Questrade – Page 45 – SparxTrading

Posted on October 18, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup October 18 2013

After all of inescapable deal making drama in Washington this past week, it appears that stock markets had already placed their bets that events would unfold with a deal being struck. Rather than a disastrous crash, The S&P 500 hit an all-time high and Canadian traders also shrugged off their Thanksgiving turkey hangovers to push the TSX to close at its highest point since July 2011.

What does all of this mean? It seems a lot of folks will be asking that question, so in this week’s roundup, there was one Canadian discount brokerage who offered up a trader’s perspective on what happens next. In this post-Thanksgiving week, one discount broker got into the giving spirit by offering a chance to win some free trades while another discount brokerage officially rolled out some new features to their trading interface. Finally on the roundup, it looks like a proposed switch over from a major discount brokerage is now rolling out, albeit somewhat slowly for the likes of a few investors.

What’s the Deal with the Deal?

If Jerry Seinfeld chimed in on airplane snack food, one can only wonder what he would be asking what now that there has been a deal to extend the debt ceiling in the US. It just so happens that a video from TD Direct Investing’s investor education section looks into that. In this episode, Ryan Lewenza (North American equity strategist & portfolio manager for TD Waterhouse private investment advice) laid out his thoughts on the market sentiment in response to the debt ceiling deal.

Trading Gravy

Questrade got into the Thanksgiving spirit by offering to give away 10 free trades. The deal was announced on their blog on October 9^th with the contest rules and regulations stating that it would run until October 16^th.

Later on in the week though, a couple of tweets by Questrade seem to suggest that the contest is still on although it is not quite clear based on the rules for the contest when this offer expires.

Taking Quotes to the Next Level

As hinted at last week, the new feature from Qtrade that got released was an addition of free level 2 trading data on Canadian stocks to their equity order screen. It should be pointed out the quotes are ‘snap’ quotes not streaming quotes so users wanting to see updated information on a particular stock or ETF’s trading activity will have to hit refresh. As this feature is limited to Canadian equities at the moment, it might be of interest to those looking for additional depth information on smaller or less liquid names.

Canadian Discount Brokers React to J.D. Power Survey Results

A recent article in Investment Executive this past week covered the recent results from this year’s J.D. Power’s discount brokerage rankings. In particular, the article highlighted the win by National Bank Direct Brokerage as well as how discount brokerages, such as BMO InvestorLine, are trying to figure out how to respond to some of the information and advisory needs of self-directed investors. Interestingly, while BMO InvestorLine may have been first out of the gate to launch an ‘on demand’ advisory type feature, other discount brokers appear to be opting for providing portfolios that investors can ‘follow along with’. To learn more about the J.D. Power discount brokerage rankings for 2013, click here.

Rolling Out the Canadian Carpet

Around the forums, the chatter on discount brokerages was somewhat subdued this past week. There was, however, important news on the roll out of Interactive Brokers Canada account transition announced earlier this year. The following post from forum user Mark77 in the RedFlagDeals forum suggests that Interactive Brokers Canada clients are having their account restrictions updated to reflect the changes that were announced earlier this year.

Despite the short week, there was still lots to digest (including the turkey!). Have a great weekend all and for those who’ve made it this far, here’s a tusk-in-cheek cartoon from cartoonist Mike Luckovich on the recent Washington shenanigans.

Posted on October 1, 2013 by user — Leave a comment

J.D. Power & Associates Canadian Discount Brokerage Rankings 2013 – Part 1

For Canada’s discount brokerages, fall not only means a busier season with investors, but for many of them it is also the time of year they either dread or cheer. The stretch of time between September and January is typically when a number of Canadian discount brokerage rankings get published – something that could be known as “rankings season.”

Just before the end of September, one of the biggest of the ranking companies, J.D. Power & Associates, officially announced their 2013 Canadian Discount Brokerage Rankings. This year’s winner, National Bank Direct Brokerage, finally managed to grab first place by narrowly edging out the reigning winner for the past four years, Disnat who came in second and BMO InvestorLine who placed third.

