TD Direct Investing – Page 41

Posted on July 26, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – July 26, 2013

It’s hard to believe but July is almost coming to an end. As it rounds out though, there seemed to be a spike in the interest by self-directed investors in asking about discount brokerages. With US stock indices such as the S&P 500 and Dow Jones continuing to push all-time highs, it seems like Canadian investors are taking notice. In this week’s roundup we cover a couple of the news stories on discount brokerages getting dinged for regulatory infractions and take a tour of the discount brokerage conversations in the forums.

Brokerages Behaving Badly

The list of discount brokerages getting dinged for violating market rules continues to grow. This past week the terms of the settlement between the Investment Industry Regulatory Organization of Canada (IIROC) and two different discount brokerages were published and continued to show that breaking the rules isn’t cheap. Since May of this year, over $400,000 in fines (including costs) have been handed out against a number of brokerages including Scotia Capital Inc, parent of Scotia iTrade ($160,000), Questrade ($80,000), Interactive Brokers ($60,000), and JitneyTrade ($100,000).

As part of Jitneytrade’s settlement agreement, they admitted that between February 2011 and February 2012 they:

“failed to implement an appropriate trade supervision system reasonably well designed to prevent and detect violations of UMIR requirements for the size and nature of its Direct Market Access Clients’ business, contrary to UMIR 7.1 and Policy 7.1”

Jitneytrade was fined $90,000 for the infraction and also paid $10,000 in costs to IIROC.

IIROC also published the settlement agreement between itself and Interactive Brokers. As part of that agreement, Interactive Brokers was penalized $50,000 (plus $10,000 to IIROC for costs) for violations of UMIR 7.1 and Policy 7.1 between November 2007 and April 2008.

Opening Remarks

The forums were buzzing this past week with questions about discount brokerage services and comparisons. In particular, two postings on account openings in different forums caught my eye. The two different brokerages in those postings were TD Direct Investing and Interactive Brokers. Interestingly, Interactive Brokers came up in a couple of different threads indicating it was on the minds of more than a couple of different forum users.

In the Canadian Money Forum, the user “2tire2work” posed the question of whether or not he/she should open a TD Direct Investing (TD Waterhouse) account.

Several of the forum users provided insight on where the original poster (OP) could find additional resources to get started and how to tell apart some of the jargon regarding types of fees and commissions. The explanation of management expense ratios (MERs) was well done and an important concept for those with a buy and hold approach to understand. To read the full posting click here.

While Interactive Brokers came up in a couple of different forum discussions this past week, one of the best discussions on using Interactive Brokers came from the RedFlagDeals investing forum. Specifically, the user ‘Error916’ asked the forum users for their thoughts on using Interactive Brokers and what some alternatives would be for discount brokerages offering registered accounts (because Interactive Brokers Canada doesn’t currently support registered accounts).

In particular, a couple of users pointed out the restrictions on Canadian margin amounts as well as the account funding requirements for those considered to be ‘pattern day traders’, considerations that those looking to Interactive Brokers should be aware of. To read the full thread, click here.

That’s it for this week’s roundup. If you would like to check out the other forum links discussing discount brokerages from this past week you can click the links below. Have a great weekend!

Canadian Money Forum: Short Seller Friendly Broker

Financial Webring Forum: Interactive Brokers Thread

RedFlagDeals Investing Forum: Online Brokerages that Allow Norbert’s Gambit

Posted on July 19, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – July 19, 2013

With the summertime weather in full effect from coast to coast, it’s no wonder things have quieted down on the forums, markets and with discount brokers. Not everyone is away on vacation though as we’ll see in this week’s roundup. We’ll look into the discount brokerage earnings that were released this past week, some new research products launched being launched for investors, and what looks like a new project under development at a popular discount broker.

Interactive Brokers Gets Rich

Its earnings season again and this past week Interactive Brokers (IBKR) released their quarterly results for Q2. In the earnings report, one of the interesting stats was the increase of almost 28% in revenues from commissions and fees. The increased revenues in this area are another positive sign that trading activity is improving in the marketplace.

