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Discount Brokerage Weekly Roundup – July 24, 2015

(source: giphy)

From spiking share prices of tech giants such as Google and Amazon to gold losing its luster with investors, this week showed that expectations about the future are what drive the rapid moves up and down in share pricing. Arguably, reputation is its own kind of currency and this week we saw examples of how Canadian discount brokerages are having to learn to navigate expectations of online investors via social media.

In this edition of the roundup, we continue with the lighter summer format by taking a look at some sneak peeks at what a couple of discount brokerages are up to over the summer. Next we look at who is facing the heat and why in the discount brokerage tweets of the week. From there we’ll take a look at the upcoming investor education opportunities on the horizon and cap the roundup off with some interesting forum chatter from the past week.

Trading Places

This past week, spent some time with several Canadian online brokerages in Toronto discussing what’s coming around the corner for this fall. Here’s a hint: there’s going to be more than a few big announcements that will get the attention of DIY investors.

Some of what can be shared comes a result of doing a walkthrough of the offices of two close competitors in the low-commission cost segment: Questrade and Virtual Brokers.

What was interesting about being able to go behind the scenes was the level of activity at each of the brokerages and the fact that they are both growing and planning for continued growth. Offices of both brokerages continue to expand and improve which is a testament to the interest these two firms have been receiving from commission-sensitive DIY investors.

As any good summer teaser would do, stay tuned in the upcoming weeks for more interesting content related to these latest adventures.

Discount Brokerage Tweets of the Week

The summer heat was definitely bearing down on social media this week as a couple of discount brokerages found themselves having to cool the nerves of some frustrated investors. In particular it was the bank-owned brokerages that seemed to end up in detailed back-and-forth conversations for issues such as delayed account openings and platform glitches.

This week’s tweets offer a unique and instructive read for anyone interested in what challenges online trading can present and how online brokerages (including the big bank-owned brokerages) respond on Twitter.

Mentioned in this week’s tweets were Questrade, RBC Direct Investing, Scotia iTrade and TD Direct Investing.

Event Horizon

Despite it being near the end of July, there is a lot of activity for those interested in learning about investing. Check out some of the interesting sessions below:

July 27

TD Direct Investing – Planning Your Retirement | Tips for Winding Down Your RSP

July 29

TD Direct Investing – Introduction to Investing in Options

TD Direct Investing – Advanced Options

TD Direct Investing – Options as an Income Strategy

Scotia iTRADE – Concepts in Technical Analysis with Recognia

July 30

NBDB – Learn About Investment Basics – [Fr]

From the Forums

Wading Poll

Discount brokerages were on the minds of a few DIY investors this past week in the RedFlagDeals.com investing forum. An informal poll of users of the site asking them which discount brokerage they used provided the following results (based on 78 respondents). Interestingly, but perhaps not surprisingly, TD Direct Investing was the dominant online brokerage that voters mentioned (29.49% or 23 of 78 visitors) followed by Questrade (17.95% or 14 out of 78 visitors) and then BMO InvestorLine in third place (12.82% or 10 out of 78).

With small numbers of respondents, there are obvious limits to the kinds of conclusions that can be drawn. It was, however, noteworthy that Questrade was the second most popular answer and that other fairly well-known brokerages, such as Interactive Brokers, were not mentioned. User comments below the survey results also pointed out some of the gaps and interesting observations.

(source: redflagdeals.com)

Upside vs Downside

The decision to become an independent or self-directed investor is definitely an important one. Aside from the usual conversations regarding how much effort is involved, or even which online brokerage is best, the following post from the Financial Wisdom Forum on the downsides of using discount brokerages was a really interesting look at some perspectives of DIY investors on the downsides of the discount brokerages.

Into the Close

That does it for this edition of the roundup. Have a great weekend wherever you happen to be and congrats to the Canadian athletes for the strong Canadian showing at this year’s Pan Am games.

(source: giphy)
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Discount Brokerage Weekly Roundup – July 17, 2015

Whether it was tech giant Amazon cutting prices for prime day or the Bank of Canada cutting prime rates, this past week it seems that consumers’ economic engines are in need of a little priming to get them into gear. As Canadian discount brokerages know all too well, cutting prices or rates can only go so far in terms of stimulating interest. At some point, the path to growth requires getting creative.

In this edition of the roundup, we take a Pan American look at how brokerages here and south of the border are creatively approaching staying competitive despite some challenging market conditions. First we’ll take a look at the story of what seems to be powering one the largest online brokerages on the planet even higher. Next, we’ll scan through the social media banter from Canadian brokerages and then look at upcoming education events and what DIY investors were talking about in the forums. Of course, it wouldn’t be a true Pan American edition of the roundup without a questionable choice for a musical close out.

That’s Trillion, with a T (and a rillion)

One of the largest online brokerages on the planet got a little bit bigger this past quarter even against the backdrop of decreased trading activity and stagnant interest rates.

US online brokerage Charles Schwab reported their quarterly earnings this past week and the results are more than a little mind-boggling. In the quarter they managed to attract 280,000 new brokerage accounts (an increase of 16% y/y) and grow their total assets by 6% to $2.54 trillion (USD). By comparison, another popular brokerage in the US, Interactive Brokers, had a total of just over 300,000 total accounts (as of the end of April).

While most observers understand the sheer scale of the brokerage gives them quite a bit of clout in the online brokerage space, it was the recent entry of Schwab into the robo-advisor space that has gotten a lot of attention. After being launched in Q1, their robo-advisory has 39,000 accounts and $3 billion (USD) in assets.

Of course, as with most releases, a little bit of extra digging tends to turn something interesting – such as the following quote from CEO Walt Bettinger stating “we remain committed to expanding existing platforms in areas of strong client demand. We have broadened Schwab ETF OneSource™ to include over 200 commission-free ETFs as of month-end June. Investors can access a wide range of funds from 13 providers and 66 Morningstar categories with zero online commissions.”

What the latest results from Schwab show is that brokerages can get ‘creative’ with products that the investing public is clearly asking for. In this case, commission free ETFs and robo-advisor style management are what seem to be turning heads.

Within the Canadian space, there are already internal committees and groups within the larger bank-owned brokerages actively discussing a strategic opportunity to participate. These results are likely to add more fuel to the fire for the larger brokerage players and that is great news for DIY investors.

Discount Brokerage Tweets of the Week

In this week’s discount brokerage tweets of the week, technology looks to be the Achilles heel for a number of DIY investors and online brokerages. The technology minions don’t seem to care whether it’s a bank-owned brokerage or not, somehow, someway they find the chance to create a bit of mayhem. Mentioned this week were BMO InvestorLine, Questrade, RBC Direct Investing and Scotia iTrade.

Also, we’ve got updated coverage of the Scotia iTrade selfie contest that’s still running. Below is an update which includes this week’s selfie action, most notably from a marketer/promoter looking to drum up more exposure for the contest.

Event Horizon

Even though its summer and school is out, students of the market can always find time to learn. This week there are a number of interesting investor education events on margin trading, options, stock picking and more.

July 21

TD Direct Investing – Understanding Margin & Short Selling

Scotia iTRADE – How To Pick A Stock with Pro Market Advisors

TD Direct Investing – Options as an Income Strategy

July 22

TD Direct Investing – Understanding Margin & Short Selling

July 23

NBDB – Stop Orders: A Winning Solution Worth Knowing – [Fr]

TD Direct Investing – Introduction to Technical Analysis

From the Forums

#Whoops

Now that summer is here, there are lots of DIY investors who want to take advantage of the break or the weather to enjoy some time away from the markets. As this post from RedFlagDeals.com’s investing forum shows, however, don’t forget to close out the open orders or bad things can happen.

After Hours

No, it’s not the wild costume and crazy glow stick crowd (although trading outside of normal market hours can be equally as crazy) but after hours trading refers to trades made outside of the normal market hours. In this post also from RedFlagDeals.com’s investing forum, one member wonders aloud about the afterhours and there are a few polite acknowledgements and some strange looks given in return.

Into the Close

That does it for this edition of the roundup. As promised, here is but one of 21 creative earworms that still feel less questionable to indulge in than either Amazon prime day, yet another interest rate cut or Kanye West closing out the Pan Am games. Good luck to the Canadian athletes at the Pan Am games, and good luck keeping these tunes out of your head over the weekend.

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Discount Brokerage Weekly Roundup – July 10, 2015

Source: Twitter (@Sweetfacefergie)

Even though the official kick off to the Pan Am Games was today, in the week leading up to it markets have given traders more than enough diving, hurdles and nail-biting drama for weeks to come. For a handful of Canadian discount brokerages, this week proved to be equally eventful with contests and competitors going at it full swing. It looks like it’s game-on for the brokerages once again.

