BMO InvestorLine review
- Stock Trading Fee
- $9.95
- Account Fee
- $0 if conditions met, otherwise $50 - $100 per year
- Min. Deposit
- $0
- Available Asset Types
- Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, Precious Metals, IPOs
Our verdict
Buy and sell a wide array of investment products quickly and easily with this user-friendly online trading platform from BMO.
Looking to dip your toe into the stock market? You might like to check out BMO's online trading platform, BMO InvestorLine. It offers reasonable commissions for a number of different investment products. You can also track the progress of your trades with the help of several industry-leading research tools. Plus, you can choose from InvestorLine Self-Directed or InvestorLine adviceDirect, their self-directed trading platform with the option to get advice from investment advisors. Keep in mind that the fee structure between these two options is different, and this guide will walk you through everything you need to know about InvestorLine Self-Directed.
Quick take
- Think about this trading platform if you want to manage your own investments using an easy and secure online platform from one of the big five banks.
- Choose something else if you want to avoid annual account fees.
Pros
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Easy application. You can open an account in a matter of minutes by filling out a simple online application.
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Many account types. You’ll be able to put your investments in a registered or non-registered account, depending on your savings goals.
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Many investment types. You’ll be able to buy and sell all kinds of investments, from mutual funds and equities to exchange traded funds and precious metals.
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Good options for self-directed investors. With an InvestorLine Self-Directed account, you can make your own investment decisions. But if you want autonomy along with professional support, an InvestorLine adviceDirect account comes with 24/7 portfolio monitoring, personalized investment advice and dedicated support.
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Wealth of research tools. You can access some of the best research tools in the industry to screen your investments and map your progress.
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Top-rated customer service. BMO InvestorLine has a top-rated customer service department that’s on hand to help you with anything you need.
Cons
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Trading fees. While the standard trading fees on BMO InvestorLine Self-Directed are comparable to similar platforms such as TD Direct Investing, RBC Direct Investing and Scotia iTRADE, it's possible to get lower standard trading fees with platforms such as Questrade, Qtrade and Wealthsimple.
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Quarterly fees. A quarterly administration fee of $25 is charged on unregistered accounts with balances below $15,000. An annual administration fee of $100 is charged on registered accounts with balances below $25,000 ($50 annual fee for RESPs). The fee is waived if you hold an RSP or make 2+ commissionable trades in 6 months. Conditions apply.
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No practice account. While BMO InvestorLine Self-Directed offers investment tools, you won't be able to sign up for a practice account to get the hang of moving your money around before you invest real funds.
Details
Product details
| Signup Offer | Get up to $3,500 cash back (use BMO promo code, SDCASH). |
| Available Asset Types | Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, Precious Metals, IPOs |
| Min. Deposit To Open | $0 |
| More Info |
Fees
| Account Fee | $0 if conditions met, otherwise $50 - $100 per year |
| ETF Transaction Cost | $0 - $9.95 |
| Stock Trading Fee | $9.95 |
| Option Fee | $9.95 + $1.25 per options contract |
| More Info |
What investments does BMO InvestorLine offer?
BMO InvestorLine offers a number of investment options in registered, non-registered and non-personal accounts. These include the following:
- Equities. Purchase stocks in companies that are publicly listed on the stock market. You can also buy IPO stocks.
- Exchange traded funds. Purchase ETFs to lock in an easy-to-manage investment that’s similar to a mutual fund, except it can be traded on the stock market.
- Mutual funds. Invest in BMO’s list of over 9,500 mutual funds, which lets you pool your money with other investors to bring down the level of risk you take on.
- Options. Speculate on how an entity or asset will perform on the stock market by signing a special options contract.
- Bonds. Earn a set interest rate when you loan out money to a government or corporation looking to increase its cash flow.
- GICS. Collect a fixed interest rate over a specific period of time, along with a guaranteed return on your investment when your term is up.
- Precious metals. Invest in precious metals like gold or silver to diversify your portfolio and maintain some of your assets in less volatile markets.
Who is BMO InvestorLine best for?
BMO InvestorLine is a good fit for beginners and experienced investors alike. It offers a number of investment products that you can buy or sell quickly and easily with the click of a mouse. It also promotes a good selection of research tools to help you build your portfolio and track its progress.
This platform may be a particularly good resource for you if you’re already a BMO customer. This is because you can use your BMO bank account to easily transfer funds into your BMO InvestorLine account to start making trades.
How easy is BMO InvestorLine to use?
BMO InvestorLine software is user-friendly and has all the bells and whistles you might need in an online trading platform. It’s easy to buy and sell your investments, and you can use the wealth of research tools on offer to help inform your investment decisions.
You can easily sign up for an account online or through a BMO branch in a matter of minutes. You can also use the online learning resources and tutorials that BMO offers to figure out how to use the software most effectively.
What research does BMO InvestorLine Self-Directed provide?
You can take advantage of a number of research tools to help inform your investment decisions:
- Industry research. Get consolidated analysis and technical insight about the investments you’re interested in.
- Market data. Make more informed decisions about when to buy and sell your investments with real-time market data.
- Screeners. Screen hundreds of investments based on specific criteria to find the investment that’s the best match for your unique set of needs.
- Charting tools. Develop your investing strategies by quickly identifying and charting out the performance of any Canadian or US stock or mutual fund.
Pricing and fees
You’ll pay a different amount for trades based on what type of investments you’re buying and selling. Some examples of the fees you’ll pay are listed below:
Type of investment | Price for trade |
|---|---|
Equities | $9.95 |
Mutual funds | $0 (but early redemption fees may apply) |
Options | $9.95 + $1.25 per options contract |
Bonds | $40 + $1.50 per $1,000 trade value (up to $49,999) & $40 + $1.00/$1,000 (over $50,000) |
Gold & Silver | $35 + $1 per ounce |
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Is BMO InvestorLine safe?
BMO InvestorLine is one of the safest ways to invest your money since it’s owned and operated by one of the Big Five Canadian banks. The bank is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF). IIROC regulates BMO’s investment activities and CIPF protects your investment account up to $1 million in the case that BMO becomes insolvent.
How does BMO InvestorLine keep my money safe?
BMO InvestorLine maintains physical, electronic and procedural safeguards to keep your money safe. This includes privacy policies, deposit insurance and data management protocols. This means that you don’t need to worry about losing your money in the case of a bankruptcy. It also means that your personal information and investment history will remain secure.
How do I sign up?
If you think you meet all the eligibility criteria and you’re ready to start investing with BMO InvestorLine, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and load funds into your account to start trading.
How do I contact BMO InvestorLine support?
You can contact BMO InvestorLine by calling its customer service line at 888-776-6886 or by sending an email on its website. You can also visit a branch to speak to an agent if you want more information about your account.
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Bottom line
BMO InvestorLine is a reputable online trading platform operated by one of Canada’s Big Five banks. It lets you invest in a number of different accounts and financial products. It also provides a wide array of educational and research tools to help you learn how to use the platform and make informed choices about your investments. Find out more about how this platform works and sign up for your BMO InvestorLine Self-Directed account today to start investing.
Frequently asked questions
