CIBC Investor’s Edge Review

CIBC Investor’s Edge is one of the best online investment platforms in Canada. Investor’s Edge platform is robust, has an excellent mobile app and I’ve personally been doing all my trades over the mobile app. So I can for sure recommend that the investment platform/brokerage is par excellence. 

Also, I can easily give 4/5 stars, with the only drawback in terms of customer support. Trading fees are extremely low compared to RBC or BMO. CIBC charges $6.95 per trade placed, whereas RBC charges around $9.95 per trade. 

So that’s $9.95 to buy and $9.95 to sell. 

Again, you have the FREE Robinhood alternatives such as Wealthsimple Trade, with 0 trade fees. But for me,  investing through banks is any day safer and better. It’s not that Wealthsimple of not safe, it is, but, banks are just better. Your money is safer. That’s what I feel at least. Be it any bank, CIBC, RBC, BMO, go with the banks and invest in quality blue chips. That’s how you build wealth and over time. 

If you’ve been thinking of investing money, you’ve to first open a brokerage account.

Canadian banks own some of the biggest investment platforms. For example, the CIBC Investor’s Edge. Other online brokers include Questrade, Qtrade, Virtual Brokers Wealthsimple Trade.

For both beginners and experts, we recommend the CIBC platform to carry out personal investments.

For you to start investing your money, you will need to choose a brokerage account. Your choice will come down to choosing from the following factors:

• Platform convenience and its features

• Trading Fees and Commissions

• Security

• Types of Accounts

• Investment products types that are available

• Customers services

This CIBC Investor’s Edge review will cover how the platform works and its specific features. Also, we will examine how it compares to other online discount brokers in Canada.

What Is The CIBC Investor’s Edge?

Being one of the biggest banks in Canada, the Canadian Imperial Bank of Commerce (CIBC)  owns an online discount brokerage platform.

Hence, people who want to control their investments personally will enjoy it. CIBC offers its clients and members maximum safety, security and convenience.

Not to forget, through Investor’s Edge you can easily convert CAD to USD and vice versa. This feature alone is especially useful when planning to buy and hold quality US stocks. 

Again, all this can be done online and you don’t have to call the support and wait. 

All trades done through the platform will usually settle in 3 business days. By far CIBC is one of the best Canadian banks I personally like and endorse. 

History Of CIBC

Founded in 1867,  CIBC currently employs over 45,000 employees with 10 million customers globally.

As a result, there is no doubt that CIBC is one of the biggest banks in Canada. It is one of the big five banks in Canada. 

CIBC Investor’s Edge Account Types

The following are the significant investment accounts you can open using CIBC investors Edge;

• Registered Retirement Savings Plan (RRSP)

• Registered Retirement Income Fund (RRIF)

• Locked-in Retirement Account (LIRA)

• Locked-in Retirement Income Fund (LRIF)

• Prescribed Retirement Income Fund (PRIF)

• Locked-in RSP (LRSP)

• Tax-free Savings Account (TFSA), and

• Registered Education Savings Plan (RESP)

Additionally, the platform supports non-registered accounts like margin and cash accounts. Also, there is support for non-personal accounts like the following:

• Corporate or Partnership

• Investment Club

• Formal Trust

• Estate accounts

As an investor, you can access a variety of investment assets using CIBC Investor’s Edge. Investments include stocks, ETFs, options, mutual funds, GICs, bonds, and precious metals.

CIBC Investor’s Edge Trading Fees

CIBC’s Trading fees differ depending on the type of assets you want to trade. Likewise, their trading rates and fees vary as follows;

• The standard trading fee is $6.95 per trade plus a $1.25 commission fee.

• Student pricing is $5.95 per trade plus a $1.25 commission fee.

• Active trader pricing is $4.95 per trade plus a $1.25 commission fee.

• The Telephone trade commission is a minimum commission of $50.

To reach the Active trader pricing stage, you must make 150 or more trades per quarter.

In purchasing mutual funds, there is no extra charge.

However, you must be aware of the 5% commissions that typically come with the funds. Although this fee does not account for MER management fees, fund expenses, and trading commissions. The mutual fund companies will generally cover this cost in their offerings.

Suppose you go the way of money market and fixed-income investments. Then, you must prepare to pay a commission of 2% and a spread that accumulates to a yield plus.

Meanwhile, silver and gold or other precious metals attract a commission cost of $40 plus 0.25% of the trade value.

Other Investor’s Edge Fees

Other Fees or Commissions that you have to pay for the type of account that you plan to manage to include:

• For Non-registered accounts with total assets of $10,000 and below, you must pay an annual maintenance fee of $100.

• If you manage a registered account and your balance is $25,000 or less, you will pay the annual maintenance fee of $100.

If you manage a non-registered account, the margin rate you get to pay is 4% for the Canadian dollar and 4.5% for US dollars.

While for a registered account, the margin rate is 5% for the Canadian dollar and 5.5% for US dollars.

Additional charges include:

• For a complete RRSP plan withdrawal, you pay a commission fee of $100.

• In case of a partial RRSP plan withdrawal, you pay a commission fee of $50.

• For an RRIF or LIF account closure, you pay a commission fee of $25.

• If you are looking for an investment account transfer, you pay a commission fee of $135.

• For duplicate statements, you pay a commission fee of $10 for each statement.

For an excellent and fun-filled experience, the CIBC investors edge platform is the perfect platform to use. You can check them online or use the  CIBC mobile app available on the Google play store, and Apple Store.