In this edition of the roundup we kick things off with a look at a major bank-owned brokerage tearing a page out of the Kardashian playbook with their new selfie contest. Next we’ll look at some big news from two Quebec-based discount brokerages that is sure to create a few sparks in that market for years to come. Also we’ll scan through the investor education events and take a look at some really interesting exchanges that took place on Twitter. Finally we cap off the roundup by looking at the forum chatter from DIY investors across Canada and close off with one funny/scary view of this week’s market glitches.

But First, Let Me Take a Selfie

In a quirky bit of timing, not long after the selfie aficionado Kim Kardashian was interviewed about her financial wisdom tips, Scotia iTrade launched their selfie-themed promotion. This latest contest, which runs during the month of July, involves people taking selfies at the recently launched Scotia iTrade investor centre at Scotia Plaza in downtown Toronto. The “eligible winners” will be awarded a movie pass for one (approximate retail value of $13).

While they’re not the first big bank to try and capitalize on the selfie (TD put a twist on it with their ‘housie’ campaign) Scotia iTrade might be the first Canadian online brokerage to run a selfie-themed promo. And, although contests are nothing new, this particular one shows some interesting quirks of mixing the world of personal finance with the worlds of selfies, millennials and Twitter.

Here are a couple of interesting observations.

First, there are the contest’s terms and conditions. At about 2300 words long this is one of the longest scrolling workouts folks are going to have before they fully know what they’re getting themselves into.

Once in the terms and conditions, however, there are some interesting finds such as this phrase: “Take a selfie of yourself at the branch”.

Not only has ‘selfie’ made it into the vernacular of the financial world, the way in which its used is like the Hugh Grant moment in Mickey Blue Eyes (the la Trattoria).

And, while it may seem mildly comical, as it turns out, the details actually matter. According to the Wikipedia definition of a selfie, it is “a self-portrait photograph featuring the photographer”. That would make the following image submitted by @carr71 for the promo technically seem to not count (it looks like a photo of a person that was taken by someone else).

Unfortunately, it looks like @Scotia_iTrade didn’t accept either of @carr71’s submission(s) and she got directed to read those rather lengthy terms and conditions.

With 10 days now gone in July, it looks like the contest has yet to gain significant traction. Of the 3 photos submitted thus far one may not be a selfie, one appears to have been disqualified (not sure why) and one went unacknowledged (at least publicly) so it’s not clear by looking at it if it counts. That’s a tough batting average a third of the way through the contest window.

Of course, figuring out what will or won’t work on Twitter is all about experimentation. Like most things on Twitter, it’s difficult to predict where things will go and the timeline for events to happen. The fact that Scotia iTrade is willing to get creative on social media is a good sign and it should hopefully spur other discount brokerages to flex their creative muscles. We’ll keep watching to see how the contest unfolds.

New Pricing at Desjardins Online Brokerage

After numerous commission price adjustments by Canadian discount brokerages, Desjardins Online Brokerage has updated their standard commission pricing for the active trader-focused Disnat Direct service.

Instead of a standard rate of $19.95 for less active traders (i.e. those who traded less than the 10 trade per month threshold to qualify for lower commission pricing) Disnat Direct account holders can now qualify for the best commission rates of between $5 and $9.95 per trade. Standard options trading has also been adjusted to $1.25 per contract (down from $1.50) and the minimum per options trade is now $8.75.

The actual commission paid still depends on the combination of the volume of shares purchased/sold, the currency of the trade and the price of the stock. This means that there is still some extra effort involved to keep track of what a transaction will cost however for the less active traders, this is definitely a smaller price to pay than the higher upfront fee.

Some other fees were also announced to be changing. The platform fees for individuals not meeting the trading threshold look to be rising by between $5 and $8 depending on the platform (see table below). The new fees are scheduled to take effect on October 1st.

Trading Places

For many professional sports players, the off-season is where the major trades take place. This past week the Canadian discount brokerage space also saw a rather dramatic trade (of sorts) happen.

As mentioned in this article in the Globe and Mail (for subscribers only), the general manager of Desjardins Online Brokerage, Laurent Blanchard, will be leaving Desjardins and assuming the role of president of National Bank Direct Brokerage. Blanchard has been instrumental in working with Desjardins’ online brokerage unit since its early days and had been the general manager since 2012.

The rivalry between NBDB and Desjardins Online Brokerage is amicable but nonetheless present. Both are quite well known within the Quebec market and both have been especially close in the competition for the J.D. Power Investor Satisfaction Survey award over the past several award cycles.

As both firms will now be seeing transition at the top, it should be interesting to see where the competition between these online brokerages goes next.

Event Horizon

July 13

Scotia iTRADE – Trading Weekly Options As An Income Strategy with Sarah Potter

July 14

NBDB – Introduction to Technical Analysis : Supports and Resistances – [Fr]

Scotia iTRADE – Technical Analysis and Seasonal Investing with Horizons ETFs

TD Direct Investing – ETFs 101

July 15

TD Direct Investing – Investing Idea: An Introduction to REITs

Scotia iTRADE – Preparing for Rising Interest Rate Environments with iShares

July 16

TD Direct Investing – Introduction to Investing with Options

Scotia iTRADE – Risk Management Trading with the 1% Rule with AJ Monte

Discount Brokerage Tweets of the Week

This week on Twitter, Questrade continues to field requests for features while the larger bank-owned brokerages were being kept busy with client service questions. What was most interesting, however, were a couple of conversations between traders regarding the pricing and functionality of certain discount brokerages.

From the Forums

The hard sell

For most DIY investors it’s challenging enough to keep Mr. Market from taking back trading gains. In this post from reddit’s personal finance Canada subreddit, it was interesting to note the report of one large bank-owned brokerage deciding to use outbound sales calls to see if users of their discounted mutual funds would consider also using some premium products.

Son of a glitch

This past week has seen a major airline and a major stock exchange have technical difficulties cause some mayhem. For one user of the Financial Wisdom Forum, their online brokerage experience got a little nerve-wracking when they had login difficulties. Check out this post for a great example of the some of the stranger technical difficulties that can occur while trading online and on-the-go.

Into the Close

That’s a wrap for this week’s roundup. With so much going on in the markets (China, Grexits, interest rate hikes, computer glitches and more!) it’s enough to make anybody’s head spin. Thankfully with the sun shining for most Canadians this weekend, there are lots of fun ways to not have to worry about it (at least for a little while) starting first with the big opening to the Pan Am Games in Toronto. Good luck to all the athletes on and off the GTA highways this weekend!

Source: Twitter (@TorontoPolice)
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Discount Brokerage Weekly Roundup – July 3, 2015

With both Canada Day and Independence Day arriving at the beginning of July is the kind of month that should literally come in with a bang. Once the fireworks die down, however, it’s also the time when you can hear the crickets chirping. Oddly enough, this characterizes the Canadian discount brokerages heading into July where, at least on the surface, it seems things have quieted down some.

We continue with the summer edition of the roundup with a quick look at the new deals/promotions lineup for July as well as some interesting news from discount brokerages in the US in terms of trading activity and interesting initiatives for older clients. From there we take a look at upcoming investor education events as well as the week for Canadian discount brokerages on Twitter. Finally, we close out with investor chatter on the forums and an interesting video in honour of the leap second that made July that much later this year.

Deals on Tumbleweed

This past week, the latest selection of discount brokerage deals were posted and things are looking a little, um, spacious.

The downward trend in the number of deals continues heading into July with 14 offers distributed over seven different brokerages. Interestingly a significant chunk of those promotions (six) are from just one brokerage – Questrade.

While summer is typically less busy than earlier portions of the year (such as the lead up to the RSP contribution deadline), the forum chatter continues to show that money doesn’t sleep nor does it take a vacation for the summer. There are still plenty of people out there curious about brokerages and their offerings.

It’s an interesting strategy to pull back going into the summer, especially considering the competitive landscape.

One of the challenges many of the bank-owned brokerages have is how DIY investors will differentiate between these brokerages. In a forum thread on Canadian Money Forum earlier this week, a user by the name of CalgaryPotato nailed it by saying:

“Most of the big banks are pretty similar with their do it yourself investing accounts”

While the discount brokerage rankings might argue otherwise, there’s clearly a growing perception that a bank-owned online brokerage is a bank-owned online brokerage.

