Scotia iTRADE – Page 39

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

Review: Dalbar Canada’s Direct Brokerage Service Award 2013

For individual investors, shopping for an online trading account often requires doing a fair amount of research and comparison between brokerages. While commissions & fees are the most important factor investors consider when choosing an account, what it’s like to be a client of a particular brokerage is also something many investors are often curious about.

Fortunately for self-directed investors, one Canadian research firm (Dalbar Canada) measures client experience for most of the Canadian discount brokerages as part of their direct brokerage service evaluation (DBSE) program. As part of the DBSE, Dalbar Canada also recognizes the high achievers in their evaluation with their Direct Brokerage Service Award.

Earlier this year, Dalbar Canada announced the two highest performing brokerages on the DBSE: RBC Direct Investing and HSBC InvestDirect.

Quick Overview

In our previous two-part series explaining the Dalbar Direct Brokerage Service Evaluation, we looked in detail at how the evaluation takes place including the components that go into defining ‘client experience’ at discount brokerages. Here is a brief overview of why client experience still remains an important feature to track when comparing discount brokerages.

More than Just Price

With competition amongst online brokerages increasing, many of them (especially bank-owned brokerages) have adopted very similar pricing models. Thus, comparing discount brokerages by price alone may not provide enough information for potential clients to make a decision. Going forward, shoppers will have to turn to the other features of a brokerage (such as client experiences) in order to evaluate how ‘good’ they believe the fit will be.

For those shopping for an online trading account, the only somewhat reliable ways to find out about client experiences have been through third party research/reviews and/or from other investors via investor forums or friends, family and colleagues. The Dalbar Direct Brokerage Service Award is therefore unique in its focus on client experience and tries to provide a picture of what clients can expect from a brokerage when connecting via phone or email.

Pages: 1 2

Posted on January 10, 2014 by user — Leave a comment

Discount Brokerage Weekly Roundup – January 10, 2014

This week it was bone-chillingly cold everywhere in Canada except for the discount broker deal space (and maybe Vancouver). Several big promotions heated up the deals space this week in what is likely a sign of the fierce competition for self-directed investors’ assets to come this RSP deadline season. Just in time for all that were a couple of big announcements too. One from a discount broker lowering their commission fees and another from a discount brokerage customer service evaluation. Closing out the roundup, we’ll take a look at the investor forums for some valuable lessons for those venturing into wild west of online trading.

Discount Brokerage Promotion Bonanza

As many readers may know, the discount brokerage deals section is one of the most popular places for investors looking for an online trading account to review. This month however, there has been an unusual spike in activity, including from some usually dormant brokerages (such as Qtrade & Credential Direct for example).

On the whole, it looks like it’s a bench clearing deal brawl with BMO InvestorLine, Credential Direct, Qtrade and Scotia iTrade all launching some kind of contest, promotion or deal. Before the hockey tickets & cash settle, there are some insider sources that have mentioned some very big discount brokerage deals still to come.

The Gloves are Off

In a related vein, this past week Questrade dropped the gloves (and their commission fees) in the competition to offer Canada’s lowest trading commissions. Following Virtual Brokers’ lead a few months ago, Questrade too has now lowered their minimum commission on a trade down to a penny (on their active trader plan).

There is likely more to come from these two brokerages as RSP season heats up however the title of having the lowest commission in Canada is now one that Virtual Brokers will have to share.

Service with a Smile

Now that January is here, it is time for Dalbar’s online brokerage customer service award announcement. This year things are a bit different with two brokerages being named as providing, in Dalbar’s assessment, leading customer service.

The two brokerages coming out on top of the field were HSBC InvestDirect (who earned the honor the previous year) and RBC Direct Investing. Last year’s race was a close one so it is not a big surprise that these two brokerages find themselves atop the field for best customer service this year.

From the Forums:

With more people deciding to spend their time indoors, more than a few of them found their way into the investment forums. As with the weather, winter can provide its own investing lesson: bundling up can save you a bundle. Here are this week’s cautionary winter tales from the forums.

Limited Exposure

In this post, one user finds out the hard way about the difference between market orders and limit orders. Of course, with many investors it’s learning by trial and error however here’s how the community stepped in to clarify when and how order types matter.

Getting out of the Driveway

Even with many of the advances in opening up discount brokerage accounts, there is still a natural drag of transfer time and reporting that seems misplaced in this world of instant everything. In this post from the RedFlagDeals investing forum, a user getting started with Interactive Brokers gets a little helpful informational nudge from fellow forum users.

That does it for this week’s roundup. Be sure to check out the deals section regularly as this month is probably going to continue to see more deals announced. Have a great weekend!

Posted on January 1, 2014January 30, 2021 by user — Leave a comment

Discount Brokerage Deals & Promotions – January 2014

[Updated: Jan 31/2014] *While we thought the beginning of January would be a busy time for deals, we didn’t know it would be THIS crazy. Since the beginning of the month there have been quite a few big announcements. Read below for more details* Welcome to the first discount brokerage deals post of 2014! 2013 was a great year for self-directed investors looking for deals & promotions when opening an online trading account. This past year the promos pitched from Canadian discount brokerages included:

commission rebates
cash back offers
referral bonuses and
other incentives (such as AirMiles and iPad minis)

If 2013 was any indication, this year’s competition for new accounts will be even more fierce amongst discount brokerages. Coming into 2014 one discount brokerage (Questrade) actually went so far as to launch a week-long promotion on Boxing Day. So, while several discount brokerages have extended the deadlines on existing offers well into 2014, they may need to adjust that strategy if/when more aggressive offers start showing up. In terms of timing, with RRSP season right around the corner, there is a good chance DIY investors are going to see some interesting offers surface in the near future. And on that note, let’s launch into the first deals post for 2014.

