BMO InvestorLine Canada Review

BMO Investorline is an online investment platform offered by the Bank of Montreal that provides investors with a range of investment options and tools to help them achieve their financial goals. The platform offers access to a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options. With BMO Investorline, investors can easily buy and sell securities through an easy-to-use online platform that provides real-time market data and analysis, investment research, and educational resources.

One of the key benefits of using BMO Investorline is the convenience it provides. Investors can access their accounts and make trades from anywhere with an internet connection, at any time of the day or night. The platform is designed to be user-friendly, with a simple and intuitive interface that makes it easy to navigate and find the information and tools needed to make informed investment decisions.

Another benefit of using BMO Investorline is the level of support and guidance available to investors. The platform provides a range of resources and tools to help investors make informed investment decisions, including market data and analysis, investment research, and educational resources.

In addition, investors can access personalized investment advice and guidance from a team of investment professionals through BMO Investorline AdviceDirect. This service provides investors with customized investment recommendations based on their financial goals and risk tolerance, helping them make investment decisions that align with their overall financial plan.

Overall, BMO Investorline is a powerful investment platform that offers investors a range of investment options, trading tools, and resources to help them achieve their financial goals. Whether you are a seasoned investor or just starting out, BMO Investorline provides the tools and support needed to make informed investment decisions and build a successful investment portfolio.

About BMO 

BMO, or Bank of Montreal, is one of the oldest banks in Canada, with a history dating back to 1817. Today, BMO is a multinational financial services provider, with a presence in Canada, the United States, and other international markets.

BMO offers a range of financial products and services to both personal and commercial clients, including banking, lending, investing, and wealth management. The bank has a large network of branches and ATMs throughout Canada, as well as a significant online and mobile banking presence.

In addition to its retail banking services, BMO is also a significant player in the investment banking and capital markets space. The bank provides a range of investment banking and corporate finance services, including mergers and acquisitions, debt and equity underwriting, and financial advisory services.

BMO is committed to sustainability and responsible business practices and has received numerous awards and recognition for its efforts in these areas. The bank is a signatory to the United Nations Global Compact and is committed to reducing its environmental footprint and promoting social and economic development in the communities it serves.

Overall, BMO is a well-established and respected financial services provider that offers a range of products and services to meet the needs of both personal and commercial clients. With a commitment to sustainability and responsible business practices, BMO is a trusted and reliable partner for those seeking financial services and advice.

Why InvestorLine?

BMO Investorline is a popular investment platform for a number of reasons. Here are some of the key benefits of using Investorline:

1. Investment options: Investorline offers access to a wide range of investment products, including stocks, bonds, ETFs, mutual funds, and options. This allows investors to build a diversified portfolio that aligns with their investment goals and risk tolerance.

2. Trading tools: Investorline provides a range of trading tools and resources to help investors make informed investment decisions. This includes real-time market data and analysis, investment research, and educational resources.

3. Convenience: Investorline is an online platform, which means that investors can access their accounts and make trades from anywhere with an internet connection, at any time of the day or night. This provides a high level of convenience and flexibility.

4. Personalized advice: BMO Investorline AdviceDirect provides investors with access to personalized investment advice and guidance from a team of investment professionals. This service offers customized investment recommendations based on an investor’s financial goals and risk tolerance, helping them make investment decisions that align with their overall financial plan.

5. Low fees: Investorline’s fees are generally lower than those of traditional brokerage firms, which can result in significant cost savings for investors over time.

Overall, BMO Investorline offers investors a range of investment options and tools, as well as personalized advice and guidance, all at a lower cost than traditional brokerage firms. This makes Investorline a popular choice for those seeking to build a diversified investment portfolio and achieve their financial goals.

InvestorLine Account Types

Advice Direct & Self-Directed Investment Account Types 

BMO InvestorLine offers two main types of investment accounts, which are AdviceDirect and Self-Directed accounts.

