Qtrade Investor has been ranked the top provider of online discount brokerages in Canada for the first time in the latest industry review from research and business intelligence firm Surviscor Inc.
In Surviscor’s Q1-2012 Online Discount Brokerage scorCard, released on Monday, Qtrade beat all other industry players with a score of 84%. The scorCard assigns firms a score based on an analysis of such criteria as website design, account services, website transactions and cost of services.
“It is always great to crown a new winner in this ultra-competitive industry and Qtrade Investor is well deserving of this recognition considering their constant efforts to improve their offering,” said Glenn LaCoste, president of Toronto-based Surviscor.
Qtrade advanced significantly from fifth place in the last scorCard, by making many small enhancements to its offerings, according to the results.
Joel Bernard, vice president for Qtrade Investor, said the staff at the firm work hard throughout the year to refine the platform, tools and overall customer online investing experience. “We are very proud to be recognized as an industry leader by Surviscor,” he said.
Qtrade dethroned four-time scorCard leader TD Waterhouse, which earned a score of 81% in the latest review. Despite relinquishing the top spot, however, TD Waterhouse clearly continues to excel in many areas. The firm earned the highest marks in the categories of website design, market intelligence and online resources.
BMO InvestorLine finished in third place with 78%, earning top marks in the categories of ‘getting started’ and website transactions.
Five-time winner Credential Direct ranked fourth, at 77%, and RBC DirectInvesting rounded up the top five, with 74%.
Surviscor anticipates that online brokerage firms will continue to improve and change their offerings this year. In particular, CIBC Investor’s Edge is expected to launch a new website in March, and Scotia iTrade is expected to introduce a new site and merge the Scotia McLeod Direct Investing, e-Trade and Trade Freedom brands into one site that will be integrated with the Scotiabank website.