Scotia iTRADE – Page 37

Posted on August 1, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – August 1, 2014

What a difference a day makes. Yesterday was July and the markets were floating near all-time highs today it’s August those gains are gone. While that might not seem newsworthy, when it comes to trading/investing it’s often the simple lessons rather than the ‘news’ that make the difference. Learning how to stomach volatility (ironically as this edition of the roundup is being written while descending through some stomach churning turbulence) is part of the growth and development for every investor. Unfortunately, knowing that doesn’t quite make the experience any less unpleasant.

In this edition of the roundup we cover quite a bit of ground. We’ll start with the new deal being offered by one Canada’s bank-owned brokerages, then head on to the ‘facelift’ that another bank-owned brokerage quietly rolled out, followed by a quick announcement from a popular ETF competition and round third on the discount brokerage news with a pair of interesting stories from yet another bank-owned brokerage. Of course we didn’t forget about the forums – we’ll close out our weekly roundup by looking at a selection of interesting topics related to DIY investing.

Juicy Stakes

A new month means another round of updates to toss onto the grill. This month, there are 13 deals being offered by Canadian online brokerages as of the beginning of August.

The newest deal is a cash back + commission rebate offer from BMO InvestorLine which definitely raises the stakes for other brokerages – especially at the $100,000 deposit level where BMO InvestorLine currently sits unchallenged. Click the following link to view August’s deals and promotions.

Screenshot of HSBC InvestDirect’s new website layout

HSBC InvestDirect Website Gets Some Summer Love

Although they don’t often make it into the roundup, this past week we spotted the new website front-end of HSBC InvestDirect. Their new website has a few touchups, most notably they’ve dropped the drop-down menus talking about the features of their accounts and replaced them with some short summaries. Also, they’ve added in a big section on why to choose HSBC InvestDirect at the top of the website. HSBC InvestDirect received some fairly negative feedback from the last Globe and Mail discount brokerage reviews. With this latest set of changes the site looks and feels easier to navigate however, that’s a fairly subjective metric and so it will be interesting to see if or how that impacts the feedback they get.

Gold & Girls

The Next Big Winner contest sponsored by National Bank Direct Brokerage and Horizons ETFs Management announced their winner this past week. Top prize of $7500 went to Lanette Lam (from Vancouver, British Columbia) thanks in large part to a long and leveraged play on gold using Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF (“HGU”). Ms Lam’s cumulative performance over the six week competition worked out to be just shy of 18%. The next runner up (Nandanie Ojha of Mississauga, Ontario) managed to land an impressive 15.5% return which was good enough to snag the $2,500 prize. An interesting side note of this competition is the ‘gender’ spin. Of the 1024 participants, 17% were women and both the winner and runner up were also women. Also, of the 6 weekly prizes that were awarded, 4 of them went to women. While the combination of timing and picking the right spot have a lot to do with success in the markets, it’s encouraging to see women participating in and succeeding at what is typically viewed as a “man’s game”.

What’s Price Got to do With it?

Competition between Canadian online brokerages has been taken to a whole new level in 2014. With commission pricing having fallen across the board, especially among the bank-owned brokerages, the challenge facing these brokerages is how to remain profitable as a business while also remaining competitive.

This past week Scotia iTrade, which has been a curious hold-out in lowering their standard commission rates, rolled out a slightly more creative approach to improving access to lower commissions under the banner of loyalty pricing.

Individuals can now qualify for a discounted commission rate of $9.99 per trade if they have a combined amount of $50,000 or more across several Scotiabank accounts/products (including Scotia iTrade assets). Previously only Scotia iTrade clients who had at least $50,000 in assets with iTrade or who made at least 30 commission-generating trades per quarter were eligible for $9.99 commissions.

Click the following link to learn more about Scotia iTrade’s new loyalty pricing and how it changes the value proposition for considering iTrade.

Going for DRIP in the Pool

Another news story coming out of Scotia iTrade this week was their announcement of adding the ability to manage dividend reinvestment programs (DRIPs) and dividend purchase plans (DPP) directly online.