With that in mind, it was interesting to see brokerages such as BMO InvestorLine back away from the $100,000+ deposit segment for the moment by retiring a deal geared towards that group and replace that deal link on their homepage with one that describes all of the recent discount brokerage ranking awards they’ve won. That leaves Scotia iTrade as the sole bank-owned brokerage that has a (non-referral) promotion for that segment.

Compared to the past few months, there’s a definite dip in discount brokerage promotion activity at the outset of this month (and it is still early in this month). The fact, however, that a dozen or so brokerages have to find ways to get investors not only to know that they’re out there but also to get excited suggests (and perhaps necessitates) bigger, bolder moves on the promotion horizon.

Interactive Brokers on Data-Driven Roll

With the rollover into a new month, Interactive Brokers has once again published their trading stats for the previous month (June). While Interactive Brokers has historically provided a great deal of information about its trading activity, recently there have been additional disclosures that provide a very interesting window into the world of online trading in the US as well as the inner workings of a discount brokerage.

Although most of their metrics of interest are slightly off last month’s pace, one of the most interesting ones that is up is new accounts. Interactive Brokers gained 18% on a year over year basis and 1% on a month over month basis to come in at 310,000 accounts. While that might pale in comparison to the number of accounts at some of their bigger competitors, those accounts placed an average of 447 (annualized) trades per account which works out to about 37 trades per month. Also interesting to note is their average commission for stock trades is $2.66 with an average order size of 2795 shares. Clearly these aren’t the typical buy and hold types.

On a year over year basis, however, the figures are still fairly impressive: 21% higher trades cleared, 22% higher client equity and 23% higher margin loan balances.

While it is unfortunate for Canadian DIY investors that this kind of transparency and granularity doesn’t exist with discount brokerages here, what these numbers paint a picture of is an online brokerage that continues to grow and win new clients who are active traders.

Rankings and ratings may help the cause of getting attention, but these kinds of figures reflect individual traders voting with their dollars and they have been for some time now.

Protecting Seniors

An interesting article on the potential for fraud or mishandling of seniors’ funds via brokerage accounts highlights the current landscape facing older adult DIY investors in the US are facing.

The groundswell of an aging population combined with the proliferation of technology that makes financial transactions so effortless means that brokerages may find themselves in the position of having to police their client’s trading habits.

The demographic shift has not been lost on the discount brokerage (and wealth management more generally) industry.

About a year ago, BMO InvestorLine published results of a study they commissioned on the rise in wealth transfer that could accompany an aging population. More recently, BMO Wealth Management also published a series of papers on caring for aged parents as further recognition of the impact that aging individuals will have on the financial services requirements of older adults and those who care for them. Also, Canadian Securities Administrators have placed a special emphasis on educating and empowering individuals and especially seniors about recognizing fraudulent investment opportunities.

As more investors start aging, however, the questions being debated now in the US will inevitably come up regarding Canadian investors. Given the extent to which policies in the U.S. tend to shape decisions here in Canada, this will be an interesting issue to follow in the months to come.

Event Horizon

This upcoming week there are a flurry of investor education opportunities. If you’re looking to learn about options, the technical indicator MACD or some basics on options or short selling, check out one of the sessions below.

July 7

NBDB – Introduction to Technical Analysis: Trends – [Fr]

Scotia iTRADE – Trading Options in 3-D with Pro Market Advisors

TD Direct Investing – Chart Smart – Using the MACD

July 8

TD Direct Investing – Introduction to Investing in Options

July 9

TD Direct Investing – Understanding Margin & Short Selling

Discount Brokerage Tweets of the Week

This week on social media there were a number of interesting glitches on data feeds that got the attention of a few DIY investors. Mentioned this week are BMO InvestorLine, Questrade, Scotia iTrade, TD Direct Investing and Virtual Brokers.

From the forums

Dress Rehearsal

Diving into the world of investing head first is something most beginner DIY investors should probably rethink. On the other hand, wouldn’t it be nice to be a total expert before putting real money on the line? Of course folks have to take the plunge at some time, however it is always better to learn the ropes with a safety net in place. In this post from the reddit Personal Finance Canada section, there are a number of interesting suggestions put forward to one reddit user who wanted to get the hang of investing before playing for keeps.

Coming up Short

When it comes to trading online, there’s probably one law that every DIY investor (and perhaps discount brokerage too) should keep in mind: Murphy’s Law. Yes, a healthy dose of paranoia is always in order when considering just how many moving parts there are to executing a trade and just what can go wrong in the process. With that scary prelude out of the way, this post from the RedFlagDeals investing forum highlights what went wrong for one investor trying to go short.

Into the close

That’s a wrap for this week’s discount brokerage roundup. In case you missed it, June was extended by an extra second (the ‘leap second’) and if that doesn’t seem like much, here is something interesting to watch that showcases some spectacular leaps that can happen in much less than a second. Hope you find lots of great reasons to jump for joy this weekend!

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Discount Brokerage Deals and Promotions – July 2015

Summer is a great time for taking vacations, staycations and generally taking it easy. While Canadian discount brokerages are keeping busy behind the scenes, heading into July it looks as though most of them have given the deals and promotions a break to cool off.

At the start of this month there are 14 offers currently available from seven different brokerages. Of those, nearly half (43%) come from Questrade, signaling once again that Questrade is the discount brokerage offering the most deals or incentives of the field.

With some rather prominent discount brokerages on the sidelines, it will be interesting to observe just how much traction brokerages like Questrade may gather in the summer simply because the field is less crowded. If history is any indicator, however, they won’t be left unchallenged for too long and the field may ramp up rather quickly once this holiday-shortened first week has passed.

Expired Deals

Several noteworthy deals came to an end in June. Among the most interesting was Virtual Brokers’ 25 free trade offer. Questrade launched a 25 trade offer of their own however with Virtual Brokers electing to not renew this particular deal, there is a definite gap in the segment of offers that allow clients ample time to use them. Another interesting observation was that BMO InvestorLine decided to let their ‘Five Star’ promotion come to an end. For the moment, this means that BMO InvestorLine is not currently advertising an offer geared towards large deposit accounts. Finally, Scotia iTrade and Questrade both had offers that expired in June.

Extended Deals

With so many deals scheduled to expire at the end of June, there were bound to be some extensions granted. In this month’s case, there were 3 offers that had their deadlines extended. First on deck, BMO InvestorLine extended their youth promotion (this go around naming it “phase II”) until the end of August. Next Desjardins Online Brokerage bumped the expiry date of their $500 commission rebate offer until the end of September as did Scotia iTrade with their refer-a-friend promotion.

New Deals

Late last month, Questrade launched a cleverly worded promotion that gives clients 25 commission-free trades which are good through the end of 2015. This deal requires a deposit of at least $25,000 in order to be eligible for the commission-free trades. See table below for more details.

