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

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  • Oct 28th, 2021 3:27 pm
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Deal Fanatic
Jun 3, 2009
5312 posts
1196 upvotes
Montreal
I heard that National Bank is about to disrupt the discount brokerage industry again in a few months. 6.95 will no longer seem competitive then.
Sr. Member
Aug 16, 2015
919 posts
356 upvotes
cn_habs wrote: I heard that National Bank is about to disrupt the discount brokerage industry again in a few months. 6.95 will no longer seem competitive then.
I will switch then. I already dumped RBC for CIBC. commission fees are everything. what is national bank offering?
Sr. Member
Feb 13, 2008
636 posts
319 upvotes
Edmonton, AB
I like RBC. I have been with them for twenty years. I am not too happy about the fees so I asked them for a reduction and they agreed to give me free trading in my TFSA for one year.
Deal Addict
Apr 27, 2015
2469 posts
1053 upvotes
Shaun80 wrote: Do you support journaling a security from cdn to usd ie norberts gambit free of charge? Also are usd ETF free to purchase?. Do you support usd accounts seperate from cdn dollar account for RRSP and TFSA? If you do not have a usd account option then when you sell a US security does it settle in Canadian dollars and do you charge an fx fee when it settles ? Can you avoid this ? Do you need a minimum balance to avoid account or inactivity fees if you do not conduct many trades ?
I switched from TDW to CIBC IE 7+ years ago and I'm happy :)
You can switch interlisted stocks from USD to CDN (and vice versa) side for free .... just call in and next day it will be done ... USD and CDN portions are completely separated (include DRIPs)for all accounts include RRIF...
USD account option is populated automatically .... for example I don't have USD securities on TFSAs, but still CIBC created for me USD side with $0 balance... if for example I move CNQ to US side and sell it, all proceeds will go to USD side without FX rates.
There is no inactivity fees. If you trade more often, you can get 4.95 per trade.
They don;t offer free ETFs trading , but from time to time they give special promos when you can trade all ETFs for free for 3 months ... AFAIR during last 7 years it happened 3 times.... great time to adjust your ETFs :)

P.S. if you have close to 1M in all CIBC accounts, you will get Premium Edge.... dedicated IE trader with whom you work directly and free Level 2 quotes. I have it and I like it
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Deal Fanatic
Jun 3, 2009
5312 posts
1196 upvotes
Montreal
kilburn305 wrote: I will switch then. I already dumped RBC for CIBC. commission fees are everything. what is national bank offering?
I heard directly from employees there that the upcoming fee schedule will be lower than every other broker out there with amazing fixed commisisons for hyperactive traders.
Sr. Member
Oct 21, 2016
944 posts
717 upvotes
gibor365365 wrote: I switched from TDW to CIBC IE 7+ years ago and I'm happy :)
You can switch interlisted stocks from USD to CDN (and vice versa) side for free .... just call in and next day it will be done ... USD and CDN portions are completely separated (include DRIPs)for all accounts include RRIF...
USD account option is populated automatically .... for example I don't have USD securities on TFSAs, but still CIBC created for me USD side with $0 balance... if for example I move CNQ to US side and sell it, all proceeds will go to USD side without FX rates.
There is no inactivity fees. If you trade more often, you can get 4.95 per trade.
They don;t offer free ETFs trading , but from time to time they give special promos when you can trade all ETFs for free for 3 months ... AFAIR during last 7 years it happened 3 times.... great time to adjust your ETFs :)

P.S. if you have close to 1M in all CIBC accounts, you will get Premium Edge.... dedicated IE trader with whom you work directly and free Level 2 quotes. I have it and I like it
Sounds better then tddi the 7 dollar vs 10 dollar trading fee is a great advantage over time. How is the interface for CIBC the one thing about tddi the interface is great and moving money between accounts is instant and seamless. Also journaling can be done online through the tddi portal without a phone call and it usually settles in 1 business day for me.
Deal Addict
Apr 27, 2015
2469 posts
1053 upvotes
Shaun80 wrote: Sounds better then tddi the 7 dollar vs 10 dollar trading fee is a great advantage over time. How is the interface for CIBC the one thing about tddi the interface is great and moving money between accounts is instant and seamless. Also journaling can be done online through the tddi portal without a phone call and it usually settles in 1 business day for me.
Comparing to TDW , IE interface is superior.... idk about now, but 7 years ago TDW interface was a disaster , was pleasantly surprised when moved all accounts to CIBC IE. In CIBC if you want to move stock from US to CDN or vice versa you still have to call or you can do it over Chat... They are working on online journaling ...
The major reason I switched to CIBC, they were exchanging $ CDN to $ USD in registered account at BoC rate , w/o ridiculous 2.5% TDW FX rates.
I also heard that even now with TDDI you cannot have completely separated dual currency in RRIFs
Also , back then, TDW didn't allow to make RRSP contribution in USD cash, in IE I just transfer USD from cash account to RRSP USD and money available instantly
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Sr. Member
Aug 16, 2015
919 posts
356 upvotes
wow I went onto the online chat and they told me to call in. I call in to try to the get 3 free trades. she puts me on hold to talk to the supervisor. comes back and tells me no. lol.

