Scotia iTrade Review: Is it Best for Active Trading?
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Active traders and newbies in Canada are increasingly turning to self-directed investing. Due to many competitive online trading platforms now in operation, finding a dependable trading stage might be difficult.
In the latest days, digital trading tools and online brokerage services have increased in complexity and accessibility. Investors looking for a trading platform they can trust, on the other hand, tend to gravitate toward ones run by well-known companies.
As a result, the apparent attractiveness of Scotia iTRADE, a trading and investing platform supervised by one of Canada’s largest banks. Scotiabank’s brokerage arm, Scotia iTRADE, is one of the country’s leading financial services companies. Scotia iTRADE provides easy access to a large range of trading tools, investment possibilities without really providing traders with guidance and very affordable trading fees.
Scotia iTRADE is suitable for novice traders who benefit from the broker’s vast educational offerings. iTRADE is also ideal for traders who want to trade ETFs since it provides a wide range of Canadian and foreign funds with no fees. The flexibility to trade in registered and non-registered accounts is another great benefit of using iTRADE.
iTRADE provides self-directed investors with access to Scotiabank’s vast research resources. The research area of its website allows you to follow the performance of your portfolio and stay up with market news for stocks, options, ETFs, mutual funds, guaranteed investment certificates (GICs), and fixed-income instruments, among other markets. Let’s discuss the Scotia iTrade review!
Scotia iTrade Review: What Is Scotia iTrade?
Scotiabank’s brokerage arm, Scotia iTRADE, is Canada’s Big five Bank. Scotia iTRADE arose from Scotiabank’s 2008 acquisition of E*TRADE Canada, which increased the bank’s online investing customer base. Since then, Scotia iTRADE has received multiple honors and is considered one of Canada’s top bank-owned brokerages.
For aggressive traders, iTRADE provides reduced commissions and a variety of high-powered trading platforms. For new traders, iTRADE offers free teaching resources, while more experienced traders may take advantage of Scotiabank’s broad research capabilities.
You may also use your iTRADE/Scotiabank-linked accounts to pay bills, manage and transfer cash, and set up and conduct future-dated transactions.
In a statement, Scotia iTRADE is a robust and feature-rich trading site designed for both experienced traders and ambitious novices.
It gives you clear access to a wide choice of educational resources and helpful tools for online training. You may also use your Scotia iTRADE registered account to manage and transfer funds, pay bills, and do a range of other tasks.
How does Scotia iTrade work?
Traders and investors may access Canadian and American financial markets with Scotia iTRADE. The NYSE and Nasdaq, as well as the TSX in Toronto, are all available for trading. Scotia iTRADE specializes in equities and options, with many ETFs to choose from.
Mutual funds
You may trade mutual funds from prominent companies such as ScotiaFunds, Invesco Trimark, Blackrock, Fidelity Investments Canada, Mackenzie Financial, AGF Dynamic Funds, and CI Investments with iTRADE. Bonds, IPOs, fresh issuances, precious metals, and guaranteed investment certificates are all available to trade (GICs).
Tools and capabilities
Scotia iTrade is a good trading platform with many market research tools and capabilities, with much fewer trading fees. Surviscors Online Brokerage Review recently ranked third. For active traders, the Scotia iTrade Flightdesk platform provides real-time streaming quotations, as well as up-to-date news and portfolio values.
Notifications
You’ll also get real-time notifications when transactions are finalized using Flightdesk, and the application view is entirely customizable. When it comes to customer service, iTrade offers live online chat and phone agents that are available six days a week.
Multiple options
Investors may establish a newly registered account with Scotia iTrade online, over the phone, or in person. In each situation, the procedure is fairly simple. It takes roughly 30 minutes to open a savings account online, and it entails filling out a five-part application form that collects personal, financial, and investment account information. Most people will go for this option because it is the easiest method to get set up and start trading.
Site
The functionalities of the Scotia iTrade website are based on the Scotiabank online banking architecture. It has more advanced technology and features generally seen in investor-oriented trading platforms.
Viewing Scotia iTrade accounts, paying bills, transferring funds, trading, and accessing educational resources or products and services are straightforward tasks. The user interface is clean and well-organized.
What are the Features of the Scotia iTrade platform?
Because no minimum deposit or amount is required to start a tax-free savings account, Scotia iTRADE practice account offers a simple trading platform to clients with little or no balance. A free demo savings account, which is not available on other bank-owned broker’s trading platforms, enables you to practice trading and determine the broker’s trading fees, platform, and services.
Basic platform
iTRADE’s basic platform includes an elegant and simple-to-use interface, real-time quotes, technical analysis, and better charting. The portal also provides access to research and news.
To keep track of changes in markets where you have positions, you may use tools like equities, ETF, and mutual fund screeners, as well as real-time stock alerts.
Portfolio charting software is another platform feature that allows you to compare your portfolio’s performance to up to 10 different benchmarks.