In the first of a two-part series on the 2013 J.D. Power & Associates discount brokerage rankings, I’ll take an in-depth look at this year’s award winner, how they managed to land in first and what the ripple effect of their win might mean for self-directed investors as well as the Canadian discount brokerage industry as a whole. The second part in the series will drill down into the numbers from this year to see what they reveal about the sentiment of investor satisfaction with discount brokerages and how it has shifted relative to prior years.

For those of you interested in learning more about the awards are produced, check out the special series on the JD Power & Associates Canadian discount brokerage rankings.

How “The Best” Was Won

Getting to number 1 has been a story of persistence for National Bank Direct Brokerage (NBDB). Over the past 5 years, NBDB has consistently scored among the top three Canadian discount brokerages in terms of investor satisfaction yet first place was always elusive. This year, however, NBDB scored 757 (out of 1000) and narrowly managed to edge out the reigning winner Disnat (who scored 750) by 7 points. While the margin is small, a victory is still a victory.

For NBDB the win is a sign that they continue to hit the right notes with their clients in terms of providing an experience clients feel is satisfying – the metric the ‘investor satisfaction’ survey is designed to measure. As is explained in the special series on the discount brokerage rankings, what goes into measuring “investor satisfaction” might help account for why NBDB was able edge out Disnat this year. Fortunately, the President of National Bank Direct Brokerage, Nancy Paquet, helped to provide some background into what might have contributed to her firm’s win this year. As a bonus, she also shared her views on the Canadian discount brokerage industry and provided a glimpse into how this industry continues to meet the challenges of innovation demanded by clients and competitors.

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Posted on October 1, 2013 by user — Leave a comment

Discount Brokerage Deals & Promotions – October 2013

This October the deal wheels keep on turning. Overall, it looks like competition at Canadian discount brokerages is heating up with 6 discount brokerages currently offering some kind of promotion. To help make sense of the deals, this month we’re rolling out Deal Analytics (explained below) which will help provide support to individuals trying to compare offers from discount brokerages.

September saw a number of discount brokerages start to jump into the deal pool in a big way. RBC Direct Investing, Scotia iTrade and HSBC InvestDirect were just some of the big names that launched some sizable offerings.

October is sure to be filled with many announcements and surprises so be sure to check back through the month as several discount brokerages will be launching either new features and/or promotions to go with them.

Expired Discount Brokerage Deals:

Investors who love their AirMiles will be sad to see this deal depart, however the InvestorLine Airmiles promotion, which expired at the end of September had a fairly decent run.

Extended Discount Brokerage Deals:

Scotia iTrade’s refer-a-friend deal has been extended again, this time with the expiry date set to October 31^st 2013. A rep from Scotia iTrade confirmed that it is likely that this offer will continue on, with the expiry dates continuing to be updated as required.

New Discount Brokerage Deals:

Of course one of the biggest deals launched this month is the BMO InvestorLine offer of 250 commission-free mobile trades and $250 cash (depending on the size of the account deposit). This deal is a unique offering because it signals a definite interest by BMO InvestorLine to have clients use their mobile trading platform. The fact that the time frame of the deal goes through until January is also another indicator that BMO InvestorLine is prepared to double down on deals and mobile. For those interested, be sure to read their terms and conditions as there are important restrictions (TFSAs don’t qualify for this promo for example).

Deal Analytics

This new addition to the deals section is intended to help provide an improved way of seeing what kinds of deals are being offered by different discount brokerages. Starting this month, a table summarizing the “Free Trade / Commission Credit” offers will provide an overview of discount brokerages offering ‘commission free’ trading and those offering commission credits. This section will likely evolve from the current format so if you have any feedback on what you’d like to see in there, drop us a note here.

Commission-Free Trading Offers

To read the commission-free trading offers, the numbers contained in the cells of the table refer to the number of commission free trades being offered. Beside the number is another number in round brackets (ex. 60d) which refers to the time period associated with being able to use those commission-free trades. So, for example, an entry like 100(60d) means that there are 100 commission-free trades being offered with an expiry date of 60 days.