TD Waterhouse Gets Technical

TD Waterhouse released its first “Technical Take” newsletter this past week. The newsletter is prepared by Ryan Lewenza, a Senior US Equities Strategist and his team at TD Waterhouse Portfolio Advice and Investment Research. Ryan Lewenza was one of the featured speakers at the TD Waterhouse Discount Brokerage Investing Expo last year (click here for the review) where he presented on technical analysis. The new newsletter (see below) covers a number of sectors, indices and a few interesting featured companies. Pages 13-16 provide an interesting birds-eye view of the different sectors of the S&P 500 along with thoughts on where each sector sits within short and long term trends.

The Technical Take – July 15, 2013(2) by dpbasic

Questrade Gets Curious

One of the larger forums in the US for investors , Elite Forums, is where Questrade reached out for feedback on development. In what looked to be a mix of genuine interest for feedback and also the chance to do some late night marketing, a rep from Questrade asked forum users for their feedback on options trading as well as the research and trading features they would like to see.

The answer by user ‘heiasafari’ (below) was particularly well explained and as with other comments that followed, the fact is that Interactive Brokers and ThinkOrSwim are going to be extremely tough platforms to compete against in terms of features. To read the whole thread, click here.

That’s it for this week’s roundup – have a great weekend and stay cool!

Posted on July 12, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – July 12, 2013

In this week’s discount broker roundup, we highlight an article launch, how hard it is for discount brokers to be really, really popular and the beginning of what looks to be a busy promotional battle between discount brokerages for self-directed investors’ new business.

More commission-free ETF info

Earlier this week, part 3 of the series on commission-free ETFs was released. In it, there were some key highlights about the commission-free ETF trading offers at Scotia iTrade and Qtrade as well as some interesting stats on the dominant provider of commission-free ETFs for the various discount brokerages. To read part 3 click here.

Don’t hate me because I’m bountiful

For many discount brokerages, keeping up with compliance is simply a cost of doing business. Failure to keep up, however, usually ends up costing more. So it seems that Interactive Brokers has been growing a little too quickly that they let the paperwork on a few of their clients slip. The US arm of Interactive Brokers got a hard lesson in keeping up with their regulatory requirements from the National Futures Association.

While the $300K fine was a small amount for a multibillion dollar company to absorb, the bigger lesson apparently is that no publicity is bad publicity. In the official response from Interactive Brokers, a company lawyer didn’t pass up the chance to sell the features and pricing that Interactive Brokers. The press release also contained a handily placed plug of their 2013 best online broker award win. Well-played Interactive Brokers.

Discount Brokers Making Attractive Offers

While July is usually when barbeque grills are heating up, funnily enough discount brokerage promotions have also managed to flare up all of a sudden. On the heels of the TD Direct Investing 50 trade offer expiry, Questrade, Scotia iTrade and Disnat all launched additional offers to new or existing clients.

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The biggest launch of discount brokerage deals came from Questrade where they announced they’re giving away iPad minis, commission-free trades, and…wait for it… magnets. It seems like the marketing team from Questrade has launched the promotions war with some big guns. Their 3 months of commission-free trading is certainly going to get the attention of their peers, however the innuendo-filled magnets may not be as ‘attractive’ as they think.

As part of Scotia iTrade’s roll out of their iPad app, they are offering clients one free trade (equity or options) for downloading and using the app. As was mused about earlier in the week in one of our tweets, with all of these touch screen devices now being used for trading, will the incidences of ‘fat-finger’ trades be on the rise?

Instead of playing the free commission game, Disnat is going with the ‘free information and research’ route. Disnat is offering 6 months free access to Michael Campbell’s Money Talks online resources for existing Disnat clients. At the end of the 6 months, subscriptions will cost $9.79 plus any extra charges for other site content (such as certain videos).

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

Discount Brokerage Deals & Promotions – July 2013

[Updated July 2nd]

For the most part, many of July’s discount brokerage deals and promotions look to be mostly similar to last month’s offering. First, I’ll recap of the deals that expired at the end of June and then launch into the deals that got extended and round out with the newest offerings.

Expired Deals

Three discount brokerages had their deals expire coming into July:

~~Scotia iTrade’s 100 Free Trades + Flight Desk Promotion~~ [Now extended to September 30, 2013]
Disnat’s SCATE tour promotion (and transfer fee credit that goes with it)
Credential Direct’s transfer fee credit promotion

TD Direct Investing’s 50 commission-free trade offer is scheduled to expire just before mid-July and we will be watching to see what, if anything, will replace it at that time.

