Personal Investor: Mobile brokerage newbie takes top spot in ranking
The latest ranking of online mobile brokerages shows smaller brokerages continue to give the big banks a run for their money. For the first time, three of the top four rankings are held by independent firms.
According to the 2018 Surviscor Canadian Mobile Brokerage Review, Interactive Brokers takes top spot in its first year in the ranking by a long shot.
“What they have is a seamless online-to-mobile transitional experience and clear combined experience no matter what device is used,” the Review concludes.
Interactive Brokers scored 94 per cent, unseating Questrade from the top spot with a 64 per cent ranking.
BMO Investorline also moves down one position with a 57 per cent ranking. The Bank of Montreal brokerage dropped from 76 per cent last year due to the dominance of Interactive Brokers.
Qtrade Investor took fourth spot with a 48 per cent ranking.
The Surviscor Review is a simulated usage study in conjunction with the brokerages themselves that uses criterion including a user’s overall experience, account management, support, analytical tools and fees.
Here’s how they rank.
Surviscor points out that overall, there is room for improvement in Canada’s mobile banking industry. The review found brokerages are not moving forward as quickly as mobile banking in general – mostly due to slow rollouts by the big banks.
The Review expects more brokerages to provide robo-advisor platforms in future reviews.