Type Private Headquarters Toronto, Canada Founder Bardya Ziaian | Industry Financial Services Founded 2009 Parent organization BBS Securities Inc. | |
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Key people Bardya Ziaian, Chairman, CEO and Founder Services Investing online, Online Brokerage Services Profiles | ||
Virtual Brokers (a division of BBS Securities Inc.) is an online brokerage provider. The company is headquartered in Toronto, Canada and provides trade execution services for stocks, bonds, options, exchange-traded fund (ETF) and mutual funds associated with major banks and online brokers. The company was awarded the "Best Online Investment Broker" in Canada in 2012 by the Canadian Business Journal. The company also won "Best Online Broker" in 2012, 2013, 2015, 2016 and ranked #2 in 2011 and 2014, as ranked by The Globe and Mail.
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History
Founded in 2009, Virtual Brokers began as a division of BBS Securities Inc. Virtual Brokers is an online trading service enabling trade execution of equities, options, warrants, bonds, debentures, ETFs and mutual funds.
Since its introduction, Virtual Brokers has led changes in the online brokerage industry in Canada. They were responsible for revolutionizing commission rates for online brokerages in Canada as they launched equity trades for as low as $0.99 in 2011. The competition followed, which led Virtual Brokers to reduce their commission rates to as low as 1¢ per trade on November 13, 2013.
On November 6, 2012, Virtual Brokers acquired the Canadian arm of optionsXpress, a retail online brokerage firm headquartered in Chicago. These clients were quickly integrated into the Virtual Brokers base, and the firm continues to grow and service these clients.
On November 13, 2013, Virtual Brokers introduced two new services, first in Canada, designed to offer clients high levels of flexibility and efficiency in their investment strategies. The Kick Start Investment Program automatically purchases up to 5 securities each month, commission-free. It is ideal for students or recent graduates, as there are no annual account fees for this group. Virtual Brokers also introduced a dividend investment plan unique in Canada. The Self-Directed Dividend Purchase Plan is unlike regular dividend reinvestment plans in that the dividends are not required to be reinvested into the securities from which the dividends were received. Virtual Brokers Self-Direct Dividend Purchase Plan allows clients to use cash from dividends to buy most securities without commission costs.
Continuing this trend, on January 12, 2016, Virtual Brokers introduced another first of its kind in Canada, the Commission-Free Trading Account, where clients can trade equities commission free. Unlike other major brokerage firms in Canada which use 3rd party clearing systems, BBS Securities (“BBS”) and its division Virtual Brokers uses a proprietary clearing system, Pario. This gives Virtual Brokers higher margins and in turn, the benefit is conferred to its clients.
BBS Securities Inc. / Virtual Brokers is registered in all provinces and territories of Canada, and is a member of Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF)
VB Webtrader
Virtual Brokers developed the web-based trading platform VB Webtrader. This software (currently V3.8) allows trading of equities, options, bonds, and mutual funds, from a single interface. VB Webtrader is equipped with real-time buying power and account information, real-time streaming quotes, real-time charts, real-time watchlists, news and alerts. Other trading features include Anonymous, Iceberg and Insider markers. It comes integrated with research tools including fundamental and technical analyzers, stock screeners, ETF/ETN screener, bond screener, mutual fund screener, and analyst recommendations.