Which Broker Do you Use?

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Which Discount Brokerages Do You Use select all that apply

Poll ended at 28 Feb 2017 21:05

BMO InvestorLine
18
17%
CIBC Investor's Edge
7
7%
Interactive Brokers
9
8%
National Bank Direct Brokerage
0
No votes
Qtrade Investor
1
1%
Questrade
5
5%
RBC Direct Investing
15
14%
Scotia Itrade
10
9%
TD Direct Investing
42
39%
Virtual Brokers
0
No votes
 
Total votes: 107

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AltaRed
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Re: Which Broker Do you Use?

Post by AltaRed »

BMOIL did confirm they sell Mawer funds (as CROCKD has already said), but they do say there is a $35 charge if the fund is sold within 90 days (pretty standard for mutual funds overall).
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optionable68
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Re: Which Broker Do you Use?

Post by optionable68 »

Well, its been a month of waiting for my RSP transfer to BMO Investorline. Funds still have not arrived there yet. I am waiting patiently.

As an aside, I just dropped off all the forms to transfer my Tangerine TFSA to Scotia iTrade. I don`t know anyone with a Scotia account`so I guess I may be a quasi guinea pig (at least among those I know). I will keep you posted on the transfer experience and the iTrade platform experience.

IIRC, I may have been one of the first FWFers back in 2005 to be a guinea pig for Interactive Brokers for my taxable account which has been a great experience. Hopefully I can say something similar for BMO and BNS.
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AltaRed
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Re: Which Broker Do you Use?

Post by AltaRed »

In addition to being with BMO IL, I've been with Scotia iTrade ever since they bought out E*Trade (whom I was with since shortly after they came to Canada circa 1998 or so). I like their Flight Desk trading platform and a host of other things such as GIC purchases online, IPOs, electronic documents.... with one key exception. They still don't have true USD registered accounts. They know they are behind the times on this one.
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optionable68
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Re: Which Broker Do you Use?

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My RSP funds finally were transferred to BMO IL. Entire transfer process took 6 weeks which included the departure of my account rep handling my account transfer. Unfortunately, BMO status communications were absent during most of the process unless I initiated them. Will begin to redeploy my cash into investments tomorrow.

My TFSA funds remain in transit to Scotia iTrade. Initiated less than 2 weeks ago. So far, I am appreciative of the ongoing communication and status updates provided at Scotia.
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optionable68
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Re: Which Broker Do you Use?

Post by optionable68 »

optionable68 wrote: 18 May 2017 17:08 My RSP funds finally were transferred to BMO IL. Entire transfer process took 6 weeks which included the departure of my account rep handling my account transfer. Unfortunately, BMO status communications were absent during most of the process unless I initiated them. Will begin to redeploy my cash into investments tomorrow.

My TFSA funds remain in transit to Scotia iTrade. Initiated less than 2 weeks ago. So far, I am appreciative of the ongoing communication and status updates provided at Scotia.
Just reporting back. It took 6 weeks to transfer my RSP assets to BMO IL. Interestingly, it took only 3 weeks to transfer my TFSA assets to Scotia iTrade.

To early to say which platform I like better.
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Re: Which Broker Do you Use?

Post by fundamental »

BMO has just sweetened their cashback deal

$1200 cashback plus up to $200 transfer fee rebate
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Re: Which Broker Do you Use?

Post by AltaRed »

fundamental wrote: 06 Jun 2017 14:18 BMO has just sweetened their cashback deal

$1200 cashback plus up to $200 transfer fee rebate
That is a lot for a $200k account. Not as good as RBC DI's 1% deal of about 10? years ago but better than anything I've seen since then.
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Re: Which Broker Do you Use?

Post by Wing »

fundamental wrote: 06 Jun 2017 14:18 BMO has just sweetened their cashback deal

$1200 cashback plus up to $200 transfer fee rebate
Is the "cashback" taxable?
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Re: Which Broker Do you Use?

Post by AltaRed »

In the past, cash 'bonuses' have not been included in 'annual summaries of income and expenses' and the last time I got 'cashback' from moving an account to BMO IL, it was simply listed as a 'adjustment' and not in the income/expense (transactions) section. I never claimed it.
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Shakespeare
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Re: Which Broker Do you Use?

Post by Shakespeare »

fundamental wrote: 06 Jun 2017 14:18 BMO has just sweetened their cashback deal

$1200 cashback plus up to $200 transfer fee rebate
BMO wrote:
For greater clarity, these account types do not qualify for the Promotion: Locked-in RRSP, RRIF, TFSA, and RESP. Clients with PRO accounts also do not qualify.
So I can't get another $1200. :cry:
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adrian2
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Re: Which Broker Do you Use?

Post by adrian2 »

Shakespeare wrote: 06 Jun 2017 22:45
fundamental wrote: 06 Jun 2017 14:18 BMO has just sweetened their cashback deal

$1200 cashback plus up to $200 transfer fee rebate
BMO wrote:
For greater clarity, these account types do not qualify for the Promotion: Locked-in RRSP, RRIF, TFSA, and RESP. Clients with PRO accounts also do not qualify.
So I can't get another $1200. :cry:
BMO also wrote:8. Deposits that are split across more than one account will not be considered for eligibility when calculating whether you meet the net new asset minimum threshold (for example, $100K in a RRSP and $100K in a Non-registered account cannot be combined to reach the $200K threshold).
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optionable68
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Re: Which Broker Do you Use?

Post by optionable68 »

For the record, I asked BMO IL if the original $1000 offer would be sweetened if I transferred $500,000+ (instead of $250,000) and was offered $1,600
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Re: Which Broker Do you Use?

Post by cannew »

ShareOwners Investment Inc. isn't on the list but for those retired and fully invested it's my choice. They are the only broker which does Full Dividend Reinvestments to 4 decimal points and for amounts as small as $1.00.
We have all our accounts with them (not counting Transfer Agents) and their service has been great.
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Re: Which Broker Do you Use?

Post by fundamental »

Another even sweeter deal from BMO IL (appears to be by invitation only) came in my email. (Its not showing on the BMO IL public site)

The details are here:

$1,600 cashback for deposits of $500k
$2,700 cashback for deposits of $2M
$4,250 cashback for deposits of $3M
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optionable68
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Re: Which Broker Do you Use?

Post by optionable68 »

Looks like TDDI has stepped up and is offering $1,000 in cash if you open a new TDDI account with $500k. Looks like the best current offer for accounts at $500k to $1M.

Scotia itrade is offering a $1,200 Visa gift card if you have over $1 Million
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Re: Which Broker Do you Use?

Post by adrian2 »

optionable68 wrote: 29 Jan 2018 17:07 Looks like TDDI has stepped up and is offering $1,000 in cash if you open a new TDDI account with $500k. Looks like the best current offer for accounts at $500k to $1M.
Percentage wise, the best offer is $100 for $10,000 = 1%
For $500k they offer $1k = 0.2%
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Re: Which Broker Do you Use?

Post by ig17 »

Just a periodic reminder that current broker deals are always available at this site:

http://www.sparxtrading.com/category/current-deals/
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Re: Which Broker Do you Use?

Post by formerpatriot »

National Bank Direct Brokerage.
No commission on ETF transactions of 100 shares or more.
And that's the only kind of transaction I do.
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