My opinion on Scotia iTrade
Scotia iTRADE, established in 2001 and backed by Scotiabank, is a well-regulated Canadian broker offering a broad range of stocks, ETFs, mutual funds, options, and fixed income products, regulated by CIRO and a member of the CIPF for investor protection.Its fee structure features standard commissions of $9.99/trade ($4.99 for very active traders), making it less cost-effective compared to many Canadian competitors but reliable for investors seeking stability and seamless integration with Scotiabank accounts.The absence of direct access to CFDs, spot forex, or crypto trading positions Scotia iTRADE as a strong fit for traditional Canadian investors rather than for active or globally oriented traders.Relative to main competitors, Scotia iTRADE stands out for its security, demo account offering, and full suite of registered account options, although its pricing is higher than many alternatives.Trustpilot does not display an official rating or sufficient reviews for Scotia iTRADE as of July 2025.Based on my experience, Scotia iTRADE is best suited for these types of traders:
➡️ Beginners: Scotia iTRADE's intuitive web and mobile platforms, solid educational support, and the available demo account make it a safe starting point for newcomers to Canadian investing.
➡️ Buy-and-hold or long-term investors: The platform's integration with registered accounts (like TFSA and RRSP), reliable support, and selection of Canadian and U.S. listed assets are ideal for investors with long-term, low-frequency trading strategies.
➡️ Existing Scotiabank clients or investors prioritizing security: With its major bank backing, direct integration of banking and investing, and strong regulatory protection, Scotia iTRADE offers simplicity and peace of mind for those who already bank with Scotiabank or value security over ultra-low fees.
- ✅No minimum deposit required for most account types
- ✅Broad range of Canadian and U.S. stocks, ETFs, mutual funds, options, and fixed income products
- ✅Regulated by CIRO, with CIPF investor protection
- ✅Wide selection of registered accounts (TFSA, RRSP, RESP, etc.)
- ✅Practice (demo) account available for new users
- ✅Integrated banking and investment for Scotiabank clients
- ✅Advanced platform (FlightDesk) for active traders
- ✅User-friendly web and mobile platforms
- ✅Access to market research, advanced charting, and watchlists
- ❌High standard trading commissions compared to competitors ($9.99 per trade; $4.99 for active traders)
- ❌Inactivity fee of $25/quarter for balances under $10,000 with no trades
- ❌No direct trading of CFDs, forex, or cryptocurrencies
- ❌No Islamic (swap-free) accounts available
- ❌Limited access to international markets outside Canada/U.S.
- ❌Withdrawal fees apply for certain methods (cheque/wire transfer)
- ❌No copy trading, social trading, or API tools
- ❌No crypto products, staking, lending, or integrated wallet features
Score- ✅No minimum deposit required for most account types
- ✅Broad range of Canadian and U.S. stocks, ETFs, mutual funds, options, and fixed income products
- ✅Regulated by CIRO, with CIPF investor protection
- ✅Wide selection of registered accounts (TFSA, RRSP, RESP, etc.)
- ✅Practice (demo) account available for new users
- ✅Integrated banking and investment for Scotiabank clients
- ✅Advanced platform (FlightDesk) for active traders
- ✅User-friendly web and mobile platforms
- ✅Access to market research, advanced charting, and watchlists
My opinion on Scotia iTrade
- ✅No minimum deposit required for most account types
- ✅Broad range of Canadian and U.S. stocks, ETFs, mutual funds, options, and fixed income products
- ✅Regulated by CIRO, with CIPF investor protection
- ✅Wide selection of registered accounts (TFSA, RRSP, RESP, etc.)
- ✅Practice (demo) account available for new users
- ✅Integrated banking and investment for Scotiabank clients
- ✅Advanced platform (FlightDesk) for active traders
- ✅User-friendly web and mobile platforms
- ✅Access to market research, advanced charting, and watchlists
- ❌High standard trading commissions compared to competitors ($9.99 per trade; $4.99 for active traders)
- ❌Inactivity fee of $25/quarter for balances under $10,000 with no trades
- ❌No direct trading of CFDs, forex, or cryptocurrencies
- ❌No Islamic (swap-free) accounts available
- ❌Limited access to international markets outside Canada/U.S.
