Investing

CIBC IE vs BMO Investorline

  • Last Updated:
  • Jan 11th, 2018 9:20 pm
Banned
Nov 1, 2013
304 posts
42 upvotes

CIBC IE vs BMO Investorline

I have used IL quite frequently but am getting a much money transfer better deal @ CIBC IE ($400 cash back vs 200). Also the ongoing trading cost is 30% lower at CIBC.
However I am not sure how good or silly IE is. Has anyone used both and can please let me know if it is worthwhile to shift to CIBC IE from BMO IL for saving $600-700 a year on trading costs?
21 replies
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
I'd like to know as well. $400 for transferring 100k+ isn't bad. Does CIBC IE have separate CAD/USD accounts for registered accounts?

One thing I read in terms and conditions is that you are responsible for paying transfer out fees to your existing brokerage which takes away from the promotion a little bit but not bad if you are looking to transfer to CIBC IE anyways.
-
Sr. Member
May 18, 2017
597 posts
559 upvotes
Toronto, Ontario
I spoke with the rep the other day. They will cover all transfer fees if accounts are more than 25k each.
Deal Addict
Jan 27, 2016
1502 posts
905 upvotes
Edmonton
I do a decent amount of trading as you can see in the small cap posts we started, IE is fine.

If you do basic buy and sells....it's great and cheap.

Now if your more sophisticated and are buying options and shorting, than I'm not sure
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
whatyoulookinatbud wrote: I spoke with the rep the other day. They will cover all transfer fees if accounts are more than 25k each.
From their terms and conditions:
c. The Transfer-In Date must be between November 1, 2017 and May 1, 2018 to be eligible for the Offer, and subsequent deposits initiated after March 1, 2018 are not eligible for the Offer.CIBC Investor’s Edge is not responsible for transfers that are not initiated, received or completed by these dates due to technical problems or malfunctions. You are solely responsible for the payment of any fees, penalties, charges or other amounts associated with the transfer of Transferred Assets to Account(s).
-
Sr. Member
May 18, 2017
597 posts
559 upvotes
Toronto, Ontario
ksgill wrote: From their terms and conditions:
Yes, hence why i said I spoke to a rep. So YMMV. He clearly stated they will cover my transfer fees.
Sr. Member
Feb 17, 2012
660 posts
131 upvotes
Toronto
You guys are considering moving banks just for $400? Jeez....

Anyways I use investorline in my non registered account. Personally I think it's the best trading platform I have used.
Deal Addict
Jan 27, 2016
1502 posts
905 upvotes
Edmonton
I personally wouldn't for $400.

I've been with cibc since day 1, $4.95 a trade I am happy
Frank2029 wrote: You guys are considering moving banks just for $400? Jeez....

Anyways I use investorline in my non registered account. Personally I think it's the best trading platform I have used.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
whatyoulookinatbud wrote: Yes, hence why i said I spoke to a rep. So YMMV. He clearly stated they will cover my transfer fees.
Terms and conditions usually supersede what the reps tell you but I will call and ask.
Frank2029 wrote: You guys are considering moving banks just for $400? Jeez....

Anyways I use investorline in my non registered account. Personally I think it's the best trading platform I have used.
I'd move banks for $100, what's the downside, 30 mins of your time?
-
Deal Addict
Jan 27, 2016
1502 posts
905 upvotes
Edmonton
how many days can't you trade though, while waiting for the transfer..to each their own
ksgill wrote: Terms and conditions usually supersede what the reps tell you but I will call and ask.



I'd move banks for $100, what's the downside, 30 mins of your time?
Banned
Oct 17, 2015
306 posts
56 upvotes
Toronto, ON
Frank2029 wrote: You guys are considering moving banks just for $400? Jeez....

Anyways I use investorline in my non registered account. Personally I think it's the best trading platform I have used.
400 bucks plus 3 bucks every time you trade
Can easily cross $1000 in savings in 1 year
.
Sr. Member
Feb 17, 2012
660 posts
131 upvotes
Toronto
AdsJoint wrote: 400 bucks plus 3 bucks every time you trade
Can easily cross $1000 in savings in 1 year
.

if you have a shit trading platform it really doesnt matter how much you save. Look at questrade. Brutal. BMO may cost $10 a trade but there is a great deal of information on there that will most likely help you make more money. Not to mention you get a nice package at the end of the year that helps you with your ACB. My day trading days are over. in 2016 i tripled my investment over 176 trades.
Sr. Member
Feb 17, 2012
660 posts
131 upvotes
Toronto
ksgill wrote: Terms and conditions usually supersede what the reps tell you but I will call and ask.



I'd move banks for $100, what's the downside, 30 mins of your time?
Ha! 30 minutes maybe but a headache if it doesnt work out. No thanks.
Banned
Nov 1, 2013
304 posts
42 upvotes
ksgill wrote: Does CIBC IE have separate CAD/USD accounts for registered accounts?
They do allow holding US dollar or USD denominated stocks
Banned
Nov 1, 2013
304 posts
42 upvotes
Frank2029 wrote: You guys are considering moving banks just for $400? Jeez....