Extended Deals

Sometimes it’s just too hard to say good-bye to a deal. Scotia iTrade has extended the deadline for their Refer-a-Friend promotion out to July 31^st as well as their 100 Commission-Free Trade offer (extended until September 30th). Questrade has added some more time to the clock of their Advantage promotion, which offers 1 month of unlimited commission free trading, moving its expiry date out to the end of August.

Newly Added Discount Brokerage Deals

Although this is not the first time Questrade has offered 100 commission-free trades, the current 100 commission-free trade offer ~~does make it the only Canadian discount brokerage to have a 100 commission-free trade promotion on the table~~ makes them one of two discount brokerages (the other being Scotia iTrade) to offer 100 commission-free trades. The terms and conditions on the Questrade deal are numerous, so be sure to read and understand the requirements (especially the account funding rules) when considering this offer. The offer is open to new accounts depositing at least $10,000.

Out of the 12 13 deals on this month’s list, Questrade and National Bank Direct Brokerage make up just over half of the offers. Given the competitive nature of the discount brokerage business, however, it is not likely that the remaining discount brokerages will sit out of offering deals for very long.

As always, if there are any deals or promotions that you spot that you think should be featured, feel free to drop me a note here.

Discount Brokerage Deals & Promos

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 margin account with National Bank Direct Brokerage before August 31st 2013 and receive a 1% discount of prime for a margin interest rate. Also, commission rates will be fixed at $6.95 for 3 months. Be sure to read the terms and conditions as well as understand the risks associated with trading on margin. Use promo code: “MARGIN2013” when signing up.	n/a – while no minimum deposit is required, you must pass a credit check to qualify	1% of prime rate for margin borrowing $6.95 fixed commission rate for 3 months	Margin rate discount: 3 months Commission rate discount: 3 months	Click here for margin promo details and here for terms and conditions	August 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 August 31st with A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code 100Free95 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 31, 2013
Open a new account with TD Direct Investing before July 12, 2013 and deposit either A)$5,000 to $25,000 B)$25,000 to $50,000 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	Trades must be used by September 30, 2013 4pm ET.	50 free trades offer	July 12, 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:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999)	60 days	Refer A Friend to Scotia iTrade	July 31, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before September 30, 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	September 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details.	$25,000	$6.95 fixed commission rate for 6 months	6 months	Click here for a low-res version of flyer or here for a high-res version.	October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.	$25,000	$100 referral bonus (referrer) $100 referee (your “friend”)	Payout occurs after 6 months	Share $200 with a Friend Promotion	October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal.	$25,000	30 days unlimited commission-free trading + 1 month free Advanced US market data package.	30 days	Advantage Promotion	August 31, 2013
Disnat is celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat 30th Anniversary Promo	August 30, 2013
If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.	A) $50,000 – $249,000 B) $250,000+	A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100	Payout occurs after 60 days (subject to conditions).	Refer-a-Friend terms and conditions can be located by logging into the InvestorLine panel under “account services” or by contacting BMO InvestorLine directly	December 31, 2013
Open a new account or upgrade an existing account with $100,000 and choose to receive either $250 cash back or 2000 Air Miles. Use Promo Code: BONUS250 to receive the cash back offer or BONUSAM (+ Air Miles Collector #) to receive the Air Miles offer. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	$100,000	$250 Cash Back OR 2000 Air Miles	Payout occurs after 6 months	Air Miles Promotion	September 4, 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
Open a new account by July 12, 2013 and transfer $25,000 or more to TD Direct Investing and they will cover up to $150 of the brokerage transfer fees.	$150	$25,000	50 free trades offer	July 12, 2013
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 celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$150	$50,000	Disnat 30th Anniversary Promo	August 30, 2013

Posted on June 21, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – June 21, 2013

While storms were raging across stock markets this past week, it was definitely calmer waters in terms of discount brokerage news and chatter. In this week’s roundup, we look at the actions that landed another Canadian discount broker in the IIROC penalty box, a report by TD on Canadian investors as well as a review of the chatter on stock forums about brokerages and some useful cautionary investing tales. Finally, we take a quick look at the results from the twelfth edition of the U.S. Self-Directed Investor Satisfaction Survey results from J.D. Power released earlier this week.

