Canada’s Best Online Brokerages 2018 comparison tool

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	BMO InvestorLine	CIBC Investor’s Edge	Desjardins Online Brokerage	HSBC InvestDirect	Laurentian Bank Discount Brokerage	National Bank Direct Brokerage	Qtrade Investor	Questrade	RBC Direct Investing	Scotia iTrade	TD Direct Investing	Virtual Brokers
Minimum account size to qualify for no annual fees or inactivity fees	$25,000 (RRSP) $15,000 (non-registered)	$25,000 (RRSP) $10,000 (non-registered) $0 (RESP/TFSA)	$15,000, OR six transactions per year, OR holding a registered account	$25,000 (RRSP) $10,000 (non-registered) $0 (TFSA)	$15,000 (RRSP), OR $100,000 accross all accounts	$20,000 across all accounts	$25,000 OR monthly contributions of $50 for young investors; $100 for everyone else, OR eight or more commission-generating trades in preceeding 12 months	$5,000 across all accounts, OR join Questrade MyFamily program, OR under 25 yrs of age, OR subcribe to a streaming data package, OR execute 1 trade	$15,000 across all accounts, OR three or more trades per quarter, OR make pre-authorized contributions of $300 or more per quarter	$25,000 across all accounts OR 12 trades per year (RRSP) $15,000 across all accounts (RESP) $10,000 across all accounts OR 1 trade per quarter (non-registered)	$15,000 across all accounts	$5,000 across all accounts
Basic online equity trading commission¹	$9.95	$6.95	$9.95	$6.88	$9.95	$9.95	$8.75	$4.95 min. to $9.95 max., at rate of 1¢ per share	$9.95	$9.99	$9.99	$9.99
Are lower or higher commissions charged in different circumstances?	✘	$4.95 per trade (150+ trades per quarter)	$5 (active traders on Market Q); $6.95 to $8.95 (Prestige clients); $45 (phone trades via representative, or $19.95 for Prestige clients)	$4.88 per trade (150+ trades per quarter)	✘	$6.95 (30+ trades per quarter)	$6.95 (150+ trades per quarter OR $500,000 across all accounts); $7.75 (investors aged 18–30 making monthly $50+ pre-authorized contributions)	$4.95 per trade OR 1¢ per share to a maximum of $6.95 per trade (with subscription to a data package)	$6.95 (150+ trades per quarter)	$4.99 (150+ trades per quarter); $24.99 (less than $50,000 across all accounts)	$7.00 (150+ trades per quarter)	$0 (platform traders); $4.99 (150+ trades per quarter OR assets over $250,000)
Is it possible a client could be charged an Electronic Communication Network (ECN) or additional fee on top of specified commissions in certain situations?¹	✘	✘	✘ (platform fees may apply, depending on trading volume)	✘	✘	✘	✘	✔ (any fees are identified prior to order being placed)	✘	✔ ($0.005 per share for U.S. securities traded outside of regular market hours)	✘	No additional fees for retail clients paying $9.99 flat commission. Fees may apply for clients who use “commission-free” structure and trade with platform
Basic options commission¹	$9.95 + $1.25 per contract	$6.95 + $1.25 per contract	$1.25 per contract, minimum $8.75	$6.88 + $1.25 per contract; $4.88 +$1.25 per contract for Active Trader clients	$9.95 + $1.25 per contract	$9.95$ + $1.25/contract	$8.75 + $1.25 per contract	$9.95 + $1/contract including multi-leg option strategies where customers can buy multiple options (up to 4) as part of 1 strategy and only pay one ticket commission.	$9.95 + $1.25 per contract	$9.99 + $1.25 per contract	9.99 for options + 1.25 per contract or 7.00 for options + 1.25 per contract for active traders (150 TPQ)	$9.99 + $1.25 per contract
How many commission-free ETFs do you offer?	✘	✘	✘	✘	✘	All Canadian and U.S.-listed ETFs (if the trade is for 100 shares or more)	100	All Canadian and U.S.-listed ETFs	✘	49	✘	All Canadian and U.S.-listed ETFs
Is commission charged on commission-free ETF BUY orders?	✘	✘	✔	✘	✔	✘	✘	✘	✘	✘	✘	✘
