Tag: Qtrade Direct Investing

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Discount Brokerage Deals and Promotions – October 2014

*Updated October 9, 2014*

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

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

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

Expired Deals

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

Extended Deals

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

New Deals

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

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

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

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

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion October 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by October 30 2014 A) $1000 or B) $10,000 to receive either A) 10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14F must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades October 30, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade October 31, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk December 31, 2014
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days Investors Edge Cash Back and Free Equity Trades Offer February 28, 2015
Open and fund a new account with at least $50,000 at TD Direct Investing and you may be eligible to receive up to 200 commission-free trades plus 60 days of free use of the premium data for the advanced dashboard. Trades must be completed within 60 days. Be sure to read the terms and conditions for full details on this offer. $50,000 200 commission-free trades (or $2,000 of commission rebates – whichever comes first); Advanced dashboard premium data rebate ($87) 60 days to use trades (rebate may be paid by May 30, 2015) Commission-free Trade Offer November 21, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo December 31, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
Open and fund a new account with at least $100,000 at Questrade and execute at least one commissionable trade and you may be eligible to receive an iPad Mini. Use promo code IPADMINI14F. Be sure to read terms and conditions for full details. $100,000 iPad mini (Wi-Fi only, 16 GB) iPad mini will be ordered within 30 days of eligibility criteria being met. Questrade iPad Mini Promo November 30, 2014
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion November 2, 2014

Transfer Fee Deals

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

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

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

Trade Here Often?

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

They’ve got the Power

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

What Rhymes with Price Drop?

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

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

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

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

That’s Us in the Spotlight

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

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

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

 From the Forums

 Aaand it’s gone

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

Tricks of the Trade

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

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

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Discount Brokerage Deals & Promotions – September 2014

(Updated: Sept. 15/14) Although it’s hard to believe, September is already here. For many it is a signal that Fall (and the cooler weather that comes with it) is just around the corner. Canadian online brokerages have had quite the summer and as they enter September the deals landscape seems to be cooling off – at least for now.

The big story going into September, however, is the apparent pull-back of big (>50) free trade offers.

At the writing of this post, Scotia iTrade’s 100 free trade offer is officially listed as having expired on August 31st (update: it has now been officially extended) and Questrade has retired (at least for now) their 100 free trade (note Sept. 6: this deal has now been extended) and unlimited trading offers. Should this remain true, it would signal the end (at least for now) of the major commission-free trade offers from these two players.

There are still commission credit/cash back offers such as Desjardins Online Brokerage’s $300 commission credit offer as well as offers from BMO InvestorLine and Questrade (at the $100K+ deposit level). In a market that hasn’t been particularly volatile, the large volume of free trades and the short time to use them in don’t seem to fit quite well together.

At the outset of September there four discount brokerages offering a total of 10 active deals, two of which were extensions from the end of August. Because of the long weekend, both Scotia iTrade and Questrade have offers listed on their websites that either don’t appear in the promotions section or do not have updated deadline dates. We’ll be sure to follow up within the week to see if anything changes in terms of extensions.

In relative terms, this month is off to a quiet start. Questrade did add one offer partway through August – its RESP promotion,  however no discount brokerage has a new promo launching out of the gate in September.

That said, several brokerages have disclosed that they’re working on new promotions for the fall, so we expect that there will be more activity soon enough. Without further ado, let’s recap which deals expired, which were extended and which joined the list of promotions for September.

Expired Deals:

[Updated: Sept. 15/14 – Scotia iTrade’s 100 Free Trades offer moved from ‘expired’ to ‘extended’]

[Updated: Sept. 6/14 – Questrade’s 100 free trade offer has moved from ‘expired’ to ‘extended’]

The end of August saw deals and promotions expire from National Bank Direct Brokerage (1), Questrade (3) and Scotia iTrade (1). Due to the long-weekend these figures could change pending an update of their website.

NBDB:

  • Margin Account promotion

Questrade:

  • One Free Trade per Month Offer
  • Unlimited Trade Promo

 

Extended Deals:

[[Updated: Sept. 15/14 – Scotia iTrade  reps have confirmed that the 100 Free Trades offer has been extended to December 31st, 2014]

[Updated: Sept. 6/14 – Questrade has extended it’s 10/100 free trade offer out until October 30, 2014]

A regular in this section, the Scotia iTrade Refer-a-Friend offer finds itself into the ‘extended’ category once again with the deadline for this offer being moved out to October 31st.