Scotia Capital gets called for an offside

Over the past several weeks, it seems that that Investment Industry Regulatory Organization of Canada (IIROC) has been handing out a series of penalties to Canadian discount brokerages. Joining the likes of Questrade and Interactive Brokers, the decision against Scotia Capital Inc (the parent of Scotia iTrade) was based on activity between 2009 and 2011, shortly after it had acquired E*Trade in 2008.

Scotia Capital was hit with a $150,000 fine for failing to have policies and procedures in place that could detect potential wash trades and high closing prices. To read more about the settlement, check out the IIROC press release or a great write-up about it in the Globe and Mail.

The Investor Survey Says…

TD Bank Group released results from a recently commissioned a survey of Canadian investors. The survey asked just over 1000 Canadian investors about their thoughts and perspectives on the investing climate in the next 12 months. Of those surveyed, 41% felt that their personal portfolios would improve even in the face of mild Canadian and US economic recoveries and a poor global economic outlook. This suggests that investors surveyed might be more interested in looking closer to home for investing ideas rather than looking abroad.

Another interesting finding from the survey is a classic illustration of behavioural finance in action. Given the run up in the markets experienced for the first half of this year, the rising prices seemed to have also lifted the outlook of investors. Paradoxically, investors are constantly told or reminded that past performance doesn’t guarantee future results, yet it is interesting to see how the past does, in fact, shape investor perceptions. As described in their press release, those investors surveyed who experienced a loss were more prone to being pessimistic about the future than those investors who experienced a gain.

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Posted on June 14, 2013 by user — Leave a comment

Special Series: Dalbar Canada’s Direct Brokerage Service Award – Part 2

In part 1 of this series, we took a brief look at how self-directed investors typically access information about discount brokerage customer service and introduced Dalbar Canada’s research in this area. Specifically, Dalbar’s Direct Brokerage Sales Effectiveness (DBSE) program measures the performance of client service teams at discount brokerages.

In this part of our series, we take a closer look at the evaluation itself to see how Dalbar measures quality customer service, how the evaluations are conducted and what the implications are for self-directed investors when comparing customer service at discount brokerages.

Knowing what counts

Given the number of evaluations being conducted to try and find ‘the best’ Canadian discount brokerage, it is increasingly important that self-directed investors be clear on exactly how a measurement of a discount brokerage is structured. To avoid falling victim to clever marketing, whenever Canadian investors see a discount brokerage ranking, the following three questions are worth keeping in mind:

What is being measured (ranked)?
How was it measured?
Does the measure actually measure what it says it does?

In the case of Dalbar Canada’s Direct Brokerage Service Award, what is being measured is “quality” of the customer experience when interacting with a particular discount brokerage’s customer service agents. Of course, how “quality” is defined can be highly subjective so readers should keep this in mind when considering the explanations below.

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Posted on June 1, 2013January 30, 2021 by user — Leave a comment

Discount Brokerage Deals & Promotions – June 2013

[Updated June 12th]

With summer just around the corner, a few of Canada’s discount brokerages are going to be working a little harder this month to try and win over self-directed investors. The recently announced earnings from several major Canadian banks indicate that they aren’t making as much money as their shareholders are expecting. As a result, getting more clients and assets will surely be on their to do list to boost their bottom lines. For consumers, they can expect much more marketing coming their way from the big banks as well as the independent discount brokerages who wish to keep pace.

While likely unrelated, the timing of the deal being offered by TD Direct Investing this month is particularly intriguing. TD Direct Investing has typically avoided deals and promotions, especially the “free trade” variety. So, their “50 free trade” offer launched at the end of May is somewhat of a major departure from their previous approaches to attract new clients. The end date of the free trade deal, which they can admittedly change at any time, was also curiously positioned to expire mid-July.

~~BMO Investorline’s cash back promo is set to expire a few days into June, so the next offer, should there be one, is what we’re looking out for over the coming month.~~ BMO InvestorLine has announced their latest promotion which offers new accounts the choice between $250 cash back or 2000 Air Miles when a deposit of $100,000 or more is made. This isn’t the first time Air Miles have been offered for signing up for an InvestorLine account, however after Scotia iTrade’s “Get Educated” promo it seems that the big bank-owned discount brokerages are starting to get more creative with their promotions.

