Scotia iTRADE has surged ahead of its competitors in the online discount brokerage space, thanks to a newly designed website that raises the bar for the whole industry, according to the recently released Surviscor Q3-2012 Online Discount Brokerage scorCard.
In the review of discount brokerage websites by the Toronto-based research and business intelligence firm, 14 firms’ websites were assessed for features and functionality.
Scotia iTRADE earned a score of 87%, taking the top spot for the first time in the history of the scorCard and dethroning past winner Qtrade Investor. Qtrade was the runner up in the third quarter, with a score of 80%.
“It’s been a long time since we’ve seen a major push from the industry. Scotia iTRADE not only pushed, it ran away with the title,” said Glenn LaCoste, president of Surviscor. “They did themselves proud and are well deserving of the top spot.”
BMO InvestorLine and TD Waterhouse came in third and forth place respectively, with scores of 77% each. Credential Direct was 5th, with 74%, and RBC Direct Investing received a score of 72% for the 6th spot.
Scotia iTRADE earned the top spot in three of seven main categories that were assessed as part of the scorCard: website design, account services and website transactions.
The company’s new website represents “a new industry level,” according to Surviscor, “and will have many looking up to the new bar.”
“To be recognized by Surviscor as Canada’s number one rated online brokerage firm in the industry is a proud moment for Scotia iTRADE,” said Bob Grant, managing director and head of global online brokerage at Scotiabank. “The award is tremendous validation for the incredibly hardworking team who developed and refined the superb online brokerage trading experience which we offer Canadian online investors. We’re extremely appreciative to our loyal clients who have shared very positive feedback with us on our new trading platform, and we remain dedicated to delivering market leading offerings to online investors.”
TD Waterhouse earned the highest marks in two of the seven main categories: market intelligence and online resources. BMO InvestorLine beat its competitors in the ‘getting started’ category, and Virtual Brokers won for cost of services.
TD Waterhouse has topped the scorCard in past years, but has declined in the rankings as a result of having “rested on its laurels” over the past few years, according to Surviscor.
In last place on the scorCard was Laurentian Bank Direct Brokerage, with a score of just 26%.