Another long-standing commission credit offer from Desjardins Online Brokerage (Disnat) also got extended out until the end of 2014 (December 31st to be exact).

New Deals

[Updated: Sept 15/14 – Scotia iTrade has launched one of it’s biggest promotions to date by offering up to 500 commission-free trades or $500 cash back for deposits of $500,000 or more.  Other free trade/cash back tiers are available for deposits of $15,000 – $99,999 (100 free trades or $50 cash back) and $100,000 – $499,999 (250 free trades or $250 cash back). The offer is open to existing clients as well as new clients however existing clients must call Scotia iTrade’s client services to qualify.  For new clients, specific offer codes must be used depending on the promotion desired (i.e. there’s a code for the cash back and a separate code for the free trades). See the table below for further details and the link to terms and conditions]

[Updated: Sept. 8/14 – Editor’s Note:  A BMO InvestorLine representative has clarified that the “Happy” promotion offer is only being extended to select visitors to their website and as such not all visitors/clients may be eligible. Given the restricted eligibility and to avoid any confusion, we have removed the offer details and link from the deals table below.  For any questions regarding this promotion, please contact a BMO InvestorLine representative. We would again like to extend our thanks to Brian for sharing this promo with our readers.]

There weren’t any new deals to announce at the beginning of September however Questrade’s ‘back-to-school’ timed RESP promotion is the latest deal (launched mid-August) being offered.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
BMO InvestorLine For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. n/a 35 commission-free trades 90 days Youth Promotion October 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new RESP account at Questrade with at least $1,000 and you may receive a $50 commission credit. Use promo code RESPFALL14 when signing up to be eligible. Be sure to read the full terms and conditions for this offer. $1,000 $50 commission credit 30 days Fall 2014 RESP Promo September 30, 2014
Open a new account (TFSA, Margin or RRSP) by October 30 2014 A) $1000 or B) $10,000 to receive either A) 10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14F must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information. A)$1,000 B)$10,000 A)10 free trades B)100 free trades 60 days 100 commission-free trades October 30, 2014
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade October 31, 2014
Scotia iTrade Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions. $15,000 100 commission-free trades ($999 value @ $9.99 commission rate) 60 days Scotia iTrade 100 free trades + FlightDesk December 31, 2014
Scotia iTrade Open a new account with Scotia iTrade with either A) $15,000 – $99,999 B) $100,000 – $499,999 or C) $500,000+ and you may be eligible to receive either A)100 free trades or $50 cash B)250 free trades or $250 or C)500 free trades or $500 cash. Accounts must be opened prior to December 31st, 2014. New clients use code: FATD14E for free trades and code: MONF14 for cash back. Existing clients must call client service (1-888-769-3723) to qualify. Be sure to read terms and conditions regarding minimum balance requirements and other details. A)$15,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ A) 100 commission-free trades or $50 cash B) 250 commission-free trades or $250 cash C) 500 commission-free trades or $500 cash For commission-free trades: 180 day limit For cash back: payout occurs by August 31, 2015 Cash back + Free trade offer December 31, 2014
Disnat Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $50,000 $300 commission credit 6 months Disnat $300 Commission Credit Promo December 31, 2014
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,000 B) $250,000+ A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100 Payout occurs after 60 days (subject to conditions). Refer A Friend Terms & Conditions October 31, 2014
Open or fund a new account at Questrade with a deposit of at least either A) $50,000 or more or B) $100,000 and Questrade will provide either A) $100 or B) $250. Use promo code CASHBACK250S when signing up. Be sure to read terms and conditions for minimum account balance requirements. A) $50,000 B) $100,000 A) $100 B) $250 Payout occurs within 30 days of account being funded to appropriate level Questrade Cash Back Promo September 30, 2014
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 25 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion November 2, 2014

Transfer Fee Deals

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

[Updated: August 9, 2014]

Coming into August, it’s hard to tell what’s hotter – the summer sun or the activity at Canadian discount brokerages.

