Canadian Mobile Brokerage App World Expands

With the launch of a new mobile brokerage app, Scotia iTrade became the ninth online/discount broker in Canada, and the third Big-Six bank-owned broker, to offer the functionality. The app will allow iTrade clients to trade equities and options from their Blackberry, Android and iPhones mobile devices.

With a 90% share, online trading is currently the dominant method of executing trades in the online/discount brokerage channel, according to Investor Economics brokerage databases. With mobile brokerage apps approaching the table-stakes status for online/discount brokerage firms, it will be interesting to see what impact the mobile trading apps have on the mix of trading methods. Meanwhile, as reported in the special feature of our Fall 2011 Retail Brokerage and Distribution Advisory Service, the non-active trader baby-boomer clients are an increasing presence in the online/discount brokerage channel. A mobile app might be just the thing for the expectedly mobile – as in globe-trotting – generation of pre- and retirees keen on keeping a close tab on their DIY (do-it-yourself) investments. For more information regarding the online/discount brokerage channel, please see the Winter 2012 Retail Brokerage and Distribution Advisory Service by Matthew Goldstein