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National Bank Direct Brokerage

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Discount Brokerage Deals & Promotions – June 2014

[Updated July 10, 2014]

With summer just around the corner, June is an interesting month for Canadian discount brokerage deals. On the one hand, there are six offers that are scheduled to expire at the end of the month. On the other hand, history has shown that Canadian brokerages don’t like to be left out of the deals party.

In this month’s deals section, although nothing new was posted or announced at the beginning of the month from Canadian online brokers, we’ve seen a couple of interesting offers launched in mid to late May that are likely to get more attention in June.

So, while investors may be gearing down, the deals and promotions timeframes seem to suggest that Canadian discount brokerages are gearing up for a very heated summer of competition.

New Deals

[Update: July 10, 2014]

  • Editor’s Note: A representative from BMO Investorline has contacted us directly to let us know that the terms for the Select1500 and Select700 offers are being updated and that this will only be offered to select existing clients.  As such, we have removed this offer from the deals sections in which it appears.

Update June 23, 2014:

  • Questrade has launched yet another offer – this one themed around Canada Day. With this newest offer, new clients who deposit $25,000 or more into a qualifying account may be eligible to receive 25 commission free trades which can be used between now and the end of the year (about 6 months).  Be sure to read the details below and pay special attention to the deadline (July 3) if this offer is of interest.

Update June 11, 2014:

  • Questrade appears to have brought back its 3 month of free trading offer, currently no other brokerage is offering unlimited trading for this span of time. As a note, the full three months is available for deposits of $50,000 or more. Those who deposit between $25,000 and $49,999 get two months of commission-free trades and for deposits of between $1,000 and $24,999 one month of commission free trades are being offered. For more details, check the table below.

iPad minis made a comeback through May as two online brokerages, Questrade and National Bank Direct Brokerage, launched offers with these tablets as incentives to open an online trading account.   It is interesting to compare the two offers directly as, although the tablet being offered is the same (iPad mini 16gb wifi), the criteria to qualify and the value of the offers are very different.

In the case of National Bank Direct Brokerage’s offer, the minimum deposit required is $20,000 and the valuation on the iPad Mini is being pegged at $319.   It is noteworthy that this is the first time in recent memory that National Bank Direct Brokerage has offered up an iPad mini as an incentive to open an account.

Questrade’s iPad mini offer, by comparison, requires a minimum deposit of $100,000 and clients can elect to receive an iPad mini or $250 cash. For Questrade, this isn’t the first time they have used an iPad mini as part of their promotional mix. The iPad mini was being offered under similar terms to the current offer for quite some time however it wasn’t present through May.

Another very interesting deal was also quietly announced midway through May by BMO InvestorLine. Specifically they have launched an offer directed at younger investors (i.e. those aged 18 – 35) that offers free trades, a waiving of the minimum deposit requirement and the possibility to have minimum account balance fees waived on registered and non-registered accounts. For a number of reasons, younger investors are becoming an increasingly important demographic for online brokerages to target and this offer by BMO may result in comparable offers from other brokerages.

As history has shown, Canadian discount brokerages are not keen on standing still. So, although June might be a time when most investors are starting to take it easy, most of the brokerages will likely be working on their next wave of promotions and deals.

Extended Deals

Only one promotion saw its expiry date moved from the beginning of July out until the end of August. Questrade’s 100 commission free trades offer has now been extended to August 30th and the promo code for it has also changed.

Expired Deals

Only one deal was set to expire at the end of May and that was Questrade’s cash back offer. That deal offered either $250 cash back for a $100,000 deposit or $100 cash back for a $50,000 deposit.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion October 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Open an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “FTR2” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer. $1,000 25 commission-free trades 365 days 25 free trades offer June 30, 2014
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by August 30 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14S must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades August 30, 2014
Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code FREETRADES14 when signing up. Be sure to read the terms and conditions for more information. A)$1,000 B)$25,000 C)$50,000 Unlimited commission-free trades during associated period. A) 31 days B) 62 days C) 90 days Questrade Unlimited Trade Promo August 31, 2014
Open and fund a new account at Questrade with at least $5000 and place at least one commission generating trade, and Questrade will provide a gift card from Amazon.ca worth $50. Use promo code BONUS50 when signing up. Be sure to read the full terms and conditions for more information. $5,000 $50 gift card from Amazon Receive gift card after placing 1 commission generating trade Amazon Gift Card Promo June 30, 2014
Disnat As part of their Stockscores tour, Disnat Direct is offering a “hat trick” promotion. Open a new account with at least $10,000 by June 15, 2014 and receive: $300 in commission credits, 3 months of trading at $5 commission per trade, 3 months of platform access to DDWeb/DDXtra and 1 year’s free subscription to TradeScores daily newsletter. Use the promo code “Hat Trick” when registering via phone. Read the terms and conditions for more details. $10,000 1) $300 commission credits 2) 3 months of $5/trade commission rate 3) 3 months platform access to DDWeb/DDXtra 4)1 year’s free subscription to TradeScores daily newsletter 1) 3 months Disnat Direct Hat Trick Promotion June 15, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade June 30, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk June 30, 2014
Open and fund a new account with National Bank Direct Brokerage by July 31st, 2014 and you could be eligible to receive an iPad mini. A commission generating trade must be placed within the ‘validation period’ in order to qualify. Use promo code IPADMINI14. Be sure to read full terms and conditions, especially around validation periods. $20,000 iPad Mini (value $319) iPad Mini to be sent after either Dec. 31/14 or Jan. 31/15 depending on eligibility. At least 1 commission generating trade must be placed to be eligible. iPad Mini Promotion July 31, 2014
Open and fund a new account at Questrade with at least $25,000 and you may be eligible to receive 25 commission-free trades. Use promo code CANADADAY14 when signing up. Be sure to read the full terms and conditions for more information. $25,000 25 commission-free trades Dec. 31st, 2014 Canada Day Promo July 3, 2014
Scotia iTrade Open a new account by June 29 & fund with: A) between $15,000-$99,99 B) $100,000-$499,999 or C)$500,000+ and receive either A)$50 cash back or 100 free trades B)$250 cash back or 250 trades or C)$500 cash back or 500 free trades. Also, Scotia iTrade is including 6 months free access to their FlightDesk trading platform. Use promo code: SPTRD14 for free trades and CSHSG for cash back. Be sure to read the terms & conditions on this deal. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A)$50 or 100 free trades B)$250 or 250 free trades C)$500 or 500 free trades Cash Back: deposit by Feb 28/15 Commission Rebate: 90 days $500 Cash Back or 500 Free Trade promo June 29, 2014
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account by July 31, 2014 with at least $50,000 and BMO InvestorLine will provide a $50 cash back offer, 50 commission-free trades and a 1 year subscription to GlobeInvestor. Use promo code BONUS to qualify when signing up. Be sure to read full deal terms and conditions. $50,000 $50 cash back 50 commission-free trades ($497.50 value) 1 year subscription to Globe Investor (~$228 value) Cash Back: Payout after 6 months Commission-Credits: 50 days Spring “New Investors” 50 50 Promotion July 31, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo August 29, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
Open and fund a new qualifying account with at least $100,000 in net new assets and you may be eligible to receive either A) a new 16gb iPad Mini (wifi only) or B)$250 cash back. To be eligible for either, at least one commission generating trade must be placed. For the iPad Mini use promo code IPADMINIS14 or for the $250 cash back offer use promo code CASH250S14. Be sure to read full terms and conditions for eligibility and further details. $100,000 A) iPad Mini or B) $250 cash back A) iPad will be sent after 6 months B) Payout occurs after 60 days iPad Mini or Cash Back Promo July 30, 2014