1. AdviceDirect: AdviceDirect is a type of investment account that offers personalized investment advice and recommendations from a team of investment professionals. The service uses a proprietary algorithm to create a customized investment portfolio for each client based on their financial goals, risk tolerance, and other factors. Clients can also access a team of investment professionals who can provide additional guidance and support.

2. Self-Directed: A Self-Directed account is a standard investment account that allows investors to buy and sell a wide range of investment products, including stocks, bonds, ETFs, and options. This account type is designed for investors who prefer to manage their own investment portfolio and make their own investment decisions. Self-Directed investors have access to a range of trading tools and resources to help them make informed investment decisions.

Both account types offer a range of investment products and tools to help investors achieve their financial goals. Here are some additional details about each account type:

AdviceDirect:

• Minimum investment: $25,000

• Annual fee: 0.50% of assets under management

• Personalized investment advice and recommendations

• Customized investment portfolio based on client’s financial goals, risk tolerance, and other factors

• Access to a team of investment professionals

Self-Directed:

• No minimum investment required

• No annual fee, but standard trading and account fees apply

• Wide range of investment products, including stocks, bonds, ETFs, and options

• Real-time market data and analysis

• Investment research and educational resources

• Access to a range of trading tools and resources

Investors should carefully consider their investment goals, risk tolerance, and investing experience when choosing an account type. Those who prefer a more hands-off approach to invest may find that AdviceDirect is a good fit, while those who are comfortable managing their own investment portfolio may prefer a Self-Directed account.

BMO InvestorLine Fees

BMO InvestorLine charges a range of fees for its investment accounts and services. Here are some of the main fees that investors should be aware of:

1. Account maintenance fees: There are no annual account fees for most BMO InvestorLine accounts. However, certain accounts, such as locked-in retirement accounts (LIRAs), may be subject to annual fees.

2. Trading fees: BMO InvestorLine charges a commission for each trade made on the platform. The commission varies depending on the type of investment product being traded, as well as the size of the trade. For example, the commission for trading stocks starts at $9.95 per trade for trades up to 1,000 shares, and increases for larger trades.

3. Mutual fund fees: BMO InvestorLine offers a range of mutual funds that are subject to management fees and other expenses. These fees are typically included in the mutual fund’s management expense ratio (MER) and are deducted from the fund’s returns.

4. Transfer fees: BMO InvestorLine charges a fee for transferring assets in and out of an account. The fee varies depending on the type of account and the size of the transfer.

5. Currency conversion fees: If an investor trades in a currency other than Canadian dollars, BMO InvestorLine charges a currency conversion fee. The fee varies depending on the currency being traded and the size of the trade.

6. Other fees: BMO InvestorLine may also charge fees for other services, such as paper statements, account activity statements, and research reports.

Per Trade Commission Fees

BMO InvestorLine charges a commission for each trade made on the platform. The commission varies depending on the type of investment product being traded, as well as the size of the trade. Here are some examples of per trade commission fees for different investment products:

1. Stocks and ETFs: The commission for trading stocks and ETFs starts at $9.95 per trade for trades up to 1,000 shares. For trades of more than 1,000 shares, the commission increases to $0.01 per share, up to a maximum of $9.95 per trade.

2. Options: The commission for trading options is $9.95 per trade, plus $1.25 per contract.

3. Mutual funds: BMO InvestorLine offers a range of no-load mutual funds that can be purchased and sold without paying a commission. However, some mutual funds may be subject to other fees, such as management fees and other expenses.

4. Bonds: BMO InvestorLine charges a commission for trading bonds, which varies depending on the type of bond being traded and the size of the trade.

It’s important to note that these commission fees are subject to change and may vary depending on the investor’s account type, trading activity, and other factors. In addition, investors should also be aware of other fees that may apply, such as account maintenance fees, transfer fees, and currency conversion fees.

InvestorLine Online Trading Platform 

BMO InvestorLine’s online trading platform is a user-friendly and intuitive platform that offers a range of tools and resources to help investors manage their investment portfolios. Here are some of the features of the platform:

1. Trade execution: The platform allows investors to buy and sell a wide range of investment products, including stocks, bonds, ETFs, and options. Trades can be executed in real-time, with access to up-to-date market data and analysis.

