Posted on by — Leave a comment

Special Series: Dalbar Canada’s Direct Brokerage Service Award – Part 2

In part 1 of this series, we took a brief look at how self-directed investors typically access information about discount brokerage customer service and introduced Dalbar Canada’s research in this area.  Specifically, Dalbar’s Direct Brokerage Sales Effectiveness (DBSE) program measures the performance of client service teams at discount brokerages.

In this part of our series, we take a closer look at the evaluation itself to see how Dalbar measures quality customer service, how the evaluations are conducted and what the implications are for self-directed investors when comparing customer service at discount brokerages.

Knowing what counts

Given the number of evaluations being conducted to try and find ‘the best’ Canadian discount brokerage, it is increasingly important that self-directed investors be clear on exactly how a measurement of a discount brokerage is structured.  To avoid falling victim to clever marketing, whenever Canadian investors see a discount brokerage ranking, the following three questions are worth keeping in mind:

  1. What is being measured (ranked)?
  2. How was it measured?
  3. Does the measure actually measure what it says it does?

In the case of Dalbar Canada’s Direct Brokerage Service Award, what is being measured is “quality” of the customer experience when interacting with a particular discount brokerage’s customer service agents.  Of course, how “quality” is defined can be highly subjective so readers should keep this in mind when considering the explanations below.

Pages: 1 2 3 4
Posted on by — Leave a comment

Caution, Cunning and Competition: Three Investing Lessons from Game of Thrones

Set against the backdrop of epic conquests, bloodthirsty barbarians and Machiavellian-style manipulation, Game of Thrones is capturing imaginations across the globe.

At times the investing world seems a lot like the savage and cruel arenas characters from the story find themselves in.  Even though the story takes place in a mythical land, it focuses on a very familiar theme for those in the real world: power.  As in their world, wherever there is power to be had, money is not far behind.

The tactics and strategies about how best to come out on top in the Game of Thrones are probably just as appropriate in the stock market as they are in the mythical forests and deserts (minus the broadswords and beheading).

Here are three lessons every player in the markets and the Game of Thrones needs to know in order to avoid having their heads handed to them:

#1: Watch your back

Risk management is a tidy euphemism for making sure you’re in control of your exposure to loss.  While you may not be toppled from a fiefdom anytime soon, taking outsized risks with your portfolio can leave you feeling stripped of title and wealth.

#2: Use your size to your advantage

In the stock market, performance is all relative. Large pools of capital have a much tougher time outperforming the index than do smaller investors.  The advantages of being small are that you can be nimble with your entries and exits as well as having more flexibility in terms of the size and type of companies you can consider.

#3: Play to win

The most important investing lesson in the Game of Thrones is to be tactical. Everyone else in the market is vying for victory so knowing your competition is as crucial as knowing whom to support.  In the investing world, your capital is your strength. Every dollar you capture can work for you and every dollar you lose weakens you so as the commander of your capital, choose your battles and your alliances (investments) thoughtfully.

Posted on by — Leave a comment

Discount Brokerage Weekly Roundup – June 7th 2013

This week’s discount brokerage update features the newly announced deal by BMO InvestorLine, a couple of great forum post on the Financial Webring Forum on Qtrade vs. RBC Direct Investing  as well as another article from The Globe and Mail about Canada’s best discount broker.

Deals Getting Some Air

Unlike a lot of deals that tend to start right at the beginning of the month, BMO InvestorLine has tended to announce their new deals a few days into the start of a new month.  In keeping with their routine, this past week they BMO InvestorLine announced their latest promotion where new account openings can choose between receiving 2000 Air Miles or $250 cash back. The minimum deposit to qualify for this offer is $100,000 so it is one of the higher priced promotions currently being offered by a discount brokerage. For more details on this and other deals for June 2013, click here.

Traders Coming Back?

It looks like investor activity is starting to climb in the US which is likely the result of major indices hitting new all-time highs last month.  Overall markets appear to be shrugging off bad news and rallying on good news.  Interactive Brokers reported their daily average revenue trades (DARTs) improved from this time last year (13%) as well a slight month over month improvement (6%).

