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Discount Brokerage Weekly Roundup – May 29, 2015

When the weather starts to get this nice, it’s harder to enjoy it from behind a desk or a window. Perhaps that was also to blame for the market sell-off going into the weekend. While folks across the country are probably looking forward to some grill time, many discount brokerages, on the other hand, would definitely welcome the break from getting grilled.

In this ‘nice weather’ edition of the roundup, we’ll take a look at one small brokerage that landed a rather big financial services partner in order to compete strategically with the bank-owned brokerages. Next we take a look at another Canadian discount brokerage who’s showing signs of winning with investors. Following that, we take a quick scan at the deals/promotions set to expire and then move on to the home stretch where we continue with our discount brokerage tweets of the week, investor education event horizon and close out with two very interesting forum threads.

Funds in the Sun

When you’re not the biggest online brokerage in the room, there’s a fair bit of creativity required in order to maneuver around the DIY investor market. One way in which to do this is to create strategic partnerships.

This past week, Qtrade Securities Inc. (which controls Qtrade Investor) announced that they’re partnering up with Sun Life Financial to enable Sun Life’s financial advisors to connect their clients to Qtrade’s investment advisors and/or to Qtrade Investor directly.

Last year, at just about the same time of year, Qtrade also announced a similar partnership with Great-West Life with a familiar strategy in mind.

As the battle between online brokerages for new clients and new client assets continues to intensify, so too does the cost of acquiring new clients. And, in a falling commission revenue environment, there’s definite pressure to innovate.

From a strategy perspective, getting clients from referrals (instead of having to spend lots of resources on marketing) is much more cost effective. This is something other smaller brokerages have turned to in order to compete with the bigger banks who can typically “cross sell” their customer base on an online brokerage account while visiting an ATM or bank website.

That said, bank-owned brokerages still command the lion’s share of online brokerage accounts in Canada. As the year progresses, it will be interesting to see what else firms like Qtrade will be up to in order to win attention away from larger and smaller competitors alike.

Interactive Brokers Canada Building the Bench

As was mentioned in last week’s roundup – there are some interesting signs of what Canadian discount brokerages are up to based on some of the activities observed online. This week we turn our attention to a popular online brokerage: Interactive Brokers Canada.

Although there was a fairly large response from investors to the news that Interactive Brokers Canada began accepting registered accounts, the initial buzz has appeared to have died down.

While it is difficult to speculate on just how many individuals have decided to open up either a TFSA and/or RRSP at Interactive Brokers, recent postings for additional customer and technical service support at the Interactive Brokers Canada offices in Montreal seems to suggest that extra hands might be required.

Even though hiring of client service reps aren’t that abnormal (RBC Direct Investing also posted for a client service rep this week), in IB Canada’s case, the headcount is generally kept pretty small. The relatively low headcount is why, according to recent reports, they averaged about $1.3M in revenue annually per employee.

Screenshot from Interactive Brokers website.
Screenshot from Interactive Brokers website.

In addition to the new staff it appears they’re also advertising their new account offerings online – something they typically haven’t done within the Canadian market.

With a very low cost structure to begin with, Interactive Brokers will naturally attract price sensitive investors. Putting these pieces together, however, suggests that their strategy to attract more attention by offering registered accounts and shoring up support might be paying off.

Deal Preview

Heading into a new month means deals and promotions require a quick check-up.

After a busy first quarter of 2015, the deals and promotions from Canadian discount brokerages has slowed down in May. Our sources have suggested that several bank-owned brokerages have been working on promotions, however at this point nothing concrete has surfaced.

With that in mind, there was one extension to report on from Questrade which bumped back the deadline of their prepaid Visa card promotion to the end of this month. That brings the count to 2 of deals from Questrade that are timed to expire at the end of May. The other brokerage offer that is scheduled to expire at the end of May is from Scotia iTrade. Their landmark $500 AND 500 free trade promotion is one of the most aggressive they’ve ever put forward and it was timed specifically around the launch of their investor centre in downtown Toronto.

We’ll be keeping an eye out for anything that surfaces over the weekend and at the launch of the new month.

#DiscountBrokerage Tweets of the Week

In this week’s edition of the tweets of the week, it’s clear once again to see how much activity to and from Questrade takes place on Twitter.

Questrade was busy fielding comments on topics from technology to features. Other brokerages were also on the ball when it came to keeping an ear out for folks interested in them – in particular RBC Direct Investing and Scotia iTrade. One interesting observation was from frustrated tweeters about Virtual Brokers’ customer service, both of whom remained unanswered as we went to publication.

Event Horizon

Vancouver seems to be where it’s at this weekend.

The Montreal Exchange’s Options Education Day takes place this Saturday – preregistration is required.

Also, the Canadian Investor Conference – also known as Canvest – will take place on Sunday and Monday. For more information or to register, click here.

From the Forums

Reviews of Questrade

If there’s one thing that Questrade has appeared to do far more successfully than its online brokerage peers, it has been building “street cred” with Canadian investor forum users and on social media. Unlike on Twitter where individuals either rant (mostly) or rave about a brokerage, on the forums there are typically more complete conversations that include positive things to say about a brokerage. While character length may have something to do with it, the self-policing nature of forum communities generally means that different perspectives help form a more accurate version of what’s going on. In fact, there are often some relatively heated debates involving folks sticking up for their brokerage – something that has yet to appear on Twitter, at least for Canadian brokerages.

In this thread on reddit’s Personal Finance Canada thread, it was particularly interesting to see what individuals really liked or spoke out about regarding Questrade. Worth a read for those thinking about Questrade.

The Dividend Did It

Learning about the nitty gritty of what discount brokerages do is not something most brokerages telegraph well. After all, who’s got the time to explain how the whole thing works (assuming they know themselves!)? In this post from the financial wisdom forum, one user noticed a fluctuation in a limit order they placed that was cause for concern. This one is of particular interest to the dividend enthusiasts.