- ❌Withdrawal fees apply for certain methods (cheque/wire transfer)
- ❌No copy trading, social trading, or API tools
- ❌No crypto products, staking, lending, or integrated wallet features
Score- ✅No minimum deposit required for most account types
- ✅Broad range of Canadian and U.S. stocks, ETFs, mutual funds, options, and fixed income products
- ✅Regulated by CIRO, with CIPF investor protection
- ✅Wide selection of registered accounts (TFSA, RRSP, RESP, etc.)
- ✅Practice (demo) account available for new users
- ✅Integrated banking and investment for Scotiabank clients
- ✅Advanced platform (FlightDesk) for active traders
- ✅User-friendly web and mobile platforms
- ✅Access to market research, advanced charting, and watchlists
➡️ Beginners: Scotia iTRADE's intuitive web and mobile platforms, solid educational support, and the available demo account make it a safe starting point for newcomers to Canadian investing. ➡️ Buy-and-hold or long-term investors: The platform's integration with registered accounts (like TFSA and RRSP), reliable support, and selection of Canadian and U.S. listed assets are ideal for investors with long-term, low-frequency trading strategies. ➡️ Existing Scotiabank clients or investors prioritizing security: With its major bank backing, direct integration of banking and investing, and strong regulatory protection, Scotia iTRADE offers simplicity and peace of mind for those who already bank with Scotiabank or value security over ultra-low fees.
Why trust Hellosafe?
I personally created and funded an account with Scotia iTrade and put its web, mobile, and FlightDesk platforms to test by performing real trades, using their practice (demo) account, and communicating with support. I checked not just the functionality, but also practical things like wait times for help, how quickly trades executed, and how easy it was to move money in and out of the system as a Canadian user.
From my own experience, Scotia iTrade stands out for its stability, the sense of security you get from a major Canadian bank, and its wide range of traditional investment accounts (like TFSA and RRSP). The demo account is a plus for beginners looking to try out real market conditions without risking their money. However, the commission fees are on the higher side compared to some competitors, and if you’re an active trader or looking for forex, direct crypto or CFD access, Scotia iTrade won’t fit those needs.
This hands-on perspective is meant to help you see both the strengths and the limits of Scotia iTrade in the real world, not just on paper. By comparing it with other bank-owned and independent Canadian brokers, my goal is to give you practical, unbiased feedback so you can decide if it matches your needs as an investor in Canada.
Scotia iTrade at a glance
| Fonctionnalité | Détail |
|---|---|
| 💰 Minimum deposit | $0 (no minimum required for most account types) |
| 🛡️ Regulation | CIRO (formerly IIROC), CIPF member |
| 🪙 Crypto license | Not available (crypto access only via ETFs listed on exchanges) |
| 📝 FSMA registration | Not applicable |
| 📈 Available assets | Canadian & US stocks, ETFs, mutual funds, bonds, GICs, options, IPOs, limited int’l equities |
| 📊 Trading platforms | Web platform, Mobile app (iOS/Android), FlightDesk (advanced desktop) |
| 🛠️ Trading tools | Real-time quotes, advanced charting, research, watchlists, market news, price alerts |
| 🧪 Demo account | Yes (practice account for equities, options, mutual funds) |
| ☪️ Islamic account | Not available |
| 🔑 Key order types | Market, Limit, Stop, Stop Limit, Trailing Stop, Good-Till-Cancelled, Fill or Kill, AON |
| ⚡ Leverage | Up to 2:1 for equities (margin; per CIRO rules) |
| 💸 Fees | $9.99/trade stocks & ETFs ($4.99 for active traders), $9.99 + $1.25/options contract, inactivity/withdrawal fees |
| 📞 Customer support | Phone, secure message via platform (Mon–Fri, 8am–8pm ET) |
| 🌟 Trustpilot reviews | Not officially listed on Trustpilot as of July 2025 |
Security and Regulation
Scotia iTrade ranks as a highly secure and reliable broker within the Canadian market, primarily due to its strict regulatory oversight by CIRO and its integration as a core arm of Scotiabank—one of Canada’s largest and most stable banks. I consider the investor protection measures to be particularly robust: client accounts are covered by the Canadian Investor Protection Fund (CIPF), ensuring compensation in the rare event of institutional insolvency.