When a commission credit is being offered, an estimated range of how many free trades the credit would result in is offered and is contained in square brackets (ex: [5-10] refers to between 5 and 10 trades). The actual amount of the commission credit is denoted with a “CR:” (for example CR:$300).

There may be entries that are combined with offers, and in these instances there will be a “+” symbol beside the number of trades to indicate there may be additional parts to the offer.

Deal Analytics

Commission-Free Trading & Commission Credit Offers	#colspan#	#colspan#	#colspan#	#colspan#	#colspan#	#colspan#
	Deposit Amount	#colspan#	#colspan#	#colspan#	#colspan#	#colspan#
#rowspan#	Not Required	$1000	$10,000	$25,000	$50,000	$100,000
					250 (60d)	250 (60d)+
					[10-60] (180d) CR:$300
	50 (60d)

		1. 10 (60d) 2. [5-10] (no expiry) CR:$50	100 (60d)	unlimited trades (30d)
				25 (365d)
				100 (60d)

Discount Brokerage Deals

Brief Description	Minimum Deposit Amount	Commission/Cash Offer Type	Time Limit to Use Commission/Cash Offer	Details Link	Deadline
A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.	n/a	Discounted Commission Rates	none	For more details click here	none
Open a new trading account with HSBC InvestDirect and receive 50 commission-free trades good for use up to 60 days after account opening.	n/a	50 commission-free trades	60 days	For more details on the free trade offer read the terms and conditions and also the frequently asked questions	December 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by November 30 with 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	November 30, 2013
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, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before November 25, 2013 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 100FT. See details link for further terms and conditions.	$25,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	November 25, 2013
Open and fund a new account with $25,000 or more and you will qualify for 25 free trades. The offer code changed with different visits to the site, so click through the RBC Direct Investing homepage to generate a valid code. There are a number of terms and conditions attached to this offer, be sure to read see the details link.	$25,000	25 commission-free trades (no restriction on commission rate listed)	365 Days	25 Free Trades Offer Terms & Conditions ; To generate an offer code, go to the main site and click the ad for the offer here	November 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details.	$25,000	$6.95 fixed commission rate for 6 months	6 months	Click here for a low-res version of flyer or here for a high-res version.	October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.	$25,000	$100 referral bonus (referrer) $100 referee (your “friend”)	Payout occurs after 6 months	Share $200 with a Friend Promotion	October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE13 when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal.	$25,000	30 days unlimited commission-free trading + 1 month free Advanced US market data package.	30 days	Advantage Promotion	October 31, 2013
Disnat isoffering 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, 2013
Open a new account or upgrade an existing account with A) $50,000 or more OR B)$100,000 or more and receive either A)250 commission-free mobile-placed trades OR B) 250 commission-free mobile-placed trades + $250 cash back. Use Promo Code: MOBILE when signing up to qualify. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	A) $50,000 B)$100,000	A) 250 commission free mobile-placed trades B) 250 commission free mobile-placed trades + $250 Cash Back	Payout occurs after 6 months	Free Mobile Trading/Cash Back Offer	January 6, 2014
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 and conditions can be located by logging into the InvestorLine panel under “account services” or by contacting BMO InvestorLine directly	December 31, 2013
Open a new account with Scotia iTrade and fund it with at least $100,000 to receive $150 cash back. Use code FALL2013 when signing up. The offer is open to new and existing clients. There are many terms and conditions, be sure to read the details link.	$100,000	$150 Cash Back	Payout occurs after June 30, 2014.	To learn more about the deal terms and conditions click here	November 25, 2013

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$25,000	Transfer Fee Rebate Details	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 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 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 31st, 2013

Posted on September 25, 2013 by user — Leave a comment

RBC Direct Investing (re)Launches Investor Education Seminars

After a long vacancy on the RBC Direct Investing website, the free educational seminars section looks like it has finally come back to life.

