Tag: Desjardins Online Brokerage

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Discount Brokerage Deals & Promotions – September 2020

*Update: September 18* Although it feels like we’ve barely had enough time to enjoy the simple pleasures of summer this year, the end of the season is now just around the corner. As 2020 progresses, DIY investors continue to be met with market volatility. In fact, as we release this month’s discount brokerage deals and promotions update, stock market indices are continuing their push into record territory. 

Despite September’s chillier weather, the Canadian online brokerage space appears to be heating up this month. After a few quiet months devoid of new promotions, Canadian discount brokers have recently begun to gradually unveil new deals, signaling the return of some sense of “normalcy” in the world of discount brokerages. 

Heading into this month, a pair of new commission-free trade offers from two bank-owned discount brokerages have appeared on our radar. Scroll on to learn more about these recently launched promotions, as well as other deals that are currently being offered by Canadian discount brokerages. 

Be sure to check back throughout September, as we continue to monitor and provide updates on new discount brokerage deals. Here’s hoping these updates will keep you warm as the fall season approaches! 

Expired Deals

No expired deals to report at this time. 

Extended Deals

*Update: Sept. 18 – National Bank Direct Brokerage’s recently launched commission-free trade offer has been extended. Previously set to end on October 30th, this deal will now expire one month later on November 30th. See the table below for full details regarding the promotion and eligibility.*

New Deals

DIY investors looking for free trade promotions can rejoice. National Bank Direct Brokerage launched a commission-free trade offer this summer that is set to run until October 30th. Also, HSBC InvestDirect has jumped into the deals pool with a commission-free trading offer of their own. See the table below for more details. 

Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
HSBC InvestDirect is offering 60 days of free online equity and ETF trading (up to 60 transactions) for new accounts opened during the promotional period. There is no minimum funding requirement for the accounts; however, the fund must be from outside HSBC InvestDirect. Trading commissions will initally be charged but will then be credited back to the customer’s account within 120 days after the free trading period ends. $0 60 days of free trading 60 days Please refer to the full Terms and Conditions October 30, 2020
New accounts opened between Jun 22 and Nov 30, 2020 will be awarded 100 free online trades in one year. This promotion applies to new and existing NBDB clients who uses the code “FREE2020” to open new accounts.There’s no minimum funding requirement, however some other restrictions may apply. $0 100 Free Trades 1 year Please refer to the full details of the deal. November 30, 2020
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer. For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: Sep. 18, 2020 10:28PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: Aug 31, 2020 15:56PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: Aug 31, 2020 14:25PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: Aug 31, 2020 14:29PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Aug. 31, 2020 15:51PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young Investors Offer 18-30 years old investors Accounts holders who are 30 years old or younger are offered 10 free trades each year. After the free transactions, a commission rate of $4.95 per transaction will be applied (which is just half of the regular price). not required None Young Investor Offer
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: Aug. 31, 2020 15:57PT

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Discount Brokerage Weekly Roundup – August 24, 2020

It’s funny that gravity is often associated with apples falling. This week, we’re seeing Apple as the symbol of defying gravity. Of course, the iconic tech brand isn’t the only one defying gravity with markets hitting new highs – and apparently, some online brokers are too.

In this edition of the Roundup, we review some interesting news related to an increasingly popular online brokerage that has decided to flex their recently growing muscles against their competitors. From there, we highlight an interesting online investor education event for options enthusiasts who might just find an extra reason to show up to class in September. As always, we cap things off with some colourful commentary from DIY investors on Twitter and in the investor forums.

Robinhood Finds Riches with Latest Raise

Of the many twists that nobody really saw coming in the online brokerage space in 2020, having the most financially successful year (possibly ever) would not have been one of them. And, yet, here we are.

With just a few more months left in the year, it is hard to characterize 2020 as anything but a runaway success for many online brokerages in Canada and the US, especially for Robinhood – who has firmly locked in their status as the breakout star of the online brokerage world.

This month, Robinhood, which is not publicly traded (yet), decided to flex by reporting its June trading metrics. Robinhood customers racked up a staggering 4.3 million trades per day during June – higher than all of the major existing online brokerages and, in some cases, by a lot. TD Ameritrade, which came in second behind Robinhood in terms of DARTs, saw clients place 3.84 million trades per day; Interactive Brokers and Schwab both clocked in at 1.8 million trades and E*Trade at 1.1 million trades.

Why Robinhood chose to release these figures now is a bit of a mystery. However, they may be laying the groundwork for their eventual plans to IPO and what better way to demonstrate value to the marketplace than with the core metric that many online brokerages are evaluated against. Perhaps not coincidentally either, Robinhood also successfully closed another round of financing (series g) this year, raising 200 million dollars and vaulting their company valuation to 11.2 billion dollars from 8.6 billion just a few months ago.

What does this mean for the industry as a whole and for Canadian discount brokerages in particular?

First, it reinforces the notion that the path to success in the online brokerage industry points in one clear direction: scale. Without it, the machinery of the online brokerage business model simply cannot achieve the level of activity required to generate profitability. Relevancy is measured in how many accounts you have, the assets under management and how much trading activity takes place on your platform. Other metrics, however, which were also released by Robinhood on social media, point to the strength of their content infrastructure which puts them well beyond the reach of any of their peers.

Second, user experience is a big picture concept – pricing has to match the platform. Robinhood was built around and for a defined audience. It was built mobile first. It was built for younger investors first. The kinds of services and experiences these younger investors found more appealing were the areas in which they focused. Perhaps more impressive than their rise in numbers has been the fact they managed to create a powerful brand. The recent purchases of TD Ameritrade ($26 billion) and E*Trade ($13 billion) reflect a price that includes the value of the brand. The most recent valuation of Robinhood reflects a brand that has room to run. And, with a brand, it enables a premium to be paid to belong to the ‘club’ that is Robinhood.

Third, there is a clear disconnect in the online brokerage industry around the “zero commission” brokerages like Robinhood (and in Canada, Wealthsimple Trade) and whether they can be considered peers/competitors to online brokerages.