2. Trading tools: BMO InvestorLine offers a range of trading tools and resources to help investors make informed investment decisions. These include market data and analysis, investment research and educational resources, and a variety of trading strategies and tools.

3. Customization: The platform can be customized to suit the investor’s preferences, with the ability to create watchlists, set up alerts and notifications, and customize the layout and interface.

4. Mobile app: BMO InvestorLine also offers a mobile app for iOS and Android devices, which allows investors to access their accounts, monitor their portfolios, and execute trades on the go.

5. Security: The platform is designed with security in mind, with measures in place to protect investor information and transactions. These include encryption and multi-factor authentication, as well as fraud detection and prevention measures.

6. Support: BMO InvestorLine offers a range of support options for investors, including online chat, phone support, and email support. The platform also offers a variety of resources and educational materials to help investors learn more about investing and the platform.

Overall, BMO InvestorLine’s online trading platform is a robust and user-friendly platform that offers a range of features and resources to help investors manage their investment portfolios. Whether investors are new to investing or experienced traders, the platform can be customized to suit their needs and preferences.

InvestorLine GIC Rates

BMO InvestorLine offers a variety of guaranteed investment certificate (GIC) products with competitive interest rates. Here are some examples of the current GIC rates offered by BMO InvestorLine:

1. Cashable GICs: These GICs offer flexible terms ranging from 1 to 5 years and allow investors to cash out their investment at any time. Interest rates for cashable GICs range from 0.25% to 0.85% per year, depending on the term and investment amount.

2. Non-redeemable GICs: These GICs offer higher interest rates than cashable GICs but do not allow investors to cash out their investment before the end of the term. Interest rates for non-redeemable GICs range from 0.35% to 1.35% per year, depending on the term and investment amount.

3. market-linked GICs: These GICs offer potentially higher returns than traditional GICs, with returns linked to the performance of the stock market or a specific stock index. Market-linked GICs have terms ranging from 1 to 5 years, and the interest rate varies depending on the specific product and the performance of the underlying stock market or index.

4. Escalating-rate GICs: These GICs offer increasing interest rates over the term of the investment, providing investors with the potential for higher returns over time. Interest rates for escalating-rate GICs range from 0.60% to 1.50% per year, depending on the term and investment amount.

BMO InvestorLine App

BMO InvestorLine offers a mobile app for iOS and Android devices that provides investors with a convenient and user-friendly way to manage their investments on the go. Here are some of the features of the BMO InvestorLine app:

1. Trading: The app allows investors to buy and sell a wide range of investment products, including stocks, bonds, ETFs, and options. Trades can be executed in real-time, with access to up-to-date market data and analysis.

2. Customization: The app can be customized to suit the investor’s preferences, with the ability to create watchlists, set up alerts and notifications, and customize the layout and interface.

3. Account management: Investors can use the app to view their account balances, track their portfolio performance, and access their transaction history.

4. Market data and analysis: The app provides access to a variety of market data and analysis tools, including stock quotes, market news, and investment research.

5. Security: The app is designed with security in mind, with measures in place to protect investor information and transactions. These include encryption and multi-factor authentication, as well as fraud detection and prevention measures.

6. Support: The app offers a variety of support options for investors, including online chat, phone support, and email support. Investors can also access a variety of resources and educational materials to help them learn more about investing and the app.

Overall, the BMO InvestorLine app is a convenient and user-friendly way for investors to manage their investments on the go. Whether investors are new to investing or experienced traders, the app provides a range of features and resources to help them stay informed and make informed investment decisions.

Opening a BMO InvestorLine account is a straightforward process. Here are the steps to follow:

1. Determine the account type: BMO InvestorLine offers two types of accounts – a self-directed account and an adviceDirect account. The self-directed account is suitable for investors who prefer to make their own investment decisions, while the adviceDirect account is a professionally managed account that is suitable for investors who prefer to have their investments managed by experts.