For quite some time, the investor education seminars section has been more or less dormant and was pointing visitors to set up one-on-one sessions with its reps at investor centres. Recently, however, RBC Direct Investing has begun holding educational seminars (from September through to November) at their investor centres in Calgary, Toronto and Vancouver.

As can be seen in the screenshot below, these sessions will be held at around lunch time and last approximately one hour.

The current investor education sessions appear to be geared towards orienting individuals on how to navigate the RBC Direct Investing platform and features rather than providing specialized education on investing related topics.

Included in the session I attended were overviews on:

funding an account
how to access support
third-party research tools
goal setting features and
RBC Direct Investing communities & forums

One of the most interesting features mentioned in the Vancouver session I attended was on the community and forums section that is currently in beta-testing. Other than Questrade, there are no other Canadian discount brokerages that are offering dedicated investor-focused forums or communities.

As yet, there are no confirmed announcements for further topics or sessions. That said, for individuals considering RBC Direct Investing and who want to learn more about what the kinds of features and functionality offered at RBC Direct Investing, this would be a helpful session. Alternatively, there are always one-on-one sessions that can be booked with the RBC Direct Investing reps at the investor centres.

More information about RBC Direct Investing’s educational seminars is available on their website and for more information on other educational seminars currently being offered by other discount brokers, check out the SparxTrading.com investor education calendar section.

Posted on September 13, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – September 13, 2013

Welcome to the Friday the 13^th edition of the discount broker weekly roundup. It’s been an exciting week in the markets as news of the widely anticipated Twitter IPO became official. This week, I’ll provide some highlights of fee drops and deal announcements that took place, followed up by a couple of interesting forum on discount broker costs. Finally, there are a couple of examples of how “social media” is being used by discount brokerages/financial firms to connect with Canadians interested in investing.

Fee Information Gets No RESP(ect)

Earlier this week, I wrote a piece on CIBC Investor’s Edge and how they’ve waived the annual fee for the RESP for balances under $15,000. As a quick heads up, neither the fee schedule nor the commission page have been updated as yet, however the announcement does appear on their home page.

Deal Updates

RBC Direct Investing also just recently jumped onto the deals and promotions bandwagon by offering 25 commission-free trades that can be used for up to a year. Their marketing strategy of being able “trade free for a year” is definitely catchy however be sure to read the fine print. To see how this offer stacks up against other discount brokerage deals, click here.

In the Forums

Forum activity has been picking up recently, with investors looking to other investors for their thoughts on market direction and particular stocks. Along with the increase in market interest, there were a couple of discount brokerage related questions that came up about the costs at Questrade.

In this first post on Canadian Money Forum, a mini-debate was touched off by Questrade’s recent announcement to its clients that it would be raising its options assignment/exercise fee to $24.95 (flat) from $12.95.

The following post on RedFlagDeals.com, there was some clarification required on the actual interest rates for margin accounts. While the original poster had their answer clarified, the follow up post shed light that Questrade’s margin interest rates are not, in fact, as cheap as other discount brokerages. This is a good example of why it is important to understand all of the costs associated with choosing a discount brokerage and whether some tradeoffs on price make sense for the style of trading that is anticipated.

Investors and Social Media

A recent survey commissioned by BMO InvestorLine showed that investors may not find social media as reliable as “traditional media” when it comes to investing information. Intriguing as the results were, there are more results daily of the shift in media towards the new channels, such as Twitter, Facebook and others. The following examples from this week’s roundup seem to suggest that social media is something investors and Canadian discount brokerages, are starting to embrace more fully.

From FaceBook

While it might be hard to imagine Facebook being a source of investment information, the following example of funny video from TD shows how TD is leveraging Facebook as a way to connect with investors in their “TD Helps” forum

From Twitter

Twitter is awash in content being provided by various discount brokerages. While there is often an incentive to try and direct traffic to the brand, online brokers such as National Bank Direct Brokerage, have used Twitter to connect visitors to educational content. And they’re not alone, brokerages on Twitter such as Scotia iTrade and Virtual Brokers are also doing the same, albeit to different degrees.

