Investing

Is CIBC Investor's Edge the Best Deal for us?

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  • Oct 28th, 2021 3:27 pm
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Sr. Member
Feb 21, 2010
886 posts
261 upvotes
Scarborough
did anyone get their year end report on CIBC investors Edge. They have been extensively advertising it will be released on Jan 13th, and today when I called help desk, the guy had no clue about it. I cannot find it online.
Jr. Member
User avatar
Jan 15, 2005
181 posts
23 upvotes
London, Ontario
Today when you sign on it indicates the statements will be available January 16, 2017.
Deal Fanatic
Jun 3, 2009
5374 posts
1241 upvotes
Montreal
hughjarce wrote: Today when you sign on it indicates the statements will be available January 16, 2017.
What's the requirement for having real time and level 2 quotes? Back in 2014, its website seemed so obsolete and there was no way to plot graphs in real time.
Deal Addict
Sep 10, 2004
1107 posts
105 upvotes
MehtabS wrote: That fee is for rrsp account which OP is looking for and it is $12.5 every quarter at IB. It's called maintenance fee (not sure why they named it like that and what they are trying to "maintain") and it is unavoidable. Every year 50 bucks gone from your profits.
https://www.interactivebrokers.ca/en/index.php?f=11792
That's horrible to open a RRSP account with IB. Most people here are not frequent traders.
Sr. Member
Feb 21, 2010
886 posts
261 upvotes
Scarborough
investor's edge telephone support is getting pathetic. Wait times are just too long. Online chat for help does not always work and support is limited, so you are forced to call in for any "real" issue
Deal Addict
User avatar
Aug 7, 2010
1080 posts
442 upvotes
romeocanada wrote: investor's edge telephone support is getting pathetic. Wait times are just too long. Online chat for help does not always work and support is limited, so you are forced to call in for any "real" issue
May be time to change brokers Winking Face
Newbie
Oct 9, 2008
78 posts
1 upvote
Sorry to hijack this thread - but I received an email from CIBC Investors Edge today:

Much anticipated by many of you, U.S. dollar RRSPs (Registered Retirement Savings Plans) will be available soon. You’ll be able to hold U.S. dollars, along with six additional foreign currencies, giving you even greater control over your investments. This feature will be available for most registered accounts, including Tax-Free Savings Accounts (TFSAs) and Registered Retirement Income Funds (RRIFs). Watch our website for details.

I am excited saving money on the trading fees $6.95. But what do they mean by, you will be able to hold....along with six additional foreign currencies

Thanks
Deal Addict
User avatar
Aug 1, 2007
1452 posts
229 upvotes
Lena100 wrote: Sorry to hijack this thread - but I received an email from CIBC Investors Edge today:

Much anticipated by many of you, U.S. dollar RRSPs (Registered Retirement Savings Plans) will be available soon. You’ll be able to hold U.S. dollars, along with six additional foreign currencies, giving you even greater control over your investments. This feature will be available for most registered accounts, including Tax-Free Savings Accounts (TFSAs) and Registered Retirement Income Funds (RRIFs). Watch our website for details.

I am excited saving money on the trading fees $6.95. But what do they mean by, you will be able to hold....along with six additional foreign currencies

Thanks
Right now you only get a CAD account so foreign purchases/sales get automatically converted each transaction. With USD or other currency account, you can let the trades settle in their trading currency so you don't get dinged with high FX charges each time.
Newbie
May 9, 2016
69 posts
28 upvotes
cmackie wrote: Right now you only get a CAD account so foreign purchases/sales get automatically converted each transaction. With USD or other currency account, you can let the trades settle in their trading currency so you don't get dinged with high FX charges each time.
Also, note that this applies to registered accounts only. Non-registered accounts can already hold US Cash.
Sr. Member
Nov 22, 2010
756 posts
167 upvotes
Toronto
As posted on their site:

"U.S. dollar registered accounts* are here

You can now hold U.S. dollars and six other foreign currencies in your RRSP, TFSA, RRIF and other registered accounts.