As always if there are any offers that we may have missed or that you would like to share, feel free to drop us a note directly or to post in the community section for deals & promos.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
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, $50 cash back and potentially waived account minimum fees. Use promo code “YOUNG” when signing up. Be sure to read the terms and conditions for more details on the offer. A) for commission free trades: n/a B) for cash back: $25,000 A) 35 commission-free trades B) $50 cash back + 35 commission-free trades 90 days Youth Promotion August 31, 2015
Open a new account with HSBC InvestDirect and you may be eligible to receive up to 30 equity trades (North American listed equities only) commission free. Only trades placed within the first 60 days of account opening will be eligible. Be sure to read the terms and conditions for full details on this offer. n/a 30 commission-free trades (commission will be rebated within 90 days after 60 day trading period) 60 days HSBC InvestDirect Summer Promotion Terms & Conditions August 31, 2015
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 – $9,999 B) $10,000 – $24,999 C) $25,000 – $49,999 D) $50,000 -$99,999 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions; Code Number: 476104302388759 none
Open and fund a new account at Questrade with at least A)$1,000, B)$25,000 or C)$50,000+ and you could be eligible to receive either A)1 month, B) 2 months or C)3 months of commission-free trading. Use offer code UNLIMITED2015 when opening an application to qualify. Be sure to read full terms and conditions on this offer. A)$1,000 B)$25,000 C)$50,000 A) 1 month commission-free trading B) 2 months commission-free trading C) 3 months commission-free trading (*note trading commissions will be rebated within 10 business days of trade execution) A) 1 month B) 2 months C) 3 months Unlimited Trading Promotion August 31, 2015
Open and fund a new account at Questrade with at least $5,000 and complete at least one commission-generating trade and you may be eligible to receive a $50 gift certificate from Amazon. Use promo code AMAZON2015 when signing up to qualify. Be sure to read the terms and conditions associated with this offer. $5,000 $50 Amazon gift certificate Gift certificate emailed within 30 days of eligibility requirements being met. Amazon gift certificate promotion July 30, 2015
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade September 30, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B) $50,000 -$99,999; C)$100,000 – $249,999; D)$250,000 – $499,999; E) $500,000 – $999,999 or F)$1,000,000+ you may be eligible to receive a corresponding cash back or commission rebate. For commission-free trades use code: THSP15 or for cash rebates use code: RNYDMN. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. Contact Scotia iTRADE for full details on this offer. A) $15,000 – $49,999 B) $50,000 -$99,999 C) $100,000 – $249,999 D) $250,000 – $499,999 E) $500,000 – $999,999 F) $1,000,000+ A) 50 commission-free trades OR $50 cash back B) 100 commission-free trades OR $100 cash back C) 250 commission free trades OR $250 cash back + KeeneOnTheMarket Subscription D) 350 commission-free trades OR $350 cash back + KeeneOnTheMarket Subscription E) 500 commission-free trades OR $500 cash back + KeeneOnTheMarket Subscription F) 1000 commission-free trades OR $1,000 cash back + KeeneOnTheMarket Subscription 120 days for commission-free trades Cash back to be deposited by February 13, 2016. $1000 or 1000 free trade offer September 13, 2015
Open and fund a new registered or margin online trading account with Questrade with a deposit of at least $25,000 and you may be eligible to receive up to 25 commission free trades. Use promo code “TRADEFREE15” when signing up. Be sure to read full terms and conditions. $25,000 25 commission-free trades Trades good for use until December 31, 2015. Canada Day Campaign July 31, 2015
Disnat Disnat is offering new & existing clients $500 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $50,000 $500 commission credit 6 months Disnat $500 Commission Credit Promo September 30, 2015
National Bank Direct Brokerage is offering either A) a 16GB iPad Mini or B) $300 cash back to new clients who sign up for the InvestCube service and deposit at least $50,000. Use either promo code “Mini2015” for the iPad or “Cash2015” when signing up to be eligible for this offer. Be sure to read the terms and conditions of this promotion carefully. $50,000 A) iPad Mini (16GB) B) $300 cash back Within 45 days of the eligibility date either A) the order for the tablet will be processed or B) cash back will be credited to the account. InvestCube Tablet or Cash Back Promotion August 31, 2015
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,999 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). BMO InvestorLine Refer-a-Friend October 30, 2015
Open a new account (registered, margin, or FX & CFD) with at least $100,000 in new assets and execute at least one commission-generating trade and you may be eligible to receive an Apple Gift Card worth $500.00. Use promo code APPLEWATCH2015 when registering. Be sure to read the full terms and conditions on this offer. $100,000 $500 Apple Store gift card Apple Store gift card will be emailed within 30 days of eligibility requirements being met. Apple Gift Card Promo August 31, 2015
Last Updated: July 1, 2015 15:15 PT

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Transfer $15,000 or more to Scotia iTrade from another Canadian brokerage, and iTrade may pay up to $150 in transfer fees. $150 $15,000 1000 Free Trade or $1000 Cash Back Offer September 13, 2015
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion. $150 $25,000 Credential Direct Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $10,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $150 $25,000 Transfer Fee Rebate 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 into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 confirmed with reps. Contact client service for more info (1-800-567-3343) 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
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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $150 $50,000 Disnat $500 Commission Credit Promo September 30, 2015
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Discount Brokerage Weekly Roundup – June 26, 2015

Heading into the last weekend of June, it looks like trading action is everywhere. NHL’ers & NBA’ers are trading players, politicians are trading blows and it even looks like Vancouver and Toronto have traded weather. For all the trading going on everywhere, Canadian discount brokerages are hoping DIY investors feel inspired to trade during the typically sluggish summer season.

This week’s roundup will be an aptly attired short edition. On the grill will be a look at one brokerage’s ongoing ‘quest’ to beat other discount brokerages at the deals & promotions game; a quick look at some headline making brokerages and trading technology from the US; some of the interesting social media observations, and finally, what DIY investors are talking about in the investor forums.

Questrade Launches Deal for Canada Day

Whether it was in anticipation of all the deals set to expire at the end of June or if it was timed just around Canada Day, Questrade continued to keep the deal produce fresh by rolling out their latest ‘Canada Day’ themed promotion. In their latest promo, Questrade is willing to provide 25 commission free trades which are good for use for the rest of the year or about six months for individuals who deposit at least $25,000.

The clever copywriters in the Questrade marketing department have pitched the offer as ‘trade free for the rest of the year’. And, while it is definitely not the first time this hook has been used, it is also a good example of a ‘made you look’ message. Questrade is not alone in this department as other discount brokerages try to grab the headlines with large numbers of free trades or cash back offers for very large deposit amounts. Remember, always check the fine print.

With eight deals set to expire at the end of June, it should be interesting to see which, if any, promotions will be extended and whether other discount brokerages will be looking to make a summer splash with an offer in July. Stay tuned.

Wrist vs. Reward

As an informal scientific poll, the next time you happen to be walking down the street – have a look around at how many folks are holding onto or even looking down at a screen. (If you happen to be reading this while on one of those screens, don’t forget to look up and around every once in a while!) Chances are pretty good that most younger folks are attached to some kind of smart device.For the more tech-savvy or tech-addicted traders and investors, the new ‘wearable’ technologies that are emerging will add yet another layer to how investors scan, research, monitor and buy/sell securities.

In this article from thestreet.com, there is an interesting breakdown of the possible impact of watch-based trading platforms on investors as well as some interesting data on how investors are using the different devices now available to them. While most Canadian brokerages have yet to deploy a dedicated Apple Watch trading app, there are some interesting lessons to learn from the early winners and losers in the race going on in the US.

Blunder Down Under

Endeavouring to become a truly global discount brokerage is an ambitious undertaking. Sometimes, however, things can go slightly off the rails as they did for Interactive Brokers in Australia. This past week Australia’s securities regulator halted Interactive Brokers from trading currencies because they did not have the appropriate licensing to do so. While not a large part of their overall business, going offline in any market is no fun for anyone involved and a lesson to DIY investors to do some extra legwork to ensure their provider isn’t on anyone’s naughty list – least of all the securities regulator.

Event Horizon

Just as many elementary students are going into summer vacation, the investor education offerings also have thinned out considerably going into the upcoming holiday week. Investor education event coverage will pick up again going into the 2nd week of July where there is much more activity to look out for.

Discount Brokerage Tweets of the Week

This week on Twitter, the chatter from DIY investors about discount brokerages highlighted some of the hiccups that mobile trading technology can face. Sometimes it’s just one person, other times it’s a much bigger issue. It looks like Questrade had a minor issue with their mobile trading however they weren’t the only brokerage to be bit by a technology bug. A user on Scotia iTrade’s app also found a bit of glitch with accuracy of quotes. Interestingly this week there were a few discussions on price – with CIBC Investor’s Edge getting a nod as well as the independent brokerages Questrade and Virtual Brokers. Click below to read more.

From the Forums

Advisors Getting the Boot

With the upcoming changes to the way in which financial advisors will have to start disclosing their fees to clients, there were a couple of interesting posts that might be ‘canaries in the coal mine’ for many advisory services. In this post, from Canadian Money Forum, one user was curious to know whether going it alone on CIBC Investor’s Edge was worthwhile and in this post, from reddit’s Personal Finance Canada section there was a detailed explanation behind the pros/cons of going it alone.

House of Shorts

The old adage of being greedy when others are fearful and fearful when others are greedy comes to mind when listening to the hype around Canadian real estate. While its not normally something we cover here, the conversation has shifted to how some investors would look to short Canadian real estate in the same way that some folks did in the US prior to their housing bubble bursting. Check out this interesting post on reddit’s Personal Finance Canada section for more.

Into the Close

That’s a wrap for this edition of the roundup. For the traders out there, remember that Canadian markets will be closed on July 1st (Wednesday) in observance of Canada day and that US markets will be closed on July 3rd (Friday) in observance of Independence Day. In the words of the new (and well played marketing ploy) Eh Moji’s:

 

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Discount Brokerage Weekly Roundup – June 19, 2015

As June quickly draws to an end, there is something that a lot of the little kids out there may be celebrating or dreading. No, it’s definitely not dinosaurs nor is it Donald Trump announcing his candidacy for US President. Nope, if there’s something that discount brokerages and students can commiserate about at this time of year it is getting report cards.

