CIBC Investors Edge Review: Is it Best for Canadian Investors?
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CIBC Investor’s Edge provides brokerage services to Canadian consumers, one of the greatest Canadian brokerages. In 1961, the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1875) merged to form the CIBC.
The Investor’s Edge brokerage arm provides low-cost access to Canadian andU.S.S stock and options markets, as well as guaranteed investment certificates (GICs), exchange-traded funds (ETFs), bonds, and mutual funds. The broker offers a web-based, desktop, and mobile trading platform and access to third-party research resources that may be extremely beneficial to a self-directed investor or trader.
Many rivals, particularly other big-bank platforms, charge more online trading than CIBC Investor’s Edge. Furthermore, it’s simpler to avoid the standard account maintenance cost for non-registered accounts because the price is eliminated if you have more than $10,000 in your CIBC investor edge account.
The CIBC layout is easy to navigate, with connections to all essential account functions accessible from the top navigation bar. Overall, it’s a reliable online brokerage for both novice and seasoned investors. Customers can also earn up to $2,000 cashback for moving $10,000 or more into their Investor’s Edge account for a limited period.
CIBC Investors Edge Review: What Is CIBC Investors Edge?
CIBC Investor’s Edge is a low-cost online investment platform run by CIBC Investor Services Inc., a CIBC bank affiliate. Because it’s run by one of Canada’s major five banks rather than an independent financial services firm, CIBC Investor’s Edge has a well-known brand and a good reputation as a reliable organization. The investing platform is designed for consumers who wish to manage their portfolios and make their own financial decisions without guidance.
The CIBC Investor’s Edge platform, with its low fees and extensive tools and services, is likewise created with rookie investors in mind and attempts to make the process of investing as simple as possible.
CIBC, founded in 1867, now has over 45,000 workers and 10 million clients throughout the world. As a result, CIBC is, without a doubt, one of Canada’s largest financial institutions. It is one of Canada’s main five banks. The Canadian Imperial Bank of Commerce (CIBC) owns an online discount brokerage platform and Canada’s largest banks.
As of which, it will appeal to those who wish to have personal control over their money. CIBC ensures its client’s and members’ safety, security, and convenience. Not to mention, you may simply convert CAD to USD and vice versa with Investor’s Edge. This feature is particularly valuable for buying and holding high-qualiU.S. US equities.
All of this may be done online, and you won’t have to wait for help. All deals made on the site are typically settled in three business days. CIBC is, undoubtedly, one of the top Canadian banks, in my opinion.
How does CIBC Investors Edge work?
To utilize CIBC Investor’s Edge, just create an account online and pick between a registered account, such as a TFSA or RRSP, and a non-registered personal account. You next fund your account by transferring monies from a CIBC bank account to your CIBC Investor’s Edge account using the ‘Cash Transfers’ option.
You can also move cash or assets to your CIBC Investor’s Edge account from another financial institution. You may then use instructional tools to learn about investing, or you can immediately start trading if you’re more experienced. CIBC Investor’s Edge has a wealth of videos and lessons on how to utilize the platform, as well as more complex topics like short selling stocks, dollar-cost averaging, and more.
CIBC Investor’s Edge is a complete platform for do-it-yourself investors to design and manage their portfolios, backed by the security and reliability of CIBC, Canada’s fifth-largest bank. CIBC Investor’s Edge has risen to the top of Canada’s finest trading platforms thanks to a freshly updated website and low-cost stock and ETF trading.
Compared to other Canadian major bank brokerage platforms, Investor’s Edge provides low trading costs of $6.95 per online equities trade and is just slightly more expensive than Questrade in terms of stock trading expenses. Clients may trade stocks, ETFs, options, mutual funds, and more online or using a mobile app, stay up to date on markets with an extensive library of research, and set up alerts to notify them when certain events occur.
What are the Features of the CIBC Investors Edge platform?
Registered and non-registered investment accounts are available through CIBC Investor’s Edge. Individual, joint, and corporate cash accounts are available as non-registered accounts. Corporate or partnership accounts, investment clubs, formal trusts, and estate accounts are examples of non-personal accounts.
