CIBC Investor’s Edge Review
Updated on: Dec. 19, 2018
As a bank-owned online brokerage, CIBC Investor’s Edge is able to offer its online trading clients the ability to manage and access products from its banking arm. Over the course of 2013, this discount broker made a few announcements, most notably regarding their elimination of RESP account fees. In late 2014, CIBC Investor’s Edge lowered their standard commission pricing to put them back in the race with both bank-owned and independent online brokerages. Since then, CIBC Investor’s Edge has been gradually implementing small improvements to their online experience. In 2018, CIBC Investor’s Edge accelerated some of their enhancements for DIY investors including introducing student friendly pricing on commissions, charging $5.95 flat per trade, and ramping up their investor education and content offerings.
Like their peers, CIBC Investor’s Edge offers online trading in stocks, ETFs, mutual funds and bonds. They also have pricing plans for standard and active traders/investors.
|Standard Equity Commission||$6.95|
|Best Commission Price||$4.95|
|Minimum to Open Account||Not Required|
|Commission Free ETFs||No|
|Account Types Offered||Funding Requirements and Fees||Registered Account Types and Fees|
|TFSA||Minimum Opening Balance||Not Required||TFSA||Annual Charge||$0|
|RRSP||Minimum Account Balance||Not Required||Transfer Out||$135|
|RESP||Minimum Balance for Best or Discounted Commission||N/A||Withdrawals||$0|
|Cash||Minimum Commission per Equity Trade||$4.95||US Dollar Account|
|Margin Short||Maximum Commission per Equity Trade***||$6.95||RRSP||Annual Charge||$100 (if account <$25,000)|
|Margin Options||Minimum Trades per Quarter for Best Commission Rate||150||Transfer Out||$135|
|CIPF Member||Inactivity or Maintenance Fees||$100/year||US Dollar Account|
|Conditions for Inactivity/Maintenance Fees||if account balance is less than $10,000 (fee is waived if client has RRSP, RESP, RIF, LIRA, LIF)||RESP||Annual Charge||$0|
|US Dollar Account|
|Last updated: Mar. 8, 2016|
Pricing & Fees
In 2014, CIBC Investor’s Edge did something many did not think they would do: lower commission prices to beneath that of their bank-owned competitors. While they were among the last of the bank-owned discount brokerages to lower their pricing under the $10 mark (down from $28.95+ per standard commission trade), Investor’s Edge took things down much further than their competitors by lowering their standard commission price to $6.95.
In 2018, CIBC Investor’s Edge introduced student friendly pricing which lowered the standard commission pricing to $5.95 per trade and waived the annual fee associated with account balances less than $10,000.
There is also an active trader pricing available which is $4.95 per trade for individuals (or households) that trade at least 150 times per quarter. The ability to pool assets by household and have that count towards trading thresholds is something that is relatively unique to CIBC Investor’s Edge and it is what makes their current pricing very challenging for others to match let alone beat.
As with some of their competitors, CIBC Investor’s Edge does have an “account maintenance” fee. The fee of $100 is charged annually for balances that are less than $10,000 (calculated at the close of business on Sept. 15th). This fee is waived for individuals who also hold a registered account such as an RRSP, RESP, RIF, LIF or LIRA.
Pricing for options contracts also mirror the standard and active trader commission structure. Standard option pricing is $6.95 + $1.25 per contract and active trader options pricing is $4.95 + $1.25 per contract.
CIBC Investor’s Edge offers clients the ability to trade online in “non-registered” and “registered” accounts.
Like other discount brokerages, the non-registered accounts at Investor’s Edge include cash and margin accounts in which clients can short stocks as well as trade options. For account balances of under $10,000, there is a $100 per year “account maintenance” fee that is assessed (the fee is assessed based on the balance as of close of business on September 15th).
For the registered accounts, CIBC Investor’s Edge offers the tax-free savings account (TFSA), registered-retirement savings plan accounts (RRSPs) and registered education savings plan (RESP) accounts. There are “general administration” fees of $100 per year for RRSP accounts that do not meet the minimum balance threshold of $25,000. Neither TFSAs nor RESPs have administration fees.
Unlike some of their discount brokerage peers, CIBC Investor’s Edge does not have US dollar registered accounts so clients will have to factor in currency conversion fees into their costs if they plan on trading US-listed securities.
The online trading platforms offered by CIBC include a standard web-based platform as well a mobile trading app.
The standard web-based trading platform allows for most of the essential functions for order entry, creating/monitoring watchlists as well as basic chart and fundamental research. It is comparable to most of the standard online trading interfaces offered by other online brokerages.
In addition to the web-based platform, CIBC also offers a mobile brokerage app which is available on iPhone and Android.
Reviews & Ratings
|Review||What Review Measures||Score||Date of Ranking|
|Dalbar Canada Review||Client Service||Below Average
|Globe and Mail Review||Overall Impression||Letter “C”
Letter Grade “C+”
9th out of 12
Letter Grade “C-”
10th out of 12
Letter Grade “C”
8th out of 12
Letter Grade “D”
|JD Power Review||Investor Satisfaction||2nd out of 8
8th out of 10
3rd out of 10
7th out of 10
7th out of 7
6th out of 11
|MoneySense||Fees & Commissions||Top Pick||July 2017|