2. Gather required documents: You will need to have certain documents on hand when you open a BMO InvestorLine account. These typically include government-issued identification (such as a passport or driver’s license), proof of address (such as a utility bill or bank statement), and your Social Insurance Number (SIN).

3. Apply online: You can apply for a BMO InvestorLine account online by visiting the BMO InvestorLine website and clicking on the “Open an account” button. You will be asked to provide personal information and answer questions about your investment experience and goals. You will also need to select the type of account you want to open.

4. Fund your account: Once your account is approved, you will need to fund it in order to start trading. You can fund your account by transferring money from an existing bank account or by mailing a cheque to BMO InvestorLine.

5. Start trading: Once your account is funded, you can start trading by logging into your account and placing trades online or through the mobile app.

What Is The Minimum Amount Required To Open BMO InvestorLine Account?

The minimum amount required to open a BMO InvestorLine account varies depending on the type of account you choose. Here are the current minimums for each account type:

1. Self-Directed Account: The minimum amount required to open a Self-Directed account with BMO InvestorLine is $5,000.

2. adviceDirect Account: The minimum amount required to open an adviceDirect account with BMO InvestorLine is $25,000.

It’s important to note that while these are the minimum amounts required to open an account, investors should consider the costs associated with trading and maintaining their account.

For example, BMO InvestorLine charges commissions on trades and account maintenance fees, which can vary depending on the type of account and the volume of trading activity. It’s a good idea to review the fee schedule and account terms and conditions carefully before opening an account to ensure that it meets your investment goals and budget.

How To Transfer An Existing Investment Account To InvestorLine?

Transferring an existing investment account to BMO InvestorLine can be a simple process, and it’s typically done to take advantage of lower fees, better service, or other benefits offered by the new brokerage firm. Here is a general overview of the steps you’ll need to take to transfer your existing investment account to BMO InvestorLine:

1. Gather your account information: You will need to have your account information handy, including your account number and current brokerage firm.

2. Contact BMO InvestorLine: You can contact BMO InvestorLine via phone or email to initiate the account transfer process. They will provide you with the necessary forms and instructions to complete the transfer.

3. Complete the transfer forms: You’ll need to fill out the forms provided by BMO InvestorLine and your current brokerage firm. This typically includes an Account Transfer Form and a Letter of Authorization (LOA) that authorizes the transfer of your assets. Make sure to provide all the necessary details in the forms, and sign them where required.

4. Submit the forms: Once you have completed the forms, you’ll need to submit them to BMO InvestorLine. Be sure to keep copies of the forms for your records.

5. Monitor the status: You can track the progress of your account transfer by contacting BMO InvestorLine or your current brokerage firm. The whole process can take several weeks to complete, depending on the complexity of your account and the speed at which your current brokerage firm processes the request.

6. Update your account information: Once the transfer is complete, you should receive confirmation from BMO InvestorLine and update your account information, including your login credentials and contact information.

It’s important to note that the specific requirements and steps may vary depending on the type of account you’re transferring, and your own individual circumstances. I recommend you to check with BMO InvestorLine and your current brokerage firm for more detailed information and guidance on transferring your account.

InvestorLine Fees To Transfer An Existing Investment Account

BMO InvestorLine charges fees for transferring an existing investment account from another financial institution. Here are the fees associated with transferring an account to BMO InvestorLine:

1. Transfer-out fee: Your current financial institution may charge a fee for transferring your account to another institution. The fee amount varies by financial institution and account type.

2. Transfer-in fee: BMO InvestorLine charges a fee for receiving a transfer of an investment account from another financial institution. The fee amount varies depending on the type of account being transferred.

3. Account closure fee: Your current financial institution may charge a fee for closing your investment account. The fee amount varies by financial institution and account type.

It’s important to note that BMO InvestorLine may reimburse the transfer-in fee for certain account types and transfer amounts. For example, if you transfer an RRSP account with a balance of $25,000 or more to BMO InvestorLine, the transfer-in fee will be reimbursed.