Canadian discount broker Questrade also reported improved options trading activity since they introduced multi-leg options trading.  The following screenshot of the news release hints at trading activity with Questrade having picked up. To read Questrade’s full press release regarding options trading activity, click here.

Close is Good Enough

Looking through the Financial Webring forum, this post was spotted where the user (“Amira”) was trying to decide between Qtrade and RBC Direct Investing.

One of the most interesting answers came from the user “Ockham” who basically suggested not worrying too much about picking the best discount brokerage as they are all very similar to one another:

FWF_Qtrade_RBCDI_2013-06-07_1658

 Another “Best Discount Brokerage”

An article in the Globe and Mail (by Gail Bebee) was published earlier this week entitled “For the DIY investor, which discount broker is best?”   This article is another in the growing list of those identifying who they think is Canada’s best discount brokerage. Ultimately Gail Bebee narrowed her top three choices down to BMO InvestorLine, RBC Direct Investing and Qtrade with her top choice being BMO InvestorLine.

Whether the results from Rob Carrick’s annual discount brokerage review will concur could make for interesting times at the champion’s podium.

Posted on by — Leave a comment

Special Series: Dalbar Canada’s Direct Brokerage Service Award – Part 1

When searching for the right discount brokerage, a lot of information can be obtained online about the pricing of discount brokerage accounts, commissions and services.  Some features, such as customer service, require more work to learn about.

After knowing what it costs to be a client of a discount brokerage many self-directed investors value knowing what they can expect by being a customer.  Finding out this information often requires asking friends, relatives, or other clients about their experiences. Some individuals even go as far as searching through forum comments about the experiences of others with particular brokerages.

Unfortunately, the only sure-fire way for an individual to know which discount brokerage best suits their needs is to be a client. Given the time, expense and risk associated with “sampling” a brokerage, however, it is neither a popular nor pragmatic choice for many.  Instead, self-directed investors turn to third-party ratings to help them approximate who the right discount brokerage may be.

As part of our continued look at the rankings and evaluations of Canadian discount brokerages, this two part series looks at Dalbar Canada and in particular their Direct Brokerage Service Award as a tool investors can use as part of their research.

A Quick Background on Dalbar Canada and the Direct Brokerage Service Award

Dalbar Canada is a financial services research company that has been in Canada since 1997. They are a subsidiary of the US headquartered Dalbar Incorporated which has been around for 37 years.

Since 1998, Dalbar Canada has been conducting evaluations of discount brokerages, with a particular focus on the client service experience. Their Direct Brokerage Service Evaluation (DBSE) program takes a structured and methodical approach to understanding how discount brokerages interact with clients on the phone.

Dalbar Canada is probably most well-known among self-directed investors for their Direct Brokerage Service Award (DBSA) which has often been a part of the marketing materials of RBC Direct Investing for many years, and more recently on HSBC Invest Direct’s advertisements. In addition to the recognition, the recipient of the award receives permission to display the official seal (pictured below) of the award on their marketing materials to let consumers know of their accomplishment.

Pages: 1 2
Posted on by — Leave a comment

Outlook on the Junior Mining & Exploration Sectors from WRIC 2013

With speakers, analysts, exhibitors and investors all converging in the same space, the World Resource Investment Conference (WRIC) is a great opportunity to gauge the pulse of the Canadian junior mining and exploration sectors.  Of course, with a year that has unfolded the way it has for the junior mining and exploration space, many attendees and speakers were content that there was a still pulse to be found at all.

Since January (the time of the last resource conference) the TSX Venture, where many Canadian exploration and mining stocks are listed, has declined about 24% and is drifting towards lows not seen since 2008.

Going into this year’s conference, it was a safe bet that was going to be a lot of doom and gloom to go around.  The sentiment from several speakers and from attendees was that there weren’t as many investors through the door as has been previously observed.  One blog post stated the following of the conference:

“The place was dead. I have never in my life seen this trade show so dead.”

Sobering statistics put forward by sector analyst John Kaiser also fanned the flames of negativity.  According to Kaiser’s research the list of companies on the TSX Venture with less than $200,000 in the bank has climbed to over 700, a sign that many of these companies will simply not have the capital on hand to continue operating.  Brent Cook, author of the Exploration Insights newsletter, echoed the same sentiment in his interview.

