Buying an ETF at CIBC Investor's Edge

You can open an account from CIBC's getting started page; a TFSA, RRSP, or FHSA fits most goals. Once it's open and funded, pick your fund from the asset allocation guide.

Placing the order

1. Sign on to Investor's Edge and click the Trading tab. The order screen is called Trade Stocks and ETFs.
2. Set the action to Buy.
3. Type your fund's ticker, like VEQT, in the symbol box and make sure the Canadian market is selected.
4. Enter the quantity.
5. Pick the order price type: market buys right away at the current price; limit lets you set your maximum price and an expiry date.
6. Under Pay from, pick the Canadian-dollar account holding your cash, then click Next.
7. Review the order summary, enter your trading password, and click Submit Order.

For the order type, use a limit order and set your limit a few cents above the current price. It fills right away, the way a market order would, but it caps what you pay if the price jumps while your order goes through. I do this on every buy, whatever the amount.

What it costs

CIBC charges $6.95 per online trade, the lowest flat rate of the big banks, and keeps its own list of 180-plus commission-free ETFs worth checking. If you're under 25 with a CIBC Smart Start account, online trades are free.