Into the Close

That’s a wrap for this week’s roundup. After spending a fair portion of the week wrestling with social media (#FirstWorldProblems) an interesting topic that ended up trending was #AdviceForYoungTraders. It was a fascinating thread filled with all kinds of interesting trader maxims. Of course, one of the most, um, concise, was from WWF Wrestling Superstar and often NSFW Iron Sheik (who doles out this ditty regularly):


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Discount Brokerage Weekly Roundup – May 22, 2015

Like some kind of odd celestial alignment, the convergence of shorts weather on a short work week just as the S&P 500 hits a new high and causes yet another squeeze on the shorts. Yup, seems like shorts are the theme for this week’s roundup, and as such, this discount brokerage roundup will try to, um, keep it short.

In this edition of the roundup we take a look at the latest deal launched by one bank-owned online brokerage and why it might be a signal for the upcoming summer discount brokerage deals season. Next we gaze into the tea leaves with some interesting signals from one brokerage’s activity patterns as well as look at one looming threat to brokerages that may turn out to be more sizzle than steak. We’ll also take a look at what the chatter about discount brokerages was like on social media with our new #TweetsOfTheWeek. Finally we’ll take a look at the upcoming investor education events and some very interesting chatter from the investor forums.

Cash (or Free Trade) Me if You Can

Just in time for summer, Scotia iTrade has resurrected their 1,000 free trade/$1,000 cash back offer once again albeit with several twists.

When it first launched in January of 2015, it was the only offer that offered a specific promotion for deposits over $500,000 as well as the largest headline number for a cash back or free trade promotion. At the time the offer consisted of either cash back or commission free trades, and included a trial of the Scotia iTrade platform FlightDesk.

In its latest incarnation, the $1,000 cash back or 1,000 free trade offer now includes a 6 month subscription to the US based trade alert service for individuals who deposit more than $100,000. As was the case in January, it appears that Scotia iTrade is looking to distinguish its promotions from other brokerages with bigger, bolder numbers of deposits sizes, free trades or cash back and now a stockpicker’s subscription service.

Interestingly, through the remainder of May, they will have several concurrent offers which could offer deal hunters a narrow window to pick the best one of the bunch.

Another noteworthy component to the latest deal from Scotia iTrade is that the offer expires well into September. Many other offers from bank-owned brokerages aren’t set to go that long but it looks like Scotia iTrade has firmly placed their bets on this flagship offer for the rest of the summer.

Finally, there is clearly an interesting spin on this offer that is geared towards active traders of US equities/options. Scotia iTrade continues to court this highly prized segment with their $4.99 active trader commission pricing, platform, service offering and now promotions.

It will be interesting to see if any other bank-owned online brokerage steps up to challenge Scotia iTrade in the active trader segment. The recent fee hikes from the major Canadian banks likely saw long-term investment accounts take some collateral damage with disgruntled clients jumping ship. The priority will likely therefore be on winning back those clients with incentives rather than chasing active traders. Whatever the case, Scotia iTrade has opted step into summer swinging with big headlines that other bank-owned brokerages will have to seriously ante up to beat. Should be an interesting summer.

Starting to Sizzle

Between the major news announcements, there are always some minor blips on the radar that indicate that the Canadian online brokerages are working away on something.

One bank-owned brokerage in particular seems to be finding its way back on to the radar more regularly. CIBC Investor’s Edge has been mentioned several times in recent roundups and stories for rolling out new pricing, promotions and seminars this year – something that was distinctly different from most of 2014. This past week they have yet again changed their homepage imaging and seized upon a timely trend by pitching visitors to their website the benefits of TFSA – something that up until now only Questrade had really picked up the ball on.

source: screenshot from CIBC Investor’s Edge Homepage

While it is still early, it appears that there is a trend amongst Canadian discount brokerages to increasingly focus on the content and design of their sites.

Recently CIBC Investor’s Edge and BMO InvestorLine have been building their respective benches in these areas by looking to hire designers and user experience specialists. BMO InvestorLine recently rolled out their new website front-end along with Desjardins Online Brokerage earlier this year and we’ve had confirmation from several other brokerages they are poised to do the same within the next 6 months. CIBC Investor’s Edge looks like they might be gearing up for some substantial design changes in the not too distant future.

CIBC Investor’s Edge bold commission pricing drop has put them back into minds of many DIY investors as well as their competitors, however their most recent maneuvers might signal that competition on user experience between bank-owned brokerages is going to get even hotter.

Don’t Believe the Hype?

For many DIY investors, the recent spike in attention given to robo-advisors has got more than a few feathers ruffled.

In an interesting story from International Adviser, however, one of the groups singled out as being threatened by the robo-advisor trend may breathe a sigh of relief. The reason: profitability.

While there has been lots of interest on the part of retail investors in these robo-advisors, the article points out the numerous challenges to successfully growing to scale where they can threaten the discount brokerage space. The point, as it is in many industries, is that only the strong will end up surviving. It’s a familiar refrain for discount brokerages who know all too well that success hinges on having a critical mass of clients AND being able to stick out from their competitors. For robo-advisors, the fight is only just beginning and it’s likely to expect discount brokerages won’t be letting them advance unchallenged for much longer.

#DiscountBrokerage Tweets of the Week

This week it looks like Twitter users from Questrade were again having trouble sourcing stocks to short. Given that certain markets are pushing all-time highs, it’s interesting to see a) that so many traders are attempting shorts and b) that Questrade users are encountering challenges shorting. While tweets to and from Questrade dominated the news feed, one user vented about the customer service experience at Virtual Brokers – something that has also been getting attention from other users posting to our forum.

