Scotia iTrade Review

Are you looking to be more hands-on with your investments? Check out Scotia iTrade; it's an online trading platform that gives you full control over your investment decisions.

WRITTEN BY
Lisa Rennie
Updated November 11, 2020


RATING

As one of Canada’s largest banks, Scotiabank offers a wide variety of banking products and services and can now add Scotia iTrade to the list. 

This comprehensive online trading platform offers Canadian investors innovative technology combined with tools to educate traders along the way. As such, every decision made about trades will always be an informed one. 

Let’s take a closer look at Scotia iTrade to help you determine if this is the right online trading platform for you. 

How Does Scotia iTrade Work?

To use Scotia iTrade, follow these steps: 

  • Sign up for a trading account, which can be done in a few short minutes. 
  • Upload funds into your account to begin trading.
  • Download a practice trading account to get some experience trading on the platform before investing your hard-earned money.
  • Access the educational tools provided to help you make more informed investment decisions.

Important Features to Consider When Choosing To Work With Scotia iTrade

Scotia iTrade comes with several features that you may want to get familiar with before trading on this platform:

  • Sustainable investing. Invest in companies that are in line with your social and environmental ethics.
  • Mobile app. Trade on the go from your mobile device with the Scotia iTrade mobile app. 
  • Real-time streaming data. Make informed trading decisions with up-to-the-minute trading information. 
  • Multiple order management. Keep tabs on all your trades on the same page and prepare as many as 6 orders in advance.
  • Learning library. Get access to a variety of educational tools and resources, including articles, videos, white papers, infographics, and webinars. 
  • Ask the Expert. Ask an industry expert a question before making a trade.  
  • Practice account. Trade without using real money using a fictional portfolio worth $100,000 to get some experience with the platform before investing.
  • Young Investors Offer. Investors under the age of 26 can save up to $200 every year by having low activity and RSP account administration fees waived. 
  • Buck a Bond. Choose from a variety of bonds priced at $1 per bond. 
  • StartRight Program. Those who are new to Canada can get 10 free trades when investing at least $1,000 in a new Scotia iTRADE account.
  • Scotia iTrade iClub. Two levels of membership — Platinum and Gold — are available to active investors and come with a number of complimentary perks and services. 
  • Refer a Friend. Receive up to 50 free trades or up to $100 in cash for referring a friend to Scotia iTrade. 

Types of Accounts Available With Scotia iTrade 

Scotia iTrade offers several account options, including the following:

  • Equities. Equities allow you to buy shares in a company and collect a portion of revenue upon healthy performance by the firm. 
  • Mutual funds. Mutual funds are pooled funds that allow investors to purchase a set of stocks at a lower price.
  • Exchange-traded funds (ETFs). Similar to mutual funds, ETFs are usually more affordable and easier to manage while providing access to a myriad of investments without focusing on a narrow portfolio.
  • Options. Options allow investors to bid on how an asset will perform on the stock market.
  • Bonds. Bonds allow investors to lend money to governments or companies in exchange for a certain amount of interest.
  • Initial public offerings (IPOs). IPOs allow investors to invest in companies that are being traded on a public stock exchange for the first time. This provides the opportunity to get in on a stock from the ground up and take advantage of an increase in share prices.
  • Guaranteed investment certificates (GICs). GICs offer a specific interest rate over a certain time period with a guaranteed return when the term expires. 

Accounts are available in registered, non-registered, and non-personal accounts. 

Trading Fees 

The fees charged are based on what type of investments you are trading, as illustrated below: 

InvestmentPrice
Stocks $4.99 – $9.99
Options$4.99 + $1.25/contract – $9.99 + $1.25/contract
Mutual Funds $0 ($65 if placed by telephone)
Bonds$1 per $1,000 trade value

Perks of Scotia iTrade 

There are several reasons to consider Scotia iTrade as your online trading platform of choice:

  • Quick application process. Opening an account is easy and can be done within a matter of minutes. 
  • User-friendly interface. The innovative software makes trading and learning about investing easy. 
  • Account varieties. You’ll have plenty of different account options to choose from to suit your investment strategy and portfolio.
  • On-the-fly trading. Thanks to Scotia iTrade’s mobile app, you can check on the performance of your investments and make trades wherever you happen to be. 
  • Excellent customer support. You’ll have direct communication with a representative from Scotia iTrade to get help with anything you require. 
  • No minimum balance required. You don’t need a minimum amount in your account in order to start trading with Scotia iTrade.
  • Referral bonus. Refer a friend to Scotia iTrade and receive up to 50 free equity trades or as much as $100 cash when they start trading with Scotia iTrade.

Who is Scotia iTrade Best Suited For?

Scotia iTrade is perfect for those who want to have a direct hand in trading and managing their investments. It’s a great platform for investors who are comfortable with digital technology and enhancing their trading knowledge through the various online research tools made available through Scotia iTrade’s platform. 

Plus, there are several investment options to choose from. Trading is both easy for beginners and convenient for more experienced investors. 

Prefer having your investments on autopilot? Try using a robo-advisor.

Overview of Scotia iTrade 

Fees$4.99 – $9.99 (for stocks and options)
Minimum balance$0
Investing adviceYes
Account types– Equities
– Mutual funds
– ETFs
– Options
– Bonds
– IPOs
– GICs
– Registered accounts
– Non-registered accounts
– Non-personal accounts
Inactivity fee chargedYes, charged quarterly
Currencies supportedCAD and US
Demo accountYes
Promo offers – Young Investors Offer
– Buck a Bond
– Scotiabank StartRight Program
– Refer a Friend
– Scotia iTrade Club
Deposit fees No
Mobile appYes
Real-time quotesYes
Screening tools Yes
Research newsYes

Is Scotia iTrade Safe?

Scotia iTrade is a safe way to invest your money and offers all the security features that are promised by Scotiabank, one of Canada’s biggest and most trusted financial institutions. The company is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), so your funds are backed by robust insurance.

Plus, Scotia iTrade protects your personal information through various safeguards, so you can rest assured knowing that no pertinent data will be accessed by anyone other than you. 

Final Thoughts

Scotia iTrade offers a solid online trading platform that gives you full control over your investment decisions and allows you to trade quickly and easily. It’s great for those who are digitally savvy and appreciate the access to educational tools to ensure sound trade behaviour. Sign up for an account and test out your trading expertise with the free demo platform with Scotia iTrade.