in the combined fields of finance and information technology, as well as contribute to the visibility of Montréal’s financial technology expertise.”  For an overview of the Twitter analytics of the FinTech conference, click here.

Finally, BMO InvestorLine has come out with a study that reports 81% of Canadians between the ages of 18 and 34 see themselves investing online in the next five years with the percentage of online investors tripling in the next decade. This seems to be great news for online discount brokerages in Canada. It remains to be seen how they will capitalize on this opportunity and which discount brokerage will score the most points with new and experienced investors alike.

That’s all for now! If you come across any juicy discount brokerage news, contact us via email, Twitter or Facebook.

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Discount Brokerage Deals & Promotions – May 2013

ArchivedDeals*Deals have been updated, see below for more details*

This month’s deals and promotions from Canadian discount brokerages feature a new promotion by Questrade, as well as an interesting deal/contest by Scotia iTrade announced last month.  Also, Qtrade‘s transfer fee rebate is also back, this time with no apparent time limits.  Before launching into the new deals, we’ll take a quick recap of which deals have expired and which are expiring this month.

One of the big deals that expired at the end of April was HSBC InvestDirect‘s unlimited trading offer.  While they haven’t typically offered many deals or promotions over the past year, with this recent deal, it could be a sign of some activity to come, especially if they are keen to highlight their recently recognized customer service award from Dalbar to Canadian self-directed investors.    Questrade’s 100 free trade offer which ran last month officially expired and is being replaced by another free trade offer geared towards active traders (see below).  Now that Questrade has pulled the 100 free trade offer, only Scotia iTrade is offering 100 free trades for new accounts.

Disnat‘s 30th anniversary deal which offers $300 in commission credits has been around for a few months and is being extended to May 31st.

Questrade’s latest offering  (the Advantage promotion) is offering 30 days of commission-free trading as well as one month free of the US Advanced data package.  The terms and conditions on this are a bit tricky so be sure to read and understand them.  Several key points to pay attention to are:

  1. The start/end dates for the free data package
  2. The start/end dates for the commission-free trading month
  3. The length of time needed to maintain a minimum balance of $25,000 (this is 6 months)
  4. Commission rebates are credited to client accounts within 3 business days however clients will still have to pay the commissions at the time a trade is executed.

If you are considering the Advantage program, we suggest looking at our detailed report and/or special series that looks into the Advantage plan.

Scotia iTrade also recently announced their “Get Educated” promotion and contest.  This hybrid offering allows individuals opening a new account with at least $50,000 100 commission-free trades (which they have 60 days to use) as well as the opportunity to get 5 ballots to be entered in a draw for a $25,000 cash trading account as well as a “trading education” package (retail value $5,000).  Like many ‘commission free’ offerings, on this promotion individuals are responsible for paying the commission fees which are then refunded to clients overnight. The “contest” portion of the Scotia iTrade offer is open to all Canadians however be sure to read the terms and conditions as well as the rules and regulations for  participation in the contest.

Lastly, when we went to last month’s World MoneyShow in Vancouver, we spotted a deal from National Bank Direct Brokerage that gives individuals who open a new account (with $25,000) 6 months of trading at a $6.95 commission rate.

*Update* May 29th, 2013

Two new deals are being added into the list late in the month.

We spotted this first deal being promoted at the World Resource Investment Conference in Vancouver. TD Direct Investing is launching a new “50 free trades” promotion where new accounts with a $50,000 deposit are eligible to receive up to 50 trades commission free as well as have their transfer fees covered (up to $150).  Clients who have lower amounts to deposit may be eligible for fewer commission free trades. For example, clients who deposit between $25,000 and $50,000 can receive 10 free trades and clients who deposit between $5,000 and $25,000 are being offered 3 free trades.

The second deal, also spotted at the World Resource Investment Conference, is an unadvertised offer by Disnat which looks like an offer from their SCATE tour.  While not as generous as some previous deals, this deal offers $300 in commission credits, 3 months of the lowest rate of commissions and a free year of the Stockscores daily newsletter service.