From the Forums

Continuing on the dividend theme, here are some interesting forum posts that tie into setting up DRIPs and explain the power of compounding.

Asking Pays Dividends

In the following post from the Canadian personal finance thread on Reddit, a curious investor wants to understand how compounding works in the context of investing. The answers from the community were helpful in demystifying the process.

Taking the Plunge

Getting started with investing on one’s own can be a tad nerve wracking. In another post from someone stepping into the world of DIY investing, a reader on Reddit’s Canadian personal finance thread is looking for the easiest way to dip their toes into the investing pool and asked to have it explained as it would be to a five year old.

That does it for this week’s roundup. It looks like the low volatility in the markets is going to take a back seat so prepare for the media storm. In the meantime, Canadian markets are closed for the long weekend so have safe and enjoyable few days off!

Posted on August 1, 2014 by user — Leave a comment

Discount Brokerage Deals & Promotions – August 2014

[Updated: August 9, 2014]

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

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

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

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

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

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

New Deals

[Updated: August 9, 2014]

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

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

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

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

Extended

None at this time.

Expired

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

Questrade Canada Day Promotion
Questrade iPad Mini Promotion
National Bank Direct Brokerage iPad Mini Promotion
BMO InvestorLine Spring 50/50 Promotion

Discount Brokerage Deals

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
For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer.	n/a	35 commission-free trades	90 days	Youth Promotion	October 31, 2014
Open and fund a new Canadian margin account with National Bank Direct Brokerage and receive a promotional margin interest rate of 2% for 3 months. New clients are also eligible for 3 months of $6.95 commission pricing. Use promo code: MARGIN2014 when signing up. Be sure to read terms and conditions for full details	n/a	A) 2% margin rate (for Canadian margin account only) B) $6.95 commission rate (new clients only)	A) 3 months B) 3 months	NBDB Margin Account Promotion	August 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by August 30 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14S must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.	A)$1,000 B)$10,000	A)10 free trades B)100 free trades	60 days	100 commission-free trades	August 30, 2014
Open a new account (TFSA, Margin or RRSP) by August 30 2014 with either a)$1000 per month, b)$12,000 or c)$24,000 and receive 1 commission free trade per month for A) every consecutive month a $1000 deposit is made [promo code: ONETRADEMTH1000]; B) 12 months [promo code: ONETRADEMTH12] or C) 24 months [promo code: ONETRADEMTH24].	A) $1,000 per month (24 month max) B) $12,000 C) $24,000	A) 1 commission free trade per month per $1,000 deposit B) One commission-free trade per month for 12 months (12 trades) C) One commission-free trade per month for 24 months (24 trades)	1 month (each commission-free trade is only valid for month assigned)	One Free Trade per Month Offer	August 30, 2014
Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code FREETRADES14 when signing up. Be sure to read the terms and conditions for more information.	A)$1,000 B)$25,000 C)$50,000	Unlimited commission-free trades during associated period.	A) 31 days B) 62 days C) 90 days	Questrade Unlimited Trade Promo	August 31, 2014
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50)	60 days	Refer A Friend to Scotia iTrade	August 31, 2014
Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions.	$15,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	August 31, 2014
Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat $300 Commission Credit Promo	August 29, 2014
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer A Friend Terms & Conditions	October 31, 2014
Open or fund a new account at Questrade with a deposit of at least either A) $50,000 or more or B) $100,000 and Questrade will provide either A) $100 or B) $250. Use promo code CASHBACK250S when signing up. Be sure to read terms and conditions for minimum account balance requirements.	A) $50,000 B) $100,000	A) $100 B) $250	Payout occurs within 30 days of account being funded to appropriate level	Questrade Cash Back Promo	September 30, 2014
Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $250 cash back and a rebate of commissions on up to 50 trades made within 50 days of opening the account. Use the promo code SMILE when signing up for the account. Be sure to read full terms and conditions for eligibility and further details.	$100,000	$250 cash back + 50 commission-free trades (rebated)	50 days (payout for cash back and commission rebate occurs after 6 months)	Smile Promotion	November 2, 2014

