CIBC Investor’s Edge Broker Review 2022
CIBC Investor's Edge Review
- Fees and Commissions
- Account Options
- ETF Trading Fees
- Customer Service
- User-Friendly Platform and Mobile App
- Overall Banking Convenience
CIBC Investor's Edge Review Summary:
CIBC Investor’s Edge offers safe, relatively low cost, and convenient ways to trade, making it one of the most popular brokerages in Canada. For current CIBC customers, it simplifies your life by providing a solution for many of your financial needs all in one place. Its revamped and easy to use platform also makes it a good option for those new to DIY trading.
While it does compete well in terms of pricing when compared to other big bank brokerages, it’s not the lowest cost option. Canadian online discount brokerages like Questrade, Wealthsimple Trade, and our #1 overall Canadian discount broker, Qtrade, all offer similar products, some at an even lower price than CIBC Investor’s Edge.
In our CIBC Investor’s Edge review, we’ll be looking at what it really costs to trade on this platform as well as looking at its investment options and tools, and how it stacks up to Questrade.
After reading up on CIBC Investor’s Edge here, head on over to Canada’s best stock brokers list where you can find out about other recommended options that might be right for you.
- All account options available
- Lower trading fees than other big banks
- Easy access from mobile and desktop devices
- Commitment to updates and innovation
- Possible to purchase fractional shares
- More expensive than the best non-bank brokers
- High fees on ETFs trading
- Mediocre user interface for main platform and app
- Most negatively mentioned customer service of all MDJ brokerage reviews
- Still charging a $100 annual maintenance fee
While CIBC is a decent option, it’s far from being the best. High fees and no free ETFs mean there are much better brokers.Visit Qtrade & Get 50 Free Trades
What Is CIBC Investor’s Edge?
If you are already a CIBC customer, you might already know that it has been around for a long time, over 100 years in fact. As a result, it offers an array of choices when it comes to how you save and invest your money. It offers the basics, such as cash accounts, TFSA, RRSP, and RESP. It also offers you access to other attractive investment options like stocks, ETFs, mutual funds and bonds.
Something that makes CIBC stand out is that it was the first to launch Canada’s first depository receipts (CDRs). This means that customers can use the Neo Exchange platform to purchase fractional shares of the US’s top performing stocks, such as Amazon and Tesla.
The benefit of using the CDR is that you won’t need to convert your currency to USD to make the purchase, as CIBC uses an automated currency hedge to mitigate the currency exchange risks.
With the launch of CIBC Investor’s Edge, it became easy for CIBC customers to also become DIY investors. Investor’s Edge has multiple options for both long-term and short-term investment needs.
That said, in many areas they have fallen behind their more well-known peers at BMO, TD, RBC, and Scotiabank over the years. In terms of trading commissions, they simply cannot compete with other options that offer low-fee or even free commissions.
CIBC Investor’s Edge Trading Fees and Commissions
CIBC Investor’s Edge trading platform is not only competitive with the other big bank brokerages in Canada, they are significantly cheaper when it comes to daily trading fees, stock and ETF transaction. If you meet the active trader threshold of 150 trades per quarter, you’ll pay only $4.95 per trade.
In May this year CIBC Investor’s Edge made a big move by slashing their stock and ETF trading fees to $0 for young investors aged 18-24. This is for both Canadian and US stock trades. To make it even more attractive for young investors, they have also waived their annual account maintenance fee.
For traders above 24, CIBC Investor’s Edge doesn’t quite match low-cost leaders (non-brank brokerage firms) like Questrade, Qtrade and Wealthsimple Trade, CIBC’s online discount brokerage beats all the other big bank brokerages when it comes to trading fees.
Account and Transaction Fees
Like the other major banks CIBC Investor’s Edge has no account minimum in place; however, they will not hesitate to charge a fairly substantial fee if you do not meet their account minimum threshold.
If your RRSP account has a balance under $25,000, you’ll pay $100 annually. However, you won’t pay any fees if the market balance of your account is greater than $25,000.
If your basic non-registered account is below $10,000, then you’ll owe an annual $100 fee as well. Again, this fee is waived if your balance is greater than $10,000 or if you also have a retirement account with CIBC.
The good news is that the TFSA and RESP are completely free to open and trade in, no matter what your balance is. Additionally, the CIBC Smart™ Account for students is free, and might be the best deal out there for students who want to get started with investing.
Below is a quick chart of the more common CIBC Investor’s Edge account fees that you might run into.
|Home Buyers Plan & Life Long Plan Withdrawals||$50|
|Copies of Statements, Confirms, Cheques and Tax Receipts||$5|
|Wire fee (out)||$40|
|Wire fee (in)||Free|
|Estate Account Processing||$100 per account|
CIBC Investor’s Edge ETF Fees
One of the major reasons that Qtrade is our #1 most recommended brokerage is that they combine the elite level information and platforms that the big bank brokerages like Investor’s Edge bring to the table – but combine it with free ETF trading (as well as some other unique features).
