Tag: Deals

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Discount Brokerage Deals & Promotions – October 2018

Now that October is here, there are some unbe-leaf-able deals for DIY investors. Corny puns aside, the fall crop of Canadian discount brokerage deals is packed with a great selection of cash back and commission-free trading offers. With the entry of a popular bank-owned brokerage into the deals race, other online brokerages are certain to take notice.

To kick things off for the new month, the official start to the month came with a couple of important deal extensions from BMO InvestorLine, SmartFolio and Desjardins Online Brokerage. Also on the welcome manifest, a cash back promotion from CIBC Investor’s Edge exclusively for SparxTrading.com readers.

Overall, transfer offers and commission-free trade promotions are still the most popular choice for online brokerages. With two very noteworthy names now offering cash back promos, DIY investors looking for a deal will have a couple of strong options to consider from the 20+ deals listed. As with all things related to trading, be sure to look over the fine print and terms of the offers being consider.

Expired Deals

With summer officially in the books, HSBC InvestDirect also packed up and put away their summer commission-free trade promo. Unfortunately for HSBC InvestDirect, this promotion was seriously overshadowed by the announcement from Wealthsimple Trade that commission-free trading was going to launch in Canada. In fact, most commission-free offers are going to have a harder time stacking up against the full commission-free experience being promoted by WealthSimple trade.

Extended Deals

BMO InvestorLine’s cash back promotion has been extended out for yet another month. This past September marks the 30th anniversary of the launch of InvestorLine so we’re glad to see that their cash back promotion also got a chance to enjoy the party just a little bit longer. The new expiry date for BMO InvestorLine’s cash back promotion is October 31st.

Also extended from BMO is the SmartFolio 0.5% cash back promotional offer. Like the BMO InvestorLine extension, the new expiry date for SmartFolio’s promotion is October 31st.

Desjardins Online Brokerage kept its long-running commission credit offer going for one more month. The new deadline for this popular promotion is now October 31st, 2018.

New deals

CIBC Investor’s Edge stepped onto the deals and promotions field in a big way at the end of September by launching an exclusive cash back promotion for SparxTrading.com readers. This offer, which comes with a custom Sparx Trading promo code, is the first major bank-owned online brokerage promotion to carry on well into the new year – a sign that CIBC Investor’s Edge is quite confident in the competitiveness of this cash back offer.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade 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 $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, 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, 2018
Disnat 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 DisnatTransfer 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 October 31, 2018
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2018
BMO InvestorLine Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $300,000 or D) $500,000+ and you may be eligible to receive a cash back reward of up to A) $75; B) $200; C) $500 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $300,000 D) $500,000+ A) $75 B) $200 C) $500 D) $1000 Cash back will be deposited the week of April 15, 2019. BMO InvestorLine Summer 2018 Campaign October 31, 2018

Expired Offers
Last Updated: Oct. 1, 2018 22:00 PT

Referral Promotions

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 B) $10,000 C) $25,000 D) $50,000 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 (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
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 tbd
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 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. $5,000 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 January 2, 2019

Expired Offers
Last Updated: Oct. 1, 2018 22:15 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 into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. 152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 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 $15,000 Transfer Fee Rebate none
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 $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 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 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 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
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 DisnatTransfer. See details link for more info. $150 $50,000 Disnat 1% Commission Credit Promo October 31, 2018
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Last Updated: Oct. 5, 2018 17:15 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: Oct. 1, 2018 22:15 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 October 31, 2018 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Oct. 1, 2018 22:15 PT
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Discount Brokerage Weekly Roundup – September 28, 2018

While most traders would agree that the stock market is volatile, the news cycle makes it seem like the stock market is as level as a prairie highway. From Teslas to testimony to tariffs, this past week has given traders a lot to ponder, however when it comes to markets, fundamentals continue to drive the bus.

This edition of the roundup shines a spotlight on action here in the Canadian discount brokerage space, starting first with the latest cash-back offering to come from an online brokerage. From there, and in sharp contrast to the news, we highlight one online brokerage who is successfully using Twitter as a force for good with a recent investor education session. As always, we’ll serve up the latest (and unhappy yet again) tweets from DIY investors as well as a pair of interesting forum posts.

CIBC Investor’s Edge Launches New Deal

This week saw the launch of a new cash-back promotional offer for DIY investors by CIBC Investor’s Edge. There are a couple of important reasons why this offer is noteworthy, one of which is that it comes with a customized SparxTrading.com promo code, Sparx18. More on that in just a moment.

In terms of the offer itself, this deal is a tiered cash-back promotion consisting of three deposit/reward levels which are structured as follows:

  • Deposits of between $25,000 and $49,999 are eligible for $100 cash back
  • Deposits of between $50,000 and $99,999 are eligible for $200 cash back; and
  • Deposits of $100,000+ can receive up to $400 cash back.

This offer is available through March 24th, 2019, however cash back payments are timed around when accounts are funded.

According to the deal terms and conditions, the cash back reward will be deposited on the week of March 24, 2019, for transfers received by December 31, 2018; transfers received after December 31, 2018, but before May 1, 2019, will receive cash back on the week of July 1, 2019.

Another important feature of this offer is that it is available to new and existing clients who use the exclusive promo code: Sparx18. For new clients, the promo code can be used for this deal when opening an account online. Existing clients can get in touch directly with Investor’s Edge by requesting a call and be eligible for this offer by mentioning the Sparx offer.

As the leading source for Canadian online brokerage offers in Canada, we’re thrilled SparxTrading.com was tapped as the go-to source for the launch of this new cash-back promotion. Of course, the real win is for Canadian DIY investors who can now access another cash-back offer – a promo type that is especially popular. This brings the number of cash-back promotions from a bank-owned brokerage to two (the other being from BMO InvestorLine).

With so few other Canadian brokerages currently offering cash back promotions, CIBC Investor’s Edge will undoubtedly stand out on the deals and promotions list, more so because of the dollar amounts that are part of the offer itself. And, while a lot can still happen between now and the closing date of this deal after the RSP contribution deadline, this latest move by CIBC Investor’s Edge shows they’re ramping up for a very active fall and winter.

BMO Wealth Back on Social Media

While Twitter might be the first place folks go for breaking news or weighing in on celebrities, entertainment or pop culture, BMO InvestorLine and SmartFolio are starting to demonstrate just how effective a platform Twitter can be for boosting awareness of and engagement with personal finance conversations.

This past week, BMO ran another one of its popular Twitter chats with media personality, Lena Almeida (@Listen2Lena) to discuss topics related to personal finance and investing.

Like the Twitter chats done with BMO in the past, this most recent session followed a familiar format. For starters, the session was about an hour long and members from BMO’s wealth management team were on hand to help answer questions that audience members had. Also making a reappearance, cash prizes. There was $600 to be won which was comprised of two $50 gift cards and one grand prize of $500 at the end of the session.

As for the questions themselves, there were five questions that were asked and answered during the session:

  1. Emergency Fund, Major Purchase (i.e. dream vacation, home etc.) or Retirement… what are you saving for?
  2. To those who have identified what their saving goals are, are you investing your savings?
  3. Do you ever feel overwhelmed by all the options when it comes to investing your savings?
    1. Fact or fiction? A TFSA is just a fancy name for a plain old savings account
    2. Fact or fiction? Savings can wait when “life” happens
  5. What is your biggest takeaway from tonight’s chat?

There was clearly a theme of talking about savings, what those savings can be used for and naturally, how to grow those savings with different investment products. It was especially interesting and useful to see how Lena answered the questions as well, something that added a definite sense of authenticity to the conversation and offered examples of someone sharing their experiences but also a genuine manner in which encourage others to participate by sharing their stories and questions.

What is especially interesting about these Twitter chats is that BMO and their team have managed to create a content experience online that is both educational and engaging, which is especially tough to do with most personal finance content (let alone on Twitter). By turning this into an hour-long conversation about financial goals, throwing in some cash prizes, interesting personal finance facts, copious amounts of GIFs and working with some Twitter influencers, BMO’s wealth management team has found a creative way to reach the right audience.

