Scotia iTRADE Review
Canadian Online Brokerage Review
Pricing Fees
It may have taken some time, but Scotia iTRADE has joined the rest of Canada’s online brokerages in setting their standard commission pricing to $9.99 per trade, and in the process, simplify the experience of being a client. Fortunately, investors who wish to know what it costs to be a client at Scotia iTRADE will be glad to know that the $9.99 is flat pricing (i.e. there are no ECN fees). Frequent or active investors can also benefit from commissions of $4.99 per trade, with the condition being that at least 150 trades per quarter need to be made. For options trading at Scotia iTRADE, the cost is $9.99 + $1.25 per contract. Finally, for clients who place 150+ trades per quarter, the options trading price is $4.99 + $1.25 per contract.
Scotia iTRADE does charge a quarterly inactivity fee of $25 on non-registered accounts. This fee applies 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. Inactivity fees do not apply to registered accounts (RRSP, RIF, LIRA, LIF, RESP, TFSA).
Account Types
Scotia iTRADE offers online trading in both non-registered and registered accounts. In terms of non-registered accounts, Scotia iTRADE offers cash and margin accounts and also their higher interest cash optimizer account. Margin accounts to be used for short selling or options trading require additional approval and have minimum equity requirements.
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
Through 2012 and 2013, Scotia iTRADE worked to improve their platform offering. Currently they offer mobile, web browser based and desktop based trading platforms.
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 less than 9 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 for users who want to trade via tablets.Scotia iTrade Brokerage Brokerage Experience
Scotia iTrade has a great web experience, the fees combined with the poor user rating leaves this brokerage with the main appeal of it being how popular the banking platform is. Scotia iTrade will have to improve the overall experience in order to meet the high quality standards of modern ‘2.0’ brokerage experience.
Can I use Scotia iTrade Brokerage to buy Bitcoins or other cryptocurrencies?
Scotia iTrade does not exchange any sort of cryptocurrency. This means that Scotia iTrade does not trade Bitcoin, Ethereum or any other forms of cryptocurrency in the market.
How does Scotia iTrade Brokerage compare to other Brokerages?
Scotia iTrade has a great web experience, however as brokerages competitively seek to improve their platform, Scotia iTrade will need to address the UX/UI problems being brought up by loyal customers. As it is becoming increasingly easier to switch brokerages and to compare brokerages, the quality expected of a brokerage to deliver will rise.
Who is Scotia iTrade Brokerage Best For?
Scotia iTrade provides a user friendly experience allowing beginner traders the ability to easily trade. Scotia iTrade is also useful for expert traders because of its simplicity.
Does Scotia iTrade Brokerage Have an app? Full review!
Scotia iTrade currently does have an app for iPhone,
Scotia iTrade also has an app for iPad. Scotia iTrade also provides a mobile web browser interface if you don’t wish to install the app.
Scotia iTrade currently does have an app for Android, Google, and Samsung.
Therefore, Scotia iTrade fully supports mobile based trading.
Unfortunately Scotia iTrades current app for both Android and iPhone are poorly regarded by users. There seems to be a general agreement that both versions need to be remade.
Source
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What is Scotia iTrade Brokerage Fees?
| Trades |
Equities1 |
Options2 |
| 150+ trades/quarter* |
$4.99 |
$4.99 + $1.25/contract |
| Less than 150 trades/quarter |
$9.99 |
$9.99 + $1.25/contract |
| +$65 for trades placed with a telephone representative |
| Commission Free3 Funds |
| Placed Online3 |
$0 |
| Placed by telephone representative3 |
$65 |
| Fixed Income (Online Secondary Market)4 |
| Placed Online4 |
$1 per $1,000 Face Value**
($24.99 minimum, $250 maximum) |
| Placed by telephone representative4 |
$1 per $1,000 Face Value**
($24.99 minimum, $250 maximum)
+ $65 |
| Exchange Traded Debentures4 |
| Placed Online4 |
$1 per $1,000 Face Value**
($24.99 minimum, $250 maximum) |
| Placed by telephone representative4 |
$1 per $1,000 Face Value**
($24.99 minimum, $250 maximum)
+ $65 |
| Accounts |
CAD $5 |
U.S. $5 |
| Cash Optimizer Investment Account |
0.25% |
0.25% |
| Prime Rate |
2.45% |
3.25% |
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What account types does Scotia iTrade Brokerage Brokerage offer?
Does Scotia iTrade Brokerage have TFSA accounts?
Scotia iTrade Brokerage offers TFSA accounts in both Canadian and US Dollar. Is there a fee to use the TFSA accounts? No, there is no fee to use the TFSA accounts.
Does Scotia iTrade Brokerage have RRSP accounts?
Scotia iTrade Brokerage offers RRSP accounts in both Canadian and US Dollar. Is there a fee to use the RRSP accounts? No, there is no fee to use the RRSP accounts.
Does Scotia iTrade Brokerage have RESP accounts?
Scotia iTrade Brokerage offers RESP accounts in both Canadian and US Dollar. Is there a fee to use the RESP accounts? No, there is no fee to use the RESP accounts.
Does Scotia iTrade Brokerage have Cash accounts?
Scotia iTrade Brokerage offers Cash accounts in both Canadian and US Dollar. Is there a fee to use the Cash accounts? No, there is no fee to use the Cash accounts.
How to switch to Scotia iTrade Brokerage?
Transferring funds to your Scotia iTRADE account is simple. Here’s how you can fund your Scotia iTRADE account by transferring money from another Scotiabank account or from another financial institution bank or investment account.
Option 1: Use the transfers tab in Scotia online® or Scotia mobile app to transfer funds from your chequing or savings account, Canadian or US currency, to your Scotia iTRADE account.
Option 2: To transfer from another financial institution bank account follow these simple steps
- Download and fill out the Electronic funds transfer (EFT) form.
- Ensure all the information entered is accurate
- Mail it to Scotia iTRADE P.O. Box 4002 Station A, Toronto, ON M5W 0G4
Option 3: To transfer an investment account electronically from another financial institution investment account submit a quick and easy Transfer authorization request.
- Located within the Transfers tab, click ‘Transfer an Account from Another Institution’. Input your transfer instructions in 3 simple and intuitive steps, electronically. Review your personal information and provide transfer details and information of the Financial Institution you are transferring from.
- Review instructions and make edits as necessary.
- Once you have completed the questionnaire and reviewed your information, print and sign the form. Be sure to include a copy of your most recent statement from the Financial Institution you are transferring from. Mail it to Scotia iTRADE P.O. Box 4002 Station A, Toronto, ON M5W 0G4 and we will complete the transfer.
How to switch from Scotia iTrade Brokerage?
To switch from Scotia iTrade Brokerage, please refer to the guide for the brokerage you are looking to transfer from. SparxTrading takes pride in providing up to date information, please see the brokerage review you are looking to transfer to for assistance on how to transfer to that brokerage.