InvestorLine Fund Transfer Timelines

BMO InvestorLine offers several options for transferring funds into and out of your account. Here are the timelines associated with each type of fund transfer:

1. Electronic fund transfers (EFTs): EFTs are the fastest and most convenient way to transfer funds into and out of your BMO InvestorLine account. For incoming EFTs, funds are typically available within 1 to 2 business days. Outgoing EFTs are typically processed within 1 to 2 business days.

2. Bank wire transfers: Bank wire transfers are a secure way to transfer large sums of money. For incoming wire transfers, funds are typically available within 1 to 2 business days. Outgoing wire transfers are typically processed within 1 to 2 business days.

3. Cheque deposits: Cheque deposits can take up to 5 business days to clear and be credited to your BMO InvestorLine account.

4. Journal transfers: If you have accounts at other financial institutions and want to transfer funds to BMO InvestorLine, you can do so through journal transfers. Journal transfers are typically processed within 1 to 2 business days.

BMO InvestorLine Pros and Cons

BMO InvestorLine is a popular online brokerage platform that offers a range of investment options and services to help investors manage their portfolios. Here are some of the pros and cons of using BMO InvestorLine:

Pros:

1. Investment options: BMO InvestorLine offers a wide range of investment options, including stocks, bonds, ETFs, mutual funds, GICs, and options, among others.

2. User-friendly platform: BMO InvestorLine’s online trading platform is user-friendly, making it easy for investors to manage their portfolios.

3. Research and education: BMO InvestorLine provides investors with access to a range of research and educational resources to help them make informed investment decisions.

4. Customer service: BMO InvestorLine’s customer service is highly rated, with a team of experienced professionals available to answer questions and provide assistance.

5. Low fees: BMO InvestorLine’s fees are generally competitive and lower than those charged by traditional brokerages.

Cons:

1. Inactivity fees: BMO InvestorLine charges inactivity fees for accounts that have been inactive for a period of time. This can be a drawback for investors who are not actively trading.

2. High trading fees: While BMO InvestorLine’s fees are generally lower than traditional brokerages, the trading fees can still be high for active traders.

3. Limited product offerings: While BMO InvestorLine offers a wide range of investment options, some investors may find the product offerings limited compared to other online brokerages.

4. No commission-free ETFs: BMO InvestorLine does not offer commission-free ETFs, which can be a disadvantage for investors who want to invest in ETFs without incurring high fees.

Overall, BMO InvestorLine is a solid choice for investors looking for a user-friendly online trading platform with a wide range of investment options and resources. However, the inactivity fees and high trading fees may be a drawback for some investors, so it’s important to carefully consider the fees and investment options before opening an account.

Is The BMO InvestorLine Account CIPF Protected?

Yes, the BMO InvestorLine account is protected by the Canadian Investor Protection Fund (CIPF). The CIPF is a not-for-profit organization that provides protection to investors in case of insolvency of a member firm.

If a member firm, such as BMO InvestorLine, becomes insolvent, the CIPF will provide up to $1 million in coverage for each account. This coverage applies to all eligible account types, including cash, margin, and registered accounts such as RRSPs, TFSAs, and RESPs.

It’s important to note that the CIPF protection does not cover market losses or guarantee the value of your investments. The protection is only meant to provide coverage in case of insolvency of a member firm.

It’s always a good idea to understand the level of protection offered by your investment firm, and the CIPF protection is an important factor to consider when choosing an online brokerage.

How To Contact BMO InvestorLine?

If you need to contact BMO InvestorLine, there are several ways to get in touch with them:

1. Phone: You can reach BMO InvestorLine’s customer service team by phone at 1-888-776-6886. The hours of operation are Monday to Friday from 8:00 AM to 8:00 PM ET, and Saturday from 10:00 AM to 6:00 PM ET.

2. Email: You can also send an email to BMO InvestorLine at [email protected]. They typically respond within one business day.

3. Live chat: BMO InvestorLine offers a live chat feature on their website, which can be accessed by clicking on the “Contact Us” link at the bottom of the page. The live chat feature is available during the same hours of operation as the phone service.