These free ETF transactions can keep a substantial amount of your money in your account – ready to compound – instead of getting siphoned away. When you think that you might be using your discount brokerage account for 50 years, if you make 4 ETF trades every three months – and that takes away from your nest egg that is growing at 8% per year – then you will be sacrificing close to $55,000 in ETF trading fees over the course of your portfolio’s lifetime!
|Online Discount Broker||Per Transaction Cost to Buy ETFs||Per Transaction Cost to Sell ETFs|
|CIBC Investor’s Edge||$6.95||$6.95|
|RBC Direct Investing||$9.95||$9.95|
|TD Direct Investing||$9.95||$9.95|
Options Trading Fees
If options trading is your thing, Investor’s Edge is definitely competitive in this arena. Their $6.95 rate continues to shine vs leading competitors at TD and RBC. There is also the standard $1.25 per contract fee added on. The rate goes down to $4.95 (matching the Scotia iTrade rate) if you hit active trader status.
CIBC Investor’s Edge Account Types: TFSA, RRSP, Non-Registered
The wide variety of both registered and non-registered accounts available with Investor’s Edge, stacks up well against what any other discount broker brings to the table. You should expect no less from such a large-scale Canadian corporation!
- Non-registered accounts
- Margin Accounts
- Informal Trust
- Investment Club
- Trust or Estate
CIBC Investor’s Edge Mobile App Review
The Investor’s Edge mobile app is called the CIBC Mobile Wealth app on both the Google Play and Apple App stores.
The CIBC Investor’s Edge mobile app provides users with a convenient way to monitor account balances and trade stocks, ETFs and options anytime, from anywhere. Users can also stay updated on important investment news, such as new IPOs, so they can jump on new opportunities as they happen.
Users will also have access to graphs and charts to help them analyze their entire portfolio in one easy to read view, or look at different investment accounts separately. By taking the time to check on your portfolio regularly, investors always know how their investments are doing, and make a change if needed. With CIBC’s stock app, investors can conveniently buy and sell whenever they wish.
In the past, the app had a bit of a bad reputation due to poor user experience and slow speed. However, CIBC addressed the issues and continues to update and improve the app. This has led to higher customer satisfaction, with an overall 3.5 star rating from over 4,000 reviews on the App Store and a 3.2 on the Google Play store.
The app has over 100,000 downloads, which is another sign that it’s growing in popularity and trust. Want to find out more about other mobile trading apps? Head over to our best stock trading app page to find out more about other options that allow you to trade easily from your mobile device.
CIBC Platform and Tools
CIBC Investor’s Edge has recently updated its mobile and desktop platforms, with its website getting a much needed refresh as well. The enhanced design allows users to more easily access tools, make trades, or do a bit of research. They have also added enhanced accessibility features for those who need it.
Like most online platforms, CIBC Investor’s Edge provides tools to help investors research, strategize, and execute, helping them make well-informed decisions for their financial futures.
Some of the tools include insights from CIBC World Markets Inc., access to Trading Central, which offers technical analysis resources, and advanced charting tools to help you predict when the best time for a future trade might be.
Users will also have access to a wide range of other research tools, as well as the ability to build their own watch lists and alerts.
CIBC Investor’s Edge Customer Service
Likely because of its big bank background, CIBC Investor’s Edge is able to offer stellar customer service. You can actually get in touch with a real life person in a variety of ways, like phone, email and online chat.
For Mandarin and Cantonese speakers using the Asian trading desk, it offers phone support.
Being able to get in touch with customer support is definitely a rarity these days, as some online brokerages make it nearly impossible to get in touch.
CIBC vs. Questrade
Our readers often ask us how CIBC compares to Questrade. Yes, Questrade is one of Canada’s most popular brokers, but CIBS also has its perks. Check out the table for a side by side comparison of the two, which can help you decide which broker is right for you.
CIBC Investor's Edge
No annual fee or inactivity fee for accounts holding more than $10,000. For accounts with $10,000 or less, $100 per year.
$6.95 per trade
Free to buy only
$6.95 per trade
As low as $0.01 per trade.
Average. Customer service can be difficult to reach, and there have been complaints about order processing times.
Very good. Much improved over the last three years. Still some work to do on the customer service wait times.
Foreign Exchange Capability
Available, 1.5-1.99% fee.
None (other than CAD to USD).
Available, zero fees.
CIPF and IIROC Member
Wide range of tools as well as education platform CIBC Learn.
Made excellent gains in the last few years
Mutual Fund Purchases
$50 in Free Trades
If you want to know how Questrade compares to our most recommended Canadian broker, read this Questrade vs. Qtrade in-depth comparison article.
CIBC Investors Edge Review Frequently Asked Questions
CIBC Investor’s Edge Review – Final Thoughts
CIBC Investor’s Edge stands out among the big Canadian banks and showed a big commitment to remaining competitive by dropping fees for young investors.
It’s also one of the only brokerages offering fractional shares in Canada, so we’ve got to give them credit for that. For those who want to DIY their investment portfolio, especially if they already bank with CIBC, Investor’s Edge is a decent option.
However, the fees for regular investors over 24 remain on the high side when compared to Canadian discount brokerages like Qtrade and Wealthsimple Trade. The more you save on fees, the more you’ll be able to invest in the future. So, definitely keep this in mind when considering what brokerage is right for you.
To find out more about one of our top recommended brokerages, Qtrade, check out our complete Qtrade review for more info on just why we give it the, well… edge…, over CIBC Investor’s Edge, and the other Canadian discount brokers.