TORONTO, Dec. 18, 2018 /CNW/ - Virtual Brokers ("VB"), one of Canada's top online discount brokerage services has announced industry-leading changes to its commission structure. This will result in one of the most competitive fees offered in the discount brokerage space to Canadian retail investors.
Under the new commission structure, VB will be charging a rate of $0.01/share, with a minimum charge of $1.99 and a maximum charge of $7.99 per trade, and no hidden exchange fees. It previously charged a flat rate of $9.99 for each equity trade, as many other brokers still do in Canada. In addition to the fee structure changes, VB also announced that its clients will be able to purchase North American ETFs and Canadian mutual funds for free.
"We understand the intense focus on fees in the direct investment industry today and we believe our changes will allow us to offer an unmatched combination of low costs, innovative products and technology, and a top-tier service offering," said Kambiz Vatan-Abadi, Chief Executive Officer and President of BBS Securities Inc., which operates VB.
This is not the first-time VB has taken a leadership role when it comes to pricing. Its Penny Commission structure in 2009 helped bring down commission fees across the industry, and in 2016 VB became the first online broker in Canada to offer commission-free trading for active traders.
In addition to the new pricing model, VB offers a number of other key competitive advantages in the Canadian online broker landscape, including commission-free trading for students (Kick Start Program), U.S. dollar denominated registered accounts, a mobile trading app, digital on-boarding, a full suite of research and financial tools to help investors and a self-directed dividend purchase plan (SDPP).
For more information about VB, please visit www.virtualbrokers.com.
About BBS Securities Inc. and Virtual Brokers:
Virtual Brokers is operated by BBS Securities Inc. ("BBS"), a wholly owned subsidiary of CI Financial Corp. BBS is Canadian-owned and operated, and is registered in all provinces and territories of Canada as an Investment Dealer. BBS is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). BBS and VB have revolutionized the online trading brokerage environment. Committed to helping their clients succeed, they consistently introduce new and unique products, deliver effective tools at a competitive cost, and equip clients with advanced trading platforms which provide a reliable trading experience. Powered by innovative technologies and a deep understanding of financial markets, BBS and VB provide superior trade execution services to investors, traders and investment counsellor portfolio managers.
For more information about VB and BBS Securities, please visit www.virtualbrokers.com.
For more information about CI Financial, please visit cifinancial.com.
SOURCE Virtual Brokers
For further information: Zachary Caro, Director of Virtual Brokers, [email protected], 1.877.310.1088