Discount Brokerage Deals & Promotions – July 1, 2017

Happy Canada Day! Like the weather in July, the deals and promotions section is heating up.

The great news for DIY investors heading into the new month is that there are 23 offers or promotions being advertised by Canadian discount brokerages and an additional four when considering the digital advice or robo-advisor promotional offers. Included in this mix are some exclusive offers for SparxTrading.com readers, notably the $88 commission credit offer now available at Questrade that was launched last month.

Given what’s going with stock markets, possible interest rate hikes and substantial competition between online brokerages, there definitely seems to be evidence that Canadian discount brokerages are getting bolder and more creative with their offers.

Late last month, for example, Virtual Brokers launched a pair of offers that are likely to get deal savvy shoppers’ attention – especially for those who actively trade. In one of these deals, Virtual Brokers now offers a quarterly commission rebate for up to one year, something that we have not seen before and which, in numerical terms, might appeal to the moderately active trader who is able to meet the trading threshold required.

In addition, at the outset of July, Qtrade Investor has launched a commission-free ETF purchase promotion for Canadian ETFs where, similar to competitors Questrade and Virtual Brokers, the purchase of ETFs (in this case only Canadian ETFs) is commission free.

Although full commission-free trading might still be some time away, the idea is clearly being toyed with by Canadian discount brokerages – especially with Canadian ETFs.

Fundamentally, it is an interesting moment for both DIY investors and Canadian discount brokerages. As markets on either side of the border brace for the coming wave of interest rate hikes, which on the one hand might be beneficial for brokerages but on the other would change the economics of margin trading, and investor sentiment towards equities as an asset class. Fortunately for DIY investors, this will almost certainly make the case for Canadian discount brokerages to start offering bigger and bolder incentives to attract assets and new clients.

Finally, a few exciting housekeeping notes.

Regular readers of the deals & promotions section will note that we’ve included a navigation box at the top of the deals section to help users find information faster. Also, as of last month, we’ve also included coverage of ‘digital advice’ or robo-advisor deals that are offered by or linked to Canadian discount brokerages.

As always if we’ve missed a deal or if you hear of something that other readers may benefit from, let us know!

Expired Deals

At the time of publication, the public links to Credential Direct’s Transfer offer & Special Offer (Trend Micro antivirus) are no longer accessible. Credential Direct recently upgraded their website so we will continue to monitor whether transfer fee promotions are still being offered and update our tables accordingly. For the moment though, we’re not counting them as part of the live offer group.

Extended Deals

Great news on the extension front, there were two great offers that got extended as of the beginning of July.

The first from BMO InvestorLine, is the refer-a-friend offer, which has been extended for another year and now expires at the end of June 2018. This offer is somewhat unique among online brokerages in that it usually can be combined with other offers that clients might qualify for when opening an account. The BMO InvestorLine refer-a-friend offers $50 cash back to both the individual being referred and the ‘friend’ who referred them.

Also extended this month is the Desjardins Online Brokerage 1% commission credit, which has been extended to September 30th. This commission credit offer is one of the most competitive in that it offers up 1% of what clients deposit as a commission credit, up to a maximum of $1000.

New Deals

This is always the most exciting category to cover and particularly so this month as Qtrade Investor has waded into the promotional offer race yet again, this time with a commission-free ETF offer. Specifically, as mentioned above, the limited time promotion enables Qtrade Investor clients to buy any Canadian ETF commission-free. The conditions are fairly simple: the ETF must be Canadian-listed and the minimum order value must be $1,000 (in the currency of the trade).

Finally, while technically not a new deal, it is actually a newly advertised offer. BMO InvestorLine is now advertising their coverage of transfer fees up to a maximum of $200. As such we’ve included the transfer offer as linked to the same deposit conditions as their current summer promotion.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions (new!)

Cash Back/Free Trade/Product Offer Promotions

CompanyBrief DescriptionMinimum Deposit AmountCommission/Cash Offer/Promotion TypeTime Limit to Use Commission/Cash OfferDetails LinkDeadline
Jitney TradeA Sparx Trading exclusive offer! Use the promo code "Sparx Trading" when signing up for a new account with Jitneytrade and receive access to their preferred pricing package.n/aDiscounted Commission RatesnoneFor more details click here none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully.$1,000$88 commission credit60 daysAccess this offer by clicking here: $88 commission-credit offer . For full terms and conditions,
click here.
none
Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully.$1,0005 commission-free trades60 days 5 commission-free trade offer December 31, 2017
Qtrade Investor is offering commission-free ETF purchases for all clients (new and existing) for July 2017. See details link for full terms, conditions and pricing.$1,000commission fees waived on Canadian listed ETF purchasesValid for Canadian listed ETF purchases made in July 2017.For more information, click hereJuly 31, 2017
Open and fund a new account at Virtual Brokers with at least $5,000 and you may be eligible to receive a $50 cash back rebate per quarter. To receive the cash back rebate, at least 20 commission generating trades must be made within a specified quarter. Use promo code: CSHBKQTR17 to access this offer. This offer is open to new clients only. Be sure to read terms and conditions for full details.$5,000$50 commission rebate (cash back) per quarter (up to $200 cash back over the total period)To qualify 20 trades must be made within a quarter. $50 cash will be rebated in the following quarter. Eligibility period ends June 2018.For more information, click the terms and conditions hereSeptember 30, 2017
Open and fund a new account with Virtual Brokers with a deposit of at least $5,000 and receive cash back commission rebates on the first 20 Canadian or US ETF trades made by September 30, 2017. For commission-free Canadian ETFs use promo code: CADSETF2017 and for US ETFs use promo code: USSETF2017. This offer is open to new clients only. Be sure to read terms and conditions for full details.$5,000$50 commission rebate (cash back)Trades must be completed by Sept. 30, 2017. Cash rebates will be deposited in Feb. 2018.For more information, click the terms and conditions hereSeptember 30, 2017
DisnatDesjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatFlex or email: infodisnat@disnat.com. See details link for more info.$10,0001% of assets transferred in the form of commission-credits (max credits: $1,000)6 monthsDisnat 1% Commission Credit PromoSeptember 30, 2017
BMO InvestorLineOpen a new qualifying account with BMO InvestorLine or fund a qualifying existing account, with at least $200,000+ in net new assets and you may be eligible to receive $1,200 cash back. In addition, eligible individuals can receive a 60-day trial of BMO MarketPro and have transfer fees covered up to $200. Use promo code SPARXCASH when signing up for cash back offer. Be sure to read the terms and conditions for more details on the offer.$200,000+$1,200 Cash back
Cash back will be deposited the week of March 12, 2018.Summer cash back offerAugust 7, 2017
Scotia iTradeOpen and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive A) 5,000; B) 7,500; C) 20,000; D) 35,000; E) 50,000 or F) 100,000 scene points as well as 50 free trades. In addition, new clients will also be reimbursed up to $150 in transfer fees. Free trades will be valid for 90 days. Use promo code 17SC when signing up to be eligible. Be sure to read terms and conditions for full details.A) $25,000
B) $50,000
C) $100,000
D) $250,000
E) $500,000
F) $1M+
SCENE Points
A) 5,000
B) 7,500
C) 20,000
D) 35,000
E) 50,000
F) 100,000

