CIBC Investors Edge

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mario 1
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CIBC Investors Edge

Post by mario 1 »

Does anybody here use this service? I have been contemplating
switching to it.
I like the pricing, is there any catch?.
$395 for 50 trades and $6.95 thereafter sounds pretty good.
Also if you make more that one buy on the same stock the same
day does it count as one trade? cause I do that a lot.
thanks in advance.
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Post by Michael D »

If you are day-trading, look at IB or something.

If a trade gets filled in multiple lots, it still only counts for one trade. If you enter multiple trades, multiple commissions.

The trading desk is good, limit prices always get filled or even better if the desk goes for a larger brokerage lot. No complaints, CIBC WM, Reuters, and S&P reports are good.
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Post by deaddog »

IB is OK if you are trading less than 1000 shares per trade.
No registered accounts.

Investors Edge. Had an account there years ago , the trading platform at the time sucked. I think its better now.
I would double check whether you can trade the same stock on the same day for one commission. I can see multiple fills being allowed but nor multiple orders.

You might also look at Disnat Direct if you are doing more than 10 trades per month.

Questrade has $4.95 commissions on trades of less than 500 shares.
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Post by scomac »

Michael D wrote: The trading desk is good, limit prices always get filled or even better if the desk goes for a larger brokerage lot. No complaints, CIBC WM, Reuters, and S&P reports are good.
Agreed. I've been with them since the beginning (of my on-line DIY investing). There is no catch with the Edge Plus trading discount. I had 104 trades in 2008 :oops: and the cost was $770 and change. At one time I was very close to moving to TDW, but then I noticed that folks were starting to have a few issues with them, so I stayed put. I'm glad I did as the interface is quite good and allows for seamless transition between brokerage platforms and Internet banking platforms. If I had a complaint, it might be with the wild variations in commissions charged on bonds. I guess it all depends on whether or not the issue is in inventory or not.
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mario 1
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Post by mario 1 »

I'm currently with I-trade and pay $9.99 already, which is ok but if
CIBC is $6.95 after 50 trades that's even better.
I make 50 trades in about a month.
With I-trade you have to make 150 trades a quarter to get the $6.99 price, I often fall just short of the 150 .
Sometimes I might be in and out of a stock several times a day and get
hit with the fee on every trade, if they were consolidated to one buy and one sell that would be great.
I used to be with CIBC and they used to consolidate but that was years ago.
The trading platform wasn't great in those days, maybe it's better now.
One of the concerns I have with CIBC is execution time. I'm used to instant
trade fills. CIBC used to be very slow.
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Post by Michael D »

mario 1 wrote: One of the concerns I have with CIBC is execution time. I'm used to instant
trade fills. CIBC used to be very slow.
Not sure if it is the best for day traders, plus you don't get level II quotes or better information.

With most actively traded issues, market orders are filled before the time it takes to show up in 'Order Status' after entering the order(ie: seconds). Limits is another thing.

Call and ask about consolidating commissions. It makes sense if you're paying $30 per trade, I bet they cut that out with $6.95 trades.
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Post by Quebec »

CIBC investor's edge scored #9 (out of 12) in the Globe and Mail "Annual online broker survey"
There are no gaping holes in its service, just an overall sense that the bases are being covered and nothing more
I have a CIBC investor's edge account (which I got originally because I was a CIBC banking client) but since I do about 5 stock or ETF transactions per year outside my RRSP I don't go for the pre-paid commissions. In fact these transactions are done in a Questrade account, where commissions are much cheaper as someone mentioned (but as the G&M article states, "research and planning tools are scarce to non-existent"). I just keep the CIBC account opened to get the S&P stock reports, an idea on bond prices, and I also maintain watch lists there, but I don't do any transactions.