In this week’s roundup we take a look at some the interesting moves being made by two online brokerages in separate social media spaces. Following that we take a look at a recent report card on mobile trading platforms that was less than flattering for almost all Canadian discount brokerages. Of course, with all the fun that summer entails, we close out the roundup with a quick spin through the upcoming investor education events, discount brokerage tweets of the week (there are some interesting ones in there) and of course the forum chatter. Oh and a cute animal video just for kicks at the end.

The Missing Link

Over the past several weeks, we’ve been tracking some of the interesting developments of brokerages on social media. This past week, social media was again on the radar with two discount brokerages making some important moves on LinkedIn and YouTube respectively.

Earlier in the week, Scotia iTrade announced on LinkedIn that they are winding down their company page on July 6, 2015 and instead publishing company updates and content on their showcase page.

Screenshot from Scotia iTrade LinkedIn page.

For most self-directed investors, there will likely be no noticeable difference between the two however, for Scotia iTrade, the switch may be a lot more noticeable.

With three weeks to go before they switch over, the difference in follower count between the two different pages is almost ten-fold. Scotia iTrade’s soon to be shuttered company page has amassed 1767 followers (at the time of writing) whereas their new showcase page has 143. As a financial services provider, building a community of followers online, especially on social media, is no easy feat.

There are several active competitors on LinkedIn which each have similar content strategies. BMO Wealth Management, Credential, National Bank Direct Brokerage, Qtrade Financial and Questrade are also actively producing and sharing investor focused content. As in the ‘real world’ the social media space is a lot more crowded than it was just a few years ago.

I Screen, You Screen

The other online brokerage ramping up production of investor-focused content is Qtrade Investor. Just this week they officially launched a YouTube account and published their first video – an investor education piece on ‘how to diversify your portfolio beyond Canada.’

While Qtrade Investor is not the only discount brokerage to have a YouTube channel (see table below), their choice to focus on investor education out of the gate is an interesting one. Typically, other online brokerages have been using YouTube to share information about their services, post commercials and a few have actually provided education-only videos.

As with other social media sites, the table below shows that Questrade is out in front by a wide margin on YouTube. They have been on the medium longer, have a larger subscriber base and have more views that the other brokerages combined. That said, they have also produced and released more videos than their peers.

One of the most interesting observations for the data shown in the table is that for the amount of time and resources spent, there aren’t a lot of folks eagerly waiting and watching to see what a brokerage puts out next. And that’s basically the challenge confronting most brokerages when it comes to building content. Most discount brokerages, and financial services providers, are much better at focusing on providing brokerage services than they are at consistently producing content that investors are drawn to.

While Qtrade Investor is likely not the last to step into the social media pool, especially on YouTube, the challenge in front of them will to be to keep things fresh, frequent and most importantly, interesting.

Select Canadian Online Brokerages on YouTube
Brokerage Subscribers Total Views Year Joined # Videos
Questrade 2788 1140720 2007 150+
Scotia iTrade 312 61594 2010 39
Qtrade 2 14 2015 1
Virtual Brokers 70 40518 2010 24

A Platform for Change

This past week BMO InvestorLine’s mobile (i.e. tablet and smartphone) platforms were recognized by financial service rating firm Surviscor as being ‘the best’ amongst the Canadian discount brokerages.

As this was the first year this analysis was performed, it was interesting to note just how far apart first place was from everybody else.

BMO InvestorLine scored a 91% on the ranking whereas 2nd place Scotia iTrade was given a 57%. The company that fared the worst in this ranking was National Bank Direct Brokerage which Surviscor rated at 14%. In fact, the average score for the 11 discount brokerages measured worked out to 42% with a standard deviation of about 22%. For the stats keeners, there’s definitely something strange in the mobile trading neighbourhood.

Surviscor Canadian Discount Brokerage Mobile Trading Ratings
Brokerage iPhone iPad Android SmartPhone Android Tablet BlackBerry Touchscreen Score Rank
BMO InvestorLine B+ A B+ B+ B+ 91% 1
Scotia iTrade C+ B- C+ C+ C+ 57% 2
Questrade C+ C+ C+ B- C+ 54% 3
RBC Direct Investing C+ C+ C+ C+ C+ 51% 4
Qtrade Investor B- C+ B- D B- 49% 5
TD Direct Investing C+ C C C+ C 43% 6
CIBC Investor’s Edge C C C C C 33% 7
Credential Direct B- N/A C+ N/A C+ 25% 8
Virtual Brokers C- C- C- C- C- 25% 8
Desjardins Online Brokerage C+ D- C+ D C+ 21% 10
National Bank Direct Brokerage C D- C D C 14% 11
source: Surviscor

As we’ve mentioned on several occasions with all brokerage rankings and ratings, the importance of understanding what is being measured and the method by which it is measured is key to really understanding what these numbers mean.

In the case of these latest rankings & ratings, it is the presence or absence of certain features and functionality on smartphones and tablets. Exactly what those features were was not elaborated on in the press release or Surviscor site, however, the following “categories” were assessed:

  • Getting Connected
  • Application Design
  • Customer Support
  • Market Intelligence
  • Mobile Transactions
  • Mobile Resources

According to the figures presented, BMO InvestorLine’s app is somewhat of a black swan in the pond of other mobile trading apps. An alternative interpretation would be that there’s something particular about the test construction that is rendering these results. In fact, it may be a combination of the two.

BMO InvestorLine may have a feature-rich app, however individual investors may not consider having all of the features important – especially if the app becomes an intensive user of device resources (i.e. battery life). Surviscor’s assessment, on the other hand, bases the scoring of the mobile experience in large part on what’s available on a brokerage’s full website. As such, some brokerages may be designing their mobile experience to be intentionally different than the full web experience which would, in turn, help account for some of the differences observed between the mobile and desktop website.

In reality, some discount brokerages and DIY investors may believe there are certain features that are better suited to bigger screens. There is only so much filtering, charting or technical analysis one can effectively do with ones thumbs or with swiping. Thus, a distinction should be made between having a feature (which is a yes or no question) and having it work effectively (which is matter of degree).

While it is undeniable that many DIY investors are embracing the ability to stay on top of their investments ‘on the go’ or simply without having to power up a laptop or desktop, exactly what makes for a quality mobile experience, especially for DIY investors, is still a moving target.

Given how fast the definition and technologies associated with “mobile” are changing, it will likely be the responsiveness of brokerages’ IT departments as well as their websites or apps that determines who will lead the pack.

Event Horizon

June 23

Scotia iTRADE – Introduction to Bonds with Scotia McLeod

TD Direct Investing – Understanding Margin & Short Selling

TD Direct Investing – Generating Income in a Low Rate Environment

June 24

Scotia iTRADE – Options Fundamentals with Montreal Exchange

June 25

TD Direct Investing – Introduction to Technical Analysis

#DiscountBrokerage Tweets of the Week

The chatter about and to discount brokerages on Twitter this week featured BMO InvestorLine, Questrade, RBC Direct Investing, Scotia iTrade and brief mention of TD Direct Investing.

From the Forums

Taking an Interest in GICs

With talks of interest rates rising on the horizon, it will be ‘interesting’ to see if/when more folks start asking about GICs. In this post from RedFlagDeals’ forum, one user wants to find out whether a big bank-owned online brokerage or independent brokerage offers direct access.

For Better or Worse

Now that summer is here, RRSP season may be in the rear view mirror but for a lot of folks it also happens to be ‘wedding season’. In this post, from Canadian Money Forum, spousal RRSP contributions are the focal point at one bank-owned online brokerage.

Into the Close

That’s a wrap for this week’s roundup. For all the dads out there, here’s to a very happy Father’s day filled with tools, ties, socks and stocks! (ok maybe not that last one). Have a great weekend – although perhaps not as great as this little rascal.

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Discount Brokerage Weekly Roundup – June 12, 2015

It happened in Toronto. It happened in Vancouver. Transit ground to a halt at the worst possible moments. And, if you read the tweets and forum posts from active investors and traders, it occasionally happens to discount brokerages, major data providers and stock exchanges across the information superhighway. When technology that carries people or financial information goes offline, it seems that the new normal is for people to turn online (are you taking notes #SnoopforCEO?). For many discount brokerages, the issue of how to navigate this tech-fueled new normal filled with hyperconnected ‘millennials’ as well as their expectations of how things ought to run is an all too familiar challenge. Alas, there is no turning back.