*Excluding RESPs"
Newbie
Feb 15, 2017
2 posts
yes it is. questrade too much ECNm, plus personally i find it easier to deal with people at the local branch 10 mins way than **** around on the phone
Deal Addict
Jan 3, 2007
1146 posts
572 upvotes
Toronto
Can someone explain to me what the problem with CIBC is? I just make about maybe 10 trades/quarter, and I just want to be able to go online, get a live quote, and sell or buy.

Don't need research/reports/phone support, fancy charts, options....

I'm with questrade right now, and my trades are consistently more than $7 in commission. I hate this company so much I want to switch. I'm considering RBC and CIBC.

I know RBC is better, but for my particular needs, do I need RBC at $10/trade, or should I save money with CIBC at $7/trade?
Deal Fanatic
Dec 6, 2006
5408 posts
1657 upvotes
Toronto
mawzi wrote: Can someone explain to me what the problem with CIBC is? I just make about maybe 10 trades/quarter, and I just want to be able to go online, get a live quote, and sell or buy.

Don't need research/reports/phone support, fancy charts, options....
Nothing wrong with CIBC, esp with what your need.

But yes, with CIBC you definitely aren't getting much of those bold-ed ones. Well phone support is ok with my limited experience.

I opened accounts with Questrade but hasn't gotten a single trade through it.
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
mawzi wrote: Can someone explain to me what the problem with CIBC is? I just make about maybe 10 trades/quarter, and I just want to be able to go online, get a live quote, and sell or buy.

Don't need research/reports/phone support, fancy charts, options....

I'm with questrade right now, and my trades are consistently more than $7 in commission. I hate this company so much I want to switch. I'm considering RBC and CIBC.

I know RBC is better, but for my particular needs, do I need RBC at $10/trade, or should I save money with CIBC at $7/trade?
Hi mawzi,

We want to help. What seems to be the problem?
Jr. Member
Jul 12, 2015
125 posts
16 upvotes
TO
mawzi wrote: Can someone explain to me what the problem with CIBC is? I just make about maybe 10 trades/quarter, and I just want to be able to go online, get a live quote, and sell or buy.

Don't need research/reports/phone support, fancy charts, options....

I'm with questrade right now, and my trades are consistently more than $7 in commission. I hate this company so much I want to switch. I'm considering RBC and CIBC.

I know RBC is better, but for my particular needs, do I need RBC at $10/trade, or should I save money with CIBC at $7/trade?
I do what you do, trade a few times occasionally, don't need the fancy stuff. I have both an IE account and a Questrade account. I opened up the Questrade account to hold my ETFs. I don't have experience withdrawing from either services.
Deal Addict
Jan 3, 2007
1146 posts
572 upvotes
Toronto
I just noticed in their fee schedule:

(Cash) Transfers to other institutions (electronic) $25

I guess I'll have to open a bank account with them if I want to avoid paying $25 everytime I withdraw money?
Deal Addict
Jan 3, 2007
1146 posts
572 upvotes
Toronto
Purplenim wrote: I do what you do, trade a few times occasionally, don't need the fancy stuff. I have both an IE account and a Questrade account. I opened up the Questrade account to hold my ETFs. I don't have experience withdrawing from either services.
Do you like IE though? Any complaints?
Deal Addict
Jan 3, 2007
1146 posts
572 upvotes
Toronto
boyohboy wrote: I opened accounts with Questrade but hasn't gotten a single trade through it.
Make sure you check the commission in the preview before you submit the trade. You might be paying a lot more than the $9.95 max they advertise.
Deal Fanatic
Dec 6, 2006
5408 posts
1657 upvotes
Toronto
mawzi wrote: Make sure you check the commission in the preview before you submit the trade. You might be paying a lot more than the $9.95 max they advertise.
Don't think I'll end up using Questrade at all. My original intention was to buy ETF, which is free in Questrade and obviously a big advantage. But I've decided not going with ETF and will mostly be buying individual stocks instead. So I don't see a need to use Questrade, when CIBC IE is $6.95 flat without having to pay attention to the fee on each trade.
Member
Dec 16, 2013
405 posts
70 upvotes
Vaughan
For most people's needs cibc is fine. $4.95 per trade I pay and the only thing I hate about them is 1. Won't give me Level 2 depth bc I don't trade enough 2. When I buy stocks on the Canadian exhange I have to call in any bids that go to the 3rd decimal.

Other than that they are fine

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