Tax-Free Savings Accounts, Registered Retirement Savings Plan accounts, Locked-In Retirement accounts, Registered Retirement Income Funds, Prescribed Retirement Income Funds, and even Registered Education Savings Plans are all available via CIBC Investor’s Edge.
Stocks, ETFs, options, fixed-income assets (such as GICs and bonds), and mutual funds are among the financial instruments available through CIBC Investor’s Edge. This CIBC investor’s edge review will promote exclusive benefits.
CIBC Investor’s Edge has several useful tools for both novice and seasoned investors:
Watch lists:
You may create up to 20 customizable watch lists to help you keep track of your portfolio, monitor stocks, and obtain real-time quotations. CIBC investor edge traders can get exclusive benefits through the margin account and tax-free savings account.
Market Report:
A free daily newsletter with practical suggestions to help you maU.S.etter trading decisions.
Morning News Call:
A daily email that provides the most up-to-date market data and presents a variety of market and sector-specific data on topics such as U.S., European, and Asian corporations, the global economy, developing markets, and more.
Alerts:
You may use alerts to keep track of pricing changes and news releases.
Charts:
Advanced charting is available on the platform, which tracks various indicators and studies and may be flexible enough to meet your specific requirements.
Cash transfers:
Recurring cash transfers from a bank account to your CIBC Investor’s Edge account can be set up.
Interactive resources:
CIBC Investor’s Edge has many interactive tools, including how-to manuals and videos, webinar replays, and trading lessons.
Research reports:
Use studies from CIBC World Markets Inc. and other reputable third-party sources to help investors of all levels analyze companies and stocks.
The App for Mobile
The CIBC Investor’s Edge app, which had a bad reputation for being outdated and unresponsive in the past, has just been upgraded. CIBC Smartphone Wealth is a mobile app available for both Android and iOS.
Moreover, The software is simple, and it lets you accomplish pretty much anything you need. You can trade, keep track of your investments, or set up a regular investing schedule. You may also examine New Issues and IPOs and place buy and sell orders for bonds and GICs.
The app provides extensive account information, including daily change values, book values, and gains or losses. Customizable charts may also be used to analyze stock performance and trends. You may also access your e-documents to view trade confirmations, account statements, and tax paperwork.
Clients may access their CIBC Investor’s Edge, CIBC Imperial Investor Service, CIBC Wood Gundy, and CIBC Private Investment accounts using the CIBC Mobile Wealth App. However, despite the latest upgrade, the app only has a 3.6 rating on Google Play at the time of writing. There have been several reviews in the previous two months that complain about the app’s lack of responsiveness, frequent freezing, and bad customer supportU.S.CIBC Investors Edge Pricing and Plan?
CIBC Investor’s Edge offers some of the least trading costs among Canada’s Big Five banks. There is a set cost of $6.95 per online trade to buy Canadian and US equities, including stocks, ETFs, and other instruments. Each online transaction costs $6.95 plus $1.25 per contract. For students, CIBC Investor’s Edge provides a discounted rate of $5.95 per online trade.
Active Trader Pricing is available to individuals who make 150 or more transactions every quarter. To be eligible for the lower fee, you must register as an active trader. Active traders will be charged $4.95 each online trade (or $4.95 + $1.25 per contract if trading options). When trading mutual funds, there are no commission fees. The margin rate for debit balances on non-registered accounts is 4% for CAD accounts and 4.5% for USD accounts.
The margin rate for debit balances on a registered account is 5% for CAD accounts and 5.5% for USD accounts. If you make a trading order on the trading platform over the phone, CIBC Investor’s Edge charges a $50 minimum commission.
Although there are no account minimum balances or trade minimums with CIBC Investor’s Edge, you will be charged a $100 yearly fee if your non-registered account has $10,000 or less. There is a $100 yearly charge for most registered accounts with $25,000 or less (though the fee does not apply to TFSA or RESP accounts). Therefore, with lower trading fees, CIBC investor’s edge customer trading account is totally safe.