In this week’s roundup we try to get things ‘on track’ by first looking at one discount brokerage-sponsored investor challenge that wrapped up and what it means for investors looking to learn about investing. Next, we take a look at an important announcement from the Federal Government on their strategy for improving financial literacy. Following that, we report on the quick scan of the small screen that yielded some interesting segments on ‘guys chatting about investing’ followed by the conversations about DIY investing in the discount brokerage tweets of the week. Finally we close out with the upcoming investor education events, forum chatter and one very cool internet video that highlights the importance of paying attention to the big picture.

And it was supposed to be a slow month…

It Pays to Play

Successfully timing the market has always been met with some degree of skepticism. That’s real life. Still it is a fascinating exercise to observe what happens when contestants using ‘virtual money’ are challenged to perform as best as they can.

This past week, the “Biggest Winner 5” trading competition from Horizons ETFs and National Bank Direct Brokerage announced that Calgarian Daniel Tsang was crowned the champ for netting a 20.99% return over the course of the six-week contest. First prize in this ETF-only virtual stock market challenge was $7,500 followed by the second prize of $2,500 which went to Nancy Kelly of Cobourg, Ontario who reached a healthy 18.68% return.

So what was the secret to scoring the quick wins? According to Howard Atkinson, President of Horizons ETFs, it was the “effective use of leveraged ETFs.” Indeed, when the focus is short term, it is the combination of luck, timing, volatility and leverage that many professional traders recognize govern their fortunes. Of course it also helped that junior’s university fund was not on the line when making some of the big directional bets on oil and natural gas that provided a large portion of the results.

While the prize money and recognition were potent incentives, it was great to see that over 1600 individuals took part, including a continuing trend of increased participation by women investors.

It would have been interesting to see what the average performance was over that time, especially considering the performance of various benchmark indices, as well as what the distribution was of the 20,000 or so trades that were made.

Regardless of the outcome, the good news for DIY investors is that paper trading is a great way to learn and practice different investment strategies. Several discount brokerages such as Interactive Brokers, RBC Direct Investing, and TD Direct Investing (specifically the US Trading Platform aka ThinkOrSwim) even offer practice accounts which can be used to test and learn. That said, the Biggest Winner contest offers up a number of cash prizes which just makes getting it right that much more fun. Congrats to the winners and participants!

Making Financial Literacy Count With #CountMeInCA

This past week the Federal Government formally announced the launch of their National Strategy for Financial Literacy called “Count Me In”.

As has increasingly been the case since 2009, resources are continuing to be committed to improving financial literacy across the general population and specifically to vulnerable populations. While the formal commitment by government agencies has taken time to mobilize, other organizations and individuals have been filling the void.

Fortunately many of the resources have been organized into a database on financial literacy (explained also in the following video).

For quite some time and to this day, however, DIY investors have relied upon Canadian investor forums such as the personal finance section of Reddit, RedFlagDeals, Canadian Investor Forum or the Financial Wisdom Forum as well as sites such as GetSmarterAboutMoney.ca and a host of independent personal finance writers to help navigate the world of investing online.

Discount brokerages have also recognized the need and opportunity in providing investor education on specific areas of interest related to investing. Four of the biggest providers of investor education include Desjardins Online Brokerage, National Bank Direct Brokerage, Scotia iTrade and TD Direct Investing.

Fortunately, the number of resources for learning about investing (as a component to personal financial literacy) continues to grow and with the appointment of a Financial Literacy Leader and the formation of a concrete strategy, it appears even more resources will be mobilized and coordinated to bring the awareness of personal financial literacy into the everyday purview of most Canadians.

Given the high levels of personal debt, irrational housing prices and demographical shifts there is clearly a need and urgency to better educate and empower Canadians to manage their finances wisely.

It comes as little surprise, therefore, that the three primary goals of the National Strategy on Financial Literacy are to help Canadians:

  1. Manage money & debt wisely
  2. Plan & save for the future
  3. Prevent & protect against fraud and financial abuse

For those beginning on their journey into learning about personal finance and investing, or for those who get asked by beginners about some good resources, it is encouraging that in addition to the good books about investing, forums and websites that there are now going to be some better resources to turn to.

To keep track of the latest developments of the “Count me in” strategy, follow the hashtag #CountMeInCA or visit the Financial Consumer Agency of Canada website here.

Channel Surfing

There’s just something about two guys talking about investing – or so it seems that it was the case with a pair of video clips that caught our attention.

The first is a commercial for Interactive Brokers’ new ‘marketplace’ which we mentioned in last week’s roundup. In the commercial there’s an amusingly scenic moment of two guys fishing in a river set to some wholesome ‘folky’ music.

Getting back to the theme of financial literacy, the second clip is from a BNN interview featuring Doce Tomic, President & CEO, Credential Financial discussing financial literacy tips for millennials.

Over the past few years and increasingly over the last few months it seems that “millennials” has become the buzzword of choice to describe a new category of being. Like the Gen Y’s, Gen X’s and Baby Boomers, the millennials have become a talking point, especially in the world of finance, where there has been lots of energy expended trying to understand, cater to and capture the business of this demographic cohort.

The Google Trends graph below shows just how ‘hot’ a topic millennials have become. Interestingly, the stock charts of several companies that cater well to this demographic also seem to follow a similar trend, which may help explain why the discount brokerages and financial services firms are hoping to find the right recipe for connecting to this group very quickly.

#DiscountBrokerage Tweets of the Week

In this week’s tweets, there was an interesting shift in the pattern of the past few weeks. While there were definitely a handful of questions relating to customer service issues, there were a number of not so flattering conversations that Scotia iTrade found themselves the center of. While the social media representative handled the exchanges professionally, it was revealing to see what some of the concerns were with this online brokerage.

Event Horizon

Here are the upcoming investor education seminars and webinars for the week ahead:

June 16

Scotia iTRADE – Volatility – Friend or Foe with Pro Market Advisors

June 17

TD Direct Investing – Technical Analysis – Candlestick Charting

TD Direct Investing – Introduction to Fundamental Analysis

Scotia iTRADE – Building Diversified Portfolios Using ETFs with iShares

June 18

TD Direct Investing – Introduction to Investing in Options

Scotia iTRADE – Charts and Patterns 101

From the Forums

Shorts Weather

In this post from the Canadian Money Forum, one user highlights some of the challenges encountered with going short on a stock at Scotia iTrade. Check out what the community had to say about some of the other alternative discount brokerages mentioned and why having a brokerage that has a big inventory can make the difference on a quick trade.

Interesting Gambit

One of the more popular techniques for exchanging Canadian funds into US funds is via Norbert’s Gambit. This past week there were a couple of interesting threads concerning the importance of keeping track of any interest charges that may be incurred as well as the shift that might be taking place with one bank-owned brokerage now potentially charging a little more to get that done.

Into the Close

That does it for this edition of the roundup. Hard to believe that the middle of June is almost here but with it come the (gasp) finale of Game of Thrones for another season. Of course, there’s lots to do outside but for those that would rather watch other people outside do entertaining things, this tribute to television theme songs is good training for that day you end up on Jeopardy. Have a great weekend!

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Discount Brokerage Weekly Roundup – June 5, 2015

Even though summer is technically still coming, for Game of Thrones fans, winter looks like it’s finally arrived. While Canadian discount brokerages may not have to worry about a horde of the undead or flying dragons, they do have to keep an eye out on each other.

In this week’s discount brokerage roundup, we take a look at the latest battleground for brokerages – deals and promotions – and the newest challenger that has stepped on the field. Next we take an in-depth look at one independent online brokerage that happens to be crushing their account growth numbers and what that might mean for DIY investors in Canada. Following the trend from the last several roundups, we’ll take a look at the latest discount brokerage tweets to see what was lighting up social media before closing out with upcoming investor education events and some enlightening chatter from the investor forums.

Deals updates

With a new month, it’s that time again to check on the deals and promotions being offered by Canadian discount brokerages. While the deal activity seemed like it was going to quiet down heading into summer, June was barely a few days old when the deals and promotions space took an interesting turn.

At the outset of the month there were 15 deals we spotted, with one new offer by Questrade included in that count. By the end of the first week, however, two more deals had joined the list: one from Questrade as well as one from HSBC InvestDirect.

Those offering promotions included the ‘usual suspects’ of Questrade, Scotia iTrade, BMO InvestorLine and Desjardins Online Brokerage, however it was HSBC InvestDirect’s offer that got our attention.

The deal itself is not groundbreaking – it is 30 commission-free (equity) trades that are good for 60 days, something that is similar to what other brokerages have offered. What is noteworthy is the lack of required minimum deposit to qualify and the fact that HSBC InvestDirect has decided run this offer from June through to the end of August as a “summer” promotion, perhaps hinting at deals that may be coming in future seasons.

