Review Score: C+
CIBC Investor’s edge has done much to keep up with their big bank peers to stay relevant as a discount stock broker in Canada. This review will explain why we think they are a decent choice, but also why we think most investors would be better going with a different broker.
Opening an account is fairly easy, but not as easy as some brokerages.
Their standard fees are in line with the big banks and similar to most other discount brokers. This is a common theme today as the banks seem to be trying to be more competitive. Their fees range from comparable to quite a bit higher when compared to non-big bank discount brokers.
- Stock Commission $6.95
- Active traders with over 150 trades per quarter pay $4.95 per trade
- $10,000 balance required for no annual fees ($25,000 inside RRSPs). $100/yr maintenance fee if you can’t carry the required balance
- Options trade for $6.95 + $1.25 per option contract
Features, Support and Tools
They have many of the standard features, but they don’t really excel in most areas. They seem to have done little to innovate
- RRSPs and RESPs are available
- TFSA trading accounts are available
- You can pool household assets and use them to count towards the total investment space. Which is interesting
- Perhaps the biggest positive. They seems to have a wealth of research tools available
- They have a smartphone app that seems up to date and easy to use, so that’s a positive for investors on the go.
Two big negatives for some investors:
- USD balances aren’t allowed
- and ETF trading is never free
Comparable to other big bank brokers, but nothing to write home about. Like their peers, their fees are much lower than they used to be (they used to be $30/trade!), but they don’t seem to do much to innovate. They’re just playing catch-up with the other brokers. Our opinion: look elsewhere unless you already have a relationship with CIBC that you value.