*Updated October 9, 2014*
Savvy traders understand that there’s always a bull market somewhere. Even though the recent pull back in the major stock markets and indices suggests investors may be cooling off, Canadian discount brokerages have a different idea, especially when it comes to promotions.
We began last month with a brief lull in the number of offers pitching 50 or more free trades. Halfway through September, however, that changed dramatically when Scotia iTrade launched one of its largest offers to date: 500 commission-free trades (or $500 cash back) for deposits of $500,000 or more. This was a unique offer (which we detailed in an article here), because it signaled a decisive shift by Scotia iTrade to get the attention and assets of investors with substantial portfolios.
The deals on the calendar at the start of the month arrived in late September and look to be around until at least the end of the current month if not longer. A noteworthy transfer deal also showed up from Credential Direct, a sign that they too may be stepping up their efforts at competing with other Canadian brokerages.
The end of September saw 2 deals from Questrade expire: their Cash Back Promo and RESP Offer.
The deal that got extended this past month was Questrade’s 100 free trade offer with a new deadline of October 30th.
*Update Oct. 9, 2014: The deals are heating and this time one of Canada’s largest discount brokerages, TD Direct Investing, has been spotted promoting a commission-free trade offer. For individuals depositing at least $50,000, the full offer includes up to 200 commission-free trades (maximum rebate of $2,000), a rebate for their advanced dashboard premium streaming package (maximum rebate of $87) and for those who transfer funds in, coverage for up to $150 of transfer fees. The trades must be placed within 60 days of the account opening in order to be considered eligible for the rebate. Also, global equity trades are not eligible as part of this offer.
*Update Oct. 6, 2014: As part of their big price drop announcement, CIBC Investor’s Edge has also dropped a major deal into play with their newest offer that combines free trades AND a cash back component too. Unlike many of the deals we’ve seen before, this is a fairly aggressive offering which certainly got our attention and will likely do the same for consumers and other brokerages. For starters, a deposit of $25,000 in assets qualifies an individual for $100 cash back and 25 free trades; a deposit of $50,000 – $99,999 qualifies for $200 cash back and 50 free trades; and deposits of $100,000+ qualify for $300 cash back and 100 free trades. Given the different tiers for this offer, CIBC Investor’s Edge is coming out swinging at the other discount brokerages big and small and so we expect some kind of interesting responses to come up in short order.
As was the case last month, this month isn’t starting with any new deals announced as of the beginning of the month. Midway through September, however, a number of deals did appear. One of the deals we’ve mentioned already was the Scotia iTrade ‘500 commission-free trade’ offer, however there was also the infamous iPad Mini offer from Questrade which is back again and a transfer fee offer from Credential Direct that showed up. Specifically, Credential Direct is offering a transfer fee promo where individuals can have the transfer fee rebated if they switch to Credential Direct from another broker (with at least $15,000) and Credential Direct will waive the fee in case that clients wants to ‘switch out’. This offer is something we’ve seen before from Credential Direct however coupled with their recent commission price drop, there is a good possibility that we may see more from them in terms of promotions this upcoming year.
As always we appreciate hearing about and sharing deals that we may have missed. As a general guideline, deals that we can include directly on our listing have to be open to all potential clients but users may post links to offers in the comments section that might apply to certain readers
Discount Brokerage Deals
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer Type||Time Limit to Use Commission/Cash Offer||Details Link||Deadline|
|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|
|For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer.||n/a||35 commission-free trades||90 days||Youth Promotion||October 31, 2014|
|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 (TFSA, Margin or RRSP) by October 30 2014 A) $1000 or B) $10,000 to receive either A) 10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14F must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.||A)$1,000 B)$10,000||A)10 free trades B)100 free trades||60 days||100 commission-free trades||October 30, 2014|
|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:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50)||60 days||Refer A Friend to Scotia iTrade||October 31, 2014|
|Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 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 HUN-SP. See details link for further terms and conditions.||$15,000||100 commission-free trades ($999 value @ $9.99 commission rate)||60 days||Scotia iTrade 100 free trades + FlightDesk||December 31, 2014|
|Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details.||A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+||A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash||For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015||Cash back + Free trade offer||December 31, 2014|
|Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+||A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades||Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days||Investors Edge Cash Back and Free Equity Trades Offer||February 28, 2015|
|Open and fund a new account with at least $50,000 at TD Direct Investing and you may be eligible to receive up to 200 commission-free trades plus 60 days of free use of the premium data for the advanced dashboard. Trades must be completed within 60 days. Be sure to read the terms and conditions for full details on this offer.||$50,000||200 commission-free trades (or $2,000 of commission rebates – whichever comes first); Advanced dashboard premium data rebate ($87)||60 days to use trades (rebate may be paid by May 30, 2015)||Commission-free Trade Offer||November 21, 2014|
|Disnat is 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 Disnat300. See details link for more info.||$50,000||$300 commission credit||6 months||Disnat $300 Commission Credit Promo||December 31, 2014|
|If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.||A) $50,000 – $249,000 B) $250,000+||A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100||Payout occurs after 60 days (subject to conditions).||Refer A Friend Terms & Conditions||October 31, 2014|
|Open and fund a new account with at least $100,000 at Questrade and execute at least one commissionable trade and you may be eligible to receive an iPad Mini. Use promo code IPADMINI14F. Be sure to read terms and conditions for full details.||$100,000||iPad mini (Wi-Fi only, 16 GB)||iPad mini will be ordered within 30 days of eligibility criteria being met.||Questrade iPad Mini Promo||November 30, 2014|
|Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details.||$100,000||$250 cash back + 50 commission-free trades (rebated)||50 days (payout for cash back and commission rebate occurs after 6 months)||Smile Promotion||November 2, 2014|
Transfer Fee Deals
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Transfer $15,000 or more to Credential Direct and they will pay the transfer-out fees up to $150. If you wish to switch out of Credential Direct after 90 days they will waive their transfer out fee. See link for more details.||$150||$15,000||Transfer Free Promo||December 15, 2014|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees||$135||$15,000||Transfer Fee Rebate Details||none|
|Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.||$150||$25,000||Transfer Fee Promo||none|
|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 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 is 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 Disnat300. See details link for more info.||$150||$50,000||Disnat $300 Commission Credit Promo||December 31, 2014|
|Transfer $50,000 or more to TD Direct Investing from another brokerage and you may be eligible to receive up to $150 in transfer fee rebates.||$150||$50,000||Commission-free Trade Offer||November 21, 2014|