Speaking of bonds (since Scomac mentioned bond prices at CIBC IE), there is an interesting bond-focused online trading survey in the 2nd edition of "In your best interest" by Hank Cunningham. The five major bank-owned discount brokerages were examined. On p. 58 of the book the results are given: CIBC IE gets 7/10 for ease of use, 6/10 for inventory breadth, 5/10 for pricing and 0/10 for tools (there are none). TD Waterhouse scored better on all criteria (8/10 for ease of use, 9/10 for inventory breadth, 9/10 for pricing and 7/10 for tools).

There is also a second table for bond pricing, where the price spreads for a $50k bond transaction at 10 year maturity were compared for the different dealers. This shows that BMO and TDW were more reasonable than CIBC on spreads when the survey was conducted. For example, for Canadas, TDW and BMO charged 0.25 and 0.30 (per $100) whereas CIBC charged 1.17. In other words, if one has a sizable bond portfolio (which is not my case), it may be worth switching to TDW or at least having your bonds there.
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Post by mario 1 »

Michael D wrote:
mario 1 wrote: One of the concerns I have with CIBC is execution time. I'm used to instant
trade fills. CIBC used to be very slow.
Not sure if it is the best for day traders, plus you don't get level II quotes or better information.

With most actively traded issues, market orders are filled before the time it takes to show up in 'Order Status' after entering the order(ie: seconds). Limits is another thing.

Call and ask about consolidating commissions. It makes sense if you're paying $30 per trade, I bet they cut that out with $6.95 trades.
Apparently they do consolidate at $6.95, got that confirmed by 2 agents.
They said you can make 100 trades and pay just 6.95 .
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Post by Norbert Schlenker »

I would get that assurance in writing, mario. The terms and conditions on the plan say two contradictory things in the same paragraph.
The fees for multiple trades on same day may be consolidated
into a single journal entry in a client’s account, but will still be
counted as separate trades for the purpose of trade entitlement
and subsequent trade costs. Electronic trades placed on
the same day, same stock, same side of the market, will be
consolidated into a single trade and be counted and charged as
one trade.
I know there are FWF members who use this plan. It would be interesting to have a first hand report of someone who had two orders filled the same day on the same side (not multiple partial fills) and had it count as only one trade.
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Post by mario 1 »

I doubt I'd get something in writing. :lol:
That's why I came here, hoping to find someone who uses this service.

I got sent this e-mail from CIBC
I don't know if qualifies as "In writing" but it's as close as i figure to get.
I hope it doesn't break any forum rules.

With regard to order execution, we have recently streamlined our order approval process so that fewer orders need to be reviewed by Investor’s Edge before being sent to the trading floor. Many more trades now qualify for straight-through processing, and these trades are sent directly to the trading floor without being reviewed. Qualifying trades now include the following
· Online buy orders (under $100,000 for Equities, Options and Fixed Income Instruments)

· All sell orders up to $100,000

For orders that do need to be reviewed, the review process is handled very quickly. Orders are executed by the exchanges and not by Investor’s Edge. CIBC Investor’s Edge is competitive with other discount brokers in the area of execution speed.

Multiple orders on the same side of the market for the same security that are filled on the same day are consolidated overnight to reflect a single commission. The adjustment will appear the morning after the trade is filled (one business day).
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Re: CIBC Investors Edge

Post by Michael D »

I have been with CIBC IE for 3 years, and am generally please with the service.

Today, first time (in my experience) the brokerage site is down. Just to let everyone know that these things happen...with almost all brokerages it seems.
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Re: CIBC Investors Edge

Post by mazzawi »

I've used investors edge for 4 years, I have not used other services so I can't be sure but I think

the tax package they give you at the end of the year to help with your taxes sucks.

it a summary of all your trades but what your really need is your average buy and average sell prices, so every year i have to put every trade i made into excel. to calculate the numbers the accountant needs cause he refuses to do it himself.
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Re: CIBC Investors Edge

Post by Shnoot »

:?: In terms of tax reporting, how do you handle the 395$?

Do you split it up among all trades?