Anyways I use investorline in my non registered account. Personally I think it's the best trading platform I have used.
I am not moving accounts, I am transferring 100K+ from another account. naturally I will still have access to IL. And I want to take the money where I get best deal. I average about 200 trades a year, @ $3 a trade that totals a saving of $600 at least. Something BMO should have kept in mind but they keep on offering this preferential rate of $6.95 to some while denying that it even exists.
And just for the record I also moved an equally large chunk over to TD DI.
If I end up liking either TD or CIBC I will empty out IL later this year.
Sr. Member
User avatar
Mar 27, 2012
852 posts
158 upvotes
Baffin Island, NU
Louking wrote: I am not moving accounts, I am transferring 100K+ from another account. naturally I will still have access to IL. And I want to take the money where I get best deal. I average about 200 trades a year, @ $3 a trade that totals a saving of $600 at least. Something BMO should have kept in mind but they keep on offering this preferential rate of $6.95 to some while denying that it even exists.
And just for the record I also moved an equally large chunk over to TD DI.
If I end up liking either TD or CIBC I will empty out IL later this year.
Did you just recently moved to TD DI? if so good luck with them.

I've been a 4 yrs customer with them and I had to moved my account recently (Jan 18/17) to CIBC IE due to the 3 days (Dec 29, Jan 2, & Jan 4) platform outage problem. Plus it's hard to ignore the 30% savings that CIBC is charging.
loopy1984 wrote: how many days can't you trade though, while waiting for the transfer..to each their own
I was told by CIBC Reps that it usually take 3-7 business days before everything settle and to not do a trade once they start the process.

Edit: I forgot to mention that I only do regular stocks buy and sell stuff (nothing fancy)
Last edited by dealbreak3r on Jan 10th, 2018 5:11 pm, edited 2 times in total.
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
Dont' pick a brokerage based on how much money incentive they are offering. That's a simple trick.

I have CIBC IE and for basic buy and sell of stocks, its okay, but its execution is SLOW. Options are okay if you do basic stuff, but if you wanna sell a put/call, you have to phone in and be on hold for 5-10min. that's stupid. price changes already.

Also, CIBC doesn't have certain types of stops. And stops require a trigger price and another target price. meaning, it will trigger, then WAIT for that price to hit to get you out of a losing trade. which is useless to getting you out.

I also have Questrade, and compared to CIBC, its wAY better. Faster and no need to phone in. Its not the best, but for beginner traders, its best. No monthly admin fee if you have $5000 (i think).

I also have TD Think or Swim, which I do my fancy options stuff. That's for serious traders.

I don't have BMO, so cannot comment
Deal Addict
Aug 6, 2004
1951 posts
711 upvotes
I transferred my BMO Investorline accounts a few years ago (greater than $25k) and CIBC refunded the full transfer charges for each of my RRSP and TFSA accounts.

You need to wait until the charges appear in your account and then a quick call to their support desk and it was done. I suppose you could also contact your advisor to do it though.

I’m not a sophisticated investor but I haven’t really noticed any big disadvantage of IE vs BMO, once I got used to the different interface. BMOs May be a little more slick and user friendly but I find both to be identically functional with CIBC having a slight edge in terms of info presented.

Edit: I recall now that o had to fax evidence of the actual charge from my IE statement, no biggie though
Last edited by bobor on Jan 10th, 2018 8:09 pm, edited 1 time in total.
Deal Fanatic
Jun 3, 2009
5735 posts
1585 upvotes
Montreal
rfdrfd wrote: Dont' pick a brokerage based on how much money incentive they are offering. That's a simple trick.

I have CIBC IE and for basic buy and sell of stocks, its okay, but its execution is SLOW. Options are okay if you do basic stuff, but if you wanna sell a put/call, you have to phone in and be on hold for 5-10min. that's stupid. price changes already.

Also, CIBC doesn't have certain types of stops. And stops require a trigger price and another target price. meaning, it will trigger, then WAIT for that price to hit to get you out of a losing trade. which is useless to getting you out.

I also have Questrade, and compared to CIBC, its wAY better. Faster and no need to phone in. Its not the best, but for beginner traders, its best. No monthly admin fee if you have $5000 (i think).

I also have TD Think or Swim, which I do my fancy options stuff. That's for serious traders.

I don't have BMO, so cannot comment
How is the execution slow for regular equity trades? Please elaborate as I am thinking of transferring to CIBC. Thanks.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
cn_habs wrote: How is the execution slow for regular equity trades? Please elaborate as I am thinking of transferring to CIBC. Thanks.
That poster needs to upgrade his/her computer or internet connection. Unless he/she owns a bank/investment house and we are talking about high-frequency trading, this is the first I have heard of "slow execution". :lol:

I have been with TD, RBC, Questrade and BMO Investorline and I found no difference in the speed of trade execution.
-

Top