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Minimum Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$15,000	Transfer Fee Rebate Details	none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor 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	August 29, 2014

Posted on July 31, 2014 by user — Leave a comment

Scotia iTrade Launches Loyalty Pricing Program

Here’s a question few people get asked in their day: what would it take to join a club that let’s DIY investors pay $9.99 in commission per trade? Well, if that ‘club’ is online broker Scotia iTrade, the answer is $50,000. At first blush the number may seem steep, however because of how that $50,000 threshold gets calculated, Scotia iTrade’s new loyalty pricing program has actually made qualifying for discounted trading slightly easier.

Getting Creative with Pricing

Without question, 2014 has been the year of falling commission prices. Many of Canada’s largest online brokerages, especially the bank-owned brokerages, have cut their standard equity trading commission prices from just under $30 to under $10.

Scotia iTrade, also a bank-owned brokerage, has opted to take a slightly different path. Instead of lowering their standard commission prices (currently $24.99 per trade) for all of their clients they have lowered commission pricing for certain segments. Earlier this year iTrade lowered the online trading commissions for active traders (defined as those who place at least 150 trades per quarter), to as low as $4.99 per trade.

With their newest plan, called the “loyalty pricing” program, Scotia iTrade is now offering up $9.99 per trade commissions. While they already have that commission as part of their existing pricing structure, they have changed the threshold of qualification for $9.99 commission pricing from $50,000 in assets with Scotia iTrade to $50,000 of accounts or products with Scotiabank and/or Scotia iTrade.

The Details on Scotia iTrade’s Loyalty Pricing

So, how exactly does Scotia iTrade define ‘loyalty pricing’? According to their website Scotia iTrade clients are eligible for the $9.99 commission as soon as the total balance across eligible Scotiabank (and/or Scotia iTrade) accounts/products reaches $50,000.

The list of eligible accounts is significant and includes:

Mortgages
Lines of Credit
Credit Cards (Visa / American Express)
Chequing and Savings Accounts
Personal Loans
Investment Accounts (TFSA, RRSP, Non-Registered Accounts)
GICs
Mutual Funds
Non-Corporate Business Accounts

Another requirement to qualify for the loyalty pricing commission price is registration for paperless documentation. Scotia iTrade also has a requirement for mobile and iPad app users to log onto Scotia Online each quarter in order to confirm eligibility.

What Loyalty Pricing Means for DIY Investors

Having improved access to better commission rates is always a good thing for self-directed investors. The model picked by Scotia iTrade and Scotiabank means that the “convenience” factor of managing one’s personal finances with a bank-owned brokerage just got a lot more valuable.

Not only does doing everything in one place save time and reduce complexity (often big sticking points with investors juggling multiple accounts) but there is now actually financial incentive for doing so. Also, there is no “minimum number of trades” required to get the preferred pricing but rather just a maintenance or growth of business with Scotiabank.

If there is a downside for investors, it is that those who are looking to get started with investing may not meet the threshold for low pricing or, for whatever reason, may not be able to maintain it at which point they would be subject to standard commission fees.

Banking on Loyalty

The loyalty pricing strategy is not necessarily unique to Scotia iTrade. CIBC Investor’s Edge, for example, has had it in place for a number of years. While the commission-pricing given to CIBC Investor’s Edge clients via the loyalty pricing program is lower ($6.95 per trade vs $9.99 per trade) there are some offsetting factors, such as the higher dollar threshold ($100,000 vs $50,000) to qualify.

With the CIBC program the threshold for best pricing ($6.95 per trade) is set at $100,000 per household whereas with Scotia iTrade the third best commission discount is available (the $9.99 per trade) for $50,000 per client.

Building a Moat

Competing on price and being able to stand out from their competitors have been challenges for the Canadian bank-owned brokerages. Strategically, however, loyalty pricing is the kind of program that bank-owned brokerages can offer far more effectively than their independent brokerage counterparts can.