For other online brokerages, there is clearly a challenge to rival firms like BMO (InvestorLine) by doing something similar. For BMO’s competitors, getting it right will likely not be quick nor painless. That BMO has enjoyed a considerable head start means that the other online brokerages will be playing catchup for some time. Even more significant though is that even though it was for a brief window, these chats show that Twitter isn’t only for breaking news or controversy, it can be used to create opportunities to connect and learn.

Discount Brokerage Tweets of the Week

From the Forums

Newbie Investor

One new investor asked a simple yet useful question in this thread from Reddit’s Personal Finance Canada. Interested in growth funds, the forum user was wondering how to choose the best performing ETFs for investing, including market cap and fees. Click here to read what advice was offered.

Step to the Beat

Timing the market is no easy feat, however with a TFSA timing does matter. Read what DIY investors on reddit had to say with regards to timing, influence of outside parties and what the consequences could look like when it comes to cashing out a TFSA mutual funds.

Into the Close

If there’s one thing this week had plenty of, it was controversy. Fortunately, in the midst of the controversy, there were also moments of extraordinary courage.

As the eyes of the national media in the US – and Canada – turned to unfolding drama in the US Supreme Court nominations, the bravery displayed by multiple victims of abuse to tell their stories to the world has been inspiring. If anything, the events of the past few days have shown that individuals can effect change and that heroes come in all stripes. More than anything, however, as we head into another weekend, the week’s events underscore the importance of being compassionate and courageous.

Finally, on a personal note, one year ago, almost to the day, I found myself confronting my own personal tragedy of the loss of my daughter. I have witnessed and been moved by the good that exists in a sometimes crazy world. I wanted to dedicate this roundup in particular to the memory of my daughter, and also to those who have been so kind and compassionate in my darkest hours. There is goodness in this world, and I am hopeful that we can all find it within ourselves to help spread that sentiment to those who need it the most. Have a wonderful weekend!

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Discount Brokerage Weekly Roundup – September 7, 2018

Even though it was technically a short week, it most certainly didn’t feel that way for anyone watching or reporting the news. While none of the online brokerages have pulled many of the stunts on Twitter that this past week has provided, they are doing their fair share of generating headlines, buzz and making a splash online.

In this edition of the roundup, we ring in September with an overview of some very interesting deals and promotions activity from Canadian discount brokerages as well as a look at new areas where brokerages are battling for DIY investors. From there we’ll take a deep dive into a major overhaul of a popular online brokerage’s website, including some interesting design and content strategy choices. As always, we’ll take a tour of what DIY investors and online brokers were up to on Twitter and close out with chatter from the investor forums.

Deals and Promotions Heat Up September

After a quiet start last month, deals and promotions activity at Canada’s discount brokerages has picked up considerably as we enter September. While this month usually signals a return to the markets and heightened trading activity, this year there’s something different brewing, and it’s not a pumpkin spice latté.

Instead, through the month of August and coming out of the gate in September, there’s been a noticeable uptick in discount brokerage deals activity. We’ve seen a new battle ground emerge in the area of referral promotions (more on that in a moment) as well as an online brokerage which typically sits on the sidelines jump back into the deals pool. In addition, there have been references to additional offers which may be coming this month. For DIY investors, it seems to suggest interesting opportunities might be available when shopping around for an online brokerage account.

This heightened level of promotions activity points to what will likely be a fierce contest for DIY investor assets over the coming months. Historically, deals and promotions activity tends to ramp up through October and November in anticipation of “RSP season” – a point in the calendar year in which many DIY investors turn intention into action by opening new accounts. The fact that such drastic moves are being made by online brokerages so early suggests competitive forces at play.

One of the biggest stories in the discount brokerage deals and promotions space this September is BMO InvestorLine’s reduction in the threshold to qualify for their refer-a-friend promo. Specifically, InvestorLine has lowered the threshold to qualify for the referral promotion from $50,000 down to $5,000 while still retaining the $50 cash back for both referrer and referee. This move makes their offer now more accessible than Scotia iTRADE, the only other bank-owned online brokerage to offer a referral promotion.

While it is not clear exactly why BMO InvestorLine chose this point in time to lower their qualifying threshold so substantially, the combination of Wealthsimple Trade launching for Canadian DIY investors and the entry of Qtrade Investor into the referral promotion sandbox are both very recent developments that would, understandably, prompt BMO InvestorLine to shift tactics to account for these competitive forces. Of course, frequent observers of the deals and promotions space would also have noticed that BMO InvestorLine also chose to extend their cash back offer through to the end of September, a sign that perhaps something a bit bigger and bolder is on the drawing board for the fall season.

In terms of strategy, referral promotions for discount brokerages are an interesting battleground.

On the surface, that more online brokerages don’t have them in place is a head scratcher. After all, one of the most influential and least expensive sources of new clients are the family and friends of existing, delighted clients. That said, getting a referral program off the ground and functioning properly, is easier said than done. Competing demands for limited technology resources means that even if the technology exists to manage this initiative, it still requires oversight, management and maintenance – something that invariably requires resources. So, one natural limitation to other online brokerages simply rolling out a referral program is that ‘buy in’ has to be there and business case made, which is why Qtrade Investor jumping into the referral promotion segment is such a big deal and why BMO InvestorLine’s latest move creates even more of a challenge to other brokerages to either match this promotion or leave BMO InvestorLine unchallenged.

With two big announcements in the referral promotions category within a month, however, this appears to be fertile ground for competition. These actions will not go unnoticed by other brokerages and will likely be a catalyst for those discount brokerages on the fence about deploying a referral program of their own to find an effective counter offer.

It is also worth mentioning that time is of the essence for Canadian discount brokerages looking to launch any kind of splashy promotion. Wealthsimple Trade is still not yet widely available which means that nimble online brokerages have a window with which to retain existing and/or attract new customers via some kind of big promotion.

After Wealthsimple Trade does step onto the field, however, it will be interesting to see whether they tackle referral bonuses or promotions altogether. While we’ll just have to wait and see, there’s already evidence they’re willing to leverage referrals.

As one of Canada’s leading fintech firms, Wealthsimple (parent to Wealthsimple Trade) is using a clever strategy of referrals to boost awareness of and interest in Wealthsimple Trade via it’s “waiting list” structure. Anyone wanting early access to their new platform can jump ahead in the line by simply referring more people to sign up. Not only is Wealthsimple Trade (and the parent brand) already active with affiliate programming but they are showing they’re already leveraging it in creative ways.

In the battle for Canadian DIY investors’ attention and share of wallet, the lineup of fall deals is sure to bring a few more twists and turns and some very interesting marketing campaigns. The bottom line for DIY investors, though, is that online trading is about to get much cheaper, more accessible and much more interesting to shop for an account.

Questrade’s New Website is Seriously Chill

This past week, Questrade unveiled a new and improved version of their website. While new website refreshes don’t typically make the kind of splashy headline they once did, the launch is nonetheless an important milestone for the company and reflects a sensitivity to their target demographic as well as a clear shift in the notion of what “investors” look like.

Overall the new website looks and feels more contemporary and built for an Instagram generation. The imagery is more prominent and features a very millennial trope of people ‘living their best lives’ which stands in stark contrast to the extreme emotion that characterized previous versions of the website or the “tough questions” campaign that featured bold text statements.

While there is no avocado toast, there is a notable colour palette of green and white that would make for an insta-worthy post. Ironically, Instagram isn’t really part of the Questrade Wealth Management brand directly (it is part of their careers section though) which is in stark contrast to Wealthsimple which has embraced that channel as part of their social media ecosystem to connect with investors.

To Questrade’s credit, and perhaps picking up on themes from the release of other online investing websites launched not too long ago (such as Credential Direct and Qtrade Investor) Questrade chose to have visually appealing imagery, minimal text and much more room for visitors to focus on something interesting visually as well as important key message. While it is not ‘outstanding’ the important point is that it doesn’t stand out for the wrong reasons.

Another very interesting feature of the imagery choices on the new website is that many of the individuals in the photos skew young. There are almost no images of “seniors” nor of traditional corporate settings but rather young people or young families “living” life. It’s generally difficult to create an emotional experience (especially a positive one) with regards to financial services and it is especially difficult to do so while looking original and authentic. We’ve all seen far too many stock photos of what “finance” looks like, so kudos to the people choosing images for Questrade’s new website.