+ 50 Free Trades
90 days Free Movie & Free Trade Promotion July 31, 2017
Last Updated: July 1, 2017 14:30 PT

Referral Promotions

CompanyBrief DescriptionMinimum Deposit AmountIncentive StructureTime Limit to Use Commission/Cash Offer DepositDetails LinkDeadline
Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements.A) $1,000 - $9,999
B) $10,000 - $24,999
C) $25,000 - $49,999
D) $50,000 -$99,999
E) $100,000+
$25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral)
For referred individuals:
A) $25 cash back
B) $50 cash back
C) $75 cash back
D) $100 cash back
E) $250 cash back
Cash deposited into Questrade billing account within 7 days after funding period ends (90 days)
Refer a friend terms and conditions Code Number: 476104302388759none
Scotia iTradeIf you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members' contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. A) $10,000
B) $50,000+
A) You(referrer): $50 or 10 free trades; Your "Friend": $50 or 10 free trades (max total value:$99.90)
B) You(referrer): $100 cash or 50 free trades; Your "Friend": $100 cash or 50 free trades (max total value: $499.50)
60 daysRefer A Friend to Scotia iTrade tbd
BMO InvestorLineIf you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $50,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. $50,000You(referrer): $50; Your Friend(referee): $50
Payout occurs 45 days after minimum 90 day holding period(subject to conditions). BMO InvestorLine Refer-a-Friend June 30, 2018
Last Updated: July 1, 2017 14:30 PT

Transfer Fee Promotions

CompanyBrief DescriptionMaximum Transfer Fee Coverage AmountMinimum Deposit Amount for Transfer Fee EligibilityDetails LinkDeadline
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees$135 $15,000 Transfer Fee Rebate Details none
Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees$135$20,000 Transfer Fee Rebate none
Transfer $25,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details.$150$25,000 Transfer Fee Rebatenone
Move your brokerage account to Questrade and they'll cover the transfer-out fee up to $150.$150$25,000 Transfer Fee Promo none
Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150$25,000Contact client service for more information (1-800-465-5463).none
Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees. $150$25,000 Transfer Fee promo tbd
Transfer $25,000 or more into a CIBC Investor's Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made.$135$25,000Confirmed with reps. Contact client service for more information (1-800-567-3343).none
DisnatDisnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You'll have to call 1-866-873-7103 and mention promo code DisnatFlex. See details link for more info.$150$50,000Disnat 1% Commission Credit PromoSeptember 30, 2017
BMO InvestorLineOpen a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up to also be eligible for cash back offer. Be sure to read the terms and conditions for more details on the offer.$200$200,000Summer cash back offerAugust 7, 2017
Last Updated: July 1, 2017 14:30 PT

Other Promotions

CompanyBrief DescriptionMinimum Deposit Amount RequiredDetails LinkDeadline
DisnatDesjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the "Inside Edge" investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information.n/aMoneyTalks Inside Edge Discount none
DisnatDesjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. $1,000Broker@ge 18-30 Promotionnone
Scotia iTradeScotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details.$1,000 StartRight Free Trade offer none
Last Updated: July 1, 2017 14:30 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisorOffer TypeOffer DescriptionMin. Deposit Reward / PromotionPromo CodeExpiry DateLink
Discounted ManagementOpen and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link.$10001st month no management feesKDKFNBBCNoneQuestrade Portfolio IQ Promo Offer
Discounted ManagementOpen a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details.$5,000 1 year no management feesSPSF
July 31, 2017SmartFolio New Account Promotion
Cash BackOpen and fund a new Investcube account with National Bank Direct Brokerage and deposit with at least A) $10,000; B) $50,000; C)$200,000; or D) $300,000+ and you may be eligible to receive a cash back deposit of either A) $50; B) $200; C) $400 or D) $600. See offer terms and conditions for full details.A) $10,000
B) $50,000
C) $200,000
D) $300,000+
A) $50 cash back
B) $200 cash back
C) $400 cash back
D) $600 cash back
CUBE2017August 31, 2017 Investcube Cash Back Promotion
Transfer Fee CoverageTransfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth.$25,000 up to $150 in transfer fees coveredNoneNoneContact customer service directly for more information.
Last Updated: July 1, 2017 14:30 PT

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