Event Horizon

May 26

NBDB – Introduction to Call Options – [Fr]

TD Direct Investing – Understanding Margin & Short Selling – [Mandarin]

Scotia iTRADE – Options Trading For Beginners with Sarah Potter

May 27

Scotia iTRADE – Options Trading – Building A Collar with Montreal Exchange

TD Direct Investing – Advanced Options

TD Direct Investing – Understanding Margin & Short Selling

From the Forums

Keeping count

There are many reasons individuals may decide to open multiple accounts with discount brokerages. Chief among them are risk management (think eggs in baskets), CIPF protection and special features, one of the drawbacks is keeping them all straight. In this post from the financial wisdom forum, it was pretty interesting to see just how many discount brokerage and banking accounts certain individuals admitted to using.

Small Potatoes

It’s becoming trickier for smaller, inactive investors to park their money at a discount brokerage. In this post from Red Flag Deals, the inactivity fee took one investor at Qtrade by surprise. Check out what the community had to say about their options.

At the Close

That’s a wrap for this week. Remember that US markets will be closed on Monday for Memorial Day so for the US traders it will be a short week. Wherever you happen to be this weekend, hopefully you are blessed with great weather or some wildly entertaining stuff to watch. To help launch you into the weekend on a high note, here’s more great footage of people flying – a Canadian in shorts no less!

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Discount Brokerage Weekly Roundup – May 15, 2015


When it comes to DIY investing – or any investing, emotion is a lever best-not pulled. For discount brokerages, however, being boring doesn’t get attention and not getting attention means being left out.

In this long weekend edition of the roundup, we’re excited to add a new feature into the mix. First, we take a look at the latest attempts by discount brokerages to get attention, then highlight an upcoming learning event. Next, we roll out something new that will shine a light on something lots of people want to know about Canadian discount brokerages. Following our surprise new piece we’ll take a look at the upcoming investor education events and close out with the investor chatter from the forums and very cool video for the rocketeer enthusiasts.

A better toaster

What happens to an industry where it’s tough to tell one provider apart from another? Toss in a toaster.

Odd as it may sound, toasters and financial services go way back. The idea of tossing in a free toaster to attract new bank clients was popular hook in the 1950’s and, while the idea of attaching an incentive to draw in new business is not new, it’s interesting to see what discount brokerages and banks are doing in 2015.

This past week, promotional juggernaut Questrade launched their latest deal of advertising an Apple Watch to individuals signing up for an account and depositing at least $100,000. For those keeping score at home, this brings the consecutive mentions of the Apple Watch in the weekly roundup to three and the number of deals Questrade runs to more than everybody else.

Of course, digging deeper into the fine print, it appears the offer is actually not for an Apple watch, but rather for an Apple Store gift card worth $500.00. A quick check of the Apple store found the following models of Apple watches:

  • Apple Watch Sport (ranges between $449 and $519 +tax)
  • Apple Watch (ranges between $699 and $1459 +tax)
  • Apple Watch Edition (ranges between $13,000 and $22,000 +tax)

Thus, the clever marketers at Questrade have managed to grab headlines and attention with an item that ranges in price between $449 and $22,000, but really refers to the most basic (but still cool) model of the Apple Watch Sport.

Questrade has largely gone unchallenged by other Canadian online brokerages in offering up Apple products as incentives for new account openings. Recall that Questrade has run with the iPad mini promotion multiple times over the past two years.

In the financial services market, and in the online discount brokerage segment in particular, this is one of those moments where someone has done their marketing homework on “differentiation” and the “halo effect”. So what has Questrade done to make themselves stand out?

The answer is just about everything, and it seems to be working.

Did we notice? (Yep); are we talking about it here (earned media: check), are other DIY investors are talking about it on forums and social media? (more earned media: check) and of course co-branding an online brokerage alongside a brand like Apple with their most buzzworthy product right now probably doesn’t hurt either.

Relative to the other Canadian discount brokerages, Questrade appears to be putting on a little bit of a marketing clinic online. Although the tactics aren’t necessarily new, they are nonetheless effective in attracting attention and, importantly, appealing to emotion.

For DIY investors, especially those looking for online trading accounts for the first time, there is only going to be more marketing coming their way. Competition between brokerages in Canada is fierce and if one brokerage is doing something right, others are sure to follow suit. Where could it end? A look at the Chinese banking sector’s approach is a window into how extreme this incentive game gets with iPhone 6s and Mercedes’ being offered.

It’s important, therefore, to see past the incentives and to reign in the emotion. The most important component of picking a service provider is whether they are a good fit. A good set of questions to always keep asking are:

  1. Do they do what you need them to do?
  2. How well do they do it?
  3. How much are they charging for it?

Through the marketing efforts, all businesses (big and small) hope that a promotion or deal can change how you value their offering. That’s simply a business reality for buyers and sellers.

That said, most folks probably need another screen to look at as much as they need another toaster. The art of marketing, however, is more about want rather than need. And, it is exactly why DIY investors should know what they need before they get something they don’t want.

Options Education Day Returns to Vancouver

If you happen to be in Vancouver at the end of May and are interested in learning about options, the Options Education Day tour is coming to town once again.

The topics on the agenda for this session include:

  • Options fundamentals
  • Four ways to hedge against risk
  • Managing the effects of volatility
  • Understanding put-call parity
  • The road ahead: What’s next for Canadian investors?

A number of discount brokerages will also be on hand as sponsors for this event including:

This event typically sells out ahead of the session so be sure to RSVP early to avoid disappointment. The cost for the day-long session is $45 and includes breakfast, lunch and training materials. Click the following link for more information on Options Education Day Vancouver.

Discount Brokerage Tweets of the Week

As part of our ongoing effort to bring together the fuller picture of what’s going on in and around the Canadian discount brokerage landscape, we are excited to (re)release the discount brokerage tweets of the week.