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Tranfer $15,000 or more and Scotia iTrade may cover up to $150 of the transfer fee. $150 $15,000 $500 Cash Back or 500 Free Trade promo June 29, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before June 30, 2014 $150 $25,000 Transfer Fee Promo June 30, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo August 29, 2014
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Discount Brokerage Weekly Roundup – May 30 2014

Another week, another record high. It looks like not that many folks chose to sell in May and go away after all. In spite of most NHL hockey players and seasonal investors starting to take it easy, Canadian discount brokerages were still keeping busy keeping one another on their toes.

In this week’s roundup we look at a couple of online brokerage deals that are hoping to get the attention of self-directed investors with some popular toys. Also, another Canadian online brokerage announced a feature enhancement that will help show investors the money (or lack thereof). As a quick pulse of where the Canadian online brokerage industry may be headed, we take a quick peek at a merger of two US discount brokerages. And finally, what would a weekly roundup be without some interesting thoughts from the Canadian investment forums?

An Apple a Day

Despite ponying up around $3 billion for a headphone (and streaming music) company, Apple still remains popular with consumers – which is something banks and now discount brokerages are capitalizing on.

Although Questrade was one of the first discount brokerages to offer up an iPad minis as an incentive to open an online trading account (and did so for a long time), it now seems that National Bank Direct Brokerage has also taken to a similar strategy.

Earlier this week, National Bank Direct Brokerage rolled out a new promotion offering iPad Minis for new clients who deposit at least $20,000. Interestingly, Questrade’s iPad Mini offer which had been taken down, looks to also have resurfaced. Questrade’s iPad mini offer requires a deposit of at least $100,000 and gives qualifying clients the choice of taking the iPad mini or $250 cash. Another curious point is that the value of the iPad Mini for the National Bank Direct Brokerage offer is listed as $319 whereas with Questrade it is being valued at $250.

Keeping it Realized

As commission pricing between major bank-owned online brokerages has come down, service, platform and features are the new battlegrounds to woo clients. Following their recent announcement about additional news data, earlier this week Scotia iTrade took another step towards improving customer experience by announcing the roll out of a realized gain & loss reporting feature. The new feature apparently allows clients to view their actual trading gains and losses as far back as January 2014.

Two Heads Are Better Than One

For many years, observers of the Canadian discount brokerage marketplace have observed the increasing competition for a very limited number of investors. While the fragmentation of the Canadian marketplace hasn’t really driven too much consolidation, the recent notable examples (e.g. optionsXpress Canada being acquired by Virtual Brokers) are far and few between.

In the US, however, the marketplace is also hypercompetitive and earlier this week, two Chicago-based online brokerages OptionsHouse LLC and tradeMONSTER Group Inc announced they would be joining forces. This merger comes just over 2 years after the merger of another pair of Chicago-based US brokerages – TradeKing and Zecco. While two points a trend does not make, it is nonetheless interesting to see smaller players combine to take on the incumbent brokerage houses. Whether it’s two smaller brokerages teaming up or a case of a bigger fish acquiring a smaller one, the signs from the US discount brokerages may be sending a signal of things to come here in Canada.

From the Forums

What are Friends For?

Several Canadian discount brokerages have referral programs set up where existing clients can receive a bonus (usually cash or free trades) for having someone they refer open an account. In this post from Red Flag Deals, the community chimes in on the BMO InvestorLine refer-a-friend offer which provides up to $300 for a referral.

Some Change Won’t Do You Good

Forced currency conversions are a thorn in the side of many self-directed investors, especially given where the Loonie has been for the past few months. With that in mind, when online brokerages do conduct a foreign currency conversion, there is just that much less of a portfolio left. In this post from Canadian Money Forum, users discuss RBC Direct Investing’s foreign exchange practices with a Tax Free Savings Account (TFSA).

That takes to the end of the week and the roundup. As a quick reminder, the Cambridge House Canadian Investor Conference is coming up this weekend for those in and around the Vancouver region. Registration is free ahead of the conference. For those suffering from a bit of hockey withdrawal take heart, the best disinfectant is sunshine – so hopefully you’ll have a chance to get out and enjoy some.

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Discount Brokerage Weekly Roundup – May 9, 2014

If there’s one fear that doesn’t seem to be present in the market, it appears to be a fear of heights. Once again markets are touching new highs and venturing into uncharted territory – but they weren’t the only ones.

In this edition of the roundup, we cover quite a bit of ground starting with a pair of “growth-oriented” investor conferences that took place in Vancouver. Next we check out a couple of recently launched discount brokerage promotions and contests. Following that we report on an interesting level of hiring activity by different brokerages. Finally we end with a selection of thoughts from other Canadian investors via the investor forums & message boards.

Growing Opportunities

This past week Vancouver played host to two interesting growth-themed conferences.

