MoneySense/Surviscor Best Online Brokerages 2018

The sixth annual MoneySense survey of Canada’s one line brokerages (aka discount brokers) is now available. Written this year by me with Glenn LaCoste, CEO of Oakville, Ont.-based Surviscor Inc., you can find the full piece by clicking on the highlighted headline: Canada’s Best Online Brokers 2018.

Qtrade Investor once again narrowly edged out Questrade as the top firm overall:

Best Overall:

Qtrade Investor – 22 pts
Questrade – 21 pts
iTRADE – 14 pts
BMO InvestorLine – 14 pts

12 firms were included, ranging from the many bank-owned discount brokerages to the still-independent Questrade. The report also looks at various categories, including Mobile, ETFs, Design & User Experience, and Fees & Service.

As you go through the separate categories you’ll see both firms often place in the top three spots: five for Qtrade and four for Questrade this time around. Qtrade was first in two categories, second in another two, and third in one; while Questrade was first in one category, second in two categories and third in one.

Methodology

The survey methodology is based on MoneySense-specific categories based on Surviscor’s latest mobile and online reviews. There are seven main categories reviewed, with 43 separate criteria, with industry rankings in each based on Surviscor data. Customer service data was logged between April 2017 and March 2018, a total of 169 records.

The MoneySense results are based on a 5-point rating system that awards 5 points to the first-place finisher in a category, 4 points for second, 3 points for third, 2 points for fourth, and 1 point for fifth place.

Best Online Brokerages for ETFs:

National Bank Direct Brokerage – 17 pts
Qtrade Investor – 16 pts
BMO InvestorLine – 13 pts

Initial Impression:

Questrade – 13 pts
iTRADE – 9 pts
TD Direct investing – 9 pt

User Experience:

Qtrade Investor – 40 pts
Scotia iTRADE – 31 pts
BMO InvestorLine – 30 pts

Fees & Commissions:

HSBC InvestDirect – 10 pts
Questrade – 10 pts
CIBC – 7 pts

Service Interaction:

Qtrade Investor – 8 pts
RBC Direct investing – 7 pts
Questrade – 6 pts

Mobile Accessibility:

BMO InvestorLine – 26 pts
Questrade – 14 pts
Qtrade Investor – 10 pts

Market Data:

TD Direct Investing – 20 pts
Qtrade Investor – 17 pts
RBC Direct Investing – 9 pts

You can find detailed reviews of each of the 12 firms on the Surviscor site: just click on the highlighted firm’s name. (This list is presented in alphabetical order):