Overall, this summer could prove to be fairly interesting from a deals perspective for a number of reasons. Most importantly, there are five deals which are scheduled to expire within this month signalling that marketing teams are faced with deciding where and how to outsmart one another. For their part, Scotia iTrade looked to using a contest (the “Get Educated” promotion) and waving around some big prize money to get the attention of existing and would be investors. Questrade‘s Advantage promotion also expires at the end of the month – just make sure to read through and understand the terms and conditions, in particular for start dates for data packages, minimum account balance maintenance and start dates for the commission-free trading month.

Coming up with something ‘new’ isn’t nearly as easy as just extending the expiry dates of existing deals, which is exactly what a couple of discount brokerages have done. Scotia iTrade has extended their refer-a-friend deal and Disnat has extended their 30th anniversary deal until the end of August. Also still on the table is another offer by Disnat that was part of their SCATE tour.

We will continue to monitor the deals over the course of the month and, as always, if there are any offers you spot that you’d like to share, please drop us a note.

[Updated June 12]

National Bank Direct Brokerage has just announced a promotion on their margin accounts (for 3 months) which also includes a fixed commission rate of $6.95 per trade. To qualify for this account, clients will have to pass a credit check as margin accounts essentially allow clients to borrow money in order to trade with greater buying power. The discount on margin rates is definitely something different than what is being offered currently so it will be sure to attract the interest of those investors/traders who use margin as part of their strategy.

Discount Brokerage Deals & Promos

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 margin account with National Bank Direct Brokerage before August 31st 2013 and receive a 1% discount of prime for a margin interest rate. Also, commission rates will be fixed at $6.95 for 3 months. Be sure to read the terms and conditions as well as understand the risks associated with trading on margin. Use promo code: “MARGIN2013” when signing up.	n/a – while no minimum deposit is required, you must pass a credit check to qualify	1% of prime rate for margin borrowing $6.95 fixed commission rate for 3 months	Margin rate discount: 3 months Commission rate discount: 3 months	Click here for margin promo details and here for terms and conditions	August 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 with TD Direct Investing before July 12, 2013 and deposit either A)$5,000 to $25,000 B)$25,000 to $50,000 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	Trades must be used by September 30, 2013 4pm ET.	50 free trades offer	July 12, 2013
As a follow up to their SCATE tour, Disnat is offering new clients who deposit $10,000 before June 30, 2013 a bundle that includes commission credits and a one year free subscription to Tyler Bollhorn’s Stockscores daily newsletter. This is an unadvertised deal so the details link is to a scan of the flyer with the offer.	$10,000	$300 commission credit	30 days	For more details, click here and here	June 30, 2013
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999)	60 days	Refer A Friend to Scotia iTrade	June 30, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before June 30, 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 free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	June 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details.	$25,000	$6.95 fixed commission rate for 6 months	6 months	Click here for a low-res version of flyer or here for a high-res version.	October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.	$25,000	$100 referral bonus (referrer) $100 referee (your “friend”)	Payout occurs after 6 months	Share $200 with a Friend Promotion	October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal.	$25,000	30 days unlimited commission-free trading + 1 month free Advanced US market data package.	30 days	Advantage Promotion	June 30, 2013
Disnat is celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat 30th Anniversary Promo	August 30, 2013
Open a new account or upgrade an existing account with $100,000 and choose to receive either $250 cash back or 2000 Air Miles. Use Promo Code: BONUS250 to receive the cash back offer or BONUSAM (+ Air Miles Collector #) to receive the Air Miles offer. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	$100,000	$250 Cash Back OR 2000 Air Miles	Payout occurs after 6 months	Air Miles Promotion	September 4, 2013

Transfer Fee Deals

Below are the discount brokerages deals that cover transfer out fees from other discount brokerages.

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Transfer your discount brokerage account to Credential Direct and they’ll pay up to $200 of the transfer fees. If after 90 days you’re not satisfied they will waive the $125 transfer out fee too.	$200	$10,000	Switch Me Promo	June 30, 2013
As part of their SCATE tour promotion, if you open a new account by June 30th with $10,000 or more Disnat will cover up to $150 of the transfer fees from another brokerage.	$150	$10,000	For more details, click here and here	June 30, 2013
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Open a new account by July 12, 2013 and transfer $25,000 or more to TD Direct Investing and they will cover up to $150 of the brokerage transfer fees.	$150	$25,000	50 free trades offer	July 12, 2013
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 celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$150	$50,000	Disnat 30th Anniversary Promo	August 30, 2013

Posted on May 31, 2013 by user — Leave a comment

Discount Brokerage Weekly Roundup – May 31st 2013

Discount Brokerage News

This roundup features deal spotting from Disnat and TD Direct Investing at the Cambridge House World Resource Investment Conference, a new review of Qtrade and news about a costly mistake made by a Questrade trader. In addition we take a quick peek at the latest ranking of Canadian discount brokerages.