This summer, online brokerages have been busy adding new features or tweaking their pricing structures and, we believe, the fall is when brokerages will be working hard to showcase these updates. For that reason, despite the quiet start, we think that August is going to be a particularly important month for deals and promotions.

In terms of new offers, BMO InvestorLine served up a new promotion to replace their outgoing 50/50 promotion which we take a deeper look at below. There were a few deals that expired within July – two at the outset (one from Questrade and the other from National Bank Direct Brokerage) and two towards the end (from BMO InvestorLine and Questrade).

To balance things out, two deals also appeared within July, again from Questrade (which we look at in detail here) and National Bank Direct Brokerage.

One of the interesting things to take note of for August is that there are 6 deals scheduled to expire (out of a total of 14 deals) – and while brokerages could conceivably extend them, the amount of possible promotion turnover going into September could be substantial.

Be on the lookout this month for in-depth looks at the different deals/promotions. Without further ado, let’s jump into the deals for August, and as always, if you hear of a promotion we don’t have listed let us know.

New Deals

[Updated: August 9, 2014]

  • After letting their iPad mini + cash back offer expire at the end of July, Questrade is back with a cash-back only offer promotion. Individuals who open an account and deposit at least $50,000 can qualify for $100 cash back and for deposits of at least $100,000 the cash back offer is $250. See table below for more details.

BMO InvestorLine has launched a new cash back + commission-free trade offer, amicably named the “Smile” campaign.

This offer is open to new and existing clients (who open a new account or opt-in) who deposit at least $100,000 into a qualifying account. Individuals who are eligible for the promotion will receive rebates for the commissions on up to 50 trades placed within 50 days of opening and funding the account as well as a cash rebate of $250.

According to the deal’s terms and conditions, clients will receive the rebates for trading commissions and the cash offer within 30 days after 6 months of the account being kept in good standing. This offer runs from August 1st to November 2nd. For additional details see table below.

Extended

None at this time.

Expired

Of the four deals that expired within July, only one of them had their expiry date moved up, namely the National Bank Direct Brokerage iPad Mini Promotion. In any event, here are the four deals that ended across July:

  • Questrade Canada Day Promotion
  • Questrade iPad Mini Promotion
  • National Bank Direct Brokerage iPad Mini Promotion
  • BMO InvestorLine Spring 50/50 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
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 and fund a new Canadian margin account with National Bank Direct Brokerage and receive a promotional margin interest rate of 2% for 3 months. New clients are also eligible for 3 months of $6.95 commission pricing. Use promo code: MARGIN2014 when signing up. Be sure to read terms and conditions for full details n/a A) 2% margin rate (for Canadian margin account only) B) $6.95 commission rate (new clients only) A) 3 months B) 3 months NBDB Margin Account Promotion August 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by 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 account (TFSA, Margin or RRSP) by August 30 2014 with either a)$1000 per month, b)$12,000 or c)$24,000 and receive 1 commission free trade per month for A) every consecutive month a $1000 deposit is made [promo code: ONETRADEMTH1000]; B) 12 months [promo code: ONETRADEMTH12] or C) 24 months [promo code: ONETRADEMTH24]. A) $1,000 per month (24 month max) B) $12,000 C) $24,000 A) 1 commission free trade per month per $1,000 deposit B) One commission-free trade per month for 12 months (12 trades) C) One commission-free trade per month for 24 months (24 trades) 1 month (each commission-free trade is only valid for month assigned) One Free Trade per Month Offer 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
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 August 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 August 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 or fund a new account at Questrade with a deposit of at least either A) $50,000 or more or B) $100,000 and Questrade will provide either A) $100 or B) $250. Use promo code CASHBACK250S when signing up. Be sure to read terms and conditions for minimum account balance requirements. A) $50,000 B) $100,000 A) $100 B) $250 Payout occurs within 30 days of account being funded to appropriate level Questrade Cash Back Promo September 30, 2014
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 50 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. $100,000 $250 cash back + 50 commission-free trades (rebated) 50 days (payout for cash back and commission rebate occurs after 6 months) Smile Promotion November 2, 2014

Transfer Fee Deals

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

[Updated: July 18, 2014]

July is here and while sidewalks and barbeques might be sizzling, deals at Canada’s online brokerages at the outset of the month are quite a bit cooler. That said, if history is any predictor, we don’t expect that situation to persist for too long.

