2022 COMPARISON GRID |
BMO InvestorLine |
CG Direct |
CIBC Investor’s Edge |
CI Direct Trading |
Desjardins Online Brokerage |
HSBC InvestDirect |
Laurentian Bank Discount Brokerage |
National Bank Direct Brokerage |
Qtrade Direct Investing |
Questrade |
RBC Direct Investing |
Scotia iTRADE |
TD Direct Investing |
Wealthsimple Trade |
Interactive Brokers |
The basic stock trading commissions charged and product restrictions |
$9.95
✘ Restricitions |
✘ |
$6.95
✘ Restricitions |
$9.99
✘ Restricitions |
$0
✘ restrictions |
$6.88
✘ Restricitions |
$9.95
✘ Restricitions |
$0.00
✘ restrictions |
$8.75
✘ Restricitions |
1-cent per share Minimum $4.95
Maxiumum $9.95✘ Restricitions |
$9.95
✘ Restricitions |
$9.99
✘ Restricitions |
$9.99
✘ Restricitions |
$0.00
✔ Restrictions(Not all Stocks and ETFs are available) |
CDN $0.01/share
US $0.005/share
Min $1.00 for both AND max 0.5% of trade value for CDN and 1% for US
✘ Restricitions |
The lower and/or higher commissions charged for different circumstances |
✘ |
✘ |
$0
25 year old students |
$3.99
150 or more completed trades per quarter |
✘ |
$4.88
150 or more completed online trades per quarter (North American stocks and ETFs) |
✘ |
✘ |
$6.95
150 or more completed trades per quarterOR> $500,000 in AssetsOR$7.75 for qualified 18-30 year olds |
$0.01 per share
($6.95 max) |
$6.95
150 or more completed trades per quarter |
$4.99
150 or more completed trades per quarter |
$7.00
150 or more completed trades per quarter |
✘ |
✘ |
Participation in pre- and post-market North American trading sessions |
✔ |
✘ |
✘
By phone only |
✘ |
✔ |
✘
By Phone only |
✘ |
✘
By Phone only |
✘
By Phone only |
✔ |
✘
By Phone only |
✔ |
✔ |
✘ |
✔ |
Access to trade international stocks online |
✘ |
✘ |
✘ |
✘ |
✘ |
✔ Hong Kong, London, Paris, Frankfurt exchanges |
✘ |
✘ |
✘ |
✔ |
✘ |
✘ |
✘ |
✘ |
✔ |
ECN fee on top of regular commission |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price) |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price) |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price) |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price |
✘ |
✘ |
✘ |
✘ |
✘ |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price |
✘ |
✔
After-hours trading in U.S. markets
($0.005 per share) |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price) |
✘ |
✔
Fees for removing liquidity (from $0.0008/share to $0.004/share depending on exchange and security price) |
Number of commission-free ETFs |
80 |
No free ETFs |
No free ETFs |
All ETFs are free for buys only |
All ETFs are free |
No free ETFs |
No free ETFs |
All ETFs are free |
105 |
All ETFs are free for buys only |
No free ETFs |
103 |
TD ETFs only and must be traded suing TD EasyTrade
mobile app |
Limited offering,
no clear list |
Limited offering,
no clear list |
Commission charged when buying an ETF |
✔
ETFs not on exempt list |
✔ |
✔ |
✘ |
✘ |
✔ |
✔ |
✘ |
✔
ETFs not on exempt list |
✘ |
✔ |
✔
ETFs not on exempt list |
✔
Non-TD ETFs |
✘
WARNING:
Wealthsimple determines which ETFs can be traded |
✔
ETFs not on approved list |
Commission charged when selling an ETF |
✔
ETFs not on exempt list |
✔ |
✔ |
✔ |
✘ |
✔ |
✔ |
✘ |
✔ Same rules as buys and no day-trading |
✔
Regular commissions on sell orders |
✔ |
✔
ETFs not on exempt list |
✔
Non-TD ETFs |
✘
Same issues as above |
✔
ETFs not on approved list |
