Scotia iTRADE review: Is it good?

Colin Graves

By Colin Graves

🗓️

Updated: September 04, 2024

Partners on this page provide us earnings.

Our take

Scotia iTRADE is the discount brokerage arm of Scotiabank. Its standard pricing is similar to other big bank brokers, but it offers lower active trader pricing than its direct competitors. Investors can access over 100 commission-free exchange-traded funds (ETFs) and open a practice account. 

But that doesn’t mean that Scotia iTRADE is designed for beginners. Active traders stand to benefit the most from its powerful advanced trading platform, low active trader pricing and in-depth market research capabilities. 

Who Scotia iTRADE is for

Scotia iTRADE is best-suited for active traders who will benefit from its advanced trading tools and active trader pricing, which is lower than several other big bank brokers. It can also make sense for existing Scotiabank customers who prefer to manage their banking and investments under one roof. It’s not an ideal platform for novice investors with smaller portfolios, who are better served by lower-cost platforms such as Wealthsimple, TD Easy Trade, or even Questrade. 

Available accounts

A major advantage Scotia iTRADE has over some brokerages is the number of account types you can open. Here’s a list of what’s available: 

Pros and cons

Pros

Pros

  • Robust trading platform

  • Excellent educational tools

  • Over 100 commission-free ETFs

  • Practice trading accounts available

  • Lower active-trader pricing than some other bank brokers

Cons

Cons

  • High trading fees

  • Can’t trade fractional shares

  • Mobile trading platform not as good as some competitors

Scotia iTRADE fees and commissions

Trading fees

  • Stocks and ETFs: $9.99 (drops to $4.99 for 150+ trades per quarter)
  • Options: $9.99 + $1.25 per contract ($4.99 + $1.25 per contract for 150+ trades/quarter)
  • Mutual funds: $9.99 (no-fee for money market mutual fund trades)
  • Fixed income: $1 per $1,000 Face Value ($24.99 min. to $250 max.)
  • Exchange-traded debentures: $1 per $1,000 Face Value ($24.99 min. to $250 max.)

The above fees reflect online trades. There is an additional charge of $65 for trades placed through a telephone representative. 

Account fees

  • RSP/RIF/LIRA/LIF: $100/year (fee waived with aggregate account balance of $25,000+ or 12+ commissionable trades per year) 
  • TFSA: No fee 
  • FHSA: No fee 
  • RESP: $25/year (fee waived with aggregate accounts of $15,000 and over)
  • US-friendly RESP: $30/quarter, per registered account

Other notable fees

  • Account transfer out (full or partial): $150
  • Safekeeping: $50/month per certificate
  • Account research requests: $50/hour
  • Statement or cheque copied or confirms: $5 per item
  • Paper statement fees: $3/month
  • Paper trade confirmations: $2
  • Domestic wires (out): $25
  • Foreign wires (out): 25 + clearing fee
  • Returned cheques/deposits: $25 
  • Estate processing fee: $200

Scotia iTRADE app and dashboards: Ease-of-use and experience

Desktop platform

Scotia iTRADE recently launched its new trading platform, which it refers to as the new Scotia Online experience (vs. the classic experience). The new design is meant to provide more account information in a single view while making it easier to place trades and access active orders, among other improvements. 

At the time of this writing (August 2024), users can login to the classic experience and access the new experience by selecting a “Try It Now” banner. You can switch between the two experiences. 

The new experience isn’t yet fully operational; however, you can access most functions. Also, the new online experience has no impact over two other iTRADE platforms, its mobile app and Trade Pro. 

Trade Pro

Trade Pro is Scotia iTRADE’s advanced trading platform. The web-based app is fully customizable and optimized for faster trade execution. It has a dual screen feature that allows you to spread your viewing area across two monitors. 

Trade Pro allows for detailed streaming of a wide range of data in real-time, including multiple watchlists, corporate and Canadian and US market data and more. You can purchase various market data packages, with pricing that varies depending on your trading activity. 

Mobile app

Scotia iTRADE released a new mobile trading app in late 2022, adding increased security features, including two-step verification and added functionality. The app allows you to access real-time account information and quotes, manage open orders and receive push notifications. 

You can also transfer funds in real-time between your Scotiabank and Scotia iTRADE accounts. If you bank elsewhere, you can also transfer between iTRADE and third-party accounts. The app has a rating of 4.2 out of 5 stars on the Apple App Store and 4 out of 5 stars on the Google Play store. 

Research and education

Scotia iTRADE’s website includes a wealth of educational resources for customers, including how-to videos and demos with step-by-step instructions for logging into your account, transferring funds and placing equities and options trades. 

Investors can also access research reports from top experts, including Reuters, ValuEngine, Sabrient and Scotiabank Global Banking and Markets. 

Scotia iTRADE also offers practice accounts, where you can learn to use iTRADE’s investing tools and develop your investing skills with a fictional portfolio of CND$100,000 and USD$100,000. You’ll have access to most Scotia iTRADE account features and you can reset your portfolio at any time. You can sign up for a practice account as an existing iTRADE customer or as a Scotiabank online banking client. 

Customer service and support

Scotia iTRADE provides customer support via telephone and email. You can also visit a Scotiabank branch for general support, or if you live close to one, a Scotia iTRADE Investor Information Centre. 