As was the case last month, the beginning of the month is off to a quiet start. The deals that are currently in play feature commission-free trading, cash back offers and iPad minis.

In a landscape where pricing has become so competitive, it is interesting to take note of which brokerages are more willing to ‘give’ in order to ‘get’. The mix involves both bank and credit union-owned brokerages as well as independent brokerages, however there are more of the former than the latter.

So, just who is in the deal pool this month? Thus far it is BMO InvestorLine, Desjardins Online Brokerage (Disnat), JitneyTrade, National Bank Direct Brokerage, Scotia iTrade and Questrade. Of this group, BMO InvestorLine, Questrade and Scotia iTrade have multiple offers.

For more details on all of the offers, check the comparison table below. As always, if there are any deals that we’ve missed, we’d love to hear about them & share them with other Canadian investors.

New Deals

[Update: July 18, 2014]

  • National Bank Direct Brokerage has launched a new Canadian margin account promotion that offers an introductory margin rate of 2% (prime rate – 1%).   This offer is open to new and existing clients (who don’t already have a Canadian margin account). This offer is scheduled to run until August 31st 2014, see table below for more details.
  • Questrade has introduced an innovative new offer – get one commission-free trade per month for either 12 (with a $12,000 deposit), 24 months (with a $24,000 deposit) or for as long as you make a deposit of at least $1,000 per month for consecutive months (for up to 24 months). This offer is open to new and existing clients however for existing clients, funds for the new account cannot come from another Questrade account. Also, each free trade must be used in the month it is assigned to otherwise the trade expires (no carry forward or rollovers). For more details see table below or click the following link for an analysis of Questrade’s latest deal.

There are no new deals as of July 1st however there were 2 deals announced mid-late June (both from Questrade) which extend past and/or expire within July. .

The first, set to expire in early July (July 3rd) is a commission-free trading offer (the Canada Day promotion). This offer is interesting because it allows clients to have 25 commission-free trades that don’t expire until the end of December 2014 (~6 months). Many commission-free trading offers are good for between 60 and 90 days.

A second promotion announced in late June by Questrade was the 3 months of unlimited trading offer for deposits of $50,000 or more. There are also unlimited trading offers for those with lower deposit amounts – see the table below for more details. Currently Questrade is the only brokerage running ‘unlimited trading’ offers.

Extended Deals

Scotia iTrade has extended two of the three deals that were set to expire at the end of June.

The first, their Refer-a-Friend offer, has been extended out until October 31st. This deal had typically been extended at one month intervals so it is interesting to note that it is now be extended for the next 3 months.

Another deal extended by Scotia iTrade is their 100 commission-free trades offer (for deposits of $15,000 or more) which has been extended until August 31st.

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.

[Update: July 4, 2014]

  • National Bank Direct Brokerage has officially ended their iPad Mini Offer on July 2nd (earlier than the original July 31st deadline) because the iPad Minis had all been given away

Deals that wound down going into July include:

  • Desjardins Online Brokerage’s Hat Trick Offer
  • Questrade Amazon Gift Card Offer
  • Scotia iTrade’s $500 Cash Back/500 free trade Offer
  • Virtual Brokers Free Trade 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 and fund a new Canadian margin account with National Bank Direct Brokerage and receive a promotional margin interest rate of 2% for 3 months. New clients are also eligible for 3 months of $6.95 commission pricing. Use promo code: MARGIN2014 when signing up. Be sure to read terms and conditions for full details n/a A) 2% margin rate (for Canadian margin account only) B) $6.95 commission rate (new clients only) A) 3 months B) 3 months NBDB Margin Account Promotion August 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. $1,000 $50 commission credit (friend) $100 commission credit (referrer bonus) 60 days Refer a friend none
Open a new account (TFSA, Margin or RRSP) by 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 account (TFSA, Margin or RRSP) by August 30 2014 with either a)$1000 per month, b)$12,000 or c)$24,000 and receive 1 commission free trade per month for A) every consecutive month a $1000 deposit is made [promo code: ONETRADEMTH1000]; B) 12 months [promo code: ONETRADEMTH12] or C) 24 months [promo code: ONETRADEMTH24]. A) $1,000 per month (24 month max) B) $12,000 C) $24,000 A) 1 commission free trade per month per $1,000 deposit B) One commission-free trade per month for 12 months (12 trades) C) One commission-free trade per month for 24 months (24 trades) 1 month (each commission-free trade is only valid for month assigned) One Free Trade per Month Offer 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
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 August 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 August 31, 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 *EXPIRED JULY 2, 2014* (original expiry 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
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
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees $135 $25,000 Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $125 $25,000 Transfer Fee Promo none
Disnat Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info. $150 $50,000 Disnat $300 Commission Credit Promo August 29, 2014
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Discount Brokerage Weekly Roundup – June 20, 2014

