Tuesday, August 19, 2014

CIBC InvestorsEdge - We're Number 10 !!!

According to a ranking by a Q3 2013 review published by the Globe and Mail (http://www.theglobeandmail.com/globe-investor/online-broker-rankings/online-brokers-2012-the-globes-14th-annual-online-brokers-survey/article5506780/)
CIBC InvestorsEdge ranked dead last among big banks and 10th in Canada.

"Comments: No bank ignores its online brokerage arm like CIBC. Every time it looks like the lights are on at Investor’s Edge, they get snapped off again."


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RankBrokerCosts
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Account Info
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Trading
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Tools
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Innovation
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Total
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1Virtual Brokers24141812.51078.5
2Qtrade Investor15221815878
3BMO InvestorLine101915.516767.5
4Scotia iTrade14.51413177.566
5RBC Direct Investing12.5199.5185.564.5
6TD Waterhouse11101420661
7Credential Direct1219914458
8Questrade1581411856
9Disnat (Classic)11177.514453.5
10CIBC Investor's Edge1491112551
11HSBC InvestDirect141510.59250.5
12National Bank Direct Brokerage10141014250
There are a large number of very questionable business activies that may explain this ranking. First is the internally generated rule related to the "auto-exercise" of "in-the-money" options at expiry that not only directly contradicts the rules of the Canadian Derivatives Clearing Corporation, it also contradicts CIBC's own propaganda ... some of it posted for public consumption for over 4 years.

There is also a very, very great issue with the term "balance of order" at CIBC. Again CIBC's own propaganda is contradicted and the amount of commissions charged border (and exceed) the criminal.
Other issues (of many) relate to an antiquated trading platform, "customer service" that is a terrible joke, and the wholesale impossibility of addressing problems of any kind.

We have experienced all of the above and the bottom line is massive, fully unnecessary losses. (virtually all of which go into CIBC pockets) If any others have experienced similar sickening abuse to their bummy do contact this citizen. stoxxman(at)gmail.com