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Dale Jackson

Your Personal Investor


Another year, another leap forward for Canadian independent online brokerages.

The latest ranking of Canadian online discount brokerages by Surviscor finds bank-affiliated brokerages continue to slide when it comes to user satisfaction. Users were asked over 4,000 questions relating to nine categories and forty sub-categories focusing on areas including getting started on the website, usability, research tools, support and costs.         

Qtrade Investor took top spot for the second year in a row with a ninety per cent satisfaction rate. Questrade took second spot with a 79 per cent satisfaction rate. The big banks make their appearance in a tie for third between Scotia iTrade and BMO Investorline at 77 per cent.

RBC Direct Investing and TD Direct investing – once a pioneer in the online discount brokerage industry – came next. The laggard among the Big Six is CIBC Investor’s Edge in eleventh place with a 59 per cent satisfaction rate.   

On the upside, Surviscor says costs are becoming less of a concern. In 2017, ten per cent of users felt costs were an issue compared with twenty per cent in 2015.

On the downside: customers, who often have day jobs, were disappointed with brokerages who only offer full-services during regular business hours.

For a look at how your online brokerage measures up, here’s the ranking.

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