# BMO InvestorLine vs TD Direct Trading and Investing



## trance.god (Jun 8, 2016)

Hi everyone!

I am a 24 year old male, making around $3k/month, still in grad school, and have almost $50k in investable funds (meaning, I have a separate emergency fund).
All my expenses come to around $2-2.2k/month. Meaning I can invest an additional $800-1k/month.
Essentially, I can invest $50k cash upfront and $1k per month additional.

I have been lurking the forums for the last couple years now and have learned a LOT. There are a lot of really brilliant minds on here!
I have been really busy with school and life in general (quite a few deaths in the family, marriages, babies!), and so have just been saving money till now.
It's time I pull the trigger and get started.

I bank with TD and BMO. I plan on investing in 3-4 index fund ETFs. Basically, an aggressive, couch potato style portfolio.

I'm wondering, which bank has a better self-directed investing platform? 
I know about the costs related to both banks and have seen some comparison charts, but i was wondering if someone could provide me with some more detailed information about their experience with either or both banks.


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## AltaRed (Jun 8, 2009)

Few investors have both BMO IL and TDDI accounts to compare side-by-side. So you will possibly get built-in biases. I have a BMO IL account that I am quite happy with but I can think of 3 advantages TDDI would have:

1. All accounts can be shown on one online page, .i.e. bank accounts and brokerage accounts. BMO still requires separate logins for banking and brokerage businesses. I have told them before they need to catch up to be competitive.
2. TDDI can provide all tax documentation on line whereas BMO IL does not (though BMO IL does provide online PDF monthly statements, trade confirmations, etc). I have told BMO IL they have to catch up for 2017 to remain competitive
3. One can buy e-funds at TDDI allowing one with small amounts of money to invest....to invest in the e-series funds until they can be 'batched' into bigger ETF purchases

Research varies depending on each brokerage, but since I don't use their tools/research much, I have no opinion on who likes what better and why.

BMO IL does have a Market Pro trading platform (at certain account value levels) with Level 2 quotes that I could use... but don't since I prefer Scotia iTrade's Flight Desk platform... or more correctly am more familiar with it. Somehow I think TDDI has gotten real cheap?? with their Level 2 quotes. Others can comment. Ultimately, only you can decide.


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## Spudd (Oct 11, 2011)

I use TD and am happy with them. But I have heard from this forum that BMO is better for currency gambits, if you plan to invest in USD that might be a useful feature.


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## pwm (Jan 19, 2012)

Most of my investments are at TDDI, but I also manage finances for a relative who is with BMO, so I have personal experience with both online Web based systems. I would concur with AltaRed that TDDI beats BMO on the three points he mentions. I can't believe they still don't have online tax statements. Also e-funds are an excellent way to invest small amounts on a regular basis to avoid commissions. These funds are highly rated at Morningstar. TDDI research is better IMO.


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## stantistic (Sep 19, 2015)

" Somehow I think TDDI has gotten real cheap?? with their Level 2 quotes ."

I'll second that.


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## Sm5 (Nov 2, 2014)

I have both. I'll second AltaRed on his comparison. 


> 1. All accounts can be shown on one online page, .i.e. bank accounts and brokerage accounts. BMO still requires separate logins for banking and brokerage businesses. I have told them before they need to catch up to be competitive.
> 2. TDDI can provide all tax documentation on line whereas BMO IL does not (though BMO IL does provide online PDF monthly statements, trade confirmations, etc). I have told BMO IL they have to catch up for 2017 to remain competitive
> 3. One can buy e-funds at TDDI allowing one with small amounts of money to invest....to invest in the e-series funds until they can be 'batched' into bigger ETF purchases


I'll also say that with the integration of TDDI to TD, it is much faster to move funds in and out of TDDI (instantly). BMOIL is very slow in comparison (a day at least). This is relevant if you move your 'float' in and out of investments. TDDI is also 'prettier' and probably a bit more usable for a beginner, though after their re-design to be 'prettier' I prefer BMOIL. 

Finally, BMOIL seems to go offline much less frequently than TDDI.