It is also worth mentioning that “who” an investor looks like has also been given careful consideration. Questrade has made sure to include a more balanced view of women as investors, a welcome evolution from finance/investing websites that, for many years, defined investing in a visual sense, as ‘men only’. Again, Questrade is not unique in this regard and even on their new site there is some room to improve, but they are trending in the right direction when it comes to inclusivity and broadening the definition of what an investor could or should look like.

While website changes are increasingly now the norm, Questrade’s recent website overhaul is a significant visual and design departure from their previous websites, a likely reflection of their own evolution as a wealth management firm and not just an online brokerage.

The changes to the new website haven’t just been visual, however. Structurally, the new website also includes testimonials from (presumably) Questrade clients who’ve said nice things about the brand which also takes its cues from other online brokerages doing something similar.

A curious feature of the new website is that the big ‘content’ sections of the previous website have been moved or removed entirely.

For example, the Questrade community is no longer available (at least on the public facing site) which means that previous content such as newsletters and forum posts are not visible. Also no longer accessible is the Questrade blog as the message below indicated when clicking on a Google link for it. Instead of these sections, users are directed to the ‘resources & support’ section of the new website.

It appears Questrade has moved their educational content into a “support” section and while there are articles about investing topics, navigating this content requires users to click on ‘related’ articles or use the search field rather than being able to access the topics in a more categorical format. For users who browse by topic or who don’t know what they don’t know (and thus don’t know what to search), this structure actually makes it more challenging to consume information and ‘learn’ about investing.

Speaking of content, it also looks like Questrade has started to push out content on social media channels related to investing. Recent posts on Questrade’s Facebook and Twitter feature an informative graphic containing an investment term, something that other online brokerages have also successfully used as part of their social media content mix (such as Interactive Brokers, and once upon a time, Scotia iTRADE).

Admittedly, this was supposed to be a much shorter piece on Questrade’s new website. Responsive websites that render well across multiple screens are now the standard rather than an exception; clean minimalist design that uses generous whitespace and bold imagery is a design choice clearly aimed at reaching and resonating with younger, more visually-inclined users. These are no longer big, innovative leaps.

That said, the fact that many of the changes to the online brokerage space (zero-commission trading notwithstanding) we have observed are evolutionary rather than revolutionary, speaks to a new trend of sorts: zeroing in on the details. In much the same way that the highly competitive world of Formula One racing separates success from failure by minutia of design, so too will changes to the digital experience of online brokerages – including their websites. Going forward, the details will matter more than they have before.

Even with the ingredients of what goes into a contemporary website well telegraphed, how well those elements come together ultimately determines the end user’s experience and Questrade’s new website is the product of a lot of thought and design savvy.

While there are some very intriguing changes around the removal of a blog, forums section and other content items, the ultimate result of Questrade’s redesigned website is that it reflects their ability to be contemporary from a design point of view. This new website has helped to visually reshape the narrative of Questrade from just a ‘direct investing’ firm towards being a holistic wealth management firm that is along for the ride as their clients ‘lead their best life.’

BMO InvestorLine Turns 30

While the parent to BMO InvestorLine is clipping along at a healthy 200 years old, BMO InvestorLine itself is still a spry 30 year-old. We spotted this great image on Twitter that was a great throwback to when ‘mobile trading’ made its debut at InvestorLine. Congratulations to BMO InvestorLine on hitting this milestone. As with any great milestone birthday, there will hopefully be lots of reasons to celebrate (especially for DIY investors)!

Discount Brokerage Tweets of the Week

From the Forums

No Room with Some Views

TFSAs can be tricky business, especially so when you overcontribute. A user in this reddit thread ran into some issues with overcontributing to their TFSA while also experiencing a large loss. Read what options others offered in the shape of damage control including factoring in fees and transfer of funds.

Slow Your Roll

Of the many reasons why Wealthsimple Trade could siphon away business from online brokerages, this reddit post provides a compelling view of consumer sentiment on the new service (especially since it hasn’t even launched yet). In this post, one user thinks that taking the DIY route required going to a popular online brokerage however other readers were quick to weigh in on other options, including staying put with Wealthsimple.

Into the Close

That’s a wrap on another week. Just because it’s Friday, doesn’t necessarily equate to relaxation ahead. Political firestorms seem to be ever present – including in the launch to the new NFL football season. If you haven’t already seen it or heard of it, Nike and Colin Kaepernick are making all kinds of waves. There was a very interesting stat shared by Robinhood (the online brokerage) about the impact of Nike’s move – as well as on their stock. In case you haven’t seen the video, it’s worth a watch below. And, on that note, whatever you find yourself dreaming about this weekend, hopefully it’s bold and exciting!

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Discount Brokerage Deals & Promotions – September 2018

*Updated Sept. 24.* September is officially here. And, along with pumpkin spice everything, the Canadian discount brokerage deals and promotions section is also going to get bold, rich and flavourful. Ok, maybe not that last one, but nonetheless this month is going to shape up to be a very busy one as far as promotions go.

The good news is that we know from a number of different sources, that promotions are on their way this month. The not-so-good news is that we’re not sure exactly when. But sit tight, because as in the stock market where higher prices beget higher prices; when it comes to promotions – more deals lead to more deals.

Kicking off the month, there is nothing crossing the wires as of September 1st. In fact, technically speaking, the expiry of Scotia iTRADE’s promotion (and accompanying transfer offer) at the end of August puts the deals count down by two heading into the new month. Not to worry though. Since it is a long weekend and there is a promotion timed to expire on September 3rd from BMO InvestorLine, there’s a good chance that the return to work and school will bring with it at least one new offering announcement.

Throughout last month, however, there were two very noteworthy deals and promotions developments that are worth highlighting here.

First, Qtrade Investor launched a refer-a-friend promotional offer. This was big news as this program now enables Qtrade to take advantage of their stellar service reputation (which is very helpful when it comes to referral programs) and it positions them to compete directly against the very small group of online brokerages who also have referral bonuses.

The second important deals development last month came from HSBC InvestDirect, which launched a commission-free trading promotion that lasts until the end of September. Of course, no sooner did the HSBC InvestDirect deal make it to their public facing website than Wealthsimple Trade rattle the Canadian discount brokerage space by offering up commission-free trading – period.

In fact, the latest move by Wealthsimple Trade means that a once popular category of “commission-free” trade deals could itself see some important changes.

It’s too soon to tell however Wealthsimple Trade could result in commission-free trade offers evaporating altogether or if some hybrid/better solution comes along. After all, the optics of 30 trades which are good for only 60 days doesn’t quite have the same ring to it as free trades, forever.

What may be a more likely development is that the value or flexibility of commission-free trades might expand or, hopefully, we’ll start to see online brokerages compete more often with cash-back offerings in which case, larger online brokerages have a golden opportunity to outspend their competitors.

The bottom line, September is going to be very interesting for deal-seeking DIY investors, and if the markets continue their push upwards, a rewarding time to be an online brokerage too. That certainly puts a little extra spice on already bold selection of offers.

As always, if there are offers that we haven’t spotted that would be good for other DIY Investors to know about, let us know in the comments section below.

Expired Deals

Scotia iTRADE’s cash back offer for existing clients expired at the end of August. This promotion offered a prepaid Visa card ranging in value from $100 to $1,500 for deposits between $25,000 and $1M+.

Extended Deals

*Update Sept. 5 – BMO InvestorLine has extended the deadline for their current cash back offer to September 30th.*

There are no extensions to report at this time.