This past week, for example, financial information publisher Kiplinger released its online brokerage rankings in the US and surprisingly, despite the numbers of users on the platform, Robinhood was left off the list of online brokerages in the US that were considered for part of the review. The reason Robinhood was not included was “the mobile-first brokerage doesn’t offer trading of bonds or mutual funds—key investment vehicles for many of our readers.” A similar tone appeared in reference to Wealthsimple Trade in the latest Moneysense online brokerage rankings of Canadian discount brokers. According to the Moneysense review, “Wealthsimple Trade, which has been wrongly labelled by many as an online brokerage firm as it only offers a mobile application with limited functionality, resources, account types, product, market information and services expected of a Canadian discount brokerage firm.”

The view that the ‘mobile first’ approach or limited feature set are not as “traditional” may be true but it is precisely why they are as popular as they are. Further, if these firms are not ‘discount’ brokerages in the truest sense when the commission rates per trade are now as low as possible, then it begs the question – what are they?

Popular media, for better or worse, has already decided these trading apps belong to the same category of financial service as an online brokerage. Clearly, consumers are not shying away from the limited feature set either. Valuations, media mentions, metrics and consumer sentiment are all pointing in the same direction with what Robinhood has produced thus far. For any existing online brokerage or ranking to exclude firms like Robinhood or Wealthsimple Trade from their planning, seems like they do so at their own peril.

Options Education Day Goes Virtual

With September just around the corner, so too is chatter of back-to-school. While the annual ritual of heading back to class is mired in controversy because of COVID-19, there exists a pretty clear alternative to meeting in person for educational activities.

For those looking to learn about options trading, the good news is that the Montreal Exchange is taking their one-day Options Education Day workshop into an online format for the second time this year. Filled with interesting content for beginners and intermediate investors, Options Education Day is typically a great way to learn about options and interact with other like-minded investors. Another standard feature of the event is the opportunity to interact with the sponsors, who in this case, are largely made up of Canadian discount brokerages.

The next session of the virtual Options Education Day will be taking place online on September 12th from 12pm to 3:30pm ET.

Canadian discount brokerages sponsoring this event include:

While most of these sponsors are fairly regular faces at these events, one relatively surprising online broker on this list is HSBC InvestDirect. For the most part, HSBC InvestDirect has flown under the radar when it comes to a lot of the activities that other brokerages typically do, so while this may be a fairly low-profile event, it is nonetheless interesting to see HSBC InvestDirect stepping forward to participate, in particular, at an event focused on options trading.

Given the high levels of investor interest and volatility in the market, options trading – while complex – represents a very profitable revenue source for many online brokerages in terms of trading commissions, even more so than with trading stocks.

With Options Education Day moving to a virtual format, attendees from across the country will be able to connect simultaneously, so in some ways, it will be an opportunity to connect with a larger audience than would be possible in person. Online brokerages stand to save quite a bit of money in terms of travel expenses and materials.

One underreported perk for attendees of these events is that there can be online broker specials offered for new account sign-ups. While there is no guarantee of a deal showing up, there’s a decent bet that the brokerages sponsoring will want to provide something to entice the attendees.

Check out the Options Education Day registration page for more information.

Discount Brokerage Tweets of the Week

From the Forums

Too Much of a Passive Thing?

A Redditor poses the question of what the impact of the popularization of passive investing might be in this post. Fellow forum users weigh in, discussing what this means for the market and for active traders.

Reimbursting a Bubble

Security is serious business for all Canadian online brokerages. This post on Reddit caught the attention of a lot of readers who were interested to learn about reimbursement fine print at a popular Canadian brokerage.

Into the Close

That’s it for a very heady week in the markets, from markets continuing to push higher and Apple continuing to make trillion-dollar market caps seem normal, to all kinds of showdowns looming on the political front and sports in hyperdrive. Wherever your focus happens to be, here’s hoping you get a better view of where things go next.

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Discount Brokerage Weekly Roundup – August 10, 2020

There’s nothing quite like being able to stay cool on a hot summer’s day. Whether it’s with a cold beverage, a spot in the shade, or just taking it easy, everyone has their own preference when it comes to handling the heat. One group not sitting around resting this summer, however, is Canadian discount brokerages.  

In this summertime edition of the Roundup, we take a look at the most recent Canadian online brokerage rankings – who won and what interesting stories emerged from the rankings data. Also on the pool deck, a small but interesting development in the investor-education arena that may be a signal of things to come this fall. As always, the fan favourites of forum chatter and DIY investor comments from Twitter will help close things out.

Diving into the 2020 MoneySense Online Brokerage Rankings

This past week, MoneySense’s 2020 online brokerage ratings were in the spotlight courtesy of a press release from Qtrade Investor, the winner of the best online brokerage title in this year’s ranking. Although the results were published in mid-July, and there were mentions of the accolade on social media, the official press release provided additional context around the results and the win for Qtrade Investor.

This is yet another major recognition for Qtrade Investor in terms of rankings awards in the 2020 season. Earlier this year, Qtrade Investor took top spot in the coveted Globe and Mail online brokerage rankings, and in December of last year, Qtrade also earned first place in the Surviscor online brokerage experience rankings. Suffice to say, Qtrade has found itself atop (or close to the top of) many of the most important online brokerage rankings for the better part of a decade.

As with previous rankings, the data from this year’s MoneySense Canadian online brokerage review was generated by financial services research firm Surviscor, which also conducts its own set of reviews for the Canadian online brokerage industry. Data underlying the review comes from the synthesis of an extensive questionnaire, assessments of the platforms themselves, and tests of “service interactions” over the span of a year. Firms are scored across seven different sections, and the total score assigned is based on weightings in each category.

Though rankings are a staple presence in how online investors make decisions about online brokerages, their greatest appeal is also one of their biggest limitations. At the heart of the issue is that most online broker rankings simplify the analysis across a number of features, and many of the features being analyzed are highly subjective and therefore subject to interpretation. Also, different online brokerage rankings measure success differently. The methodologies are different, and what is being measured is often also different enough (and online brokerages themselves close enough) that small variations in how online brokers are scored can present differing results. Case in point, the fact that Qtrade Investor can appear first in three high-profile rankings (The Globe and Mail, MoneySense, and Surviscor) but not at all in the J.D. Power 2020 Canada Self-Directed Investor Satisfaction Study suggests that online investors turning to rankings do need to ask (or rankings creators need to report on) what the rankings measure and why all Canadian online brokerages are not included.

