BMO InvestorLine Discount Brokerage Review

by Mike Holman

BMO InvestorLine has been rated one of the top of discount brokerages in Canada and offers competitive pricing (if you have more than $100,000) with an excellent online trading platform and research material. The web trading platform is easy to use and navigate.

AccountLink

A BMO InvestorLine account is automatically connected to a BMO AccountLink card so that full chequing account privileges are given to a BMO InvestorLine trading account. Two free withdrawals are included every month with an InvestorLine account. BMO provides 5 complimentary Canadian and US dollar cheques with each account. Also multiple InvestorLine accounts can be linked with one user ID. As a result, you can access your family’s non registered account, RRSP, RESP, and TSFA with a single login.

If you would like to compare all the different Canadian discount brokerages, check out the Canadian discount brokerage comparison.

Commission Schedule for Online Trading

Please see my Canadian Discount Brokerage Comparison for details.

Stocks on Canadian and American Exchanges

*5 Star Program: Real-Time Quotes , Level II Quotes, BMO Capital Markets Research
*Gold Star Benefits: Streaming Quotes

Options on Canadian and American Exchanges

Bonds, T-Bills, GICs, Strip Coupons

Mutual Funds

BMO InvestorLine offers 2000 no transaction fee mutual funds. Also BMO InvestorLine offers PH&N D series without transaction fees. PH&N funds offer a wide variety of low cost funds that can nicely compliment many portfolios.

Model Portfolios

Mutual Fund Model Portfolios: BMO InvestorLine has created several mutual fund premade portfolios for investors. These mutual fund portfolios have a minimum purchase of $10,000 and there is no wrap fee on top of the mutual fund MER.

ETF Model Portfolios: BMO InvestorLine has six different ETF premade portfolios using iShares on the TSX and NYSE. Each portfolio consists of 4 to 5 iShares ETFs and can be bought with one order. These ETF portfolios require a minimum purchase of $25,000 for the entire portfolio and there is no wrap fee on top of ETF MER and trading commissions.

Mutual Fund Model Portfolios and ETF Model Portfolios are excellent starting places for beginner investors. However, these models exclude PH&N Funds for Mutual Fund Model Portfolios and Vanguard ETFs for ETF Model Portfolios. PH&N is owned by Royal Bank and offers no load, no trailer fee D series funds. Vanguard Group is a mutual investment company and has the lowest cost ETF family in the US. For more experienced investors, these model portfolios may be useful as a reference.

Online Foreign Exchange between US and Canadian dollars

Foreign Exchange can be done through the web in InvestorLine. An order of $75,000 or above will be done through BMO’s Foreign Exchange desk and offers an exchange rate of market price minus commissions, which is significantly better than most exchange rate offered through retail networks. Other bank owned discount brokerages also offer foreign exchange through their foreign exchange desk, but it has to be done through the phone.

Available research from BMO InvestorLine

  1. Canadian and U.S. Company Reports
  2. U.S. Stock Market Analysis and Bond Market Analysis
  3. Canadian Mutual Fund Research
  4. Charting and Technical Analysis
  5. News, Analyst Rating, and Company Earnings Webcast
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