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A look at the services offered by and fees associated with Canada’s biggest online discount brokerages.
SUBSCRIBERS ONLY: Canada’s Best Discount Brokerages of 2015 »
BMO InvestorLine
CIBCInvestor's Edge
Credential Direct
Desjardins Online Brokerage
HSBC Invest Direct
Laurentian Bank Discount Brokerage
National Bank Direct
Qtrade Investor
Questrade
RBC Direct Investing
Scotia iTRADE
TD Direct Investing
Virtual Brokers
Annual account fees
RRSP: $100 TFSA: $0 RESP: $50 Regular: $100* Fees are waived on accounts holding $25,000 or more
RRSP: $100 TFSA: $0 RESP: $0 Regular: $100 Fees are waived on registered accounts holding $25,000 or more, and regular accounts holding $10,000 or more
RRSP: $100 TFSA: $100 RESP: $100 Regular: $100 All fees are waived if combined accounts hold $15,000 or more, or if you make two or more trades per quarter
RRSP: $50 TFSA: $0** RESP $50Regular $120*Fees are waived on accounts holding $15,000 or more
RRSP: $100 TFSA: $0 RESP: $50 Regular $0** Fees are waived on RRSP accounts holding $25,000 or more, and regular accounts holding $10,000 or more
RRSP: $75 TFSA: $50* RESP $50Regular $80*Fees are waived on RRSP accounts holding $25,000, TFSA fee waived if combined accounts hold $100,000
RRSP: $100 TFSA: $100 RESP: $100 Regular: $100 All fees are waived if combined accounts hold $20,000 or more, or you make five or more trades per year
RRSP: $100* TFSA: $100* RESP: $100* Regular $100* All fees are waived if combined accounts hold $25,000 or more
RRSP: $0** TFSA: $0** RESP $0** Regular: $0**
RRSP: $100 TFSA: $100RESP $100 Regular: $100 All fees are waived if combined accounts hold $15,000 or more, or you make three or more trades per quarter
RRSP: $100 TFSA: $0 RESP: $25 Regular $0** RRSP fees waived if combined accounts hold $25,000, RESP fees waived if combined accounts hold $15,000
RRSP: $100 TFSA: $0 RESP: $50 Regular $0** All fees are waived if your combined accounts hold $25,000 or more
RRSP: $0** TFSA: $0** RESP $25**Regular $0** Inactivity fees waived if accounts hold more than $5,000
Minimum account size
$5,000 (no minimum for TFSA)
None
None ($2,000 for margin accounts)
$1,000
None
None
None
None
$1,000
None
None
None
$1,000
Basic online equity trading commission (1)
$9.95
$6.95
$8.88
$9.95
$9.88
$9.95
$9.95
$8.75
1/share ($4.95 min, $9.95 max)
$9.95
$9.99
$9.99
$6.49
Are lower or higher commissions charged in different circumstances?
No
As low as $4.95 for active traders
No
As low as $5 on active traders platforms (other fees may apply)
$6.88 for Premier banking clients; $28.88 or 3/share if under $50,000
No
$6.95 if 30 trades per quarter
$6.95 if 150 trades per quarter
Several structures, including 1/share (to a maximumof $6.95) or a $4.95 flat fee
$6.95 if 150 trades per quarter
$4.99 if 150 trades per quarter; $24.99 or 3/share if account under $50,000
$7 if 150 trades per quarter
Several structures, including 1/share (to a maximum of $9.99)
Basic options commission (1)
$9.95 plus $1.25/contract
$6.95 plus $1.25/contract
$8.88 plus $1.25/contract
$1.25/contract (minimum is $8.75)
$9.88 plus $1.25/contract
$9.95 plus 1.25/contract
$9.95 plus $1.25/contract
$8.75 plus $1.25/contract
$9.95 plus $1.00/contract
$9.95 plus $1.25/contract
$9.99 plus $1.25/contract
$9.99 plus $1.25/contract
$9.99 plus $1.50/contract
Are commission-free ETFs available?