Expired Deals

The end of December took with it a couple of discount brokerage deals. First, the TD Direct Investing offer of 50 free trades (which expired on Dec. 20th) and also somewhat mysteriously, the HSBC InvestDirect 50 trade offer. Why the mystery? Just before the end of the month HSBC InvestDirect had extended the deadline for their offer into March of 2014 however at the writing of this post (on Jan. 1) the offer has been removed from their website. We’ll stay on top of this one to see if the offer does come back in 2014.

Pending Deals

[Update: Jan 2/2014 – Scotia iTrade has now updated terms and conditions with a new expiry date on the refer-a-friend offer. This deal has now been moved to the extended deals section] The Scotia iTrade refer-a-friend offer is back in this section at the time of writing (Jan. 1). The Scotia iTrade website shows the offer available but the terms and conditions are not yet updated beyond Dec. 2013. We’ll check back to see if they extend this offer again and to what date.

Extended Deals

The trend towards extending deals continues with two discount brokerages. First, Disnat has extended the deadline on their $300 commission credit offer out until the end of March 2014. Second, BMO InvestorLine has extended their Refer-a-Friend promotion offer well out into next year with the new deadline for this offer being October of 2014. [Updated: Jan 2/2014 – Scotia iTrade’s refer-a-friend deal has now been extended to January 31, 2014]

New Deals

Updated: Jan 31/2014 Even though this is the last day of the January, there was another deal that caught our attention from BMO InvestorLine. The offer is in celebration of the launch of the traditional Chinese version of the BMO InvestorLine website and also in celebration of Chinese New Year. For this promotion, those who deposit a minimum of $25,000 may qualify for $88 cash back. See the table below for further details.

Updated: Jan 28/2014 CIBC Investor’s Edge is having a ‘flash promotion’ of sorts on top of their ‘customer appreciation’ program. From January 26th until February 1st CIBC Investor’s Edge is offering new clients either a) $400 and 50 equity trades for a $50,000 deposit or b)$200 cash back and 25 equity trades. The commission-free trades are good for up to one year and they will not be charged up front (so there is no waiting for a rebate). This is an ‘in branch’ promotion that lasts until Feb 1st so unfortunately detailed terms and conditions are not available online.

Updated: Jan 27/2014 As January draws to a close, Virtual Brokers has jumped into the deal pool by offering a 25 free trade offer for new clients that are good for use for up to one year. The minimum deposit to be eligible for this offer is $1,000. According to the terms and conditions, the rebates for commission free trades takes place within 8 weeks of the last trade being used so the rebate depends on usage of the ‘free’ trades. Be sure to read the terms and conditions (link below) for full details.

Updated: Jan 21/2014 Another deal spotted this January is the commission credit offer by National Bank Direct Brokerage (NBDB). NBDB is offering $500 in commission credits for new accounts opened with $20,000 or more, and a $1,000 credit for account deposits of $100,000. Reimbursement takes place after 90 days according to the schedule laid out in their terms & conditions.

Updated: Jan 14/2014 Even though there are more deals to come for January, the offer announced today by RBC Direct Investing comes in conjunction with lowered commission-fee announcement and is most certainly going to make waves with other discount brokerages as well as with investors. In terms of the deal, RBC Direct Investing is offering 20 commission-free trades (on equities or ETFs) that are good for up to 90 days.

Updated: Jan 13/2014 Questrade has reintroduced it’s “unlimited” trading offers once again. With this deal, new or existing clients can get 1, 2 or 3 months of commission-free trading (depending on the deposit) when they open a new TFSA, registered or margin account.

Updated: Jan 11/2014 – A pair of deals/offers also released this week: Update 1: Credential Direct has an offer to waive their $50 RSP administration fee for those who deposit $5000 into their RSP account as well as $5000 into a TFSA or cash account. According to their fee sheet, Credential Direct charges an administration fee of $50 per year on RSPs with balances less than $15,000. Update 2: BMO InvestorLine has announced yet another offer this month. They are offering cash back for those new or existing clients who open an RSP and/or TFSA accounts. For deposits of $25,000 or more, the cash back reward is $100 and for deposits of $50,000 or more, the cash back reward is $250. This deal is not listed on the front end of the website however a link is provided to the info below.

Updated: Jan 8/2014 – There have been a number of deals/promotions announced by discount brokerages over the past 2 days.

Update 1: First up was an expected update from BMO InvestorLine. Their current offer (which expires in March 10 2014) is a bit of a twist on their previous $250/250 free trade offer. In the current promotion, the total cash rebate can be as high as $300 and 300 commission-free trades offered (up to a total maximum of $3000 in commission fees). The terms and conditions are incredibly long (~1650 words before examples) so be prepared for some reading to thoroughly understand the deal. The examples are nicely laid out so that helps in understanding how this offer works.

Update 2: Qtrade Financial has also jumped into the promotional pool by offering a contest for new deposits. Qtrade is holding a draw for a grand prize of $10,000 open to new and existing clients who deposit at least $10,000 in cash or securities into an account. Every $10,000 gets the depositor 1 entry into the draw. There are also monthly draws for a $1,000 Visa gift card in February, March & April. The terms and conditions are also a bit lengthy but explain how it works well. The contest runs from January 1, 2014 to March 31, 2014. As this is purely a contest, it is not included in the table below however click here for the Qtrade Financial Best of Canada Giveaway contest.

