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Canadian Online Brokerage Review – Scotia iTrade

Home Community Scotia iTrade Customer Reviews Canadian Online Brokerage Review – Scotia iTrade

This topic contains 22 replies, has 2 voices, and was last updated by  Chris Holdroyd 2 weeks, 1 day ago.

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  • #16681 Reply

    Malcan

    Have been with Itrade since it took over my account with Etrade. Its Cash Optimizer Account which essentially is a daily interest savings account (ISA) currently pays only 0.25% compared to 0.75% at TDWaterhouse and CIBC Investor’s Edge. Further, Cash Optimizer Account is a separate account from the Trading account, so each month you will receive many pages of paper statements. And, if your portfolio is less than $10,000, there is a $25 account maintenance charge each quarter plus a commission of $24.95 per trade. Commission per trade goes down to $9.99 only if you make at least 30 trades per quarter or your account is over $50,000. As far as its trading platform goes, not much to say about it, works well but pretty basic.

    #9995 Reply

    Sparx_Admin
    Keymaster

    How much a client pays per trade at Scotia iTrade depends on either the total amount of assets across all iTrade accounts and/or the trading frequency[See the full post at: https://www.sparxtrading.com/canadian-online-brokerage-review-scotia-itrade/]

    • This topic was modified 5 years, 5 months ago by  Ken Y.
    #10185 Reply

    Vincent

    Hi, I’m doing stock investment since 3 years with Disnat. I didn’t like Disnat for some reasons (I’m working at Desjardins so I know that everybody at work almost don’t even know what is Disnat). Since 2 weeks I’m looking at reviews and I’m asking people about their opinion on which platform would be appropriate for me. I had 4 choices, Questrade, Qtrade, TD Waterhouse and Scotia iTrade.

    I chose iTrade because their analysis tools were good enough for me and I found their new platform very nice. I chose iTrade because I’m an entrepreneur so I though it would be easier to bring all my accounts at the same place (personal account, business account and trading account) instead of having one at Desjardins, one at TD and one with iTrade.

    It’s been 3 weeks that I have sent all the papers. I opened my account on the phone with M. Parent who was really giving a good service until I had completed everything… At first when I received the papers that I needed to sign, there was a mistake with my home adress (Guess what? If the adress is not good I won’t receive any papers) so I called M. Parent 20 minutes after I received my papers by email and guess what? No answers. I sent email to iTrade to tell them about the mistake, it took 4 days to have an answer.

    M. Parent told me when I called the first time that my cash account will be open in 24-48 hours but it will take 2 to 4 weeks for my TFSA (which is almost the same for every companies). Then a week later when I could access my money in my Desjardins account (took 4 days to transfer from Disnat because of the weekend) I received my Scotia card to access my account.

    This is where the funny part begins… I received an email saying that they have received all the necessary documents so I called at Scotia iTrade to ask them about what is the fastest way to transfer money from Desjardins to them. They said that it is with the function paying bills so I went on my AccesD and add Scotia iTrade bills and pay only 10 000$ to make sure that if there is a problem I will still have access to the rest of my money. I paid the bill on May 27th. On friday, there was still no money in my account so I decided to call Scotia iTrade and at the same time I received an email saying that my TFSA transfer is completed and I can start using it.

    When I called they told me that my cash account is not open and I need to send them another copy of my ID. I mean, i get the point of all the security procedure, I just don’t get how they identify me for my TFSA and opened it but they don’t know if it’s really me for my cash account… So I asked them what do I have to do? They said: “go to a Scotia Bank and tell them they have to fax us a photocopy of your ID”. I drove an hour to go to the closest Scotia Bank, when I arrived there and told them about the identification process they could not understand. The woman was really not competent and I had to tell her: “Hey, maybe if you don’t understand what they want, you should call them? Right?”. So she was mad and called them, they told her what she had to do, it was so simple. She didn’t fax right away because they were closing.

    I called this morning to know if my account is now open (I had to call because M. Parent who told me on friday that he would call me back on Monday didn’t call me) and they haven’t received the photocopy of my ID !!!!! So my account is still not open.

    The other nicest part is that my 10 000$ is lost, neither Desjardins nor iTrade know where is my money. Desjardins said that Scotia iTrade might send it back in my account and the woman at iTrade could not reach the “Director of the transfer department”. So now I’m stuck, I can’t do any trading, I don’t know where is my money, it will take Desjardins 2 to 4 weeks to find where it is and to cancel it, and it will cost me 10$.

    I have 3 questions for them about customer services?
    1- Why Mikhael Parent didn’t tell me the first time on the phone, “Hey, if you want to make sure that there is no problem because you are leaving to travel for the next 3 months, just go straight to a Scotia Bank so they will identify you and you can even give them all the papers so you will be sure that we will received them”. I think it’s a pretty decent simple hint.

    2- Why are they sending email to confirm when it is approved but not when it is not approved?

    3- Why did I received an email saying that my cash account is temporarily approved and you can start funding it today?

    The most interesting part is that now the only thing I can do is waiting and if I want to switch to another broker it might take another 2 to 3 weeks to open the account so I will have lose 2 months of active trading investment because of Scotia iTrade.

    I know now how it works when it has separate entity (Disnat – Desjardins / Scotiabank – Scotia iTrade), when there is a problem Disnat send you like a ping-pong ball to Desjardins and Desjardins just have to say: “Disnat is a separate company so we don’t know…” It happened when I opened my account with Disnat and it just happened with iTrade.

    Last thing about iTrade and their customer services, I have called maybe 7 times and every time the person on the phone told me: “Can you wait a minute I will go ask whatever person?”. So I have wait every time between 4 and 10 minutes before having an answer…

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