As these major brands migrate more of their content onto social media channels, users may find it ‘easier’ to trust the channel if they begin to trust the personalities present on them.

That’s it for this edition of the roundup, hope everyone has a spectacular weekend!

Posted on September 11, 2013 by user — Leave a comment

Maintenance Fees Get no RESP(ect) at CIBC Investor’s Edge

The swelling costs of funding higher education are on the minds of a lot of folks lately. With the speed and magnitude at which fees for post-secondary tuition are growing, simply putting money aside for “junior’s” education may not be enough. It seems like even the savings have to go out and find a second job to support the idea of paying for post-secondary education.

RESP(ect), Find Out What it Means for Fees

One of the tools that Canadian parents have at their disposal when it comes to saving for their children’s post-secondary education is the Registered Education Savings Plan (RESP). Recently, despite the dark clouds of rising fees for schools, there was a silver lining from one of Canada’s major bank-owned discount brokerages. CIBC Investor’s Edge announced that they’re eliminating their annual RESP account administrative fees.

As can be seen in the comparison of registered account fees table, the cost per year for these accounts ranges typically from $25 to $50 for balances that range between $15,000 and $25,000. Prior to the announced change, CIBC Investor’s Edge, like many other Canadian discount brokerages, charged clients who had less than a certain balance (in this case it was $15,000) a $50 annual fee on the account. In the case of CIBC Investor’s Edge, this fee would normally have been charged at the beginning of every September, so the recent announcement is a bit of a bonus for those existing clients who would have had to pay.

All the cool kids are doing it

CIBC Investor’s Edge now joins the likes of Credential Direct and Questrade in providing no-fee RESP accounts that self-directed investors can manage.

While independent discount brokers such as Questrade and Credential Direct may not provoke the bank-owned discount brokerages into action, now that CIBC has eliminated this fee, other bank-owned discount brokerages might have to take notice.

Traditionally the ‘convenience’ factor has been a benefit that bank-owned brokerages could offer over the independent discount brokerages. This latest move by CIBC Investor’s Edge, however, may provoke the other bank-owned discount brokerages to get creative on how to sweeten their offers to self-directed investors who also enjoy the convenience of doing all of their banking and investing in one place.

Make sure to do your homework

Like all offers, however, it is important that those considering the offer understand what the associated costs are of doing business with any brokerage. Factors such as commission charges, inactivity fees, minimum trading requirements, exit costs and overall accessibility and support should still be taken into account when choosing a discount broker. There are also restrictions and regulations associated with RESPs that self-directed investors should understand ahead of deciding to use them.

Overall, the fee removal by CIBC Investor’s edge will benefit investors with smaller RESP balances (those less than $15,000). Hopefully the move will encourage more investors to consider the benefits of RESPs and making their savings work hard so that their kids won’t have to.

(Editor’s Note: At the time of publication, the fees and commissions schedule/section of the website for CIBC Investor’s Edge was not updated to reflect their announced offer, however they have been alerted to this discrepancy and are working to address it)

For further reading on RESPs:

Posted on September 6, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – September 6, 2013

With the end of the first week in September, there was certainly lots of news around the globe and in the markets to keep investors on the edge of their seats. Within the discount broker space, there were some noteworthy deal extensions that showed up late into week one of September. From the investor side of the fence, metrics on trading activity continue to look encouraging for retail participation and investors debate the offerings from some popular discount brokerages. Finally, there are a couple of updates/reminders for discount brokerage related events taking place over the weekend.

Deal Extensions

This past week, BMO InvestorLine decided to extend their Air Miles promotion deadline through to the end of September. While either an extension or a new deal was anticipated, it was interesting to see the deadline for the deal get pushed back for just 3 more weeks. By comparison, Scotia iTrade decided to extend their 100 commission-free trade offer until November 25^th. To find out more about the latest updates and other discount brokerage deals for the month, click here.