The format of the tweets of the week has changed somewhat from its earlier incarnation. Instead of featuring what online brokerages themselves are saying, we’ve included the conversations, comments and perspectives of both DIY investors and the brokerages who are on Twitter. The brokerages may be on Twitter directly or as part of their parent company’s customer service team. Several of the bank owned brokerages, in particular TD Direct Investing, RBC Direct Investing, BMO InvestorLine and CIBC Investor’s Edge, handle incoming tweets via their parent bank Twitter accounts.

In this first week, it was interesting to see that brokerages big and small encounter issues with account opening and delays getting things up and running. Of course, what’s equally informative is how fast and how helpful client service teams are on Twitter. This week there are tweets about or to the following discount brokerages:

  • BMO InvestorLine
  • Credential Direct
  • Questrade
  • RBC Direct Investing
  • Scotia iTrade
  • TD Direct Investing

Noticeably absent from the list this week was Virtual Brokers, who’ve been quiet on Twitter since early April.

So, as another first we’ve brought to the Canadian discount brokerage space, here are the curated discount brokerage tweets of the week. #Enjoy!

Event Horizon

May 19

NBDB – Take Advantage of Margin Accounts – [Fr]

Scotia iTRADE – How And When To Use The MACD with Pro Market Adivsors

May 20

TD Direct Investing – Technical Analysis – Advanced Indicators

TD Direct Investing – Introduction to Technical Analysis

TD Direct Investing – Introduction to Investing in Options

TD Direct Investing – Market Outlook

Scotia iTRADE – Getting Started With ETFs with iShares

May 21

TD Direct Investing – Introduction to Fixed Income

Scotia iTRADE – Short Selling with AJ Monte

TD Direct Investing – Introduction to Fundamental Analysis

May 22

Scotia iTRADE – Trading Psychology Part 1 with Stefanie Kammerman

From the Forums

Getting the Party Started Right

Opening an online trading account is still a somewhat involved process. In this post from reddit’s Personal Finance Canada section, one user asks about the initial funding requirements for a Questrade account. Fortunately both the community and a Questrade rep provide a detailed answer.


With many parties slated to take place this Victoria Day weekend, there’s the fun part and then there’s what happens after the party’s over. For most there’s some cleanup involved. In this post, again from reddit’s Personal Finance Canada section, when the party was over for one stock in an investors portfolio there were still two laggard shares left in their account. Check out how the community explained the process of getting rid of them.

Discount on the Potato

It seems fitting heading into a long weekend that the infamous ‘take it easy’ approach of the Canadian couch potato portfolio strategy came up this past week. Specifically, in the RedFlagDeals investing forum, one user asked about whether the couch potato portfolio is something that can be used with Virtual Brokers.

The Closing Bell

That does it for this edition of the weekly roundup. A quick reminder that Canadian markets will be closed on Monday for Victoria Day and will reopen for Tuesday. Here’s some spectacular footage of some awesome technology to propel you into the weekend – cue the rocketman! Have a safe and enjoyable holiday weekend.

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Discount Brokerage Weekly Roundup – May 8, 2015

What a week of wacky data to digest. From May the Fourth being with us, to Cinco de Mayo to the NDP landslide win in Alberta to Deflategate to stocks being called out for being overvalued and the markets going up anyway. It was definitely one of those stranger-than-fiction-headscratchers kind of weeks. Not to be left out, Canadian discount brokerages and DIY investors have a bit of headscratching to do with the release of yet another discount brokerage ranking.

In this week’s roundup, we take a look at the latest MoneySense discount brokerage rankings and attempt to glean what they mean. Next, we shine a light on one discount brokerage that is springing to life with more activity. From there we take a look at some notable developments in the US that are bound to have Canadian discount brokerages starting to be a little bit nervous and giving DIY investors a reason to cheer. As usual, we’ll close out with the upcoming investor education events and some interesting chatter from the forums, including the whisper of a new deal from one bank-owned brokerage.

Because this week’s roundup is a bit longer than usual, here’s the TL;DR version up top:

  • There were lots of discount brokerages crowned as the best discount brokerage in this year’s MoneySense discount brokerage rankings. With so many rankings and ratings providing conflicting signals, consumers should take the title of ‘best discount brokerage’ or ‘best online brokerage’ with several grains of salt.
  • CIBC Investor’s Edge is more active this year. It will be interesting to see what’s coming as they are definitely working on doing more for DIY investors than years past.
  • Commission-free trading might be coming to Canada. US discount brokerage Robinhood just announced they’re going global meaning it’s likely not a question of if so much as when commission-free trading shows up in Canada.

The Latest Best Discount Brokerage Rankings

While the theme song ‘Everything is Awesome’ is both awesome and catchy, it’s not that useful as a decision making tool – especially when trying to choose an online brokerage.

With rankings from the Globe and Mail, JD Power, Dalbar, Surviscor, Morningstar and MoneySense, there is no shortage of ranking information out there. For many DIY investors, and even for discount brokerages too, when so many Canadian discount brokerages are being crowned the ‘best discount brokerage’ the meaning of the word best really becomes challenging to pin down.

This week MoneySense’s latest discount brokerage rankings were spotted, and in them were 7 different winners of different categories, including the title of best overall (the bestest?).

Here are the results according to their latest rankings:

Best Online Brokerage Category Winner Runner Up
Ease of Use BMO InvestorLine Scotia iTRADE
Customer Service Scotia iTRADE Qtrade Investor
Fees and Commissions CIBC Investor’s Edge Credential Direct
Account Information & Reporting BMO InvestorLine Questrade
Educational Resources Desjardins Online Brokerage TD Direct Investing
Market Intelligence TD Direct Investing Scotia iTRADE
Best Overall BMO InvestorLine Scotia iTRADE
source: Surviscor

For consumers, it is important to take a step back and put the results into context to understand what the title of ‘best discount brokerage’ really means from the source that is using it.

One of the first things that stands out with these results is the weight/preference on certain categories.

