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:
Fairly recently, CIBC has upped its game and updated its trading platform to provide low-cost trading options and compete with popular platforms such as Questrade, Wealthsimple Trade, and our #1 overall Canadian discount broker: Qtrade.
When compared to other banks, CIBC Investor’s Edge does in fact have an edge when it comes to providing low-cost options for the DIY trader, but when compared to newer trading platforms, it’s not quite able to compete.
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.
- Backed by a large Canadian bank with a long history
- All account options available
- Lower trading fees than other big banks
- Easy access from mobile and desktop devices
- Commitment to updates and innovation
- One stop financial service center
- Possible to purchase fractional shares
- New promo – up to $2,000 in cash back
- 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
- Not conducive to day trading
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 Up To $5,000
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 Investors Edge 2022 Welcome Bonus
CIBC has a new attractive promo offer for MDJ users which allows you to earn up to $2,000 in cashback when you first transfer funds into your account:
- Get $50 when you transfer in $10,000 to $24,999
- Get $100 when you transfer in $25,000 to $49,999
- Get $200 when you transfer in $50,000 to $99,999
- Get $500 when you transfer in $100,000 to $499,999
- Get $1000 when you transfer in $500,000 to $999,999
- Get $2000 when you transfer in a million or more
Offer is valid until March 1st 2022. Click the button below to visit CIBC investors Edge’s site and get the full details.
CIBC Investors 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, clocking in at a flat $6.95 per online equity and ETF transaction.
That gets lowered to $5.95 if you’re still under a student account (if you’re a student and already investing – good on you!) and $4.95 if you meet the active trader threshold of 150 trades per quarter.
While not quite matching low-cost leaders (non-brank brokerage firms) like Questrade , Qtrade and Wealthsimple Trade, CIBC’s online discount brokerage beats up all the other big bank brokerages when it comes to trading fees.
Account and Transaction Fees
Like the other major banks CIBC Investors 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 Investors 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 Investors 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 Investors Edge||$6.95||$6.95|
|RBC Direct Investing||$9.95||$9.95|
|TD Direct Investing||$9.95||$9.95|
Options Trading Fees
The CIBC Investors Edge’s… um… edge… when it comes to trading commission continues on when we look at options trading. 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 Investors Edge Account Types: TFSA, RRSP, Non-Registered
The wide variety of both registered and non-registered accounts available with Investors 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 Investors 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 3.7 star rating from over 4,000 reviews.
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 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.
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
Get anywhere from $50-$2,000 cash back, depending on how much you transfer in.
$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 Investors Edge Review – Final Thoughts
When compared to other banks-owned brokerages, CIBC Investor’s Edge provides a relatively low-cost, safe, and comprehensive platform for DIY investors who are comfortable managing their own portfolios. The ability to purchase fractional shares as a CIBC customer is also an added bonus that other discount brokers might not offer at this time.
That being said, there are better options out there with lower fees, like Qtrade. CIBC’s multitude of fees will add up over time, taking a big chunk of your potential earnings. When planning your financial future, you need to keep the end goal in mind, and try to avoid things that might not let you fully realize that goal.