The first was the new medical-marijuana focused Green Rush conference. According to reports, it was surprisingly well attended for a new conference and it drew in those curious about the potential ‘pot-of-gold’ at the end of the medical marijuana rainbow. Whether or not investors will see the green in their portfolios at this point is still too early to tell, but the speculators were out sniffing around.

Another growth themed conference took place a short distance away – this one with a focus on small cap companies. The spring edition of the Vancouver Small Cap conference showcased several guest speakers along with small cap company presentations. As with conferences past, there were a number of interesting tips and perspectives on a segment of the market that is typically classified as ‘high risk’. Read our full review of the Vancouver Small Cap Conference for more information.

ETF Contest on the Horizon

Horizon’s Exchange Traded Funds (ETFs) in partnership with National Bank Direct Brokerage are once again running their Biggest Winner contest. The contest runs from market open on May 20th to market close on June 27, 2014.

This year the prizes consist of $500 cash weekly for the 6 week duration of the contest, a grand prize of $7500 at the end of the competition and a runner up prize of $2500. The grand prize will be awarded to the portfolio that has the highest account value at the end of the competition. The weekly prizes will be awarded to the individual with the highest percentage gain. For full details on the contest or to register, click here.

Cash is King

According to the following forum post via the Financial Wisdom Forum, BMO InvestorLine has another cash back promotion running (not advertised on the front-end of their website) geared towards investors depositing either $250,000-$499,999 or $500,000+. The promotion offers either $700 or $1500 cash back depending on the deposit size. Full details on the promotion are available here.

BMO InvestorLine was also busy this week announcing updates to its adviceDirect service. Specifically a number of additional updates were released that focus around personalized ETF buy and sell recommendations and an improved ability to personalize recommendations with sorting functions.

New Features Coming to Questrade

Another interesting nugget from the investor forums came from a Questrade representative posting on the RedFlagDeals forum. Specifically, the rep let readers know that bracket orders would soon be launched by Questrade as part of the new release of the IQ platform. Traders on advanced platforms such as TD Direct Investing’s ThinkOrSwim (aka the US Trading Platform) and Active Trader platforms, or Interactive Brokers’ TWS have been able to take advantage of bracket orders (aka conditional orders or One Cancels the Other orders).

Questrade bracket orders

With Questrade now providing the feature it will be an interesting selling point for their platform. There are other online brokerages (who unfortunately cannot be named at this point) who are also currently working on the implementation of bracket orders.

Hiring Spree

Two points a trend does not make. That said, there seems to have been a slightly greater than usual spike in the number of job postings coming from Canadian discount brokerages.

In a recent roundup we covered the launch of Questrade’s new careers twitter handle and in these past two weeks there have been a number of postings for sales reps and client reps.

While it is difficult to pin down exactly what is prompting the timing, hiring more staff to either service or “onboard”new clients is a sign that several brokerages are not sitting back when it comes to looking for new business.

Among the brokerages with recent hiring posts:

 From the Forums

Activity across the forums looks like it pulled back a bit – perhaps on account of the nicer weather pulling folks away from the screens and into the better weather. This week’s selection comes from the RedFlagDeals forum as well as from the Canadian personal finance section of Reddit.

Questrade vs Virtual Brokers – encore

Comparing the two low cost online brokerages is a popular source of discussion – here is yet another interesting thread comparing them both.

Keeping it Casual

As we pointed out last roundup, seeking out advice from Reddit can be a hit or miss proposition. Nonetheless a thread that crossed our radar (which can be found here) was from a user looking to find the best brokerage for a “casual investor”. The responses of users were interesting and it was also noteworthy to see that even on Reddit, folks are prone to having multiple brokerage accounts.

That does it for this week’s roundup. We wish all the moms of the bulls and bears out there a wonderful Mother’s Day. For those brave enough to be looking for a Mother’s Day themed investment or three, this interesting segment from CNBC might provide a few ideas other than flowers:

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Discount Brokerage Deals & Promotions – May 2014

[Updated: July 10, 2014]

While many in the markets might be thinking of  May as the time to head for the exits, it is interesting to see what is or isn’t being offered by Canadian discount brokerages in terms of deals and promotions. Heading into a new month, there were a few deals from April that were poised to officially expire, most notable among them the TD Direct Investing deal as well as the BMO InvestorLine 500/500 offer. Of the two brokerages, only the latter has put forward a new deal for the next 3 months – a signal that one of the bigger players is timing and structuring their offering around a typical slowdown in the activity level of account opens.

So, as we start May, it appears that most discount brokerage deals are in a bit of a holding pattern. There are still at least 12 promotions on the table from 6 brokerages so for those shopping around for an online trading account deal, there is a decent selection of offers to consider. And, with news about increased participation from retail investors back in the market, we expect brokerages to continue to compete for new clients with new offers in the not-too-distant future. As always, we’ll continue to monitor for new deals & promotions.

New Deals

Update May 20, 2014:

  • A helpful reader (thanks Pierre-Luc!) shared the news of another BMO offer aimed at higher account balances/deposits.  The “Select1500” promotion provides $700 cash back for deposits of at least $700 and $1500 for deposits of $500,000 or more. See table below for more info.

Update May 18, 2014:

  • Questrade is offering a promotion of a $50 Amazon.ca gift card for clients who open and fund a new account with at least $5,000 and who make at least 1 commission generating trade.  This promotion appears to be short lived and expires at the end of June 2014. See the table below for more details
  • BMO InvestorLine launched a new promotion aimed at younger investors (between the ages of 18 and 35) with an offer of 35 free trades and the chance to enter a contest to win $3500.  Automatic entry to the contest is granted to those opening new non-registered accounts.  Included as part of the deal is an investing eBook from the Globe and Mail. See the table below for additional details and deadlines.

The one deal that is new for this month is an offer (the 50/50 promo) by BMO InvestorLine. For self-directed investors, this is an interesting one in that the commission credit ($50) and number of free trades (50) is lower than the deal that just ended but BMO InvestorLine is offering a year-long subscription (~$240 value) to GlobeInvestor as part of the sign-up offer. The total face value of the offer works out to be just shy of $788.

