Tag: Deals

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Discount Brokerage Deals and Promotions – January 2015

*Updated Jan 26/15* Welcome to 2015! For many, the start of a new year is the time to mark a new beginning. For Canada’s online brokerages, however, the theme coming into January isn’t so much about being new as it is about being present.

While many of the deals and promotions listed in December were poised to expire at the end of the month, it appears that they would ‘expire another day’.   Curiously, of the 5 6 offers that were extended out into 2015 only the offer from Scotia iTrade (their 100 free trade offer) had its expiry date bumped to January 9th. Whether this is a clue to something possibly coming soon or simply a strange mini-extension, the good news is that it won’t be too long till we find out.

At the outset of January there is one new offer added into the mix, once again from Questrade. Their newest offer (see below for more details) is a commission-free trading offer aimed at clients with deposits of $25,000 or more. Another offer that landed mid-December that warrants mentioning is National Bank Direct Brokerage’s sizeable cash back offer – interestingly aimed at depositors with at least $20,000. Interestingly, brokerages competing for deposits of $20,000 to $25,000 include CIBC Investor’s Edge, NBDB and, now, Questrade.

As the holidays and vacations wear off, and the ramp up to RRSP season begins, we anticipate seeing some major activity from the various discount brokerages. Be sure to check back again throughout January as we monitor the developments with various deals and promotions.

*Update: BMO InvestorLine has extended their tablet app free-trade offer deadline to February 26th. Their ‘smile’ promotion is still scheduled to expire January 18th.

Expired Deals

At the time of writing, there are four offers that officially expired going into January:

  • RBC Direct Investing’s 20 commission-free trade offer
  • Questrade’s 30 free trade offer
  • Questrade’s $250/$100 cash back offer
  • Scotia iTrade’s $500 cash back (or 500 free trade) offer
  • *Update Jan 22/15* BMO InvestorLine’s “Smile Promotion” $250 cash back offer

Extended Deals

Rather than let them slip into history, Canadian discount brokerages sought to extend the shelf life of several big offers, some well into 2015 and others just over a week. Here’s the list of extended offers:

  • Scotia iTrade’s refer-a-friend offer extended to March 15th
  • BMO InvestorLine youth offer extended to March 31st
  • *Update Jan 5/15* BMO InvestorLine tablet app offer extended to February 26th
  • Questrade $50 prepaid Visa offer extended to February 27th
  • Scotia iTrade 100 free trade offer extended to January 9th
  • Desjardins Online Brokerage (Disnat) $300 commission credit offer extended to March 31st

 New Deals

The only new promotion for January by a Canadian discount brokerage was one launched by Questrade. Specifically their “new year’s” offer enables qualified clients to have 25 commission-free trades which are eligible for use throughout the year. Unlike many commission-free trade offers which have a shelf life of anywhere between 30 and 90 days, this offer is unique given how long clients have to use the commission-free trades (the deadline to use the free trades is December 31st 2015). While the number of trades is not necessarily as high as other offerings, the length of time to use the trades stands out. The caveat, however, is that there is a minimum deposit of at least $25,000 required to qualify. See the table below for additional details.

*Update Jan 11/15* Questrade has just added two additional offers (see below). For one of their offers, they are bringing back the unlimited commission-free trade promotions which last from one to three months depending on the deposit made. The other offer (the “Multi Leg” promotion) enables qualified clients to trade up to 100 trades commission-free.

*Update Jan 12/15*

  • Questrade has resurrected their iPad Mini offer in time for RSP season.  For a deposit of $100,000 or more, individuals can be eligible to receive an iPad Mini 2 (16GB, wi-fi only). In order to receive the iPad Mini, individuals have to fund their account and make at least one commission-generating trade. For more information see the table below.
  • Scotia iTrade has launched a massive offer on the heels of their previous deal expiry.  Scotia iTrade is now offering a modified cash back or commission-credit promotion for deposits from $15,000 to $1,000,000 – yes that’s not a typo.  Scotia iTrade is now the only brokerage to scale up the promotional offers beyond the $250,000 ceiling of other brokerages and with this latest promotion they’ve topped their previous offer (500 trades for $500,000).  The current offer actually goes beyond just commission rebates or cash back, there is also a 90 day free use of their platform (FlightDesk) and a free 2 day educational seminar with their education partner Larry Berman.  The list of terms and conditions for this offer is quite extensive so be sure to read it fully if you’re considering the deal. Some particulars to pay attention to are the rebate period for commission credits (180 days) and minimum balance requirements.
  • RBC Direct Investing has also stepped into the deal arena with a commission-rebate offer.  The promotion enables qualified applicants to receive 20 commission-free (commission fees will be rebated) trades that are good for use for up to one year.  One of the highlights of this offer is that no minimum deposit is required in order to qualify.  See table below for further details.

*Update Jan 16/15*

  • Qtrade has launched a new RRSP-themed contest.  Individuals opening (and funding) or contributing to an RSP account with at least $2,000 by March 2nd, 2015 could be eligible to win a $500 contribution to their account each month for a year.  Given that this is a contest, it is not listed in the table below however for full details, click the terms and conditions link here.  One thing to consider of course is the eligible contribution room within your RRSP to receive the extra top up.
  • Questrade has launched yet another offer, making them the brokerage offering the most promotions this month. Their latest DIY investing offering is a tiered offer unlimited commission-free trading depending on the amount deposited. For deposits of $50,000 or more, Questrade is offering up to three months of commission-free trading; for $25,000 – $49,999 Questrade is offering two months of commission-free trading and for $1,000, individuals can be eligible for one month of commission-free trading.  See the table below for more details.
  • Virtual Brokers has stepped back into the deals & promotions space by offering an RRSP-themed offer. Individuals who deposit at least $5,000 in new equity can qualify to receive 50 commission-free equity trades. For deposits of $10,000 in new equity, Virtual Brokers is offering 100 commission-free equity trades.  This is one of the most competitive commission-free offers for the deposit levels. See the table below for more details.

*Update Jan 22/15*

  • BMO InvestorLine has replaced their $250 cash back offer (the Smile Promotion) with a new RSP-focused promotion with a higher cash back component. Like the promotion it is replacing, the latest offer from BMO InvestorLine (live as of Jan 19/15) requires a deposit of at least $100,000 to qualify. Individuals who qualify for this promotion can receive $300 cash back. See the table below for additional details and deadlines.
  • HSBC InvestDirect is now also offering up its own RSP season themed offer.  In their case, the deal appears to have gone line early in January but has only recently made it onto their website.  The offer states that eligible clients can receive up to 50 commission-free equity trades which are good for up to 88 calendar days.  It is noteworthy that the commission-free trades apply to equity/ETF trades and not to options or fixed-income trades. Also, according to the terms and conditions there is no minimum deposit required nor is there a stated promo code. See table below for more details.