E.g.: Adding 7.90 to your ACB (for each buy) and another 7.90 to each disposition expense (for sells).

or is there another way...?
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Re: CIBC Investors Edge

Post by mario 1 »

I would say just add it to your outlays and expenses.
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Re: CIBC Investors Edge

Post by Shnoot »

I would say just add it to your outlays and expenses.
Thanks for the response, but isn't outlays and expenses just for dispositions (sells). What would you do with the buy transactions?

I'm guessing just add it to your Adjusted cost based for each stock?



This would sure be a pain to keep track of across multiple years...

Thanks!
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Re: CIBC Investors Edge

Post by mario 1 »

Somebody with more expertise might have a better answer but I just
and it in one lump sum in that box.
They never question it, if they do just explain the situation.
Try asking this in the tax forum.
Off topic , when did the last quarter end?
Trades that I made with I-trade on April 1st were credited to the last quarter.
Maybe it's a late April fools joke :thumbsup:
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Re: CIBC Investors Edge

Post by Arby »

CIBC IE delays in posting month end account statements has been getting worse. It's been 12 days since the last month end, and CIBC IE still has not posted the account statements for April. My other big bank broker accounts are able to post monthly statements within 3-4 days of month end.
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Re: CIBC Investors Edge

Post by theoldtimer »

My April statements were available in the usual time frame.
Note the item below which was on your December 31, 2016 statement:

Effective February 2017, monthly statements
will not be produced or sent to you if the only
transactions during the month are dividend,
interest, or other cash distributions. Monthly
statements will continue to be sent if any other
activity occurs, such as buys, sells and
transfers. Regardless of account activity,
statements will be produced quarterly. For
more information, contact us at
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Re: CIBC Investors Edge

Post by AltaRed »

That is quite absurd IMO not to generate a monthly statement.
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scomac
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Re: CIBC Investors Edge

Post by scomac »

AltaRed wrote: 12 May 2017 13:24 That is quite absurd IMO not to generate a monthly statement.
All my monthly statements are there so I don't know what the issue is. As far as the timing of delivery, that may have something to do with working through issues since the software upgrade earlier in the year.
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AltaRed
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Re: CIBC Investors Edge

Post by AltaRed »

scomac wrote: 12 May 2017 13:39
AltaRed wrote: 12 May 2017 13:24 That is quite absurd IMO not to generate a monthly statement.
All my monthly statements are there so I don't know what the issue is. As far as the timing of delivery, that may have something to do with working through issues since the software upgrade earlier in the year.
Dunno about that... Read what 'theoldtimer' quoted. If all you have is income for the month, i.e. no buys/sells/transfers, you won't get a statement effective Feb 1, 2017. Obviously if you transfer money in, or out, or do a buy or sell transaction, you get a statement. But if it is income only, they wil not be produced.
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Arby
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Re: CIBC Investors Edge

Post by Arby »

theoldtimer wrote: 12 May 2017 12:57 My April statements were available in the usual time frame.
Note the item below which was on your December 31, 2016 statement:

Effective February 2017, monthly statements
will not be produced or sent to you if the only
transactions during the month are dividend,
interest, or other cash distributions. Monthly
statements will continue to be sent if any other
activity occurs, such as buys, sells and
transfers. Regardless of account activity,
statements will be produced quarterly. For
more information, contact us at
Thanks. I didn't see the message about not issuing monthly statements if the only activity is dividends. Still, that seems like a ridiculous policy for online statements. Regardless of whether there are transactions, I expect that online monthly statements could be produced with negligible effort or cost by CIBC IE.
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Re: CIBC Investors Edge

Post by AltaRed »

Bizarre, eh? The way to lose accounts for essentially no reason at all. Glad I am not with that outfit.

Added: Maybe time for some IE holders to consider BMO IL's promo if it is still around.
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Re: CIBC Investors Edge

Post by Arby »

I called CIBC IE to complain about their elimination of online monthly statements when there has been no buy/sell transactions. The rep said he has received similar complaints from other account holders, and he would forward my comment to management. I also sent an email to customer support, who replied that they are looking into the situation. If others think this is a stupid policy, it might help to send an email to customer support.
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Re: CIBC Investors Edge

Post by scomac »

Done!
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