New Deals

*Update Sept. 24 – The first new deals of the official fall season have arrived. CIBC Investor’s Edge has launched a cash-back offer exclusively for SparxTrading.com readers. This promotional offer, which runs until March of 2019, consists of a $100, $200 or $400 cash back for opening a new CIBC Investor’s Edge account. Both new clients and existing clients may be eligible for this offer. See table below for more information*

*Update Sept. 5 – This is an exciting development, BMO InvestorLine has lowered the minimum deposit requirement substantially to qualify for their referral offer. The new minimum deposit requirement is $5,000 (reduced from $50,000), which makes it much easier to qualify for a referral bonus. See table below for more information.*

There are no new deals to report at the start of the month. As mentioned above, both Qtrade Investor and HSBC InvestDirect joined the deals roster through the middle of August. Stay tuned, though, as there are several offers in the works scheduled to arrive this September.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade 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 at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free equity trades (North American equities only). See terms and conditions for full details. n/a 30 commission-free trades 60 days Click to access HSBC InvestDirect Summer Promotion September 28, 2018
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, 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, 2018
Disnat 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 DisnatTransfer 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 October 31, 2018
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2018
BMO InvestorLine Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $300,000 or D) $500,000+ and you may be eligible to receive a cash back reward of up to A) $75; B) $200; C) $500 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $300,000 D) $500,000+ A) $75 B) $200 C) $500 D) $1000 Cash back will be deposited the week of April 15, 2019. BMO InvestorLine Summer 2018 Campaign September 30, 2018

Expired Offers
Last Updated: Sep. 24, 2018 22:00 PT

Referral Promotions

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 B) $10,000 C) $25,000 D) $50,000 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 (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
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 tbd
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 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. $5,000 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 January 2, 2019

Expired Offers
Last Updated: Sep. 5, 2018 09:30 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 Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
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 $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 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 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 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
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 DisnatTransfer. See details link for more info. $150 $50,000 Disnat 1% Commission Credit Promo October 31, 2018
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Last Updated: Sep. 21, 2018 1:15 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: Sep. 1, 2018 12:15 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 September 30, 2018 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Sep. 11, 2018 09:05 PT
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Discount Brokerage Weekly Roundup – August 17, 2018


When it rains, it pours. Amirite Toronto? And, for many of Canada’s online brokerages located in Toronto and across the country, the commission party just got rained on. Hard.

In this edition of the roundup we take a look at some earthshattering developments in the Canadian discount brokerage space, as a robo-advisor flips the script to start offering commission-free online trading. Though it’s a hard act to follow, from there we’ll highlight a new promotion from an online brokerage that crossed our radar this week and as always, we’ll cap off the roundup with lots of chatter on social media and in the forums from DIY investors.

Wealthsimple Trade launches commission-free online trading

This week, and likely for weeks and months to come, the big story in the Canadian discount brokerage space is that robo-advisor Wealthsimple has now entered the DIY investing space by announcing they’ll be offering up a self-directed online trading service called Wealthsimple Trade which offers zero-commission fees for trades.

Make no mistake, this is a massive step change in an industry that has been making incremental moves to improve, evolve and adapt over the past several years.

Ever since early 2014, when RBC Direct Investing dropped its standard commission fee down to $9.95 per trade and triggered a wave of competitors to do the same, the major players in the online brokerage space in Canada have been in a staring contest to see who would blink first at lowering commission fees.

Since then, there has been the occasional flare up that commission pricing would continue to decline.

CIBC Investor’s Edge, for example, lowered their standard commission fees under $7 to $6.95 in October 2014 and, as recently as late 2017, HSBC InvestDirect lowered their standard commission fee to $6.88 per trade flat. Remarkably, there are those that have stood their ground against lowering standard commissions. Scotia iTRADE, for example, has been defiantly hanging onto standard commission pricing at $24.99 (or more) per trade.

Of course, while Canadian online brokerages were cautiously circling one another, the seeds for zero-commission trading were being sown and nurtured by startup US online brokerage, Robinhood.

In 2013 Robinhood shot to fame for introducing commission-free trading and doing so in a mobile-first environment. It was in that moment that the seeds were sown for much lower commission prices to cross the border. In fact, as Robinhood announced global expansion part of its strategy in 2015, the flicker of hope for younger, cost-conscious and design-savvy investors has been that Robinhood – or something like it –  would come to Canada.

Even though zero-commission trading for standard commission fees still hadn’t surfaced here in Canada, a few Canadian online brokerages have been toying with the idea of zero commission trading for some time.

National Bank Direct Brokerage, for example, launched commission-free ETF trading as a standard option after a few rounds of testing as far back as 2013 as part of a limited time promotion. Virtual Brokers introduced the commission-free trade program in early 2016 but in this case, individuals had to be tied to a costly data platform plan. There have also been finite sets of commission-free ETFs at several brokerages including Qtrade Investor, Virtual Brokers and Scotia iTRADE that DIY investors could turn to.

So, while there might have been drawing boards and hypothetical scenarios about who would lower commissions to zero and when it would happen, it’s safe to say that nobody really saw it coming from Wealthsimple and this quickly. The challenge to Canadian online brokerages, however, goes beyond just zero-commission trading and the instant attention it garners.

With what looks to be a streamlined trading interface, a mobile-first design and adoption strategy and some very savvy marketing (demonstrated to work from Robinhood’s launch) it’s no surprise that, as of the time of publication of this roundup, there are over 35K users on a waiting list to get access to an account and many actively promoting this new feature to get bumped to the front of the wait-list.

screenshot from Wealthsimple Trade waitlist

The specific initial offer from Wealthsimple Trade looks to include a subset of features which will undoubtedly appeal to somewhat less active investors. According to Wealthsimple, included at the launch of the new platform are:

  • Unlimited commission-free trades
  • No account minimums
  • Over 8,000 Canadian and U.S. stocks and ETFs available to trade
  • Up to $1,000 available to trade right away
  • Instant execution of trades
  • Watchlist feature to monitor stocks without buying
  • Market and limit orders
  • Availability on iOS and Android
  • Personal (cash) accounts

For Canadian online brokerages to effectively compete with Wealthsimple, not only do they have to be able to do so on pricing, but they have to do so on user experience, design, ease of use, engagement and technical agility. Consider the following statement from Wealthsimple’s official press release:

“Wealthsimple Trade was built in eight weeks by a small team of Wealthsimple designers and developers, using Wealthsimple’s public API.”

Depending on how much of Wealthsimple Trade was built in this unbelievably short period, the pace of pulling together this product was astonishingly fast.

There is also one other, potentially more potent factor that Canadian brokerages have to contend with.

Whether or not they saw the writing on the wall, whether or not they have been mobilizing to compete on a product or service level, what Canadian online brokerages must now contend with is a financial services provider that people are excited and curious about.

And, for those skeptics who aren’t buying into the “fintech” hype, here’s a fact that perhaps puts this into perspective.

Several of Canada’s largest banks are decades if not well-over one hundred years old. Individually, one of the biggest selling features, the one they could ‘bank’ on is that they’ve lasted. That kind of stability has been the hallmark of a sales pitch and why so many investors trust banks with their money.

Even so, Wealthsimple, a company that started just over four years ago has now earned over 100K accounts (and has close to 40K folks waiting to become customers) and manages $2.5B in wealth. Let that sink in for a moment. People are trusting a digital, four-year-old company with their life savings and banking on them being around to handle their future wealth needs.

Of course, in spite of the excitement that the prospect of zero-commission trading brings, the biggest test – and perhaps opportunity for Canada’s online brokerages – is to see if Wealthsimple Trade lives up to the hype.

It’s one thing to pitch a “hands off” kind of investing experience and to get it right but DIY investors are very much “hands on” clients. Their needs are often more complicated than the set it and forget it crowd. They tend to want to see how a trade is doing, obsessively so, and as a result connectivity will be huge. Also, charting, research and filtering tools are going to play a significant role for investors who are genuinely interested in following companies or investment themes they’re passionate about and helping them discover opportunities. So, despite a zero-commission trade, DIY investors have to be mindful – and perhaps skeptical – that the platform and trading experience holds up under various market conditions. There is also the convenience factor, inertia and the fact that the incumbents are well-resourced and will not simply take the introduction of a new competitor lying down.

Without question, this week marks a major milestone in the story of DIY investing in Canada. After multiple attempts by online brokerages to launch their own digital advice (robo-advisor) services, it looks like Wealthsimple has swung the pendulum back like a wrecking ball.

Although the app is still in beta and will be rolled out in such a way to build as much buzz, the prospect of zero-commission trading is real and coming. With Wealthsimple’s announcement, DIY investors are curious, and will no doubt wonder what Wealthsimple has in store next.

For Canada’s online brokerages, however, it is pretty clear on what has to happen next.

HSBC InvestDirect Summer Promotion

For this week’s roundup, coming after the Wealthsimple story is a hard act to follow, however several online brokerages are going to have to get used to doing it.