Whether the online brokerage side of the business helps grow banking or banking helps grow online brokerage, one side of the company can help the other. Thanks to the banking-side relationship, major bank-owned brokerages are able to provide a broader package of services and bundle them into an offer that independents are hard pressed to compete against.

For independent brokerages, the temptation to move into banking services is already apparent in the US. As US online brokerage E*trade has shown, however, wading too far into traditional banking can go horribly wrong if done at the expense of prudence and so winning market share without taking undue risk will be a challenge.

The Bottom Line

The move by Scotia iTrade to introduce loyalty pricing directly pits big-bank convenience against independent brokerage pricing. While $9.99 per trade isn’t necessarily the best price per trade, it is far better than the standard commission price that Scotia iTrade currently charges. Ironically, because of the options to qualify for the discount loyalty pricing, those not already with Scotiabank or Scotia iTrade will be starting to think about the benefits of being disloyal to their current provider.

Posted on July 25, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – July 25, 2014

As we cruise into the end of July, every trader’s favourite season is drawing to a close. No, it’s not summer but rather earnings season. Depending on which side of an analyst’s estimate a company falls, the news may be great or simply a great disappointment. Regardless, the lesson the market forces everyone to learn over and over again is to keep your expectations realistic.

In this week’s roundup, we look at some of the interesting expectations that Canada’s online brokerages have created and are fanning the flames on. In particular, we take a brief look at 2 fierce competitors and their latest features to be released after which we quickly scan through this month’s expiring deals and round out with an #FTF (From the Forums).

Looking for a Hot Date?

Desjardins Online Brokerage’s new investor education calendar may have several to offer. After receiving a significant makeover, the investor education calendar from Desjardins Online Brokerage launched and is poised to create a bit of a stir across the online brokerage industry. Specifically, with the recent commission price drops across the industry seeming to cool-off, online brokerages will be looking to other components of their business to highlight or improve in a bid to differentiate themselves from one another.

For those discount brokerages that are heavily invested in providing education to online investors (such as National Bank Direct Brokerage, Scotia iTrade and TD Direct Investing) the news probably signals time for some ‘fresher’ thinking when it comes to user experience and investor education.

Read more about the new features of the Desjardins Online Brokerage education calendar here.

It’s All About the Benjamins

National Bank Direct Brokerage has officially joined the ranks of online brokerages that offer US dollar registered accounts. As you can see from a screenshot of their site below, the announcement marks the formal roll out of this account option for RRSP, RESP, TFSA as well as several other popular registered account types.

The ability to have USD registered accounts is a sought after feature with many investors that trade/invest in many US listed securities and who want to avoid some of the steep currency conversion fees imposed by brokerages.

As was reported in February, National Bank Direct Brokerage has been rolling out this feature in phases and with feature how hitting the front of their website, it won’t be long before we start to see more about it and perhaps a response from those brokerages who still don’t offer this account type to investors.

Should They Stay or Should They Go?

With the end of the month just around the corner, there are usually some deals or promotions timed to expire. The two that are currently set to go at the end of this month are the 50/50 offer from BMO InvestorLine and the iPad Mini offer from Questrade. Of the two, the iPad Mini offer has expired once before only to be resurrected. We’ll see which (if either) get a time extension but for the moment both of these deals are scheduled to be in their final days.

From the Forums

This past week across the investor forums saw the usual interesting assortment of questions regarding DIY investing. On the menu for this roundup, we look at where to park cash in a trading account, how Virtual Brokers clients

Cash is king, but where does his highness hangout when not being put to work?

In this post from RedFlagDeals, an investor is looking to squeeze some extra juice out of some cash sitting in their trading account. The community chimes in with some interesting suggestions to try and get that cash to work.

The pricing plan is right

In another thread from RedFlagDeals, the cost of buying and selling ETFs at Virtual Brokers got put under the microscope. Because of their different pricing plans, clients can pick which commission charge works best for a particular trade. Find out what strategies folks ended up suggesting when trading ETFs by clicking the link above.