Update 3: Scotia iTrade has launched a new promotion/contest by offering 100 commission-free trades, 60 days of their FlightDesk and chances to win tickets to the Stanley Cup finals and secondary prizes of 16GB Apple iPad Airs. For new accounts with at least $15,000, individuals will be eligible to receive the free trades and ballots that will be entered into a draw for their grand prize as well as for the secondary prizes. As an incentive to gain additional deposits, Scotia iTrade is offering 5 ballots for every $5,000 on top of the original deposit amount that comes from a non-Scotia iTrade account. The good news for those interested in the contest is that there is no purchase necessary in order to enter – an entry into the contest can be made from the Scotia iTrade website. The terms & conditions along with the rules & regulations of this contest are over 2900 words (~8 pages) so there is quite a bit of material to get through to fully understand the offer. ]

Updated: Jan 2/2014 – Virtual Brokers has added a transfer fee deal in which they will cover up to $150 of the cost of transferring an account over to them (minimum deposit of $25,000)] There aren’t any new deals to report on as of Jan. 1st, however there are two deals that expire within the first week of January which means there may be some new deals to announce shortly. The deal of particular interest is BMO InvestorLine’s $250 cash back & 2 month commission-free trade offer which expires January 6th. As always if there are any new deals you hear of or if there’s any that have been missed, drop us a note here or in the comments section.

Discount Brokerage Deals

Brief Description	Minimum Deposit Amount	Commission/Cash Offer Type	Time Limit to Use Commission/Cash Offer	Details Link	Deadline
A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.	n/a	Discounted Commission Rates	none	For more details click here	none
Open a new account with RBC Direct Investing before March 3, 2014 and they will offer 20 commission free trades that are good for use for up to 90 days. Use promo code: 20W17 when opening the account. Be sure to read the offer page and the terms and conditions page for full information.	$0	20 free trades (equity & etf)	90 days	For the offer page, click here and for the terms and conditions, click here	March 3, 2014
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Open an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “25FTNE” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer.	$1,000	25 commission-free trades	365 days	25 free trades offer	March 31, 2014
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by March 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.	A)$1,000 B)$10,000	A)10 free trades B)100 free trades	60 days	100 commission-free trades	March 1, 2014
Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDW14 when signing up. Be sure to read the terms and conditions for more information.	A)$1,000 B)$25,000 C)$50,000	Unlimited commission-free trades during associated period.	A) 31 days B) 62 days C) 90 days	Questrade Unlimited Trade Promo	March 3, 2014
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	January 31, 2014
Deposit $5,000 into an RSP and $5,000 into either a cash or TFSA account and Credential Direct will waive the $50 administration fee for the RSP account. Be sure to contact their customer service to clarify the exact terms & conditions.	$10,000 ($5000 into RSP + $5000 into TFSA/Cash account)	$50 admin fee waived	none	5+5 Promotion	March 3, 2014
Open a new account with Scotia iTrade and fund it with at least $15,000, and you can receive 100 commission-free trades, 60 days of FlightDesk and be entered into a contest for a trip to the Stanley Cup Finals or one of 5 runner-up prizes of iPad Air (64gb). Use Promo code RS13-SCE when opening the account. Existing clients must call customer service to qualify for contest entry. There are lots of terms, conditions, and rules/regulations so be sure to read them for more details.	$15,000	100 free trades ($999 max value @ 9.99 commission rate)	60 days	Stake Your Claim to the Stanley Cup Promotion	March 24, 2014
Transfer $15,000 from another institution into an HSBC InvestDirect account and receive 5 commission-free equity trades. This deal also offers a transfer-fee rebate of up to $150 per account transferred.	$15,000	5 commission-free equity trades	Trades valid for use until May 31, 2014	HSBC InvestDirect Transfer Fee Promo	February 28, 2014
Open a new account before March 31, 2014 with at least a)$20,000 or b)$100,000 and National Bank Direct Brokerage will offer up to a)$500 or b)$1000 in commission fee credits. Use the promo code “CASHBACK2014” when signing up to qualify for this offer. Be sure to read the terms and conditions for this offer especially the refund dates for commission credits.	A)$20,000 B)$100,000	A)$500 commission credit B)$1000 commission credit	90 days	Invest and get cash back offer	March 31, 2014
Open and fund a new Scotia iTRADE account with at least $25,000 before March 31, 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 100FT. See details link for further terms and conditions.	$25,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	March 31, 2014
Open and fund a new account at CIBC Investor’s Edge with either A)$25,000 or B)$50,000 and receive either A)$200 + 25 free equity trades or B)$400 + 50 free equity trades. This is an in-branch promotion so contact either customer service or a branch for specific terms and conditions.	A)$25,000 B)$50,000	A)$200 + 25 commission-free equity trades B)$400 + 50 commission-free equity trades	1 year	Must visit branch to qualify	February 1, 2014
Open and fund a new RSP or TFSA account with BMO InvestorLine with either A)$25,000 or B)$50,000 and they will pay either A)$100 or B)$250 cash back. The promo code for the $100 cash back is “SELECTR100” and for the $250 cash back offer is “SELECTR250”. Be sure to read the terms & conditions for more information.	A)$25,000 B)$50,000	A)$100 B)$250	Payout occurs after 6 months	Registered Account Cross Sell Campaign	March 31, 2014
Open and fund a new Cash, Margin, or RSP account with BMO InvestorLine with $25,000 or more and receive $88 cash back. The promo code for the $88 cash back offer is LUNAR2014. Be sure to read the terms & conditions for more information.	$25,000	$88	Payout occurs after 3 months	2014 Lunar New Year Promotion	February 22, 2014
Expired Open a new account at Questrade by January 2, 2014 and fund it with a minimum of $25,000 to receive 25 commission-free trades which can be used throughout 2014. Use offer code BOXING13 when signing up for the account to qualify. Be sure to read the terms and conditions associated with this offer for more details.	$25,000	25 commission-free trades	End of 2014	Questrade Boxing Day Promo	January 2, 2014
Expired Open and fund a new account with $25,000 or more and you will qualify for 25 free trades. The offer code changed with different visits to the site, so click through the RBC Direct Investing homepage to generate a valid code. There are a number of terms and conditions attached to this offer, be sure to read see the details link.	$25,000	25 commission-free trades (no restriction on commission rate listed)	365 days	25 Free Trades Offer Terms & Conditions ; Link To generate an offer code no longer valid.	none
Disnat is offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat $300 Commission Credit Promo	March 31, 2014
Expired Open a new account or upgrade an existing account with A) $50,000 or more OR B)$100,000 or more and receive either A)250 commission-free mobile-placed trades OR B) 250 commission-free mobile-placed trades + $250 cash back. Use Promo Code: MOBILE when signing up to qualify. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	A) $50,000 B)$100,000	A) 250 commission free mobile-placed trades B) 250 commission free mobile-placed trades + $250 Cash Back	Payout occurs after 6 months	Free Mobile Trading/Cash Back Offer	January 6, 2014
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer A Friend Terms & Conditions	October 31, 2014
[Main offer]Open a new account or deposit new funds of $100,00 or more and you can be eligible for cash rebates of $250 and 250 commission-free trades (Promo code: RSP250). [Bonus Offer] If you open a new account or fund another account you could also be eligible for an additional $50 and 50 commission-free trades (Promo code ADD50). Be sure to read the full details & terms of this offer.	$100,000 (main offer) $5000 (bonus offer)	[main offer] $250 cash back + 250 commission-free trades (max value $2500) [Bonus offer] $50 + 50 commission-free trades	90 days	$300 + 300 trade offer	March 10, 2014
Open a new account or transfer new assets of $100,000 or more and choose between receiving either a)A 16GB iPad Mini or B)$250 cash back. Be sure to choose the appropriate code (IPADMINIW13 for the iPad Mini and CASH250W13 for the cash back offer) for each offer. There are several important conditions so be sure to read the terms and conditions for this offer.	$100,000	A) iPad Mini (16 GB) [~$270-320 value] B) $250 Cash	Payout/iPad delivery occurs after 30 days.	iPad Mini or $250 Cash Back	March 1, 2014

