*Updated Oct. 7* For DIY investors, October is shaping up to be a great month for treats. After a quiet start to September it wasn’t too long before deals and promotions from Canadian discount brokerages started to pop up.
With names such as HSBC InvestDirect stepping into the deals pool mid-September and other more familiar players such as Scotia iTRADE and Virtual Brokers coming back onto the field, heading into October there are now 26 live offers for DIY investors to choose from, and several of them are quite compelling.
All in all, more offers came in than left and with more activity predicted on the horizon, it is a great time to be in the market for an online brokerage even if the markets themselves may be a bit wobbly.
As always, we will continue to monitor the deals and promotions but if there are offers that readers may benefit from knowing about, let us know.
Also thanks to everyone who completed our survey last month, we’ll be publishing the results later this month. We have a new quick survey this month so be sure to check it out below.
Desjardins Online Brokerage commission credit is listed as expired heading into the beginning of October. It will be interesting to see if this offer, which has been running since April of 2015, will finally come to an end or if this offer continues to live on. Also technically expired is the Virtual Brokers transfer fee offer.
There were no offers that were listed as extended as of the beginning of the month.
*Updated Oct. 7 – Desjardins Online Brokerage launched a potentially game changing offer this week. They’re offering a 1% of assets transferred deal in which they are giving 1% of assets transferred (up to $1,000 in commission credits) for deposits of at least $10,000. Unlike many other offers which offer less on a percentage basis the higher the amount the client deposits, Desjardins’ latest offer is a fixed 1% commission-credit. See table below for more details.*
There were a number of offers that crossed our radar in late September however the first official promotion to launch in October is Qtrade Investor’s commission-free ETF buying program for October. As part of this promotion, new and existing clients are eligible to purchase ETFs commission-free all through the month of October. Selling an ETF still incurs a regular trading commission charge. This applies to both US and Canadian ETFs.
Although it technically launched in the last few days of September, Virtual Brokers’ latest offer is likely to pick up steam heading into October. Their latest deal is a relaunch of a previous promotion (which was only offered to existing clients) that offers new Virtual Brokers clients access to 5i Research’s investment/equity analysis for one year. For many DIY investors, getting access to good research and ideas about where with whom to invest is typically a challenge. Perhaps the biggest challenge, however, will be building the awareness and profile of 5i Research products so that DIY investors can gauge whether this deal is enough to drive opening an account with Virtual Brokers.
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
Cash Back/Free Trade/Product Offer Promotions
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer/Promotion 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 Jitneytrade and receive access to their preferred pricing package.||n/a||Discounted Commission Rates||none||For more details click here||none|
|Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully.||$1,000||5 commission-free trades||60 days||5 commission-free trade offer||December 31, 2016|
|Open and fund a new account at Virtual Brokers with at least $5,000 and you may be eligible to receive 3 months of commission-free equity trading and a $150 USD/mo credit towards Edge Trader Pro for 3 months. Use promo code sent at sign up to qualify. Be sure to read full terms and conditions for details.||$5,000||3 months commission-free equity trading + $150 USD/mo platform fee rebate.||3 months||3 months free trading / Sign up form for promo code available here||none|
|Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatFlex or email: [email protected] See details link for more info.||$10,000||1% of assets transferred in the form of commission-credits (max credits: $1,000)||6 months||Disnat 1% Commission Credit Promo||December 31, 2016|
|Open and fund a new account with HSBC InvestDirect with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive a cash bonus offer of A) $88; B) $188; C) $288; D) $388; E) $688 or F) $988. Be sure to read terms and conditions for full offer details.||A) $25,000 – $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+||Cash back bonus A) $88 B) $188 C) $288 D) $388 E) $688 F) $988||Bonus will be credited to the qualified accounts by July 31, 2017||HSBC InvestDirect Cash Bonus Promo||December 30, 2016|
|Open and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,00 or D) $250,000+ and you may be eligible to receive A) 75; B) 150; C) 200 or D) 250 commission-free trades. Use promo code F16FT when signing up. Be sure to read terms and conditions for full details.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000 – $249,999 D) $250,000+||Commission-free trades||90 days||250 free trade offer||November 30, 2016|