Lather, rinse, repeat

The ever popular Gambit trade between dual listed stocks was the topic of this post on the Canadian Money Forum. Specifically, a user shared with the community their experience of a bit of sticker shock when trying to do a Gambit in a non-registered account with TD Waterhouse (TD Direct Investing). Fortunately the other forum members chimed in with some helpful tips on how to get it done right.

That does it for this week’s roundup. With the US and Canadian markets (and even Facebook) hitting new highs again, it seems there might be cause to celebrate going into the weekend. Strangely, it seems like Mr. Market and traders don’t exactly know what to expect from one another – kind of like the high five moment gone awry.

Posted on July 25, 2014 by user — Leave a comment

Looking for a Hot Date? Desjardins Online Brokerage’s Education Calendar Gets a Makeover

In a landscape littered with commission price drops, lowering price can only go so far in winning the attention and loyalty of potential and existing DIY investor clients. So, what is the secret ingredient Canadian online brokerages need in order to win the attention of self-directed investors? It’s no secret actually – build something really helpful.

With the update of their investor education calendar, Desjardins Online Brokerage has taken a bold move in committing to user experience for accessing education events. Their competitors, most notably those with significant investor education offerings such as National Bank Direct Brokerage, Scotia iTrade and TD Direct Investing, will most certainly be less enthusiastic about the new calendar roll out however for self-directed investors, the change is a signal of something significant across the industry.

Think Outside the Box

Of course, there are those that would ask (and rightfully so) what’s so exciting about a calendar? Well, coming from a site that continues to compile investor education events from Canada’s online brokerages, there’s actually several very interesting things the new calendar signals.

First, with pricing becoming less of a distinguishing feature between providers, there is likely going to be more of an effort required by Canada’s online brokerages to stand out.

This calendar is yet another example of benefits to investors that competition amongst brokerages brings. User experience and the ‘look and feel’ of an online brokerage on the front end are going to matter more.

Another important angle to this calendar launch is that it signals a significant commitment to investor education.

Desjardins Online Brokerage currently runs in the order of 350 events per year. TD Direct Investing, by comparison, runs closer to 3000 per year. While the ‘number’ of events may not be the most telling indicator, it does communicate the scale at which investor education has to be provided and resourced. For Desjardins Online Brokerage, however, they’re continuing to bet big on education, as seen with their partnerships with Stockscores, DayTrader Canada and a potentially wider set of education partners.

Pages: 1 2

Posted on July 1, 2014 by user — Leave a comment

Discount Brokerage Deals & Promotions – July 2014

[Updated: July 18, 2014]

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

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

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

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

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

New Deals

[Update: July 18, 2014]

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

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

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

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

Extended Deals

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

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

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

Expired Deals

[Update: July 10, 2014]

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

[Update: July 4, 2014]

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

Deals that wound down going into July include:

Desjardins Online Brokerage’s Hat Trick Offer
Questrade Amazon Gift Card Offer
Scotia iTrade’s $500 Cash Back/500 free trade Offer
Virtual Brokers Free Trade Offer