Is commission charged on commission-free ETF SELL orders?	✘	✘	✔	✘	✔	✘	✘	✔	✘	✘	✘	✔
Are Series D funds offered?	✔	✔	✔	✔	✘	✔	✔	✔	✔	✔	✔	✔
Can you hold U.S. dollars in registered accounts?	✔	✔	✔	✘	✘	✔	✔	✔	✔	✔ (launching summer 2018)	✔	✔
Can you purchase Bonds and/or GICs online?	✔	✔	Bonds	Bonds	Bonds	Bonds	✔	✘	✔	✔	Bonds (GICs by phone)	✔
Can you purchase international stocks online, including ADRs?	International stocks	ADRs	✘	✔	✘	Only U.S.-traded ADRs	✔	ADRs online; International stocks by phone only	ADRs	ADRs	ADRs online; International stocks by phone only	✔
Does the firm offer a mobile app or a mobile-adaptive design for mobile clients?	✔	✔	✔	✘	✘	✔	✔	✔	✔	✔	✔	✔
How many products are available for trading on mobile devices?	Mobile: Equities, ETFs, options Tablet: Equities, ETFs, options, mutual funds, GICs, ADRs	Equities, ETFs (Options planned to launch spring 2018)	Equities, ETFs, bonds, Mutual funds, options	✘	✘	Equities	All products	Equities, ETFs, options, option strategies (up to 4 legs), FX and CFDs	Equities, options, mutual funds, ETFs	Equities, ETFs, options	Equities, ETFs, options (including multi-leg option and stock + option), mutual funds	North American equities and ETFs
Can a user get market quotes or account balances via mobile devices without logging in?	Quotes, not balances	✘	✔ (with Touch ID)	✔	✘	✘	✘	✘	✘	✔	Quotes, not balances	✘
What extras are available to active traders?	Additional data access proprietary BMO Capital Markets research	Reduced commissions	MarketQ platform access provides additional data access, streaming quotes, charts and watchlists	Reduced commissions preferred margin rates	✘	Services for ultra active traders (300 trades per year) reduced commissions	$6.95 commissions no fee for USD registered accounts dedicated phone number preferred margin rates	Reduced commissions market data rebates IQ Edge desktop trading software	Reduced commissions additional data access	FlightDesk platform access additional data access reduced commissions no admin fees for registered accounts personalized service preferred IPO access members-only events	Additional data access, reduced commissions, Elite phone service	Reduced commissions additional trading platforms access to VIP desk
Is there an exclusive service for large accounts?	5 Star Silver (assets $250,000–$499,999) 5 Star Gold (assets $500,000–$9,999,999 OR 30 to 149 trades per quarter) 5 Star Platinum (assets $10,000,000+ OR 150+ trades per quarter)	Premium Edge	Prestige Service	Jade Premier	✘	Private Distinctive Services (includes a dedicated account manager)	Investor Plus	Questrade Platinum (assets over $500,000)	Royal Circle (assets over $250,000 OR annual commissions over $5,000)	iClub	Personal relationship manager and dedicated team, expedited account opening and transfers, dedicated phone line and email, custom credit solutions, premium margin rates, preferred FX rates	VIP VIP Gold VIP Elite
Is there a “robo-advisor” managed investment service within the family of companies?	BMO SmartFolio	✘	✘	✘	✘	InvestCube	VirtualWealth powered by Aviso Wealth	Portfolio IQ	RBC InvestEase (currently piloting in Ontario)	✘	✘	Virtual Brokers Wealth Management
What securities are offered in these services?	ETFs	✘	✘	✘	✘	ETFs	ETFs	ETFs	ETFs	✘	✘	ETFs
What are the costs associated with the services?	0.40%–0.70%	✘	✘	✘	✘	0.48% to 0.73%	1.00% (on $0 to $25,000) 0.75% (on next $75,000) 0.50% (on next $150,000) 0.40% (above $250,000)	0.7%–0.35% + ETF MER	0.5%	✘	✘	0.35%–0.6%
Does the site offer live chat?	✔	✔	✘	✘(Launch planned in 2018)	✘	✘	✔	✔	✔	✔	✘	✔