Strategically this offer could work for or against BMO InvestorLine. Several of the other bank-owned online brokerages advertise in the Globe and Mail so providing new clients with more access to the paid-only GlobeInvestor means putting those same clients into a channel where other advertisers will be looking to win them back over. In one plausible scenario, it could prompt other brokerages to launch some headline grabbing deals between now and July which would certainly get those newly opened accounts thinking hard about the deal they were offered. We’ll certainly be watching closely to see what unfolds from here though.

Extended Deals

At this time it looks like most of the deals that weren’t set to expire at the end of April have expiry dates past May.

Expired Deals

[Update: July 10, 2014]

  • Editor’s Note: A representative from BMO Investorline has contacted us directly to let us know that the terms for the Select1500 and Select700 offers are being updated and that this will only be offered to select existing clients.  As such we have removed this offer from the deals sections in which it appears.

The two big deals that expired at the end of April were the offers by TD Direct Investing and BMO InvestorLine respectively.  TD Direct Investing also had an account transfer offer that expired along with their commission-rebate offer.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion October 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Open an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “FTR2” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer. $1,000 25 commission-free trades 365 days 25 free trades offer June 30, 2014
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by July 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades July 1, 2014
Open and fund a new account at Questrade with at least $5000 and place at least one commission generating trade, and Questrade will provide a gift card from Amazon.ca worth $50. Use promo code BONUS50 when signing up. Be sure to read the full terms and conditions for more information. $5,000 $50 gift card from Amazon Receive gift card after placing 1 commission generating trade Amazon Gift Card Promo June 30, 2014
Disnat As part of their Stockscores tour, Disnat Direct is offering a “hat trick” promotion. Open a new account with at least $10,000 by June 15, 2014 and receive: $300 in commission credits, 3 months of trading at $5 commission per trade, 3 months of platform access to DDWeb/DDXtra and 1 year’s free subscription to TradeScores daily newsletter. Use the promo code “Hat Trick” when registering via phone. Read the terms and conditions for more details. $10,000 1) $300 commission credits 2) 3 months of $5/trade commission rate 3) 3 months platform access to DDWeb/DDXtra 4)1 year’s free subscription to TradeScores daily newsletter 1) 3 months Disnat Direct Hat Trick Promotion June 15, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade June 30, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk June 30, 2014
Scotia iTrade Open a new account by June 29 & fund with: A) between $15,000-$99,99 B) $100,000-$499,999 or C)$500,000+ and receive either A)$50 cash back or 100 free trades B)$250 cash back or 250 trades or C)$500 cash back or 500 free trades. Also, Scotia iTrade is including 6 months free access to their FlightDesk trading platform. Use promo code: SPTRD14 for free trades and CSHSG for cash back. Be sure to read the terms & conditions on this deal. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A)$50 or 100 free trades B)$250 or 250 free trades C)$500 or 500 free trades Cash Back: deposit by Feb 28/15 Commission Rebate: 90 days $500 Cash Back or 500 Free Trade promo June 29, 2014
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account by July 31, 2014 with at least $50,000 and BMO InvestorLine will provide a $50 cash back offer, 50 commission-free trades and a 1 year subscription to GlobeInvestor. Use promo code BONUS to qualify when signing up. Be sure to read full deal terms and conditions. $50,000 $50 cash back 50 commission-free trades ($497.50 value) 1 year subscription to Globe Investor (~$228 value) Cash Back: Payout after 6 months Commission-Credits: 50 days Spring “New Investors” 50 50 Promotion July 31, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo August 29, 2014
Open and fund a new account with Questrade before May 30th 2014 and receive either A)$100 or B)$250 cash back for a deposit of either A)$50,000 or more or B)$100,000 or more. This offer is open to new and existing clients. Use promo code CASHBACK250 to qualify. Be sure to read the full terms and conditions associated with this offer. A)$50,000 B)$100,000 A)$100 cash back B)$250 cash back Payout occurs within 30 days of account funding Cash Back 250 Offer May 30th, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Tranfer $15,000 or more and Scotia iTrade may cover up to $150 of the transfer fee. $150 $15,000 $500 Cash Back or 500 Free Trade promo June 29, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before June 30, 2014 $150 $25,000 Transfer Fee Promo June 30, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo August 29, 2014
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Discount Brokerage Deals & Promotions – April 2014

[*Updated 4/15/14*] There are noticeably fewer discount brokerage deals & promotions at the start of April than at the same time last month. That said, this is spring and there are any number of surprises that can pop up.

While the month starts off on a slightly leaner note than month’s past there were a couple of very big deals announced in March from TD Direct Investing as well as from Desjardins Online Brokerage (Disnat) which should have rival brokerages cooking up a response in the near future.

Coming into April, several deals saw an extension of their deadlines including deals from BMO InvestorLine, Disnat, Virtual Brokers and Scotia iTrade.  Of these deals, BMO’s offer is set to expire in early April which suggests that something interesting may be coming from this online brokerage in the days to come.

In terms of expired offers, the major offers from HSBC InvestDirect and National Bank Direct Brokerage were the biggest ones that concluded at the end of March.  That said, there are likely promo offers that NBDB is working towards as they continue their push to maintain competitiveness with the bigger online brokerage players in the space.

For investors looking for a promotion or a deal on an online trading account, the good news is that there is still lots to choose from and there are offers that span all activity levels of investor.  If the previous months have been any indicator, however, there is likely more to come in the near future especially as Canadians ponder which online brokerage they’d like to invest their income tax refunds with.

New Deals

[Updated 4/15/14] – Scotia iTrade has launched a sizable deal this month with a $500 cash back OR 500 free trade offer for deposits of $500,000 or more.  This is largest deposit promotion we’ve seen in some time, a sign that competition is heating up.  Cash back or free trade offers are also being made available for deposits of $15,000-$99,999 ($50 or 100 free trades) and for deposits of $100,000-$499,999 ($250 or 250 free trades). In addition, this deal also comes with 6 months free access to Scotia iTrade’s FlightDesk platform and coverage of transfer fees up to $150. More details below]

[Updated 4/14/14 – Questrade jumped back into the deals space again this month, this time with the launch of their cash back offer of $100 for a deposit of $50,000 or $250 for a deposit of $100,000 or more. More details below.]