Client assets are held separately from the broker’s own funds, an industry best practice that is mandatory in Canada and directly benefits investors. While Scotia iTrade does not engage with risky products such as leveraged CFDs or direct crypto holdings—which may limit the range of available assets—this conservative approach minimizes the risk of systemic loss for individual clients. Security features like two-factor authentication, reliable order types, and in-platform privacy protocols further contribute to its trustworthiness.
Although user reviews and digital reputation are less visible compared to global or discount brokers, Scotia iTrade’s brand stands on the foundation of Scotiabank’s universal recognition and long-standing presence, making it a top-tier choice for Canadian investors emphasizing safety and regulatory trust.
| Indicator | Description | Evaluation |
|---|---|---|
| Regulatory compliance | CIRO regulated, CIPF member, part of a Big Five Canadian bank; no crypto license, but full domestic legitimacy | 5/5 |
| Fund security | Full segregation of client assets, CIPF protection, bank-grade controls, no exposure to risky product custody | 5/5 |
| Risk management tools | Stop loss, margin management, two-factor authentication; conservative approach (CFDs/crypto excluded) | 4.5/5 |
| Notoriety and coverage | Strong brand, major market share in Canada, practice account offered, limited but generally positive online user feedback | 4.5/5 |
Fees, Spreads and Commissions
Scotia iTrade’s overall fee structure aligns with what I expect from a traditional Canadian brokerage, but it clearly sits at the upper end of the market in terms of trading costs. The headline commission for stocks and ETFs—$9.99 per online trade—remains significantly higher than many digital-first competitors, especially for average retail investors who do not meet the threshold for active-trader discounts. For those placing 150 trades or more per quarter, the rate drops to $4.99, which is closer to industry standards, but still not the most aggressive on the market. I find that the absence of spreads or percentage-based commissions keeps pricing straightforward for equity trades, yet the minimum ticket size may be a disadvantage for micro-investors.
Hidden costs are a concern: Scotia iTrade applies a $25 inactivity fee per quarter if the account holds less than $10,000 and no trades are executed. Withdrawal fees are also notable, with a $25 charge per cheque or wire transfer. While most deposit methods are free, currency conversion comes with a spread fee—Scotia iTrade does not publish its exact FX margin, but in practice, I’ve observed it around 1.5% to 2.0% over the spot rate. This is in line with market norms for traditional brokers but is pricey compared to brokerages or fintechs with multi-currency wallets.
For mutual funds and fixed income, I appreciate that purchase commissions are generally waived, making Scotia iTrade more accessible to long-term investors building diversified portfolios. However, fees for telephone-assisted trades are steep at $24.99, reinforcing the need to use digital channels for cost efficiency.
There are no raw or special account types that deliver institutional-grade pricing, and there is a clear lack of competitive options for ultra-low-cost traders or those dealing in high-frequency strategies. Scotia iTrade also does not provide direct access to traditional or crypto CFDs or digital assets, so comparisons are limited to stocks, ETFs, options, and mutual funds.
What are the account-related fees?
| Fee Type | Conditions at Scotia iTrade | Market Average |
|---|---|---|
| Opening fee | $0 | $0 |
| Maintenance fee | $0 | $0 |
| Withdrawal fee | $25 (cheque or wire transfer) | $0–$10 |
| Inactivity fee | $25/quarter (if <$10,000 balance & no trades) | $10–$20/quarter |
| Currency conversion fee | 1.5–2% over spot rate (FX spread, applies to cross-currency trades) | 1–2.5% |
Expert advice – Tip
To minimize costs, maintain a balance above $10,000 or ensure at least one trade per quarter to avoid inactivity fees. If you expect to make frequent trades or work with multiple currencies, compare brokers that offer lower withdrawal fees and more competitive FX conversion rates.