*Update Jan 26/15*

  • One of Canada’s largest online brokerages, TD Direct Investing, has now also jumped into the deals pool this month.  Their latest commission-rebate offer features trading commission rebates on three tiers of deposits.  For deposits of between $25,000 – $49,999 eligible accounts receive up to 50 commission-free trades; for deposits of $50,000 – $99,999, eligible accounts can receive up to 100 commission-free trades and for deposits of $100,000 or more, up to 200 trades may be rebated. This offer applies to equity and options trades.  See table below for additional information.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
Open a new account with HSBC InvestDirect and you could be eligible to receive up to 50 commission-free equity/ETF trades for 88 calendar days. Be sure to read the terms and conditions for full details. n/a 50 commission-free trades 88 days (payout for rebate is within 90 days of end of free trade period) HSBC InvestDirect 2015 Winter Offer March 2, 2015
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion March 31, 2015
Open a new qualifying account with RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades. A promotion code is required for this offer; click on the the link for the promotional page to generate a code. Be sure to read the terms and conditions for full details on this offer. n/a 20 commission-free trades 1 year Terms & Conditions & RBC Direct Investing Trade Free for 1 Year Promotion Page March 2, 2015
BMO InvestorLine Download the BMO InvestorLine iPad app and you could qualify for up to 5 commission-free trades. This offer is open to new and existing clients and can be combined with other offers. Clients must have a qualifying account in order to be eligible. Read full terms and conditions for details. n/a 5 commission-free trades ($50 max value) 30 days Tablet Trades Promotion February 26, 2015
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open and fund a qualifying account (TFSA, Cash/Margin or RRSP) at Questrade with at least A) $1,000 or B) $10,000 and you may be eligible to receive A) 10 or B) 100 commission-free trades. Use promo code 100FREEML15W when registering. Be sure to read the terms and conditions for this offer. A) $1,000 B) $10,000 A) 10 commission-free trades B) 100 commission-free trades 60 days Multi-leg Offer February 27, 2015
Open a new TFSA, margin or registered account with Questrade and deposit at least A) $1,000 B) $25,000 or C) $50,000 to receive either A) 30 days B) 60 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDW15 when signing up. Be sure to read the terms and conditions for more information. A) $1,000 B) $25,000 C) $50,000 Unlimited commission-free trades during associated period. A) 30 days B) 60 days C) 90 days Questrade Unlimited Trading Offer March 2, 2015
Open a new TFSA, margin or registered account with Questrade and deposit at least A) $1,000 B) $25,000 or C) $50,000 to receive either A) 30 days B) 60 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDRSP when signing up. Be sure to read the terms and conditions for more information. A) $1,000 B) $25,000 C) $50,000 Unlimited commission-free trades during associated period. A) 30 days B) 60 days C) 90 days Questrade RRSP Promotion March 2, 2015
Open a new account (TFSA, Margin, RRSP or FX/CFD) and place at least one trade within 60 days of opening and you may be eligible to receive a $50 prepaid Visa card from Questrade. Use promo code VISA50. Be sure to read terms and conditions for full details on this offer $5,000 $50 Visa gift card Cards will be mailed within 40 business days of reaching account funding requirement. $50 Prepaid Visa Card Offer February 27, 2015
Open and fund a new account with at least A) $5,000 or B)$10,000 in net new equity and you may be eligible to receive A) 50 or B) 100 commission-free trades. Use promo code “RRSP15” when signing up for an account to qualify. Be sure to read the terms and conditions of the offer for full details. A)$5,000 – $9,999 B)$10,000+ A) 50 commission-free trades B) 100 commission-free trades (max commission per trade $6.49) Trades must be used by September 30, 2015 (commissions to be rebated by October 2015) RRSP Free Trade Promotion February 27, 2015
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade March 15, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999, B)$50,000 – $99,999, C)$100,000 – $249,000, D) $250,000 – $499,999, E) $500,000 – $999,999, or F) $1,000,000+ and you may be eligible to receive a corresponding cash-back or commission rebate. For commission-free trades use code: WTT15 or for cash rebates use code: DL5RP. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. This offer also includes a free ‘swing trading’ course with Larry Berman and 90 days free of FlightDesk. A)$15,000 – $49,999 B)$50,000 – $99,999 C)$100,000 – $249,000 D)$250,000 – $499,999 E)$500,000 – $999,999 F)$1,000,000+ A) 50 commission-free trades OR $50 cash B) 100 commission-free trades OR $100 cash C) 250 commission-free trades OR $250 D) 350 commission-free trades OR $350 E) 500 commission-free trades OR $500 F) 1000 commission-free trades OR $1000 180 days for commission-free trades Cash back to be deposited by November 30, 2015. 1000 Free Trade Offer March 31, 2015
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Open a new account and fund it with at least (A) $20,000 or (B)$100,000 and NBDB may provide up to (A) $500 or (B) $1,000 in commission rebates for qualifying accounts. Use promo code “CashBack2015” when signing up. Be sure to read the terms and conditions for eligibility and refund dates. A)$20,000 – $99,999 B)$100,000+ A)$500 commission rebate B)$1,000 commission rebate 90 days (rebate of commissions depends on sign up date and is outlined on terms/conditions) Cash Back Offer March 31, 2015
Open a new account with TD Direct Investing with at least A) $25,000 B) $50,000 or C) $100,000 and you may be eligible to receive rebates on up to A) 50 B) 100 or C) 200 equity and/or options trades. Be sure to read full terms and conditions A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000+ A) 50 commission-free trades B) 100 commission-free trades C) 200 commission-free trades 60 days (commission rebates to be issued on Aug. 15/2015) TD Direct Investing Free Trade Promotion March 27, 2015
Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days Investors Edge Cash Back and Free Equity Trades Offer February 28, 2015
Open a new account (TFSA, Margin, RRSP) with at least $25,000 and you may be eligible to receive 25 trades commission free. Use promo code TRADEFREE2015 when signing up to qualify. Be sure to read the terms and conditions for details on this offer. $25,000 25 commission-free trades (commissions rebated within 10 days of trade) Trades may be used up until December 31st 2015. Trade Free For a Year Offer January 30, 2015
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo March 31, 2015
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Contact InvestorLine for full terms and conditions. October 30, 2015
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $300 cash back. Use the promo code RSP2015 when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $300 cash back Payout occurs after 6 months RSP 2015 Promotion March 31, 2015
Open a new TFSA, margin or registered account with Questrade and deposit at least $100,000 to be eligible to receive an iPad mini. Use promo code IPADMINI15Q2 when signing up. Read the terms and conditions for more information about eligibility. $100,000 iPad Mini 2 (16gb wi-fi only) [retail value ~$370 including taxes] iPad Mini will be sent within 60 days of account being funded and 1 commission-generating trade being placed. iPad Mini Offer March 13, 2015
Expired Offers: The following offers have expired this month and are shown for reference only. #colspan# #colspan# #colspan# #colspan# #colspan# #colspan#
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before December 31, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk January 9, 2015 *Expired*
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion January 18, 2015 *Expired*

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Transfer $15,000 or more to Scotia iTrade from another Canadian brokerage, and iTrade may pay up to $150 in transfer fees. $150 $15,000 1000 Free Trade Offer March 31, 2015
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $150 $25,000 Transfer Fee Promo none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer $25,000 or more in equity to Virtual Brokers and they’ll cover the transfer-out fees up to $150. $150 $25,000 Transfer Fee Rebate Terms & Conditions March 31, 2015
Transfer $25,000 or more into a new TD Direct Investing account and they will cover up to $150 of transfer fees. $150 $25,000 TD Direct Investing Free Trade Promotion March 27, 2015
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo March 31, 2015
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Discount Brokerage Weekly Roundup – December 19, 2014

*Edited Dec. 22/14* It looks like December isn’t going to go quietly. With huge volatility coming into the markets, traders are certainly cheering. Canada’s discount brokerages are also not wont to stand still going into the year end. Whether they’re gearing up for a busy 2015 or pushing hard into the finish line of 2014, this is definitely a year for the record books all around.

In this week’s roundup, we take a look at a major compilation of Canadian online brokerage’s perspectives on the year that was and the year upcoming. Following that we take a look at one online brokerage that had a change at the top, a brokerage that decided to launch an early Christmas gift to potential clients, some news from a technical analysis provider and round out with some festive forum banter.

Online brokerage year in review & preview

2014 has been a wild ride for DIY investors. It started with a boom and is ending with a bang.

This past week we released our exclusive compilation of perspectives from 9 Canadian online brokerages. Here is the list of discount brokerages that participated (the links go to their particular submission):

Regardless of their size or focus, when compared alongside one another, there was a wealth of information about the year that has just passed.

Without question, commission price lowering was one topic that stood out almost across the board. As each discount brokerage showed, however, price wasn’t the only place they sought to evolve. New features, order types, services, platforms, investor education offerings and service experiences were among the other areas that brokerages were all actively working to improve in.

