Scotia Itrade review: iTrade website 9

The brokerage ScotiaItrade revoked the filled order few times over the past couple of years, and even no reason provided for the cancellation, such a crappy brokerage!

This brokerage has again disappeared from contact for 2 days starting 3 January 2017. They imposed a trade restriction on a security that I can now not sell even though it is actively traded (FIRE-V) but they will not respond to telephone, email or messaging as to how to correct this. The telephone service borders on non-existent at the best of times but now it appears to be totally shut down and they have maintained a total blackout of any updates as to what customers can expect. in the meantime considerable money is being lost.

For some reason iTrade has blocked my ability to sell a security I have owned for almost a year, FIRE-V. Trading is active on this security and they just advise me that it is restricted--no reason or relief was suggested. I have tried every possible way to contact them but over 2 days I have received NO responses of any kind and I still cannot trade this security. I have lost a reasonable capital gain so far and if this was a larger part of my portfolio, the outcome could have been quite disturbing. I have never dealt with a bank that just won't respond to an enquiry. This is very, very serious as far as I am concerned.

in the past 4 months Scotia iTrade has changed my password (without telling me). Prevented me from placing trades past April 13 (due to conversion to new site) and NOW RAISED THE TRADE COMMISSION by 25% (without notice)

The new site is absolute crap. I can't believe how difficult it is to navigate.

Stay away from these idiots.

They are impossible to get in touch with. I get this ridiculous message how my cal is important to them and yet I am on hold for over an hour. Definitely don't open an account here as their are many better alternatives. Their service has gone downhill since Scotiabank took over. I am moving my RRSP to another institution. M

Scotia ITrade has been yanking me around for 2 years over my using a spousal vs cash RRSP account. Rather than just moving the transactions they have stalled, given me conflicting decisions even though CRA sees this a straight forward. They are incompetant.
Chuck

I withdrew money from my RRSP account. Since it was the first withdrawl of the year there are different levels of tax being withheld. I covered all 3 ranges, 10%, 20% and 30%. The person on the other end of the phone was great and suggested that if I did not mind three $25 fees that he would break my withdrawls into 3 to minimize the amount of tax paid. I agreed and he gave me 3 confirmation numbers. Four days later my local Scotia Bank called me as they just received a transfer from I Trade but my name was spelled wrong. While on the phone I asked if all three transfers were in. Two were missing. I called I Trade and the guy on the other end said to call Monday as all the banking people had gone home and he could not help me (that was 5:20 Toronto time). So I called Monday and the person that took my call was very ignorant and lectured me. He asked why I would pay 3 fees instead of 1. I explained that I didn't have to pay as much tax that way. So he lectured me again about having to pay tax. I told him I was Canadiand and that I wasn't stupid so I did indeed know that I had to pay tax. I don't have to fund the government until the end of the year when I would get it all back. He said to tell him the total that I wanted and he would process one lump sum (as the two transfers were never executed). I explained that I wanted the tax discounts at the different levels. I finally got pissed off at him and he decided to do the transfer as they were originally suggested by his co-worker.

The pathetic part is that this is one of the smaller problems that I have had with I-Trade. One Christmas I waited almost a month on a simple electronic cash transfer. Thank goodness I had money from other sources so I could buy my Christmas presents as I did not get my money until after Christmas.

Another time I bought a Canadian oil ETF with American funds. I was counting on the Canadian dollar going up and at the time we were at about .85 cents. It was a long hold so I never looked at the purchase unitl a month later when I noticed it wasn't there, but there was some strange stock I never heard of. When I called in they explained that they changed my order to the American version of that ETF. I said to convert it to the proper one. They told me it would be difficult because that American version of the ETF is seldom traded so I would have to wait until it could be sold. But I didn't purchase it so why did I have to wait? Why didn't they take the loss? I was lectured that if I wanted to buy an oil ETF with American money that I should have purchased US oil ETF. I explained that I was hedging the Canadian dollar going up (it is now $1.04 - boy was I right). But why do I have to explain what I am doing - just process my pruchase.

There are a couple of other screw ups I could tell you about but I am tired of typing. One mistake cost me $2, 000. This is the worst place to deal with. The only reasons I stay with them is that it would be too difficult to switch to another broker and I have all my accounts at Scotia. If you are looking for a broker - do it the old fashion way and go to a professional brokerage. Never deal with a bank for investments - not even mutual funds. I have a horror story there as well. I have to ask - am I just unlucky?

Scotia iTrade must be a complete embarassment for Scotiabank. As a Scotiabank customer I set up 6 accounts with over $300K at ScotiaItrade. For each one the registration process took up to two months since the support staff either sent the wrong form to fill out or they could not find key the documents in their files. The support staff take 5+ days to deposit a cheque when they get it at their post box (even if it is from Scotiabank). The average wait time for support is over 30 minutes and many of the support staff have no clue as to who does what and how they can resolve a problem. There is no option to speak to management, even to offer constructive advice.

Look hard for another online brokerage company before you choose these bozos.

Scotia iTrade service is crap, I order US stock Gammon Gold (GRS) and they issued me Canadian stock (GAM), They also charged me $238.00 for US dollar conversion. I called customer services three times but they donot want to solve problem. Scotia iTrade Service like a gargage.