moomoo vs. Scotia iTrade
Compare your options. Get the facts on each platform before you use them to know which one is right for you.
moomoo
- Low commission trading
- Powerful trading tools
- Global markets & trading community
Scotia iTrade
- Well known and trusted company
- Offers a variety of investment products
- Commission-free trades on over 100 ETFs
moomoo vs. Scotia iTrade
Fees
| moomoo | Scotia iTrade | |
|---|---|---|
| Trading Fee | $0 CAD | $0 CAD |
| Deposit Fee | $0 CAD | $0 CAD |
| Withdrawal Fee | $0 CAD – $62 CAD | $0 CAD – $150 CAD |
| Inactivity Fee | No | No |
moomoo has less fees overall, but a variable withdrawal fee depending on the method chosen. For EFT withdrawals, the first withdrawal each month is free, with a $2 CAD fee for subsequent withdrawals. For an RRSP account withdrawal, this is $50 CAD for the first withdrawal and $52 CAD for subsequent. For wire transfers, there is still a 1 free per month, with $12 CAD for additional withdrawals. RRSPs have the same $50 CAD charge with $62 CAD for additional.
Safety
| moomoo | Scotia iTrade | |
|---|---|---|
| Regulator | SEC, FINRA, MAS, ASIC, CIRO, SC, FSA | CIRO |
| Founding Year | 2018 | 1996 |
| Investor Protection | Yes | Yes |
Scotia iTrade and moomoo are quite different in terms of safety of use. Scotia iTrade has been around longer than moomoo and is directly tied to a bank making it very trustworthy, however it is only available in Canada. moomoo is a global company and has regulating bodies in the US, Singapore, Australia, Canada, Malaysia, and Japan.
Deposit and Withdrawal
| moomoo | Scotia iTrade | |
|---|---|---|
| Minimum Deposit | $0 CAD | $0 CAD |
| Bank Transfer Deposit | Yes | Yes |
| Bank Transfer Withdrawal | Yes | Yes |
| Credit/Debit Deposit | No | No |
| Credit/Debit Withdrawal | No | No |
| Paypal Deposit | No | No |
| Wise Deposit | No | No |
| Revolut Deposit | No | No |
| Other Electronic Wallets | No | No |
Scotia iTrade and moomoo have the same deposit and withdrawal options.
Overall
Overall, moomoo and Scotia iTrade are very close in terms of pros and cons, however moomoo is available in more places worldwide which is better if you want to travel and trade. If you are just trading in Canada though, either option would be a great trading platform for you to get started on.