Something that was really special about this compilation was what certain brokerages were able to share about what’s coming around the corner for 2015.

For example, in our recent interview with Nancy Paquet, President of National Bank Direct Brokerage, she shared with us the focus that NBDB will be placing on investor education – however they’re not alone. In addition to NBDB, brokerages such as Desjardins Online Brokerage, Scotia iTRADE and TD Direct Investing are all highly active in terms of providing investor education and plan to be even more so in 2015.

What was interesting to learn from the year in review compilation was that Credential Direct may be looking to augment its educational resources as well as the news that Jitneytrade has been partnering with educational providers. Even for several brokerages that didn’t participate in the year-end review, we’ve learned that investor education is going to be a priority in 2015.

As a lead into the holiday season this year, we thought it would be great to offer up the top 5 themes we saw emerge from the year end compilation. With so much information provided by the brokerages, we’ve put together a fun way to learn about what the brokerages had to say. Here’s a teaser from day one of the top 5 countdown. We’ll be releasing one a day over the next 5 days exclusively on our twitter feed.

Qtrade announces leadership changes

This past Wednesday, Vancouver based online brokerage Qtrade Financial announced that CEO Scott Gibner and President and COO Joe Perrin will leave the organization as of January 16, 2015.

Bill Packham, who is the Co-Chair of the Qtrade Board of Directors, will take over as interim CEO, as the firm seeks to make a permanent appointment.

The announcement comes just weeks after Qtrade earned top billing in the annual Globe and Mail Online Broker Rankings. In a statement, Qtrade’s Board Co-Chair and Director, John Sibley, thanked Gibner and Perrin for their “vision, inspiration and dedication to Qtrade.”

Packham brings along several years of executive experience having served as the Co-Chair of Qtrade’s Board of Directors since the completion of the arrangement transaction between Qtrade and Desjardins Group in April 2013. He is also Executive Managing Director, Wealth Management and Life and Health Insurance with the Desjardins Group.

National Bank Direct Brokerage launches new deal

December continues to be a big month for news. In the deals & promotions department, National Bank Direct Brokerage boldly launched a rather sizeable commission-rebate offer going into the holiday season – perhaps as an early Christmas gift to potential new clients. The offer provides up to $500 in commission fee rebates for deposits of $20,000 or more and rebates of up to $1,000 for deposits of $100,000 or more. Click here to read more about this promotion.

A technical win for Recognia

The maker of the most popular technical analysis platforms among Canadian brokerages, Recognia, was acquired this week by Paris-based investment research firm Trading Central. Headquartered in Ottawa, Recognia actually services over 45 brokerages in 12 countries with their various software platforms. Most DIY investors would recognize Recognia’s flagship ‘Technical Insight’ tool as part of the suite of research/tools for technical analysis provided by their online broker.

Event Horizon

Things have quieted down significantly on the events front going into the Christmas holidays. Here is the lone event featured for next week:

Dec. 23 (Tues) Scotia iTRADE – ETFs 101 with Horizons ETFs (Online)

From the Forums

 Chatter on Interactive Brokers

Last week we wrote about Interactive Brokers starting to offer registered accounts. Slowly news has filtered through to Canadian investor forums so we thought we’d provide a couple of threads that discuss Interactive Brokers’ latest move:

Battle of the Banks

In this post from the reddit Personal Finance Canada thread, one user is considering going with CIBC Investor’s Edge, TD Direct Investing or RBC Direct Investing. Find out what redditors (who normally champion the smaller brokerages) had to say about dealing with the bigger bank-owned brokerages.

That’s a wrap for this week’s roundup. We’re right around the corner from Christmas so hopefully everyone makes it onto the nice list this year – although for the not so nice, getting some coal may not be the worst thing at this point. On another note – it’s also a milestone week for the ending of a great show – the Colbert report. In case you missed it, here is a much bigger and more awesome send off than anyone on TV could really pull together.

Happy Holidays and Season’s greetings to all from the crew at SparxTrading.com. We’ll see you again (soon)!

 Editor’s Note: The list of participating brokerages in the year in review has been updated to include a submission from CIBC Investor’s Edge which was received after the original publication date.

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Discount Brokerage Weekly Roundup – December 5, 2014

It’s hard to believe that December is already here. People tend to get a bit happier, office work tends to become a little bit more lax, fantasy football more competitive and holiday movies a little more epic.  For many of Canada’s discount brokerages, however, before the December slowdown hits, there’s lots of planning and positioning for the year ahead.

In this week’s roundup we take a look at the deals that kicked off the launch into December, review some interesting brokerage trading stats (for the numbers fans), highlight an online bump in the road for one brokerage and finally,we end with a special treat of an announcement for readers of the roundup.

Nice Save

With the start of a new month comes the chance to revisit the activity in the deals and promotions being offered by Canadian online brokerages.

In terms of deals and offers the month started against the backdrop of Black Friday and Cyber Monday. We were curious to see if any brokerage would pitch an offer given the tidal wave of excitement these shopping days generate for bargain hunters. And, in fact, one discount brokerage did step forward into the mix.

Questrade, which ventured into the deals day territory on Boxing Day of last year jumped into Black Friday and Cyber Monday with their discount on trading fees for silver and gold (and what a week to time that around given the volatility in those to precious metals). That promotion runs until the end of December.

The deals and promotions that are currently running for December are largely carried forward from November.  Questrade did launch a promotion at the outset of the month which is running for the duration of December. New offerings aside, this month has a number of deals set to expire by the end of the month. It should be interesting to see which offers get extended or replaced as brokerages move into their busiest season after the holidays.

A quick highlight of the current month’s deals shows 16 offers from 7 different brokerages.  As with previous periods, Questrade, BMO InvestorLine and Scotia iTrade have several offers in play and this month these three brokerages account for 75% of the deals currently on the table.

Interestingly, an offer from RBC Direct Investing which crossed our radar late last month is positioned to compete with many other offers on the market but specifically weighs in close to the BMO InvestorLine Youth Promotion. Both of these offers require no minimum deposit and the length of time to use the commission-free trades is 90 days.

Interactive Brokers’ Trading Cools Down

For those that want to learn more about how the discount brokerage business works, one of the best sources of information is actually the brokerages themselves.  Although none of the Canadian discount brokerages are publicly traded, several major US brokerages are and as such there’s lots of information in their quarterly or annual reports.

In particular, Interactive Brokers (which also operates a subsidiary in Canada) tends to do a great job of laying out its customer trading activity metrics (in aggregate).  For those that are interested in tracking IB’s progress, this link summarizes their latest performance metrics.  There’s some pretty detailed data in there, especially on the number of buys and sells of equities by month as well as the average commission paid by clients for trades.

On their business end of things, while they seem to be growing their account base at a steady clip, the number of trades dipped month over month.  With the recent string of market volatility however, what was interesting to note about their latest earnings figures was the fact that their market making business segment didn’t do as well as many had hoped (yet again), demonstrating even pros can have a rough go at beating the market they’re helping to make.

Outage = Ouchage

For anyone who’s spent a significant time behind a trading window or terminal, there are few things more unnerving than market connection problems.  With so many technology touch points between buyer and seller, it’s remarkable that more doesn’t go wrong than already does.

Unfortunately for Questrade and their clients, this past week saw their online trading platforms go offline just as the markets were whipsawing into an open on Monday. Some months back we reported on TD Direct Investing’s network outage which took down WebBroker for a while.

While Jimmy Kimmel could probably have Questrade on his show to read some of the ‘mean tweets’ that came their way as a result of the outage, the reality for anyone trading online is to be prepared for if/when it happens.

The predictable jammed phone lines, boiling tempers and (at times) helpless feelings of watching the market turn against a position you just can’t get out of (and yes, those that you could have gotten into) characterize these scenarios.

