BMO InvestorLine Review for April 2021 | Finder Canada
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BMO InvestorLine review

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Buy and sell a wide array of investment products quickly and easily with this user-friendly online trading platform. 

You can open an account in a matter of minutes by filling out a simple online application.

Please note: All information about BMO InvestorLine has been collected independently by Finder and this product is not available through this site.

Looking to dip your toe into the stock market? You might like to check out BMO’s online trading platform. It offers reasonable commissions for a number of different investment products. You can also track the progress of your trades with the help of several industry-leading research tools.

It’s easy to sign up for this comprehensive trading platform by filling out a quick online application. Once you’re approved, you’ll be able to learn how to navigate the online software using the wealth of educational resources that BMO makes available to new investors.

Quick take

  • Think about this trading platform if you want to manage your own investments using an easy and secure online platform.
  • Choose something else if you’re not very tech-savvy or you want more personalized attention from a dedicated adviser.

What investments does BMO InvestorLine offer?

BMO InvestorLine offers a number of investment options in registered, non-registered and non-personal accounts. These include the following:

  • Equities. Purchase shares in a company that’s publicly listed on the stock market and collect dividends when the company performs well.
  • Exchange traded funds. Purchase ETFs to lock in an easy-to-manage investment that’s similar to a mutual fund, except it can be traded on the stock market.
  • Mutual funds. Invest in BMO’s list of over 9,500 mutual funds, which lets you pool your money with other investors to bring down the level of risk you take on.
  • Options. Speculate on how an entity or asset will perform on the stock market by signing a special options contract.
  • Bonds. Earn a set interest rate when you loan out money to a government or corporation looking to increase its cash flow.
  • GICS. Collect a fixed interest rate over a specific period of time, along with a guaranteed return on your investment when your term is up.
  • Precious metals. Invest in precious metals like gold or silver to diversify your portfolio and maintain some of your assets in less volatile markets.

Who is BMO InvestorLine best for?

BMO InvestorLine is a good fit for beginners and experienced investors alike. It offers a number of investment products that you can buy or sell quickly and easily with the click of a mouse. It also promotes a good selection of research tools to help you build your portfolio and track its progress.

This platform may be a particularly good resource for you if you’re already a BMO customer. This is because you can use your BMO bank account to easily transfer funds into your BMO InvestorLine account to start making trades.

How easy is BMO InvestorLine to use?

BMO InvestorLine software is user-friendly and has all the bells and whistles you might need in an online trading platform. It’s easy to buy and sell your investments, and you can use the wealth of research tools on offer to help inform your investment decisions.

You can easily sign up for an account online or through a BMO branch in a matter of minutes. You can also use the online learning resources and tutorials that BMO offers to figure out how to use the software most effectively.

What research does BMO InvestorLine provide?

You can take advantage of a number of research tools to help inform your investment decisions:

  • Industry research. Get consolidated analysis and technical insight about the investments you’re interested in.
  • Market data. Make more informed decisions about when to buy and sell your investments with real-time market data.
  • Screeners. Screen hundreds of investments based on specific criteria to find the investment that’s the best match for your unique set of needs.
  • Charting tools. Develop your investing strategies by quickly identifying and charting out the performance of any Canadian or US stock or mutual fund.

Pricing and fees

You’ll pay a different amount for trades based on what type of investments you’re buying and selling. Some examples of the fees you’ll pay are listed below:

Type of investment

Price for trade

Equities

$9.95

Mutual funds

$0 (but early redemption fees may apply))

Options

$9.95 + $1.25 per options contract

Bonds

$40 + $1.50 per $1,000 trade value (up to $49,999)

Gold

$35 + $1 per ounce

Is BMO InvestorLine safe?

BMO InvestorLine is one of the safest ways to invest your money since it’s owned and operated by one of the Big Five Canadian banks. The bank is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF). IIROC regulates BMO’s investment activities and CIPF protects your investment account up to $1 million in the case that BMO becomes insolvent.

How does BMO InvestorLine keep my money safe?

BMO InvestorLine maintains physical, electronic and procedural safeguards to keep your money safe. This includes privacy policies, deposit insurance and data management protocols. This means that you don’t need to worry about losing your money in the case of a bankruptcy. It also means that your personal information and investment history will remain secure.

Customer reviews and complaints

BMO InvestorLine is a well-known platform that has decent reviews from customers and independent investment review sites. Positive reviews acknowledge that BMO InvestorLine is a user-friendly platform that’s good for new investors due to its simple interface and high level of customer service.

On the downside, some customers complain that there are hidden fees for certain services that you should watch out for. Others indicate that the terms of service can change without notice, which can affect certain software features or special offers.