Discount Brokerage Deals

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
For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer.	n/a	35 commission-free trades	90 days	Youth Promotion	October 31, 2014
Open and fund a new Canadian margin account with National Bank Direct Brokerage and receive a promotional margin interest rate of 2% for 3 months. New clients are also eligible for 3 months of $6.95 commission pricing. Use promo code: MARGIN2014 when signing up. Be sure to read terms and conditions for full details	n/a	A) 2% margin rate (for Canadian margin account only) B) $6.95 commission rate (new clients only)	A) 3 months B) 3 months	NBDB Margin Account Promotion	August 31, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by August 30 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code 100LOWCOM14S must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.	A)$1,000 B)$10,000	A)10 free trades B)100 free trades	60 days	100 commission-free trades	August 30, 2014
Open a new account (TFSA, Margin or RRSP) by August 30 2014 with either a)$1000 per month, b)$12,000 or c)$24,000 and receive 1 commission free trade per month for A) every consecutive month a $1000 deposit is made [promo code: ONETRADEMTH1000]; B) 12 months [promo code: ONETRADEMTH12] or C) 24 months [promo code: ONETRADEMTH24].	A) $1,000 per month (24 month max) B) $12,000 C) $24,000	A) 1 commission free trade per month per $1,000 deposit B) One commission-free trade per month for 12 months (12 trades) C) One commission-free trade per month for 24 months (24 trades)	1 month (each commission-free trade is only valid for month assigned)	One Free Trade per Month Offer	August 30, 2014
Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code FREETRADES14 when signing up. Be sure to read the terms and conditions for more information.	A)$1,000 B)$25,000 C)$50,000	Unlimited commission-free trades during associated period.	A) 31 days B) 62 days C) 90 days	Questrade Unlimited Trade Promo	August 31, 2014
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50)	60 days	Refer A Friend to Scotia iTrade	August 31, 2014
Open and fund a new Scotia iTRADE account with at least $15,000 before June 30, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions.	$15,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	August 31, 2014
Open and fund a new account with National Bank Direct Brokerage by July 31st, 2014 and you could be eligible to receive an iPad mini. A commission generating trade must be placed within the ‘validation period’ in order to qualify. Use promo code IPADMINI14. Be sure to read full terms and conditions, especially around validation periods.	$20,000	iPad Mini (value $319)	iPad Mini to be sent after either Dec. 31/14 or Jan. 31/15 depending on eligibility. At least 1 commission generating trade must be placed to be eligible.	iPad Mini Promotion	EXPIRED JULY 2, 2014 (original expiry July 31, 2014)
Open and fund a new account at Questrade with at least $25,000 and you may be eligible to receive 25 commission-free trades. Use promo code CANADADAY14 when signing up. Be sure to read the full terms and conditions for more information.	$25,000	25 commission-free trades	Dec. 31st, 2014	Canada Day Promo	July 3, 2014
Open a new qualifying account or fund an existing qualifying account by July 31, 2014 with at least $50,000 and BMO InvestorLine will provide a $50 cash back offer, 50 commission-free trades and a 1 year subscription to GlobeInvestor. Use promo code BONUS to qualify when signing up. Be sure to read full deal terms and conditions.	$50,000	$50 cash back 50 commission-free trades ($497.50 value) 1 year subscription to Globe Investor (~$228 value)	Cash Back: Payout after 6 months Commission-Credits: 50 days	Spring “New Investors” 50 50 Promotion	July 31, 2014
Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat $300 Commission Credit Promo	August 29, 2014
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer A Friend Terms & Conditions	October 31, 2014
Open and fund a new qualifying account with at least $100,000 in net new assets and you may be eligible to receive either A) a new 16gb iPad Mini (wifi only) or B)$250 cash back. To be eligible for either, at least one commission generating trade must be placed. For the iPad Mini use promo code IPADMINIS14 or for the $250 cash back offer use promo code CASH250S14. Be sure to read full terms and conditions for eligibility and further details.	$100,000	A) iPad Mini or B) $250 cash back	A) iPad will be sent after 6 months B) Payout occurs after 60 days	iPad Mini or Cash Back Promo	July 30, 2014

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Minimum Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$15,000	Transfer Fee Rebate Details	none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor 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	August 29, 2014

Posted on June 27, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – June 27, 2014

We kick off this week’s discount brokerage roundup with a little investing inspiration from the beautiful game. The inspiration is not that one can stare at a screen for hours only to see nothing change (hint hint to the traders out there) but rather that when things are fiercely competitive, don’t put it past opponents to try and take a bite out of one another’s business.

In this week’s roundup we take a quick tour through the deals set to expire as we head into July. Deals and promotions are where brokerages seem to be doing the most visible kinds of competing. Education will also be another area that is of interest to brokerages and we take a look at one major player taking an interest in providing investor education to a key market. Switching gears slightly, we take a look at competition of a different variety that has definitely caught the attention of many investors lately. Finally we cap the roundup off with an interesting brokerage comparison from the forums.