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## gibor365 (Apr 1, 2011)

I used TDDI and it was total disaster, this is why I moved to CIBC IE that is 10 times better. The only TDDI advantage is eSeries funds


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## OnlyMyOpinion (Sep 1, 2013)

gibor365 said:


> I used TDDI and it was total disaster, this is why I moved to CIBC IE that is 10 times better. The only TDDI advantage is eSeries funds


We all have our horror stories x10.


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## Afp (Mar 19, 2013)

As someone who currently have money in all 3 brokerages mentioned above: TD Direct Investing, BMO Investor Line and CIBC Investor's Edge, each has completely unique interface but serves the same purpose. TD charges 9.99 per trade, IL charges 9.95 and IE charges 6.95.

You won't go wrong with any of them. Having the same chequing account and brokerage in one bank makes moving money in and out easier. This can be for the good and bad


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## mattw (May 14, 2013)

Maybe its new but you can link all the accounts to BMO Online. No complaints about the platform, its preferred over RBC DI. But the differences aren't significant.



AltaRed said:


> 1. All accounts can be shown on one online page, .i.e. bank accounts and brokerage accounts. BMO still requires separate logins for banking and brokerage businesses. I have told them before they need to catch up to be competitive.


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## humble_pie (Jun 7, 2009)

i believe it might be useful to look at where trance is right now & where he's planning to go with his investments for the next few years.

& what a treat of a view it is. Here's a 24-year-old who's debt-free, is already the proud owner of $50k in savings, he's intending to put away another $10-12k each year, he's done his investment homework & he already has a sound financial plan that should carry him prudently over the next few years. Congratulations trance!

as for the 2 brokers mentioned, i've always had accounts with both. I think trance will be fine at either broker. There are preferences to be declared on either side, for example i for one do not care for the BMO statement while the TD presentation is a thing of beauty to my eye.

BMO is indeed much better for currency gambit trading, but to be realistic, how many times a year would an index-invested $50k account be looking to swap at least $10k into the opposite currency without FX fees? perhaps once? perhaps twice at the most? in this staging, a TD account would do fine. This client doesn't actually need frequent, fast, easy online currency gambit trading, at this point in time.

TD has better research, in fact the big green probably offers the most extensive selection of good research tools of any canadian online broker.

but the BMO research resources are adequate. They may be fewer in number, but they were intelligently chosen & they offer a nice range from chart technicals to news to some research reports (note: BMO offers only a condensed version of the house BMO Nesbitt research reports, while the TD offers full text from its securities analysts.)

BMO option trading was lamentable for decades. Best not to mention it, it was so bad. Currently, though, it appears they are making serious efforts to catch up.

here's a BMO advantage that hasn't been mentioned, which trance might be able to obtain. BMO is a broker that will often pay cash for new accounts. I don't mean a gift of free trades, i mean actual canadian dollars, that will be deposited into a client's account after he's kept it open for a period of time, eg 6 months.

my cautious guess is that, for a $50k account with promise of regular expansion, BMO might pay $50-100. A new client might start by asking if the firm has any cashback marketing promotions going on at the moment of his inquiry. If not, he could ask to meet with a BOMIL marketing representative (these usually arrange to meet with prospective new clients at a BMO branch) & discuss the possibility of a cashback (hint: senior representatives seem to have budgets out of which they can offer cashbacks to new clients, junior reps don't have these budgets)

TD is unlikely to offer cash. But the big green has easy e-funds with no commission - good for someone doing regular payroll contributions - plus outstanding research, better option trading, efficient banking connections. 

at the end of the day, trance won't go wrong with either.

.


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## AltaRed (Jun 8, 2009)

mattw said:


> Maybe its new but you can link all the accounts to BMO Online. No complaints about the platform, its preferred over RBC DI. But the differences aren't significant./QUOTE]
> 
> I recognize I see my BMO IL account line (and link) from BMO Online banking, but it is not seamless. Clicking on the link takes one to the BMO IL site. Try going back and forth seamlessly between banking and brokerage.
> 
> In Scotia iTrade, I can go back and forth between banking and brokerage seamlessly as many times as I want. BMO has not caught up to seamless web sites yet.


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## trance.god (Jun 8, 2016)

Wow! Thank you very much to everyone for all the info!

After reading all your posts, I have decided to go with TD DI.

As humble_pie mentioned, I have no need for easy currency gambit trading.
BMO not having a seamless, website is a real killer for me.


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