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Online Brokerage Reviews

Canadian Online Brokerage Analysis and MoneySense Magazine Review

Surviscor produces the most comprehensive online brokerage analysis in North America. Surviscor reviews Canadian discount brokerage firms who offer online brokerage service to self-directed investors in Canada. The minimum requirements are:

  1. Transactional capabilities in Canadian and US markets
  2. At minimum, the firm must be registered for business in Ontario and Quebec
  3. Minimum account opening balance requirement no greater than $10,000 CDN

Surviscor defines an Investor as a self-directed individual who typically:

  • Has the ability to understand the value of investing
  • Requires a well-diversified portfolio and a structured financial plan
  • Is self-reliant and prefers to self-direct his/her portfolio
  • Requires various tools and resources to make investment decisions
  • May display 'professional trader' activity traits; however, does not perceive investments as a job

The Canadian Discount Brokerage Review continues to expand. The scorCard™ reviews over 4000 features and functionality criteria questions which make up 36 sub-categories and 9 main categories. The main categories are:

  1. Getting Started - Initial Customer Experience
  2. Service Level Assessment
  3. Mobile Accessibility
  4. Website Design
  5. Account Services
  6. Market Intelligence
  7. Website Transactions
  8. Website Resources
  9. Cost of Services
The scheduled releases of the next Canadian Online Discount Brokerage scorCard™ is:
  • October/November 2018

Qtrade Investor provides the best overall online investor experience in the Canadian Online Discount Brokerage landscape according to Surviscor's 2017 Online Discount Brokerage scorCard Review. Qtrade Investor repeated as the top ranked firm for online discount brokerage services in Canada with another convincing win with a score of 90%, 11 percentage points ahead of 2nd place Questrade who moved up one position from 2016. Past multi-winner BMO InvestorLine and Scotia ITRADE finished in a tie for third place ahead of RBC Direct Investing and TD Direct Investing. CIBC Investor's Edge finished in 11th place, the worst showing of the big bank owned firms.

The firms' percentage score is based on the availability of its offerings as compared to the number one peers in each category. The 2017 review continued to use 4000 usage-based criteria questions with a commission model that analyses over 12,600 individual trades.

If you are questioning our rankings or perhaps your own current choices or if you would like to CREATE YOUR OWN RANKINGS using your OWN preferences, visit the Do-It-Yourself Zone and let our scorCHOICE tool do the rest.

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RESULTS:

1 Qtrade Investor 90%
2 Questrade 79%
3 Scotia iTRADE 77%
4 BMO InvestorLine 77%
5 RBC Direct Investing 72%
6 TD Direct Investing 70%
7 Virtual Brokers 64%
8 Desjardins Online Brokerage 62%
9 National Bank Direct Brokerage 61%
10 CIBC Investor's Edge 59%
11 HSBC InvestDirect 55%

For the 6th straight year, MoneySense and Surviscor partnered to produce the annual Canada's Best Canadian Online Brokerages review. The study was conducted in April and May 2018 using Surviscor's most recent Canadian online and mobile brokerage features, functionality and service data to support the conclusions.

The methodology and results were jointly produced by Surviscor and MoneySense. CLICK on any firm for more detailed information and educational content. Additional Canadian brokerage firms not mentioned as well as all Canadian banking firms can be found by clicking: LEARN MORE ABOUT THE FIRMS

The overall and category top three picks and resulting scores were:

BEST OVERALL FIRMS

1.Qtrade Investor: 22 points

2.Questrade: 21 points

T3.Scotia iTRADE: 14 points

T3.BMO Investorline: 14 points

Initial Impression

1.Questrade: 13 points

2.iTRADE: 9 points

3.TD Direct Investing: 9 points

User Experience (UX)

1.Qtrade Investor: 40 points

2.Scotia iTRADE: 31 points

3.BMO Investorline: 30 points

Mobile Accessibility

1.BMO Investorline: 26 points

2.Questrade: 14 points

3.Qtrade Investor: 10 points

Service Interaction

1.Qtrade Investor: 8 points

2.RBC Direct Investing: 7 points

3.Questrade: 6 points

Best Online Brokerage for ETFs

1.National Bank Direct Brokerage: 17 points

2.Qtrade Investor: 16 points

3.BMO Investorline: 13 points

Market Data

1.TD Direct Investing: 20 points

2.Qtrade Investor: 17 points

3.RBC Direct Investing: 9 points

Fees and Commissions

1.HSBC InvestDirect: 10 points

2.Questrade: 10 points

3.CIBC Investor's Edge: 7 points

Digital release date: May 22, 2018

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Interactive COMPARISON GRID



Current Rank 1
Overall Score (%) 99
Current Service Rating (%) 85
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Current Rank 3
Overall Score (%) 71
Current Service Rating (%) 85
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