  1. Disnat ‘hat trick’ offer
  2. TD Direct Investing Free Trade Offer
  3. Questrade Cash Back Promotion
  4. Scotia iTrade $500/500 trade

Extended Deals

  1. BMO InvestorLine $300 cash back + 300 trade  offer [Update 4/14/14: BMO has extended the deadline for this offer from April 9th to April 30th]
  2. Disnat $300 commission credit
  3. Virtual Brokers 25 free trades offer
  4. Scotia iTrade refer-a-friend

Expired Deals

  1. BMO InvestorLine: RSP Cross Sell Promotion
  2. Credential Direct’s 5+5 Offer
  3. HSBC InvestDirect Dalbar Award Trading Offer
  4. NBDB Commission Credit Offer
  5. Questrade iPad Mini Offer
  6. Questrade Unlimited Trade Offer
  7. RBC Direct Investing’s 20 Free Trade Offer
  8. Scotia iTrade Stanley Cup Promotion

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
Open and fund a new account at TD Direct Investing with either A)$99,999 or less or B)$100,000 or more and receive commission rebates on either A)30 trades or B)300 trades. New accounts must be opened by April 30, 2014. Be sure to read the terms and conditions for full information on this offer. A)$0-$99,999 B)$100,000+ A) 30 commission free trades (rebated) B) 300 commission free trades (rebated) Trades must be executed by August 1, 2014 4pm ET to qualify for rebate. TD Direct Investing Free Trade Offer April 30, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Open an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “FTR2” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer. $1,000 25 commission-free trades 365 days 25 free trades offer June 30, 2014
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by July 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades July 1, 2014
Disnat As part of their Stockscores tour, Disnat Direct is offering a “hat trick” promotion. Open a new account with at least $10,000 by June 15, 2014 and receive: $300 in commission credits, 3 months of trading at $5 commission per trade, 3 months of platform access to DDWeb/DDXtra and 1 year’s free subscription to TradeScores daily newsletter. Use the promo code “Hat Trick” when registering via phone. Read the terms and conditions for more details. $10,000 1) $300 commission credits 2) 3 months of $5/trade commission rate 3) 3 months platform access to DDWeb/DDXtra 4)1 year’s free subscription to TradeScores daily newsletter 1) 3 months Disnat Direct Hat Trick Promotion June 15, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade June 30, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk June 30, 2014
Scotia iTrade Open a new account by June 29 & fund with: A) between $15,000-$99,99 B) $100,000-$499,999 or C)$500,000+ and receive either A)$50 cash back or 100 free trades B)$250 cash back or 250 trades or C)$500 cash back or 500 free trades. Also, Scotia iTrade is including 6 months free access to their FlightDesk trading platform. Use promo code: SPTRD14 for free trades and CSHSG for cash back. Be sure to read the terms & conditions on this deal. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A)$50 or 100 free trades B)$250 or 250 free trades C)$500 or 500 free trades Cash Back: deposit by Feb 28/15 Commission Rebate: 90 days $500 Cash Back or 500 Free Trade promo June 29, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo August 29, 2014
Open and fund a new account with Questrade before May 30th 2014 and receive either A)$100 or B)$250 cash back for a deposit of either A)$50,000 or more or B)$100,000 or more. This offer is open to new and existing clients. Use promo code CASHBACK250 to qualify. Be sure to read the full terms and conditions associated with this offer. A)$50,000 B)$100,000 A)$100 cash back B)$250 cash back Payout occurs within 30 days of account funding Cash Back 250 Offer May 30th, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
BMO InvestorLine [Main offer]Open a new account or deposit new funds of $100,00 or more and you can be eligible for cash rebates of $250 and 250 commission-free trades (Promo code: RSP250). [Bonus Offer] If you open a new account or fund another account you could also be eligible for an additional $50 and 50 commission-free trades (Promo code ADD50). Be sure to read the full details & terms of this offer. $100,000 (main offer) $5000 (bonus offer) [main offer] $250 cash back + 250 commission-free trades (max value $2500) [Bonus offer] $50 + 50 commission-free trades 90 days $300 + 300 trade offer April 30, 2014

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Tranfer $15,000 or more and Scotia iTrade may cover up to $150 of the transfer fee. $150 $15,000 $500 Cash Back or 500 Free Trade promo June 29, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer at least $25,000 to TD Direct Investing and TD will cover up to $150 in transfer fees $150 $25,000 TD Direct Investing Free Trade Offer April 30, 2014
Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before June 30, 2014 $150 $25,000 Transfer Fee Promo June 30, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo August 29, 2014
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Discount Brokerage Deals & Promotions – March 2014

*Updated March 28/2014* The deals and promotions offered by Canadian discount brokerages at the outset of March are largely unchanged from February.  While the the deals may be starting March looking one way,  there’s a good chance that the end of March will look very different.  Of the 18 offers currently available, 12 are set to expire within or by the end of this month. Several bank-owned online brokerage promotions are set to end within the first two weeks of March so there is a good chance that either extensions and/or additional deals will start to show up as we ‘march’ on through the month. At the start of the month, however, there is only one noteworthy offer that was launched by HSBC InvestDirect late into February.

Expired Deals

The following discount brokerage deals expired this past February:

  • CIBC Investor’s Edge offer which essentially expired at the outset of February
  • BMO InvestorLine’s Lunar New Year Offer
  • HSBC InvestDirect’s 5 free trades for an account transfer offer is now expired

Extended Deals

The expiry date on Questrade’s iPad Mini offer has been extended to March 31st 2014. Questrade has also extended their 100 free trade offer to July of 2014.

