Scotia iTRADE review
Best for: Scotiabank clients and ETF buyers who want a bank-owned brokerage, a long list of commission-free ETFs and a U.S. dollar side on registered accounts.
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$4.99 at 150+ trades a quarter. $0 on 200+ eligible ETFs held at least 1 business day.
Non-registered accounts only. Waived with a trade in the past 3 months, over $10,000 in equity, or under 26.
$4.99 + $1.25 a contract at 150+ trades a quarter.
Scotia earns a markup over the spot rate; the rate on your trade is available on request.
Scotia suggests at least $10,000 to avoid the low-activity fee.
The bottom line
Scotia iTRADE charges $9.99 per stock trade, $4.99 if you place 150 or more trades a quarter, and $0 on 200+ eligible ETFs held at least a business day. Registered accounts come with a U.S. dollar side, except RESPs. The catch is account fees: small or quiet accounts can face quarterly and yearly charges unless they meet a waiver.
Pros & cons
Pros
- $0 commissions on 200+ eligible ETFs
- U.S. dollar side on all registered accounts except RESPs
- Low-activity and RRSP admin fees waived for clients under 26
- Wide account range, including LIRA, LIF, margin and corporate
- Lower $4.99 commission for 150+ trades a quarter
Cons
- Stock trades cost $9.99 for most investors
- Admin fees on smaller RRSPs, RRIFs and quiet non-registered accounts
- Currency conversion spread isn’t published as a percentage
- $65 extra on trades placed with a phone representative
A practical choice for Scotiabank clients and ETF investors who stay within the eligible list. Frequent stock traders and small, inactive accounts should add up the commissions and admin fees before opening.
Suits you if
- You bank with Scotiabank and want your investing there too
- You mainly buy ETFs from the commission-free list
- You hold U.S. stocks in an RRSP or TFSA
Look elsewhere if
- You want $0 commissions on every stock trade
- You plan to leave a small RRSP untouched for years
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Our detailed review
Who Scotia iTRADE suits
Scotia iTRADE is Scotiabank’s self-directed brokerage, run as a division of Scotia Capital Inc. It fits investors who already bank with Scotiabank and want their investing under the same roof, and buy-and-hold investors who can build a portfolio from its list of 200+ commission-free ETFs. Scotiabank also runs ongoing programs, such as free trades for some bank package holders and newcomers, but allotments change, so check the current terms.
It is a weaker fit if you trade individual stocks often, or if you want to park a small registered account and leave it alone, since that is where the fees add up.
Fees in plain English
Canadian and U.S. stock trades cost $9.99 each, or $4.99 once you place 150 or more commission-generating trades in a quarter. U.S. trades are charged in U.S. dollars, and trades placed with a phone representative cost $65 more.
- Eligible ETFs: $0 commission online or by phone through Teletrader. Sell within 1 business day and the regular commission applies.
- Options: $9.99 plus $1.25 a contract, or $4.99 plus $1.25 at the active tier.
- Bonds: $1 per $1,000 of face value, with a $24.99 minimum and a $250 maximum.
- Low-activity fee: $25 a quarter on non-registered accounts, waived for new clients, anyone with a commission-generating trade in the past 3 months, accounts over $10,000, or clients under 26.
- Registered admin fee: $100 a year on RRSP, RRIF, LIRA and LIF accounts, unless your accounts total $25,000 or more or you make 12+ commissionable trades a year. TFSAs and FHSAs have no fee, and RESPs cost $25 a year below $15,000.
- Moving out: $150 per transfer.
Accounts you can open
The line-up covers TFSA, FHSA, RRSP, RRIF, RESP, LIRA and LIF accounts, along with non-registered cash and margin accounts and non-personal accounts for companies. A U.S.-Friendly RESP is also available at $30 per quarter per account, and existing clients can open a Cash Optimizer account.
Scotia says there is no minimum balance to open an account, but it recommends keeping at least $10,000 to avoid the low-activity fee.
U.S. stocks and currency conversion
All registered accounts except RESPs have a U.S. dollar side, so you can hold U.S. shares in an RRSP or TFSA without converting back to Canadian dollars on every sale. We could not confirm that non-registered cash and margin accounts get the same option, so ask before you open one.
Scotia doesn’t publish its currency conversion cost as a percentage. It acts as principal and earns revenue from a markup over spot rates, and says the rate on your transaction is available on request. Fractional shares aren’t mentioned on the pages we reviewed.
Protection and regulation
Scotia Capital Inc. is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF). CIPF protection relates to a member firm’s insolvency, not to market losses, and the value of your investments can go down as well as up.
Other online brokerages we review
- Wealthsimple TradeStock & ETF trades: $0
- QuestradeStock & ETF trades: $0 online
- BMO InvestorLineStock & ETF trades: $0
- Qtrade Direct InvestingStock & ETF trades: $0 online
- National Bank Direct BrokerageStock & ETF trades: $0 online
- Desjardins Online BrokerageStock & ETF trades: $0 online
- TD Easy TradeStock & ETF trades: 100 free trades a year
- Interactive BrokersStock & ETF trades: $0.01 a share (Fixed)
- MoomooStock & ETF trades: CA$0.0149 a share
- CIBC Investor’s EdgeStock & ETF trades: $6.95 online
- RBC Direct InvestingStock & ETF trades: $9.95 flat
- TD Direct InvestingStock & ETF trades: $9.99 per trade
Frequently Asked Questions
Does Scotia iTRADE charge a commission to sell a commission-free ETF?
Not usually. Eligible ETFs trade for $0 online or through Teletrader. If you sell an eligible ETF you have held for less than 1 business day, the regular equity commission applies.
How do I avoid the Scotia iTRADE low activity fee?
The $25 quarterly fee on non-registered accounts is waived if you made at least one commission-generating trade in the past 3 months or hold more than $10,000 at Scotia iTRADE. It is also waived for new clients, Cash Optimizer accounts and clients under 26.
Is there an annual fee on a Scotia iTRADE RRSP?
RRSP, RRIF, LIRA and LIF accounts carry a $100 yearly fee. It is waived if your accounts total $25,000 or more, if you make 12+ commissionable trades a year, or if you are under 26.
Can I hold U.S. dollars in a Scotia iTRADE TFSA?
Yes. Scotia says all registered account types except RESPs have a U.S. dollar side, which you enrol in through Scotia OnLine. RESPs have a separate U.S.-Friendly option that costs $30 per quarter.
What does Scotia iTRADE charge to move my account to another brokerage?
A full or partial transfer out costs $150 per transfer. Collapsing a registered plan costs $125 for a full de-registration and $50 for each partial one.
Does Scotia iTRADE offer fractional shares?
Fractional shares aren’t mentioned on any Scotia iTRADE page we reviewed. If buying partial shares matters to you, confirm with Scotia before opening an account.
What does it cost to exercise or be assigned an option at Scotia iTRADE?
The sources disagree. The pricing page lists a $65 fee on top of the regular online equity commission, while the PDF fee schedule says the broker-assisted equity schedule applies. Ask Scotia which one will apply to your account.
Is my money protected at Scotia iTRADE?
Scotia Capital Inc. is a member of the Canadian Investor Protection Fund (CIPF) and is regulated by CIRO. CIPF protection relates to the insolvency of a member firm and does not cover investment losses.
Sources
Fees and features come from Scotia iTRADE’s own site and fee schedule, checked October 14, 2026. They can change at any time, so confirm them before you open an account. Investing involves risk, including the loss of money you invest. See our methodology.