Platform for FlightDesk
FlightDesk, a high-end trading platform from iTRADE, is available in Standard and Premium editions. One-click stock order input, real-time trade alerts, a bid and ask-size trend indicator, options chain trading, market-if-touched orders, and historical trading in the order list for the last 90 days are all available on the site.
FlightDesk is a powerful and fully customizable platform. It provides you with real-time portfolio values, streaming real-time market data, research, and news, as well as detailed charting and options analytical data.
Trading on the Go with a mobile app
There is a Scotia iTrade mobile app with restricted functionality compared to the desktop version. Thanks to the user-friendly design, accounts, quotations, watchlists, orders, and transfers are all easily accessible thanks to the user-friendly design. You may also read market news and look at data analysis.
Most customer concerns center on the instabilities and network issues that occur when updates are deployed.
Scotia iTrade Pricing and Plan?
Compared to many other organizations, Scotia iTRADE offers a reasonable fee structure. If you trade stocks or options, you’ll pay $4.99 every quarter if you make more than 150 trades, or $9.99 if you make 149 or fewer trades per quarter.
Optional features cost an extra $1.25 per contract. Scotia provides commission-free trades on various mutual funds and exchange-traded funds (ETFs). The fees for registered accounts are significantly higher, with withdrawals costing $150 per transaction.
A $300 startup charge and a $100 monthly fee are also required to create an account. You will have to give extra money if you want real-time market data. Subscriptions to Nasdaq Level 1 and 2 data are $20 and $50 per month, respectively, while NYSE real-time market data subscriptions are $127.50 per month. Live market data on the TSX costs $42 per month, while TSX level 2 data costs $48 per month.
Minimum Trades
If you make a minimum of 30 to 149 trades every quarter, you’ll get a reduced flat-rate commission of CA$9.99. If you perform more than 150 trades every quarter, the charge reduces to just CA$4.99 per equity trade, plus further CA$1.25 per contract for options trading.
Who is Scotia iTrade Best For?
Experienced, active traders who desire the security of working with a big Canadian bank should use Scotia iTrade. Simply put, to save money on iTrade costs and avoid the expensive yearly account fees, you must be an active trader with a large account balance.
Scotia iTrade’s powerful trading platform, with all of its bells and whistles, will also benefit experienced traders. Beginner investors with low account balances must accept the $9.99 trading cost for buying and selling shares, in addition to the $100 fee for registered accounts. If you just have ten or fifteen thousand dollars to invest, you’ll quickly deplete your savings.
Beginner and expert traders alike will benefit from Scotia iTRADE account. The organization offers a variety of trading platforms to fit your trading fees, style and expertise. The company’s award-winning FlightDesk software is one of the best on the market, and it’s ideal for sophisticated traders searching for reliable trading platforms. Scotia is an excellent choice for busy day traders, as it provides access to both Canadian and US markets.
It is appropriate for day traders and investors who want to pursue a self-directed investing or trading plan. While Scotia iTRADE is a bank, it does not offer managed portfolios.
Although it is not as high-tech as some of its American competitors, it does include real-time simulations and basic data-driven analytics that will be useful. The broker’s trading platforms are simple to use and understand, albeit there is a monthly fee for accounts with little or no activity on the premium and ordinary FlightDesk platforms.
In addition, you may start an iTRADE practice account with no minimum deposit and practice online trading with CA 100,000 dollars or $100,000 in virtual money.
Scotia iTrade Pros and Cons
Let’s talk about the pros and cons in detail!
Pros
- It’s simple to use. Even individuals with no prior expertise will find it simple to create an account and receive access to the platform’s different services.
- All-in-one solution Almost everything you need to succeed as a trader is included in the platform, including a wealth of research resources and tools.
- A variety of account kinds. Traders have many options, with the ability to invest in a variety of different sorts of accounts.
- A wide range of investing options. Depending on your interests and aims, you may also use the site to purchase and sell almost anything.
Cons
- Technical expertise is necessary. You’ll need to have (or learn) a certain degree of technical expertise to get the most out of the platform and its capabilities.
- An inactivity fee is charged every quarter. If traders do not make at least one trade every three months, they will be an extra cost.
- It has limited customer service. Almost everything via iTRADE is automated, which means little interaction with real people and limited customer service.
Scotia iTrade User Experience
Customer service is provided by Scotia iTRADE by email, phone, and online chat. If you’re in the Toronto area, you may also pay a visit to the office. Additional assistance is available by postal mail and fax. Scotia iTRADE’s flexibility and accessibility are two of its main advantages.
There is a beneficial practice account for newbies among the several account kinds accessible. If you’re new to training, you can establish an account to understand how things operate before bidding any of your own money on the line.
You’d expect nothing less than a seamless overall experience from a bank-owned brokerage platform administered by a respected bank. Scotia iTRADE account excels in user-friendliness; coming to grips with the fundamentals is a snap.
Investors can also contact a Scotia iTrade Senior Sales Associate over the phone for guidance and answers to their inquiries. This choice is useful for people who have specific circumstances or want additional information about special deals. It also demonstrates the high level of customer care that iTrade is recognized for.