For their part, Questrade handled the crush of Twitter, forum and other online traffic fairly responsively.  They tried, it appears, to keep people updated on Twitter as to the status of the outage.  That said, it leaves a bitter taste to have to be stuck in or locked out of trading but big firms or small are susceptible.

Ultimately, the lesson that many learn is that it’s up to individual investors to identify and control position risks and, have a plan to be ready for when things go haywire, especially when actively trading.  It doesn’t make for a great sales pitch but probably does help account for the fact that disclaimer text on all of the brokerage platforms, data feeds and account opening documentation being as long as it is.

A Sneak Peak

December is shaping up to be a really exciting month here at SparxTrading.com.  Throughout this month (starting next week) we have some amazing content presents lined up for release.  Stay tuned next week and through December as we share some really interesting pieces on 2014 from some special guests.

Event Horizon

Dec. 9 (Tue) Scotia iTRADE – Alternative Investing Using ETFs with Horizons

Dec. 10 (Wed) Scotia iTRADE – Understanding The Greeks with Montreal Exchange

Dec. 11 (Thur) NBDB – Technical Analysis: Oscillators – [Fr]

Dec. 11 (Thur) NBDB – Introduction to Options – [Fr]

 

From the Forums

Do you have that in stock?

It’s not typically a question you would think to ask your online brokerage, however this post from RedFlagDeals.com’s investing forum does raise an interesting point.  While typically not an issue on the long side, those thinking of picking a brokerage because they like to short should consider asking it.

That does it for this week’s roundup.  With holiday music and general Christmas merriment (and mall traffic) in full swing here’s a little intergalactic cheer.  Good luck on your adventures this weekend wherever they may boldly take you!

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Discount Brokerage Deals and Promotions – December 2014

*Updated Dec. 17, 2014*

With the start of December coming on the heels of two of the biggest deals days of the year, the Canadian discount brokerage deals & promotions section is filled to the brim with offers from online brokerages. Unlike the pictures on television or Twitter, however, there was no crush of people attempting to get in on a sale on a brokerage account – although that didn’t stop at least one brokerage from trying to catch the deal-frenzy wave.

Heading into the last month of the year, the deals activity did pick up slightly through November with three updates to the deals pool. Most notably, an offer from RBC Direct Investing was spotted that signals their re-entry into the promotions space until the end of this year.

At the outset of December, it appears that Questrade has continued with its strategy of offering up promotions/incentives that are timely, as they launched a holiday-themed offer alongside several of their existing offers.

Of course, the news wasn’t all cheerful for deals, as a pair of offers from TD Direct Investing and Questrade ended by the time December rolled around as well as the iPad Mini offer from Questrade.

The last month of the year is also a bit of a milestone month for many active offers. There are at least 7 offers that are set to expire by year’s end signaling a potentially exciting start to 2015. That said, there’s still lots of time left for some interesting announcements to be made. So even though we’ve made this list, we’ll be checking it twice, and, hopefully we’ll find something nice.

Expired Deals

The deals that expired coming into December were the monster offer by TD Direct Investing for 200 commission-free trades and Questrade’s 100 commission-free trade offer. Also on the way out (for now) was the iPad Mini deal from Questrade.

Extended Deals

While it was left off the deals section for some time, the Scotia iTrade refer-a-friend deal finds its way back onto the list as the expiration date has been updated/extended until the end of December.

New Deals

*Update: Dec. 17, 2014 – National Bank Direct Brokerage has just announced a huge commission rebate offer of up to $1,000 for deposits of $100,000 or more or $500 for deposits of $20,000 or more.  NBDB has been quiet in terms of deals for several months, however this newly launched promotion is a significant one compared to other offers in the same deposit range.  The offer is open to new and existing clients however according to the terms and conditions, individuals who have participated in any other promotions with NBDB since January 2014 are not eligible.   Also worth noting, the total amount of the rebate includes any transfer rebates (of up to $135) that individuals may take advantage of if switching providers. This means that the amounts remaining (if using the transfer fee rebate) would be at least $365 or $865 (depending on the deposit size). The window for rebates to be applied are subject to a schedule outlined in their terms and conditions, however essentially qualified clients can have trade commissions (stocks, options & ETFs) made within 90 days of opening the account refunded. The terms and conditions are remarkably brief so be sure to read them through if considering this offer. Additional details are in the table below.*

The newest promotion at the outset of the month comes from Questrade in the form of a ‘holiday’ themed offer. Questrade is offering new and existing clients up to 30 commission free trades for a deposit of at least $1,000. The commission-free trades are good for 30 days – just in time for that other season trader’s know comes this time of year – tax loss selling season.

The deals that joined the list of offers mid-month last month included offers from BMO InvestorLine for 5 commission-free trades for using their new mobile app; RBC Direct Investing’s offer (mentioned above) of 20 commission-free trades for a new account opening and finally a cash-back offer by Questrade to compete at the higher deposit levels.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion January 5, 2015
Individuals opening a new account with RBC Direct Investing by December 31st may be eligible to receive a commission-rebate on their first 20 trades. Use promo code QC20 or visit the info page link for a valid code. Be sure to read the terms and conditions on this offer. n/a 20 commission-free trades 90 days Full offer information can be found here . For terms and conditions information click here. December 31, 2014
BMO InvestorLine Download the BMO InvestorLine iPad app and you could qualify for up to 5 commission-free trades. This offer is open to new and existing clients and can be combined with other offers. Clients must have a qualifying account in order to be eligible. Read full terms and conditions for details. n/a 5 commission-free trades ($50 max value) 30 days Tablet Trades Promotion January 5, 2015
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by December 30 2014 with a deposit of at least 1,000 and you could be eligible to receive up to 30 commission-free trades with 30 days of opening/funding your account. Use promo code 30trades2014 when signing up. Be sure to read terms and conditions for full details. $1,000 30 commission-free trades 30 days 30 commission-free trades December 30, 2014
Open a new account (TFSA, Margin, RRSP or FX/CFD) and place at least one trade within 60 days of opening and you may be eligible to receive a $50 prepaid Visa card from Questrade. Use promo code VISA50. Be sure to read terms and conditions for full details on this offer $5000 $50 Visa gift card Cards will be mailed within 40 business days of reaching account funding requirement. $50 Prepaid Visa Card Offer December 31, 2014
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 December 31, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before December 31, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk December 31, 2014
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Open a new account and fund it with at least (A) $20,000 or (B)$100,000 and NBDB may provide up to (A) $500 or (B) $1,000 in commission rebates for qualifying accounts. Use promo code “CashBack2015” when signing up. Be sure to read the terms and conditions for eligibility and refund dates. A)$20,000 – $99,999 B)$100,000+ A)$500 commission rebate B)$1,000 commission rebate 90 days (rebate of commissions depends on sign up date and is outlined on terms/conditions) Cash Back Offer March 31, 2015
Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days Investors Edge Cash Back and Free Equity Trades Offer February 28, 2015
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo December 31, 2014
Open and fund a new account at Questrade with at least A)$50,000 or B)$100,000 by December 30, 2014 and you may be eligible to receive either A)$100 cash back or B)$250 cash back. Use promo code: CASHBACK250W when opening the account. Be sure to read the terms and conditions for full details. A)$50,000 B)$100,000 A)$100 cash back B)$250 cash back Cash back payout occurs after 60 days. Questrade Cash Back Offer December 30, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Contact InvestorLine for full terms and conditions. October 30, 2015
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion January 18, 2015

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Transfer $15,000 or more to Credential Direct and they will pay the transfer-out fees up to $150. If you wish to switch out of Credential Direct after 90 days they will waive their transfer out fee. See link for more details. $150 $15,000 Transfer Free Promo December 15, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo December 31, 2014
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Discount Brokerage Weekly Roundup – November 7, 2014

November is Financial Literacy Month and with it has come a number of events geared towards helping Canadians better understanding and manage their personal finances. There’s also another growth-oriented spin to November – facial hair, as it also happens to be Movember. While we have yet to see too much in the way of wacky mustaches (it’s still early though), Discount brokerages appear to have hopped onto the investor education bandwagon in a big way.