I reviewed several online channels to get an idea of what people are saying about its customer service. It has a rating of 1.8 out of 5 stars on Trustpilot. While it’s considered poor, the rating is only based on 16 reviews, a small sample. I couldn’t locate a Better Business Bureau rating for iTRADE, only one for Scotiabank as a whole. 

A perusal of Scotia iTRADE threads on Reddit reveals a mixed-bag of customer experiences. Many users expressed dissatisfaction with the updates iTRADE made to its mobile app, while others were perfectly happy with its platform. I will note that some complained about certain features, while being unaware that they had been improved. For example, one user mentioned that they couldn’t view filled orders in real-time. The feature was available, but they were looking in the wrong place. 

What I like and don’t like about Scotia iTRADE

Let’s face it. Big bank brokers like Scotia iTRADE are not going to compete on price with Wealthsimple or Questrade any time soon. But I appreciate that iTRADE has tried to add value by offering over 100 free ETFs and lower active trader pricing than its direct competitors. I also like that they offer a practice trading account. 

Read more: Wealthsimple vs. Questrade

When it comes to drawbacks, reviews of its mobile trading app are mediocre, with a lot of users not sold on the new UI. Pricing — including the pesky account fees — is an issue, and it would be nice to see support for fractional shares in the near future. 

How Scotia iTRADE compares

Scotia iTRADE vs. RBC Direct Investing

Scotia iTRADE and RBC Direct Investing are very similar in that they are both big bank brokers that charge high standard trading fees, when compared to competitors like Questrade and Wealthsimple. But iTRADE gets a slight edge over RBC on two counts: It offers over 100 commission-free ETFs (the list includes some of the most popular ETFs in Canada) and it has lower active trader pricing ($4.99 vs. $6.95, for clients who place 150+ trades per quarter). 

Overall, existing RBC banking clients are probably better off staying put, but active traders looking for a new home can save money with iTRADE. Neither platform offers fractional share trading as of yet. 

Scotia iTRADE vs. TD Direct Investing

TD Direct Investing has been named The Globe and Mail’s top online brokerage for two years running1, and its trading platforms are superior to Scotia iTRADE, both from a user experience and investing tools standpoint. It also now offers fractional shares, which is a major enhancement. 

However, TD Direct Investing is even more expensive than Scotia iTRADE. The standard trading fee is identical ($9.99), but TD’s active trader pricing of $7.00 per trade is significantly higher than iTrade’s $4.99. In addition, Scotia iTRADE now offers over 100 commission-free ETFs, while TD Direct Investing does not. 

Overall, if you’re an existing Scotia iTRADE client or a fee-conscious active trader, stick with iTRADE; if you’re willing to pay a bit extra for a premium experience, go with TD Direct Investing. 

Read the full TD Direct Investing review

Scotia iTRADE vs. Wealthsimple

Wealthsimple is Canada’s largest robo-advisor, but it also offers commission-free stock and ETF trades through its self-directed investing platform. It also supports fractional shares. If you’re a new investor and don’t require the advanced trading features and research tools iTRADE offers, then Wealthsimple is the way to go. Scotia iTRADE is the better choice for more sophisticated investors. 

Read the full Wealthsimple review

Scotia iTRADE contact information

If you have an inquiry, you can contact Scotia iTRADE through the following channels: 

Telephone:

Client services: 1-888-872-3388 (Monday to Friday, 8:00am to 8:00pm ET)

Client onboarding/New accounts: 1-888-769-3723 (Monday to Friday, 8:30am to 5:30pm ET) 

Email:

Service inquiries: [email protected]

To open an account: [email protected]

Mail:

Scotia iTRADE

PO Box 4002 Station A

Toronto, ON

M5W 0G4

Scotia iTRADE eligibility criteria

To open a personal account with Scotia iTRADE, you must meet the following criteria: 

  • Be a Canadian resident 
  • Over the age of majority in your province of residence 
  • Have a Social Insurance Number (SIN) 
  • Provide valid Canadian Government-issued photo ID (e.g. passport, drivers license)

How to open a Scotia iTRADE account

According to Scotia iTRADE, you should be able to open a personal account online in about 15 minutes. 

Here are the steps to follow: 

  1. 1.

    Head to the Scotia iTRADE website and select “Open An Account.

  2. 2.

    Indicate whether you are a new or existing customer. 

  3. 3.

    You will be guided through the online application, which must be completed and submitted in the same session. 

  4. 4.

    Once your application has been verified, you’ll be able to fund your account. 

Note that if you want to open an RESP or a Legal Entity account, you cannot do so online. Instead, call Scotia iTRADE at 1-888-769-3723.

FAQs

  • What is Scotia iTRADE?

    +

    Scotia iTRADE is a Canadian online brokerage and a division of The Bank of Nova Scotia, one of Canada’s largest financial institutions.

  • Does Scotia iTRADE have fees?

    +

    Yes, Scotia iTRADE charges trading and account fees. For example, its standard commission is $9.99/trade, with reduced pricing for active traders. It also charges account fees for some account types, which can be waived if you meet a minimum balance requirement. Other fees also apply.

  • How do I close my Scotia iTRADE account?

    +

    You must contact a Scotia iTRADE representative over the phone to close your account. You cannot close it yourself online or in a Scotiabank branch.

  • Is Scotia iTRADE a broker?

    +

    Yes. Scotia iTRADE is a registered broker in all Canadian provinces and territories through its parent company, Scotia Capital Inc.

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.