4. Social media: You can reach out to BMO InvestorLine on social media platforms such as Twitter, Facebook, and LinkedIn.

5. In-person: BMO InvestorLine has a network of branches across Canada where you can meet with an investment professional in person. You can use their branch locator tool on their website to find a branch near you.

No matter which method you choose to contact BMO InvestorLine, their customer service team is trained to answer your questions and provide assistance with your account.

Why Is BMO InvestorLine better than others?

It’s difficult to say that BMO InvestorLine is definitively better than other online brokerages, as each brokerage has its own unique advantages and disadvantages. However, there are several factors that set BMO InvestorLine apart from other online brokerages and may make it a good choice for some investors.

First, BMO InvestorLine offers access to BMO Financial Group’s extensive research resources and expertise. This includes proprietary research and analysis on markets, sectors, and individual companies, as well as third-party research from industry leaders such as Morningstar and S&P Capital IQ. This depth of research allows investors to make informed investment decisions based on up-to-date information and analysis.

Second, BMO InvestorLine offers a user-friendly online trading platform that is easy to navigate and provides a variety of tools to help investors manage their portfolio. The platform includes customizable watchlists, real-time market data, and detailed account information. Additionally, BMO InvestorLine offers a mobile app that allows investors to trade on-the-go and access their account from anywhere.

Third, BMO InvestorLine has a wide range of account types to suit different investor needs and preferences. This includes self-directed accounts, advice-based accounts, and managed portfolios. Each account type has different features and pricing, allowing investors to choose the option that best fits their investment goals and budget.

Finally, BMO InvestorLine offers competitive pricing, with commission fees that are in line with other online brokerages. Additionally, they have no annual account fees, no inactivity fees, and no fees for account transfers.

Overall, BMO InvestorLine’s combination of research resources, user-friendly platform, range of account types, and competitive pricing make it a strong contender among online brokerages. However, it’s important for each investor to evaluate their own needs and preferences and compare different options to find the brokerage that best fits their unique situation.

Can you buy US stocks on BMO InvestorLine?

Yes, you can buy US stocks on BMO InvestorLine. BMO InvestorLine offers access to both Canadian and US markets, allowing investors to trade a wide variety of securities, including stocks, options, exchange-traded funds (ETFs), and mutual funds.

To trade US stocks on BMO InvestorLine, you will need to have a USD account. You can easily convert Canadian dollars to US dollars within your InvestorLine account, or transfer funds from a USD bank account into your USD InvestorLine account. BMO InvestorLine offers competitive foreign exchange rates for currency conversion.

It’s important to note that trading US stocks on BMO InvestorLine will be subject to foreign exchange fees and commissions. You should review the pricing and fees associated with trading US stocks on BMO InvestorLine to ensure that it fits within your investment budget. Additionally, investing in US securities may involve additional risks and considerations, such as currency fluctuations and tax implications, which should be carefully evaluated before making any investment decisions.

Final Words

In conclusion, BMO InvestorLine is an online brokerage that offers a wide range of investment products and services for both self-directed investors and those seeking professional advice. They offer competitive pricing, excellent customer service, and a user-friendly online trading platform that allows investors to trade securities, manage their portfolios, and access research and educational resources.

One of the key advantages of BMO InvestorLine is its access to BMO Financial Group’s extensive research resources and expertise. This enables BMO InvestorLine to provide a wealth of information and insights to help investors make informed investment decisions. Additionally, the CIPF protection ensures that investors’ assets are protected in case of insolvency of the brokerage firm.

If you’re considering opening an account with BMO InvestorLine, it’s important to evaluate your investment goals, risk tolerance, and investment experience to determine which account type is best suited for you. You can also take advantage of their research and educational resources to help you make informed investment decisions.

Overall, BMO InvestorLine is a reputable online brokerage that provides investors with a wide range of investment products and services, competitive pricing, and excellent customer service. Whether you’re a beginner investor or an experienced trader, BMO InvestorLine has the tools and resources you need to achieve your investment goals.