New Deals & Promos

[Update March 28/2014: Desjardins Online Brokerage (aka Disnat) is launching a new promotion as part of their Stockscores education tour.  The “hat trick” promotion features a series of offers bundled together for individuals who open a Disnat Direct account and deposit at least $10,000.  The offer includes:

  • $300 in commission credits (good for up to 3 months)
  • 3 months of their lowest commission level – $5/trade
  • 3 months access to their DDweb and/or DDXtra trading platforms
  • 1 year’s subscription to the Tradescores daily newsletter

See the table below for additional info]

[Update March 18/2014: TD Direct Investing has just announced a monster offer as part of their 30 year anniversary: 300 commission free trades for deposits of $100,000 or more.  This is by far one of the biggest offers to come from TD Direct Investing and is much larger than any of the other bank-owned peers for this deposit level.  For those deposits less than $99,999, TD is offering 30 commission free trades. The terms and conditions on this offer are also very straightforward so it’s worth a look over for those thinking about TD. More details in the table below]

The most noteworthy deal to show up late into February was HSBC InvestDirect’s unlimited trading offer to celebrate their recent strong performance on the Dalbar direct brokerage service award.  This offer is available to existing and new clients and enables qualifying clients to trade North American as well as international equities commission-free for 30 calendar days.  It is important to note that commissions are charged at the time of the trade and are refunded after 90 days. Of course one of the big draws of this offer is that there is no minimum deposit required to qualify.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
Open a new account at HSBC Invest Direct by March 31st, 2014 and receive 30 calendar days of free equity (including ETF) trading of North American and International equities. This offer is open to new and existing HSBC InvestDirect clients. Be sure to read the terms and conditions and the FAQs for more details. $0 Unlimited equity trades (commissions to be rebated within 90d) 30 days HSBC Dalbar Award Offer Terms & Conditions. For FAQ information, click here March 31, 2014
Open and fund a new account at TD Direct Investing with either A)$99,999 or less or B)$100,000 or more and receive commission rebates on either A)30 trades or B)300 trades. New accounts must be opened by April 30, 2014. Be sure to read the terms and conditions for full information on this offer. A)$0-$99,999 B)$100,000+ A) 30 commission free trades (rebated) B) 300 commission free trades (rebated) Trades must be executed by August 1, 2014 4pm ET to qualify for rebate. TD Direct Investing Free Trade Offer April 30, 2014
Open a new account with RBC Direct Investing before March 3, 2014 and they will offer 20 commission free trades that are good for use for up to 90 days. Use promo code: 20W17 when opening the account. Be sure to read the offer page and the terms and conditions page for full information. $0 20 free trades (equity & etf) 90 days For the offer page, click here and for the terms and conditions, click here March 3, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Open an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “25FTNE” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer. $1,000 25 commission-free trades 365 days 25 free trades offer March 31, 2014
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by July 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades July 1, 2014
Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDW14 when signing up. Be sure to read the terms and conditions for more information. A)$1,000 B)$25,000 C)$50,000 Unlimited commission-free trades during associated period. A) 31 days B) 62 days C) 90 days Questrade Unlimited Trade Promo March 3, 2014
Disnat As part of their Stockscores tour, Disnat Direct is offering a “hat trick” promotion. Open a new account with at least $10,000 by June 15, 2014 and receive: $300 in commission credits, 3 months of trading at $5 commission per trade, 3 months of platform access to DDWeb/DDXtra and 1 year’s free subscription to TradeScores daily newsletter. Use the promo code “Hat Trick” when registering via phone. Read the terms and conditions for more details. $10,000 1) $300 commission credits 2) 3 months of $5/trade commission rate 3) 3 months platform access to DDWeb/DDXtra 4)1 year’s free subscription to TradeScores daily newsletter 1) 3 months Disnat Direct Hat Trick Promotion June 15, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade March 31, 2014
Deposit $5,000 into an RSP and $5,000 into either a cash or TFSA account and Credential Direct will waive the $50 administration fee for the RSP account. Be sure to contact their customer service to clarify the exact terms & conditions. $10,000 ($5000 into RSP + $5000 into TFSA/Cash account) $50 admin fee waived none 5+5 Promotion March 3, 2014
Scotia iTrade Open a new account with Scotia iTrade and fund it with at least $15,000, and you can receive 100 commission-free trades, 60 days of FlightDesk and be entered into a contest for a trip to the Stanley Cup Finals or one of 5 runner-up prizes of iPad Air (64gb). Use Promo code RS13-SCE when opening the account. Existing clients must call customer service to qualify for contest entry. There are lots of terms, conditions, and rules/regulations so be sure to read them for more details. $15,000 100 free trades ($999 max value @ 9.99 commission rate) 60 days Stake Your Claim to the Stanley Cup Promotion March 24, 2014
Open a new account before March 31, 2014 with at least a)$20,000 or b)$100,000 and National Bank Direct Brokerage will offer up to a)$500 or b)$1000 in commission fee credits. Use the promo code “CASHBACK2014” when signing up to qualify for this offer. Be sure to read the terms and conditions for this offer especially the refund dates for commission credits. A)$20,000 B)$100,000 A)$500 commission credit B)$1000 commission credit 90 days Invest and get cash back offer March 31, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk June 30, 2014
BMO InvestorLine Open and fund a new RSP or TFSA account with BMO InvestorLine with either A)$25,000 or B)$50,000 and they will pay either A)$100 or B)$250 cash back. The promo code for the $100 cash back is “SELECTR100” and for the $250 cash back offer is “SELECTR250”. Be sure to read the terms & conditions for more information. A)$25,000 B)$50,000 A)$100 B)$250 Payout occurs after 6 months Registered Account Cross Sell Campaign March 31, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo March 31, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
BMO InvestorLine [Main offer]Open a new account or deposit new funds of $100,00 or more and you can be eligible for cash rebates of $250 and 250 commission-free trades (Promo code: RSP250). [Bonus Offer] If you open a new account or fund another account you could also be eligible for an additional $50 and 50 commission-free trades (Promo code ADD50). Be sure to read the full details & terms of this offer. $100,000 (main offer) $5000 (bonus offer) [main offer] $250 cash back + 250 commission-free trades (max value $2500) [Bonus offer] $50 + 50 commission-free trades 90 days $300 + 300 trade offer March 10, 2014
Open a new account or transfer new assets of $100,000 or more and choose between receiving either a)A 16GB iPad Mini or B)$250 cash back. Be sure to choose the appropriate code (IPADMINIW13 for the iPad Mini and CASH250W13 for the cash back offer) for each offer. There are several important conditions so be sure to read the terms and conditions for this offer. $100,000 A) iPad Mini (16 GB) [~$270-320 value] B) $250 Cash Payout/iPad delivery occurs after 30 days. iPad Mini or $250 Cash Back March 31, 2014

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer at least $25,000 to TD Direct Investing and TD will cover up to $150 in transfer fees $150 $25,000 TD Direct Investing Free Trade Offer April 30, 2014
Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before March 31, 2014 $150 $25,000 Transfer Fee Promo March 31, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo March 31, 2014
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Discount Brokerage Weekly Roundup – February 28, 2014

inconvenient power outageLess than a week after skiers and snowboarders were making their way down the slopes, a different set of peaks and valleys are now confronting investors. At the peak, the S&P 500 chased a new all-time high this week. Down in the valley is bitcoin because of the loss of a major exchange to a possible theft.