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Transfer in $15,000 or more into an HSBC InvestDirect account from another institution, and HSBC will cover up to $150 of transfer fees per funded account.	$150	$15,000	HSBC InvestDirect Transfer Fee Promo	February 28, 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 March 31, 2014	$150	$25,000	Transfer Fee Promo	March 31, 2014
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor 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	March 31, 2014

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

Discount Brokerage Weekly Roundup – December 13, 2013

This week Canadians learned that for some of us, getting letters to and from the North Pole may get harder and also more expensive now that Canada Post may cut back on mail deliveries. Not to fear though, SparxTrading is still delivering the best roundup of Canada’s discount brokerage related news, rain or shine, snow or sleet (which basically describes Vancouver weather this past week!).

In this week’s roundup it looks like most of Canada’s discount brokerages are gearing down although one firm might be starting to gear up for some changes in 2014. The forums were much livelier now that year-end is approaching. Several threads covering foreign exchange, margin accounts and trying to invest via a corporation make up this week’s offering.

The Conditions are Right

The deals section of SparxTrading got a little update thanks to Scotia iTrade updating the terms and conditions of their 100 commission-free trade offer. They’ve extended the deadline for the offer out until March 2014. While this deal looks like it’s here for a while, there are several others that are set to expire soon (including the TD Direct Investing offer ending on December 20^th). Check the discount broker deals section for more information on the new deadlines and the deals set to expire this month.

Question-Air

Credential Direct is hoping to find out more about what online investors are thinking by running an online investor survey. To help make things more interesting, they are offering those who complete the survey a chance to win a Macbook Air.

From the Forums

This past week there was lots of activity around the various Canadian investing forums. This week’s roundup features 3 posts that are particularly relevant for do-it-yourself investors.

Explaining Norbert’s Gambit

For those unfamiliar with Norbert’s Gambit or what it is used for, the following post illustrates this maneuver being used to reduce foreign exchange fees at RBC Direct Investing.

Margin accounts and buying power

What does buying power actually mean in a margin account? Can users access margin funds via withdrawal? In this post from Canadian Money Forum, a user named “Skye” as well as the other forum members try to get to the bottom of why there was a difference between the cash withdrawal limit and the buying power in Skye’s Scotia iTrade account.

Investing via a Corporation

Taxes and investing/trading can be complicated. Doing so from within a corporation can be even more complicated. In this forum thread, the idea and possible advantages or disadvantages of investing from within a corporation are debated. Given that there are so many moving parts from a tax and accounting perspective, ultimately it is important for individuals to consult their accountant (at least) to properly understand the possible benefits and costs. Nevertheless, there are some interesting points that get raised here.

That’s all for this week. With 12 shopping days left until Christmas, good luck to those of you who still have lists of people to buy gifts for. As a special treat – we’ve put together 12 days of investor tips that we’ll be counting down each day starting today.

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

Discount Brokerage Weekly Roundup – December 6, 2013

This week’s discount brokerage roundup finds us crossing into the home stretch of 2013. Now that December is finally here things will almost certainly begin to gear down on the discount brokerage front until 2014. Even so, this past week had a number of stories from various discount brokers including a new fee & commission schedule taking effect at a major discount brokerage, an order type being removed from another brokerage, several discount brokerage-related events that popped up on the radar and finally a couple of interesting stories from the forums for good measure.

Trading Places

Speaking of measure, it being the beginning of the month, trading metrics from Interactive Brokers for November were released earlier in the week. Trading activity (as measured by daily average revenue trades (DARTs)) showed an increase of 16% year over year however it was about flat compared to October. A very interesting figure was the growth of customer margin loan balances which was $12.6 billion at the end of November compared to $9.6 billion from the year before. While the figures show quite a dramatic change from last year, on a month over month basis, activity and growth appear to be steady.

