For the second year in a row, Qtrade Investor, a division of Vancouver-based Qtrade Financial Inc., has been named best overall online brokerage in Canada by Surviscor Inc. in its 2017 Canadian Online Discount Brokerage Review.
Qtrade is followed by Questrade in second place, and Scotia iTRADE and BMO InvestorLine, tied for third. RBC Direct Investing rounds out the top five.
Qtrade Investor remains its top-ranked firm by a margin of 11 percentage points, according to Surviscor, with an overall score of 90%. Questrade moves up one place in the rankings with a score of 79%, while the top bank-owned firms are close behind at 77%, and RBC scored 72%.
Among the other bank-owned firms, TD Direct Investing ranks just behind RBC with a score of 70%. National Bank Direct Brokerage, CIBC Investor’s Edge, and HSBC InvestDirect, are at bottom of the rankings, placing 10th, 11th, and 12th, respectively.
Read: Qtrade, Credential and NEI Investments announce merger
“Canadians are very fortunate to have some of the best financial service digital experiences in the world and the discount brokerage industry has always lead the way. We congratulate Qtrade Investor for its convincing win and once again for its commitment to innovation and un-matched service levels,” says Glenn LaCoste, president of Surviscor, in a news release.
“This year we made significant enhancements to our platform and service — such as our paperless online application and account-funding capabilities, mobile apps and new tools for income investors. This ranking recognizes our commitment to deliver the best value for self-directed investors,” adds Catherine Wood, Qtrade Financial’s senior vice president and head of online brokerage.
Qtrade Financial Inc. announced plans on Dec. 12 to merge with Credential Financial Inc. and NEI Investments to create a new firm, Aviso Wealth, that will be jointly owned by Desjardins Group and a handful of credit unions. Credential’s discount brokerage, Credential Direct, places seventh in the latest Surviscor rankings with a score of 69%; Desjardins Online Brokerage ranks ninth at 62%.
The Surviscor rankings are based on scores in nine categories, weighted according to industry importance, the research firm notes.
“The overall digital discount brokerage, or direct brokerage experience, continues to hinge on multiple non-online specific experience factors, yet the online experience continues to be the baseline in determining our rankings,” LaCoste adds. “Top firms are challenged to adapt in a progressive digital environment while ensuring customer responsiveness and expectations are met while maintaining competitive costs of services.”