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Scotia iTRADE review

Enjoy competitive pricing when you trade and invest online with this fully integrated online trading platform.

Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
1.0 ★★★★★ (1 review) Write a review

Scotiabank is a reputable Big Five Canadian bank that offers a comprehensive trading platform to its customers. This platform brings together cutting-edge technology with educational tools so that you can make fast and informed decisions about your investments.

It’s easy to sign up for an account in a matter of minutes and you can start trading as soon as you’re approved.

Quick take

  • Think about this trading platform if you’d prefer competitive fees and you want to actively manage your investments with a Big Five Canadian bank.
  • Choose something else if you’re not very tech-savvy or you want your portfolio to be managed directly by a dedicated adviser.

What types of portfolios does Scotia iTRADE offer?

Scotia iTRADE offers self-directed portfolios that let you manage your investments at your own pace. This platform lets you trade several different types of investments quickly and easily. You’ll also enjoy more competitive prices when you make trades since you’ll manage every aspect of your portfolio yourself.

That said, you’ll always have access to Scotia iTRADE’s team of dedicated experts if you have any questions about your account.

What investments does Scotia iTRADE offer?

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

  • Equities. Equities let you purchase shares in a particular company and may allow you to collect a portion of revenue when that company performs well.
  • Exchange traded funds. ETFs are similar to mutual funds, except they typically come with lower fees and are easier to manage in self-directed portfolios.
  • Mutual funds. Mutual funds are pooled funds that let many investors buy into a set of stocks, bonds or other securities for a more affordable price.
  • Options. Options are a type of contract that let you speculate and bid on how an asset is going to perform on the stock market.
  • Bonds. Bonds let you lend money out to governments or corporations so that you can collect a set rate of interest on your loan.
  • New issues. New issues allow you to invest in a company going public for the first time so that you can get in on the ground floor before share prices go up.
  • GICs. Guaranteed investment certificates offer a set interest rate over a specific period of time, along with a guaranteed return on your investment when your term is up.

Who is Scotia iTRADE best for?

Scotia iTRADE is a good fit for investors that want to manage their own portfolios with the help of a reputable Big Five Canadian bank. It’s a user-friendly platform that’s designed for beginners and experts alike that can be used to trade a number of different types of investments.

You’ll likely get the most benefit out of this trading platform if you’re already a Scotiabank customer. It may also be an exceptional resource for you if you want a decent mix of research and educational tools to help bolster your portfolio.

How easy is Scotia iTRADE to use?

Scotia iTRADE is a user-friendly platform that’s designed to be as simple as possible. It’s easy to make trades and get more information about specific investments you’re interested in. You can also use the wealth of research and educational tools it offers to inform your investment decisions.

It’s easy to sign up for an account in a matter of minutes. You’ll just need to prove your identity and upload money into your account to start trading. You can also download a practice account to try your hand at investing before you start moving real funds around.

What research does Scotia iTRADE provide?

Scotia iTRADE offers a number of research options that come built into its software:

  • Industry research. You’ll get objective research on your investments and help with identifying new opportunities that match your trading style and risk profile.
  • Market data. You can make more-informed decisions about when to buy and sell your investments with real-time market data.
  • Charting tools. The platform offers a number of charting tools that will help you map out technical indicators and monitor price movements.
  • Backtesting. You can use the backtesting feature on your account to see how your current investment strategy would have performed over the last five years.

Pricing and fees

The amount you’ll pay for your trades will depend on what type of investments you’re working with. Some examples of the fees you’ll pay by trade are listed below:

Type of investment

Price for trade

Equities

Between $4.99 and $9.99

ETFs

Free to purchase

Mutual funds

$0 (but early redemption fees may apply)

Options

Between $4.99 and $9.99 (+$1.25 per contract)

Bonds

$1 per $1,000 trade value ($24.99 min/$250 max)

Precious metals (Gold, Silver and Platinum)

Under USD $100,000: 1/4 of 1% of trade value. Over USD $100,000 : 1/8 of 1% of trade value

Is Scotia iTRADE safe?

Scotia iTRADE 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 company is a licensed dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC). It’s also a member of the Canadian Investor Protection Fund (CIPF), which is a not-for-profit insurance program.

How does Scotia iTRADE keep my money safe?

Scotia iTRADE maintains physical, electronic and procedural safeguards that are designed to meet or exceed industry standards to guard your personal information. This means that you don’t need to worry about your personal information or investment history falling into the wrong hands.

Pros and cons

Pros

  • Easy application. It’s easy to open an account in a matter of minutes using Scotia iTRADE’s online application.
  • Integrated software. You’ll get access to a user-friendly platform that offers a wealth of educational resources and research tools.
  • Many account types. You can put your investments into just about any kind of account, including RRSPs, TFSAs, RESPs and cash accounts.
  • Many investment types. There are a number of different types of investments you can buy and sell, depending on your level of expertise.
  • Trade on the go. It’s easy to check and re-balance your portfolio through the online or mobile app.
  • No minimum balance. You won’t need to put a minimum balance into your Scotia iTRADE account to start trading.
  • Refer a friend. Earn cash or some free equity trades when you refer a friend and they start trading with Scotia iTRADE.

Cons

  • Quarterly inactivity fee. Scotia iTRADE charges a quarterly inactivity fee if you don’t make at least one trade each quarter.
  • Technical expertise required. As with all online trading platforms, you’ll need to be relatively tech-savvy to navigate the online investment software and understand how to map out your options.
  • Less dedicated support. Since technology is doing the majority of the investment work, you’ll get less face-to-face time with a real-live adviser. This is true for all self-directed trading platforms
  • Dysfunctional mobile app. Many customers have experienced issues with the Scotia iTRADE mobile app and are unhappy with its level of functionality.

How do I sign up?

If you think you meet all the eligibility criteria and you’re ready to start investing with Scotia iTRADE, 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. Set up a Scotia iTRADE practice account if you want to get used to the software before you dive into the deep end.

How do I contact Scotia iTRADE support?

You can contact Scotia iTRADE by calling its customer service line at 888-872-3388 or by sending an email to the service email on its website. You can also visit a branch to speak to an agent if you want more information about your account.

Bottom line

Scotia iTRADE offers a reputable digital platform that lets you make self-directed trades for reasonable prices. Find out more about how this platform works and sign up for your free 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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