|Open and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,00 or D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive 50 commission free trades plus A) 5,000; B) 7,500; C) 20,000; D) 35,000; E) 50,000 or F) 100,000 SCENE points. Use promo code F16SC when signing up to qualify. Be sure to read terms & conditions for full details.||A) $25,000 – $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) Commission-free trades + B) SCENE reward points||90 days (for trades) SCENE points will be awarded by June 30, 2017.||Free trade + SCENE points offer||November 30, 2016|
|Open a new qualifying account with BMO InvestorLine, and fund it with at least $100,000 and you may be eligible to receive $200 cash back as well as 20 commission free trades. Use promo code Fall200 when signing up to be eligible. Be sure to read the terms and conditions for more details on the offer.||$100,000||$200 cash back + 20 commission-free equity trades||Cash back will be deposited the week of June 5, 2017.||Fall 2016 Promotion||October 31, 2016|
|Last Updated: Oct. 7, 2016 22:30 PT|
|Company||Brief Description||Minimum Deposit Amount||Incentive Structure||Time Limit to Use Commission/Cash Offer Deposit||Details Link||Deadline|
|Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements.||A) $1,000 – $9,999 B) $10,000 – $24,999 C) $25,000 – $49,999 D) $50,000 -$99,999 E) $100,000+||$25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back||Cash deposited into Questrade billing account within 7 days after funding period ends (90 days)||Refer a friend terms and conditions Code Number: 476104302388759||none|
|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||tbd|
|If you (an existing Virtual Brokers client) refer a friend or family member to open a new account with at least $5,000 you may be eligible to receive $25 cash per referral. For 3 or more referrals Virtual Brokers will add a $50 bonus. Referred individuals depositing either A) $5,000 – $50,000 or B) $50,000+ may be eligible to receive A) $25 or B) $50 cash back. Be sure to read the full terms and conditions carefully for full details. Be sure to read the terms and conditions to this offer carefully for full details.||A) $5,000 – $50,000 B) $50,000+||Referrer: $25 per referral; $50 bonus for each 3 or more referrals. Referee: A) $25 B) $50||Cash to be deposited to VB account by August 15, 2016.||Cash Referral Program||May 31, 2016|
|If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $50,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details.||$50,000||You(referrer): $50; Your Friend(referee): $50||Payout occurs 45 days after minimum 90 day holding period(subject to conditions).||BMO InvestorLine Refer-a-Friend||October 31, 2016|
|Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc||$1,000||$50 commission credit||30 days||none||none|
|Last Updated: Oct. 1, 2016 17:15 PT|
Transfer Fee Promotions
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|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|
|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 at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details.||$150||$25,000||Contact client service for more information (1-800-465-5463).||none|
|Transfer $25,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details.||$150||$25,000||Transfer Fee Rebate||none|
|Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees.||$150||$25,000||Transfer Fee promo||September 30, 2016|
|Transfer $25,000 or more to Scotia iTRADE when opening a new account and they will cover up to $150 in transfer fees.||$150||$25,000||Eligible with both offers: Free trade + SCENE points offer and 250 free trade offer||November 30, 2016|
|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 information (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 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||September 30, 2016|
|Last Updated: Oct. 1, 2016 17:15 PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|Credential Direct has partnered with Trend Micro to offer 50% off Trend Micro Titanium Internet Security. Use code “TrendCF” at checkout.||n/a||Trend Micro Special Offer Code||none|
|Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information.||n/a||MoneyTalks Inside Edge Discount||none|
|Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details.||$1,000||[email protected] 18-30 Promotion||none|
|Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details.||$1,000||StartRight Free Trade offer||none|
|Open a new account with Virtual Brokers with a deposit of at least $1,000 (for the Classic Commission Account) or $5,000 (for the Commission Free Trading Account) and you may be eligible to receive a one-year subscription to access 5i Research. Use promo code 5iVB2016 when signing up. Be sure to read terms and conditions for full details.||$1,000 (Classic Commission Account); $5,000 (Commission Free Trading Account)||5i Research Offer||March 31, 2017|
|For the month of October, Qtrade Investor is offering commission-free ETF purchasing on all Canadian and US ETFs. This offer is open to new and existing clients. Be sure to read terms and conditions for full details, including minimum purchase amounts.||$1,000 (minimum purchase amount)||Commission-free ETF Purchase Promotion||October 31, 2016|
|Last Updated: Oct. 1, 17:15 PT|