Rating Index
Pros
Straightforward pricing with a flat fee of $9.95 per trade, making it easy to understand costs.
Advanced tools and resources for active traders, including real-time quotes and market research.
Reliable customer support available during extended hours, enhancing the overall user experience.
Cons
High minimum balance requirement of $5,000 for most accounts, which may deter new investors.
Trading fees are relatively high compared to some competitors, limiting cost-effectiveness for frequent traders.
Additional maintenance fees for accounts with low balances can eat into investment returns.
BMO Bank of Montreal broker Accounts
BMO InvestorLine Account Types
BMO InvestorLine, the discount brokerage arm of the Bank of Montreal (BMO), offers a variety of account types to cater to different investment needs. Here are the main types of accounts available:
- Non-Registered Accounts:
- Cash Trading Account: Standard account for trading securities with cash.
- Margin Account: Allows borrowing against the value of investments to trade more than the cash available.
- Joint Accounts: Accounts shared between two or more individuals.
- Non-Personal Accounts: For corporate, non-profit, charitable organizations, estates, partnerships, and formal trusts.
- Registered Accounts:
- TFSA (Tax-Free Savings Account): Allows tax-free growth on investments.
- RRSP (Registered Retirement Savings Plan): A retirement savings plan that offers tax benefits.
- Spousal RRSP: A retirement savings plan for a spouse.
- RRIF (Registered Retirement Income Fund): Converts RRSP into income during retirement.
- LIRA (Locked-In Retirement Account): For holding pension funds.
- LIF (Life Income Fund): Provides income from a locked-in account.
- RESP (Registered Education Savings Plan): For saving for a child's education.
Choose Your Account Type: Visit the BMO InvestorLine website to select from the available self-directed account types.
Collect Required Documents: Prepare necessary documents including:
- Social Insurance Number (SIN)
- One piece of valid photo ID (e.g., drivers license or passport)
- Employment and banking information (e.g., void cheque)
- Complete the Online Application:
- Fill out the online application form, which takes approximately 20 minutes.
- After completing the application, print it, sign it, and submit it to BMO either by mail or in person at a local branch, including a copy of your government-issued photo ID.
BMO InvestorLine also offers a 5-Star Program for frequent traders and high-net-worth investors, granting access to elite services based on the level of investment or trading activity.
BMO InvestorLine Broker Account Opening Process
Opening an account with BMO InvestorLine is straightforward and can be completed in three easy steps:
Note: Except for TFSA and RESP accounts, a minimum funding of $5,000 is required upon account approval.
BMO Bank of Montreal Similar Broker Accounts
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