Who is CIBC Investors Edge Best For?
Self-directed investors and aggressive traders who wish to take advantage of the broker’s cheap commissions may choose CIBC Investor’s Edge. Students can benefit from CIBC’s unique commission rates and fee-free RESPs. Investor’s Edge also offers the following Canadian-registered savings and locked-in account plans:
- IRA (individual retirement account) (RRSP)
- A savings account that is tax-free (TFSA)
- a retirement income fund that is registered (RRIF)
- Investing in a retirement account that isn’t open to the public (LIRA)
- Plan for retirement savings that is not subject to change (LRSP)
- Retirement income fund with a fixed rate of return (LRIF)
- Retirement income fund that has been prescribed (PRIF)
Because Investor’s Edge is a CIBC bank subsidiary, you may use a CIBC Smart Account to combine your other financial accounts with your brokerage account effortlessly. Because CIBC Investor’s Edge does not provide forex trading, you’ll need to create an account with a broker circulated by the Investment Industry Regulatory Firm of Canada (IIROC), which oversees Canadian forex brokers.
Other assets, such as commodities and foreign stocks, will be best served by an international broker that welcomes Canadian traders, such as Interactive Brokers.
CIBC Investors Edge Pros and Cons
Let’s discuss the pros and cons in detail!
Pros
- One of Canada’s top banks owns a brokerage.
- Trading commissions and fees that are competitive (compared to other banks)
- Multiple investing accounts and products are accessible.
- Discounts are offered for students and active traders.
Cons
- For accounts under $10,000/$25,000, depending on whether it’s a registered or non-registered account, there’s a $100 yearly account maintenance cost.
- The industry’s normal trading costs are not the cheapest. Wealthsimple Trade does not charge a commission on Canadian ETF and stock trades, but Questrade’s costs start at $4.95.
CIBC Investors Edge User Experience
Customers can reach CIBC Investor’s Edge by phone Monday through Friday from 8 a.m. to 8 p.m. EST. Call CIBC Investor’s Edge and enter your user ID and password to verify your identification. Monday till Friday, online chat is accessible. Support is also available via email and snail-mail. Support is available in English and French. CIBC Investor’s Edge offers a toll-free line for Asian language services through their Asian trading platform, where you may receive assistance in Mandarin and Cantonese.
The CIBC Investor’s Edge trading platform provides an easy-to-use interface that newcomers can pick up quickly and would be second nature to a seasoned trader. Self-directed traders and investors may readily utilize the broker’s in-house and third-party research resources to make better educated online equity trades.
CIBC Investors Edge vs. Competitors
1. CIBC Investors Edge vs. Questrade
CIBC Investor’s Edge compares favorably to Questrade, our top pick for Canada’s finest online brokerage. Clients of Investor’s Edge get access to all of the account types and most of the investment opportunities available via Questrade (except foreign exchange trading).
Questrade features reduced transaction fees, with stock trades starting at $4.95 vs. CIBC’s $6.95 flat price, and Questrade customers may buy ETFs with no charges applied (with a fee that goes from $4.95-$9.95 for selling), whereas CIBC Investor’s Edge clients pay $6.95 for both auctioning ETFs.
In regards to being supported by one of Canada’s top five banks, CIBC Investor’s Edge wins out, especially for existing CIBC banking customers. They can switch between their brokerage account and online banking, as well as fill their accounts on the same day.
2. CIBC Investors Edge vs. Scotia iTrade
There is no apparent winner when comparing CIBC with Scotiabank. Both banks have a comparable product offering, and their top credit card deals are practically equal. CIBC provides superior alternatives for chequing accounts, while Scotiabank has a better savings account. While both banks provide similar investing options, CIBC’s mobile investment counseling is a tool that Scotiabank does not offer.
Rather of sticking with one bank for all of your financial needs, pick and choose the finest options for you. If you’re receiving the best price, there’s no reason you can’t have a CIBC chequing account and a Scotiabank savings account, as well as a mortgage with another bank.