Mind the Fees

BMO InvestorLine’s updated commission fee schedule took effect December 1st, with mostly nominal increases to their AccountLink service fees making up the bulk of the changes. For more information on the new fee schedule, check it out here. Incidentally, there will also be another fee change coming in May of 2014 (details of which can be downloaded here).

Stopped Out

Scotia iTrade announced to clients that they are no longer accepting stop market orders on Canadian stocks. As part of the Investment Industry Regulatory Organization of Canada (IIROC) review on ensuring investors receive the best available pricing at the time of order execution, stop market orders were put under the microscope to determine whether or not they were beneficial or harmful to investors.

Ultimately, IIROC strongly recommended that discount brokerages ensure their clients use stop limit orders (i.e. that clients should be entering in limit prices) rather than stop market orders. For the full report (13-0191) outlining IIROC’s position on stop market orders, click here.

IIROC guidance on stop loss orders — Excerpt from IIROC’s guidance on handling stop loss market orders

An Eventful Week

The SparxTrading Investor Education Calendar for December is full of interesting seminars/webinars from Canada’s discount brokerages. This past week two discount brokerages who don’t normally hold many seminars, Credential Direct and CIBC Investor’s Edge, held seminars on researching for investing ideas using Recognia’s Value Analyzer tool and Morningstar Research Tools respectively.

Two brokerages geared towards active and professional traders, JitneyTrade and Interactive Brokers, were among the sponsors of the Canadian Annual Derivatives Conference (organized by the Montreal Exchange) in Mont Tremblant this past week. Although it was geared towards investment industry professionals, there were several interesting discussion topics which will undoubtedly also impact retail investors.

From the Forums

TFSA/RRSP room after an options trade loss

This past week, two forum discussions were definitely worthy of sharing.

The first was a thread from the Canadian Money Forum on taking a loss on an options trade and how (or if) it impacts the contribution room.

Unpublished commission rate deals

Regular SparxTrading.com readers know that the discount brokerage deals section covers most of the deals offered by Canadian discount brokerages. Occasionally though, there are offers extended by discount brokerages to clients as an incentive to do more business with them (e.g. transfer a mortgage or loan over as well as open an investment account). This is known as ‘relationship’ pricing and while not every brokerage offers it, it certainly doesn’t hurt to ask. The following thread covers one forum user’s experience with trying to get a better commission rate with BMO InvestorLine.

That’s a wrap for this week, have a great weekend and happy shopping (only 19 days left until Christmas!)!

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

Discount Brokerage Deals & Promotions – December 2013

*Updated 12/27/13*

It had to happen sometime – Questrade has now become the first Canadian discount brokerage to offer a Boxing Day promotion. The deal being offered is 25 commission-free trades that do not expire until the end of 2014 for a minimum deposit of $25,000. Like any good Boxing Day deal, this offer is set to expire on January 2nd, 2014 which doesn’t give folks a lot of time to act if they’re interested. This offer now directly competes with RBC Direct Investing’s most recent 25 commission-free trade offer. For more information on the latest Questrade deal, see the table below.

*Updated 12/12/13*

Hot off the heels of Black Friday, many folks are still in deal hunting mode. For those shopping for a discount brokerage account, fear not as there are still some decent deals to be found. While some deals were announced at the middle of last month, two very big deal extensions are a part of this month’s discount broker deal offers.

Expired Deals

The deals that have officially expired as of the end of November are:

Scotia iTrade’s $150 Cash Back Offer

Pending Deals

[Update 12/12/13: Scotia iTrade has updated their website terms and conditions for these deals both of which are now in the extended deals section]

This is a new status of deal which reflects the fact that deals are still appearing on the discount broker’s website at the time of publication however the terms and conditions information states that the deals are technically expired. These will be reviewed again within the week to see whether they are going to be renewed. The deals currently ‘pending’ are:

Scotia iTrade’s Refer-a-Friend Offer
Scotia iTrade’s Flight Desk Offer

Extended Deals

Some good news for deal hunters is that a pair of deals from Questrade and RBC Direct Investing have been extended. Questrade has extended its 100 commission free trade offer until the beginning of March 2014 whereas the deal for 25 commission-free trades from RBC Direct Investing has been extended out until further notice.

The deals that have been extended are:

RBC Direct Investing’s 25 Commission Free Trade Offer
Questrade’s 100 Commission-Free Trade Offer
Scotia iTrade’s 100 Commission-Free Trade Offer
Scotia iTrade’s Refer-a-Friend Offer

New Deals

[Update 12/27/13: Questrade has launched a boxing day promotion where individuals opening a new account with Questrade and depositing $25,000 can receive 25 commission-free trades which are good for use for all of 2014. This deal is a limited time offer with an expiry date of January 2, 2014. ]

Although technically not a new deal, the Questrade iPad mini or $250 cash back offer is being included in the list of deals. Previously a similar offer was part of a ‘contest’ and not a stand-alone deal which is why it was not listed. In addition, TD Direct Investing revived its 50 commission-free trade offer in the middle of last month. That deal expires on December 20^th for those who might be interested in opening a TD Direct Investing account before the end of 2013.

As always if there are any new deals you hear of or if there’s any that have been missed, drop us a note here.

Special Offer [Sponsored]

From now until December 15th, financial research firm Dalbar is collecting feedback from Canadian investors on the financial statements they receive from their financial/investment service providers. They are offering a $5 gift card from Starbucks/Tim Hortons for completion of their survey (~15-20 mins). For full details, click here.