This week, the discount brokerage deals and promotions activity heated up with an unlikely player pushing their summer promotion live to their website. HSBC InvestDirect’s summer promotion crossed our radar this week and it offers new customers the chance to get up to 30 commission-free trades which are good for up to 60 days. Unlike many other online brokerage promotions, there is no minimum deposit to qualify for this deal, so individual investors looking for a bank-owned online brokerage with low commission fees will find a little more incentive here to consider HSBC InvestDirect. The promotion, whose official start date was July 16th, is set to run until September 28th, 2018.  Check out the discount brokerage deals and promotions section for more details.

Discount Brokerage Tweets of the Week

From the Forums

Everyone’s Talking about Wealthsimple Trade

This week across various forums, Wealthsimple Trade was in spotlight. With DIY investors weighing in on the merits, drawbacks and what this new service could mean to DIY investing and online brokerages in Canada, it’s entertaining reading for anyone watching this new entrant into the online brokerage space make a very big splash. Here are a few forum threads with opinions and perspectives on the Wealthsimple Trade launch:

Reddit Personal Finance Canada – Wealthsimple Trade – $0 commission trading

RedFlagDeals.com – WealthSimple Trade with $0 min and $0 commission (Early Access)

Financial Wisdom Forum – Wealthsimple Trade

Canadian Money Forum  – Wealthsimple 0 fee trading

Into the Close

Hard to believe but that’s a wrap on another wild week. Even the volatile weather seemed tame compared to politics in the headlines and the fact that Canadian inflation rate was reported at 3%. If you’re fortunate to be out and about enjoying the sunshine or just trying to stay dry this weekend, enjoy what downtime you can – there’s plenty of news to trade around and even more volatility forecasted for the weather, and for markets. Have a great weekend!

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Discount Brokerage Weekly Roundup – August 10, 2018

For many Canadians, it was a short week, however for many investors in Tesla, it was a tough week to be short. Even though social media has been less likely to move markets, this past week showed that what gets said in the space of a tweet can still make a difference. Fittingly, this also happened to be the case for a couple of online brokerages making waves on social media.

In this week’s roundup, we take a look at one Canadian online brokerage who, amidst the trade tariffs, found a way to lower the barrier to trading with the US. Next, we peek across the border at another online brokerage who is showing that lowering fees increases the attention that investors are willing to pay. As always, we’ll serve up a healthy dose of investor chatter from the DIY investor forums and tweets from this week.

Scotia iTRADE Quietly Rolls Out USD Registered Accounts

Even though there might be trade tariffs, when it comes to trading stocks, the barriers for DIY investors at Scotia iTRADE just got lower.

Earlier this week, Canadian discount brokerage Scotia iTRADE quietly rolled out USD enabled registered accounts for RRSPs, TFSAs, RRIFs, LIRAs and LRSPs. And, even though Scotia iTRADE hasn’t yet made any official announcement on social media about it, clients nonetheless took to Twitter to weigh in on the new feature.

Interestingly, on the Scotia iTRADE website, there was (at the time of writing) an information page about the new feature however the pricing page/table still showed the US Friendly RRSP pricing, so it is unclear if this program will continue to exist alongside the new USD accounts or if it is going to be phased out for RRSPs.

On balance, this was a good move by Scotia iTRADE and now leaves HSBC InvestDirect as the only major Canadian online brokerage that does not offer the USD registered accounts.

The relative quiet nature of the new feature roll out is surely not going to last too long.

Whether the new account type is part of a bigger strategy (perhaps a new online promotion or deal) remains to be seen but for those who like to place bets, the odds that Scotia iTRADE will stay mum about the feature are slim to none.

What does this mean for other Canadian online brokerages?

For the moment, it’s difficult to gauge whether Scotia iTRADE will take this opportunity to update its pricing on its registered accounts, however assuming they do not, other online brokerages – including bank-owned online brokerages – can counter Scotia iTRADE’s new launch with a less expensive cross-border experience. The administration fees and activity level threshold for deposits under $25,000 make Scotia iTRADE a tough choice for price sensitive DIY investors.

For Scotia iTRADE, the challenge will be to demonstrate the value of their offering to DIY investors. Standard commission pricing concerns aside, the competition has been moving aggressively in the areas of content development, new features and pricing drops on ETFs, so while the move to deploy USD registered accounts is welcome, it is by no means industry-leading.

As ‘innovation’ becomes the new benchmark by which online brokerages are going to be judged (especially when being considered alongside ‘fintech’ companies such as robo-advisors), the strategy of playing catchup is, ironically, not going to be enough to keep up.

Qtrade Investor Launches Refer-a-Friend

So much for the summer being quiet on the deals & promotions front. In what is an interesting sign of their digital coming of age, Qtrade Investor, one of Canada’s most popular online brokerages, rolled out a new refer-a-friend program that offers up $25 to both the referrer and referee.

There are a number of reasons why this such a modest cash back offer is such a big deal, however we’ll focus on two main reasons why this matters.

The first is that this new promotion enables them to monetize further their noteworthy client satisfaction. Qtrade Investor’s strength in client service can hopefully now bear fruit in terms of bringing in referral business. Unlike many other online brokerages in Canada, Qtrade Investor can lay claim to topping the Globe and Mail’s online brokerage ranking and so there’s definitely a stronger incentive for people to give Qtrade Investor a shot. The fact that a minimum deposit of $1,000 is required to benefit from this offer is also going to make it hard to ignore – especially with younger investors.

A second reason this kind of promotion coming to market matters is because it pits Qtrade Investor against a smaller pool of competitors, such as Questrade, BMO InvestorLine and Scotia iTRADE who also have referral offers. The combination of launching a deal in a category that has relatively few competitors, putting out a deal that investors are likely to tune into and controlling what they spend on acquiring a new client means that Qtrade Investor hits the trifecta of getting attention and new businesses at a competitive price.

Of course, the big upshot for DIY investors is that if a brokerage like Qtrade Investor is prepared to step into the refer-a-friend market, it’s going to challenge other Canadian discount to figure out how to respond.

Can’t Fight that Fee-ling Anymore

What a difference an ‘r’ makes – and yes, we know pirates would agree on that point. Nonetheless, when fee turns into ‘free’ one thing is for certain, people pay attention. As a counterpoint to the story above about Scotia iTRADE, a US-based online brokerage that we don’t talk too much about – Fidelity – crossed our radar by announcing a drop in account fees for brokerage accounts to zero (alongside a much more widely publicized drop of administration fees of mutual funds to zero).

Regular readers of the Weekly Roundup will note that Robinhood is typically the online brokerage that has become synonymous with free trading accounts. This latest move by Fidelity to drop the associated administrative fees, however, is definitely a shot across the bow at both the big players – such as Schwab or Ameritrade – who have administrative fees for managing an account and the small ones too, like Robinhood – who don’t have the scale or brand recognition Fidelity carries.

As with all big developments in the US online brokerage space, the natural question for Canadian DIY investors or observers of the space here in Canada is ‘could it happen here?’ and in this particular instance it is a very fascinating question.

What might happen if an online brokerage dropped the maintenance and administration fees of an account to zero with NO minimum balance requirements?

First, it would probably get the attention of the deal-seeking crowd and the math suggests that low(er) balance investors who want to park their assets somewhere and don’t want to get dinged on fees would find a very compelling online brokerage. In other words, there is a good chance that any online brokerage in Canada who chose to lower the administrative fees on an account down to zero would get the attention of a very vocal group of DIY investors.

Second, if this was a move done by a bank-owned brokerage, for example, it would almost certainly accelerate a reduction in the number of online brokerages in Canada, likely one of the smaller or less popular online brokerages. This would be especially true if other large online brokerages followed suit.

The fact that there is an online brokerage in the US offering commission free trading, and now one offering drastically reduced account fees and lower barriers to entry, means that DIY investors are starting to see that a ‘better’ world exists when it comes to DIY investing.

So, even if we don’t have the drastically low pricing that US online investors can enjoy, the existence of these accounts forces Canadian online brokerages to work that much harder to explain where the money is going to for online brokerage commissions and service fees.

