What is Virtual Brokers?
Virtual Brokers, which is now known as CI Direct Trading, is a part of CI Investment Services Incorporated (formerly BBS Securities). It is basically an online trading platform where you can buy and sell financial instruments of your choice. It is based in Toronto and was established in 2009.
Virtual Brokers Platform - Features
- Availability for both US and Canadian Dollars
- Open all form of registered investment accounts
- Customized trading and investment schemes
- Real time quotes
- Notifications and alerts
- Charting tools
- Market Data
- Mobile app and desktop dashboards
- Competitive pricing
- Both Canadian and Non-Canadian residents can open an account
- Member of Canadian Investor Protection Fund (CIPF)
- Free ETF trading
- No minimum balance requirement
- Assistance from professional advisors
- Complete reimbursement of any loss occurred due to fraudulent activities
Canadian Registered Investment Accounts that Virtual Brokers offer
You can open the following accounts with Virtual brokers:
- Tax Free Savings Account (TFSA)
- Registered Educational Savings Plan (RESP)
- Registered Retirement Savings Plan (RRSP)
- Locked-in Registered Retirement Savings Plan (LIRA)
- Registered Retirement Income Fund (RRIF)
- Registered Life Income Fund (LIF)
Investment Schemes that Virtual Brokers offer
- Kick start investment program is for the youth of Canada to start investing specific amounts on a monthly installment basis. The amounts are invested in default investment options. This is free of cost for students.
- Student Benefit program is for students to manually start investing and trading. It charges zero account keeping fees.
- Self-Directed Dividend Purchase Plan is where the income returns generated are used to buy shares or ETFs of your choice.
Trading Platforms that Virtual Brokers offer
- CIDT Dashboard - Free
- CIDT Mobile - Free
- PowerTrader Pro – 250 USD
- RealTick - 400 USD
- ITS Trader Lite - 580 USD
Virtual Brokers - Scope for improvement
- High minimum balance requirement for Canadian Non-residents
- A fee for inactivity/small account balances
- High account keeping fee for USD based registered accounts
Is Virtual Brokers good?
Virtual Brokers is one of the leading e-trading platforms of Canada, that has been in the business for nearly 13 years. It has been constantly upgrading and rebranding itself to give the best possible services to the Canadian traders.
As listed above, it offers noteworthy services and products at a cost-effective rate. To know detailed information of the fees charged, please visit - https://www.cifinancial.com/ci-dt/ca/en/trade/pricing.html. It is important that you do a complete research of the platform, compare it with other platforms and conclude if it is suitable for your needs and goals, before you open an account.