3. CIBC Investors Edge vs. HSBC InvestDirect
HSBC InvestDirect is a serious competitor to CIBC Investor’s Edge, as its clients may buy and sell Canadian and US-listed stocks and ETFs for free, rather than paying $6.95 each online trade. For traders who need to open more than one RRSP, TFSA, or non-registered account, CIBC Investor’s Edge beats HSBC InvestDirect(i.e., LIRA, RESP, RRIF). Every account type is available through CIBC Investor’s Edge.
Finally, HSBC InvestDirect does not enable its clients to retain USD, which means that investors will be charged foreign currency costs every time they buy or sell a stock or ETF listed in the United States. CIBC Investor’s Edge customers can keep USD in all registered accounts except for RESPs.
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Conclusion: Is CIBC Investors Edge the Best for Canadian Investors?
The freshly renovated website and enhanced platform of CIBC Investor’s Edge get high accolades. They also have the lowest trading fees of any major bank’s online brokerage platform, and they outperform Questrade in terms of pricing and account kinds and investment opportunities. Bonus points for a three-step entry approach for trading equities and ETFs that is incredibly intuitive.
So far, the platform has been fantastic, as has the phone and email assistance. CIBC costs $6.95 Canadian for each trade placed, as I noted in the post (sell or buy). As a result, each deal costs roughly $14. The bank, like the investing platform, is solid.
Also, keep in mind that you may exchange using your phone or iPad. I’ve only used the desktop edition of Investor’s Edge to trade a few times. To me, the mobile app (iOS) is everything; I can download statements, conduct trades, check progress, and convert between currencies.
The smartphone app is simply fantastic! If you haven’t already, you should absolutely create a CIBC Investor’s Edge account. Probably a bank account as well, so you can consolidate many accounts into one and manage them more easilU.S. The site has TFSA CAD and TFSA USD accounts, allowing you to separate your US and Canadian holdings. You can also choose between RRSP CAD and RRSP USD. I have no complaints with the bank or the site.
To summarize, CIBC Investor’s Edge is the best option for self-directed investors who wish to stay within the safe limits of a bank-owned online brokerage with robust security. If you’re a current CIBC banking customer who wants to start managing your assets, CIBC Investor’s Edge is well worth the money.
CIBC Investors Edge FAQs
Is CIBC Investors Edge Safe and Legit?
CIBC is a top-5 Canadian bank and one of the major banks in North America. CIBC Investor’s Edge is a subsidiary of CIBC Investor Services Inc., a part of CIBC Investor Services Inc. The Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC) are both members of CIBC Investor Services Inc. (IIROC).
Because you’re a member of the CIPF, your assets in specific account types are safeguarded up to $1 million if a member business goes bankrupt. Customers of CIBC have access to a “Digital Banking Guarantee,” which guarantees that any money lost due to fraudulent activity on your account will be returned in full (subject to terms and conditions).
Is CIBC Investors Edge good for day trading?
One of the top day trading platforms for Canada’s novicesa is CIBC Investor’s Edge. You may day trade stocks and options with this bank-owned discount broker, as well as invest in ETFs, mutual funds, GICs, precious metals, and fixed income assets.
CIBC Investor’s Edge is a web-based platform and mobile app that includes capabilities such as:
- Stocks, ETFs, and mutual fund screeners
- Charting and technical analysis
- Fundamental analysis and research papers
- Advanced order types, watchlists, and notifications
How long does it take to withdraw from CIBC Investors Edge?
When CIBC Investor Services receives your withdrawal request, it will be handled in the following order. Requests that are marked “upon receipt of this request” and received in good order by 3:00 p.m. Eastern Time will be handled by the end of the following business day.
Otherwise, requests submitted after 3:00 p.m. Eastern Time will be handled two business days later, after business. Your withdrawal will be handled the next business day after submitting this form. It is not possible to withdraw money from a locked-in plan (see the legislation for exceptions, conditions, and any applicable documents).