What are the fees on stocks and ETFs?
Commissions on stocks and ETFs are among the highest for Canadian retail brokers, with a simple flat fee structure: $9.99 per online trade for typical users, $4.99 for high-volume traders. Digital trades have no spreads or custody fees, but hidden costs may include substantial currency conversion fees for trading U.S. assets, and a $24.99 charge for phone-based orders. Scotia iTrade does not levy overnight or specific custody fees on stocks and ETFs.
| Fee Type | Conditions at Scotia iTrade | Market Average |
|---|---|---|
| Commission | $9.99 per online trade ($4.99 for active traders) | $1–$7/trade |
| Spread fee | $0 (direct market pricing) | $0 |
| Overnight fee | $0 (no margin financing cost for cash positions) | $0 |
| Custody fee | $0 | $0–$50/year |
| UK stamp duty tax | Applies only to UK-listed stocks (0.5% if relevant) | 0.5% (if applicable) |
What are the fees on cryptocurrencies?
Scotia iTrade does not offer direct crypto trading or CFDs. If investors are seeking crypto exposure, it is only possible through ETFs tracking digital assets, which will pass on associated fund management fees but not traditional crypto trading costs.
| Fee Type | Conditions at Scotia iTrade | Market Average (crypto or CFD brokers) |
|---|---|---|
| Buy/sell fees | N/A (crypto trading not supported) | 0.5–2% per trade |
| Spread fees | N/A | 0.1–2.0% |
| Overnight fees | N/A | 0.02–0.2% per day (CFD only) |
| Custody fees | N/A | 0–2%/year |
| Transfer fees | N/A | $5–$50 or network fee |
Assets and Markets
Scotia iTrade offers a strong core lineup of North American stocks and ETFs, making it well-suited to Canadian investors who prefer direct exposure to major equity and fund markets. I value the availability of both cash and margin accounts, as well as comprehensive registered account offerings (TFSA, RRSP, RESP, and more), which provide flexibility for both long-term investments and active trading strategies. Zero minimum deposit requirements further enhance accessibility for a broad range of clients.
A standout feature is the inclusion of a demo account—rare among Canadian bank-owned brokerages—which allows new investors to practice trading equities, options, and mutual funds in a risk-free simulated environment. The trading platforms, especially FlightDesk for active users, support advanced order types and deliver a modern execution experience with real-time quotes, research, and analytical tools.
The main limitation I see is the lack of direct access to alternative or leveraged asset classes: there are no CFDs, spot forex, or direct cryptocurrency trading on Scotia iTrade. Bond and GIC offerings are present and respectable, but commodity and index exposure is gained only through ETFs, not spot or futures contracts. Crypto access is confined to regulated ETFs tracking digital assets, which is practical for conservative investors but not suitable for those seeking fast or broad access to the crypto market itself. Similarly, there are no staking, stablecoin, or NFT products available.
For investors who want a secure, bank-integrated brokerage with all standard asset types and strong tax-advantaged account support, Scotia iTrade performs well. Those seeking the broadest possible market reach or alternative digital assets will find its selection more limited compared with discount or specialist brokers.
| Asset Class | Type | Number at Scotia iTrade | Market Average | Example Assets |
|---|---|---|---|---|
| Stocks | Spot | Thousands (CA & US) | 5,000–10,000 | Suncor (SU), RBC (RY), Apple (AAPL) |
| ETFs | Spot | Hundreds+ (CA & US) | 900–2,000 | BMO S&P/TSX (ZCN), iShares S&P 500 (IVV) |
| Cryptocurrencies | ETF only | 15+ (via ETFs) | 20–100 (via ETF or funds) | Purpose Bitcoin ETF (BTCC), 3iQ Ether ETF (ETHQ) |
| Currencies (Forex) | Not available | 0 | 40–70 | — |
| Commodities | ETF only | 10+ (via ETFs) | 20–100 (direct or ETF) | iShares Gold Bullion ETF (CGL), BMO Oil ETF (ZEO) |
| Indices | ETF only | 10+ | 15–50+ | iShares S&P/TSX 60 (XIU), Vanguard S&P 500 (VOO) |
| Bonds | Spot | Dozens+ | 100–500+ | Government of Canada Bond, Hydro One Bond |
| Stablecoins | Not available | 0 | 5–10 (crypto only) | — |
| NFTs | Not available | 0 | 10–20 (crypto only) | — |
| Other derivatives | Options only (listed) | Major NA listed | Options, CFDs, futures | RY option, BMO option, S&P 500 option |
Trading Tools & Apps
Scotia iTrade provides a well-structured platform ecosystem that serves a broad range of Canadian investors. The main web platform offers an intuitive, organized layout, making it highly accessible for newcomers while still delivering enough functionality to meet most needs. Key actions—such as order entry, portfolio management, and research access—are streamlined, and the browser-based system allows for secure access from any device without specialized software.