Pros and cons

Pros

  • Easy application. You can open an account in a matter of minutes by filling out a simple online application.
  • Many account types. You’ll be able to put your investments in a registered or non-registered account, depending on your savings goals.
  • Many investment types. You’ll be able to buy and sell all kinds of investments, from mutual funds and equities to exchange traded funds and precious metals.
  • Good options for self-directed investors. With an InvestorLine Self-Directed account, you can make your own investment decisions. But if you want autonomy along with professional support, an InvestorLine adviceDirect account comes with 24/7 portfolio monitoring, personalized investment advice and dedicated support.
  • Wealth of research tools. You can access some of the best research tools in the industry to screen your investments and map your progress.
  • Top-rated customer service. BMO InvestorLine has a top-rated customer service department that’s on hand to help you with anything you need.
  • Refer a friend. You’ll get up to $50 cash for you and a friend when you refer them to the service and they sign up and load $5,000 into their trading account

Cons

  • Trading fees. While BMO InvestorLine’s standard trading fees are comparable to similar platforms such as TD Direct Investing, RBC Direct Investing and Scotia iTRADE, it’s possible to get lower standard trading fees with platforms such as Questrade, Qtrade and Wealthsimple.
  • Potential administration fees. A quarterly administration fee of $25 is charged on unregistered accounts with balances below $15,000. An annual administration fee of $100 is charged on registered accounts with balances below $25,000 ($50 annual fee for RESPs). The fee is waived if you hold an RSP or make 2+ commissionable trades in 6 months. Conditions apply.
  • Trades made online. You’ll need to be able to understand how to navigate the online platform to buy and sell investments and chart your future trades.
  • Less dedicated support for most accounts. Since technology is doing the majority of the investment work, you’ll get less face-to-face time with a live advisor.
  • No practice account. You won’t be able to sign up for a practice account to get the hang of moving your money around before you invest real funds.

How do I sign up?

If you think you meet all the eligibility criteria and you’re ready to start investing with BMO InvestorLine, you just need to follow the steps below:

  1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  2. Review and submit your application.
  3. Get verified and load funds into your account to start trading.
  4. How do I contact BMO InvestorLine support?

You can contact BMO InvestorLine by calling its customer service line at 888-776-6886 or by sending an email on its website. You can also visit a branch to speak to an agent if you want more information about your account.

Compare online trading platforms

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Questrade
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95-$9.95
$9.95 + $1 per contract
$0
Free
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0 (if monthly commissions are greater than or equal to US$10.00)
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
Wealthsimple Trade
Stocks, ETFs
$0
N/A
$0
Free
Deposit and trade $100 and get a $50 bonus.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
Qtrade Investor
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, otherwise $25/quarter
$0 - $8.75
Trade 100 ETFs free of charge.
Qtrade Investor offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
Scotia iTRADE
Options, Mutual Funds, ETFs, GICs, International Equities
$4.99-$9.99
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$0
$9.99 ($4.99 if completed 150 trades or more a quarter)
Pay no annual account fees.
Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
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Name Product Minimum deposit to invest Funding methods Management fee Available asset types
Wealthsimple Invest
$1
Direct deposit, Bank transfer
0.40% - 0.50%
Stocks, Bonds, ETFs, Commodities
Get a $50 bonus when you open and fund your first Wealthsimple Invest account with a minimum initial deposit of at least $500. Trade and Cash accounts are not eligible.
CI Direct Investing (formerly WealthBar)
$1,000
Direct deposit, Bank transfer
0.35% - 0.60%
Mutual Funds, ETFs
CI Direct Investing offers access to an exclusive and personalized investment portfolio. Get up to $10,000 managed free for a year when you sign up for your first CI Direct Investing account and fund your account.
Justwealth
$5,000
Direct deposit, Bank transfer, Automatic bank withdrawals
0.50%
ETFs
Receive a cash bonus of $50.00-$225.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.
Moka
$0
Automatic bank withdrawals
$3/month
ETFs
The Moka app rounds up every purchase you make to the nearest dollar and invests the spare change into low-cost exchange-traded funds (ETFs).
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Blackbull Markets
Blackbull Markets
US$200
$0 - $6.00 R/T per Lot
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Metals
Commodities
MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade forex, CFDs and commodities with Blackbull Markets.
Forex.com
US$100
Minimum US$25
Forex
Metals
Commodities
Indices
Shares
Forex.com Desktop, Forex.com Web Trading, Forex.com Mobile Trading, MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade 80+ currency pairs and 220+ CFDs in equities, commodities and indices on Forex.com.
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Bottom line

BMO InvestorLine is a reputable online trading platform operated by one of Canada’s Big Five banks. It lets you invest in a number of different accounts and financial products. It also provides a wide array of educational and research tools to help you learn how to use the platform and make informed choices about your investments. Find out more about how this platform works and sign up for your account today to start investing.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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