In this latest series of results, BMO InvestorLine was declared as ‘best overall’ with Scotia iTrade coming in as runner up overall. Looking more closely, BMO InvestorLine took first place in “ease of use” and “Account Information and Reporting”. Scotia iTrade, ranked best at customer service and runner up with “ease of use” and “market intelligence”.

Based on these results, the best overall means that ease of use and account information would likely have to far outweigh customer service and market intelligence, and each of those would have to outweigh the importance of fees and commissions, and educational resources.

Without getting into too much of the logic puzzle, the takeaway is that DIY investors will attach different priorities to different categories as well as define those categories differently than those who composed the rankings. Who decides, after all, what ‘ease of use’ quantifiably means, how to measure it and how much a percentage point of ‘ease of useness’ really amounts to for every DIY investor?

Another thing for consumers to keep in mind is how quickly the rankings can and do change.

Data for the MoneySense rankings were gathered in March and April of 2015 by Surviscor and so it is interesting to compare the customer service category scores in the MoneySense ranking against the results published earlier this year in the customer assessment to see the differences.

In the 2014 Canadian Brokerage Service Level Rankings, Credential Direct (91%) was awarded the top honours followed by Qtrade Investor (90%) and Desjardins Online Brokerage (73%). In that ranking BMO InvestorLine was ranked 8th (with a score of 31%) and Scotia iTrade 4th (with a score of 71%). It is therefore interesting to see Scotia iTrade’s customer service response score in the latest MoneySense rankings surpass Desjardins Online Brokerage, Qtrade Investor AND Credential Direct in that narrow window of time.

And then there are the surprises.

One of the biggest of those surprises was in the cost category in which CIBC Investor’s Edge took top spot followed by Credential Direct. Neither Virtual Brokers, Questrade, Qtrade nor Interactive Brokers appeared at the top of this category which again highlights the importance of the way ‘cost’ is measured and calculated when determining the “winners”.

For DIY investors looking for an online trading account, the bottom line is to take the term “best discount brokerage” with a grain (or several) of salt. There are many different ways to define and measure what that actually means. While the rankings themselves might have a systematic and defined process, the details and motives of that process are what’s most important in establishing the degree to which they are reliable and, ultimately, meaningful.

Where There’s Smoke

After a long winter (especially for the folks east of the Rockies), it’s reassuring to see signs of spring. It’s a fitting metaphor for one bank-owned discount brokerage that may be sprouting back to life. Although it is not a big move, the announcement on CIBC Investor’s Edge’s website about an upcoming webinar from Morningstar Research is the kind of thing that signals that something different is happening.

To put it into context, after a relatively quiet first portion of 2014, CIBC Investor’s Edge has been steadily and more frequently surfacing with pricing changes or promotions.

No doubt they have started to see the increased interest in their online brokerage offering ever since they dropped their standard commission price to one of the lowest amongst their bank-owned peers. That was October. Earlier this year they ran a promotion for commission-free ETF trading. Now they are offering up an investor education webinar.

Even though it is too soon to draw definitive conclusions, it is becoming clear that CIBC Investor’s Edge is stirring. And, that being the case, we won’t be the only ones watching to see what’s going to come next.

Commission-Free Trading in Canada?

For Canadian DIY investors, the entry of online brokerages such as Questrade, Interactive Brokers and Virtual Brokers (and TradeFreedom way back when) offered the first glimpse of a world in which DIY investing could happen at an affordable level.

Fast forward to 2015 and the new normal is a world in which commissions for equity trading has fallen to just under $10 for most brokerages and ETFs are capable of being bought (and sometimes sold) completely commission-free. For DIY investors, it’s a wonderful world. But could it be better?

It’s hard to imagine the race to the bottom on commissions hitting zero however US-based online brokerage Robinhood has promised and delivered on doing just that. While they have been restricting use to the US, something significant happened this week when they announced not only that they received additional investment to the tune of $50M but also that they were going global. Specifically, they’re looking to roll out in Australia.

There are many parallels drawn between the markets here and in Australia. It stands to reason, therefore, that how they roll-out in Australia will definitely be an interesting test-bed for Canada. One this is for certain: nobody likes to see their money go down the drain, no matter which way it spins on the way down.

In addition to landing a hard right hook on pricing, Robinhood appears to be taking a serious jab at established discount brokerages when it comes to user experience.

Last week we noted how other brokerages in the US have Apple watch apps that enable users to review their investments – even TD Direct Investing offers the ability to get an update on balances and stocks. Robinhood, however, has made the leap of building a transactional Apple watch trading app.

One look at their Apple Watch trading app basically summarizes not only how nimble they are within their niche but also that they “get it” when it comes to usability. To paraphrase a bad clickbait headline: this online brokerage designed an app and they totally nailed it.

Although it took the better part of 15 years for pricing to come down meaningfully, many investors are watching a world where zero-commission trading and robo-investing is happening and spreading. And, as it turns out, they are lining up in droves to get it. Recall, this is not unlike how Facebook and every other social phenomenon got traction. A bunch of young people chomping at the bit to use it. Suddenly commission-free trading in Canada doesn’t seem so silly.

Event Horizon

Here are the upcoming investor education events from Canadian discount brokerages:

May 9

Desjardins Online Brokerage (Disnat) – The Secret to Finding Hot Stocks

May 12

TD Direct Investing – Options as an Income Strategy

Scotia iTRADE – Trading Tips Using Active Investing and ETFs with Horizons

TD Direct Investing – Discovering Leveraged and Inverse-Leveraged ETFs, with Horizon ETFs

Desjardins Online Brokerage (Disnat) – Investing With the Stockscores Approach

NBDB – Discover ETFs – [Fr]

May 13

NBDB – Swing Trading Course with Michel Carignan – [Fr] (Paid)

Desjardins Online Brokerage (Disnat) – The Stockscores Approach to Active Trading

NBDB – Stop Orders: A Winning Solution Worth Knowing – [Fr]

From the Forums

Deal Whisperer

With a number of discount brokerage deals and promotions in play, one of the popular promotional offerings is the “refer a friend” promotion. In this post from the Financial Wisdom Forum, there are whispers of an improved refer-a-friend deal from BMO InvestorLine that might be on the horizon.