Deal Me In

TD Direct Investing is quietly launching the new free trades deals. This is an interesting move on TD’s part given that they’ve largely stayed away from offering free trade promotions and because of the timing/roll-out of the deal. The “50 free trades” promotion was launched towards the end of May and expires mid-July. Check out our deals section for more info.

Also in the deals section is an updated promotion from Disnat that was being offered at their SCATE tour and at the last World Resource Investment Conference in Vancouver this past week.

Positive Feedback

Money Smarts blog posted an interesting review of Canadian discount brokerage Qtrade earlier this week. The review contains some feedback from account holders, and it appears that customer service was a point most (including the article’s author) agreed was a strong point of the Qtrade experience. Interestingly, Qtrade did not perform nearly as strongly on the Dalbar Direct Brokerage Service Experience evaluation as other Canadian discount brokerages did. The Dalbar study directly measures customer service and so the difference between what many consumer posts suggest and what some other studies also show

False Start on the Offense

Earlier this month, Questrade was in the penalty box with the Investment Industry Regulatory Organization of Canada (IIROC) for trading actions one of its employees took between August of 2009 and February 2010. According to the decision document, the trader was found to have “entered orders on the Toronto Stock Exchange that he ought reasonably to have known could reasonably be expected to create an artificial bid price for Quebecor Inc. Class A securities” while Questrade was penalized for not having adequate controls in place to prevent such practices from occurring. Both the trader and Questrade were fined for these infractions.

Joining the Ranks

The June 2013 edition of MoneySense magazine is on newsstands and features a review of Canada’s Best Discount Brokerages. This is yet another in the growing list of discount brokerage rankings. The rankings themselves are actually compiled by Surviscor, so the data is also available for free on Surviscor’s site too. Check out our article regarding the numerous Canadian discount brokerage rankings in which we try to make sense of those who claim to be “Canada’s best discount brokerage.”

Interestingly, JD Power’s Investor Satisfaction Award survey is also currently being deployed to Canadian investors. The survey is generally conducted in the late spring/early summer time frame and results should be released in the fall.

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

Bulls, Brew & Bottoms: Review of the Vancouver World Resource Investment Conference 2013

This year’s World Resource Investment Conference (WRIC) in Vancouver came a bit earlier in the calendar than last year’s conference against the backdrop of a mining and exploration market fraught with pain and nervousness. In the mining sector, hope seems to be the rare commodity everyone is looking for these days.

The two-day WRIC featured the standard recipe of resource companies exhibiting and presenting, familiar speakers from Cambridge House conferences past and of course, the big bull. Unlike previous conferences, however, this year’s WRIC felt like a much smaller show. Attendance figures showed that close to 3700 individuals attended the conference this year which is down considerably from 2012.

Speakers and exhibitors also pointed out the smaller crowds this time around. One of the more popular speakers often present at Cambridge House shows, Danielle Park, remarked that the small numbers of attendees at this past conference are a far cry from the height of investor fervor during 2007. As a follow up to that statement, however, she pointed out that fewer investors in the conference may actually be a healthy albeit contrarian indicator that the business cycle in junior mining and exploration stocks is working itself out.

From many of the talks, the sentiment appears to have shifted from denial of bad news to acceptance. As any seasoned investor knows, when it sounds like other investors are throwing in the proverbial towel, it is probably a good time to start looking over the merchandise to see what might go on sale.

Despite the widely acknowledged doom and gloom, there were a number of bright spots throughout the conference. For attendees, this year’s speakers offered a great mixture of colourful analysis and opinion. In particular, the closing panels on both days saw spirited debates about the future of venture capital funding for junior companies (day 1) and an especially fiery closing panel on the world outlook (day 2) that saw outspoken personalities Rick Rule and Danielle Park exchange clever quips across the panel table, some of which landed on Marin Katusa who was seated between them.

