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| 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