In this week’s roundup, we take a moment to walk visitors and readers through one of our most exciting projects (and acronyms) of this year, AXIS. Next, being the beginning of a new month, we’ve got a quick recap of the latest offers and promotions being pitched by Canadian brokerages.  We’ve finally made it through the pile of education events being offered this month and provide an overview of interesting observations as well as bring back the Event Horizon from a week’s hiatus. Finally, we are excited to loop the SparxTrading community activity into the forum posts that caught our attention over the past week.

There is no Community Without U and I

One of the reasons marketplaces of all kinds are so exciting is because they bring together different, sometimes opposing, interests.  But, as any seasoned investor or trader knows, it takes two sides to make a market.

If you’ve ever stared at the strangely hypnotic stream of market data quotes and marveled (or gasped) at the way in which buyers and sellers connect then you’ll probably appreciate the symbolism behind the SparxTrading.com logo letter X.

Why the diatribe on logos and symbols? At the heart of the logo is the idea of convergence – of bringing investors, providers, opinions and facts together into the same space.

In line with the theme of this year’s financial literacy month theme of strengthening financial literacy through collaboration, our latest feature launch, AXIS (which stands for Answers, eXperiences, Insights and Sharing) is the next step in the evolution our site.

We believe that by creating and caring for a space for the community of online investing stakeholders, from investor to provider, the quality of the online investing experience and understanding will improve for all.

Over the next several weeks, while the platform is in beta testing, we will include highlights and information on AXIS in the roundup.  We encourage all visitors to sign up and contribute their experiences, questions, answers and perspectives for the betterment of online investors everywhere.  Click the following link to access our community page.

Cold Weather, Warm Deals

At the outset of another month, we’ve surveyed the Canadian discount brokerage deal landscape and packaged all of the published offers we’ve found into our deals section.

This month the deals and promotion activity looked fairly healthy with 13 (and a possible 14th to be confirmed soon) offers on the table. Of these only two are scheduled to expire before the end of November meaning that DIY investors have a bit of time to shop around.

The deals that are set to expire this month come from TD Direct Investing and Questrade.  Of the two, TD has not historically offered as many deals during the year so those on the fence may want to weigh that into their decisions as the deadline approaches.

Making the Grade

One of the interesting observations from the list of this month’s investor education events is just how many providers are offering intensive education.

This month, Desjardins Online Brokerage’s educational partner Stockscores (and its founder Tyler Bollhorn) will be going on a ‘Coast-to-Coast’ intense Canadian tour. For those who haven’t attended a session with Tyler Bollhorn and are interested in Technical Analysis/Trading, this is an interesting and ‘beginner friendly’ session.

Desjardins isn’t the only brokerage also sponsoring a national investor education roadshow.  Scotia iTrade along with Larry Berman’s Independent Investor Institute are also taking their investor education seminar back and forth across the country this month.

Interestingly, National Bank Direct Brokerage is stepping up their educational offering by partnering with educational providers from Learn to Trade Global (who are partners with the Montreal Exchange teaching many of their options courses for DIY investors) as well as a Quebec based firm Decision Plus.  New to the lineup of offerings from NBDB are paid investor education courses.  Clients of NBDB, however, may be eligible for reimbursement of certain sessions in the form of trade commission credits.

While TD Direct Investing still offers the most investor education events this month, it looks as if they are looking over their shoulders a lot more as other brokerages are holding special events across the country to make up for the lack of physical branch presence.

Discount Brokerage Rankings

Speaking of grades, there are only a couple of weeks until Rob Carrick’s annual online brokerage rankings are set to roll out.  Brokerages and online brokerage enthusiasts are keeping an eye out for who will wear this year’s crown.

The Globe and Mail online brokerage rankings won’t be the only broker rankings/ratings to be unveiled later this month.  Morningstar Canada, as part of its investment awards gala, will announce their ‘best online brokerage’ award at a ceremony to be held November 26th.  Unlike other rankings/ratings brokerages pay to participate in the Morningstar rankings so depending on who decides to participate, the field of brokerages covered may be narrower than other rankings.

Event Horizon

Nov 8. (Sat) – Desjardins Online Brokerage – Coast to Coast Stockscores Tour

Nov 10. (Mon) – Desjardins Online Brokerage – Coast to Coast Stockscores Tour

Nov 12. (Wed) – Scotia iTrade – Building a Collar with Montreal Exchange

Nov 12. (Wed) – TD Direct Investing – Options Trading Mistakes to Avoid

Nov 12. (Wed) – TD Direct Investing – Understanding Margin & Short Selling

Nov 12. (Wed) – TD Direct Investing – Dividend Investing using ETFs

Nov 12. (Wed) – NBDB – Technical Analysis – [Fr]

Nov 13. (Thur) – TD Direct Investing – Options Strategies for your RSP & TFSA

From the Forums

Penny Wise

In this week’s forums sweep, we take a look at an interesting question one SparxTrading.com visitor asked about deep discount brokerages and how they can afford to stay in business with ultra low commissions. Check out the full question and answer here.

Prose on Pros

Talking about advisors is all the rage right now in the investment community. While most of the discussion has been about robo-advisors, there are still lots of folks who swear by the human touch.  In this post from the Reddit Personal Finance Canada thread, a user wants to find out what the community had to say about using professional advisors.

For the Record

Most people know that there is no such thing as a free lunch. The same applies to services offered by financial institutions, even when it comes to record keeping. If there’s one thing folks should count on its that those who run financial institutions for a living like to count things, including the cost for services. In the following post from RedFlagDeals’ investing forum, one visitor wondered aloud about where the fees for record keeping come from at financial firms.  Check out what the community had to say in response.


That’s a wrap for this first week of November roundup. While many of us have heard that money doesn’t grow on trees, there are many homeowners out there that can vouch for what does grow on trees (and where it all seems to land).  Have a great weekend either admiring the fall colours, trying to keep them off your lawn or thoroughly enjoying making a mess!

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Discount Brokerage Deals and Promotions – November 2014

*Updated Nov. 25* November is the month that many bargain hunters wait for all year long. The phenomenon of ‘Black Friday’ has taken on a life of its own with anybody who sells anything trying to ride the wave of deal hunter enthusiasm. Traditionally Canadian online brokerages have avoided the big discount day type of promotion, however last year Questrade jumped into the Boxing Day deal game with their own special promo. Given some of Questrade’s recent hints of upcoming service launches as well as the timing of expiry of an existing offer in late November, this month could herald a number of surprises.

While it is becoming a familiar refrain at the beginning of the month, no ‘new’ deals launched at the outset doesn’t mean that more aren’t coming. Heading into November the theme appears to be extending current offers, with at least 7 offers going to the end of this year if not out into early 2015.

There are offers that we’re already aware of that we’re working to get additional details on so there will be updates to this section you’ll want to check back for soon. In the meantime, let’s dive in.

Expired Deals

Technically speaking, only one deal met this criteria, and it is a familiar one in this section. Scotia iTrade’s “refer-a-friend” offer is posted on their website as having expired (at the time of writing this post) however historically it has yet to be allowed to stay there for too long.

Extended Deals

There were a number of extensions on offers which came mostly from BMO InvestorLine this month. Their young investor (yes up to age 35 is considered young) promotion has been extended through to January 2015 as has their ‘Smile’ promotion. BMO InvestorLine’s refer-a-friend offer has also been extended to October 2015 however the terms/conditions for this offer are only accessible to clients at this time so, although we mention it in our selection below, there won’t be a link to the terms/conditions page.