Also spotted at the conference were a couple of the usual discount brokerage suspects, TD Direct Investing as well as Disnat. What was particularly noteworthy was the promotion by TD Direct Investing that has yet to be widely launched. They have jumped into the ‘free trades’ game and will be offering up to 50 free trades to new clients between now and mid-July. Check out our deals section here to find out more. Disnat was also offering an ‘unadvertised’ deal which was being offered during their SCATE tour. The big lures for the Disnat deal are a 1 year subscription to Tyler Bollhorn’s daily alert newsletter and $300 in commission rebates. For more details on this deal, click here.

Other interesting bright spots included the Rocks to Riches course preview in which attendees could learn about some of the important concepts within geology by doing some hands on (experiential) learning. This course is likely going to be offered in January 2014 at the Vancouver Resource Investment Conference. For more information on it, click here.

Lastly, Visual Capitalist, an innovative Vancouver communications firm that creates fun and informative infographics (and apparently craft beer too) on a number of commodity and mining-related topics , is launching the beta-test of their new mining and exploration company comparison tool: TickerScores. This tool aims to tackle making the difficult process of scanning and researching mining and exploration stocks much more intuitive and far less time-consuming. To learn more about this neat tool, check out the link here.

The upcoming summer months will provide many answers to the predictions made by the analysts and experts at this conference as to the fate of many cash-strapped junior companies. This lines up nicely with the timing of the last of the Cambridge House conferences in Canada in 2013, the Toronto Resource Investment Conference to be held in September. Of course, for those investors and companies hoping for a market bottom, how they manage to stomach these next few months will be worth hearing about in September.

Posted on May 1, 2013January 30, 2021 by user — Leave a comment

Discount Brokerage Deals & Promotions – May 2013

*Deals have been updated, see below for more details*

This month’s deals and promotions from Canadian discount brokerages feature a new promotion by Questrade, as well as an interesting deal/contest by Scotia iTrade announced last month. Also, Qtrade‘s transfer fee rebate is also back, this time with no apparent time limits. Before launching into the new deals, we’ll take a quick recap of which deals have expired and which are expiring this month.

One of the big deals that expired at the end of April was HSBC InvestDirect‘s unlimited trading offer. While they haven’t typically offered many deals or promotions over the past year, with this recent deal, it could be a sign of some activity to come, especially if they are keen to highlight their recently recognized customer service award from Dalbar to Canadian self-directed investors. Questrade’s 100 free trade offer which ran last month officially expired and is being replaced by another free trade offer geared towards active traders (see below). Now that Questrade has pulled the 100 free trade offer, only Scotia iTrade is offering 100 free trades for new accounts.

Disnat‘s 30th anniversary deal which offers $300 in commission credits has been around for a few months and is being extended to May 31st.

Questrade’s latest offering (the Advantage promotion) is offering 30 days of commission-free trading as well as one month free of the US Advanced data package. The terms and conditions on this are a bit tricky so be sure to read and understand them. Several key points to pay attention to are:

The start/end dates for the free data package
The start/end dates for the commission-free trading month
The length of time needed to maintain a minimum balance of $25,000 (this is 6 months)
Commission rebates are credited to client accounts within 3 business days however clients will still have to pay the commissions at the time a trade is executed.

If you are considering the Advantage program, we suggest looking at our detailed report and/or special series that looks into the Advantage plan.

Scotia iTrade also recently announced their “Get Educated” promotion and contest. This hybrid offering allows individuals opening a new account with at least $50,000 100 commission-free trades (which they have 60 days to use) as well as the opportunity to get 5 ballots to be entered in a draw for a $25,000 cash trading account as well as a “trading education” package (retail value $5,000). Like many ‘commission free’ offerings, on this promotion individuals are responsible for paying the commission fees which are then refunded to clients overnight. The “contest” portion of the Scotia iTrade offer is open to all Canadians however be sure to read the terms and conditions as well as the rules and regulations for participation in the contest.

Lastly, when we went to last month’s World MoneyShow in Vancouver, we spotted a deal from National Bank Direct Brokerage that gives individuals who open a new account (with $25,000) 6 months of trading at a $6.95 commission rate.

*Update* May 29th, 2013

Two new deals are being added into the list late in the month.

We spotted this first deal being promoted at the World Resource Investment Conference in Vancouver. TD Direct Investing is launching a new “50 free trades” promotion where new accounts with a $50,000 deposit are eligible to receive up to 50 trades commission free as well as have their transfer fees covered (up to $150). Clients who have lower amounts to deposit may be eligible for fewer commission free trades. For example, clients who deposit between $25,000 and $50,000 can receive 10 free trades and clients who deposit between $5,000 and $25,000 are being offered 3 free trades.

