Discount Brokerages

From novices to sophisticated investors, Online Brokerages aim to provide the means and tools necessary to execute trades and administer portfolios online, with an ever increasing array of tools, information, and content.

Things To Consider When Investing Online

Technology has vastly increased the options available to investors when it comes to building and managing a portfolio. In conjunction with ETFs, which offer the ability to acquire baskets of securities at a much lower cost, on-line brokerage accounts offer discounted fees, while still providing investors with significant access to real-time trading. Other benefits offered by Canada’s largest discount brokers include:

Overall ease of use – for an outside perspective, review Globe and Mail reporter Rob Carrick’s yearly discount brokerage scorecard: Read More

Low Cost – Dependent on the size of account, and number of trades made, transaction costs overall will vary. Lowering overall costs is an integral part of ensuring returns are maximized.

Toolbox for ETFs – Some platforms will have applications geared towards ETFs. A select group of brokers also have special pricing for ETFs (eg. no trading commission initiatives) and provide research or access to information that has been developed around ETFs.

Link to other Financial Service Providers – Online brokerage accounts can be directly linked to bank accounts at existing financial institutions, if they are affiliated (eg. Scotia Bank/iTrade, Bank of Montreal/BMO InvestorLine, RBC/RBC Direct Investing, etc.)

BMO

BMO Investorline

Bank of Montreal’s InvestorLine – The Best of the Bank-owned firm’s in the Globe’s 2013 Survey of Best Online Brokers – provides access to Third Party research, Flat Fee pricing ($9.95) under their 5 Star Program, ETF model portfolio, and screener. Why BMO InvestorLine: Click Here Explore Online Investing at BMO IVL: Click Here Open an Account: Click Here

iTRADE

Scotia iTrade

Bank of Nova Scotia’s iTRADE pioneered commission-free ETFs in Canada in 2011. This initiative garnered iTRADE a Morningstar Canadian Investment Award. Beyond this, iTrade looks to be competitive on the price front with initiatives such as “a buck a bond”; special offer of 100 free trades, and commissions as low as $6.99 per trade (based on an overall volume of trades). iTRADE provides screeners, and access to several sources of research. Why iTrade: Click Here Integrated Trading Platform: Click Here OnLine Demo: Click Here Open an Account: Click Here

RBC

RBC Direct Investing

RBC Direct Investing – RBC DI offers Screener tools, Model Portfolios, as well as “Practice Accounts”. Pricing on a per trade basis will depend on level of assets, and respective trading volumes Read More! Why Choose RBC DI: Click Here Investment Tools: Click Here Take a Tour: Click Here Open an Account: Click Here

Credenital

Credential Direct

Credential Direct offers low cost trading at $9.95 per trade pricing tied to volume (10 trades per quarter) with no asset minimum. In addition to low cost trades you get access to third party research including Morningstar’s ETF research on 100 U.S. and 50 Canadian top rated ETFs. Why Credential Direct: Click Here Research and Investment Tools: Click Here Open an Account: Click Here

Interactive Brokers

Interactive Brokers

Interactive Brokers set up shop in Canada in 2000. They offer a choice between two cost efficient pricing schemes per trade, Flat Rate or Cost Plus, both of which provide access to their global trading platform, research reports and integrated trading tools. They, however, do not offer options for registered accounts and have a minimum monthly commission of $10. Why Interactive Brokers: Click Here OnLine Demo: Click Here Open an Account: Click Here

HSBC

HSBC Invest Direct

HSBC Invest Direct commissions are based on asset levels or frequency of trades. Anyone with a minimum of $500,000 dollars or a HSBC Premiere account can trade for as low as a $6.88 flat fee. Clients who have a minimum of $50,000 or make more than 30 trades a quarter pay $9.88 flat fee. Not meeting these minimums will cost you a commission per trade beginning at $28.88. For the price you receive access to stock and fund screening, portfolio trackers and asset allocation tools as well as comprehensive third party research. Why HSBC Invest Direct: Click Here Research and Investment Tools: Click Here Open an Account: Click Here

National Bank

National Bank Direct Brokerage

National Bank’s Direct Brokerage offers trading at comparable cost to its competitors, investors with assets above $50,000 enjoy a flat fee per trade of $9.95 and those making more than 30 trades a quarter pay as low as $6.95. They offer an array of useful on-line tools, carry independent research from Morningstar, and maintain a dedicated ETF Center. Why National Bank Direct Brokerage: Click Here OnLine Demo: Click Here Research and Investment Tools: Click Here Open an Account: Click Here

Questrade

Questrade

Questrade provides a comprehensive platform for $9.95 commission per trade with no asset or trading minimums. They have practice accounts available to try out new strategies without putting money at risk and plenty of resources to help build your investment knowledge. Questrade also provides a forum for investors to interact with each other and share ideas in addition to an array of tools and research options. Why Questrade: Click Here Top 10 Reasons: Click Here Open an Account: Click Here

CIBC

CIBC Investors Edges

CIBC offers low trade commissions ($6.95 per trade) subject to an asset or trading minimum ($100,000 Household assets with the Bank), with the first being significantly more reasonable of a requirement than the latter. They offer independent research as well as in house commentary and provide tools for screening funds. A nice added offering is their no fee dividend reinvestment plan. Why CIBC Investor’s Edge: Click Here Investment Tools: Click Here Online Demo: Click Here Open an Account: Click Here

TD Direct Investing

TD Direct Investing charges a commission of $9.99 per Canadian & U.S. equity trade for all clients. They offer various platforms suitable for different types of investors – the tools you receive access to depend on the type of account you have. Opening an account will also grant you access to third party research firms such as INK Research and S&P. Online Demo: Click Here Research and Investment Tools: Click Here Open an Account: Click Here

TradeFreedom

TradeFreedom

TradeFreedom offers you a choice of trading platforms and access to advanced trading tools and research. Commissions begin at $9.95 per trade with no trading minimums. Why TradeFreedom: Click Here Education and Resources: Click Here Open an Account: Click Here

VirutalBrokers

Virtual Brokers

Virtual Brokers topped Rob Carrick’s latest Survey of Canada’s Best Online Brokers (for the second year running), and are one of the cheapest options for ETFs as they do not charge commissions on 100 leading US and Canadian ETFs. They also provide a useful ETF screener. ETFs not covered by the commission free trading will cost you no more than $9.99 per trade. Why Virtual Brokers: Click Here Research and Investment Tools: Click Here Open an Account: Click Here

Disnat

DisNat

You can get started with Disnat’s most basic platform, Disnat Classic, with a minimum deposit of $1,000 and qualify for $9.95 commission per trade with $50,000 in minimum assets. You will receive access to research produced by Desjardin, the parent company of Disnat, along with Morningstar Equity Research and investment tools such as Disnat GPS model portfolios. Why Disnat: Click Here Research and Investment Tools: Click Here Online Demo: Click Here Open an Account: Click Here

Qtrade

Qtrade

Qtrade finished runner up in the latest Survey of Canada’s Top Online Brokers by the Globe and Mail. They offer trades at a reasonable $9.95 commission if you hit certain trading minimums or have $50,000 in assets. Most importantly they offer commission free trading on 60 ETFs, including some listed south of the border. Qtrade also offers a suite of tools, such as a screener and asset allocation tool, along with access to fundamental and technical research. Why Qtrade: Click Here Research and Investment Tools: Click Here Open an Account: Click Here