Discount Brokerage Deals

Brief Description	Minimum Deposit Amount	Commission/Cash Offer Type	Time Limit to Use Commission/Cash Offer	Details Link	Deadline
A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.	n/a	Discounted Commission Rates	none	For more details click here	none
Open a new trading account with HSBC InvestDirect and receive 50 commission-free trades good for use up to 60 days after account opening.	n/a	50 commission-free trades	60 days	For more details on the free trade offer read the terms and conditions and also the frequently asked questions	December 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by March 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.	A)$1,000 B)$10,000	A)10 free trades B)100 free trades	60 days	100 commission-free trades	March 1, 2014
Open a new account with TD Direct Investing before December 20, 2013 and deposit either A)$5,000 to $24,999 B)$25,000 to $49,999 or C)$50,000 or more to receive commission credits for A) 3 trades, B)10 trades or C) 50 trades. Be sure to read the details about keeping your account balance at qualifying levels, eServices subscription as well as other terms and conditions.	A)$5,000 B)$25,000 C)$50,000+	A) 3 Trades (max value $87) commission credit B) 10 trades (max value $290) commission credit C) 50 trades (max value $500) commission credit	Must use trades by 4pm (E.T.) February 28, 2014	50 Free Trades Offer	December 20, 2013
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50)	60 days	Refer A Friend to Scotia iTrade	December 31, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before March 31, 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 100FT. See details link for further terms and conditions.	$25,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	March 31, 2014
Open a new account at Questrade by January 2, 2014 and fund it with a minimum of $25,000 to receive 25 commission-free trades which can be used throughout 2014. Use offer code BOXING13 when signing up for the account to qualify. Be sure to read the terms and conditions associated with this offer for more details.	$25,000	25 commission-free trades	End of 2014	Questrade Boxing Day Promo	January 2, 2014
Open and fund a new account with $25,000 or more and you will qualify for 25 free trades. The offer code changed with different visits to the site, so click through the RBC Direct Investing homepage to generate a valid code. There are a number of terms and conditions attached to this offer, be sure to read see the details link.	$25,000	25 commission-free trades (no restriction on commission rate listed)	365 days	25 Free Trades Offer Terms & Conditions ; To generate an offer code, click here	none
Disnat isoffering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat $300 Commission Credit Promo	December 31, 2013
Open a new account or upgrade an existing account with A) $50,000 or more OR B)$100,000 or more and receive either A)250 commission-free mobile-placed trades OR B) 250 commission-free mobile-placed trades + $250 cash back. Use Promo Code: MOBILE when signing up to qualify. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	A) $50,000 B)$100,000	A) 250 commission free mobile-placed trades B) 250 commission free mobile-placed trades + $250 Cash Back	Payout occurs after 6 months	Free Mobile Trading/Cash Back Offer	January 6, 2014
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer-a-Friend terms and conditions can be located by logging into the InvestorLine panel under “account services” or by contacting BMO InvestorLine directly	December 31, 2013
Open a new account or transfer new assets of $100,000 or more and choose between receiving either a)A 16GB iPad Mini or B)$250 cash back. Be sure to choose the appropriate code (IPADMINIW13 for the iPad Mini and CASH250W13 for the cash back offer) for each offer. There are several important conditions so be sure to read the terms and conditions for this offer.	$100,000	A) iPad Mini (16 GB) [~$270-320 value] B) $250 Cash	Payout/iPad delivery occurs after 30 days.	iPad Mini or $250 Cash Back	March 1, 2013

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to TD Direct Investing and they will pay up to $150 in transfer fees	$150	$25,000	50 Free Trades Offer	December 20, 2013
Transfer $25,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$25,000	Transfer Fee Rebate Details	none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number.	$125	$25,000	Transfer Fee Promo	none
Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$150	$50,000	Disnat $300 Commission Credit Promo	December 31st, 2013

Posted on November 29, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – Nov. 29 2013

With bargain hunters being bullish on all kinds of deals, this Black Friday edition of the weekly roundup will hopefully be enjoyed on the screens of some newly purchased electronic goodies. While the Black Friday madness has yet to hit the discount brokerage world (*yet*), there was still quite a bit of activity to report on. This past week another discount broker was crowned “best online brokerage”, there was a roll out of practice accounts from a major discount broker and low fee mutual funds start to pick up steam.

And the award for best online brokerage goes to…..

It’s been a busy year for the titles of best discount broker/best online broker. This year, 7 out of the 14 major Canadian discount brokerages (HSBC InvestDirect, Scotia iTrade, Interactive Brokers, National Bank Direct Brokerage, BMO InvestorLine and Virtual Brokers ) have won some kind of ‘best’ title in the discount brokerage/online brokerage space. Of course, each of the rankings and evaluations uses a different method to evaluate the brokerages, however with so many “best online brokers” it can be tough to choose. Thankfully there are tools to help simplify comparing discount brokerages on price and key features. Look out for the full review of all of this year’s awards and a look ahead to 2014 coming soon.

This past week, BMO InvestorLine was awarded the crown for Best Online Brokerage by the judging panel (Paul K. Bates, Jonathan Chevreau, Jon Purther and Glenn A. Lacoste) from the Morningstar Awards. Although Qtrade did not win this year, they got a couple of honourable mentions. For more information on the win, check out this press release and also this video interview of BMO InvestorLine President & CEO Viki Lazaris with Morningstar’s Ashley Redmond.

At Scotia iTrade, Practice Makes Perfect

Scotia iTrade has now widely rolled out practice accounts for those clients interested in trading with pretend money instead of real money. Practice accounts are a great tool to help self-directed investors get oriented to their online trading accounts and become familiar with the process of trading. For those seeking to improve their trading performance, practice accounts are also great tools for building discipline and testing trading strategies. Other Canadian discount brokerages that offer practice online trading accounts include RBC Direct Investing, Interactive Brokers, Virtual Brokers and TD Direct Investing (US Trading Platform).

