In some cases, investors will receive a temporary approval to begin trading while the final approval process is taking place. Scotia iTrade Mutual Funds Scotia iTrade offers investors over 3, mutual funds that are commission and load free. These costs are no longer the cheapest option in the industry as other low-fee brokerage, QuesTrade now provides better rates for investors.
The Mutual Fund screener is extremely easy to use, allowing filters by price, type, and yield. The ability to save a search gives the added flexibility of repeating common searches. For more advanced functionalities, investors can access 3rd party analysis and ratings. Predefined Screeners allow instant screening for bond funds and Canadian equity funds. The quick menu option offers watch list and trading functions direct from the screener.
Alerts can be programmed or watch-lists made to monitor a pre-selected portfolio. When using registered accounts, investors have the option of trading U. There are no activation fees and no minimum deposit required to open a registered account. It offers superior technology and more advanced features typically seen in investor oriented trading platforms. It is simple to perform functions such as view accounts, pay bills, transfer, trade, access educational resources or products and services.
The user interface is organized and clutter free. A dashboard style home page provides intuitive menus, and quick access to the trading platforms Trading Desk and Flight Desk. When accessing individual funds, investors can quickly find specific market information, Morningstar ratings, and the ability to trade, create alerts, or make changes to attributes.
Trading Desk iTrade provides a free option to trade using their Trading Desk software. It is a 1 page trading console where investors can optimize their trades - entering multiple stock or options orders to create quick scenarios. There are many features offered by this platform such as: real-time market pulse, 1-click equity order trading, streaming portfolio values, and market watchlists with streaming real-time data. Mobile Trading There is a Scotia iTrade app that provides limited features when compared to the desktop counterpart.
The interface is simple and intuitive making is easy to access accounts, quotes, watchlists, orders, and transfers. It is also possible to read market news and view data analysis. Most complaints from users focus on instability and network problems encountered when updates are installed. Scotia iTrade Pros 50 eligible commission-free ETFs Excellent customer service No surprise maintenance fees Well-designed trading tools and interface provide a good user experience Free real-time quotes A vast array of educational resources No surcharges for penny stocks or large orders No minimum balance required to open a registered or non-registered account Scotia iTrade Cons Commissions are not as cheap as Questrade's Registered accounts require a minimum balance Mobile app is not updated frequently enough Advanced trading platform Flight Desk is not free Recommendations Scotia iTrade is the perfect choice for new investors looking start trading with index funds as it offers a large selection of domestic and international funds.
The ability to trade using registered or non-registered accounts makes it great choice for individuals looking for tax sheltering accounts. Unfortunately, Scotia iTrade does not provide a popular robo-investing service similar to one offered by WealthSimple.
Scotia iTrade Review: A Discount Broker for Active Traders
Long term investors will find all their needs met with advanced systems and platforms tailored for traders. Flight Desk provides features that both inform and simplify the user experience but it is important to note that this option is not provided by iTrade free of charge. The easy-to-use website allows users of all experience levels to navigate and perform actions. Scotia iTrade Review Summary Scotia iTrade is one of the best-known and largest online discount brokers in Canada, and it has been in business since the s.
Again, this may be Scotiabanks market research department staying ahead of the game by focusing their products and services around mainstream investors who manage their own funds and want to avoid management fees when trading. There is no minimum deposit required for any accounts but fees do apply if a minimum is not held.
This can waived if trades range from per quarter. Scotia iTrade does provide a lot of educational resources for learning the premium Flight Desk software. In summary, iTrade is best for investors starting out on their path with few funds or savvy mainstream investors looking to build a portfolio of low MER indexes.
With their ear to the ground, it would be no surprise if Scotia iTrade leads the pack with innovative product and service offerings that meet the needs of a new generation of investors. Is Scotia iTrade a Legitimate Firm? Scotia iTrade was started in by Scotia Bank - one of the big five banks in Canada when it purchased E-trade Canada.
