Online brokerage
CI Direct Trading Review: CIRO-Registered, Fees & Platforms
By ForexCanada Editorial Team · Updated
Canada check
Formerly Virtual Brokers.
- Canadian status
- CIRO-registered
- Canadian entity
- CI Investment Services Inc.
- CIPF coverage
- Yes (eligible accounts, within CIPF limits)
- OBSI complaints
- Yes — free, independent dispute resolution
- Accepts Canadians
- Accepts Canadian residents
- Licences abroad
- —
- Founded
- 2008
- Headquarters
- Toronto, ON
- Ownership
- CI Financial
Our take on CI Direct Trading
CI Direct Trading is the former Virtual Brokers, now part of CI Financial. It uses per-share pricing — about a cent a share within a minimum and maximum — which can be cheap for small share counts. It trails the leaders on platform quality and service in recent rankings.
CI Direct Trading's per-share pricing (roughly one cent per share within a minimum and maximum) can make small orders in low-share-count positions very cheap, which appealed to active traders when most brokers charged flat $9.99 commissions. With several Canadian brokers now at $0, that advantage has narrowed. Check CI's current fee schedule, including account and transfer fees, before switching.
Verdict
Niche pricing appeal, but most investors will be better served by $0-commission rivals.
What we like
- +Per-share pricing can be cheap for small orders
- +Registered accounts and USD accounts
Watch out for
- −Weaker platform and service scores
- −$0 competitors now undercut it
- −No forex or CFDs
How CI Direct Trading scores
Canadian protection carries 40% of the weight, so an unregistered firm can't outrank a registered one on price alone. See the full methodology.
Accounts, markets & platforms
- Platforms
- Proprietary web, Mobile app
- Markets
- Stocks · ETFs · Options
- Pricing
- About $0.01/share (roughly $1.99–$7.99 per trade)
- CAD / USD accounts
- ✓ CAD | ✓ USD
- Registered accounts
- TFSA, RRSP, RESP, RRIF, LIRA
- Demo account
- Not advertised
Figures are taken from the broker's own disclosures at our last review (2026-09) and change often — always confirm on the broker's website. Spot an error? Tell us.
Verify CI Direct Trading yourself
- Look for the firm on CIRO's list of dealers it regulates.
- Search the legal entity name in the CSA National Registration Search and check it is registered in your province.
- Confirm CIPF membership in the CIPF member directory.
- Search the CSA investor alerts for the brand name and any look-alike websites.
- Make sure the account agreement you sign names the same legal entity — not an offshore affiliate.
CI Direct Trading: frequently asked questions
Is CI Direct Trading regulated in Canada?
Yes. Canadian clients are served by CI Investment Services Inc., a registered investment dealer and member of the Canadian Investment Regulatory Organization (CIRO). You can confirm this on CIRO's list of dealers it regulates and in the CSA National Registration Search.
Is my money protected with CI Direct Trading?
Eligible accounts at CIRO dealer members are covered by the Canadian Investor Protection Fund (CIPF) if the firm becomes insolvent — generally up to $1 million per account category. CIPF does not cover trading losses.
Can I open a TFSA or RRSP with CI Direct Trading?
Yes. CI Direct Trading offers TFSA, RRSP, RESP, RRIF, LIRA accounts. Note that leveraged forex and CFDs can't be held in registered accounts.
Canadian trader reviews
Reviews are submitted by readers and moderated by our editors for relevance and abuse. They are opinions, not verified facts, and never affect our score.
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