Canadian Online Brokerage Review – CIBC Investor’s Edge

Mailing Address
800 Bay Street, 2nd Floor
Toronto, ON,
M5S 3A9
Website: https://www.investorsedge.cibc.com
Email Address: PCBISImailbox@cibc.com
Phone: 1-800-567-3343
Customer Service Hours:
Mon to Fri 8 a.m. to 8 p.m ET

CIBC Investor’s Edge Review

Updated on: Feb. 8, 2019
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.


Quick Info

Standard Equity Commission $6.95
Best Commission Price $4.95
Minimum to Open Account Not Required
Maintenance/Inactivity Fees $100/year
Commission Free ETFs No

» Get Full Pricing Details

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.

Account Types

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.

Platform/Data

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
Below Average
January 2015
January 2014
Globe and Mail Review Overall Impression Letter Grade “C”
Letter Grade “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”
February 2019
February 2018
December 2016
December 2016
December 2015
December 2015
November 2014
November 2014
November 2013
JD Power Review Investor Satisfaction 2nd out of 8
2nd out of 8
8th out of 10
3rd out of 10
7th out of 10
7th out of 7
6th out of 11
June 2019
September 2018
September 2017
September 2016
September 2015
September 2014
September 2013
MoneySense Top Pick – Fees & Commissions July 2017

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Home Community Canadian Online Brokerage Review – CIBC Investor’s Edge

This topic contains 25 replies, has 2 voices, and was last updated by  IC 5 months, 3 weeks ago.

Viewing 10 posts - 11 through 20 (of 26 total)
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  • #20157 Reply

    BonsaiTreeGardener

    I have learned newer and more effective things via your website. One other thing I’d really like to say is that newer laptop operating systems often allow much more memory to get used, but they in addition demand more storage simply to work. If someone’s computer is unable to handle a lot more memory plus the newest software requires that ram increase, it can be the time to shop for a new Computer system. Thanks

    #19495 Reply

    Robin

    As I’m currently not working due to the great Alberta economy we are currently experiencing I have decided to start swing trading & have done very well for myself as a newbie with gold, pharma & oil stocks. Today Jan 9/2017 the Investors edge site will not let me submit any trades all day due to some internal problem, tried calling & after an hour of hold time they stated they were working on the problem but have no idea of how long the site would be down, this is not acceptable when trying to day / swing trade, time to move on to a different brokerage!

    #18832 Reply

    Dalida

    Definitely agree that the application process is HORRIBLE! When I first signed up in-person, I was asked to give my banking information for my chequing account which I wanted linked. Only to find out 2 days later, from a representative on the phone, that I ACTUALLY needed to print out forms and send it to Ontario. (So why would you need my banking information for signing up?! – stupid).

    Since I didn’t have a printer, I asked an investors edge representative at a branch if they can print it out for me, and they had NO CLUE what I was talking about, even when I provided them the form number and my intention. This 8 minute process, became 20 because I had to call CIBC’s customer service line, to guide this employee on what to do.

    After a week and half of sending these paperworks out, I had not heard from CIBC, and my account was not still not linked. I had to take the liberty of contacting them myself where I then find out that the forms which was sent are WRONG. On the glorious 3rd visit to the branch, I emphasized, ‘are these the right forms?!’, where I was told again ‘yes’.

    Yet here I am 6 days later, or a month since I started this damn nightmare, getting another email saying they are, surprise, surprise, WRONG.

    Just to link accounts. F***.

    #18064 Reply

    Jiabao

    By the way, CIBC’s application process is indeed as horrible as the previous posters commented.

    When I made the application, I had the option of either printing the documents and bringing to a branch which I hate to do, OR to give them information about a bank account I have (any other bank, any account) that has to include the branch I opened that account and a bank representative’s name and phone number so that CIBC can call and verify my identity (as an alternative method to bringing paperwork to CIBC).

    I felt that this process is absolutely stupid, because which bank’s policy allows their reps to pick up a random phone call claiming to be from CIBC Investor’s Edge and just giving out their customer’s personal information? Not to mention even if they can be sure that the caller is indeed CIBC, they wouldn’t be motivated at all to help you with verifying my personal info because you are essentially stealing business from them!

