2014 - Canadian Online Discount Brokerage Review
BMO InvestorLine is once again the leader in Canadian online discount brokerage services in Canada as determined in the 14th edition of the Surviscor Online Discount Brokerage scorCard. Past multiple period winner Scotia iTRADE finished in 2nd place with Credential Direct advancing into the third spot. The Surviscor Canadian Online Discount Brokerage review focuses on the relatively 'free' segments of business for the every day Canadian Investor.
The firms' percentage score is based on the availability of its offerings as compared to the number one peers in each category. The main criteria was expanded by 18% to over 4000 usage-based criteria questions with an expanded commission model that analyses over 12,600 individual trades.
In order to see more details on the individual firms, simply click on the company name. If you would like to produce your OWN scorecard, using your OWN weightings, visit the home page and click on the new scorCHOICE tool.
RESULTS:
The Discount Brokerage scorCard continues to expand and is the most comprehensive online brokerage analysis in North America. The scorCard reviews over 4000 features and functionality criteria questions which make up 33 sub-categories and 7 main categories.
CRITERIA/CATEGORIES
The Criteria:
Surviscor reviews all Canadian discount brokerage firms including bank-owned and independent firms. Traditional day trading firms are included providing they meet the minimum requirements for inclusion. The Firms are evaluated for the online features and functionality offered.
The minimum requirements are:
- Transactional capabilities in Canadian and US markets
- Physical location in Canada with minimum registration requirement of 2 provinces
- Ability to establish a registered account
- Minimum account opening balance requirement no greater than $10,000 CDN
| The Main Categories: |
| 1. | Getting Started
The Getting Started category explores the features and functionality available on the public site. The primary areas of analysis are the application process and the email responsiveness results (CER) with both customers and non-customers. The Customer Email Responsiveness (CER) data is available on this site under the Services tab or http://surviscor.com/Services/CER/Default.aspx.
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| 2. | Website Usability
The Website Usability category explores the general online experience of the user and the ability of the firm to provide an easy to use site. The primary areas of analysis are policies, customization and integration.
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| 3. | Account Services
The Account Services category explores the various customer touch points and online servcies. The primary areas of analysis are the available e-services and the access of account information details.
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| 4. | Market Intelligence
The Market Intelligence category focuses on the informational aspect of all market intelligence available to users.
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| 5. | Website Transactions
The Website Transactions category focuses on the online order screens and the feature and experience available to the customer. The primary area of analysis is the equity order process.
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| 6. | Online Resources
The Online Resources category focuses on the level of investment and planning tools available to the online user and analyzes the level of supporting education content and features.
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| 7. | Cost of Services
The Cost of Services category focuses on the cost of doing business with the firm by establishing a basket of transactions. The basket is established using three Investor profiles; Passive, Serious and Active, and reviews each at three different asset levels. All firms are analyzed using identical transactions.
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Next Analysis: 2015 Canadian Investor - October/November 2015