Canadian discount brokerages were also busy navigating their own ups and downs this past week. In this roundup we look at a major Canadian online brokerage that went temporarily offline, roll outs of a new set of US Dollar registered accounts, the continued ripple effect of standard commission price drops, a couple of interesting educational resources and finally, some insightful threads from the Canadian investor forums.

TD WebBroker Goes Offline

As one of Canada’s largest bank-owned discount brokerages, clients of TD Direct Investing had a rough couple of days this week when WebBroker (and EasyWeb) went offline due to technical difficulties.  The cause of the outage was not disclosed however the outage caught the attention of investors on social media, forums and mainstream media.


The outage is an important example of what can sometimes go wrong when trading online and also where traders can turn when something unknown happens. Active traders that had open positions or trades going against them were likely in for a white-knuckle ride as they were forced to wait and watch the market unfold.  For others who were looking to contribute into their RRSP accounts ahead of the deadline, the downtime was understandably frustrating.

While it is cold comfort to investors or traders who are unable to access their account, the fact is that technical glitches can happen to any online brokerage, exchange or data providing member in the convoluted pathway between buyer and seller. Part of trading online means preparing for and accepting these hazards.

Even though TD did apparently broadcast the service interruption, it was interesting to note that on Twitter there were a number of messages from users indicating the issue first arising, escalating and finally being resolved.  The use of Twitter as a way to stay informed about what’s happening in near real-time comes in handy when other channels aren’t providing much information.

USD Registered Accounts Quietly Rolling Out

US dollar registered accounts are great feature for those who do a great deal of trading in US listed equities and options. While several bank-owned online brokerages do offer this, some of the major brokerages such as TD Direct Investing, have yet to bring this feature to clients.

A comment left by visitor ‘Jin’ earlier this week brought to light that National Bank Direct Brokerage is quietly offering existing and prospective clients USD TFSAs and RRSPs. Upon following up with a client rep from NBDB, they explained that these accounts are being rolled out as part of a multi-phase plan and that currently they are about 2/3 of the way through this process.  What this means for investors is that, for the moment, these registered accounts can accept deposits in USD and clients can trade (and hold) USD equities, however withdrawals from the account will result in a currency conversion back into CAD.   We’ll continue to monitor this as more information becomes available.

Price Drops Continuing to Make a Splash

While Canadian discount brokerages commission pricing still has plenty of room to fall when compared to brokerages in the US (such as Robinhood which doesn’t charge any commissions on a trade) the recent moves by bank-owned online brokerages are continuing to make waves with investors. This article from the Toronto Star is a perfect example of the spotlight now shining on pricing.  For those considering the new lower commission costs, it is also important to consider any other costs that still may be associated with the account, such as inactivity fees or minimum balance fees. The second of our two-part series (released this week) looks at the commission-price drops at bank-owned online brokerages and in particular at some of these fees.

Know Your Options

One of the new ‘battlegrounds’ for the deep discount brokerages is in options trading.  Recently Virtual Brokers released a new promotion that offers free data for their PowerTrader Pro platform for clients who make one or more complex options trades.  Earlier today, Questrade released a free guide to options trading which explains some of the complex trade types that can be placed using the Questrade IQ platform.  To download a free copy of the guide, click here.

Another interesting story readers may be interested in tracking is a special by CBC Marketplace this Friday (tonight). This story is the result of a mystery shop exercise at Canadian financial firms (including Canada’s big 5 banks) to see what kind of financial advice was being dished out by the firms’ “financial advisers”.

From the Forums

This week’s forum threads  capture the outage at TD described above (and the lessons other investors can draw from this situation) as well as an instructive post on how to convert from USD to CAD using Interactive Brokers.

Murphy’s Law

The forums were alight with users of TD Direct Investing not being able to access their accounts.  Check out the following posts on Canadian Money Forum and Red Flag Deals as a sobering reminder that as DIY investors there’s a lot more that can go wrong when trading online.

Crossing the Border

For those curious about using their brokerage to convert between USD and CAD, there have been a number of different approaches.  This post on RedFlagDeals’ forum provides a concise ‘how to’ for users of Interactive Brokers.

That does it for this February-ending edition of the weekly roundup. Have a safe and warm weekend!

 

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Ten is the New Thirty: A Review of Price Drops at Canadian Bank-Owned Online Brokerages – Part 2

In part one of this series, we looked at the recent moves by Canadian bank-owned online brokerages to reduce their standard commission fees.  Since standard commission fees are just part of the fee picture, part two focuses on how to evaluate the other fees that clients may still be on the hook for.

Small Stack

For individuals with less than $50,000 combined in their investment accounts, the access to better commission pricing is most certainly welcomed.  That said, there are still minimum account balance thresholds (between $10,000 and $20,000 depending on the brokerage) that can result in fees being applied against an account.

Fortunately, all of the online brokerages promoting sub-$10 standard commissions offer some type of option to have these additional fees waived.  The current options fall into the following three categories:

  1. Executing a certain number of trades per month, per quarter or per year
  2. Contributing a certain amount per month to a pre-authorized investment plan
  3. Holding additional accounts with the same discount brokerage/parent bank

In deciding on whether doing something to save on a fee is a sound strategy, it is important to first understand the cost of ‘doing nothing’.

Maintenance Costs

In comparing the current sub-$10 commission fee offers, the administrative fees (also called custody fees, maintenance fees or account minimum fees) that are charged by the four bank-owned brokerages are about the same when compared on an annual basis.  Across the board, the annual fee works out to $100 per year although how this is calculated varies from brokerage to brokerage.

Three online brokerages (BMO InvestorLine, RBC Direct Investing and TD Direct Investing) assess this fee ($25) on a quarterly basis. National Bank Direct Brokerage, however, evaluates trading activity on an annual basis and charges $100 per year for those that don’t meet the activity/balance minimums by a specified cut-off date each year.