If you are looking for a platform where you can trade with convenience and low fees,  CIBC investors edge is the best place for you.

Since most banks charge $9.95 per trade, at CIBC investor’s edge, you get to pay $6.95 per trade. CIBC Investor-Edge is the platform that enables you to trade thousands of stocks, ETFs and mutual funds.

Benefits of using the CIBC Investor’s Edge Platform

The following are the benefits you get from using the CIBC investors edge platform;

• You will receive email notifications when your orders reach completion. Meanwhile, you can also set alerts or notifications to remind you when there is an increase in price for the stock you wish to trade.

• You get easy access to real-time data and various types of indicators for technical analysis. It also offers screeners.

• It allows you to create watch lists to track investments that you like.

• You will receive news notifications on when and how to trade on the platform. You also have access to the CIBC’s knowledge Bank. Likewise, you can get ideas/advice from leading CIBC investment experts.

• You have access to multiple investment accounts and products.

CIBC Investor’s Edge Vs. Alternative Online Discount Brokers

Below are comparisons between CIBC Investors Edge, Questrade and Wealthsimple trade.

• The trading fees for CIBC Investors Edge Is $6.95 while that of Questrade is between $4.95 and $9.95. Meanwhile, that of Wealthsimple trade is $0.

• The ETF fee per trade for CIBC Investors Edge Is $6.95 while that of Questrade is $4.95 to $9.95 since you are free to buy and Wealthsimple trade is $0.

• The Options fee per contract for CIBC Investors Edge is $6.95 plus $1.25. While that of Questrade is $9.95 plus $1, and Wealthsimple trade is 0$.

• The Commission fee on ETFs for CIBC Investors Edge is zero. It means there are no commission fees. Meanwhile, that of Questrade requires you to [ay some commissions while buying. For Weallthsimple trade, there are no commission fees as well.

• The following are the different types of accounts that you can manage using the CIBC Investor’s Edge Platform. They include;

1. TFSA

2. RESP

3. RRIF

4. LRSP

5. LIRA

6. PRIF

7. RRSP

8. LRIF

9. Margin

• Corporate

• Formal trust

• Estate

• Cash

• Partnership

For Questrade, you get the following;

1. LIF

2. RRSP

3. LRSP

4. Investment Club

5. RRIF

6. Margin

7. TSFA

8. Corporate

9. Partnership

• LIRA

• CFDs

Finally, for the Wealthsimple trade, you get RRSP, TFSA, and personal non-registered choices like cryptocurrency.

• The maximum investment for CBIC Investor’s Edge is unlimited. You can invest as much as you want. With Questrade, you can invest as much as $1000. For the Wealthsimple trade, you can also invest as much as you want.

• The maintenance fee for CBIC Investor’s Edge Is $100 per year. They waive it for customers with a $10k-25k balance. In contrast, Questrade does not charge a maintenance fee. Similarly, Wealthsimple trade does not charge a maintenance fee.

How can I find my CIBC Investor’s Edge Investment account on the platform?

The following are the steps for you to find your account on the CIBC investors edge platform:

• Step 1: Enter your Card Account.

• Second Step: Select your channel.

• Step 3: Check your registered email address to receive your User ID.

How can you waive fees on the  CIBC Investor’s Edge platform?

To waive the $100 annual maintenance fee, you will need to maintain a balance of at least $10,000.

Also, If you retain a non-registered account or $25,000  on a registered account, there is no fee.  As a student, you get a $1 discount fee on ETF trades, while you get a $2 discount per trade for active traders.

Can You Trust CIBC?

Yes! Of course, you can.

As a member of the Investment Industry Regulatory Organisation of Canada and the Canadian Investor Protection Fund. CIBC is a trusted institution as it is a registered and legit brokerage platform.

In addition, CIBC follows the standards set by the Canadian Investors Protection Fund (CIPF). The standard provides investors with an edge and protection in the event of losses and bankruptcy. Even Non-Canadian investors with an account in CIBC stand to benefit fully from this insurance.

More so, customers of CIBC gain from a “Digital Banking Guarantee”. It is a guarantee that promises a total percent return of any money lost from unauthorized transactions on your account.

CIBC is the best online discount brokerage platform, affordably priced, giving you access to low-cost trading. If you are the type that prefers investing by yourself to investment firms, then CIBC is the one for you.

Final Thoughts 

Personally, I have been using the CIBC Investor’s Edge platform for over 5 years in a row now. 

The platform has thus far been excellent, including the support over the phone and email. 

As I have mentioned in the post, CIBC charges $6.95 Canadian per trade placed (sell or buy).  So, it’s almost $14 per trade. 

The bank is robust and so is the investment platform. Also, do not forget you can trade using your phone and iPad. I’ve hardly ever logged in to the desktop version of the Investor’s Edge just to trade. The mobile app is everything to me (iOS), I can download the statements, place my trades, see the status, convert from one currency to the other. In fact, you can place trades on TSX and NASDAQ/NYSE as well.

Oh yes, you can buy ETFs too, using the iOS app!

The mobile app is just excellent! You should definitely consider opening an account with CIBC Investor’s Edge if you haven’t yet.  Probably a bank account too, so that you can save on the multiple accounts at a single place and it’s easier to manage as well. 

Last but not the least, the platform also has a TFSA CAD and TFSA USD so that you can segregate the US and Canadian Holdings. Similarly, you have the RRSP CAD and RRSP USD as well. I really have no cons with the bank or the platform. 

Thanks for reading, please let me know your thoughts and comments below. 

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