Which brokerage to use for ETFs?

The popularity of ETFs with Canadian investors shows no sign of slowing down. In this post from reddit’s Personal Finance Canada section, it is interesting to review what the thoughts are of different users on which discount brokerage would be best for ETFs.

That’s a wrap for this edition of the roundup. Thankfully it looks like a fantastic weekend to say thanks to all the mom’s out there (including Mother Nature!) and to raise one last toast to Don Draper for many smoke-filled seasons of thought.

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Discount Brokerage Weekly Roundup – May 1, 2015

Getting to the top is one thing, but staying there is another. Heading into the weekend US stock markets, which were previously at new highs, faltered slightly. Elsewhere, hockey fans are watching the good, bad and ugly unfold on the road to the Stanley cup and for boxing fans, the long awaited fight between two of boxing’s biggest names will test whether one will go undefeated or just walk away incredibly wealthy. For Canadian discount brokerages, however, the fight will not be a short one and the competition not so willing to roll over just because summer is coming.

In this week’s roundup, we take a look at which online brokerages continue the slugfest for new clients with the latest discount brokerage deals and promotions. Next, we take a look at one brokerage that has enabled early birds to be able to trade the pre-market. Following that, we take a look at the Apple Watch and whether one online brokerage is really ahead of the curve or just at the party a bit too soon. Finally we cruise through the investor education events and take a look at some interesting DIY investor chatter from the investor forums.

New Deals

Stock markets weren’t the only places to have a pullback going into May. The volume of deals offered by discount brokerages has also dropped off.

At the start of this month, there are 16 deals or promotions being offered by 6 Canadian discount brokerages. Interestingly, 13 of those deals come from just three brokerages: BMO InvestorLine, Questrade and Scotia iTrade.

Compared to February when there were over 25 offers, there is a clear sense that that the ‘rush’ to have a promotion has subsided. That said, those brokerages mentioned above that are offering multiple, concurrent promotions are not likely to slow down their marketing efforts across the summer months. With the MoneySense/Surviscor discount brokerage rankings due out soon and the new TFSA contribution limits recently announced, there are still plenty of reasons for brokerages to be actively campaigning during the late spring/early summer.

Questrade has been the first out of the gate with regards to pushing a TFSA themed promotion however it is unlikely that they will be the only ones doing so for too long. Check out the discount brokerage deals & promotions section for the full details.

Premarket Trading at Questrade

This past week Questrade announced that they will be enabling clients to trade the pre-market sessions as early as 7:30am ET on select US exchanges. With many earnings announcements taking place both before and after the official market hours (9:30am – 4pm), getting into or out of positions at these extended hours can sometimes give traders a jump on the action.

That said, trading in extended market hours is incredibly risky.

The absence of many traders at those times means that pricing on securities is much more volatile and that bid/ask spreads are typically wider. Likely for that reason, Questrade has restricted the eligible order types to “limit orders” with at Good Till Extended Market (GTEM) duration.

Just remember that while the early bird may get the worm, it’s the second mouse that gets the cheese.

Watch and Wait

While CIBC was reported to be the first of the big Canadian banks to release an app for the Apple Watch, TD was able to go one step further and offer their clients the ability to monitor watchlists and get updates on their TD Direct Investing account balance levels. Unfortunately for Canadian DIY investors, that’s as far as functionality goes for now.

With the Apple Watch still on back order and with bugs still being discovered and worked out, it may not be of too much consequence to wait for the dust to settle before seeing the impact of the ultra-small screen on monitoring and managing trading on the go.

Screenshot of TD app for Apple Watch (source iTunes)

In the US, brokerages are still cautiously venturing forward with the Apple Watch technology. A recent piece from Forbes goes through what some of the interfaces look like at larger brokerages in the US such as Schwab and Fidelity. Early feedback seems to be neutral/unimpressed as functionality for trading seems to be tethered to the iPhone, begging the question “why have the watch?” Of course, as any Apple fanatic will testify, “why not” seems to be the more appropriate question.

Event Horizon

May 5

Scotia iTRADE – Playing Both Sides of the Market with Options Straddles and Strangles

TD Direct Investing – Do-It-Yourself Investing for Women

May 6

Desjardins Online Brokerage (Disnat) – How I Day and Swing Trade the Market

Scotia iTRADE – Avoiding Home Country Bias – Constructing Globally Diversified Portfolios With Smart Beta ETFs

TD Direct Investing – Introduction to Investing in Options

NBDB – Tools and Technical Analysis with Michel Carignan – [Fr]

From the Forums

Tax Break

Like that student who prays for a deadline extension around finals, it seems that many last minute tax return filers caught a break as tax filing deadlines were extended for a few more days. That said, this past week there were still comments across the investor forums for individuals expressing frustration at not having the proper documentation from their discount brokerage in a timely fashion.

Peace of Minds

The reality of an increasingly digital world is that convenience often comes at the expense of security. In this post from Red Flag Deals’ investing forum, security measures at different brokerages are put under the spotlight, with only one brokerage standing out as having a robust option in place.

That does it for this week’s roundup. It’s a full weekend for sports fans and a great weekend for the non-sports fans to let the TV do the babysitting. In either case, enjoy the May weather or the Mayweather. Here’s a fun look at the hype behind the great (and most expensive) battle between two boxing legends.

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Discount Brokerage Deals and Promotions – May 2015

*Updated May 19* May is finally upon us. For some investors, this is time of year to be looking to exit the markets for the summer. For others, the ongoing uncertainty of the markets is just too alluring to walk away from, especially with speculation around interest rate hikes. Canadian discount brokerages are mindful of the coming summer slowdown which explains the pullback in the number of deals currently being offered and why this month is off to a slow start for promotions – at least with some providers.