In terms of activity level for promotions, HSBC InvestDirect has run/advertised very few. Aside from offers that were timed around their win of various Dalbar client service awards, HSBC InvestDirect has largely been on the sidelines with promotions. Clearly something has prompted a change.

Alongside the launch of HSBC InvestDirect’s latest promotion was Questrade’s revival of their Amazon gift certificate offer. Questrade’s addition of yet another promotion means that of all the Canadian brokerages, Questrade is offering the largest number of promotions (7 out 17 that we’re tracking).

Another noteworthy observation was that Virtual Brokers extended their commission-free trade offer until the end of June.

June should prove to be an exciting moment for promotions/deals as just about half of the 17 offers have expiry dates scheduled for the end of this month. If the rest of this month continues at this pace, it seems like a little bit of volatility might be in order – something that may play out in the favour of DIY investors in the market for an online trading account. Stay tuned.

IBKR kicking butt and taking names

As we do from time to time, we keep an eye out as to what is happening in the US space and in particular with what’s happening at Interactive Brokers (since they have a Canadian subsidiary as well).

This past week, it was interesting to see what the US discount brokerages were up to at the recent Sandler O’Neill Global Exchange and Brokerage Conference that took place in New York.

Although there were interesting presentations from E*Trade and TD Ameritrade, as well as some pot shots at the Toronto Maple Leafs making the Stanley Cup finals (apparently even Americans know that factoid about Canada even if they don’t really know our geography ) it was the presentation from Interactive Brokers’ founder & CEO Thomas Peterffy that caught our attention. For those diehard fans/followers of the online brokerage space – the session can be accessed here.

One of the biggest takeaways is that Interactive Brokers has experienced a blistering pace of account and asset growth, and, show no real signs of slowing down. According to their CEO it was a series of long-term commitments to automation that have enabled them to compete so effectively on pricing. Their ambitions extend well beyond the US markets and so it is interesting to see the moves taking place within Canada that will enable them to compete against brokerages here.

Coinciding with their appearance at the Sandler O’Neill Global Exchange and Brokerage Conference was the announcement by Interactive Brokers of the launch of their investor marketplace – something that shows once again that they are looking ahead of the curve. In case you missed it, here’s a commercial from earlier this year, which comically points out how this new feature would speak to investors or advisors.

While it is hard to know what from the US will make its way to Canadian DIY investors, it’s hard to argue with the growth figures of Interactive Brokers.

Within Canada, it appears that Interactive Brokers is chipping away at the DIY investor market. With their recent introduction of registered accounts, it should be interesting to see them start to appear on the major discount brokerage rankings now that this qualifying feature is in place.

On the horizon, however, their new marketplace may offer an integrated way to access advisors, or even robo-advisors, that have captured so much interest of late. All this while staying under the “Interactive Brokers” umbrella.

As the momentum with Interactive Brokers continues to pick up in the US, there is a strong chance that Canadians will start to hear and see them being talked about if not through commercials, then by the growing crowd of traders from the US and internationally who are clearly flocking to Interactive Brokers.

#DiscountBrokerage Tweets of the Week

In this week’s discount brokerage tweets of the week, there were an assortment of vents, apologies and pointed remarks that make the world of DIY investing such a colourful one to follow.

As has been the case over the past several weeks, Questrade continues to be the most active on Twitter amongst the Canadian discount brokerages. Other online brokerages may be online, but as the tweets below show, few of them capture much attention other than when things go awry for clients.

 

Event Horizon

June 8

Scotia iTRADE – Trading Psychology Part 2 with Stefanie Kammerman

June 9

Scotia iTRADE – Sources of Income and Yield Using ETFs with Horizons ETFs

TD Direct Investing – Introduction to Investing in Options

June 10

TD Direct Investing – Introduction to Investing

TD Direct Investing – Options as an Income Strategy

NBDB – International Investing – [Fr]

June 11

TD Direct Investing – Introduction to Technical Analysis 

From the Forums

When is a TFSA not a TFSA

From time to time there have been stories of fabled, almost mythological, balances of TFSAs. The news that the CRA is looking into a limited number of individuals’ “very high” TFSA balances is concerning to DIY investors on a number of levels. In this post from the reddit Personal Finance Canada section, a fascinating discussion of how these balances may have gotten so big and what the CRA may or may not be able to do highlights how important getting clarity on the rules about TFSAs are.

Breaking up is Easy to Do

For many Canadian investors, having a financial advisor is one way to help manage and navigate the complex world of investments and investment products. For the DIY investor crowd, however, there is very little love for the ‘typical’ financial advisory. In this post from the Canadian Money Forum, readers chime in on one individual’s question as to how to go about breaking things of with an advisor they’re just not that into.

Questrade VS RBC Direct Investing

An independent brokerage that advertises low commission prices or a big bank that kicked of the ‘fee-asco’ of falling commission rates. It’s a question many investors wrestle with. In this post from reddit’s personal finance Canada section, there was an interesting debate about the merits and drawbacks of picking one brokerage over the other.

Into the Close

That does it for this week’s roundup. Whether it’s Game of Thrones, the Stanley Cup or a frosty beverage on a patio (or all of the above), however the ice makes its way into your weekend, we hope it keeps you cool!

For those of us who hate to pay fees for seemingly small requests, this is an entertaining real-life example of some batman like drive and applied math in action to beat one airline’s administrative fees.

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Discount Brokerage Deals and Promotions – June 2015

*Updated June 16*

With summer now just around the corner, June should prove to be an interesting month for discount brokerage deals and promotions.

On the one hand there has been a pullback in the number of deals as we head into the summer, however the same core group of discount brokerages continue to run active promotions. In particular, BMO InvestorLine, Questrade and Scotia iTrade each have multiple offers, with Questrade aggressively putting forward 6 of the 15 offers at the outset of June.

What is interesting to observe is that 50% of the current offers are timed to expire at the end of June. This signals that DIY investors can expect some deal turnover to happen through and towards the end of this month.

Another interesting observation is that the latest offers from Questrade and Scotia iTrade have deadline dates well into the end of August or mid-September.

We’ll definitely be monitoring June closely to see what’s going to unfold.

Expired Deals

There were five noteworthy discount brokerage deals that expired at the end of May. In particular there were three concurrent offers from Scotia iTrade that consisted of cash back and/or free trades that expired and were replaced by the deal referenced below.

Questrade also saw their $250 prepaid Visa offer expire as well as one of their 100 free trade offers.

Extended Deals

Not wanting to be excluded from the deal pack, Virtual Brokers extended the deadline for their “25 commission-free trade for a year” from the end of May through to the end of June.

New Deals

*Updated June 16:

After taking a bit of a break, National Bank Direct Brokerage has stepped back into the deals & promotion pool with a new offer linked to their ‘InvestCube’ service. Until August 31st, NBDB is offering up either a 16gb iPad Mini (estimated value $329 CAD) or $300 cash back for a minimum deposit of $50,000 into a new InvestCube account. See table below for additional details.*

*Updated June 3:

There are sometimes in life when a Ron Burgundy quote seems entirely appropriate. In this case, it’s that things ‘escalated quickly’ with regards to deals and promotions at discount brokerages in June. Although it was quiet to start off June, barely 3 days into the month there are two new offers that have launched.

The first is from a very unlikely candidate – HSBC InvestDirect, who has kicked off the summer with a commission-free trading promotion. This offer is for 30 commission free trades that are good for use within 60 days. Check out the table below for full details.

The second offer is yet another promotion being launched by Questrade. In their latest promo, Questrade has revived the Amazon gift certificate deal although this time it is aimed at smaller depositors than their previous one. Questrade is now offering a $50 Amazon gift certificate for deposits of at least $5,000. More details below.*

In keeping with their ongoing strategy of offering up multiple promotions, Questrade launched a smart(watch) offer in May and has resurrected another headline grabbing deal for June.

Midway through May, Questrade made a timely decision to capitalize on the interest in the Apple Watch by launching a promotion with the smartwatch as a theme.

Digging into the fine print, the offer was actually for a $500 Apple Store gift card for deposits of at least $100,000. While it is technically just enough to land the base model of the Apple Watch, the $500 Gift Card offer is still a pretty substantial offering for the $100,000 deposit.

There were more than a handful of tweets and forum posts that highlighted that Questrade has their fingers on the pulse of what their key demographic of clients is hungry for.

In addition to their new shiny promotion, starting this month Questrade is bringing back their “3 month unlimited trading” offer. Specifically, this promotion offers individuals one, two or three months of unlimited commission-free trading based on deposits of at least $1,000; $25,000 or $50,000. As a note, commissions are charged at the time of trading and then reimbursed within 10 business days. See table below for more details.