What days and hours are live-chat or telephone services available?	Mon–Fri, 08:00–20:00 ET	Mon–Fri, 09:00–18:00 ET	Mon–Fri, 07:00–19:00 ET	Phone: Mon–Thu: 24 hours Fri: 00:00–20:00 ET Sun: 06:00–00:00 ET	Mon–Fri, 08:00–17:00 ET	Mon–Fri, 08:00–20:00 ET	Mon–Fri, 08:30–17:00 ET	Mon–Fri, 07:30–20:00 ET (in English, French, and Mandarin)	Chat: Mon–Fri, 09:00–18:00 ET Phone: Mon–Fri, 07:00–20:00 ET	Chat: Mon–Fri, 08:30–17:00 ET Phone: Mon–Fri, 08:00–21:00 ET Sat, 08:00–18:00 ET	Phone: 24 hours/day	Mon–Fri, 08:00–17:00 ET
Does the firm have social media coverage? If so, what are the hours and days?	✘	✔ Mon–Fri, 09:00–22:00 ET Sat–Sun, 09:00–18:00 ET	✔ Mon–Fri, 08:00–19:00 ET	✔ Mon–Fri, 08:00–20:00 ET	✘	✔ Mon–Fri, 08:00–20:00 ET	✔ Mon–Fri, 12:00–20:00 ET	✔ Mon–Fri, 09:00–17:00 ET	✔ Mon–Sun, 08:00–01:00 ET	✔ Mon–Fri, 08:30–17:00 ET	✔ Mon–Sun, 06:00–23:00 ET	✔ Mon–Fri, 08:00–17:00 ET
Average time to respond to a non-secure service request in past year²	84 hours	67 hours	19 hours	75 hours	118 hours	63 hours	2 hours	53 hours	8 hours	30 hours	53 hours	94 hours
Best Features	Strong account opening process Easy to use navigational design Mobile accessibility of Online information 'WalkMe' self-help tool	Strong Equity commission structure Market notifications	Electronic signature for new accounts Wide array of customer seminars Low Options commissions Strong proprietary research MarketQ market information tool for active investors	Multi-currency accounts Global trading capabilities Cost of services New design	Competitive account administrative fees	ETF Commissions Good seminar series MarketQ market information tool for active investors InvestCube managed product	Strong account opening process Un-matched service levels Strong market data Easy to use and informational transaction screens Strong website resources	Strong digital usability Live Chat capabilities during market hours Unlimited free ETFs Multi-leg option orders	“Show Me” educational videos Portfolio analysis tool Good brokerage and banking integration Strong service levels	Educational public site Good brokerage/banking interaction Strong account services Re-designed application process	Fully automated account opening process Strong market information Strong brokerage/banking integrated website and mobile applications	Strong account opening process Video-based FAQ's Unlimited free ETFs Strong e-services
Buyer Beware	Minimum $5,000 account opening for the majority of accounts Higher overall fees Inadequate Service Levels	Mobile accessibility Market information Inadequate Service Levels	Weak mobile accessibility Weak website usability Below average online resources	Below average market information Below average trading process Inadequate Service Levels	Generally weak relative to other Canadian firms Poor user experiences on all digital devices Inadequate customer service	MarketQ costs for the average investor MarketQ costs for active traders on slow months Inadequate Service Levels	Lack of public site resources	Commission charges on ETF sales ECN fees added on top of regular commissions to orders that remove liquidity to the market	Below average charting and technical resources Average commission structures despite marketing lower fees	Minimal secure site educational material High commissions for low activity and small equity level clients	Below average account services Average commission structure despite advertised low fees Declining Service Levels	Below average public site secure site resources No public site service contacts
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1. Equity and options commissions may vary according to the size of the investor’s account and/or the frequency of trades.

2. Response time was measured using Surviscor’s Service Level Assessment program which assessed 169 non-secure service records between May 2017 to April 2018.