I am still on my learning to invest kick and decided to share a bit of info on BMO Investor line. This is one to the other trading platforms that is extremely popular in Canada.
BMO Investor Line is a online brokerage based in Canada that offers competitive pricing in both US and Canadian stocks, as well as excellent account features, like fixed income options and mutual funds. Many people compare the trading platform with Questrade; however, there are a few key differences between the two. For example, a BMO InvestorLine account can be hooked up to a bank account through the BMO banking division, which makes transferring money between the two accounts incredibly easy.
Advantages of Using BMO InvestorLine
One of the many features that current account holders like about BMO InvestorLine is the ability to make easy portfolio shifts through their portfolio rebalancing option. Ensuring that your assets are performing like they should be is the key to hitting your investment goals, and it’s always nice when the figures are laid out in an easy to read format.
Here are a few of the other benefits that you’ll receive for using BMO InvestorLine as your online broker
- Intuitive interface that makes navigating the platform very easy and if you still can’t figure it out, you can always contact customer support
- A comprehensive security guarantee that ensures you’re reimbursed for any unauthorized transactions through your InvestorLine account
- The ability to transfer money from your BMO InvestorLine account to your BMO bank account
- Easy to understand market research tools that allow you to stay on top of your investments
- Performance tracking tools to help identify under-performing investments
Additionally, there is a very diverse offering of account types through BMO InvestorLine, including, but not limited to, retirement income accounts, self directed RRSPs, tax free savings accounts, and margin accounts. If you’re currently trying to learn how to invest, then it’s worth checking out the online resources that BMO offers through their Education Center, because their guided investing can really help put things into perspective.
So, what could be better about BMO InvestorLine?
Some users of BMO InvestorLine report being dissatisfied with the way the platform keeps track of penny stocks. So, if you’re interested in trading penny stocks, then further research should be conducted before choosing InvestorLine so that you can make sure your goals are compatible with what the platform can offer. Additionally, unlike Questrade, accounts at BMO InvestorLine primarily benefit people who maintain large portfolios ñ the biggest discounts are seen when assets are over $100,000.
Final Thoughts on Using BMO InvestorLine
The tools that BMO offers its clients to help monitor, manage and maintain their online portfolios are very impressive. After all, initial planning and periodic rebalancing are two key ingredients when it comes to finding investing success. However, the benefit that you’ll see through opening an account up will largely depend on the type of accounts you plan on holding, and the amount of money you have to work with.
If you can handle $29.99 commissions per trade, or you have enough money to lower the commission fee to $9.95, then BMO InvestorLine should definitely be on your list of online brokers to try. Aside from the fees, BMO InvestorLine offers a solid platform that’s easy for both new and seasoned investors to understand and use.