New Deals

*Update Nov. 22* BMO InvestorLine has launched a promotion to encourage its users to download and try the mobile/iPad app. BMO InvestorLine is offering qualified individuals up to 5 commission free trades within 30 days of downloading the app.  The 5 free trades offer is open to new and existing clients and can be combined with existing offers so it is possible to ‘stack’ this deal on top of another.

*Update Nov. 18* RBC Direct Investing  commission-free trading promotion for new account openings has been added to the mix. Specifically, qualified applicants can receive their first 20 trades (placed within 90days of opening the account) commission-free. See table below for additional details.

*Update Nov. 18* Questrade has also launched yet another deal this month – this time a cash-back offer.  Individuals can receive either $100 cash back or $250 cash back depending on the deposit they place into their account.  Individuals who sign up for this promotional offer will have to maintain the qualifying balance for a period of 6 months. See table below for additional details.

There are no new deals released at the outset of November however the offer from CIBC Investor’s Edge following their price drop was one of the biggest to land on the playing field. Questrade also offered up a $50 Visa gift card which we’re including in this month’s list of promotions. There is also another offer that we know of from a popular brokerage (that we can’t name yet) that we expect to announce as soon as we’ve got confirmation on terms and conditions.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion January 5, 2015
Individuals opening a new account with RBC Direct Investing by December 31st may be eligible to receive a commission-rebate on their first 20 trades. Use promo code QC20 or visit the info page link for a valid code. Be sure to read the terms and conditions on this offer. n/a 20 commission-free trades 90 days Full offer information can be found here . For terms and conditions information click here. December 31, 2014
BMO InvestorLine Download the BMO InvestorLine iPad app and you could qualify for up to 5 commission-free trades. This offer is open to new and existing clients and can be combined with other offers. Clients must have a qualifying account in order to be eligible. Read full terms and conditions for details. n/a 5 commission-free trades ($50 max value) 30 days Tablet Trades Promotion January 5, 2015
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by November 20 2014 A) $1000 or B) $10,000 to receive either A) 10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14F must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades November 20, 2014
Open a new account (TFSA, Margin, RRSP or FX/CFD) and place at least one trade within 60 days of opening and you may be eligible to receive a $50 prepaid Visa card from Questrade. Use promo code VISA50. Be sure to read terms and conditions for full details on this offer $5000 $50 Visa gift card Cards will be mailed within 40 business days of reaching account funding requirement. $50 Prepaid Visa Card Offer December 31, 2014
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
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before December 31, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk December 31, 2014
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days Investors Edge Cash Back and Free Equity Trades Offer February 28, 2015
Open and fund a new account with at least $50,000 at TD Direct Investing and you may be eligible to receive up to 200 commission-free trades plus 60 days of free use of the premium data for the advanced dashboard. Trades must be completed within 60 days. Be sure to read the terms and conditions for full details on this offer. $50,000 200 commission-free trades (or $2,000 of commission rebates – whichever comes first); Advanced dashboard premium data rebate ($87) 60 days to use trades (rebate may be paid by May 30, 2015) Commission-free Trade Offer November 21, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo December 31, 2014
Open and fund a new account at Questrade with at least A)$50,000 or B)$100,000 by December 30, 2014 and you may be eligible to receive either A)$100 cash back or B)$250 cash back. Use promo code: CASHBACK250W when opening the account. Be sure to read the terms and conditions for full details. A)$50,000 B)$100,000 A)$100 cash back B)$250 cash back Cash back payout occurs after 60 days. Questrade Cash Back Offer December 30, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Contact InvestorLine for full terms and conditions. October 30, 2015
Open and fund a new account with at least $100,000 at Questrade and execute at least one commissionable trade and you may be eligible to receive an iPad Mini. Use promo code IPADMINI14F. Be sure to read terms and conditions for full details. $100,000 iPad mini (Wi-Fi only, 16 GB) iPad mini will be ordered within 30 days of eligibility criteria being met. Questrade iPad Mini Promo November 30, 2014
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion January 15, 2015

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Transfer $15,000 or more to Credential Direct and they will pay the transfer-out fees up to $150. If you wish to switch out of Credential Direct after 90 days they will waive their transfer out fee. See link for more details. $150 $15,000 Transfer Free Promo December 15, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo December 31, 2014
Transfer $50,000 or more to TD Direct Investing from another brokerage and you may be eligible to receive up to $150 in transfer fee rebates. $150 $50,000 Commission-free Trade Offer November 21, 2014
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Discount Brokerage Weekly Roundup – October 10, 2014

Whether you’re rolling into the end of the week like a new Tesla or like a slightly battered blue chip, congrats on making it to the Thanksgiving holiday weekend. Even Canadian discount brokerages are getting into the spirit by dishing out a generous helping of interesting stories for DIY investors to tuck into this weekend.

In this week’s roundup, we’ll start with an exciting dish: a deal announced from one of Canada’s largest discount brokerages. You’ll want to sample the sides as well; Dalbar Canada served up a ranking award to a popular Canadian online brokerage. And speaking of rankings, we’ve dished out a big scoop of our special series on J.D. Power & Associates’ 2014 Canadian discount brokerage rankings. Finally, we’ll send you home with a few parting gifts from the forums, if you can make it out the door.

Pass the Greens

It’s official, discount brokerage deal season is here. Just ahead of the long weekend, TD Direct Investing served up a holiday platter of its own. The skinny: it’s a commission free trade offer for those with $50,000 or more. The dish includes a hearty number of commission-free trades, up to 200 (which could be worth up to $2,000 in maximum savings). For extra helpings on the details, check out our discount brokerage deals page.

Let’s Get this Party Started

TD Direct Investing’s latest offering arrives on the heels of the recent move by CIBC Investor’s Edge, who officially slashed their standard trading commission rates to $6.95. TD’s response mirrors one  from earlier this year when they lowered standard pricing to $9.99 per trade in response to RBC Direct Investing’s radical price drop.

The price war between Canadian discount brokerages is on and collateral damage is likely intended. While self-directed investors are reaping the rewards,  discount brokerages without a big deal or low standard fees are on the clock and will need more than Pepto-Bismol to deal with the “agita”.

Undo that Belt Buckle, It’s Dessert Time

We’re rolling out the roundup sweet table with a piece of our special series pie. This week’s confection features our first installment of the review of the 2014 J.D. Power & Associates’ Canadian discount brokerage rankings.

The article explored how investor satisfaction is measured and why that matters for those who use the rankings when evaluating potential brokerages. Also baked into our special series are some fascinating investor satisfaction insights into price and perception. Don’t forget to save room for part 2 which is coming around the corner.

Making a Statement

This past week saw Questrade take the top spot amongst several Canadian discount brokerages for the quality of their investor statements as evaluated by Dalbar Canada.

The evolution of the Canadian financial regulatory landscape has meant that brokerage firms are increasingly being required to disclose critical information about fees and charges for the services they provide.When it comes to statements, however, there is a unique opportunity to provide clients with additional information that may be of value.

It was in this light that Questrade’s investor statements stood out amongst their peers earning  a “very good” designation for their efforts  – the only Canadian discount brokerage of those evaluated to do so.   The discount brokerages that had their statements evaluated as part of this year’s study included:

  1. BMO Investorline
  2. CIBC Investor’s Edge
  3. HSBC InvestDirect
  4. Questrade
  5. TD Direct Investing
  6. RBC Direct Investing
  7. Scotia iTrade

As online brokerages continue to navigate their way through the new low-commission price environment, they will inevitably turn their attention to details big and small to improve customer experience. And, the attention they pay to great client experiences might just be the statement that speaks the loudest to consumers.