Finally, Questrade has recently changed their refer-a-friend offer away from commission credits and replacing it with a substantially lower cash back offering. We’ve updated the table below with the new referral code info. For individuals interested in using this promotion, be sure to read the terms and conditions as there are requirements for minimum balance amounts to held for minimum periods of time.

Discount Brokerage Deals

Company Brief Description Minimum Deposit Amount Commission/Cash Offer/Promotion Type Time Limit to Use Commission/Cash Offer Details Link Deadline
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform. n/a Discounted Commission Rates none For more details click here none
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, $50 cash back and potentially waived account minimum fees. Use promo code “YOUNG” when signing up. Be sure to read the terms and conditions for more details on the offer. A) for commission free trades: n/a B) for cash back: $25,000 A) 35 commission-free trades B) $50 cash back + 35 commission-free trades 90 days Youth Promotion June 30, 2015
Open a new account with HSBC InvestDirect and you may be eligible to receive up to 30 equity trades (North American listed equities only) commission free. Only trades placed within the first 60 days of account opening will be eligible. Be sure to read the terms and conditions for full details on this offer. n/a 30 commission-free trades (commission will be rebated within 90 days after 60 day trading period) 60 days HSBC InvestDirect Summer Promotion Terms & Conditions August 31, 2015
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc $1,000 $50 commission credit none none none
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. A) $1,000 – $9,999 B) $10,000 – $24,999 C) $25,000 – $49,999 D) $50,000 -$99,999 E) $100,000+ $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) Refer a friend terms and conditions; Code Number: 476104302388759 none
Open a new account (margin or registered account) with Questrade and deposit at least A)$1,000 or B)$10,000 and you may be eligible to receive A)10 commission-free trades or B)100 commission-free trades. Use promo code 100FREEML15Q3 when registering. Be sure to read the full terms and conditions for this offer. A)$1,000 B)$10,000 A) 10 commission-free trades B) 100 commission-free trades 60 days 100 free trades/multileg offer June 30, 2015
Open and fund a new account at Questrade with at least A)$1,000, B)$25,000 or C)$50,000+ and you could be eligible to receive either A)1 month, B) 2 months or C)3 months of commission-free trading. Use offer code UNLIMITED2015 when opening an application to qualify. Be sure to read full terms and conditions on this offer. A)$1,000 B)$25,000 C)$50,000 A) 1 month commission-free trading B) 2 months commission-free trading C) 3 months commission-free trading (*note trading commissions will be rebated within 10 business days of trade execution) A) 1 month B) 2 months C) 3 months Unlimited Trading Promotion August 31, 2015
Open and fund a new account at Questrade with at least $5,000 and complete at least one commission-generating trade and you may be eligible to receive a $50 gift certificate from Amazon. Use promo code AMAZON2015 when signing up to qualify. Be sure to read the terms and conditions associated with this offer. $5,000 $50 Amazon gift certificate Gift certificate emailed within 30 days of eligibility requirements being met. Amazon gift certificate promotion July 30, 2015
Open a new account with Questrade and deposit at least A)$5,000 or B)$25,000 and you may be eligible to receive A)$50 cash back or B) $75 cash back. At least one commission-generating trade must be executed in order for cash back to apply. Use code TFSA2015 when registering to qualify. Be sure to read the full terms and conditions for this offer. A)$5,000 B)$25,000 A)$50 B)$75 Cash rebates applied within 60 days of funding eligibility and trade execution confirmation. 100 free trades offer June 30, 2015
Scotia iTrade If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A)$10,000 B)$50,000+ A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) 60 days Refer A Friend to Scotia iTrade June 30, 2015
Open and fund a new account at Virtual Brokers with at least $15,000 and you could be eligible to receive up to 25 commission-free stock or ETF trades good for use for up to one year. Use promo code “TRYUS2015” when signing up to qualify. Be sure to read full terms and conditions carefully. $15,000 25 commission-free trades 365 days Free trades for one year promotion June 30, 2015
Scotia iTrade Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B) $50,000 -$99,999; C)$100,000 – $249,999; D)$250,000 – $499,999; E) $500,000 – $999,999 or F)$1,000,000+ you may be eligible to receive a corresponding cash back or commission rebate. For commission-free trades use code: THSP15 or for cash rebates use code: RNYDMN. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. Contact Scotia iTRADE for full details on this offer. A) $15,000 – $49,999 B) $50,000 -$99,999 C) $100,000 – $249,999 D) $250,000 – $499,999 E) $500,000 – $999,999 F) $1,000,000+ A) 50 commission-free trades OR $50 cash back B) 100 commission-free trades OR $100 cash back C) 250 commission free trades OR $250 cash back + KeeneOnTheMarket Subscription D) 350 commission-free trades OR $350 cash back + KeeneOnTheMarket Subscription E) 500 commission-free trades OR $500 cash back + KeeneOnTheMarket Subscription F) 1000 commission-free trades OR $1,000 cash back + KeeneOnTheMarket Subscription 120 days for commission-free trades Cash back to be deposited by February 13, 2016. $1000 or 1000 free trade offer September 13, 2015
Scotia iTrade Open a new Scotia iTRADE account with at least $15,000 by June 30, 2015 and you could be eligible to receive up to 100 online trades commission-free (equities, options, ETFs). Use promo code HUN-SP when registering to qualify. Be sure to carefully read full terms and conditions. $15,000 100 commission-free trades (+ free trial of FightDesk platform for 60 days) 60 days 100 Free Trades Offer June 30, 2015
Disnat Disnat is offering new & existing clients $500 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $50,000 $500 commission credit 6 months Disnat $500 Commission Credit Promo June 30, 2015
National Bank Direct Brokerage is offering either A) a 16GB iPad Mini or B) $300 cash back to new clients who sign up for the InvestCube service and deposit at least $50,000. Use either promo code “Mini2015” for the iPad or “Cash2015” when signing up to be eligible for this offer. Be sure to read the terms and conditions of this promotion carefully. $50,000 A) iPad Mini (16GB) B) $300 cash back Within 45 days of the eligibility date either A) the order for the tablet will be processed or B) cash back will be credited to the account. InvestCube Tablet or Cash Back Promotion August 31, 2015
BMO InvestorLine If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer. A) $50,000 – $249,999 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). BMO InvestorLine Refer-a-Friend October 30, 2015
Open a new account (registered, margin, or FX & CFD) with at least $100,000 in new assets and execute at least one commission-generating trade and you may be eligible to receive an Apple Gift Card worth $500.00. Use promo code APPLEWATCH2015 when registering. Be sure to read the full terms and conditions on this offer. $100,000 $500 Apple Store gift card Apple Store gift card will be emailed within 30 days of eligibility requirements being met. Apple Gift Card Promo August 31, 2015
BMO InvestorLine Open and fund a new qualifying account at BMO InvestorLine with at least A)$100,000 – $249,999; B)$250,000 – $499,999 or C)$500,000+ in net new assets and you may be eligible to receive either: A)$250 cash back OR 125 commission-free trades; B) $500 cash back OR 250 commission-free trades; C)$1000 or 500 commission-free trades. Use promo code 5CASH for cash back promotion or 5TRADE for commission-free trade promo. Be sure to read full terms and conditions for eligibility and further details. A) $100,000 – $249,999 B) $250,000 – $499,999 C) $500,000+ A) $250 cash back OR 125 commission-free trades B) $500 cash back OR 250 commission-free trades C) $1000 or 500 commission-free trades. Cash back: 6 months – 7.5 months Commission-free trades: 90 days (note: commission fees rebated within 45 days after 6 month credit period) Five Star Promotion June 30, 2015
Last Updated: June 3, 2015 10:00 PT

Transfer Fee Deals

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
Scotia iTrade Transfer $15,000 or more to Scotia iTrade from another Canadian brokerage, and iTrade may pay up to $150 in transfer fees. $150 $15,000 1000 Free Trade or $1000 Cash Back Offer September 13, 2015
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees $135 $15,000 Transfer Fee Rebate Details none
Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion. $150 $25,000 Credential Direct Transfer Fee Rebate none
Qtrade Investor Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $10,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. $150 $25,000 Transfer Fee Rebate 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 into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. $135 $25,000 confirmed with reps. Contact client service for more info (1-800-567-3343) 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
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 1-866-873-7103 and mention promo code Disnat500. See details link for more info. $150 $50,000 Disnat $500 Commission Credit Promo June 30, 2015