It seems fitting to launch this week’s discount brokerage just ahead of the longest ‘day’ of the year. As the markets have proven yet again, the longs have it. Like the balance between day and night, however, there will inevitably be a shift. When that shift will happen, however, is anybody’s guess. For the moment, discount brokerages (north and south) are basking in sunshine, a thawing in investor attitudes towards participating in the market and hopefully not looking down.

This pre-summer solstice session of the weekly roundup features an interesting development and response to the high frequency trading stories unfolding in the US, a(nother) promotion launched by one of Canada’s independent online brokerages, news of expansion by an infrequent news maker as well as some interesting perspectives from Canadian investors on brokerages and DIY investing.

When the Market Gives You Lemons

Summertime and lemonade tend to go hand in hand. Of course, if you’re an online brokerage in the US, one of the biggest lemons that has been dealt to you has been the highly disruptive book ‘Flash Boys’ by Michael Lewis. The resulting debate on the benefits or harm that high frequency trading has (allegedly) caused for marketplace participants has quite literally put the squeeze on the stock prices of many US online brokerages.

This past week, however, as the US senate committee held proceedings investigating the practice of HFT, many online brokerages saw their stock prices rally – a sign that perhaps shorts (which had been on the rise for certain online brokerages) were starting to cover their positions.

An interesting twist in the HFT debate came via the form of an ad being run by Interactive Brokers. Specifically, Interactive Brokers’ CEO Thomas Peterffy took to the airwaves to specifically to tell clients and prospective clients that his firm ‘doesn’t trade against’ client orders. Check out the video below to see his take on why Interactive Brokers is saying “we’re one of the good guys”.

Welcome to Summer, eh?

While other brokerages are in somewhat of a holding pattern with regards to offering deals and promotions, Questrade recently launched yet another promotion aimed at acquiring new clients.

This past week, Questrade launched their ’25 free trade’ offer to coincide with the upcoming celebration Canada Day. The spin on this promotion: clients have until the end of 2014 to use the commission free trades (about 6 months). The deal is being offered to individuals making a deposit of $25,000 into a new Questrade account.

Qtrade Widens Network

In a slightly different approach to acquiring new clients, Qtrade Securities Inc decided to form a strategic partnership. Earlier this week they announced that they are working together with The Great-West Life Assurance Company and its subsidiary London Life in order to offer “to offer clients access to professional advice on securities including stocks and bonds through licensed investment advisors” as well as access to online brokerage services. Check out this article for additional details.

From the Forums

Comparing Brokerages

An uncommon comparison is the feature of this thread from the personal finance Canada section on Reddit. In it, a user is contemplating Questrade and CIBC Investor’s Edge. Hear what fellow readers had to say about the pros and cons of staying with CIBC or opening a Questrade account.

Don’t Hate the Game

There are definitely opposing opinions when it comes to investing. For those who decide to undertake the ‘DIY’ route, however, there can be moments where the voices of investing nay-sayers may be a cause for pause. In this thread, a younger investor shares their story of getting started in the market and asks for the community’s thoughts on why others look down on investing.

That does it for this week’s roundup. Even though tomorrow is officially the longest day of the year, many soccer fans have already seen that day come and go (sorry Spain and England!). However you decide to enjoy it, make it a safe and fun one! For our Quebec readers, bonne fête!

 

 

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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 2, 2014

Dramatic playoff hockey, incredible playoff basketball, markets hitting new highs (again) and the new Star Wars cast announced. It looks like May is bringing more drama than it is flowers. As we round the corner into May, the drama among discount brokerages continues to unfold, albeit with less flare than the heart pounding finishes from both the Habs & Raptors.