From the Forums

Fee Fight Fo Funds

Discount brokerages aren’t the only financial players locked in a heated price war.  ETF providers north and south of the border are also battling one another on fees much to the delight of DIY investor portfolios everywhere.  This past week one of the big stories for do-it-yourselfers was ETF provider Vanguard lowering their fees on many of their already low commission ETFs.   Forums were abuzz and we’ve compiled the threads here for easy reading:

  1. Canadian Money Forum – “Vanguard Canada lowers fees on 11 ETFs”
  2. Financial Wisdom Forum – “Vanguard Canada Cutting Fees”
  3. Reddit Canadian Personal Finance – “Vanguard Canada cuts ETF fees across the board”
  4. RedFlagDeals’ Investing Forum – “Vanguard drops fees on 11 of its Canadian ETFs”

Extra Stuffing

Who doesn’t like a great deal? Although this thread didn’t get much attention, it did contain an interesting comparison between the promotions currently underway at CIBC Investor’s Edge and Scotia iTrade. Readers get an extra nugget of information about forex conversions that is likely to get some folks grinning wider.

That does it for this week’s roundup.  Don’t “fur”get that Canadian markets will be closed on Monday for the holiday weekend. Hopefully the only trading this weekend will be great stories, fantasy sports picks and great recipes.  Have a safe and enjoyable weekend!

 

 

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Discount Brokerage Weekly Roundup – October 3, 2014

Leaves and temperatures aren’t the only things falling this time of year.  Apparently markets and commissions at Canada’s discount brokerages are dropping too.  Even though we’re barely into the fall and have just crossed into October, the battle for discount brokerage supremacy is back in full swing after a late summer lull.

For this week’s roundup we’ve raked in some of the most colourful stories starting with a big price drop from a bank-owned brokerage, a long awaited feature launch, a selection of hearty DIY investor-themed stories and interesting stats on retail investor trading activity from a US brokerage.  To close-out the roundup we’ll take a look at what investors were saying in the Canadian financial forums.

If a Commission Price Falls in the Woods…

It most certainly does make a sound.  This past week we reported that one of Canada’s bank-owned online brokerages, CIBC Investor’s Edge, may be lowering their standard commission rate to $6.95 for all clients regardless of trading volume or account size.  While the timing of the move is likely to come in the near future, internal sources suggest it could be announced as early as Monday.

Despite a price drop by RBC Direct Investing to kick-off the year, the latest price drop by CIBC Investor’s Edge takes the competition among discount brokerages to a whole new level.  By substantially beating the current standard commission prices (which are now just under $10 per trade) at most of their bank-owned peers (and some independent brokerages), Investor’s Edge is pushing the other brokerages to go all in on the pricing or step up substantially on service and platforms to justify the cost differential.

Coming this Fall

Even though there have been many dates thrown around for the launch of the long awaited US dollar registered accounts to be implemented at online brokerage giant TD Direct Investing, it appears that the date has finally been narrowed down to several weeks from now (possibly by the end of November).

Early reaction from DIY investors is a mixture of excitement and skepticism. Should it turn out to be “different this time” brokerages that have heavily advertised the USD registered accounts as a selling point (such as Questrade and Virtual Brokers) will have to go back to the drawing board to sway investors from the allure of bank-affiliated convenience and now lower fees.

#FinLit

This past week also saw several articles of interest to the DIY investor crowd come from the Globe and Mail.  The first was an excellent article by Rob Carrick on the tenuous connection between providing financial advice and the selling of financial products.  Carrick does a great job of articulating the challenges of navigating the financial advice landscape and how investors need to be both cautious and skeptical when seeking out financial counsel from an “advisor”.

In keeping with the advice theme, another article from the Globe and Mail on the use of social media, Facebook specifically, for investment advice could be risky for consumers as well as for providers.  We’ve taken a look at social media and investing information previously, however the conclusion is always largely the same: always be careful when taking investment advice from the internet.

Finally, the price war between brokerages also got a bit coverage on the heels of the Qtrade price drop last week.  In this article (available to Globe subscribers only), Qtrade’s CEO Scott Gibner provides a bit of context behind their latest move to try and get ahead of the big banks. Of course as CIBC Investor’s Edge may soon show, Qtrade’s wager may need some recalibration.

The Starter Menu

Starting a new month means that we reset the game clock on the deals activity across the Canadian discount brokerage landscape.  Coming into October the deals and promotions were relatively stable with Questrade shuffling a few deals out the door and bringing other in their place. One notable new entrant into the deals section was Credential Direct who is bringing back their ‘risk-free trial’ offer where they’ll cover the transfer fees (up to $150) for clients who want to switch over.  After 90 days if clients are not satisfied with the move, Credential Direct will waive their exit fee ($125).   Given their recent pricing drop, and that of their regional neighbour Qtrade, it should be interesting to see what other promotions start to emerge as Canada’s online brokerages try to get creative in attracting in new clientele.

Cashing In

Once again Interactive Brokers’ trading figures have been released and they show they’re grinding higher across a number of performance metrics.  Notably, they saw a substantial increase in the number of Daily Average Revenue Trades (DARTs) of 21% (year over year) and 17% (month over month). Trading tends to pick up with market volatility so the spike may be reflective of greater uncertainty with stocks.

Also of interest, the average commission per equity trade of $2.27 and order size of just under 2000 shares.  While not a straight apples-to-apples comparison, looking at the fact that earnings and account growth are positive at Interactive Brokers while commission pricing is very low makes a case for commission pricing continuing to fall here in Canada.

From the Forums

There was quite a bit of discount brokerage related commentary this past week across the Canadian investor forums.  Here is a sampler of some of the interesting posts that we saw pop up in several spots covering the same/similar topics.

TD Direct Investing Launching US Dollar Registered Accounts

This was definitely a big story given the size of TD’s market share of the discount brokerage market.  Here’s a list of several forum threads and the buzz already forming:

CIBC Investor’s Edge Lowering Commission Pricing

Reactions on the Canadian personal finance reddit page as well as the investing thread of Red Flag Deals were generally positive (who doesn’t like to save money?) to the news of a lowered standard commission fee.

Qtrade Lowering Standard Commission Fees

There were a couple of forums that this announcement stirred up.  A particularly insightful thread on the financial wisdom forum is worth a look to see how seasoned investors’ view the latest move by this brokerage.  (There was also a reddit post here)

Phew. That does it for this week’s roundup.  While the week ended on a less flashy note than a George Clooney wedding, a busy week and a weekend always make for a perfect couple – too bad that romance doesn’t last longer. Fantasy sports fans good luck in your hockey drafts, and for non-fantasy sports players, find a way to make this a stunning weekend!

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Discount Brokerage Deals and Promotions – October 2014

*Updated October 9, 2014*

Savvy traders understand that there’s always a bull market somewhere.  Even though the recent pull back in the major stock markets and indices suggests investors may be cooling off, Canadian discount brokerages have a different idea, especially when it comes to promotions.

We began last month with a brief lull in the number of offers pitching 50 or more free trades.  Halfway through September, however, that changed dramatically when Scotia iTrade launched one of its largest offers to date: 500 commission-free trades (or $500 cash back) for deposits of $500,000 or more.   This was a unique offer (which we detailed in an article here), because it signaled a decisive shift by Scotia iTrade to get the attention and assets of investors with substantial portfolios.

The deals on the calendar at the start of the month arrived in late September and look to be around until at least the end of the current month if not longer.  A noteworthy transfer deal also showed up from Credential Direct, a sign that they too may be stepping up their efforts at competing with other Canadian brokerages.

Expired Deals

The end of September saw 2 deals from Questrade expire: their Cash Back Promo and RESP Offer.

Extended Deals

The deal that got extended this past month was Questrade’s 100 free trade offer with a new deadline of October 30th.

New Deals

*Update Oct. 9, 2014: The deals are heating and this time one of Canada’s largest discount brokerages, TD Direct Investing, has been spotted promoting a commission-free trade offer. For individuals depositing at least $50,000, the full offer includes up to 200 commission-free trades (maximum rebate of $2,000),  a rebate for their advanced dashboard premium streaming package (maximum rebate of $87) and for those who transfer funds in, coverage for up to $150 of transfer fees. The trades must be placed within 60 days of the account opening in order to be considered eligible for the rebate.  Also, global equity trades are not eligible as part of this offer.