The basic options trading commissions charged and product restrictions |
$9.95 base fee, $1.25 per contract |
$1 per contract (minimum $10) |
$6.95 + $1.25 per contract |
$7.99 + $1.25 per contract |
$1.25 per contract (minimum $8.75) |
$6.88 + $1.25 per contract |
$9.95 + $1.25 per contract |
$0 + $1.25 per contract (minimum $6.25) |
$8.75 + $1.25 per contract |
$9.95 ticket + $1.25 per contract. |
$9.95 + $1.25 per contract |
$9.99 + $1.25 per contract |
$9.99 + $1.25 per contract |
Options trading not available |
$1.25 per contract (minimum $1.50) |
Access to bonds and/or GICs online |
Both |
✘ |
Both |
Bonds |
Bonds |
Bonds |
Bonds |
Bonds |
Both |
✘ |
Both |
Both |
Both |
✘ |
✘ |
Non-financial extras available to active investors |
Enhanced trading platform,
priority support, enhanced data and research,
better margin rates, plus other fees, access to BMO private banking benefits, and
exclusive IPO allocation |
✘ |
Level 2 quotes, research and tools, and lower commissions |
Multiple trading platforms available for a fee |
Market Q platform with integrated portfolio and trading ticket, streaming data and lower commissions |
Preferential interest rates on margin balances |
✘ |
Better data amd better trading platform for a reduced pricing based on monthly trading volume |
Lower commissions, fees, margin rates and debit interest rates for margin accounts, and a dedicated phone number |
Enhanced service and trading platform |
Priority service, enhanced data and research tools, and preferred margin rates and account fees |
FlightDesk platform, lower commissions, additional equity research and priority service |
Depth of data, access to dedicated service team and preferred margin rates |
Clients can agree to purchase real-time quotes on a monthly basis |
✘ |
Annual fees for registered and non-registered accounts |
Registered
$100
Non-registered
$100 |
Registered
$125
Non-registered
$0 |
Registered
$100
Non-registered
$100 |
Registered
$0
Non-registered
$100 |
Registered
$0
Non-registered
$0 |
Registered
$0
Non-registered
$0 |
Registered
$100
Non-registered
$120 |
$100 divided between all accounts |
Registered
$ 100
Non-registered
$ 100 |
✘ No annual fees |
✘ No annual fees |
Registered
$100
Non-registered
$100 |
✘ No annual fees |
✘ No annual fees |
Registered
$0
Non-registered
$0 |
The minimum required to avoid an annual fee |
Registered $25,000
Non-registered $15,000 |
✘ |
Registered $25,000
Non-registered $10,000 |
$5,000 across all accounts, no fees for clients 26 or younger |
Registered $15,000
Non-registered $15,000 or 125 completed trade per year |
✘ No annual fees |
2 completed trades in 6 months
OR
$25,000 registered accounts OR $15,000 for non-registered |
$20,000
across all accounts
OR
|
25,000 across all accounts
OR
young investor
OR
recurring $100 contribution per month
OR
minimum trades per month |
✘ No annual fees, but there is a $1,000 minimum required when opening an account |
$15,000
across all accounts
OR
3 completed trades per quarter
OR
quarterly deposits > $300
and
banking relationships |
Investors
|
✘ No annual fees |
✘ No annual fees |
USD$100,000 |
Inactivity fee, cost and how to avoid it |
✔ $25/quarter
waived if with >$15,000 in account assets OR 2 executed trades over 6 months in non-registered accounts |
✔ $20/month |
✘ no Inactivity Fee |
✔ $24.95/quarter
waived $5,000 across all accounts, no fees for clients aged 26 or younger |
