Like the other big banks in Canada, Scotiabank offers an online investment platform for people who are interested in doing their own self-directed investing. And while it has high per transaction fees and quarterly “low activity” charges, it does have a few things going for it.
If you’re just dipping your toes into the investment waters, you can set up a practice account and learn the tools of the trade without risking any money. Scotia also offers an array of free tools and investing resources, as well as some special offers for young investors, newcomers to Canada, and more. Let’s take a closer look at what they have to offer.
Scotia iTRADE features
Here’s a quick overview of what you can expect with Scotia iTRADE.
Why You Want It
Get a free practice account + commission free ETFs.
Special Features
- Practice accounts
- iTRADE iClub memberships
Provinces
ALL
Features
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- US dollar registered accounts
- Cash
- Margin
- Non-personal accounts
- FHSA
- LIF
- LRSP
- LIRA
- RLIF
Types Of Investments
- Stocks
- ETFs
- Mutual Funds
- Bonds
- New Issues
- GICs
- Options
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$4.99
Maximum Stock Fee
$9.99
Minimum ETF Fee
$0
Maximum ETF Fee
$9.99
Active Trader Stock Fee Per Trade
$4.99
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
N/A
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
N/A
Inactivity Fee Amount
$25
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Terms
* Refers to Scotia iTRADE's brokerage commission for online trade execution only. Does not take into account fees, charges, expenses or commissions imposed by the fund companies, all of which can be associated with ETF investments. You should carefully consider the fund's investment objectives, risks, fees, charges, expenses and commissions before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before investing. Funds are not guaranteed, their values change frequently and past performance may not be repeated. In order to qualify for our ""commission-free ETFs"" offer (""Eligible ETFs"") trades of Eligible ETFs must be placed online or by phone via Teletrader. You will be charged our regular equity commission depending on the pricing tier for which you qualify (see online fee schedule) on the sale of any Eligible ETFs held for less than 1 business day. Add $65.00 for telephone representative-assisted trades. Scotia iTRADE reserves the right to modify or cancel this offer at any time without notice.
** Conditions apply. For full details visit: www.scotiaitrade.com/waystosave
*** To qualify for commissions of $4.99 flat per Canadian or US equities trade and $4.99 + $1.25/contract for each options trade, you must, during the immediately preceding calendar quarter, execute at least 150 commission-generating equity or options trades. Accounts with less than 150 commission-generating trades within a calendar quarter will qualify for commissions of $9.99 flat per Canadian or US equities trade and $9.99 + $1.25/contract for each options trade. Commission-generating trades are buys and sells of: Equities, Options, Mutual Funds subject to commissions and Fixed Income instruments. Buys and Sells of GICs, ETFs which do not generate a commission, Canada Savings Bonds and Provincial Savings Bonds are examples of trades that are not commission-generating. You must re-qualify each calendar quarter. New qualification status will be effective on the second business day of the calendar quarter. Fees for US transactions are charged in US dollars.
Scotia iTRADE rating: 3.0 stars
We’ve given Scotia iTRADE 3.0 out of a possible 5.0 stars. It loses points for its relatively high per transaction fees, which can really add up fast and cut into your profits. It also has a quarterly “low activity” fee, but that can be waived in certain circumstances.
It gains points for having practice accounts for learning the ropes, and for having special offers for young investors and newcomers to Canada. It also provides a good variety of free tools, investment research, and the iTRADE iClub program.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotia iTRADE
Scotia iTRADE does have a few points in its favour.
Pros
Practice accounts for learning
If you’re brand new to the world of self-directed investing, it can be incredibly intimidating to open an account and start learning the ropes while risking your own money. Scotia iTRADE eliminates this problem by offering practice accounts where you can learn the tools and act as if you are investing, with an account worth up to $100,000 (in pretend money, of course).
Ways To Save Offer
The new Ways To Save offer nets you commission free ETFs and other ways to save*. You also get up to 20 free stock and ETF trades when you open a Scotia iTRADE and an eligible Scotiabank account**.
No minimum investment
You don’t have to make a minimum investment to get started with Scotia iTRADE, which takes some of the intimidation factor away and makes this more friendly for new investors. With that being said, there is a Low Activity Account Administration Fee to which Scotia recommends you keep a balance of $10,000 to avoid.
A variety of investment research, tools, and support
Scotia iTRADE offers free research on both Canadian and U.S. markets through their “Analyst Research Centre.” They also have an array of tools to help you research events, track various technical indicators, and monitor price movements over time. And, of course, you can call or email them to get support if you need it.
The cons of Scotia iTRADE
Unfortunately, it’s not all wine and roses.
Cons
High per transaction fees
With a base cost of $9.99 per transaction, your fees could add up fast and start eating into your potential profits. There’s a discounted fee for active traders, but those fees are still going to be significant considering you have to make 150 trades per quarter to qualify.
Quarterly “low activity” fees
While it can be waived in certain circumstances, there’s a $25 fee charged per quarter if your account isn’t active enough. This is a commonplace fee for the big banks, but it often isn’t charged by smaller, less traditional investment platforms.
Support is only available by phone or email, no live chat
It’s a little thing, but having access to live chat support is almost expected these days. Scotia iTRADE doesn’t offer this, however, and you can only reach their support people through phone or email (or by postal mail or fax, but really).
No options to automate some activities
Like many self-directed investing platforms, Scotia iTRADE doesn’t offer any ways to automate things like tax-loss harvesting or portfolio rebalancing. Some do, however, like Wealthsimple. If you would like a more set-and-forget service for these sorts of things, you’ll want to look elsewhere.
Scotia iTRADE alternatives
Not sure if Scotia iTRADE is for you? Let’s see how it stacks up compared to some alternatives.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotia iTRADE | CIBC Investor's Edge | Qtrade | RBC Direct Investing |
| Genius Rating | ||||
| Why You Want It | Get a free practice account + commission free ETFs. | Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |  $80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0 | No minimum investment required to start trading |
| Types Of Accounts |
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| Types Of Investments |
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|
|
|
| Minimum Investment | $0 | $0 | $0 | $0 |
| Email Support | | | | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more Scotiabank products Compare | Open an account See more CIBC products Compare | I Want This Deal See more Qtrade products Compare | Learn More See more RBC products Compare |
Scotia iTRADE FAQ
Is there a practice account available on Scotia iTRADE?
There is. You can dive in and learn the ropes, building your skills and confidence without having to risk any of your own money. This is relatively rare at the moment, and is a great feature for new investors.
What is the base fee charged per trade on Scotia iTRADE?
The base per transaction fee is $9.99, which is reduced to $4.99 for active traders. There are definitely less expensive options available, particularly if you plan to make lots of small trades rather than just a few larger trades over the course of a year.
Why are there so many low user ratings for Scotia iTRADE?
Unfortunately, there have been many 1-star reviews left by this product's users, most of which are due to poor customer service experiences. It's difficult for us to measure and track this metric, though, so it hasn't been added to the methodology for our Genius Rating.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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