The discount brokerage deals landscape going into May shows that a small core of brokerages are likely to be battling it out for new clients. Of the 16 open offers at the outset of the May, 13 of them come from just three online brokerages: BMO InvestorLine (3), Questrade (5) and Scotia iTrade (5).

While it is well established that Questrade is among the most likely to be offering multiple promotions, this month Scotia iTrade suprisingly happens to also have five promotions running concurrently. In particular, the promotion attached to the opening of their new investor centre in downtown Toronto as one of the biggest offers they’ve put out to date.

As for the other discount brokerages currently offering deals, Desjardins Online Brokerage’s offer lasts until the end of June and Virtual Brokers’ offer through the end of May. Whether or not another online brokerage steps into the pool at this point remains to be seen, however it would be an opportune moment for one of them to make a very visible splash.

Expired Deals

There were four offers that ended last month, two during the middle and two and the end. Notably, Credential Direct opted to let their cash-back + free trade offer expire mid-month and Qtrade Investor’s transfer fee promotion was not renewed. The other promotions that expired were the BMO InvestorLine RSP-linked promotion and Questrade’s Motley Fool Canada offer.

Extended Deals

BMO InvestorLine was the only online brokerage to extend an offer from last month. The BMO InvestorLine Youth Promotion aimed at investors between the ages of 18-35 (or now as they’re pitching it those “under 36”) is being extended once again this time until the end of June. See updated details in the table below.

New Deals

*Updated May 19:

Scotia iTrade has relaunched its headline grabbing “$1000 or 1000 trade” offer once again – and this time it looks to be a while before it goes away.  The latest promotion by Scotia iTrade replaces the now expired $500 OR $500 free trade offer. In their latest offer, Scotia iTrade has 6 tiers of deposit category, with deposits of $100,000 or more qualifying for an added bonus of a 6 month subscription to Check the table below for additional information.

*Updated May 15:

Questrade has added two new promotions this week.  The first is a replica deal of the 10/100 trade offer in which individuals can receive either 10 or 100 commission free trades (good for up to 60 days) for deposits of either $1,000 or $10,000 or more. It is interesting to see two identical offers running concurrently however this latest offer expires at the end of June whereas the earlier offer expires at the end of May. The second promotion is one that is certainly more headline worthy.  Questrade is pitching the offer as their “Apple Watch” promotion however the fine print on the deal reveals that they are offering an Apple gift card worth $500 – the approximate value of the base model Apple Watch sport.  This promotion is open to individuals depositing at least $100,000 or more in net new assets with Questrade.  See the table below for additional information.*

While it did not technically commence at the beginning of May, the new TFSA-linked offer from Questrade is the only ‘new’ deal heading into the new month. On the heels of the Federal Budget announcement to raise the limit of the TFSA to $10,000, Questrade responded quickly with a cash-back offer of $50 for a deposit of $5,000 or more and $75 for a deposit of $25,000 or more. We suspect that Questrade won’t be the only online brokerage to jump onto the new TFSA limit story with a promotion, however for the time being they’re uncontested by the other brokerages in this key area.