Although the headline of Qtrade Investor taking top spot in the most recent rankings is important, what also stood out as interesting about this year’s MoneySense rankings were the categories that were reported on. Specifically, the following:

Best online broker for feesDesjardins Online BrokerageNational Bank Direct Brokerage
Best online broker for user experienceQtrade InvestorQuestrade
Best online broker for ETFsQtrade InvestorNational Bank Direct Brokerage
Best online broker for market dataTD Direct InvestingQtrade Investor
Best online broker for mobile experienceQuestradeBMO InvestorLine
Best online broker for initial impressionsQuestradeTD Direct Investing + National Bank Direct Brokerage
Best online broker for customer serviceQuestradeQtrade Investor

One of the most highly prized categories for the discount brokerage space is, without question, commission fees. As such, the biggest surprise was in the fees category that saw two close online rivals, Desjardins Online Brokerage and National Bank Direct Brokerage, place first and second, respectively. Despite their strong showing in this category, their absence from the top spot in the overall ranking illustrates that, clearly, low fees are not the only factor at play in determining the rankings.

Another interesting observation in the latest MoneySense discount brokerage rankings is that the closest rivalry brewing among online brokerages isn’t at the bank-owned brokerage level but between Questrade and Qtrade Investor. Even though Qtrade Investor did take first place this year, they reclaimed the title from Questrade, who took top spot last year. Also, there were two important categories that these two firms competed closely in: user experience and customer service.

Interestingly, Questrade also took top spot for best initial impression and best mobile experience, which are key features for younger investors. In the current COVID-19-influenced market, these features are especially important to the new wave of active and engaged investors and traders participating in the stock market.

The third, and perhaps most controversial, point of interest is the decision on the firms not included in this year’s rankings: Interactive Brokers and WealthSimple Trade.

While the MoneySense rankings do target the “average” investor, the reality for the online investing marketplace in Canada is that these two firms are popular with DIY investors. And, given the firms’ popularity, one of the features of the rankings that would help clarify why these two firms didn’t fit the bill is some further explanation on what the “average investor” experience is characterized by.

The reasons cited for not including Interactive Brokers were that “it is not designed for an average investor and it simply has not fully Canadianized its offering.”  

To be fair, in the case of Interactive Brokers, founder and former CEO Thomas Peterffy has often characterized the Interactive Brokers retail client as typically more sophisticated than the “average investor” in terms of their knowledge about the markets and investing, as well as in the kinds of products traded and the volume of those trades. That said, the components that helped the brokerages in the coveted category of fees referenced options trading, a product that is more likely/appropriate for sophisticated investors. Further, of the five investor profiles used in the analysis, trading frequency would also (presumably) include a very active category. On those two points, it seems like decisions were made outside of what would be the “average investor.” Further (and as seen below, too, with Wealthsimple Trade), investors are hungry to trade US markets as much as they are Canadian ones. Without more information on what being “Canadianized” refers to, it is harder to understand the rationale for excluding them.

In the case of Wealthsimple, it also seems to be a controversial decision not to include them as a competitor online brokerage to incumbent discount brokerages because of limitations to certain features. Specifically, the article stated: “we do not see why a novice investor would even consider the platform as the cost savings of dollars per trade, in our opinion, is not worth the lack of guidance, education and market depth, to name a few, required by a novice or average DIY investor.”

As a mobile-first platform, they would arguably provide a strong mobile user experience (something that incumbent firms would be weak on by comparison) but rank poorly when it came to the non-existent desktop platform. Further, simply because other firms offer features that Wealthsimple Trade does not, it doesn’t mean the features being offered are done well.

It was the last portion of the sentence in reference to Wealthsimple Trade that really stood out, in which the article stated that the online brokerage did not provide what was “expected of a Canadian discount brokerage firm.” By some measures, the data would disagree.

The surge in new accounts opened at Wealthsimple Trade this year suggests that, perhaps, what the market of online investors expects from a discount brokerage is changing. And, therein lie the limitations of the online brokerage rankings: these rankings often contain built-in expectations of who can/should participate, based on eligibility criteria. The authors believe (and state) that, in their opinion, Wealthsimple Trade “is not worth the lack of guidance, education and market depth, to name a few, required by a novice or average DIY investor.” The counter-argument could certainly be that even if those features were present, if they were poorly designed, they would confer no advantage to an investor and therefore not justify the cost of inflated commissions.

At a zero-commission level, investors are savvy enough to know there is clearly a trade-off – and one that the market of online investors in the US has been happy to make. Here in Canada, though the numbers are small, they are worth taking seriously. Wealthsimple Trade has grown to about 180,000 users, for example.

Perhaps the most compelling challenge to the reasons for being excluded is found in the Wealthsimple Trade feature requests section. While desktop access is the most requested feature, nowhere on the requested list of features is “education” or “guidance” or “market depth.” The fact that actual customers have spoken and not mentioned most of the features that disqualified Wealthsimple Trade from being included in this ranking is important.

Finally, and perhaps most ironically, Wealthsimple hasn’t “Americanized” enough (according to features requested by their clients). So, the fact that Interactive Brokers hasn’t “Canadianized” enough seems to run contrary to what an important segment of the market is demanding, which is US trading access. The fact that Interactive Brokers does this extremely well – even for their Canadian clients – means that it is probably worth explaining further what “Canadianized” really means and whether it is grounds for exclusion.

National Bank Direct Brokerage Gets Back to Investing Basics

One of the interesting developments to surface this past week has been in the investor-content space – specifically as it relates to investor education. During COVID-19, National Bank, which is parent bank to National Bank Direct Brokerage, has significantly ramped up their investor content online, in particular doing video updates on the state of the economy and addressing questions about investing and personal finance.

While the majority of this content featured senior analysts, economists, or executives from National Bank, something new emerged this week on video as National Bank Direct Brokerage launched what seems to be a new series on the basics of investing on YouTube featuring the popular investing personality Larry Berman (featured guest of BNN’s Berman’s Call).

There aren’t too many Canadian investing “personalities,” but Larry Berman is certainly one of them. For many years, Berman has held his famous roadshows across Canada and was sponsored by Scotia iTrade and BMO ETFs. This latest development, in which he is offering exclusive content for National Bank Direct Brokerage, will undoubtedly leverage his recognizable and trusted presence in the online investing world on BNN in a new medium. What will be interesting to watch, however, is whether he will connect with younger audiences the way that he has typically connected with older investors who were the mainstays of his roadshows and who often call in to his BNN show.

