I’ve been a customer of CIBC for a very long time, probably since I was 5-6 when I opened my first bank account. When I turned 15-16, I opened a CIBC Investors Edge Account (with my parents). Since I have substantial experience with CIBC Investors Edge, I thought I would share some of my thoughts on them.
Their basic trading platform is a web based one. Their interface is very basic, and can be quite cumbersome. For example, after placing a trade, it brings you to a “confirmation page” which requires you to re-enter your password. It’s an extra bit of security, but slows down the process. Perhaps I’m spoiled with the super quick execution of Interactive Brokers.
- Like other big banks, they have access to an abundance of mutual funds.
- They have a free mutual fund screener (same as globefund.com).
- $100/year for balances under $25,000 for RRSP/RRIF/LIRA/LIF;
- $0/year for TFSA; and,
- $100/year for balances under $10,000 for non-registered accounts (exempt if you hold an RRSP with CIBC).
- $6.95/trade for regular investors;
- $4.95/trade for 150+ trades a quarter;
- Free dividend reinvestment. However, they cannot purchase partial shares.
Real Time Quotes
- They offer free real time quotes for both U.S and Canadian stocks. However, they do not offer real time charts (15 min delay).
Forex Exchange Rate
- Their Forex rate is comparable to other big banks where they charge 0.90% each way. They do not offer wash trades like TD does.
What Needs Improvement
- Even though they have a great pricing structure for traders, their web interface is really cumbersome and not responsive enough for quick trades. For example, after submitting a trade, they bring you to a confirmation screen that makes you re-type your password.
- They NEED real time charts. If they want to be taken seriously in the trading world, they need to integrate this ASAP.
- I would like to see more details on performance. Right now, they only show the “purchase price” in the RRSP accounts. In the regular non-registered account, they don’t show any “performance” metrics at all.
- Good basic brokerage with a competitive commission package for active traders. If you are interested in stock trading, here are some free online stock trading tools that I have used and recommend.
- You can see a comparison of the CIBC Investors Edge relative to other discount brokerages in my article: Canadian Discount Brokerage Comparison.
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