What online brokerages in Canada need to figure out is how much they are prepared to spend in marketing dollars to convince their clients it’s a good idea to keep their fees and pricing high.

Discount Brokerage Tweets of the Week

From the Forums

Taxing Decision for a Day Trader

With so many “tax free” accounts here in Canada, the prospect of day trading is appealing to many who either don’t fully appreciate the true business-like nature of day trading or who haven’t yet read the fine print on account types. Either way, this post from reddit’s personal finance Canada section from one DIY investor contemplating day trading via TD Direct Investing likely has a bit more homework to do, especially considering some of the answers that ensued.

Make or Break

For many online investors, ETFs and the move to managing money other than in a mutual fund continues to grow in popularity. For one investor in this reddit post, the question on whether hanging around in a mutual fund or jumping ship came down to what the receiving institution would be willing to pony up – an indication that, along with the numbers, sometimes the deals matter.

Into the Close

On top of the weather, it looks like markets are once again heating up. The best advice it seems is to ‘stay cool’ so however you choose to do so for the weekend, here’s hoping that you enjoy the weather and the time off in style. Have a great weekend!

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Discount Brokerage Weekly Roundup – August 3, 2018

It was a big week for big apples. For the iconic technology firm, there were 1 trillion reasons to celebrate. For the New York Mets, there were probably 1 trillion reasons to explain what went so terribly wrong. Nonetheless, when it comes to comparing apples to apples, we’ve picked a few discount brokerages from the bunch to do some interesting analysis with.

In this edition of the roundup, we take a look at the latest crop of deals from Canada’s discount brokerages as a new month kicks off. From there, we launch into some big picture analysis – first with a continuing thread about content and how one online brokerage appears to be pulling back on it for the moment. Next, we look at some interesting numbers from a US online broker that signals a shift towards the next big revenue drivers for online investing. As usual we’ll cap off the roundup with a look at tweets from DIY investors and what’s making waves in the investor forums.

New Month, New Deals – Sort of

2018 continues to fly by as August – along with the summer weather – is now upon us. With the nicer weather, this is generally the window in which the online brokerages take the opportunity to enjoy said good weather, which might explain the leisurely pace of this month’s discount brokerage deals and promotions activity heading into the new month.

Aside from a one-month extension by Desjardins Online Brokerage of their standing commission credit offer, the deals pool remained steady with no new offers being advertised and no deals expiring heading into the new month. In July, National Bank Direct Brokerage’s offer expired early on in the month leaving 5 brokerages on the field with commission-free trades or cash back offers.

Even though things are relatively quiet at the moment, behind the scenes Canadian discount brokerages appear to be gearing up for a busy fall season. Another detail suggests that brokerages are lining up more activity for September, namely that there are two offers that are also timed to expire at the end of August and the beginning of September.

The cash-back offer from Scotia iTRADE, for example, is scheduled to expire at the end of August which could be convenient point to launch a new offer. Also, BMO InvestorLine has their current cash back offer set to expire in the first week of September, and if history is any indicator, there is likely something being planned to replace it.

So, for any DIY investor looking for a deal when opening an online trading account, the good news is that there are still a handful of interesting cash back or commission-free trade offers to choose from.

For deposit levels between $1,000 and $50,000, Questrade has both a cash back option as well as a commission-free trade offer to choose from. Also, Desjardins Online Brokerage’s offer is applicable for deposits of at least $10,000. Above $50,000, BMO InvestorLine’s cash back offer becomes an option as well as the cash back referral offer from Questrade, however at deposit levels of $100,000+, BMO InvestorLine currently has the highest cash back offer.

Overall, the competitive landscape for Canadian online brokerages, and online investing in general, is shifting, which means deals and promotions are likely to tread water.

With consolidation of Qtrade Investor and Credential Direct still taking place and the absence of a catalyst for pricing pressure or promotional efforts in the DIY trading space itself, Canadian brokerages are, at least for the moment, on cruise control. In all likelihood, brokerages are keeping their marketing budget powder dry for the upcoming fall and winter where the battle for DIY investor deposits and trading activity is sure to be fierce.

Questrade Gears Down on Content

The digital age provides the ability to connect some interesting dots. In keeping with a theme of the past two roundups, we continue to take a look at the evolving nature of content delivery across Canadian discount brokerages and this week turn the spotlight on Questrade.

Over the past two weeks, we noted that Questrade’s blog has started to show signs of activity after being dormant for some time. Now, a blog post or two doesn’t usually signal a trend nor is it the kind of thing that generally makes “news” however the bigger picture here is that content production – specifically content geared towards DIY investors – is something that has historically been a fixture at Questrade. The story here isn’t so much what is happening, but rather, what isn’t.

It is unusual to see a shortage of content activity from Questrade simply because historically they have been active and frequent in this particular endeavour.

We started down this rabbit hole by looking at the Questrade blog which, including the post this week, has a total of 18 posts. The first available post appeared on May 25th, 2017.

The graph above shows the timeline of post activity on the Questrade blog, which appeared somewhat regularly at the outset with the average time between posts between May 25th and October 10th working out to about a post every 11.5 days. The minimum time between posts in that range was 5 days while the maximum was 34.

After October 2017, however, things shifted and the next post took 62 days (at which point there were two posts) followed by the next post after that which took 135 days. Incidentally, a little digging on LinkedIn revealed (perhaps coincidentally) that was the same point in time that Questrade’s manager of content and social media landed a new role at RateHub; another member of the content team went off to RBC in December as well.

But the blog wasn’t the only content section to slow down.

We also saw Twitter activity from July 2017 to July 2018 slow down considerably. Not including tweets about service-related issues, there were approximately 27 tweets in July 2017 compared to 6 in 2018. The tweets last year were largely of personal finance topics whereas this year they seemed to be focused on holidays and media mentions. To be fair, however, Questrade is actively responding to client service issues on Twitter, making it one of the standout online brokerages in this regard. Nonetheless, the change in publishing pace was noticeable.

Finally, the client notifications and new feature developments published to Questrade’s other blog/content space, the Exchange, has also not seen an update since April and no self-direct investing customer notice has been published since February.

What does this all mean and why does this matter?

For starters, while Questrade has seen their content publication slow down, other online brokerages, including and especially several bank-owned online brokerages have ramped up their investor content programs considerably.

This means that the “value” that information and content represents to investors, notably to clients, is somehow absent or muted. On a relative basis, competitor brokerages are pulling ahead of Questrade in terms of compelling content.

Another reason why this is important is because one of the increasingly important metrics for any technology company will be perceived innovation.

Those on the outside looking in will be asking and looking for “what’s new” as a reason to pay attention to a particular brokerage. If an online brokerage appears to be standing still – even if they are doing work behind the scenes – DIY investors won’t have a reason to tune in, which is sure to make some folks at Questrade more than a little discontent.

Interactive Brokers Steering Towards Growth

Sometimes taking a step back and looking at the big picture reveals some fascinating trends. As with the beginning of every month, Interactive Brokers released their trading metrics and, as with every month they’ve reported these metrics (since 2008) they’ve seen growth across a number of important metrics, including and especially the number of accounts. In fact, the growth in new accounts on a month/month basis in July was an enviable 40%.

Despite all of these very healthy metrics, one of the interesting data points that has been trending downwards since 2008 has been the cleared average daily average revenue trades (DARTs) per account (the number trades made by each account). It is perhaps no surprise or cause for concern that the latest figure of 314 is less than half of what it was in 2008 (842) considering that number of accounts has increased ten-fold over that same amount of time – and all of the revenue drivers to go with that.

What is interesting about that shift, however is that it signals, in all likelihood, that fewer trades are being made. This might be a result of a combination of factors such as lower volatility in the market and/or less active traders being drawn into the client mix of Interactive Brokers than has traditionally been the case.

While it may not be ‘news’ to anyone in the industry, it does reinforce that active traders are a valuable segment of the market. They are also just a small fraction of the “investor” pool. Even so, active traders are only going to be really active and attracted to trading when there is volatility and movement in the market.

As a result, being niche is not enough. Online brokerages will need to build scale to survive a lower volatility environment and perhaps ask themselves the tough question as to where online investing – especially at the active segment – is heading in the near to intermediate future?