On the D List

Earlier this year, RBC Direct Investing announced that it was lowering the threshold for participating in the RBC Series D mutual funds. Given the interest in low cost ETFs and mutual funds, this certainly raised more than a few eyebrows in the mutual fund industry. Fast forward to this week and it seems that interest is turning into action with the announcement from RBC Direct Investing that BlackRock Canada, Invesco Canada and Mackenzie Investments will also be planning to roll out funds that fit into the Series D family. Check out Rob Carrick’s article in the Globe and Mail for a good overview of the Series D funds and how they stack up against ETFs.

From the Forums:

Curiosity About the KIP

Amidst all the Black Friday deal hunting, on the RedFlagDeals.com forum, there was an interesting post about Virtual Brokers’ recently launched Kick Start Investment Program (KIP). Check out what the investor tribe had to say to user Leahjz’s questions about using the KIP.

That’s it for this week’s edition of the roundup. Happy shopping everyone!

Posted on November 22, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – November 22 2013

Well when it rains in the discount brokerage world, it certainly pours. Fitting for November. This week’s roundup looks back on a busy week filled with a major discount brokerage ranking being released, a very cool (and geeky) way to learn about options pricing as well as a frenzy of conversation about discount brokerages from the forums. It’s a full card so this roundup is 2 pages long – be sure to check out the ending for some sage ‘market wisdom’ courtesy of Guns N’ Roses.

2013 Online Brokerage Rankings are here

After a lot anticipation, the 2013 Online Broker Rankings were finally released this past week by the Globe and Mail’s Rob Carrick. This year the online broker rankings went back to the ‘report card’ style evaluation of 12 Canadian discount brokerages, with each broker receiving letter grades rather than percentages. In line with the past few evaluations (learn more about the historical online brokerage rankings here) the key criteria being measured were:

Costs
Account Info
Trading
Tools
Innovation

While getting called a cheap option by one of Canada’s largest newspapers may not seem flattering, for a discount brokerage in the midst of a price war the label is a badge of honour. The brokerage with the best overall ranking (and ‘cheapest broker’) for 2013 was Virtual Brokers (overall grade: A) for the second year in a row. The first runner up was Qtrade (overall grade: B+).

Despite being tied for third with RBC Direct Investing and Scotia iTrade, BMO InvestorLine was described as “the best bank-owned” online brokerage (each of these bank-owned online brokerages scored a B overall). The media team at BMO published a release celebrating the claim. Incidentally, Questrade also received an overall grade of “B”. The worst overall score received this year was a “D” and it was given to HSBC InvestDirect along with some pointed remarks about their offering.

Some new features in this year’s online broker rankings included comparisons of current margin rates, forex rates and costs for trading certain amounts of stock at each broker. To read the online brokerage rankings, click here. Also, stay tuned for the in-depth analysis of this year’s Globe and Mail online broker rankings coming soon.

Pages: 1 2

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

Discount Brokerage Deals & Promotions – November 2013

*Updated Nov. 18th 2013*

It’s hard to believe that November is already here. Most of the Canadian discount brokerages appear to be moving cautiously towards the end of the year with no new deals being offered this month. And so things appear quiet – perhaps too quiet. [updated 11/18/13] Well, it looks like the deal silence was broken after all. TD Direct Investing has announced a 50 commission-free trade deal (see details below) that runs until December 20th. This deal is similar to the one they offered in June 2013.

With several major deals set to expire at the end of this month and the major discount brokerage rankings from the Globe and Mail expected out soon, the current holding pattern discount brokerages find themselves in could reflect a bit of calm before the storm. Last year at this time, for example, Virtual Brokers held their 150 free trade offer alongside the news that they took top spot in the Globe and Mail discount brokerage rankings.

Two of the major discount brokerage deals set to expire at month’s end include the “100 commission free trade” offers from Questrade and Scotia iTrade. Currently, BMO InvestorLine, Questrade and Scotia iTrade are members of the ‘century club’ of discount brokerages offering at least 100 commission free trades.

Another big deal set to expire at the end of November is RBC Direct Investing’s 25 commission free trade offer. Amongst the big bank-owned discount brokerages, their 25 commission-free trades have the longest usage window. Clients taking advantage of this deal have up to a year to use the commission-free trades.

Don’t forget to check in this month as there may be additional activity in the deals section as/when the Globe and Mail discount brokerage rankings are announced. The deal analytics section included last month will actually find itself having a section of its own going forward (link will be posted shortly).

As always, if there is any deal that was missed, just drop us a note.

Expired Deals:

This past October, two of National Bank Direct Brokerage’s deals expired. Gone are the refer-a-friend promotion and their unadvertised fixed commission rate promotion.

According to the terms and conditions attached to this off (on the Questrade website), Questrade’s 1 month of free trades associated with the Advantage offer has expired.

Extended Deals:

As they have done for the past few months, Scotia iTrade has once again extended their refer-a-friend offer for another month. The new expiry date for this promotion is November 30 2013.

New Deals:

~~No new deals announced yet.~~

Updated Nov. 18th TD Direct Investing is offering between 3 and 50 commission free trades for new clients who deposit at least $5000 (for 3 free trades) or $50,000+ (for the 50 free trades). For deposits of at least $25,000 transfer fees (up to $150) are also covered. See details below for more info.