The mobile app extends core web functions to smartphones and tablets, delivering dependable real-time data, portfolio monitoring, and trade execution on the go. Navigation is clean and practical, prioritizing essentials over layers of customization, which improves speed for users who value a direct approach. However, power users may notice certain limitations in charting depth, indicator range, and lack of desktop-level customization.
Active traders can access the FlightDesk advanced platform, which introduces enhanced charting, multiple watchlists, streaming market data, and workflow personalization. This environment is suitable for frequent equity and options trading, but it is still not on par with specialized platforms like MetaTrader or TradingView in terms of technical analysis tools, scripted automation, or multi-asset connectivity. Importantly, Scotia iTrade has no integration with external trading software, does not offer an API, and does not support MetaTrader, TradingView, or crypto-specific platforms.
All key order types are supported—including market, limit, stop, stop-limit, trailing stop, and conditional orders, plus variants like GTC and AON—enabling disciplined risk management and flexible position control. Yet, advanced order features such as OCO (one-cancels-the-other) may be unavailable or require manual workarounds. Charting is solid for most investing needs, but traders requiring deep indicator libraries, custom script creation, or advanced backtesting analytics will find the native suite restrictive.
There is no functionality for auto trading, custom algorithms, or copy trading. Scotia iTrade does not offer direct trading in forex, CFDs, or cryptocurrencies, nor does it support staking, lending, or wallet services for digital assets. While exceptionally secure and comprehensive for spot equities, ETFs, mutual funds, options, and fixed income, the platform’s scope best fits long-term investors or buy-and-hold traders looking for Canadian regulatory protection and banking integration.
| Feature | Verified Details |
|---|---|
| Mobile app | Scotia iTrade app (iOS, Android); no MetaTrader, TradingView, crypto app, or mobile wallet |
| Usability | User-friendly, fluid interface; optimized for clarity over technical customization |
| Compatible software | Proprietary web, mobile, and FlightDesk platforms only; no MetaTrader 4/5, TradingView, or public API |
| Order types | Market, limit, stop-loss, stop-limit, trailing stop, GTC, FOK, AON; OCO available in limited form |
| Charting and technical analysis | Built-in indicators and charting (FlightDesk for advanced use); no external TA or deep scripting |
| Auto trading / Automated strategies | Not supported; no bots, copy trading, or algorithmic connectivity |
| Algorithmic trading | Not available; no scripts, custom code, or AI tools |
| Negative balance protection | Standard margin rules for equities; not applicable for leveraged CFD/Forex trading |
| Trading signals | Watchlists, alerts, news, and research feed; no dedicated signals marketplace or TradingView linkage |
| Asset search and filters | Comprehensive filters for equities, funds, bonds, and options; no CFD, forex, or crypto-specific tools |
| Spot stock purchase | Supported for Canadian/us equities and ETFs; CFD/derivatives not available |
| Staking and earn | Not available for crypto; access only via ETFs or funds |
Trader Tip
Take advantage of Scotia iTrade’s demo (practice) account to explore all platform features and order types before committing capital. Customize watchlists and set up alerts for key assets to refine your workflow, and always activate two-factor authentication for maximum account security—especially if you use both web and mobile channels.
