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I use them and am happy with them. Their statements are excellent and readable (far better than TD Direct Investing). The GIC inventory is excellent and you can purchase them online (which you can't do with TD). Their bond inventory is also excellent.

Stocks are stocks, so there's no difference there. Their options interface is quite nice for browsing the options chains.

However they're a relatively young operation so I think many don't trust them quite as much as the established big ones like TDDI and RBCDI. Personally I am equally satisfied with iTrade and TDDI. My investments are split equally among them.
 

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I use them and am happy with them. Their statements are excellent and readable (far better than TD Direct Investing). The GIC inventory is excellent and you can purchase them online (which you can't do with TD). Their bond inventory is also excellent.

Stocks are stocks, so there's no difference there. Their options interface is quite nice for browsing the options chains.

However they're a relatively young operation so I think many don't trust them quite as much as the established big ones like TDDI and RBCDI. Personally I am equally satisfied with iTrade and TDDI. My investments are split equally among them.
Thank you. Would you recommend them for ETFs bought through RRSP or TFSA?
 

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I'm pretty neutral on that. I'm not aware of any of the banks' platforms that is notably better than the others for this purpose. ETFs are traded like stocks; you can get the same US or Canadian stocks/ETFs anywhere.

One spot where the iTrade RRSP & TFSA shines is for US traded securities. They have something called "US Friendly" where, for a quarterly fee, they completely eliminate the foreign exchange fee on US trades. Other brokerages charge at least 2% on each USD/CAD conversion. I use this at iTrade and it's great, see: http://www.scotiabank.com/itrade/en/0,,7656,00.html

What you should look into are trade fees and account management fees. I don't remember iTrade's rules for this. Make sure that stock fees are not higher than $10/trade, and make sure that you will not pay a monthly/yearly fee for your RRSP or TFSA. I think that if you keep over $25,000 with them, there aren't fees for the RRSP. Do not go with them if your RRSP/TFSA will cost you an ongoing fee.

Phone the brokerage and double check those rules about fees. (The US friendly thing can be turned on, for $30 a quarter, but turned off again when you don't need to trade US stocks).
 

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... However they're a relatively young operation so I think many don't trust them quite as much as the established big ones like TDDI and RBCDI ...
I can recall reading about them for years so I'm not sure they are that new.


... What you should look into are trade fees and account management fees.

I don't remember iTrade's rules for this. Make sure that stock fees are not higher than $10/trade, and make sure that you will not pay a monthly/yearly fee for your RRSP or TFSA ...
A bit busy?

Their web page say less than $50K iTrade and/or combined iTrade/ScotiaBank assets means a $24.99 commission (over 1K shares adds $0.03 a share).
Over $50K assets or 30+ trades a quarter drops the commission to $9.99 a trade.
150+ trades a quarter drops it yet again to $6.99 while signing up for paperless drops this to $4.99.

Interestingly, where most other brokers I've looked at have a separate fee schedule for calling a phone rep to place the trade, iTrade seems to be keeping the same fee schedule *and* taking on a $65 fee for using the phone.


No TFSA fee.

RRSP fee needs some digging IMO. Where others usually have a set amount, there is the $25K aggregate assets with the additional requirement of at or over twelve commissionable trades per year to waive the $100 a year fee. There is a fair amount of text in the footnote so it is not clear to me if there is a way around meeting both requirements. My quick read suggests there may be but one needs to do their own due diligence.


I'm surprise there's no warning to watch for low activity fees as discount brokers seem to have been them as the profits have slowed down. iTrades is $25.00 per quarter but they seem to have a ton of waivers where I would think that "at least 1 commission-generating trade in any one or more of their Scotia iTRADE accounts during the preceding 3 months" one would cover off most people.


Cheers
 

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... However they're a relatively young operation so I think many don't trust them quite as much as the established big ones like TDDI and RBCDI ...
I can recall reading about them for years so I'm not sure they are that new.


... What you should look into are trade fees and account management fees.

I don't remember iTrade's rules for this. Make sure that stock fees are not higher than $10/trade, and make sure that you will not pay a monthly/yearly fee for your RRSP or TFSA ...
A bit busy?

Their web page say less than $50K iTrade and/or combined iTrade/ScotiaBank assets means a $24.99 commission (over 1K shares adds $0.03 a share).
Over $50K assets or 30+ trades a quarter drops the commission to $9.99 a trade.
150+ trades a quarter drops it yet again to $6.99 while signing up for paperless drops this to $4.99.

Interestingly, where most other brokers I've looked at have a separate fee schedule for calling a phone rep to place the trade, iTrade seems to be keeping the same fee schedule *and* taking on a $65 fee for using the phone.


No TFSA fee.

RRSP fee needs some digging IMO. Where others usually have a set amount, there is the $25K aggregate assets with the additional requirement of at or over twelve commissionable trades per year to waive the $100 a year fee. There is a fair amount of text in the footnote so it is not clear to me if there is a way around meeting both requirements. My quick read suggests there may be but one needs to do their own due diligence.


I'm surprise there's no warning to watch for low activity fees as discount brokers seem to have been them as the profits have slowed down. iTrades is $25.00 per quarter but they seem to have a ton of waivers where I would think that "at least 1 commission-generating trade in any one or more of their Scotia iTRADE accounts during the preceding 3 months" one would cover off most people.


Cheers


PS

Here's high level review of what's available.
http://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm
 
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