Discount Brokerage Deals

Brief Description	Minimum Deposit Amount	Commission/Cash Offer Type	Time Limit to Use Commission/Cash Offer	Details Link	Deadline
A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.	n/a	Discounted Commission Rates	none	For more details click here	none
Open a new trading account with HSBC InvestDirect and receive 50 commission-free trades good for use up to 60 days after account opening.	n/a	50 commission-free trades	60 days	For more details on the free trade offer read the terms and conditions and also the frequently asked questions	December 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc	$1,000	$50 commission credit	none	none	none
Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.	$1,000	$50 commission credit (friend) $100 commission credit (referrer bonus)	60 days	Refer a friend	none
Open a new account (TFSA, Margin or RRSP) by November 30 with A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.	A)$1,000 B)$10,000	A)10 free trades B)100 free trades	60 days	100 commission-free trades	November 30, 2013
Open a new account with TD Direct Investing before December 20, 2013 and deposit either A)$5,000 to $24,999 B)$25,000 to $49,999 or C)$50,000 or more to receive commission credits for A) 3 trades, B)10 trades or C) 50 trades. Be sure to read the details about keeping your account balance at qualifying levels, eServices subscription as well as other terms and conditions.	A)$5,000 B)$25,000 C)$50,000+	A) 3 Trades (max value $87) commission credit B) 10 trades (max value $290) commission credit C) 50 trades (max value $500) commission credit	Must use trades by 4pm (E.T.) February 28, 2014	50 Free Trades Offer	December 20, 2013
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50)	60 days	Refer A Friend to Scotia iTrade	November 30, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before November 25, 2013 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code 100FT. See details link for further terms and conditions.	$25,000	100 commission-free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	November 25, 2013
Open and fund a new account with $25,000 or more and you will qualify for 25 free trades. The offer code changed with different visits to the site, so click through the RBC Direct Investing homepage to generate a valid code. There are a number of terms and conditions attached to this offer, be sure to read see the details link.	$25,000	25 commission-free trades (no restriction on commission rate listed)	365 Days	25 Free Trades Offer Terms & Conditions ; To generate an offer code, go to the main site and click the ad for the offer here	November 30, 2013
Disnat isoffering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat $300 Commission Credit Promo	December 31, 2013
Open a new account or upgrade an existing account with A) $50,000 or more OR B)$100,000 or more and receive either A)250 commission-free mobile-placed trades OR B) 250 commission-free mobile-placed trades + $250 cash back. Use Promo Code: MOBILE when signing up to qualify. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	A) $50,000 B)$100,000	A) 250 commission free mobile-placed trades B) 250 commission free mobile-placed trades + $250 Cash Back	Payout occurs after 6 months	Free Mobile Trading/Cash Back Offer	January 6, 2014
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer-a-Friend terms and conditions can be located by logging into the InvestorLine panel under “account services” or by contacting BMO InvestorLine directly	December 31, 2013
Open a new account with Scotia iTrade and fund it with at least $100,000 to receive $150 cash back. Use code FALL2013 when signing up. The offer is open to new and existing clients. There are many terms and conditions, be sure to read the details link.	$100,000	$150 Cash Back	Payout occurs after June 30, 2014.	To learn more about the deal terms and conditions click here	November 25, 2013

Transfer Fee Deals

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Transfer $25,000 or more to TD Direct Investing and they will pay up to $150 in transfer fees	$150	$25,000	50 Free Trades Offer	December 20, 2013
Transfer $25,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees	$135	$25,000	Transfer Fee Rebate Details	none
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees	$135	$25,000	Transfer Fee Rebate	none
Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number.	$125	$25,000	Transfer Fee Promo	none
Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.	$150	$50,000	Disnat $300 Commission Credit Promo	December 31st, 2013

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

Discount Brokerage Weekly Roundup October 25 2013

Coming into the home stretch of October, equity markets are continuing push higher. The constant string of ‘good news’ is something that may lure more investors back into the markets, which is also probably why there are some major initial public offerings (IPOs) also being announced.

Against the backdrop of optimistic markets, some discount brokerages also got some news to cheer about. This past week, a discount brokerage launched its new mobile website, one more “best online brokerage” was crowned and there was some interesting chatter in the investing forums about keeping cash ready in a trading account and what can go wrong if it it’s in short supply.

Disnat’s New Mobile Site Ready to Roll

Canadian discount brokerage Disnat officially rolled out their new mobile website (available at m.disnat.com). The new site offers quite a substantial upgrade over their previous mobile website (reviewed here). There are quotes and market updates available directly on the front end (without having to login). There’s also access to videos and event info so the mobile site offers some of the core features of the full site. Look out for the updated mobile website review coming soon.

The Best Online Brokerage – For Now

BMO InvestorLine announced this past week that they had been awarded the title of “best online brokerage” in the 2013 Q3 evaluation by Surviscor. BMO InvestorLine managed to edge out competitors Qtrade and Scotia iTrade by 3% landing a score of 84% overall versus Qtrade and Scotia iTrade who both scored 81%. The winner of the Q1 2013 evaluation period, Scotia iTrade, enjoyed a brief stay atop the discount brokerage field however as these results show, the industry is highly dynamic and the best discount brokerage today might not still be the best tomorrow.

Around the Forums

A popular idiom among traders is ‘keeping some powder dry’. This refers to having some cash on hand so that if or when an investing opportunity presents itself, there is a way to take advantage of it instead of having to watch it go by. Cash in the account seemed to be the theme with two interesting posts about discount brokerage accounts this week.

Hurry up and wait

In the first of two threads from Canadian Money Forum, user “Peterk” was feeling a little restrained from the delay of moving money between bank accounts into brokerage accounts. Sometimes the delay could be a good thing, however in markets timing is half the battle. Check out what fellow users had to say about it here.

Feeling marginalized

So what does happen when cash isn’t available in the trading account when one wants to make a purchase? Well if the account is a margin account, the transaction may still take place but it will be made ‘on credit’ i.e. on margin. In the following thread, Scotia iTrade caught a bit of heat from forum user “mrcheap” after this user was apparently dinged for margin interest while cash was en route from a yet-to-be-settled trade. It’s a valuable lesson to investors that they have to pay attention to the settlement dates (usually T + 3 for stocks) between execution and settlement.

That’s it for this week’s roundup. Keep on your toes because while the markets might seem like a treat today, there’s still a good chance it has some tricks up its sleeve. Have a safe and enjoyable weekend and most of all stay classy!