Trading Activity Continues to Rise

With a new month comes the data on trading volumes supplied by Interactive Brokers for their previous month. In the latest results, trading volumes and customer accounts were both up on a yearly and monthly basis. Their recent earnings report also cited improved trading activity among clients which continues to confirm investors are coming back to stock markets.

Discussions about Discount Broker Fees

Chatter on the forums this week featured some interesting threads about discount brokerages. When it comes to discount brokerages, one of the popular points with investors is fees. This discussion on the RedFlagDeals forum was an interesting look at comparing TD Direct Investing with Questrade and shows that price and perceived value are not the same thing.

In a second forum, the Financial WebRing, this post contained some interesting perspectives about opening an account with BMO InvestorLine and about getting a better deal when opening an account.

Updates

Questrade announced will be releasing a minor software update to their IQ edge platform this weekend. For more details on the update click here.

Reminder

Options Education Day takes place in Montreal this weekend. Several discount brokerages are sponsors of the event and should be there to answer questions about trading options on their platforms. For more information about the event, click here.

Posted on September 1, 2013 by user — Leave a comment

Discount Brokerage Deals & Promotions – September 2013

Updated Sept. 20/13

September is here, and with it comes a number of deal extensions from Canadian discount brokerages. Going into the home stretch of the calendar year, several factors might be at play that explain why there are more ‘extensions’ of deals than new deals appearing just yet.

First, a number of financial firms that have their year-end (mostly at the October 31^st mark) which means some firms might want to figure out marketing plans (and budgets) based on the year’s performance and market conditions. In other words, it might be a bit of coasting as far as deals are concerned until the results from the year are tallied up.

Another important factor is that stock market activity (and therefore investor activity) tends to pick up at the tail end of the year. More investors in the marketplace should mean that discount brokers will be jockeying for clients. Recent history has shown, however, that investors have been reluctant to come back to stock markets and only this past year have trends started to show a return of retail investor interest. As the retail investor landscape evolves, there may be some caution around the size of deals that will be put forward.

Lastly, several discount brokerage rankings get published within the last calendar quarter of the year including the “JD Power Investor Satisfaction Survey”, the “Online Broker Rankings” from Rob Carrick at the Globe and Mail and the Morningstar award for “Best Discount Broker”. Marketing teams will be in ‘wait and see’ mode to respond to these popular evaluations.

Putting these pieces together, it might help account for the fact that this month there are more ‘extensions’ of several offers rather than the introduction of anything new just yet. Also, at the time of writing this post, it is Labour Day weekend and there are still some discount brokerages who haven’t updated their offers on their websites.

Nonetheless, there are a couple of things that I’ll be on the lookout for in early September which will likely result in an update of the deals section in the early part of this month. Most notably, the BMO InvestorLine ‘AirMiles’ deal expires September 4^th so there should be either an extension or a new promotion that is coming up.*UPDATE*: BMO InvestorLine has extended the deadline for the AirMiles promotion to September 30th.

Expired Discount Brokerage Deals:

As of the publishing of this post, there were ~~three~~ two deals that expired at the end of August:

National Bank Direct Brokerage’s Margin Account deal
Questrade’s Unlimited trading offer
~~Scotia iTrade’s 100 commission-free trades deal~~ *UPDATE*: This deal has been extended until November 25th.

Of the three deals, the lapsing of Scotia iTrade’s commission-free trading offer means that Disnat and Questrade are now the two discount brokerages offering trading commission-credits. *UPDATE*: The good news is that Scotia iTrade’s commission free offer is back and such there are now three discount brokerages offering commission-credit promotions.

Extended Discount Brokerage Deals:

This month ~~three~~ four discount brokerages have extended several of their deals and promotions.