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Investors who started with E-trade will recall that very little changed with the platform during this transition, essentially Scotia just re-branded the E-trade platform, keeping all functionalities and original user interface. Wealthsimple Trade also lacks any real tools, in-depth trading analytics, or educational content provided by most other online brokerages. For now, we would argue Wealthsimple Trade is a great option for no-fee trading, especially for ETFs and equities on the TSX where you can avoid costly foreign exchange fees. For do-it-yourself investors who want the comfort and familiarity of working with a big bank, Scotia iTRADE offers a compelling package.
Moving money in and out is also more seamless when all your everyday banking and investment accounts are with the same institution. Scotia iTRADE also comes packed with useful tools for both beginners and pros like practice accounts to dip your toes into investing and get acquainted with the platform without the risk, educational videos and webinars breaking down trading basics, and access to a suite of analytics to monitor prevailing market trends, benchmark your portfolio performance against major indices and inform your investment strategy.
Not to be confused with Questrade, Qtrade is another online brokerage which offers competitive fees and no minimums for opening an account. Purchasing mutual funds are also commission-free. Qtrade has also gained notoriety for its responsive customer service and advanced portfolio analytics. The latter of which lets you test different investment scenarios and get your portfolio scored across five investment dimensions to hear a second opinion of where your investments stand. What is an online brokerage? An online brokerage is a digital trading platform for the do-it-yourself investor who wants to choose their own investments from the convenience of their own device.
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Since online brokerages cut out the middle-man and forgo brick-and-mortar locations, investing is made more accessible to the masses with consumer-friendly interfaces and lower commission rates. The good news is some trading platforms namely, Wealthsimple Trade and Questrade charge absolutely no maintenance or inactivity fees for all account types regardless of the size of your balance. Do you want access to stock market analytics or prefer trading with a big bank?
Then, account fees might enter the equation. The silver lining is these maintenance fees can often be rebated if you tick the right boxes. As highlighted above, brokerages with account fees do usually provide more in the form of analytics tools and dashboards to help inform your investment strategy.
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Some discount brokerages e. Questrade even offer the ability to upgrade your account and gain access to more analytics tools in exchange for an additional fee. Be sure to confirm which account options a brokerage offers ahead of time. Nowadays most online brokerages, including those from the big banks, let you open an account and begin investing with any amount of money.
That said, a few still require you to provide a minimum initial investment e. Commissions — the amount you have to pay to perform each trade — is easily one of the most important factors that should dictate your choice of brokerage. Commissions are either calculated on a per-share basis, a percentage of your overall trade, or a flat rate.
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An ETF is a hugely popular investment product and represents a diversified collection of equities that tracks the performance of a certain market segment or index e. Currently, Wealthsimple Trade is the only platform in Canada to charge absolutely no commissions when buying or selling ETFs, making it the go-to option for ETF traders and passive investors.
Scotia iTrade Trading Fees and Commissions
In most cases, the cost of buying and selling Canadian stocks is similar to commissions for ETFs covered above. When buying U. Depending on the brokerage, foreign exchange fees can hover between 1. Commission fees can vary considerably for mutual funds versus equities like stocks and ETFs. Meanwhile, Qtrade and most of the big banks eliminate commissions for buying and selling mutual funds, making them the clear option for mutual fund investors.
The volume of shares you buy and how often you buy and sell can have a big impact on the amount in commissions you owe too. Certain brokerages, like Interactive Brokers, even offer a choice of flat or tiered rates to cater to different types of investors. In other cases, brokerages like Qtrade and Scotia iTRADE even offer reduced commission rates for high-volume traders who perform at least trades per quarter.
Whenever you buy equities listed on the U. This is particularly valuable for traders who buy large volumes of U. Most brokerages do offer a range of analytics tools, with Questrade even offering a suite of tools designed by third-party partners like VectorVest for stock analysis, Passiv for easier DIY index investors, and Wealthica dashboards.
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Do your research to ensure your brokerage has the tools you need. Each brokerage has different options for beginners, so be sure to compare your options.