The consensus, it appears, is that things in the junior mining sector seem likely to get worse before they get better.

Pages: 1 2
Posted on by — Leave a comment

Discount Brokerage Deals & Promotions – June 2013

ArchivedDeals[Updated June 12th]

With summer just around the corner, a few of Canada’s discount brokerages are going to be working a little harder this month to try and win over self-directed investors.  The recently announced earnings from several major Canadian banks indicate that they aren’t making as much money as their shareholders are expecting. As a result, getting more clients and assets will surely be on their to do list to boost their bottom lines. For consumers, they can expect much more marketing coming their way from the big banks as well as the independent discount brokerages who wish to keep pace.

While likely unrelated, the timing of the deal being offered by TD Direct Investing this month is particularly intriguing.  TD Direct Investing has typically avoided deals and promotions, especially the “free trade” variety.  So, their “50 free trade” offer launched at the end of May is somewhat of a major departure from their previous approaches to attract new clients. The end date of the free trade deal, which they can admittedly change at any time, was also curiously positioned to expire mid-July.

BMO Investorline’s cash back promo is set to expire a few days into June, so the next offer, should there be one, is what we’re looking out for over the coming month.  BMO InvestorLine has announced their latest promotion which offers new accounts the choice between $250 cash back or 2000 Air Miles when a deposit of $100,000 or more is made.  This isn’t the first time Air Miles have been offered for signing up for an InvestorLine account, however after Scotia iTrade’s “Get Educated” promo it seems that the big bank-owned discount brokerages are starting to get more creative with their promotions.

Overall, this summer could prove to be fairly interesting from a deals perspective for a number of reasons. Most importantly, there are five deals which are scheduled to expire within this month signalling that marketing teams are faced with deciding where and how to outsmart one another.  For their part, Scotia iTrade looked to using a contest (the “Get Educated” promotion) and waving around some big prize money to get the attention of existing and would be investors.  Questrade‘s Advantage promotion also expires at the end of the month – just make sure to read through and understand the terms and conditions, in particular for start dates for data packages, minimum account balance maintenance and start dates for the commission-free trading month.

Coming up with something ‘new’ isn’t nearly as easy as just extending the expiry dates of existing deals, which is exactly what a couple of discount brokerages have done.  Scotia iTrade has extended their refer-a-friend deal and Disnat has extended their 30th anniversary deal until the end of August.  Also still on the table is another offer by Disnat that was part of their SCATE tour.

We will continue to monitor the deals over the course of the month and, as always, if there are any offers you spot that you’d like to share, please drop us a note.

[Updated June 12]

National Bank Direct Brokerage has just announced a promotion on their margin accounts (for 3 months) which also includes a fixed commission rate of $6.95 per trade.  To qualify for this account, clients will have to pass a credit check as margin accounts essentially allow clients to borrow money in order to trade with greater buying power.  The discount on margin rates is definitely something different than what is being offered currently so it will be sure to attract the interest of those investors/traders who use margin as part of their strategy.

 

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 margin account with National Bank Direct Brokerage before August 31st 2013 and receive a 1% discount of prime for a margin interest rate. Also, commission rates will be fixed at $6.95 for 3 months. Be sure to read the terms and conditions as well as understand the risks associated with trading on margin. Use promo code: “MARGIN2013” when signing up. n/a – while no minimum deposit is required, you must pass a credit check to qualify 1% of prime rate for margin borrowing $6.95 fixed commission rate for 3 months Margin rate discount: 3 months Commission rate discount: 3 months Click here for margin promo details and here for terms and conditions August 31, 2013
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 June 30, 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 August 30, 2013
BMO InvestorLine Open a new account or upgrade an existing account with $100,000 and choose to receive either $250 cash back or 2000 Air Miles. Use Promo Code: BONUS250 to receive the cash back offer or BONUSAM (+ Air Miles Collector #) to receive the Air Miles offer. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. $100,000 $250 Cash Back OR 2000 Air Miles Payout occurs after 6 months Air Miles Promotion September 4, 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 August 30, 2013
Posted on by — Leave a comment

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.

Posted on by — Leave a comment

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.

Posted on by — Leave a comment

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.

Posted on by — Leave a comment

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