Scotia iTrade vs. Competitors
1. Scotia iTrade vs. Avatrade
These days, everything is easily accessible. As a result, your trading platform must take this into account. The ability to trade with a single click is crucial. It allows you to make trading decisions on the Scotia iTrade and AvaTrade platforms whenever convenient for you.
You will not be able to take advantage of any event that arises in the financial markets if you don’t have this.
Some brokers have their custom trading platforms, so their trading platform can be a better option if a broker doesn’t provide the trading software you need. You’ll need to use a Scotia iTrade or AvaTrade sample account to test this out.
Trading on AvaTrade public and does not publish its annual report on its website. This isn’t unheard of for a broker, but you should double-check everything before proceeding. The most critical thing to consider is safety. Scotia iTrade is a respectable broker because it is a publicly-traded corporation.
2. Scotia iTrade vs. XTB
Scotia iTrade and XTB are regulated, which means they must provide a particular amount of financial protection to their clients as part of their regulatory obligations. As the law requires, client money should be kept separate from Scotia iTrade and XTB funds.
Scotia iTrade or XTB should not have access to your funds if they go bankrupt. Accounts for customers should be kept separate. Investor compensation plans vary per country, so check the Scotia iTrade and XTB websites and authorities for more information.
When it comes to trade, customer service is crucial. Even experienced traders will want Scotia iTrade or XTB assistance at some point.
This is a fact for investors who are just getting their feet wet in the market. If you’re just getting started, you’ll want to be sure Scotia iTrade and XTB assistance are constantly available. Customer service at Scotia iTrade and XTB is not just helpful. It’ll make or break your trading career!
3. Scotia iTrade vs. Plus500
Traders worldwide may use the Scotia iTrade online trading platform to access over 201 financial products, with over 2,000 options. The Scotia iTrade platform has been used by over 10,000 clients. The Investment Industry Regulatory Organization of Canada regulates Scotia iTrade (IIROC).
Plus500 is a publicly-traded firm on one of the main stock exchanges. Plus500 is required to publish an annual report as part of its regulatory obligations. Plus500 can be regarded safe due to the additional degree of auditing and control. Scotia iTrade is a respectable broker because it is a publicly-traded corporation.
Unless you are trading with a Plus500 trial account, Plus500 is not ideal for novices. CFDs are risky, sophisticated financial products that experienced traders should only use.
Low deposits are available at Scotia iTrade and Plus500 and access to a variety of market insights and news services. Demo accounts are available from both Scotia iTrade and Plus500. This is a huge bonus for Scotia iTrade and Plus500 since it demonstrates that they care about their clients.
Conclusion: Is Scotia iTrade really the Best for Active Trading?
Scotia iTrade has been in operation since the 1800s and is one of Canada’s most well-known and largest online discount brokers. Active traders and individuals with $50,000 or more in assets with the Bank of Nova Scotia and iTrade together can get $9.99 flat commissions. Otherwise, imposing a substantial minimum charge of $24.99 if criteria are not satisfied can be costly.
iTrade is the only Canadian brokerage that now provides commission-free ETFs. This might be due to Scotiabank’s market research department being ahead of the curve by tailoring their goods and services to mainstream clients who manage their own funds and want to avoid trading management fees.
Annual fees for both registered and non-registered accounts are around $100 per year for account holders. There is no least deposit required for any account, but if one is not maintained, fees will apply. These account fees are around $25 every quarter on average.
Trading costs start at $10 for assets above $50,000 and go up to $24.99 per trade beyond that. If trades vary between 30-149 each quarter, this can be waived. When the number of trades each quarter exceeds 150, the fee is reduced to $6.99 per quarter. The premium Flight Desk program is well-supported by Scotia iTrade’s instructional materials.
Scotia offers Canadian investor protection fund to traders with some of the greatest in-house and third-party research and education services available. The online broker also has a large selection of tradable assets, such as precious metals certificates, GICs, and a solid selection of ETFs and mutual funds.
Scotia iTrade FAQs
Is Scotia iTrade Safe and Legit?
Any money you deposit with Scotia iTrade is held in a bank with sufficient capital to meet your withdrawal requests even if Scotia iTrade goes out of business for whatever reason. Because of this, we can confidently state that Scotia iTrade is secure and safe.
Is Scotia iTrade a good broker?
Scotia iTRADE is a fantastic bank-owned brokerage that welcomes both new and experienced traders. If you want to trade forex, you should look into Canadian forex online brokers or brokers that are headquartered outside of Canada but are licensed by the IIROC, such as FOREX.com.
Is Scotia iTrade expensive?
In comparison to many other Canadian fintech organizations, Scotia iTRADE offers a reasonable fee structure. If you trade stocks or options, you’ll pay $4.99 every quarter if you make more than 150 trades, or $9.99 if you make 149 or fewer trades per quarter. Optional features cost an extra $1.25 per contract.