Deals Going on a Staycation

For many summer is a time to gear down. What is interesting to note about the Canadian online brokerages is who is still actively offering deals and promotions throughout a typically quiet period.

A quick look at our deals and promotions section for June shows an interesting ‘cluster’ of deal providers. Notably Questrade, Scotia iTrade, National Bank Direct Brokerage, BMO InvestorLine and Disnat (or under half of all brokerages) all have advertised deals and promotions.

Of the deals currently being offered, Questrade has 7, BMO InvestorLine 4 and Scotia iTrade has 3. Looking at the expiry dates on these offers, however, all of iTrades offers are set to expire whereas only one of Questrade’s (the Amazon gift card) is. Virtual Brokers’ commission-free trade offer is also set to expire at the end of June.

It will be interesting to see what Scotia iTrade decides to do for the rest of the summer. If history is any indicator, the Refer-a-Friend is likely to be extended. Whatever the case, it’s clear to see that those brokerages that either want to or have to grow their business are not taking it easy.

All the Saving Ladies

Thanks to Beyoncé yet again for a headline inspiration. Of course it is not entirely unrelated as this past week, the world famous artist may have had her own thoughts to share on her financial future at an interesting event sponsored by TD. Specifically there was an interesting session called #YourStoryYourFuture which focused on empowerment and encouraging industry to focus on financial planning for women.

Over the past year we have noted that TD Direct Investing has offered a number of “women focused” investing education sessions and so this recent event (which is reviewed here) appears to be part of a broader strategy to connect with women investors.

All the Leaves are Green

From one big green story to another. The marijuana-themed Green Rush conference took place in Toronto this past week. Conferences such as the Green Rush are fairly unique because the sector of (legal) marijuana-related investing is so new but it also is a great example of how quickly speculative capital can mobilize itself. In both Canada and the US, investment in marijuana producing companies (or those hoping to get into the business) has been one of the hottest news stories this year. Of course with a lot of the hype comes the rampant speculation. Check out this interesting video recap on the conference from BNN and also this link on our Facebook page from Bloomberg which provides some food for thought when considering investing in the ‘Green Rush’.

From the Forums

This past week was a bit quieter around the forums. An interesting comparison question did come up in the Reddit PersonalFinanceCanada thread through and it looked at comparing two bank owned Canadian discount brokerages: TD Direct Investing and CIBC Investor’s Edge. Click here to read the interesting commentary provided by Redditors on the pros and cons of both options.

That’s a wrap for this week’s roundup. To all of our readers have a safe and enjoyable extra-long weekend. There’s plenty of screen action on the sports end but for those who are looking to get away from it all and enjoy some time on the water, here’s a little cute animal inspiration of how to do it in style.

Posted on June 1, 2014 by user — Leave a comment

Discount Brokerage Deals & Promotions – June 2014

[Updated July 10, 2014]

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

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

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

New Deals

[Update: July 10, 2014]

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

Update June 23, 2014:

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

Update June 11, 2014:

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

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

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

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

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

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

Extended Deals

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

Expired Deals

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

Discount Brokerage Deals

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

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Minimum Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Tranfer $15,000 or more and Scotia iTrade may cover up to $150 of the transfer fee.	$150	$15,000	$500 Cash Back or 500 Free Trade promo	June 29, 2014
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$15,000	Transfer Fee Rebate Details	none
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before June 30, 2014	$150	$25,000	Transfer Fee Promo	June 30, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor 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	August 29, 2014

Posted on May 30, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – May 30 2014

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

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

An Apple a Day

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

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

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

Keeping it Realized

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

Two Heads Are Better Than One

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

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

From the Forums

What are Friends For?

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

Some Change Won’t Do You Good

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

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

Posted on May 23, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – May 23, 2014

Even though there was a shortened work week after the Victoria Day holiday, neither the Canadian discount brokerages nor those in the SparxTrading camp wasted any time bouncing back into the action.

