Canadian Online Brokerage Rankings

Canadian Online Brokerage Experience Review

The Online Brokerage Review is Surviscor's longest running and most popular review. The review explores a typical desktop-based online investor experience, including both the pre-login and login areas, that evaluates the online journey through each investor process and typical investor experience.

The Latest Rankings

A partnership with a Canadian self-directed discount brokerage firm has long been based on the investor experience of using a firm's online brokerage platform. Despite one small industry disrupter, the truth holds true today as the online platform experience remains the key cornerstone of an overall digital investor experience. The online DIY self-directed brokerage investor experience represents the investing experience an investor is faced with using either a traditional desktop or laptop to perform every day self-directed investing needs. It is important to note that the discount brokerage industry was the disrupter in the 1990's and it grew in popularity as investors turned from expensive advice-based fees to lower cost DIY solutions. The other three experiences that round up the overall digital investor experience are mobile, cost of services and customer service.
QTRADE DIRECT INVESTING, former Qtrade Investor's new branding, returns to the top spot despite its older design and small improvements. The reality is that the platform is well-tested and provides a well-rounded investor experience that doesn't always rank as the best in any category or sub-category but is positioned as one of the industry leaders in most. Alternatively, WEATHSIMPLE TRADE provides the worst overall online self-directed investor experience for the second straight year with, what appears to be, an online afterthought development strategy. In simple terms, the platform lacks any DIY self-directing substance which is evidence by its 20% score.
2021 Rank Brokerage Firm Peer Experience Score Full Company Analysis
1 Qtrade Direct Investing 93 % See Likes & Dislikes
2 Scotia iTRADE 91 % See Likes & Dislikes
3 TD Direct Investing 89 % See Likes & Dislikes
4 Questrade 88 % See Likes & Dislikes
5 BMO InvestorLine 82 % See Likes & Dislikes
6 RBC Direct Investing 81 % See Likes & Dislikes
7 CI Direct Trading 80 % See Likes & Dislikes
T-8 Desjardins Online Brokerage 76 % See Likes & Dislikes
T-8 CIBC Investor's Edge 75 % See Likes & Dislikes
10 National Bank Direct Brokerage 69 % See Likes & Dislikes
11 HSBC InvestDirect 66 % See Likes & Dislikes
12 Wealthsimple Trade 20 % See Likes & Dislikes

Experience Categories

The Online Brokerage Review objective criteria is divided into six main categories, each weighted according to industry-defined importance, for an overall maximum score of 100.

Initial Experience - The Pre-Login

The category explores the services available through the pre-login online platform, available to both existing and prospective online investors.

Account Information Experience

Transactional Experience

User Experience

Market Intelligence Experience

Investment & Planning Experience

What we Measure and The Deep Dive that Differentiates.

# of Questions

The questions form the basis for the online analysis and represent the lowest level of features surrounding the main functionality under review. The binary questions are used to replicate the various actions an actual user would perform when using the online platform.

# of Criteria

The second step is the criteria analysis which places groupings of questions together to form the ‘experiences’ or usability encountered by an online user. For example, placing a trade is not simply pressing Buy or Sell buttons. The process involves supporting actions and information.

# of Sub-Categories

The third step places the individual experiences into relevant sub-categories that are grouped according to the general activity performed by an online user. The sub-categories are then assigned weightings according to the importance the group of experiences contributes within its category.

# of Categories

The last step takes the sub-category items under review and rolls them up into the final industry ranking and individual scores. In most cases, the category weightings are defined by the industry firms once the review is complete which then forms the final online scores and rankings.

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