Strategy 1: Trade to Save

Each bank-owned discount brokerage currently offering sub-$10 trades allows  clients to trade a certain number of times (e.g. quarterly, semi-annually, or annually) to avoid the maintenance fee.

While each offer may vary in the time frame over which they require trading, annualizing the cost of trading in order to qualify for fee exemption allows for comparison between plans and also presents an interesting result.

As shown in the chart below, at three out of the four brokerages (BMO InvestorLine, TD Direct Investing and National Bank Direct Brokerage), it is actually cheaper to trade the minimum activity than it is to pay the maintenance fee.  At RBC Direct Investing, however, trading to avoid the maintenance fee is actually more expensive than paying the maintenance fee because clients have to trade at least 3 times per quarter to qualify for an exemption.

Canadian Online Brokerage Commission Fee Comparison

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Discount Brokerage Weekly Roundup – February 21, 2014

Posts matterThis past week in the Canadian discount brokerage space seemed about as quiet as the US Women’s Olympic hockey team dressing room after that most spectacular win by Team Canada.   The silence on the brokerage front, however, is likely indicative of the planning and ‘strategizing’ by marketing and product teams as the battle for brokerage supremacy heats up.  In fact, there are whispers around the discount brokerage industry are that there will be additional deals and price drops in the very near future. For the present though, this roundup will take a look at the next brokerage to join the sub-$10 per trade club , the results of an interesting survey about RRSPs as well as a selection of interesting conversations from across the Canadian investor forums.

If a Commission Drops in the Forest…

This past week National Bank Direct Brokerage became the fourth bank-owned brokerage to drop its standard commission fee to under $10. Interestingly the response on either forums or social media didn’t generate much interest.  On our end, however, we did ensure that NBDB’s pricing drop did not go unnoticed. Today we launched part 1 of the two part series looking at all of the bank-owned online brokerages’ recent commission lowering moves, including National Bank’s.

Stash First, Save Later

In addition to their commission announcement, National Bank Direct Brokerage also announced the results of a survey that looked at opinions of Quebec internet users 18 and older regarding RRSP contributions.  The findings of the study were interesting in terms of the amounts that individuals disclosed they thought would need as a minimum in order to contribute to their RRSPs.  According to the survey the average contribution amount turned out to be $2750 suggesting that individuals may have a preference for contributing lump-sum amounts versus making smaller, regular contributions.

Coincidentally, with the latest commission price drops, at least two bank-owned brokerages (TD Direct Investing and RBC Direct Investing) have made pre-authorized contributions to an account or having an RRSP account part of the criteria that can help those with modest or small portfolio balances not incur quarterly maintenance/account fees.

Around the Forums

As we edge closer to the RRSP contribution deadline for 2013, the conversations around the forums are definitely starting to reflect both tax and RRSP type of questions.  Of course, some folks are already anticipating what to do with their income tax refunds by getting prepared to invest and so online trading account questions are also popping up.  This week there’s a couple of interesting posts that reflect some of the nitty gritty that DIY investors typically encounter when investing online.

For Whom the Border Tolls

The Olympic spirit may be all about bringing different countries together, but investing in stocks from different countries can cause all kinds of ‘quirky’ issues.  The following post from Canadian Money Forum details the woes of holding American Depository Receipts (ADRs) (i.e. shares in foreign company) and the coordination of dividends that come from them.

A Taxing Problem

In the following post, a forum user has to figure out what to do with all the money they’ve made in a margin account. Oh, it sounds like a tough life.  For investors, however, when things do go the right way there are important tax considerations that fellow forum members provide some perspective on.  Of course, nothing beats the advice of a qualified accounting professional in these cases.

That wraps things up for this week.  The Olympics are coming to an end next week and it looks like Canada’s done a smashing job.  Congratulations to all of the Canadian athletes and good luck to the men’s hockey team as they face-off against the Swedes.  Also, February is officially coming to an end next week so be sure to check the deals and promos section to see which deals are also going to wrap up.   Have a great weekend and #GoCanadaGo!

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Ten is the New Thirty: A Review of Price Drops at Canadian Bank-Owned Online Brokerages – Part 1

New Discount Brokerage Commissions are $10For Canadian discount brokerages, 2014 has already been an eventful year. It has now been just over a month since RBC Direct Investing announced the lowering of their standard trading commissions and in that time, the predicted response from several other bank-owned online brokerages has materialized. Since the RBC announcement, BMO InvestorLine, TD Direct Investing and National Bank Direct Brokerage have all lowered their standard equity commission pricing with more bank-owned brokerages expected to follow suit.

Going forward, there are two important reasons why do-it-yourself investors will have to pay extra attention to the online trading account plans being pitched to them. First, in the short term, expect pricing to continue to change as more brokerages adjust to the new ‘standard’ fee at below $10 per trade.  Second, discount brokerages will be marketing even harder to communicate what makes one brand better than another. For consumers, the upside is that they can likely expect more promotions, however the downside is that they will likely have to untangle a lot of clever marketing and read the fine print much more closely on any offers presented by Canadian discount brokerages.

In this two part series, we take a look at the bank-owned discount brokerages and the recent shift in standard commission pricing to uncover what this means for self-directed investors and for the discount brokerage industry in Canada.

Catch a Falling Star*

The priority self-directed investors place on commission pricing is an open secret amongst discount brokerages big and small.  As a case in point, several of the discount brokerage rankings that use cost as part of their measurement framework typically weight cost among their top categories. Considering the competitive dynamics of the industry, however, it is understandable why price is a popular battleground between competing firms.  While having a major bank-owned brokerage such as RBC Direct Investing lower its pricing,  there may have been other forces at play too. The presence of deep-discount brokerages such as Questrade and Virtual Brokers may have also helped to accelerate the pricing cuts. Whatever the case, it is clear that consumers were growing impatient with prices and other providers were able to gain traction with that dissatisfaction.

Judging by the consumer reactions online to the commission price cut as well as the speed with which other major bank-owned online brokerages have followed RBC’s move, two things are clear:  competition amongst discount brokerages remains high and pricing matters to consumers.

Bank-Owned Online Brokerages Lowering Commission Prices

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