pretty lame cibc. looking forward to switching to national bank.
Deal Addict
User avatar
May 11, 2014
4972 posts
6291 upvotes
Rankin Inlet, NU
Shaun80 wrote:
Do you support journaling a security from cdn to usd ie norberts gambit free of charge? Also are usd ETF free to purchase?. Do you support usd accounts seperate from cdn dollar account for RRSP and TFSA? If you do not have a usd account option then when you sell a US security does it settle in Canadian dollars and do you charge an fx fee when it settles ? Can you avoid this ? Do you need a minimum balance to avoid account or inactivity fees if you do not conduct many trades ?
Don't bother pinging or replying to Questrade on here. They are inactive now.

Questrade does journal, US dollar ETFs are purchase commission free as well (from experience). RRSP and TFSA show up as separate currency accounts for all clients. The currencies are always settled separately. The only caveat is you cannot have a negative cash balance in TFSA or RRSP so if say you are a couple dollars negative on the US at the end of the day, Questrade will automatically convert some of the Canadian dollar amount to cover it at the end of the day. Questrade's minimum is $1000 to have an account and I believe having a minimum of $5000 across all accounts will avoid any inactivity fees.
Support your local Credit Union!

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Sr. Member
Oct 21, 2016
944 posts
717 upvotes
xgbsSS wrote: Don't bother pinging or replying to Questrade on here. They are inactive now.

Questrade does journal, US dollar ETFs are purchase commission free as well (from experience). RRSP and TFSA show up as separate currency accounts for all clients. The currencies are always settled separately. The only caveat is you cannot have a negative cash balance in TFSA or RRSP so if say you are a couple dollars negative on the US at the end of the day, Questrade will automatically convert some of the Canadian dollar amount to cover it at the end of the day. Questrade's minimum is $1000 to have an account and I believe having a minimum of $5000 across all accounts will avoid any inactivity fees.
Thanks for the info !
Deal Addict
Jan 3, 2013
2481 posts
792 upvotes
Sidney
kilburn305 wrote: how do they swing that? etfs are free? even leveraged ones?

so you can just sit around day trading etfs all day for free?
ETF's are free to BUY....not to sell.
Deal Fanatic
Feb 4, 2015
7539 posts
3659 upvotes
Canada, Eh!!
Waiting to see what new pricing/promo CIBC does BUT they do seem to be having some tech issues per https://forums.redflagdeals.com/cibc-in ... #p31040707
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Deal Fanatic
Aug 17, 2008
6770 posts
6641 upvotes
I just happened to notice this note hidden within a transaction when I was moving some cash around. "Low load mutual funds: As of July 25, 2019, low load mutual funds will no longer be available for purchase."

The online chat couldn't help explain what this meant.

"Unfortunately, I am not licensed to provide detailed information about mutual funds. For immediate mutual funds related assistance, I would advise you to call our Contact Centre at 1-800-567-3343 (Option 4, Monday to Friday, 8 am to 6 pm ET) and one of our representatives will be able to assist you."

Will update when or if I get an explanation or if someone has information they can post here, that'd be appreciated.
Deal Addict
Oct 7, 2012
1751 posts
470 upvotes
Montreal
ildong wrote: I like to help my dad open an account with an online brokerage firm and put $30K RRSP there. I need to find a brokerage that offers the best bang for the buck. I know many brokerages are offering deals because it's RRSP season, but I need to transfer the funds out before the end of January to avoid another annual fee of $125. So I cannot wait for another deal like National Bank's free ipad

I value customer service but I don't know if it's worthwhile the cost. I am referring to Qtrade, which I have dealt with for a short period of time. Their customer reps were very knowledgeable and friendly, but they don't have any deals except to cover the transfer out fee.

I am not an expert in online trading. My dad doesn't have immediate need for this money so our investment horizon is in the 5-10+ year time frame. I will put most of the money in a couple of ETFs and a couple of dividend-paying stocks. I think after the first three months, I will do 2-3 trades each year.