✗
✗
✗
✗
✗
✗
✗
✓ Limited selection
✓ Purchase only
✗
✓Limited selection
✗
✓Limited selection; all ETFs free to buy
Can you hold U.S. dollars in registered accounts?
✓
✗
✗
✓
✗
✗
✓
✓ $60 annual fee
✓
✓
✗ U.S.-friendly RRSP is $120
✓
✓ $50 fee
Does the brokerage provide personal rates of return?
✗
✗
✗
✗
✗
✗
✓
✓
✓
✓
✓
✓
✗
Can you purchase bonds and GICs online?
✓
✓
Bonds only
Bonds only
Bonds only
Bonds only
Bonds only
✓
✗
✓
Bonds only
Bonds only
✓
What can be traded using apps or mobile browser?
Equities, options, mutual funds
Equities
Equities, options, mutual funds
Equities, options, mutual funds
Nothing
Nothing
Equities
Equities, options, mutual funds
Equities, options
Equities, options, mutual funds
Equities, options
Equities
Equities
What extra benefits are available to active traders?
Added services, better data (need 30 trades per quarter to qualify)
Lower commissions (need 150 trades per quarter to qualify)
Fees waived after two or more trades per quarter
Lower commissions, better data (need 10 or more trades per month to qualify)
Lower commissions (need 50 trades per quarter to qualify)
None
Better data plus lower commissions (need 10 trades per month to qualify)
Lower commissions (need 150 trades per quarter to qualify)
Lower commissions, better data (with fee)
Better data plus access to RBC Capital Markets and Morningstar reports
Lower commissions and access to Sabrient Research reports
Lower commissions (need 150 trades per quarter to qualify)
Lower commissions, better data (with fee)
Are there advanced platforms for active traders?
✗
✗
✗
✓
✗
✗
✓
✓
✓
✓
✓
✓
✓
How long does it take to respond to a general email? (2)
15 hours
26 hours
2 hours
4 hours
14 hours
51 hours
10 hours
3 hours
23 hours
34 hours
5 hours
7 hours
15 hours
Does the site have live chat or call-back service?
Live chat
Live chat
✗
✗
Call-back service
✗
Call-back service
Live chat and call-back
Live chat and call-back
Live chat in some areas; screen-sharing feature
Live chat and call-back
✗
✗
Best features
AdviceDirect, model portfolios, mobile apps
$6.95 commissions irrespective of account size or trading activity
Excellent service levels, competitive commission structures
Excellent service, low option commissions, educational materials
Allows overseas trading and accounts in multiple currencies
Competitive account fees and simple commission structure
New InvestCube ETFs, Market-Q platform for active traders
Excellent service, menu of free ETFs, Qtrade Streamer market data
Low commissions and account fees, multiple platforms, FX trading
Performance analysis, banking integration, practice accounts, series D mutual funds
Excellent service, FlightDesk for active traders, banking integration, mobile apps
Superior market information, global trading, mobile apps
Innovative order screens, penny commission structure, free ETFs
Buyer beware
Minimum account size, option commissions, service levels
Poor service levels, basic website features
High commissions for those making 50+ trades a month
No online applications; weak mobile offering
High commissions for low activity investors, outdated website, no mobile platform
Poor service levels, outdated website, no mobile platform
Basic website features, extras come at a cost and cater to active traders
ECN fees can substantially increase stated commission
ECN fees can drive up commissions, commissions on free ETFs charged on sale
Poor service levels, few resources for active traders, below average charting tools
High commissions on accounts under $50,000; high options commissions
Difficult to navigate website, below average e-services
ECN fees can increase stated commissions, extra platorm charges
1. Equity and options commissions may vary according to the size of the investor’s account and/or the frequency of trades.
2. Email response times was measured over multiple emails using Surviscor’s Customer Email Responsiveness program.
* Waived if trades made during the year (typically 2 or 4)
** Subject to inactivity or administration fees
† Waived if combined with a registered account