In this week’s roundup we launch into May with a new set of deals and information on investor education events; we report in on the always interesting trading metrics and activity of investors stateside; we take a quick peek at another ranking of Canadian brokerages and we close off the week with some discount brokerage encounters for the far edge of the internet.

Let’s May-ke a Deal

Here in the SparxTrading camp, the beginning of the month signals a time for a new overview of discount brokerage deals and promotions. This month the deal landscape looked much the same as it did in April. With one new deal announced as we come into May, it appears that discount brokerages are digging in until June with their core offers. The only new deal to announce was from BMO InvestorLine. Click the following link to learn more about the discount brokerage deals for May 2014. And, if history is any indicator, there ‘may’ still be some deals coming down the wire.

Learning About Earning

On the educational front, it appears Canadian discount brokerages are upping the ante for their focus on providing education and support to clients looking to learn more about investing.

This past week TD Direct Investing held a 45 minute webinar covering its web-broker platform that reportedly had over 10,000 registrations (they didn’t mention how many actually logged in) – an enormous number for any kind of education focused event online or offline. TD Direct Investing has recently added webinars to their mix of educational offerings, scheduling the online events on the last Wednesday of every 2nd month (the next one will be June 25th 2014).

In addition to the brokerage-sponsored education events, investors will probably want to take note of the Small Cap Conference coming up in Vancouver next week and also the CambridgeHouse International Investor Conference in early June – both of which will offer some opportunities to learn more about investing. Check out our investor education events calendar for more details on what’s being offered where & when.

The More the Scarier

This past week, Interactive Brokers released their trading metrics for the month of April and depending on the frame of reference there is either reason for applause or reason to pause.

When compared to the same point last year, Interactive Brokers trading volumes look stunning – 20% higher Daily Average Revenue Trades (DARTs), margin loans 34% higher than last year and the number of customer accounts 16% higher. On a monthly basis, however, the gains are more modest for margin loans and customer accounts (2% improvement), and there was a 1% dip in DARTs. Additional coverage in this article from CNN also reconfirms the signals from other brokerages that retail investors are stepping back into the market.

Veterans of the market understand that having more investors in the market means a good run for a while but also the likelihood of getting close to a top. Interestingly the impact that the returning retail investor may have on the deals and promotions is that brokerages may not have to aggressively price promotions – choosing instead to focus on other features to attract and retain new customers.

Picking the Top Discount Brokerages for 2014

As part of their June issue, MoneySense teamed up with financial analysis firm Surviscor to provide their annual “Best Canadian Discount Brokerage” checkup. Author Dan Bortolotti walks through the Surviscor results while providing insights across different metrics like ease of use, banking integration, customer service, fees & commissions, reporting & record keeping and market intelligence.

Interestingly, the paradox of the ‘best discount brokerage’ shows up here in two ways.  First, there are so many ‘bests’ across different categories that it’s difficult to proclaim unequivocally that one brokerage is ultimately the best. What is ‘best’ for one investor may not be for another. Second, the data used to assess brokerages relies on history to infer quality about the present and/or future.  While that’s usually what anyone has to go on, it has been our observation when looking back at the historical analyses of the best discount brokerage rankings from years past (whether quarterly or semi-annually) who get’s crowned ‘the best’ changes quite often. In other words, pricing, features and service quality are constantly changing so titles such as ‘the best discount brokerage’ have a short shelf life in such a competitive space. Nonetheless, Bortolotti and Surviscor offered their ‘top picks’ overall as BMO InvestorLine and Scotia iTrade, with honorable mentions going to RBC Direct Investing and Qtrade Investor.

From the Forums

This week we thought we’d do something a bit different and venture out to the far reaches of the internet onto Reddit to find out what folks were saying about Canadian discount brokerages.

In this post from the Canadian personal finance section, readers chime in on BMO InvestorLine and how it stacks up to some of its competitors. As fair warning though, Reddit can be quit the wild arena for discussion and oddities so take the comments with a grain of salt.

That does it for this week’s roundup.  With a full dance card of thrilling events this weekend, good luck to the Habs & Raptors – May the Fourth be With You.

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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