BMO InvestorLine Review
Canadian Online Brokerage Review
Pricing Fees
From a pricing perspective, BMO InvestorLine’s standard trading commission pricing of $9.95 per trade (flat) for all clients, puts them in line with several other bank-owned brokerages. Unlike other brokerages, however, $9.95 per trade is the best commission price offered regardless of trading activity.
Instead of lower commission pricing for clients who either trade actively or who have high levels of assets BMO InvestorLine offers certain “programs” with added features. For example, active traders, defined by BMO InvestorLine as clients who make 30 or more trades per quarter, are offered additional trading and research features and tools as part of their “Active Trader Program”. For clients with balances or assets between $250,000 and $1,999,999, there is a “Gold Star” program; for those with $2 million or more, the “Platinum Star” program applies; and clients with more than $5 million qualify for the “Diamond Star” program. These “5 star” programs offer perks like reduced margin interest rates and waiving of certain administrative fees.
Currently, BMO InvestorLine charges a quarterly fee of $25 for accounts with balances under $15,000 however this charge can be waived if 2 or more commission-generating trades are placed in 6 months or if a client also has a registered account. Note that registered accounts (except for RESPs) with balances under $25,000 (calculated on Dec. 31st) are charged $100 annually. For RESPs, the annual administration charge is $50 for balances under $25,000.
Account Types
Like other online brokerages, BMO InvestorLine offers the ability to trade stocks, ETFs, mutual funds, and options. There are several types of accounts offered by BMO InvestorLine including:
* Cash/Margin accounts
* Retirement Savings Accounts (RRSPs, LIRAs, LRSPs, RLSP)
* RESPs
* TFSAs
* Retirement Income Accounts
A popular feature among many self-directed investors is the US dollar registered accounts that are offered at no additional charge. As stated in the fees section, several of these accounts can incur fees if balances are under a certain level. For non-registered accounts, the minimum balance to avoid incurring quarterly fees is $15,000 and for RRSPs the minimum balance to avoid the annual $100 charge is $25,000.
Platform
BMO InvestorLine clients can trade using a web browser based or mobile-based platform. The web-based trading platform is much like many other web-based platforms offered as standard by online brokerages. From the platform it is possible to do order entry and a considerable amount of fundamental research as well as basic technical analysis. Real time level 2 quotes are available for 5 Star Program members and for Active Trader program members.
BMO InvestorLine also offers mobile trading via its mobile investing app. The mobile app is available on iPhone as well as on Android and Blackberry.BMO InvestorLine Brokerage Experience
BMO InvestorLine overall provides an ok experience through mobile although it is clunky, the main feature with BMO InvestorLine is the flat fee provided and perks provided for high profile traders.
Can I use BMO InvestorLine Brokerage to buy Bitcoins or other cryptocurrencies?
BMO InvestorLine does not exchange any sort of cryptocurrency. This means that BMO InvestorLine does not trade Bitcoin, Ethereum or any other forms of cryptocurrency in the market.
How does BMO InvestorLine Brokerage compare to other Brokerages?
Overall it seems BMO Investorline is well suited for high profile investors, however the poorly made app in conjunction with the restrictions to use the brokerage lists this as a below average brokerage to use even among big banks.
Who is BMO InvestorLine Brokerage Best For?
The minimum balance of $5000 makes BMO a platform intended for high profile traders, requiring 75+ trades to access advanced charting and real time data streaming or alternatively a portfolio of $2 million+ just to access the feature. This makes BMO suitable for active traders and high net users, with priority support to go with the steep requirements.
Does BMO InvestorLine Brokerage Have an app? Full review!
BMO InvestorLine currently does have an app for iPhone,
BMO InvestorLine also has an app for iPad. BMO InvestorLine also provides a mobile web browser interface if you don’t wish to install the app.
BMO InvestorLine currently does have an app for Android, Google, and Samsung.
Therefore, BMO InvestorLine fully supports mobile based trading.
What is BMO InvestorLine Brokerage Fees?
-
$9.95
per trade
Pay a low flat fee every time you trade online
-
$0.00
No minimum balance
on all account types
-
$0.00
No account fees
when you keep a balance of $15,000 or more
Source
What account types does BMO InvestorLine Brokerage offer?
Does BMO InvestorLine Brokerage have TFSA accounts?
BMO InvestorLine 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 BMO InvestorLine Brokerage have RRSP accounts?
BMO InvestorLine Brokerage offers RRSP accounts in only Canadian and not US Dollar. Is there a fee to use the RRSP accounts? No, there is no fee to use the RRSP accounts.
Does BMO InvestorLine Brokerage have RESP accounts?
BMO InvestorLine 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 BMO InvestorLine Brokerage have Cash accounts?
BMO InvestorLine 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.
Does BMO InvestorLine Brokerage have Margin accounts?
BMO InvestorLine Brokerage offers Margin accounts in both Canadian and US Dollar. Is there a fee to use the Margin accounts? No, there is no fee to use the Margin accounts.
How to switch to BMO InvestorLine Brokerage?
To transfer an account from another broker to BMO InvestorLine, simply complete an Authorization to Transfer Account form. You can call BMO InvestorLine and BMO InvestorLine will send you the form. This form is also a part of our Application Form that you can download online from our site. Once the completed transfer form is received at BMO InvestorLine, BMO InvestorLine will arrange the transfer of all designated securities and cash from the other firm. Please note that transfers can take from two to six weeks to process.
Source
How to switch from BMO InvestorLine Brokerage?
To switch from BMO InvestorLine 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.