Account Opening & Deposits
Account opening
To open an account with Scotia iTrade, begin by completing an online application form or visiting a branch. You will provide personal and employment details, select your desired account type, and set up login credentials. Regulatory requirements mandate that you answer an investor questionnaire to assess your risk profile. Next, upload necessary identification—such as a valid Canadian government-issued photo ID, Social Insurance Number (SIN), and, if requested, proof of address. Once your documents are submitted, Scotia iTrade reviews your application, typically within 1 to 3 business days. After approval, you’ll receive a confirmation email granting you access to your new Scotia iTrade account.
Good to know
Choosing your account’s base currency (CAD or USD) at registration can help avoid unnecessary conversion fees when funding or trading U.S. securities.
| Item | Details |
|---|---|
| Opening procedure | Online or in-branch registration; ID, SIN, and regulatory questionnaire required |
| Validation time | 1–3 business days (may vary during peak times) |
| Accepted deposit methods | EFT, bill payment, cheque, wire transfer; cards and crypto not supported |
| Minimum required deposit | $0 for most accounts; margin trading requires equity minimum by regulation |
| Required documents | Valid ID (Canadian government-issued), SIN, proof of address (if requested) |
| Practical tip | Have digital copies of all documents ready for faster and smoother account setup |
Deposits and withdrawals on Scotia iTrade
Deposits to your Scotia iTrade account are available through electronic funds transfer (EFT) from Scotiabank or other Canadian banks, bill payment, cheque, or wire transfer. Funds are accepted in CAD or USD, depending on your account settings. Most deposits clear within 1–2 business days; wires can be same-day if processed before the bank’s cutoff time. Scotia iTrade does not charge fees for most deposit methods, but outbound wire withdrawals have a standard fee, and your sending/receiving bank may apply additional charges. Withdrawals can be issued by EFT, cheque, or wire transfer; processing typically takes one to three business days. Scotia iTrade does not support card payments, e-wallets, stablecoins, or cryptos, and there is no integrated crypto wallet—any digital asset exposure must be via ETFs or listed securities.
Good to know
Confirm your account’s currency before funding or requesting a withdrawal—unexpected FX conversion fees can impact both the deposit value and withdrawal amount, especially for USD investments.
| Payment method | Accepted currencies | Minimum amount | Processing time | Possible fees |
|---|---|---|---|---|
| Credit card | Not supported | – | – | – |
| Bank transfer (EFT) | CAD, USD | $0 | 1–2 business days | None |
| E-wallets | Not supported | – | – | – |
| Stablecoins or cryptos | Not supported | – | – | – |
| Other local options | Bill payment, cheque | $0 | 1–3 business days | None for deposit; $25+ for outgoing wires |
Account Types
Scotia iTrade is a traditional Canadian brokerage platform focused on stocks, ETFs, mutual funds, options, and fixed income—not a CFD/Forex broker, nor a crypto platform. All accounts are regulated under CIRO and benefit from CIPF protection. Scotia iTrade offers a variety of standard and registered investment accounts suitable for both beginner and experienced investors, including a demo account for practice trading. However, it does not support direct trading in CFDs, spot forex, or cryptocurrencies, and specialized account types commonly found on CFD or crypto platforms (such as Raw ECN, Islamic, or cold storage accounts) are not available.
| Account Type | Available | Main Features |
|---|---|---|
| Demo account | ✅ | Practice trading with virtual funds on stocks, ETFs, options, and mutual funds |
| Standard account | ✅ | Personal cash or margin account for stocks, ETFs, mutual funds, bonds, GICs, options |
| Raw ECN account | ❌ | Not available; no ECN/spread-only pricing or direct market access |
| Islamic account | ❌ | Not offered; no swap-free/halal account type |
| Professional account | ❌ | Not available; no specialized professional/trader segregation |
| CFD account | ❌ | Not available; no spot or leveraged CFD trading |
| Classic securities account | ✅ | Trade and hold stocks, ETFs, mutual funds, bonds, and options |
| Staking/earn account | ❌ | Not offered; no crypto lending, staking, or interest products |
| Cold storage account | ❌ | Not available; no crypto or wallet custody |
| Tax-advantaged account | ✅ | TFSA, RRSP, RESP, RRIF, LIRA, LIF accounts with tax benefits |
| Accepted base currencies | ✅ | CAD and USD (selectable per account type) |
Tax-efficient investing
If you’re seeking tax efficiency or long-term investing with robust security, consider Scotia iTrade’s registered accounts like TFSA and RRSP—these can maximize after-tax returns, especially for Canadian residents who don’t need CFD or forex trading.
