Scotia iTrade Review
Updated on: Feb. 08, 2019
Scotia iTRADE, a subsidiary of Scotia Capital, is a bank-owned online brokerage that is active in providing investor education as well as trading platforms geared towards advanced or active traders. In addition they are one of the only bank-owned online brokerages to offer commission-free ETF trading. As of Feb. 2019, Scotia iTRADE has now lowered their standard commission pricing.
Pricing & Fees
Scotia iTRADE does charge a quarterly inactivity fee of $25 which it charges to clients that have less than $10,000 combined across all their iTRADE accounts. To avoid being charged this fee, those clients can place at least 1 commission-generating trade per quarter or hold a registered account.
Account Types
For registered accounts, Scotia iTRADE offers tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and registered education savings plans (RESPs). Registered accounts such as the RRSPs are offered in both US and Canadian currencies however note that the US account types have a quarterly fee associated with them (of $30/quarter per account). Also, clients who have RSP accounts and less than $25,000 in aggregate across all iTrade accounts and who place less than 12 commission generating trades per year are subject to annual fee of $100.
Platform/Data
In terms of web browser based interfaces, their standard platform allows for both fundamental and technical analysis, charting and keeping track of watchlists. In addition they also have a ‘trading desk’ order entry and review system that allows for multiple orders to be managed.
Their flagship trading platform, FlightDesk, is a desktop based platform that is geared towards advanced or active traders. FlightDesk comes in two versions, the standard and the premium, the key differences between the versions being that the premium offers streaming level 2 quotes, options chain trading and advanced options analysis. Data package pricing for FlightDesk’s standard and premium versions depend on the amount of assets and/or trading activity level. The prices for data can range from free for those who trade 30+ times per quarter to 79.95/mo for the FlightDesk premium service for those who trade between 0 and 8 times per quarter.
For mobile users, Scotia iTRADE has a mobile app that is supported for iPhone and Android. There is also an iPad app as well as for users who want to trade via tablet.
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 “A-” Letter Grade “B” Letter Grade “B+” 5th out of 12 Letter Grade “B” 5th out of 12 Letter Grade “B” 6th out of 12 Letter Grade “B” |
February 2019 February 2018 December 2016 December 2016 December 2015 December 2015 November 2014 November 2014 November 2013 |
JD Power Review | Investor Satisfaction | 8th out of 8 4th out of 10 9th out of 10 9th out of 10 6th out of 7 11th out of 11 |
September 2018 September 2017 September 2016 September 2015 September 2014September 2013 |
MoneySense | Best bank-owned brokerage | Top Pick | July 2017 |
Compare
What Would You Like to do Next?
- Read More About Scotia iTrade
- Leave a Comment
Research Another Discount Broker
Research Another Discount Broker
Home › Community › Canadian Online Brokerage Review – Scotia iTrade
This topic contains 18 replies, has 2 voices, and was last updated by
vahid hesmi 1 month, 3 weeks ago.