The second deal, also spotted at the World Resource Investment Conference, is an unadvertised offer by Disnat which looks like an offer from their SCATE tour. While not as generous as some previous deals, this deal offers $300 in commission credits, 3 months of the lowest rate of commissions and a free year of the Stockscores daily newsletter service.

Discount Brokerage Deals & Promos

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 (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 with TD Direct Investing before July 12, 2013 and deposit either A)$5,000 to $25,000 B)$25,000 to $50,000 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	Trades must be used by September 30, 2013 4pm ET.	50 free trades offer	July 12, 2013
As a follow up to their SCATE tour, Disnat is offering new clients who deposit $10,000 before June 30, 2013 a bundle that includes commission credits and a one year free subscription to Tyler Bollhorn’s Stockscores daily newsletter. This is an unadvertised deal so the details link is to a scan of the flyer with the offer.	$10,000	$300 commission credit	30 days	For more details, click here and here	June 30, 2013
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.	A)$10,000 B)$50,000+	A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999)	60 days	Refer A Friend to Scotia iTrade	May 31, 2013
Open and fund a new Scotia iTRADE account with at least $25,000 before June 30, 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 free trades ($999 value @ $9.99 commission rate)	60 days	Scotia iTrade 100 free trades + FlightDesk	June 30, 2013
Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details.	$25,000	$6.95 fixed commission rate for 6 months	6 months	Click here for a low-res version of flyer or here for a high-res version.	October 31, 2013
If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.	$25,000	$100 referral bonus (referrer) $100 referee (your “friend”)	Payout occurs after 6 months	Share $200 with a Friend Promotion	October 31, 2013
Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal.	$25,000	30 days unlimited commission-free trading + 1 month free Advanced US market data package.	30 days	Advantage Promotion	June 30, 2013
Disnat is celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$50,000	$300 commission credit	6 months	Disnat 30th Anniversary Promo	May 31, 2013
Open a new Scotia iTRADE account before May 31, 2013 and fund it with at least $50,000 (by June 30th, 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 SP-EDCON. There is also a contest to win a $25,000 trading account that is part of this promotion. See details link for further terms and conditions.	$50,000	100 free trades ($999 value @ $9.99 commission rate)	60 days	Get Educated Promo	May 31, 2013
Open a new account or upgrade an existing account with either A) $100,000 or B)$250,000 to receive $250 cash(for those who deposit $100K) or $600 (for those who deposit $250K). Use Promo Code: BONUS600 NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.	A) $100,000 B) $250,000	A) $250 Cash Back B) $600 Cash Back	Payout occurs after 6 months	Spring 2013 Cash Back Promotion	June 3, 2013
Open a new account or upgrade an existing account with $500,000 to receive $1500 cash back. Use Promo Code: Select1500. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. This wasn’t an advertised deal, however the terms and conditions are from BMO InvestorLine’s website.	$500,000	$1500 Cash Back	Payout occurs after 6 months	Select1500 Promotion	June 3, 2013

Transfer Fee Deals

Below are the discount brokerages deals that cover transfer out fees from other discount brokerages.

Brief Description	Maximum Transfer Fee Coverage Amount	Deposit Amount for Transfer Fee Eligibility	Details Link	Deadline
Transfer your discount brokerage account to Credential Direct and they’ll pay up to $200 of the transfer fees. If after 90 days you’re not satisfied they will waive the $125 transfer out fee too.	$200	$10,000	Switch Me Promo	June 30, 2013
As part of their SCATE tour promotion, if you open a new account by June 30th with $10,000 or more Disnat will cover up to $150 of the transfer fees from another brokerage.	$150	$10,000	For more details, click here and here	June 30, 2013
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.	$150	$25,000	Transfer Fee Promo	none
Open a new account by July 12, 2013 and transfer $25,000 or more to TD Direct Investing and they will cover up to $150 of the brokerage transfer fees.	$150	$25,000	50 free trades offer	July 12, 2013
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 celebrating its 30th anniversary by 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 Disnat30. See details link for more info.	$150	$50,000	Disnat 30th Anniversary Promo	May 31, 2013