After doing some research, I found CIBC Investor's Edge offers the best deal currently for my situation. They offer:
- up to $150 to cover the transfer out fee (my cost of transfer out fee is $250)
- $100 cash back
- 25 free trades within 60 business day which is equivalent to almost three months
- $6.95 per trade
- no admin fee if balance is over $25K
- has a No-fee dividend reinvestment plan
Their fees such as withdrawal fees and transfer out fee is similar to other online brokerages.

1. I am wondering if anyone has encountered any negative experience with CIBC Investor's Edge?

2. Has your experiences been positive?

3. Is CIBC Investor's Edge the best deal for us?


The one thing I don't like is they operate on Eastern time. The first time I called them and left a number, but nobody returned my call. The second time I called and spoke with a rep, and he was quite enthusiastic and helpful when I said I planned to transfer $30K over. I appreciate any feedback and suggestions.
Thank you :) !
Been with them for my parents' account here in Canada. cheap rates,
friendly phone service,
maybe not all the bells and whistles,
but we dont do a lot of buying/selling,
mostly investing.
perfect for them ,
while I do my own investing with Questrade
Deal Addict
Jul 3, 2007
3681 posts
4036 upvotes
Toronto
CIBC IE screwed up my tax statement showing disposition of a trade the same as the cost/ book value , which it wasnt, so they sent me
a statement saying it was amended. Now the amendment is also wrong. it shows the cost of the trade as zero (weird) and the sale proceeds as the original cost...
, i had a loss on the trade of about $2k and neither statement shows that....

they have wrote me a letter saying there were statement issues right before tax time, so now im worried that there may be
other trades they screwed up in reporting gains / losses to CRA.....

has anyone else had a problem ?
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
Shaun80 wrote: Thanks for the info !
Glad to join the discussion and answer any other questions you may have. If you're interesting in signing up, you can transfer for free until September 30.

Thanks,
Team Questrade
Deal Fanatic
Aug 17, 2008
6770 posts
6641 upvotes
MrMom wrote: I just happened to notice this note hidden within a transaction when I was moving some cash around. "Low load mutual funds: As of July 25, 2019, low load mutual funds will no longer be available for purchase."

The online chat couldn't help explain what this meant.

"Unfortunately, I am not licensed to provide detailed information about mutual funds. For immediate mutual funds related assistance, I would advise you to call our Contact Centre at 1-800-567-3343 (Option 4, Monday to Friday, 8 am to 6 pm ET) and one of our representatives will be able to assist you."

Will update when or if I get an explanation or if someone has information they can post here, that'd be appreciated.
Updates
(1) Poorly worded IE notice below from their website. I called in and was told that this excludes "No Load" funds like ATL5000 as an FYI.

Notice: Low load mutual funds
Low load mutual funds are no longer available to purchase in any Investor's Edge account. All Regular Investment Plans for units of a low load mutual fund have been cancelled.

You can continue holding low load funds in your account, but you will only be able to sell or switch a low load fund to an equivalent front end fund with no commission.

(2) The mobile app offers charts as of today. Free mobile apps like investing.com do a much, much better job.

"New! Get charts on your mobile device
With customizable, interactive charts, you can identify trends and trading opportunities, analyze performance and track important events. Charts are available for equities and options, as well as market indices, foreign exchange and commodities.

You can access it on our app and the CIBC Investor's Edge mobile website."

(3) The roll out of their new platform, that their competitors have offered for over a decade, has been pushed off from this fall until "this time" next year.
Deal Addict
Apr 27, 2015
2469 posts
1053 upvotes
(1) Poorly worded IE notice below from their website. I called in and was told that this excludes "No Load" funds like ATL5000 as an FYI.

Notice: Low load mutual funds
Low load mutual funds are no longer available to purchase in any Investor's Edge account. All Regular Investment Plans for units of a low load mutual fund have been cancelled.
Low Load and No Load are 2 different things.
P.S. Just curious ... do people still buying Load Funds?!
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Deal Fanatic
Aug 17, 2008
6770 posts
6641 upvotes
I didn't hit up CM this year for their pointless "Client Appreciation Day" email, but someone should. Smiling Face With Sunglasses

See link for full details.

Jun 14th, 2019 4:33 pm
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Deal Fanatic
Feb 4, 2015
7539 posts
3659 upvotes
Canada, Eh!!
MrMom wrote: I didn't hit up CM this year for their pointless "Client Appreciation Day" email, but someone should. Smiling Face With Sunglasses

See link for full details.

Jun 14th, 2019 4:33 pm
I miss the annual luncheon in May :(
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.

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