Perhaps the clearest hint on the direction of active trading is the capitulation by Interactive Brokers to exit the market-making business with the sale of the Timber Hill side of their business. If the pros can’t make money actively trading the market, it begs the question, who can?

The moves being made by Interactive Brokers in both their international expansion as well as the introduction of a credit card, higher interest payments on account balances, lower fees for trading commissions and features such as payroll deposit capability signal that even active trading has its limits when driving profitability at an online brokerage. Revenue from interest/lending appears to be the next revenue-generating chapter as do fees for services – such as managed wealth in the form of robo-advisors.

For Canadian discount brokerages, especially those seeking out active traders, the trend revealed by Interactive Brokers is certainly worth considering. What this also likely might signal is that online brokerages here in Canada may start to shift their user experience efforts towards less active investors who can bring with them considerable investable assets. Funnily enough, that seems close to the same group robo-advisors are also looking to capture.

Discount Brokerage Tweets of the Week

From the Forums

Safe Keeping

When it comes to online investing, online security is top of mind for many DIY investors. Questrade was in the spotlight in a couple of interesting threads on reddit – the first directly referencing two factor authentication (2FA) being mentioned as being ‘in testing’ and the other which focused on the fine print of the Questrade security guarantee. Worth a read for those interested in security-related features.

Into the Close

That’s a wrap for another week. With a long weekend for Canadian investors now on deck, it’s a great time to enjoy and gear down until the ‘fun’ begins again on Monday courtesy of the action stateside. Have a safe and happy long weekend and in the meantime here’s an awe-inspiring look at ways other folks are getting out and enjoying themselves!

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Discount Brokerage Deals & Promotions – August 2018

*Updated: Aug. 18* Welcome to the August edition of the discount brokerage deals and promotions section where, at least at the outset, the theme of the month appears to be ‘status quo’.

It is worth noting that unlike most months thus far, August is starting off on a relatively quiet note, with no deals expiring or launching at the outset of the month. And, although nothing new showed up, things weren’t entirely still, as Desjardins Online Brokerage quietly extended their commission-free trade offer forward another month.

For DIY investors, it’s important to note that despite the quiet start to the month, online brokerages are busy working behind the scenes through the summer for what will likely be a very eventful fall. At the end of August Scotia iTRADE’s offer is set to expire and shortly into September BMO InvestorLine’s current promotion is also set to turnover.

As such, we’ll be keeping an eye out for any movement in the deals space through the month, as this would be an ideal window for a brokerage not currently in the deals pool to ‘make a splash.

As always, if there are any offers that you think would be worth sharing for other DIY investors, please let us know in the comments section below.

Extended Deals

Desjardins Online Brokerage was the only online brokerage to officially (and quietly) extend their offer. The new expiry date for their commission-free trade offer is now October 31st, 2018.

Expired Deals

There are no expired deals to report at this time.

New Deals

*Updated: Aug. 18 – HSBC InvestDirect has rolled out a summer promotional offer consisting of 30 commission-free trades. The promo, which stated it officially started in mid-July, looks to have finally been published on the HSBC InvestDirect website, and will run until the end of September. For more information about this deal, be sure to check out the details below. *

*Updated: Aug. 10 – Every now and again, there is a deal or promotion that makes a big splash in the online brokerage space. After a quiet start to the month, Qtrade Investor has definitely kicked the summer deals action back up to sizzling hot as they launched a refer-a-friend program with a cash back bonus. The deal itself offers up $25 cash to both the referrer and referee and requires a minimum deposit of $1,000, however the bigger prize for DIY investors is that is a very popular online brokerage just stepped into the promotions pool with a compelling offer and one that other online brokerages will find hard to ignore. See table below for more details.*

There are no new deals to report at this time.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade 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 at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free equity trades (North American equities only). See terms and conditions for full details. n/a 30 commission-free trades 60 days Click to access HSBC InvestDirect Summer Promotion September 28, 2018
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, 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, 2018
Disnat 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 DisnatTransfer 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 October 31, 2018
Scotia iTrade Open and fund a new account with Scotia iTRADE (or fund an existing account) with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1M+ and you may be eligible to receive a pre-paid Visa card worth A) $100; B) $200; C) $500; D) $800; E) $1,100 or F) $1,500. Use promo code 18SUM when registering. Be sure to read terms and conditions for more details. NOTE: this offer is open to existing Scotia iTRADE clients only (who were clients prior to May 14, 2018). A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000 F) $1M+ A) $100 B) $200 C) $500 D) $800 E) $1,100 F) $1,500 pre-paid Visa card will be awarded by Jan. 31, 2019. iTRADE Summer Promo August 31, 2018
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2018
BMO InvestorLine Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $300,000 or D) $500,000+ and you may be eligible to receive a cash back reward of up to A) $75; B) $200; C) $500 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $300,000 D) $500,000+ A) $75 B) $200 C) $500 D) $1000 Cash back will be deposited the week of April 19, 2019. BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Last Updated: Aug. 18, 2018 00:55 PT

Referral Promotions

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 B) $10,000 C) $25,000 D) $50,000 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 (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
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 tbd
BMO InvestorLine 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, 2018

Expired Offers
Last Updated: Aug. 10, 2018 21:30 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 Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
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 $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate 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
Scotia iTrade Transfer at least $25,000 in new assets to Scotia iTRADE and you may qualify to have transfer fees reimbursed up to $150. $150 $25,000 iTRADE Summer Promo August 31, 2018
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
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 DisnatTransfer. See details link for more info. $150 $50,000 Disnat 1% Commission Credit Promo October 31, 2018
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Last Updated: August 1, 23:30 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: Aug. 1, 2018 23:30 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $200. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $200. PROMO1000 September 4, 2018 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Aug. 1, 2018 23:30 PT
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Discount Brokerage Weekly Roundup – July 6, 2018

There’s no mistaking it, summer is here (for most of Canada) and it’s a scorcher. Of course, for Canada’s discount brokerages, it’s not just the heat that’s causing them to sweat, it’s also the hurried pace they’re moving at to position for what’s shaping up to be a very busy fall season.

In this edition of the roundup, we kick things off with a recap of a hot topic for DIY investors – promotions at Canada’s discount brokerages. From there, we do a lightning round of interesting stories for DIY investors that crossed our radar during this shortened week. To keep things moving, we’ll close out with tweets of the week as well as interesting forum posts.

Summer Deals

With vacations, nicer weather and no looming deadlines for taxes, there aren’t a whole lot of reasons to be thinking about your online investing account. As such, summer is an interesting time for online brokerages to test or launch promotional offers. And, this month didn’t disappoint.

The July crop of discount brokerage deals and promotions are now live and even though the beginning of the month technically started off slowly because of the long weekend, this month is filled with brokerages making interesting moves.

Heading into this month, as we mentioned in a previous roundup, Scotia iTRADE took a measured step back into the deals pool by offering up a cash back promotion targeted at existing clients only.

It was interesting for a number of reasons, most notably because they are a bank-owned online brokerage, they launched an aggressive cash back offer and this offer was extended only to existing clients.

From a strategy perspective it is noteworthy because it seeks to incentivize individuals who have bought into Scotia iTRADE already (i.e. existing customers) and who are presumably happy with them to deepen their relationship. So, rather than spend resources on trying to win over new customers, Scotia iTRADE appears to be dedicating those marketing dollars towards preventing existing customers from considering their competitors.

Another bank-owned online brokerage also made some moves of its own early on in July. BMO InvestorLine launched their newest offer – a tiered cash back incentive that provides rewards of up to $1,000. While there was technically a brief lag between the expiry of BMO InvestorLine’s previous offer (which expired on June 30th) and the launch of the new offer (on July 3rd), for DIY investors, it was likely worth the wait.

Cash back promotions are generally preferred by DIY investors, so at this moment, the online brokerage offers available to the general public are with either BMO InvestorLine or Questrade. And, in comparing the two, they are reasonably close in value.

Which offer has the ‘edge’ comes down to a couple of factors. For instance, whether or not an individual can get a referral bonus of $50 from BMO InvestorLine tips the scales in BMO InvestorLine’s favour. Additionally, the offer from BMO InvestorLine is open to existing clients who bring in additional assets to an existing account whereas the offer from Questrade is for new clients only. Finally, depending on the assets being brought over, either Questrade stands out or BMO InvestorLine does.