As always, we’ll be on the lookout throughout the month however if there are discount brokerage deals that we’ve missed or that you want to share with other DIY investors, simply drop us a note or post in the forum and we’ll take a look.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion 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
BMO InvestorLine 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, $50 cash back and potentially waived account minimum fees. Use promo code “YOUNG” when signing up. Be sure to read the terms and conditions for more details on the offer. A) for commission free trades: n/a B) for cash back: $25,000 A) 35 commission-free trades B) $50 cash back + 35 commission-free trades 90 days Youth Promotion June 30, 2015
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 registered account) with Questrade and deposit at least A)$1,000 or B)$10,000 and you may be eligible to receive A)10 commission-free trades or B)100 commission-free trades. Use promo code 100LOWCOM15Q3 when registering. Be sure to read the full terms and conditions for this offer. A)$1,000 B)$10,000 A) 10 commission-free trades B) 100 commission-free trades 60 days 100 free trades offer May 29, 2015
Open a new account (margin or registered account) with Questrade and deposit at least A)$1,000 or B)$10,000 and you may be eligible to receive A)10 commission-free trades or B)100 commission-free trades. Use promo code 100FREEML15Q3 when registering. Be sure to read the full terms and conditions for this offer. A)$1,000 B)$10,000 A) 10 commission-free trades B) 100 commission-free trades 60 days 100 free trades/multileg offer June 30, 2015
Open a new account (TFSA, margin or registered account) with Questrade and deposit at least A)$1,000 or B)$10,000 and you may be eligible to receive A)10 commission-free trades or B)100 commission-free trades. Use promo code 100FREEML15Q3 when registering. Be sure to read the full terms and conditions for this offer. A)$5,000 B)$25,000 A)$50 B)$75 Cash rebates applied up to 60 days after eligibility confirmed 100 free trades offer June 30, 2015
Open a new account (TFSA, margin or registered account) with Questrade and deposit at least A)$5,000; B)$25,000; C)$50,000 or D)$100,000 in order to be eligible to qualify for a Visa gift card in the amount of A) $50; B) $75; C)$100 or D)$250. Clients must also place at least one commission-generating trade within 60 days. Use promo code VISA250 when signing up. Be sure to read terms and conditions for full details. A)$5,000 B)$25,000 C)$50,000 D)$100,000 A) $50 prepaid Visa card B) $75 prepaid Visa card C) $100 prepaid Visa card D) $250 prepaid Visa card Prepaid Visa cards may be issued up to 40 days after eligibility confirmed Prepaid Visa Promotion May 29, 2015
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:$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 June 30, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B)$50,000 – $99,999 C)$100,000 – $249,999; or D)$250,000+ and you may be eligible to receive a corresponding cash-back AND commission rebate. New clients use code GO15 when opening the account. Note: Only accounts opened at one of the three downtown Toronto locations specified can qualify for this promotion. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. A)$15,000 – $49,999 B)$50,000 – $99,999 C)$100,000 – $249,000 D)$250,000+ A) $75 cash back AND 75 commission-free trades B) $125 cash back AND 1255 commission-free trades C) $250 cash back AND 250 commission-free trades D) $500 cash back AND 500 commission-free trades 90 days for commission-free trades. Cash back to be deposited by August 31, 2015. Cash back AND commission-free trade offer May 31, 2015
Open and fund a new account at Virtual Brokers with at least $15,000 and you could be eligible to receive up to 25 commission-free stock or ETF trades good for use for up to one year. Use promo code “TRYUS2015” when signing up to qualify. Be sure to read full terms and conditions carefully. $15,000 25 commission-free trades 365 days Free trades for one year promotion May 31, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B) $50,000 -$99,999; C)$100,000 – $249,999; D)$250,000 – $499,999; E) $500,000 – $999,999 or F)$1,000,000+ you may be eligible to receive a corresponding cash back or commission rebate. For commission-free trades use code: LBS15FT or for cash rebates use code: LBS15C. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. Contact Scotia iTRADE for full details on this offer. A) $15,000 – $49,999 B) $50,000 -$99,999 C) $100,000 – $249,999 D) $250,000 – $499,999 E) $500,000 – $999,999 F) $1,000,000+ A) 50 commission-free trades OR $50 cash back B) 100 commission-free trades OR $100 cash back C) 250 commission free trades OR $250 cash back D) 350 commission-free trades OR $350 cash back E) 500 commission-free trades OR $500 cash back F) 1000 commission-free trades OR $1,000 cash back 180 days for commission-free trades Cash back to be deposited by January 31, 2016. Larry Berman Seminar Offer – Front and Terms & Conditions May 31, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B) $50,000 -$99,999; C)$100,000 – $249,999; D)$250,000 – $499,999; E) $500,000 – $999,999 or F)$1,000,000+ you may be eligible to receive a corresponding cash back or commission rebate. For commission-free trades use code: THSP15 or for cash rebates use code: RNYDMN. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. Contact Scotia iTRADE for full details on this offer. A) $15,000 – $49,999 B) $50,000 -$99,999 C) $100,000 – $249,999 D) $250,000 – $499,999 E) $500,000 – $999,999 F) $1,000,000+ A) 50 commission-free trades OR $50 cash back B) 100 commission-free trades OR $100 cash back C) 250 commission free trades OR $250 cash back + KeeneOnTheMarket Subscription D) 350 commission-free trades OR $350 cash back + KeeneOnTheMarket Subscription E) 500 commission-free trades OR $500 cash back + KeeneOnTheMarket Subscription F) 1000 commission-free trades OR $1,000 cash back + KeeneOnTheMarket Subscription 120 days for commission-free trades Cash back to be deposited by February 13, 2016. $1000 or 1000 free trade offer September 13, 2015
Scotia iTrade Open a new Scotia iTRADE account with at least $15,000 by June 30, 2015 and you could be eligible to receive up to 100 online trades commission-free (equities, options, ETFs). Use promo code HUN-SP when registering to qualify. Be sure to carefully read full terms and conditions. $15,000 100 commission-free trades (+ free trial of FightDesk platform for 60 days) 60 days 100 Free Trades Offer June 30, 2015
Disnat Disnat is offering new & existing clients $500 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $50,000 $500 commission credit 6 months Disnat $500 Commission Credit Promo June 30, 2015
BMO InvestorLine 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 – $249,999 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). BMO InvestorLine Refer-a-Friend October 30, 2015
Open a new account (registered, margin, or FX & CFD) with at least $100,000 in new assets and execute at least one commission generating trade and you may be eligible to receive an Apple Gift Card worth $500.00. Use promo code APPLEWATCH2015 when registering. Be sure to read the full terms and conditions on this offer. $100,000 $500 Apple Gift Card n/a Apple Gift Card Promo August 31, 2015
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least A)$100,000 – $249,999; B)$250,000 – $499,999 or C)$500,000+ in net new assets and you may be eligible to receive either: A)$250 cash back OR 125 commission-free trades; B) $500 cash back OR 250 commission-free trades; C)$1000 or 500 commission-free trades. Use promo code 5CASH for cash back promotion or 5TRADE for commission-free trade promo. Be sure to read full terms and conditions for eligibility and further details. A) $100,000 – $249,999 B) $250,000 – $499,999 C) $500,000+ A) $250 cash back OR 125 commission-free trades B) $500 cash back OR 250 commission-free trades C) $1000 or 500 commission-free trades. Cash back: 6 months – 7.5 months Commission-free trades: 90 days (note: commission fees rebated within 45 days after 6 month credit period) Five Star Promotion June 30, 2015

Expired Offers

Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $99,999, B)$100,000 – $499,999, C)$500,000+ and you may be eligible to receive a corresponding cash-back or commission rebate. For commission-free trades use code: PST15 or for cash rebates use code: CSINE. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. 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 180 days for commission-free trades Cash back to be deposited by February 17, 2016. 500 Free Trade or $500 Cash Back Offer May 17, 2015
Last Updated: May 29, 2015 7:00pm PT

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Transfer $15,000 or more to Scotia iTrade from another Canadian brokerage, and iTrade may pay up to $150 in transfer fees. $150 $15,000 500 Free Trade or $500 Cash Back Offer September 13, 2015
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
Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion. $150 $25,000 Credential Direct Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $10,000 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. $150 $25,000 Transfer Fee Rebate 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 into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 confirmed with reps. Contact client service for more info (1-800-567-3343) 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
Disnat 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $150 $50,000 Disnat $500 Commission Credit Promo June 30, 2015