Disnat has decided to extend their $300 commission credit deal out until December 31^st, 2013 and also have changed the promo code.
Questrade has extended their ‘100 free trade’ offer out until November 30^th – note that the promo code for this deal has been changed too.
Questrade has also extended their ‘Advantage’ linked deal out until the end of October and also updated the promo code associated with it.
Scotia iTrade has extended their refer-a-friend promotion deadline out for another month to September 30^th.
*UPDATE* – BMO InvestorLine Airmiles promotion extended out until September 30th.
*UPDATE* – Scotia iTrade extended 100 commission-free trade offer deadline to November 25th.

New Discount Brokerage Deals: (Updated 9/20/13)

At the outset of September there are no new deals to report however there is the deal from BMO InvestorLine that is set to expire in the first week, so there may be something new coming soon. (*UPDATE* : this deal has since been extended)

(Update 9/9/13) A 25 free trade deal from RBC Direct Investing has been advertised on their website; included as part of the offer is a transfer fee promo
(Update 9/20/13) HSBC InvestDirect is offering 50 free trades to new clients
(Update 9/20/13) Scotia iTrade has announced a $150 cash back offer for new or existing clients making a $100,000 deposit

Brief Description	Minimum Deposit Amount	Commission/Cash Offer Type	Time Limit to Use Commission/Cash Offer	Details Link	Deadline
A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.	n/a	Discounted Commission Rates	none	For more details click here	none
Open a new trading account with HSBC InvestDirect and receive 50 commission-free trades good for use up to 60 days after account opening.	n/a	50 commission-free trades	60 days	For more details on the free trade offer read the terms and conditions and also the frequently asked questions	December 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by November 30 with 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	November 30, 2013
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	September 30, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before November 25, 2013 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 100FT. See details link for further terms and conditions.	$25,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	November 25, 2013
Open and fund a new account with $25,000 or more and you will qualify for 25 free trades. The offer code changed with different visits to the site, so click through the RBC Direct Investing homepage to generate a valid code. There are a number of terms and conditions attached to this offer, be sure to read see the details link.	$25,000	25 commission-free trades (no restriction on commission rate listed)	365 Days	25 Free Trades Offer Terms & Conditions ; To generate an offer code, go to the main site and click the ad for the offer here	November 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details.	$25,000	$6.95 fixed commission rate for 6 months	6 months	Click here for a low-res version of flyer or here for a high-res version.	October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.	$25,000	$100 referral bonus (referrer) $100 referee (your “friend”)	Payout occurs after 6 months	Share $200 with a Friend Promotion	October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE13 when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal.	$25,000	30 days unlimited commission-free trading + 1 month free Advanced US market data package.	30 days	Advantage Promotion	October 31, 2013
Disnat isoffering 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, 2013
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 and conditions can be located by logging into the InvestorLine panel under “account services” or by contacting BMO InvestorLine directly	December 31, 2013
Open a new account or upgrade an existing account with $100,000 and choose to receive either $250 cash back or 2000 Air Miles. Use Promo Code: BONUS250 to receive the cash back offer or BONUSAM (+ Air Miles Collector #) to receive the Air Miles offer. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	$100,000	$250 Cash Back OR 2000 Air Miles	Payout occurs after 6 months	Air Miles Promotion	September 30, 2013
Open a new account with Scotia iTrade and fund it with at least $100,000 to receive $150 cash back. Use code FALL2013 when signing up. The offer is open to new and existing clients. There are many terms and conditions, be sure to read the details link.	$100,000	$150 Cash Back	Payout occurs after June 30, 2014.	To learn more about the deal terms and conditions click here	November 25, 2013

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$25,000	Transfer Fee Rebate Details	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 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 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 31st, 2013

Posted on August 30, 2013 by user — Leave a comment

Discount Broker Weekly Roundup – August 30 2013

If Yoda were watching the discount broker activity this past week, he’d probably say: ‘a slow news week this was not’. Going into the long weekend there’s quite a bit of activity to report from Canadian discount brokers.

In this week’s discount broker roundup we look at the big news coming out of a major player in the Canadian discount brokerage industry, an extension of a commission-free ETF trading offer, whether social media matters to investors and an upcoming educational event of interest to options traders.