With this latest development, it seems like investor content will once again become a place for Canadian online brokerages to come back to. The COVID-19 pandemic has likely changed the demand prospects for online trading. As such, appropriate content for investors will be more important and influential to finding and engaging online investors.

Discount Brokerage Tweets of the Week

From the Forums

Time Out

In this post, an investor turns to the forums to determine if they should sell now, particularly with gold at an all-time high, or wait a while to minimize their time off the market.

Dividend and Conquer

A DIY Investor wonders if it may be wise to focus on ETFs with high dividends. Fellow Redditors break down the mathematics and recommend instead focusing on total return in this post.

Into the Close

That’s a wrap on another week. The temperature isn’t the only thing starting to heat up – it looks like feature and promotion action at Canadian online brokerages is also starting to come back online after several months on pause. Suffice to say there are now even more things to tune in to, which is going to make justifying watching all the wonderful pet-driven content and dance videos that much harder. Stay cool!

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Discount Brokerage Deals & Promotions – August 2020

*Update: August 18* With everything that’s happened over the last few months, 2020 has simultaneously felt like the longest and the shortest year ever. 

Time isn’t the only thing that the COVID-19 pandemic has distorted. Despite the biggest economic shock in memory (and on record), stock markets and retail investor behaviour have also distorted how discount brokerages are viewing promotions at this time. Specifically, the retail investor trading frenzy in stock markets may be directly behind why Canadian online brokerages haven’t felt the need to boost business by adding any new promotions for August. 

In fact, as we head into the latter stretch of the summer, we’ve taken note of further erosion of deals activity. Qtrade Investor, for example, withdrew their referral promotion – a point of particular significance when considering how effective these deal types are when trying to control the cost of acquisition of new clients. 

So, for DIY investors looking for a promotion this August, the current slate of offers represents the “new normal” – at least to start the month. Most of the deals are for transfer fee coverage promotions, and for those looking for commission-free trading offers, Questrade appears to have the spotlight to themselves. 

Scroll down to learn about the current offerings from Canadian discount brokerages. And wherever you happen to be this month, try to stay cool.

As always, we will keep monitoring for new discount brokerage deals and add updates as they appear, so make sure to check back throughout the month.

Expired Deals

Qtrade Investor’s referral promotion expired in July.

Extended Deals

No extended deals to report at this time.

New Deals

*Update: Aug. 18 – For a limited time, HSBC InvestDirect is offering 60 days of free North American online equity and ETF trading, up to a maximum of 60 trades, when you open a new account with them. The offer is set to expire on October 30th, 2020. See the table below for more details regarding the promotion and eligibility. *

Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
HSBC InvestDirect is offering 60 days of free online equity and ETF trading (up to 60 transactions) for new accounts opened during the promotional period. There is no minimum funding requirement for the accounts; however, the fund must be from outside HSBC InvestDirect. Trading commissions will initally be charged but will then be credited back to the customer’s account within 120 days after the free trading period ends. $0 60 days of free trading 60 days Please refer to the full Terms and Conditions October 30, 2020
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer. For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: Aug. 17, 2020 13:20PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: Jul 31, 2020 14:35PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: Jul 31, 2020 14:25PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: Jul 31, 2020 14:29PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Jul. 31, 2020 14:30PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: Jul. 31, 2020 14:45PT

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Discount Brokerage Deals & Promotions – July 2020

*Update: July 28* Summer has finally arrived, and what a strange summer it’s shaping up to be! This word has been used a lot in the last few months, but it continues to be the word of the moment: unprecedented.

With the whole world – and the stock market – venturing into uncharted territory, it’s impossible to know what, exactly, the second half of 2020 holds in store.

Despite ongoing fluctuations in the stock market, online brokerages are continuing to see a high level of interest from DIY investors. Like their US counterparts, Canadian discount brokerages have been opening huge numbers of new accounts. This may explain why several brokerages haven’t felt the need to add any new deals or promotions for the month of July.

Regardless, there are still many ongoing deals and promotions to entice savvy DIY investors. Scroll on to review the current offerings from Canadian discount brokerages.

As always, Sparx Trading will add any updates as they appear, so be sure to check back throughout the month.

Expired Deals

*Update: July 28 – Qtrade Investor’s referral promotion has officially been confirmed as expired. *

BMO InvestorLine ended its cash-back promotion on June 1st.

Extended Deals

No extended deals to report at this time.

New Deals

No new deals to report at this time.

Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: Jun. 30, 2020 16:20PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: Jul 28, 2020 14:24PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: Jun 30, 2020 16:35PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: Jun 30, 2020 16:39PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Jun. 30, 2020 16:40PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: Jun. 30, 2020 16:45PT
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Discount Brokerage Deals & Promotions – June 2020

Just like that, it is now June. The past few months have simultaneously felt like the slowest yet fastest months ever, and it is safe to say that the first half of 2020 has been rather tumultuous.

However, for every bad news story we have heard or read about, there are countless good ones that have emerged. With the second half of the year commencing, and as we inch closer toward the summer season, it is our hope that the world becomes filled with more rays of sunshine – both literal and metaphorical.

In the markets, online brokerages have experienced unprecedented levels of interest, despite market volatility, as new and old investors flock to either open new accounts or increase their trading volumes. With these historic levels of investor interest, Canadian discount brokerages have focused their efforts on servicing clients and have chosen to maintain the same, familiar discount offerings throughout June.

In terms of promotional changes, the biggest news is that BMO InvestorLine is putting their long standing tradition of running a promotion on hold. As such, their cash back deal which is set to expire at the start of this month, will not be replaced by another. That leaves Questrade with a very enviable position in the promotional spotlight (for the time being).

As always, Sparx Trading will add new updates as they appear throughout the month, so be sure to check back regularly.

Expired Deals

BMO InvestorLine is bidding adieu to their cash back promotion. This deal is set to expire at the end of the day on the 1st of June.

Extended Deals

No extended deals to report at this time.

New Deals

No new deals to report at this time.

Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: May. 31, 2020 16:20PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: May 31, 2020 16:44PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: May. 31, 2020 16:35PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: May 30, 2020 16:39PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: May. 31, 2020 16:40PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: May 31, 2020 16:45PT
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Discount Brokerage Weekly Roundup – June 1, 2020

For anyone watching any kind of news or social media, it is difficult to fully process what is unfolding in cities around the world. With so many of us in Canada and around the world still under restrictions to stay close to home, the window to the outside world has become a digital one. Despite even greater access to technology and almost limitless amounts of information, collectively we are struggling to make sense of something so senseless.