    Not surprisingly, CIBC declined my application, stating they couldn’t verify my identity through the other bank’s rep I provided. And they wouldn’t take another bank account info over the phone saying I have to submit a new application with the new rep info. I did in total submit 4 applications with 4 different bank accounts and reps for CIBC to verify. All of them were declined by CIBC, one by one.

    In the end I gave up. After 2 months, I received a generic “welcome to CIBC” letter and I went online and found the account there. How could that be since all of my applications were declined?

    #18063 Reply

    Jiabao

    For those who are interested, and in response to the previous poster mentioning about the cheque depositing process at CIBC:

    I have a TD Waterhouse / TD Direct Investing account, and every time I go to a TD branch to deposit a cheque to my Waterhouse account, they’d process it without placing any hold. Every single time. Never had any issue. And no, it’s not because I have a good relationship with the branch so they did me a favour or anything. I went to different branches. And they don’t even know or care that I have bank accounts with them or what my banking history is like.

    #16517 Reply

    Malcan

    Hi Keymaster,
    Thanks for your insightful comments. Yes, bank managers do have discretion on whether to put a Hold on a cheque. However, in this case, the bank manager knows us especially since my wife has been a customer for over 30 years and collects her monthly pension from her bank account at that branch. It could be a policy change that CIBC bank managers are now functioning as discretionary gate-keepers for CIBC Investor’s Edge. In the past, I recall when I top up a brokerage account, I simply go to its bank which then deposits the cheque in its in-transit brokerage account. I would imagine that if CIBC bank managers are now discretionary gate-keepers for CIBC Investor’s Edge clients, it might put another hurdle in expanding the brokerage business. Also, nowadays when a cheque is cleared within a day (my cheque showed as a debit on my TD on-line account the next day) it is puzzling why a bank would put a HOLD of five business days on a cheque payable to its brokerage account. Anyway, based on your suggestion, I have sent an email to CIBC Investor’s Edge. No big deal to me if they are not welcoming… there are other banks or brokerage firms I can deal with.

    #16486 Reply

    Sparx_Admin
    Keymaster

    Hi Malcan,

    Thanks for sharing your story. Sounds like a familiar situation I ran into not too long ago with a couple of banking folks. Cheque clearing has some general guidelines that most banks follow however my own experience shows that it varies from institution to institution. Managers do have some discretion when clearing a payment however it all depends on the relationship they have with you and whether they’re prepared to ‘stick their neck out’ for you.

    In today’s marketplace, however, it’s risky for a bank/bank-owned brokerage not to go the extra mile for you and recommend a faster way to complete the transfer (such as using a bank draft or good old cash) and possibly waive the fees incurred by you to make that happen. Client service and satisfaction are much more important now at all major Canadian banks than they have been in recent memory.

    Hopefully you got your money in your account in time to take advantage of something interesting and profitable. You might want to take it up with the CIBC folks on Twitter and/or mention it to their client service team. I know from conversations with CIBC Investor Edge senior management that they have (surprisingly) taken the time to ‘make it right’ with clients who’ve had difficult situations.

    Hope that helps & good luck hunting for bargains!

    #16459 Reply

    Malcan

    By the way, the cheque was on my TD Webbroker account. I thought I’d allocate a bit of money from TD Webbroker account to CIBC Investor’s Edge, unfortunately I didn’t get a warm welcome.

    #16458 Reply

    Malcan

    I have had a margin trading account with Investor’s Edge for over 20 years. Did not trade, instead just bought a few stocks and kept them for years for the dividends. Recently, I thought I’d put more money into the account to buy more stocks since the market is in a bear phase. Went to a branch with my cheque payable to the my Investor’s Edge account. And guess what, the CIBC bank manager said the cheque could not be deposited into my Investor’s Edge account because the cheque has to be cleared first. Strange. What does CIBC think I’ll do. Bounce a cheque when I’m buying stocks? I thought CIBC would be glad that I’m adding money to the account to buy more stocks, I guess not.

    #16307 Reply

    Muhammed Darboe

    Was using a cibc margin account in 2015, all my stop-limit orders went straight through to market. But Since the 1st of January 2016, all my trades no matter how small go pending and prices move through my stop-limit price day after day. It’s essential useless for momentum traders.

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