✔ $30/quarter
waived if >$15,000 in account assets OR 6 executed trades over past 12 months OR a registered account |
✔ $25/quarter waived if combined assets of >=$25,000 CAD across all HSID accounts OR account has been opened for
|
✘ No inactivity fee |
✘ No inactivity fee |
✘ No inactivity fee |
✘ No inactivity fee |
✘ No inactivity fee |
✔ $25/quarter if non-registered
|
✔ $25/quarter
waived if with >$15,000 household assets OR 3 trades over 3 months OR new account OR GoalsAssist account |
✘ No inactivity fee |
✔ $10/month minus USD commission money generated OR $3 base for investors >25 years old AND waived if > $100,000 USD account size |
Ability to hold U.S. dollars in registered accounts to avoid FX fees for trades |
✔ |
✘ |
✔ |
✔ |
✔ |
✘ |
✘ |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
✘ |
✘ |
Desktop and/or mobile device access to analysts buy-and-sell recommendations |
✔ both |
✘ |
✔ TipRank tool |
✔ desktop only |
✔ both |
✘ |
✘ |
✘ |
✔ desktop only |
✔ TipRank tool via desktop and QuestMobile |
✔ |
✔ |
✔ On both Webbroker and mobile app |
✘ |
✔ |
Trading, account and/or market alerts through desktop and/or mobile |
✔ |
✘ |
✔ Stocks, market, watchlists and analysts rating |
✔ |
✔ |
✔ |
✔ market only mobile only |
✔ |
✔ desktop only |
✔ |
✔ Via email |
✔ Stock and ETF price alerts; Watchlists; Technical |
✔ Price and volume alerts via email and mobile app, and news, ratings, indicators and events via email only |
✔ Stock and ETF price alerts |
✔ |
Access to educational tutorials or how-to videos through desktop and/or mobile device |
✔ |
✘ |
✔ |
✘ |
✔ |
✔ |
✘ |
✔ |
✔ desktop only |
✔ Tutorials on all platforms |
✔ How-to videos and demos |
✔ How-to videos |
✔ On both Webbroker and mobile app |
✘ |
✔ How-to videos |
Mobile-based access to market quotes or account balances without logging in |
✘ |
✘
No mobile offering |
✔ Quotes |
✘ |
✔ Quotes |
✘
No mobile offering |
✘
No mobile offering |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
Access to human chat services |
Monday through Friday, 8 a.m. to 5 p.m. (EST) |
✘ |
Monday through Friday, 8 a.m. to 6 p.m. (EST) |
Monday through Friday,
market hours |
✘ |
Monday through Friday
9 a.m. to 5 p.m. (EST) |
✘ |
✘ |
Monday through Friday,
11 a.m. to 5 p.m. (EST) |
Monday through Friday, 7:30 a.m. to 8 p.m. (EST) |
✘ |
Monday through Friday, 9:30 a.m. to 5 p.m. |
✘ |
✘ |
Monday through Friday, 24 hours;
Sunday, 1 p.m. to 7 p.m. (EST), U.S.-based |
Wait times for inquiries |
37 hours
(79 in 2021) |
50 hours
(10 in 2021) |
31 hours
(107 in 2021) |
7 hours
(90 in 2021) |
28 hours
(97 in 2021) |
81 hours
(80 in 2021) |
29 hours
(48 in 2021) |
118 hours
(38 in 2021) |
5 hours
(10 in 2021) |
21 hours
(3 in 2021) |
7 hours
(35 in 2021) |
37 hours
(94 in 2021) |
26 hours
(53 in 2021) |
16 hours
(74 in 2021) |
20 hours
(48 in 2021) |
Read more: Check out the reviews from Surviscor |
BMO InvestorLine Review |
Canaccord Genuity Direct Review |
CIBC Investor’s Edge Review |
CI Direct Trading Review |
Desjardins Online Brokerage Review |
HSBC InvestDirect Review |
Laurentian Bank Discount Brokerage Review |
National Bank Direct Brokerage Review |
Qtrade Direct Investing Review |
Questrade Review |
RBC Direct Investing Review |
Scotia iTRADE Review |
TD Direct Investing Review |
Wealthsimple Trade Review |
Interactive Brokers Review |