So, although we will run this edition of the Roundup, the most important story, the one that needs to be heard, will be first. Take a moment to watch it, hear it, and let it sink in. From there we will take a pause, catch our breath, and do our best to continue to move forward. Keep reading for a deep dive into the latest Canadian online brokerage rankings and what they reveal about the state of the industry, including what it needs to get right with the next generation of DIY investors. Finally, we close out with chatter from DIY investors on Twitter and in the financial forums.

George Floyd

Latest Online Brokerage Rankings Show Room for Improvement

If there’s one thing that’s synonymous with the end of the school year, it’s report cards. For Canadian discount brokers, the grades are in from a noteworthy financial services research firm and it’s clear that for many of them, improvement is needed.

Though seemingly straightforward on the surface, online brokerage reviews and rankings are challenging endeavours. So much about rating online brokers depends on how the rankings are defined and what is actually being measured, which is why it is often hard to compare different online brokerage rankings. They simply measure different things about the Canadian discount brokerage industry.

This past week, the financial services research unit of J.D. Power released their annual evaluation of the Canadian online brokerage industry with their Self-Directed Investor Satisfaction Study. Though the name and the study have changed slightly over the 12 years this evaluation has taken place, at its core, it continues to measure “investor satisfaction” and uses that to determine which Canadian discount broker is “best.”

Before diving into this year’s results, it’s worth mentioning a few points about the study itself, to better contextualize what it does (and does not) measure.

The first and probably most important factor to note is that the Investor Satisfaction Study measures just that: investor satisfaction. In this study, investor satisfaction is comprised of seven components:

  1. Account information
  2. Commissions and fees
  3. Firm interaction
  4. Information resources
  5. Investment performance
  6. Problem resolution
  7. Product or service offering

Given that investor satisfaction is somewhat of an abstract concept, it is useful to have these categories in place to help structure how to think about the ultimate question when it comes to any client experience: were clients satisfied with the product or not?

Of course, while it would be nice to get a simple “yes” or “no” answer, the reality is that these are complex concepts and there are things that brokerages do differently, perhaps better or worse than others. Further, how investors interpret things like “customer experience” may be highly subjective and as such make it a challenge to measure. Nonetheless, the scale that the Investor Satisfaction Study is built on is a numerical one that scores all brokerages out of a maximum possible 1,000 points.

With that context in mind, it was interesting to see what the 2020 version of the study uncovered in terms of Canadian DIY investor perspective. More interesting, however, was the comparison of this year’s results to the previous year’s, as it uncovers important differences and shifts in the industry that have taken place since the last time this study was conducted.

At a high level, one of the first things that stands out about the 2020 results is the drop in average investor satisfaction compared to the 2019 study. The average for the industry this year was 717, but last year it was 726 – a sign that the industry did worse when it came to investor satisfaction.

Averages, however, only convey part of the picture. What was also interesting to take note of is that the spread between scores narrowed.

Last year the difference between the best ranked online brokerage (with a score of 753) and the lowest ranked brokerage (with a score of 698) was 55 points. This year, that range dropped to 33. In fact, with the exception of 2019, since 2013 and 2014 (where the range was 64 points) the spread between “the best” and “the worst” in terms of investor satisfaction had been decreasing.

The compression of this range seems to suggest that DIY investors are finding the experience increasingly similar between Canadian online brokerages, a signal that commoditization is taking hold and that online brokerages are not doing nearly enough to differentiate or out-innovate one another.

Nowhere is this more evident in the 2020 results than in how close the top four online brokerages were from one another.

The difference between first (Questrade) and second place (BMO InvestorLine) was five points, and the difference between second (BMO InvestorLine), third (Desjardins Online Brokerage), and fourth place (National Bank Direct Brokerage) was each one point, respectively.

As poorly as the Canadian discount brokerage industry as a whole performed relative to 2019, however, there was one exception. National Bank Direct Brokerage was the only discount brokerage to see a surge in investor satisfaction scores, rising 31 points from 2019 to 2020, and moving from last place in 2019 to fourth place in 2020.

Despite dropping four points on a year-over-year basis, Questrade managed to rise in the rankings from third place last year to take top honours in 2020 with a score of 736. At the other end of the spectrum, Scotia iTRADE ranked last this year, falling to a score of 703.

One online brokerage that stands out as having a significant shift downward is CIBC Investor’s Edge. This popular low-cost online brokerage fell 40 points compared to last year and slipped from a second-place finish to a seventh.

Importantly, not all Canadian online brokers were measured or reported publicly. Popular brands such as Qtrade Investor, Virtual Brokers (soon to be CI Direct Investing), Interactive Brokers, and HSBC InvestDirect did not have data published about their level of investor satisfaction in this year’s results.

So, what’s driving the decrease in investor satisfaction among Canadian DIY investors? One of the biggest areas where Canadian discount brokerages appear to be struggling is website stability and accessibility.

Somewhat shockingly, 46% of DIY investors reporting an issue with an online brokerage chalk it up to a problem with the website, and 29% of investors surveyed were unable to access their online brokerage website at least once during the prior 12 months.

It is difficult to determine how representative the sampling of this survey is for all DIY investors across Canada, but these numbers are concerning, considering that investors put their nest eggs or significant savings in the hands of online brokerages. These results, however, do help to validate the scores of complaints DIY investors have logged on Twitter about Canadian online brokerage websites going down during trading sessions. And, keep in mind, these survey figures were generated prior to the COVID-19-induced market meltdown, which saw unprecedented surges in trading volume and account sign-ups.

Not being able to access a trading account when you’d like to is frustrating enough; however, not being able to do so when market opportunities open up – that certainly leaves an impression.

Perhaps the most intriguing number reported in the online brokerage rankings was that 26% of millennials (or younger) indicated that website inaccessibility has got them thinking about switching brokerages. That’s a huge number in an extremely hard-to-win-over segment.

The rankings from J.D. Power highlight that the Canadian online brokerage space will increasingly face a challenge to escape becoming commoditized. In these latest investor satisfaction metrics, what ultimately separates one online brokerage from another is becoming harder to distinguish.

Perhaps ominously, the relatively slow pace of innovation in this online service leaves the industry exposed to possible disruption by a provider able to deliver the technology piece with greater reliability and at a lower price. This is certainly the case in the US, in which an online brokerage was able to grow to an extraordinary size while lowering the price of commissions to zero.