What it all boils down to for DIY investors hunting for a new online brokerage account is that there are still interesting offers to consider – especially during the summer months. And, even though the National Bank Direct Brokerage commission-free trading offer has expired at the time of writing this roundup, there are still alternative offers available and there’s a good chance that promotions activities will offer some more summer hits before the season is out – so definitely stay tuned.

Lightning Roundup

Even though it was a ‘short week’ there were still a number of developments in the DIY investor and online brokerage space that are worth mentioning. While we don’t dive into these too deeply, it’s great to see that this space continues to be highly dynamic.

National Bank Direct Brokerage & Horizons Announce Biggest Winner Contest

Even though it was a competition based on fantasy money, one lucky contestant in the Horizons ETFs Biggest Winner competition walked away $7,500 richer. Joel Couture from Levis Quebec managed to take top prize in the competition by finishing with a 16.26% return after six weeks, handily beating the second prize winner who netted $2,500 for finishing with a return of 11.31%. Interestingly, some stats from the competition that the volatility oriented ETFs HOU and HOD (the 2x oil bull and bear ETFs respectively) were among the most popular as was the marijuana ETF, HMMJ. For more information on the contest including the full list of winners and commentary by NBDB, click here.

Senior Unfriendly

An article published in the Globe and Mail by personal finance columnist Rob Carrick highlights an interesting issue that is certain to draw more attention to the way in which DIY investors can be stuck paying more for their portfolios simply because they are older.

At the heart of the matter is that some Canadian discount brokerages don’t have USD registered accounts for RRIFs, which RRSPs must be converted to. While Carrick goes on to cite some intriguing work arounds, the fact remains that brokerages that can make the process much more smoothly will stand out more than those who can’t.

Some Whispers

TD Direct Investing was being whispered about in a few places online this week. Suffice to say we’re printing here because we find it interesting.

First, there was the mention of TD Direct Investing getting new features that older clientele would appreciate, namely in Rob Carrick’s article cited above. Specifically, Carrick stated that TD Direct Investing is actively working on bringing U.S. Dollar RRIFs into reality in late 2018.

TD Diect Investing journaling of trades via webbroker

Another interesting feature to cross our radar was described in a reddit post in which an individual relayed what the TD agent said to them about journaling trades, and that WebBroker would be getting that feature.

Discount Brokerage Tweets of the Week

From the Forums

Small Potatoes

Sound money management is something that needs to happen with any portfolio size. This post, from reddit’s Personal Finance Canada section, offered a number of really interesting perspectives for someone looking to beat the administration fees on an account balance of $1,000.

It Ain’t Easy Being Green

There was lots of chatter this week from forum participants about both TD Direct Investing and Questrade. Among the debate topics was choosing one or the other for a TFSA. Check out this forum post for more details.

Into the Close

Regardless of what you happened to be celebrating this week, for many soccer fans, there is still a lot more celebration on the horizon. It’s a big week in markets next week with interest rate announcements coming out however if you really want to see interest in action, check out any of the sports bars or restaurants where the soccer games are playing. Stay cool and hydrated out there and have a ball this weekend!

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Discount Brokerage Deals & Promotions – July 2018

*Updated: July 5* With lots of sunshine, July’s crop of discount brokerage deals is still in full bloom. That’s great news for DIY investors looking to open online investing account with a Canadian online brokerage. While the cash back offerings still lag the commission-free category, there remains ample opportunity to get a transfer-free bonus when switching online brokers.

As July 1st falls on a holiday (happy Canada Day!) and a weekend, online brokerage websites may not have been updated with the latest deals for July. Not to worry though, we’re keeping a lookout for new deal announcements that might appear after the long weekend.

All told, after an eventful June, the deals and promotions activity in July looks like it will have a few surprises of its own to offer. Early on this month, we’re watching the National Bank Direct Brokerage offer (which is scheduled to expire July 6th) as well as what will transpire with BMO InvestorLine in the first week of July.

Stay tuned and as always, if you spot a deal that would be interesting to fellow DIY investors, please feel free to let us know or leave a comment below.

Expired Deals

It was interesting to see this deal come to market when it did, and we’re certainly sad to see it go, but the RBC Direct Investing commission-free trade promotion expired mid-month in June. The move by the large bank-owned brokerage is a signal that they can still surprise the marketplace.

Another offer that technically expired heading into July was BMO InvestorLine’s cash back and commission-free trade promotion. Since a replacement has not yet been posted to the BMO InvestorLine website at the time of the deals & promotions update, we’ll count this one out. If history is any indicator, however, there may be a pleasant surprise coming very shortly.

Extended Deals

There were no extended offers to report (yet).

New Deals

*Updated: July 5 – BMO InvestorLine launched a new cash back deal this month which is sure to get onto DIY investors’ radars. The tiered offer, which is open to new and existing clients, provides cash back bonuses ranging from $75 (for a $50,000 deposit) to $1,000 (for a $500,000 deposit). Keep in mind that BMO InvestorLine’s offer can be combined with their refer-a-friend promotion which can add an extra $50 cash back to the total reward amount. See table below for more information.*

At the start of July, there were no new offers that we spotted, however heading into this month there were a pair of important offers in June that caught our attention.

The first new offer that showed up in June was from Scotia iTRADE, specifically a cash back (in the form of a gift card) offer that was being marketed to existing clients. Specifically, this deal is open to existing clients as of May 14th, 2018. We’ve added that deal to the table this month as it is worth enquiring about for new clients to see if iTRADE is prepared to match or provide a better offer when signing up.

Another promotion that crossed the deals radar last month was from BMO SmartFolio, who launched a cash back offering. The cash back amounts on this offer ranged from $25 cash back (for a deposit of $5,000) to $1000 cash back (for a deposit of $200,000 or more). See the table below for more details.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade 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 $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, 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, 2018
Disnat 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 DisnatTransfer 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 September 30, 2018
Scotia iTrade Open and fund a new account with Scotia iTRADE (or fund an existing account) with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1M+ and you may be eligible to receive a pre-paid Visa card worth A) $100; B) $200; C) $500; D) $800; E) $1,100 or F) $1,500. Use promo code 18SUM when registering. Be sure to read terms and conditions for more details. NOTE: this offer is open to existing Scotia iTRADE clients only (who were clients prior to May 14, 2018). A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000 F) $1M+ A) $100 B) $200 C) $500 D) $800 E) $1,100 F) $1,5000 pre-paid Visa card will be awarded by Jan. 31, 2019. iTRADE Summer Promo August 31, 2018
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2018
BMO InvestorLine Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $300,000 or D) $500,000+ and you may be eligible to receive a cash back reward of up to A) $75; B) $200; C) $500 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $300,000 D) $500,000+ A) $75 B) $200 C) $500 D) $1000 Cash back will be deposited the week of April 19, 2019. BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Open a new account at National Bank Direct Brokerage with at least 5,000 and you may be eligible to receive up to 25 commission-free trades, good for up to one year. There is also a promotional discounted commission-pricing available within the first year to individuals who use up their 25 trades; trading commissions for the first year are $6.95. Use promo code SPRING 2018 when signing up to be eligible for this offer. This offer is also available to existing clients. Be sure to read terms and conditions for full details. $5,000 25 commission-free trades + $6.95 commission per trade pricing 365 days National Bank Spring Offer July 6, 2018
Last Updated: July 27, 2018 21:45 PT

Referral Promotions

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 B) $10,000 C) $25,000 D) $50,000 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
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 tbd
BMO InvestorLine 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, 2018

Expired Offers
Last Updated: July 1, 2018 14:55 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 Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
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 $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate 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
Scotia iTrade Transfer at least $25,000 in new assets to Scotia iTRADE and you may qualify to have transfer fees reimbursed up to $150. $150 $25,000 iTRADE Summer Promo August 31, 2018
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
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 DisnatTransfer. See details link for more info. $150 $50,000 Disnat 1% Commission Credit Promo September 30, 2018
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers
Last Updated: July 5, 10:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: July 1, 2018 18:55 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $200. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $200. PROMO1000 September 4, 2018 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: July 1, 2018 14:55 PT