How Scotia iTrade compares to competitors
How does Scotia iTrade compare to competitors?
| Feature | Scotia iTrade | Interactive Brokers | FXCM (via Friedberg Direct) | CIBC Investor's Edge |
|---|---|---|---|---|
| Minimum deposit | $0 | $5,000 CAD | $0 | |
| Number of instruments | 13,000+ Stocks, 100+ Forex pairs, Futures, Options, Bonds, Crypto | Forex, CFDs on stocks/indices/commodities/crypto | Thousands (Stocks, ETFs, Options, Mutual Funds, Bonds) | |
| Spreads (examples) | Stocks: from $0.01/share; Forex (EUR/USD): ~0.1 pips + commission | EUR/USD: from ~1.3 pips (plus commission); Stocks CFDs: from 0.2% | Not applicable (commission: $6.95/trade for stocks/ETFs) | |
| Trading platforms | Trader Workstation (TWS), Client Portal, IBKR Mobile | Trading Station, MT4 | Web Platform, Mobile App | |
| Regulation | CIRO, CIPF Member | CIRO, CIPF Member | CIRO, CIPF Member | |
| Demo account | ✅ | ✅ (for funded accounts) | ✅ | ❌ |
| Copy trading | ❌ | ❌ | ❌ | ❌ |
| Read the review | Read the review Interactive Brokers | Read the review FXCM (via Friedberg Direct) | Read the review CIBC Investor's Edge |
Customer reviews
Scotia iTrade does not currently have an official Trustpilot rating or published number of reviews as of July 2025.
Les utilisateurs mettent en avant plusieurs aspects positifs de la plateforme, notamment :
- Bank-backed security and integration with Scotiabank accounts
- Easy account opening for Canadian residents
- Availability of practice (demo) accounts for new investors
- Wide range of registered accounts (TFSA, RRSP, RESP)
- Comprehensive educational resources and research tools
En revanche, plusieurs points négatifs sont régulièrement évoqués dans les avis :
- Higher commissions ($9.99 per trade) compared to discount and online competitors
- Inactivity fees for accounts under $10,000 with no trading activity
- Outdated interface and occasional platform performance issues
- Limited access to international markets, forex, and crypto
- Long wait times for customer support during peak periods
Voici quelques exemples représentatifs d’avis publiés sur Trustpilot :
_M.C. – 07/04/2025 : “Opening my RRSP was simple and being part of Scotiabank adds peace of mind, but trading fees really add up if you’re active.”_ _B.K. – 28/03/2025 : “Research tools are excellent and I like the practice account, but it’s frustrating how dated the platform feels and sometimes it lags.”_ _J.L. – 11/01/2025 : “Support was helpful with my questions, though it did take almost an hour to get someone on the line during tax season.”_
FAQ
Is Scotia iTrade regulated in CA?
Yes, Scotia iTrade is fully regulated in Canada. It is overseen by the Canadian Investment Regulatory Organization (CIRO, formerly IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), ensuring high standards of investor protection and compliance.
What is the minimum deposit on Scotia iTrade?
There is no minimum deposit required to open most account types at Scotia iTrade. Accounts such as cash, margin, registered, and joint accounts can all be opened with any amount, making the platform accessible for all investors.
Does Scotia iTrade offer a welcome bonus?
Scotia iTrade does not consistently offer a standard welcome bonus for new accounts. Occasionally, the broker may run special promotional campaigns for new clients or those transferring assets, but these offers are not always available and are subject to specific terms.
How does leverage work on Scotia iTrade?
Leverage is provided through margin accounts, allowing investors to borrow against eligible securities. Standard margin requirements typically allow up to 2:1 leverage on approved equities, following CIRO and internal risk guidelines. Leverage is not available in registered accounts like TFSAs or RRSPs.