With so many online brokerages facing technology challenges even when investors weren’t stampeding into and out of markets, the past several weeks have uncovered the limits of customer service and client experience capabilities at many online brokers. And while the news certainly isn’t all bad at Canadian brokerages, the scores show that investors expect online brokers should be doing better.

Discount Brokerage Tweets of the Week

From the Forums

Going All Out

A forum user contemplates breaking from their investment plan and selling everything to avoid the stress of a turbulent market in this post. Fellow DIY investors weigh in by sharing their approaches and thoughts on the temperament it takes to invest.

Where’s the Wealth?

In this post, a Redditor inquires about how illiquid wealth works, and fellow forum users outline the imprecise nature of such wealth and offer helpful analogies.

Into the Close

It almost goes without saying that the start of this new month will begin on uncertain footing. There are many events taking place with very little visibility as to exactly how they will unfold. However, of the things that can be controlled, here’s hoping that readers remember to find ways to be kind, stay informed, and find the courage to dream for and change the world for the better, one action at a time.

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Discount Brokerage Deals & Promotions – May 2020

As the saying goes, April showers bring May flowers. After a whirlwind of unexpected changes in the last month, resulting from the global health and economic crises, there appears to be an increase in DIY investor confidence when it comes to stepping back into the markets.

Despite current market volatility, there has been a recent surge in interest and activity from DIY investors. As reported by discount brokerages, trade volumes, account openings, and customer outreach have all increased. In addition, the significant drop in oil prices has prompted even more investors to step out of the darkness to take advantage of the volatility swings.

Even though flowers are blooming all around us – and investor interest has also been flourishing – Canadian discount brokerages have, in contrast, stayed mum about any new promotion activities for May. Perhaps the reason for this is because brokerages are struggling to keep up with the growing call volumes and, for some, subsequent system outages. Or perhaps brokerages are attributing their familiar offerings to another well-known saying: If it ain’t broke, don’t fix it.

Nevertheless, investors who are brave enough to dip their feet into the market waters can scroll on to review the current deals and promotions activity from Canadian discount brokerages this May.

As always, Sparx Trading will add new deal updates as they appear throughout the month, so be sure to check back.

Expired Deals

No expired deals to report at this time.

Extended Deals

No extended deals to report at this time.

New Deals

No new deals to report at this time.


Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: Apr. 30, 2020 16:20PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: Apr. 30, 2020 16:44PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: Apr. 30, 2020 16:35PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: Apr. 30, 2020 16:39PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Apr. 30, 2020 16:40PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: Apr. 30, 2020 16:45PT
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Discount Brokerage Weekly Roundup – April 6, 2020

April has finally arrived. As much as the year is moving quickly, it simultaneously feels like it is moving incredibly slowly. As with the reality in markets, any bit of information about where things go next with the COVID-19 crisis is highly prized.

In this edition of the Roundup, we wade into the shallow deals and promotions pool to start April – in spite of record online investor interest in trading online. From there, we shine a spotlight on a major Canadian discount brokerage that looks like they will once again shake up the features offered by other online brokers. We close out this edition of the Roundup with highlights from investor forums and chatter from the Twitterverse.

New Month, Familiar Deals

It’s the start of a new month. Not just any month either – the one month in the year that typically starts off with some good humour. Alas, the lack of new discount brokerage deals or promotions to kick off the month is no joke.

Like the markets themselves, there has been a considerable pullback in the number of brokerages participating in the most appealing deals and promotions categories: cash back and commission-free trading offers.

If we were in ‘normal’ times, this situation might not seem as unusual after the post-RRSP deadline push. After all, it is expected that leading into that deadline, investors are already actively thinking about their money and investments.

That said, these are not normal times at all.

Despite what is clearly the grimmest economic picture many of us have ever lived through, for Canadian online brokerages, what should normally have been a very slow period in April has turned into one of the busiest seasons on record.

Likely a result of the unprecedented volatility, many folks self-isolating and therefore working from home, and with only so much streaming content to be viewed, means that there is now attention being put on stocks and trading online in volumes that likely exceed the Great Financial Crisis. What is very different now, however, is the scale and scope of impact to the economy from the measures being taken by countries across the globe to flatten the curve on COVID-19 spreading.

With so many prized stocks now on a literal fire sale, bargain hunting investors have been rushing into the market through the door that is the online brokerage. Normally, when Canadians are this interested in trading stocks, online brokerages ramp up their offers and incentives. To reiterate – these are not normal times – and one clear indicator of that is the lack of promotional offers that have been deployed for DIY investors.

Nobody wants to be seen to be taking advantage of a crisis, however, and the conundrum for Canadian online brokerages is this: do nothing about reducing fees/commissions at this time or lowering barriers for folks getting into the markets, then ‘business as usual’ could be like profiteering. Conversely, launching a promotion that would be talk up getting into the most volatile market ever could seem remarkably tone deaf.

What is becoming clear in the COVID-19 pandemic is that major brands are stepping up to help in whatever ways they can. Apple is stepping up to make 1 million face shields a week. Tesla is building ventilators. Breweries and even Louis Vuitton are making hand sanitizer. As “order execution only” entities, the single best goodwill gesture for Canadian discount brokerages to offer to Canadians would be waiving of commission or administrative fees – especially for low balances or inactivity – and especially to those seeking financial relief.

In these far-from-normal times, a rethink is required on what brands stand for and mean in the face of this collective crisis. Normally a deal or promotion is intended to appeal to new clients. Perhaps this is the moment when it would be appropriate to consider promoting the infectious kindness that shows we’re all in this together and that even small acts of kindness can go a long way.

RBC Direct Investing Takes Trading Quotes to the Next Level

It’s one thing to be making investment decisions in a volatile market – but for many active investors, it’s a must to be able to see where there are areas of demand or supply when trying to fine-tune a decision to buy or sell. The stakes are much higher when actively investing, so getting the most accurate and up-to-date information on market prices are key. Enter the world of streaming and in-depth quotes.

Late last year, RBC Direct Investing enabled free Level 1 real-time streaming price quotes for TSX and TSX Venture equities and ETFs. This past week, RBC DI rolled out what is arguably one of the best data features after real-time streaming Level 1 quotes: free streaming Level 2 quotes for TSX and TSX-V listed stocks and ETFs.