*Update Oct. 6, 2014: As part of their big price drop announcement, CIBC Investor’s Edge has also dropped a major deal into play with their newest offer that combines free trades AND a cash back component too.  Unlike many of the deals we’ve seen before, this is a fairly aggressive offering which certainly got our attention and will likely do the same for consumers and other brokerages.  For starters, a deposit of $25,000 in assets qualifies an individual for $100 cash back and 25 free trades; a deposit of $50,000 – $99,999 qualifies for $200 cash back and 50 free trades; and deposits of $100,000+ qualify for $300 cash back and 100 free trades. Given the different tiers for this offer, CIBC Investor’s Edge is coming out swinging at the other discount brokerages big and small and so we expect some kind of interesting responses to come up in short order.

As was the case last month, this month isn’t starting with any new deals announced as of the beginning of the month.  Midway through September, however, a number of deals did appear.  One of the deals we’ve mentioned already was the Scotia iTrade ‘500 commission-free trade’ offer, however there was also the infamous iPad Mini offer from Questrade which is back again and a transfer fee offer from Credential Direct that showed up.  Specifically, Credential Direct is offering a transfer fee promo where individuals can have the transfer fee rebated if they switch to Credential Direct from another broker (with at least $15,000) and Credential Direct will waive the fee in case that clients wants to ‘switch out’. This offer is something we’ve seen before from Credential Direct however coupled with their recent commission price drop, there is a good possibility that we may see more from them in terms of promotions this upcoming year.

As always we appreciate hearing about and sharing deals that we may have missed.  As a general guideline, deals that we can include directly on our listing have to be open to all potential clients but users may post links to offers in the comments section that might apply to certain readers

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion October 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by October 30 2014 A) $1000 or B) $10,000 to receive either A) 10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14F must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades October 30, 2014
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 October 31, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk December 31, 2014
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days Investors Edge Cash Back and Free Equity Trades Offer February 28, 2015
Open and fund a new account with at least $50,000 at TD Direct Investing and you may be eligible to receive up to 200 commission-free trades plus 60 days of free use of the premium data for the advanced dashboard. Trades must be completed within 60 days. Be sure to read the terms and conditions for full details on this offer. $50,000 200 commission-free trades (or $2,000 of commission rebates – whichever comes first); Advanced dashboard premium data rebate ($87) 60 days to use trades (rebate may be paid by May 30, 2015) Commission-free Trade Offer November 21, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo December 31, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
Open and fund a new account with at least $100,000 at Questrade and execute at least one commissionable trade and you may be eligible to receive an iPad Mini. Use promo code IPADMINI14F. Be sure to read terms and conditions for full details. $100,000 iPad mini (Wi-Fi only, 16 GB) iPad mini will be ordered within 30 days of eligibility criteria being met. Questrade iPad Mini Promo November 30, 2014
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion November 2, 2014

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Transfer $15,000 or more to Credential Direct and they will pay the transfer-out fees up to $150. If you wish to switch out of Credential Direct after 90 days they will waive their transfer out fee. See link for more details. $150 $15,000 Transfer Free Promo December 15, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo December 31, 2014
Transfer $50,000 or more to TD Direct Investing from another brokerage and you may be eligible to receive up to $150 in transfer fee rebates. $150 $50,000 Commission-free Trade Offer November 21, 2014
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Discount Brokerage Weekly Roundup – September 26, 2014

When it rains it pours. That’s not only true if you’re in Vancouver, but also if you’ve been following what’s been going on with Canadian discount brokerages this week.

In this edition of the roundup we highlight what’s probably been one of the biggest and busiest weeks of 2014 for Canadian brokerages. On the menu: an article that dives into the strategy behind one of the largest offers currently available from a brokerage, a major discount brokerage ranking announcement, a big price drop announcement from an independent online brokerage as well as a mention for SparxTrading in the news, and the tour of the Canadian investor forums.

Trade Here Often?

It’s no secret that competition between Canada’s discount brokerages is at an all-time high. Since the RBC Direct Investing commission price drop earlier this year, brokerages big and small have been scrambling to not only match the offer but to also innovate and differentiate themselves in a new pricing world. While many brokerages have followed suit by lowering commission prices (including one this past week that we look at below) Scotia iTrade, a major bank-owned brokerage, has opted for a particularly challenging road by not lowering their standard commission fees. In this article on Scotia iTrade’s latest promotion we take a deep dive into one of their recent strategies of offering 500 free trades, and what it signals to consumers as well as to iTrade’s fellow brokerages.

They’ve got the Power

As we step into discount brokerage rankings season, JD Power’s Investor Satisfaction Survey results are in and Desjardins Online Brokerage has once again taken top prize. There were many interesting angles to this past year’s results: from the fact that only 7 online brokerages were actually covered instead of the previous years’ 11 to rise in the ranks of RBC Direct Investing. The big story, of course, is that Desjardins Online Brokerage has managed to not only earn a podium finish in all of the awards and for most of those they’ve been first. Stay tuned for our upcoming story on the results for 2014. In the meantime, check out our primer on the survey and how the results are typically calculated.

What Rhymes with Price Drop?

There are those who believe that if you’re planning on showing up fashionably late then you better look fashionably good. One online brokerage may have done just that with their standard commission price drop today when Qtrade Online Brokerage announced that they have lowered and simplified their standard commission price for online trading. The new numbers they’re sporting: $8.75 for their standard commission price and $6.95 for their “investor plus” pricing – eligible to those who make 150 or more trades per quarter or have $500,000 or more in assets with Qtrade.

Not content to just match the offers of the big banks, Qtrade has taken their standard pricing to lower than the “$9.99” and “$9.95” crowd, and also lower than their regional counterpart Credential Direct’s $8.88 per trade pricing. Their previous standard pricing started at $19.99 per trade and so this move offers substantial commission savings for the “standard” crowd.

Like their bank-owned counterparts, the way to offset lowering commission prices is with administrative and ‘inactivity fees’. The conditions on the new offer include paying an administrative charge of $25 per quarter for those who have less than $25,000 with Qtrade. The fee may be waived by placing at least 2 commission-generating trades per quarter.

While the new commission fee structure is effective immediately, it seems that the inactivity fees take effect in January, so there’s just about a quarter without having to worry about that new charge for those to whom it applies. Be sure to check out the upcoming piece on Qtrade’s latest move coming shortly.

That’s Us in the Spotlight

SparxTrading got a little media love courtesy of an interesting piece in the Globe and Mail by Gail Bebe on discount brokerage deals – something we track pretty closely here.

While the crux of the article was to make a careful decision when weighing the benefits of an incentive such as free trades (or a “free iPad”), one of the reader comments to the article also made a compelling point:

“Given that most of the brokerages basically all offer the same core level of service for the same price (give or take a couple of bucks per trade), if you are looking for a new broker you might as well take advantage of the best promo you can get.”

 From the Forums

 Aaand it’s gone

Although it’s an infamous South Park reference, the feeling of putting money into an online investing account only to have it disappear is not just the stuff of fiction apparently. In this post from the RedFlagDeals.com investing forum, one user had the unfortunate scenario play out. Check out what readers had to offer for perspective and how the brokerage involved (Questrade) tried to correct it.

Tricks of the Trade

In another post about getting funds into Questrade, this post by a reddit personal finance Canada reader offers up a tip when transferring money to this discount brokerage. Check out the commentary offered by the group and the interesting fact that Questrade’s social media team (aka John from Team Questrade) is also covering reddit.

That wraps up another edition of the roundup and takes us into the end of September. Hopefully the only red we’ll see stepping into fall will be on the trees and not the markets!