Interactive Brokers Canada Gets a Bit More Canadian, Eh?

In what feels like one of those big, end of season plot twists, the discount broker landscape in Canada underwent another seismic shift this past week when Interactive Brokers Canada announced to its customers via email that starting in mid-September, they are going to transition their clearing operations from the US to Canada. Several Canadian investor forums were alight with speculation as to what this move means and whether Interactive Brokers Canada is paving the way to offer registered accounts, something that would definitely rattle more than few nerves with their competitors. This post (thanks to ‘Mark77’ for posting the message) has an interesting glimpse of what the Interactive Brokers Canada move might mean.

For now though, shifting their back office operations to Canada instead of through their US affiliate means, most importantly, that the pattern day trading rule will be removed and that margin requirements can, in theory, be eased. This is definitely great news for active traders (especially those with less than $25,000 in their trading accounts).

For other interesting perspectives on the Interactive Brokers Canada announcement, here are links to forum posts discussing it:

Canadian Money Forum

Interactive Brokers Canada (IB Canada)

Financial Webring

Pattern Daytrader Rule gone from Interactive Brokers Canada

RedFlagDeals:

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Posted on August 28, 2013 by user — Leave a comment

National Bank Direct Brokerage Extends Commission-Free ETF Trading Offer

National Bank Direct Brokerage announced yesterday that their offer for commission-free ETF trading has been extended out until the end of October of 2013. The commission-free ETF offer was first mentioned back in April where it was explained in detail.

Some strings attached

To recap, there are a few conditions attached to this offer (full conditions are available here), investors need to pay attention to. For example, the deal requires a minimum purchase amount ($5,000 per trade) and the trade hold time needs to be at least one day. In addition, the commission-free ETF deal applies only to Canadian ETFs and clients who are eligible for this offer can trade these ETFs commission-free for three months from the point of enrollment.

It is important to note that commissions will be charged at the time of trading an ETF and eligible trades will have the commissions refunded at a later date. For those considering the deal, pay close attention to the reimbursement schedule as repayment dates can be as late as March 2014.

With the extension of this deal out to October, National Bank Direct Brokerage joins Qtrade, Questrade, Scotia iTrade and Virtual Brokers in offering commission-free ETF trading offers. To learn more about commission free ETF trading, check out the following link for the special series on commission-free ETFs.

Number of Commission Free ETFs	Minimum Trade Amount	Hold Period (minimum)	Details Link
All Canadian ETFs (>250)	$5000	1 business day	National Bank Direct Brokerage Commission-Free ETF Plan
60	$1000	1 business day	Qtrade Commission-Free ETF Plan
All ETFs* (only buys are commission-free)	$0	None	Questrade Commission-Free ETF Plan
50	$0	1 business day	Scotia iTrade Commission-Free ETF Plan
All ETFs* (only buys are commission-free)	$0	None	Virtual Brokers Commission-Free ETF Plan

More than just commission-free ETF trading…

The announcement for the extension of the commission-free ETF deal also contained two other interesting tidbits.

National Bank Direct Brokerage reported that their client transaction activity increased 9% between February to July of 2013 when compared to the same time in 2012. This is significant for two reasons. The first is that no other Canadian discount broker really reports their transaction activity so it is interesting to note National Bank’s choice to do so. Second, the reported increase provides some level of confirmation to the data points that show investor activity returning to stock markets.

Another interesting hint dropped in the news release is that National Bank Direct Brokerage will be officially launching its new website in September. Along with other discount brokers, National Bank Direct Brokerage has been upgrading parts of their website this past summer including a facelift to their education section. The “soft launch” for the new website was the end of July. The latest improvements show that National Bank Direct Brokerage has been ramping up its use of video, social media and user experience principles to create a much more modern web experience for self-directed investors than some of their competitors.

*Editor’s Note: The original post mentioned that a new website would be launched by National Bank Direct Brokerage in September when, in fact, the official launch of the website rolled out at the end of July will take place in September. There will be no additional upgrades/features added to the website for the official launch.