Discount Brokerage Deals & Promos

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account with TD Direct Investing before July 12, 2013 and deposit either A)$5,000 to $25,000 B)$25,000 to $50,000 or C)$50,000 or more to receive commission credits for A) 3 trades, B)10 trades or C) 50 trades. Be sure to read the details about keeping your account balance at qualifying levels, eServices subscription as well as other terms and conditions. A)$5,000 B)$25,000 C)$50,000+ A) 3 Trades (max value $87) commission credit B) 10 trades (max value $290) commission credit C) 50 trades (max value $500) commission credit Trades must be used by September 30, 2013 4pm ET. 50 free trades offer July 12, 2013
Disnat As a follow up to their SCATE tour, Disnat is offering new clients who deposit $10,000 before June 30, 2013 a bundle that includes commission credits and a one year free subscription to Tyler Bollhorn’s Stockscores daily newsletter. This is an unadvertised deal so the details link is to a scan of the flyer with the offer. $10,000 $300 commission credit 30 days For more details, click here and here June 30, 2013
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999) 60 days Refer A Friend to Scotia iTrade May 31, 2013
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $25,000 before June 30, 2013 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code 100FT. See details link for further terms and conditions. $25,000 100 free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk June 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details. $25,000 $6.95 fixed commission rate for 6 months 6 months Click here for a low-res version of flyer or here for a high-res version. October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000. $25,000 $100 referral bonus (referrer) $100 referee (your “friend”) Payout occurs after 6 months Share $200 with a Friend Promotion October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal. $25,000 30 days unlimited commission-free trading + 1 month free Advanced US market data package. 30 days Advantage Promotion June 30, 2013
Disnat Disnat is celebrating its 30th anniversary by offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat30. See details link for more info. $50,000 $300 commission credit 6 months Disnat 30th Anniversary Promo May 31, 2013
Scotia iTrade Open a new Scotia iTRADE account before May 31, 2013 and fund it with at least $50,000 (by June 30th, 2013) and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code SP-EDCON. There is also a contest to win a $25,000 trading account that is part of this promotion. See details link for further terms and conditions. $50,000 100 free trades ($999 value @ $9.99 commission rate) 60 days Get Educated Promo May 31, 2013
BMO InvestorLine Open a new account or upgrade an existing account with either A) $100,000 or B)$250,000 to receive $250 cash(for those who deposit $100K) or $600 (for those who deposit $250K). Use Promo Code: BONUS600 NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. A) $100,000 B) $250,000 A) $250 Cash Back B) $600 Cash Back Payout occurs after 6 months Spring 2013 Cash Back Promotion June 3, 2013
BMO InvestorLine Open a new account or upgrade an existing account with $500,000 to receive $1500 cash back. Use Promo Code: Select1500. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. This wasn’t an advertised deal, however the terms and conditions are from BMO InvestorLine’s website. $500,000 $1500 Cash Back Payout occurs after 6 months Select1500 Promotion June 3, 2013


Transfer Fee Deals

Below are the discount brokerages deals that cover transfer out fees from other discount brokerages.

Company Brief Description Maximum Transfer Fee Coverage Amount Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Transfer your discount brokerage account to Credential Direct and they’ll pay up to $200 of the transfer fees. If after 90 days you’re not satisfied they will waive the $125 transfer out fee too. $200 $10,000 Switch Me Promo June 30, 2013
Disnat As part of their SCATE tour promotion, if you open a new account by June 30th with $10,000 or more Disnat will cover up to $150 of the transfer fees from another brokerage. $150 $10,000 For more details, click here and here June 30, 2013
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Open a new account by July 12, 2013 and transfer $25,000 or more to TD Direct Investing and they will cover up to $150 of the brokerage transfer fees. $150 $25,000 50 free trades offer July 12, 2013
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is celebrating its 30th anniversary by offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat30. See details link for more info. $150 $50,000 Disnat 30th Anniversary Promo May 31, 2013