In this week’s roundup, we’ll reveal the big news about an exciting feature we’ve been working on. We weren’t the only ones with big news though, as pair of major online brokerages took to using the major news media as a selling tool in two different ways. Next on the menu was a new promotion by another popular online brokerage – this one aimed at younger online investors. Also, a usually quiet discount brokerage signed up with an interesting platform partner. Finally, we round out the roundup with some interesting opinions from the investor forums.

Beta be Good News

Earlier this week the long awaited update to the Canadian discount brokerage profiles rolled off the assembly line. We began the redesign by listening and researching how it is that Canadian self-directed investors were hunting for information on discount brokerages. The fruits of that research told us that Canadians were looking for a platform to learn about, share experiences on and connect to discount brokerages.

The beta versions of these pages, which are now open to the viewing public, are built around these ideas with features that make the task of researching a discount brokerage much simpler. We’ll save the deep-dive on all the new bells and whistles for a dedicated blog post, but for now, we encourage readers to take the new profiles for a spin. If there are any issues or suggested improvements, we’d love to hear them.

2014 will continue to bring some added improvements to the site in terms of function and form, so we look forward to an exciting next few months.

Desjardins Online Brokerage in the Spotlight

Earlier in the week, Desjardins Online Brokerage (aka Disnat) sponsored a special piece in the Financial Post. It was an interesting overview of the online brokerage, most notably because it was done in a Q&A style that had a particular focus on new or beginner investors.

Good Times

Scotia iTrade also announced earlier this week that they will be adding to their investor information stream by enabling iTrade clients to access content from the Financial Times. Scotia iTrade clients can now access to this information feature under the ‘investing ideas’ section. Two notable authors from the Financial Times that have syndicated content available are Gillian Tett and John Authers.

You Must Be At Least This Young

BMO InvestorLine launched a very interesting promotion at the tail end of last week that didn’t make it into last week’s roundup. Not to worry (unless you are another discount brokerage) though, as we put together a detailed look at their latest offer. For those of the TL;DR generation, the new promotion is aimed at online investors between the ages of 18 to 35, and is offering 35 free trades (good for up to 90 days) as well as waiving of the minimum $5,000 deposit. In addition, making at least 2 trades within 6 months waives the minimum balance fees for non-registered and registered accounts.

A Wize Move?

Canadian discount brokerage Jitneytrade announced this week that they are the preferred Canadian brokerage partner for a software platform known as WizeTrade. According to the release, Jitneytrade clients are now able to integrate the WizeTrade interface with Jitneytrade’s Desktop Pro platform to allow direct trading from the WizeTrade platform. Wizetrade is a charting/scanning platform that enables users to scan/trade currencies, equities, options and commodities.

From the Forums

Ungraceful Exit

One of the interesting scenarios that comes up is when it comes time to switch brokerages. Most brokerages impose a penalty for leaving, with some even putting an additional charge if users leave within a year of signing up. On the flip side, most brokerages getting a client have offers to pay transfer fees. Unfortunately, for investors such as the one in this Reddit post, the threshold to have those fees reimbursed was higher than the amount getting transferred. Nonetheless, check out what other readers had to offer in terms of advice.

One DRIP at a time

The dividend reinvestment plan (DRIP) is a popular strategy for building wealth by using dividend payments. How smoothly this process goes depends somewhat on whether an investor chooses to use this strategy inside or outside of a registered account. While possible outside of a registered account, there is a bit more work that’s required to ensure the transactions are properly accounted for. The following post from Canadian Money Forum highlights one user’s experience with setting up a DRIP in a non-registered account.

That’s a wrap for this shortened week. As a reminder, US Markets will be closed on Monday for the Memorial Day long weekend. It’s likely that Canadian markets will also trade more lightly because of the US market closures so whether it be on the weekend or in the trading lull on Monday, enjoy the following video pitching a novel approach to using solar power (cue the solar bull drool).