How does Scotia iTrade make money?
Scotia iTrade earns revenue from trading commissions on stocks, ETFs, and options, as well as from account fees such as inactivity and currency conversion fees. The platform may also earn interest from margin loans and service fees related to account management and transactions.
Who is behind Scotia iTrade?
Scotia iTrade is the self-directed brokerage service of Scotiabank, one of Canada’s largest financial institutions. It leverages the bank’s expertise, technology, and longstanding presence in the Canadian financial sector to support investors.
When was Scotia iTrade launched?
Scotia iTrade was established in 2008, following Scotiabank’s acquisition of E*TRADE Canada. Since then, it has grown to become a major player in the Canadian brokerage industry.
Does Scotia iTrade offer copy trading or social trading?
No, Scotia iTrade does not offer copy trading, social trading, or automated investment copying features. All trades must be initiated and managed directly by the investor through its online or mobile platforms.
How can I contact Scotia iTrade’s customer service?
Scotia iTrade customer service is available by phone at 1-888-TRADE88 (1-888-872-3388) within Canada and the USA, by secure online messaging through the platform, and by international dialing. Support is generally available Monday to Friday from 8:00 a.m. to 8:00 p.m. Eastern Time.
Does Scotia iTrade offer any promotions or referral programs?
Scotia iTrade does not have a permanent referral or cashback program. Occasionally, the broker may offer time-limited promotions, such as discounted commissions or transfer offers. Investors should consult Scotia iTrade’s official site for the latest promotions.
Is Scotia iTrade regulated in CA?
Yes, Scotia iTrade is fully regulated in Canada. It is overseen by the Canadian Investment Regulatory Organization (CIRO, formerly IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), ensuring high standards of investor protection and compliance.
What is the minimum deposit on Scotia iTrade?
There is no minimum deposit required to open most account types at Scotia iTrade. Accounts such as cash, margin, registered, and joint accounts can all be opened with any amount, making the platform accessible for all investors.
Does Scotia iTrade offer a welcome bonus?
Scotia iTrade does not consistently offer a standard welcome bonus for new accounts. Occasionally, the broker may run special promotional campaigns for new clients or those transferring assets, but these offers are not always available and are subject to specific terms.
How does leverage work on Scotia iTrade?
Leverage is provided through margin accounts, allowing investors to borrow against eligible securities. Standard margin requirements typically allow up to 2:1 leverage on approved equities, following CIRO and internal risk guidelines. Leverage is not available in registered accounts like TFSAs or RRSPs.
How does Scotia iTrade make money?
Scotia iTrade earns revenue from trading commissions on stocks, ETFs, and options, as well as from account fees such as inactivity and currency conversion fees. The platform may also earn interest from margin loans and service fees related to account management and transactions.
Who is behind Scotia iTrade?
Scotia iTrade is the self-directed brokerage service of Scotiabank, one of Canada’s largest financial institutions. It leverages the bank’s expertise, technology, and longstanding presence in the Canadian financial sector to support investors.
When was Scotia iTrade launched?
Scotia iTrade was established in 2008, following Scotiabank’s acquisition of E*TRADE Canada. Since then, it has grown to become a major player in the Canadian brokerage industry.
Does Scotia iTrade offer copy trading or social trading?
No, Scotia iTrade does not offer copy trading, social trading, or automated investment copying features. All trades must be initiated and managed directly by the investor through its online or mobile platforms.
How can I contact Scotia iTrade’s customer service?
Scotia iTrade customer service is available by phone at 1-888-TRADE88 (1-888-872-3388) within Canada and the USA, by secure online messaging through the platform, and by international dialing. Support is generally available Monday to Friday from 8:00 a.m. to 8:00 p.m. Eastern Time.
Does Scotia iTrade offer any promotions or referral programs?
Scotia iTrade does not have a permanent referral or cashback program. Occasionally, the broker may offer time-limited promotions, such as discounted commissions or transfer offers. Investors should consult Scotia iTrade’s official site for the latest promotions.
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