For DIY investors, and the online brokerage space here in Canada, it is hard to overstate the value this brings to investing online.

Level 2 quotes, also known as depth of market, can cost over $100 per month, and while the new feature from RBC Direct Investing does not bring with it a top-tier trading platform, the value here is hard to overlook.

The table below compares the prices per month that streaming Level 2 quotes would cost at comparable online brokerages in Canada and it is evident that this feature is anything but cheap.

Online Brokerage Trades per Month (TPM) or Trades per Quarter (TPQ) to Waive Quote Fees Quote Fees without Activity Waiver
BMO InvestorLine 25 (TPM); 75 (TPQ) $125/mo
Disnat Direct (Desjardins Online Brokerage) 20 (TPM); 60 (TPQ) $95/mo
National Bank Direct Brokerage 100 (TPM); 300 (TPQ) $148/mo
Questrade 81 (TPM); 243 (TPQ) $89/mo
Scotia iTRADE 10 (TPM); 30 (TPQ) $79.95/mo
TD Direct Investing 10 (TPM); 30 (TPQ) $69/mo
Virtual Brokers $99/mo

 

It is important to once again point out, however, that the prices for this streaming data option at other online brokerages referenced above usually come bundled with a sophisticated trading platform with many more bells and whistles for fast trade execution and charting capabilities than does the web experience at RBC DI.

That said, most of those Canadian discount brokerages referenced above waive some, most, or all of the data fee only when a minimum trading activity or asset deposit threshold is reached. So, the standard offering of the RBC Direct Investing streaming Level 2 quote is of particular appeal to investors who don’t mind the web interface and who can’t or don’t want to constantly have to trade to maintain an activity threshold. Of course, spending on commissions to get a “free” data feed doesn’t quite add up as a winning strategy but that is exactly the position DIY investors would be in at most brokerages.

For everyday investors, free streaming Level 2 quotes may or may not be something that is widely accessed, but for those investors who appreciate the added window into areas of potential pricing support or resistance, this is a very useful feature. In particular, as volatility increases in many illiquid stocks and bid/ask spreads widen, placing market orders can end up in overpaying for a security, and placing a limit order without knowing what else everyone is either selling or buying at puts investors at a significant information disadvantage.

While not quite the bombshell of dropping commission prices, RBC Direct Investing has unquestionably raised the bar considerably for other Canadian online brokerages, especially their bank-owned brokerage peers.

The standard web-based browser experience now including streaming Level 2 quotes means that other online brokerages will have to work harder to adjust their value proposition to a somewhat active or sophisticated investor. Even with so much attention being drawn away from online brokerage features these days, it’s safe to say RBC Direct Investing’s position in the online brokerage race just leveled up.

Discount Brokerage Tweets of the Week

From the Forums

The Best Bet

A Redditor puts forward the question of whether anyone is betting against the market in anticipation of a crash in this post. Fellow forum users go back and forth on the merits of buying inverse ETFs and their plans for the coming weeks and months.

The Long Game

A new investor turns to the forum for advice on how to make sound investments for the long term while the market is still reeling from the impact of COVID-19. In this post, Redditors give advice on how to set up the right portfolio and think beyond the immediate market.

Into the Close

Despite the wild swings in the market, the biggest and most important stories that need to be told are the ones of the brave frontline workers putting themselves in harm’s way and fighting COVID-19, or those mobilizing what they can to push back this sweeping contagion. Thank you to everyone fighting the good fight.

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Discount Brokerage Deals & Promotions – April, 2020

*Updated April 7* It’s finally April and, after the unprecedented changes and challenges that have unfolded over the past month, we would love to say that current world events are nothing but an April Fool’s Day joke gone wrong but sadly, that isn’t the case. 

To start off the month, online brokerages have opted to stick to tried-and-true offerings, perhaps as a result of the air of uncertainty and instability that currently looms over the markets. 

Even with volatility and turbulence rocking the markets in the past month, which has rightfully left many investors feeling panicked, there has been an emergence of risk-taking investors who have been trying to hastily enter the markets in hopes of making fast money or picking up assets at low prices. 

That said, investors should be prepared to wait. Increased interest and call volumes have put a strain on online brokerage technical systems and client service teams – here’s hoping there’s some good music to pass the time on hold.

For investors who are keen on moving fast and stepping into the present market, scroll on to review the current deals and promotions activity from Canadian discount brokerages this month.

Expired Deals

Two deals officially concluded at the end of March. The first was RBC Direct Investing’s promotion that offered 25 commission-free trades with the opening of a new account, which ended on March 27th.

Another deal that expired in March was Qtrade Investor’s cash back promotion, which officially concluded on March 31st. If cash back promotions are what you’re in the market for, though, be sure to scroll down to the table below for similar offerings.

Extended Deals

No extended deals to report at this time.

New Deals

*Update: Apr. 7 – This month, we’re introducing a new category of deals to the tables below: offers for young investors. Whether for yourself, or for someone you may know, this is a great resource for younger investors who may be looking to get started in the markets. It is worth mentioning that different online brokerages have different definitions of what a “young investor” means, so be sure to check to see if you qualify. 

CIBC Investor’s Edge offers special student pricing of $5.95 per trade if you already have an eligible CIBC Account for students, plus save on annual account fees. Scroll down for more details.

Investors within the age range of 18 to 30 are eligible for two current deals. The first is the Broker@age 18-30 promotion from Desjardins Online Brokerage (Disnat), which they’ve stated is “the perfect starter kit to help you invest in the markets.” The second promotion available for investors within this age group is the special Young Investor Pricing offered by Qtrade Investor. For more details, see the tables below. 

Investors who are up to 26 years in age are eligible for two promotions. At Scotia iTrade, young investors can save on administration fees with their Young Investors Offer. At Virtual Brokers, clients in this age range can take advantage of their zero account administration fee offer. See tables below for more details. 

National Bank Direct Brokerage is offering a reduced pricing structure for young professionals and students of various fields. Scroll down to discover which fields are eligible.

