How to Open a Scotia iTRADE Account (2026 Step-by-Step Guide)

Scotia iTRADE is Scotiabank's self-directed brokerage. It offers every major Canadian account type, a large commission-free ETF list and research tools. It also still charges $9.99 per stock trade, which is now an outlier: BMO InvestorLine dropped to $0 on stock and ETF trades on September 14, 2026.

This guide covers what it costs, how to open an account step by step, and when iTRADE is and isn't the right choice.

Scotia iTRADE pricing in 2026

The commission-free ETF list includes funds from iShares, Vanguard, Invesco, VanEck, Franklin, Dynamic, Evolve, Global X and others. If you build your portfolio from that list and use a TFSA or FHSA, iTRADE can cost you nothing to run. If you trade individual stocks, every trade costs $9.99.

Worth knowing: Scotia iTRADE can change or end the commission-free ETF offer at any time. Check the current list before you build a portfolio around it.

What you need to apply

• Social Insurance Number (SIN). Required for any registered account and for tax reporting.
• Government-issued photo ID, such as a driver's licence or passport
• Date of birth and home address. You must be a Canadian resident and the age of majority in your province (18 or 19).
• Employment information: employer, occupation, and whether you're an insider of a public company or work in the securities industry
• Financial information: annual income, net worth, investment knowledge and objectives
• A Canadian bank account for funding. Any bank works. Scotiabank accounts link instantly.

Step 1: Pick the account type first

This decision matters more than the platform. Open accounts in roughly this order:

1. FHSA if you're a first-time home buyer. You get a tax deduction going in and tax-free withdrawals for a first home. Room only starts building once you open one. See how to open an FHSA.
2. TFSA for most other savings. No annual fee at iTRADE, and growth is tax-free. See TFSA vs RRSP.
3. RRSP if your income is high enough that the deduction is worth more now than later. Remember the $100 fee unless you meet a waiver. If you're under 26, it's waived.
4. Non-registered (cash) account for money beyond your registered room.
5. RESP if you're saving for a child's education. The government adds 20% on the first $2,500 a year. See how to open an RESP.

Margin and options permissions are separate. You don't need either to buy ETFs and stocks, so there's no reason to apply for them upfront.

Step 2: Complete the online application

Go to Scotia iTRADE's website and choose Open an account. The application asks for:

• Personal and contact details
• Account type(s). You can open several at once.
• Employment and regulatory questions
• An investment-knowledge and risk questionnaire
• Beneficiary or successor holder details for TFSAs, RRSPs and FHSAs

Tip on successor holder vs beneficiary: for a TFSA, naming your spouse as successor holder lets the account pass to them intact, tax-free. Naming them only as beneficiary can complicate things. Provincial rules apply, and in Quebec designations generally must be made in a will.

Step 3: Verify your identity

Scotiabank clients are often verified instantly. Others may verify electronically through a credit bureau check or by uploading ID. Expect approval within one to a few business days if manual review is needed.

Step 4: Fund the account

• Instant transfer from Scotiabank. Money moves between your Scotia bank account and iTRADE right away.
• Electronic funds transfer (EFT) from another bank. Usually a few business days.
• Transfer from another brokerage. Use the transfer form to move a TFSA, RRSP or FHSA directly, institution to institution. Never withdraw and re-deposit registered money yourself. For a TFSA, re-contributing can create an over-contribution. For an RRSP, a withdrawal is taxable. See how to transfer a TFSA or RRSP.

Your old broker may charge a transfer-out fee, often around $150. Ask iTRADE whether it'll reimburse it, especially on larger transfers.

Step 5: The first 30 minutes after funding

1. Turn on two-step verification.
2. Check the commission-free ETF list before buying anything. Choosing an eligible ETF saves $9.99 on every purchase and sale.
3. Buy one broad, low-cost ETF instead of several overlapping ones. An all-in-one asset-allocation ETF is a simple start. See how to pick an ETF.
4. Set up a recurring contribution from your bank.
5. Consider a USD account if you plan to hold US-listed securities. It lets you avoid converting back and forth each time. See the cheapest way to buy US stocks in Canada.

Who Scotia iTRADE suits

Good fit:

• Scotiabank clients who want everything under one login, with instant transfers
• ETF investors who can stick to the commission-free list
• Investors under 26, since registered-account fees are waived
• People who want every account type in one place: TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA and margin

Consider alternatives if:

• You buy individual stocks often. At $9.99 a trade, 24 stock purchases a year cost about $240. That's $240 you'd keep at a $0-commission broker such as Wealthsimple, Questrade, Qtrade, National Bank Direct Brokerage or, from September 14, 2026, BMO InvestorLine.
• You have a small RRSP and make few trades. The $100 annual fee is a large percentage of a small balance.

The honest summary: Scotia iTRADE is a solid, well-regulated platform with good ETF economics and a pricing problem on stocks. Its competitors, including a Big Five bank, are now at $0. If you're an ETF investor or a Scotiabank client, it works. If you trade stocks, compare it with the best online brokers in Canada first.

Frequently asked questions