No, Scotia iTRADE is not free and its trading commissions are among the highest in the industry at $9.99 per equity trade.
Scotia iTrade’s flat-fee trading commissions are high compared to the pricing on independent discount brokers.
What is Scotia iTRADE?
A Scotia iTrade brokerage account offers do-it-yourself investors access to a variety of investment accounts, products, and trading platforms.
Owned by one of the biggest banks in Canada, Scotiabank, it is one of a few online brokers to offer commission-free ETFs.
Fees and commission of Scotia iTRADE
Scotia iTrade’s trading commissions are similar to the base fee for TD Direct Investing and a few cents more than RBC Direct Investing and BMO InvestorLine.
To qualify for active trader pricing, you must place 150 or more trades per quarter.
Fixed-income asset trades placed online cost $1 per $1,000 of face value. A minimum commission of $24.99 applies to each trade. If placed over the phone, an extra $65 fee applies.
For Exchange Traded Debentures, the fee is $1 per $1,000 of face value. A minimum commission of $24.99 applies to each trade.
If you use the assistance of a phone representative, an extra $65 fee applies.
Scotia iTrade has 104+ commission-free ETFs you can buy without paying a trading commission, when you execute your trade online or through TELE-TRADER, and hold the ETF for at least one business day.
Regular trading fees apply when you sell.
Administrative Fees of Scotia iTRADE
A “low activity account administration” fee of $25 per quarter is charged if your account balance is $10,000 or less (non-registered accounts).
A $100 registered account fee is levied per year on RRSP, RRIF, LIRA, and LIF when the balance is less than $25,000 (waived in some cases).
These fees are waived if you are under 26 years of age.
Scotia iTRADE FlightDesk Fees
The FlightDesk trading platform is an upgradable service from Scotia iTRADE; you’ll pay a monthly premium based on your trading volume and account size.
To get the platform for free, you’ll need to have a minimum of $250,000 in assets in your account or make between 30 to 149 trades every month.
If you don’t meet these requirements for free access, the platform can cost you a monthly fee of $29.99 to $79.99, depending on your account balance and monthly trading volume.
Waving fee on Scotia iTRADE
Active traders get a discount of $5 per trade for equities and options. To qualify, you must place 150 or more trades per quarter. Investors with $1 million in assets also enjoy this discount.