Finally, RBC Direct Investing is offering to waive the account maintenance fee for clients who currently have or had an RBC Student Account (within the past five years) with them. More details in the tables below.*


Discount Brokerage Deals

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

Cash Back/Free Trade/Product Offer Promotions

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. $1,000 $88 commission credit 60 days Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, click here. none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. $1,000 5 commission-free trades 60 days 5 commission-free trade offer December 31, 2020
Scotia iTrade Open and fund a new Scotia iTrade account to be eligible for up to $1,500 in cash back and $6.99 commission pricing, or up to 500 free equity trades. The amount of cashback and free trades are dependent on the funding of your account. Take a look at the offer details link for further information. $5,000 Cash + discounted commissions, or free trades. $6.99 trades available until June 30, 2020; Cash or commission rebate for free trades available until July 31, 2020. iTrade Offer Details February 29, 2020
Open a new RBC Direct Investing account by March 27th and you may be eligible for 25 commission-free equity and ETF trades. You must deposit or transfer $5,000 in your account by May 8th, 2020 to be able to use this promotion. Make sure that the offer code MFTC2 is applied during account opening. As always, be sure to take a look at the terms and conditions for further details. $5,000 25 commission-free trades 1 year Commission-Free Offer Details March 27, 2020
Open and fund a qualifying new or existing account at TD Direct Investing with at least A) $15,000; B) $25,000; C) $100,000; D) $250,000 or E) $500,000 or more and you may be eligible to receive a cash back reward up to A) $100; B) $200; C) $300; D) $500 or E) $1,000. Use promo code RSPCash20 when applying online. Be sure to read full terms and conditions. A) $15,000 B) $25,000 C) $100,000 D) $250,000 E) $500,000 A) $100 B) $200 C) $300 D) $500 E) $1,000 Cash back will be deposited by Aug. 16, 2020. TD Direct Investing Promotion March 03, 2020
Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. $25,000 commission-free trades for 1 month + 1 month of advanced data. 1 month Active Trader Program December 31, 2020
When you transfer funds from another account into a CIBC Investor’s Edge account with assets worth at least A) $25,000; B) $50,000; C) $100,000, you may be eligible to receive A) $100; B) $200; or C) $400 in cash back. A) $25,000 B) $50,000 C) 100,000+ A) $100 B) $200 C) $400 Cash back will be deposited between May 18 – September 17, 2020. CIBC Cash Back Offer Details March 4, 2020
Open and fund a new Qtrade account with at least A) $25,000; B) $50,000 C) $100,00; D) $500,000; E) $1M or D) $2M+ in new assets by March 31, 2020 and you may be eligible to receive a cash bonus of A) $75; B) $150; C) $400; D) $800; E) $1,500 or F) $2,000. Individuals who contribute more than $1,000 through pre-authorized contributions by December 31, 2020 may also be eligible to receive an extra $50. Use promo code QTRADECASH at sign up to qualify. Be sure to read full terms and conditions for more details. A) $25,000 B) $50,000 C) $100,000 D) $500,000 E) $1M F) $2M+ A) $75 B) $175 C) $400 D) $800 E) $1,500 F) $2,000 The cash award will be credited to your cash/margin account in the week of October 30, 2020. Qtrade Investor Q1 2020 Cash Back Offer March 31, 2020
BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $250 B) $450 C) $800 D) $1,000 E) $2,000 Cash back will be deposited week of December 14, 2020 BMO InvestorLine Cash Back Offer Details June 1, 2020

Expired Offers
Last Updated: Apr. 01, 2020 15:44PT

Referral Promotions

Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions Code Number: 476104302388759 none
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000 B) $50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade tbd
If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. $1,000 $25 cash back (for both referrer and referee) Cash deposited at the end of the month in which referee’s account funded Refer A Friend to Qtrade Investor none
You can send an invitation link from your Interactive Brokers profile to friends or business contacts for a chance to receive up to $200 reward for each successful referral. The referee needs to maintain $10,000 or more in their account. Please read the full terms and conditions. $10,000 Your can get 30% of the commission generated by each referred account for up to $200.00. Referred clients must maintain at least $10,000 or USD equivalent in their account. 1 year from the account opening date. Interactive Brokers Referral Program none
BMO InvestorLine If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $5,000 You(referrer): $50; Your Friend(referee): $50 Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021

Expired Offers
Last Updated: Apr. 01, 2020 15:55PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 n/a Transfer Fee Promo none
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 Transfer Fee Promo Contact client service for more information (1-800-465-5463). none
Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 Confirmed with reps. Contact client service for more information (1-800-567-3343). none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. $200 Contact client service for more information Contact client service for more information (1-888-776-6886) none

Expired Offers
Disnat Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. $150 $10,000 Disnat 1% Commission Credit Promo January 8, 2020
Last Updated: Apr. 01, 2020 15:47PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
Disnat Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000 Broker@ge 18-30 Promotion none
Scotia iTrade Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. $1,000 StartRight Free Trade offer none

Expired Offers
Last Updated: Apr. 01, 2020 15:49PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisor Offer Type Offer Description Min. Deposit Reward / Promotion Promo Code Expiry Date Link
Discounted Management Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. $1,000 1st month no management fees KDKFNBBC None Questrade Portfolio IQ Promo Offer
Cash Back Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. $1,000 0.5% cash back to a maximum of $1000. PROMO1000 January 2, 2020 SmartFolio Cash Back Promo
Discounted Management Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. $1,000 1 year no management fees STSF April 30, 2019 SmartFolio New Account Promotion
Cash Back – Referral BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. $1,000 $50 cash back (referrer) $50 cash back (referee) Unique link generated from SmartFolio required. None SmartFolio Website
Transfer Fee Coverage Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. $25,000 up to $150 in transfer fees covered None None Contact customer service directly for more information.
Last Updated: Apr. 01, 2020 15:54PT

Offers for Young Investors

Brokerage Offer Type Eligible Age Range / Client Segment Offer Description Min. Deposit Expiry Date Link
Student Pricing Clients with CIBC Smart™ Account for students $5.95 per trade and zero annual account fees not required None CIBC Student Pricing
Broker@ge 18-30 18-30 years old investors Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App $1,000 None Broker@ge 18-30
Offers for professionals & Students Students in selected fields of study Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee not required None NBDB Student Pricing
Young investor pricing 18-30 years old investors Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees min. $50 a month through pre-authorized contributions. None Young Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years. The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. not required None Zero Account Management Fee
Young Investors Offer Clients below 26 years old Low activity account administration fee and the RSP account administration fee are waived. not required None Young Investors Offer
Zero Account Administration Fee Clients below 26 years old The account administration fee ($24.95 per quarter) is waived. not required None $0 Account Administration Fee
Last Updated: Apr. 01, 2020 15:54PT