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ONLINE BROKERAGE REVIEW

National Bank Direct Brokerage Review 2023

Updated January 23, 2023

Quick Info

  • Standard Equity Commission
    $0
  • Best Commission Price
    $0
  • Minimum to Open Account
    Not Required
  • Maintenance/Inactivity Fees
    $100/year
  • Commission-free ETF Trading
    Yes
  • Young Investor Offer
    Yes (Age range: 18-30; or students)
  • Compare to Another Brokerage

HIGHLIGHTS

3.8/5 (4)

In August 2021, National Bank Direct Brokerage (NBDB) made an ambitious move in its pricing structure, unveiling zero-commission pricing for all Canadian and US stock and ETF trades, with no minimum required. Prior to that, they had been offering the leading rate for commissions for equity trades among Canadian bank-owned online brokerages, as well as commission-free trading for Canadian and US ETFs.

As they are a bank-owned online brokerage, National Bank Direct Brokerage offers the convenience of branch services as well as the ability to manage other National Bank financial products via the standard National Bank online interface. Like their peers, National Bank Direct Brokerage offers online trading in stocks, ETFs, options, mutual funds, and bonds.

National Bank Direct Brokerage Full Review

What Account Types does National Bank Direct Brokerage offer?

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    Registered Accounts

    Non-Registered Accounts

Account Fees & Requirements for National Bank Direct Brokerage

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    Registered Accounts

    Non-Registered Accounts

Trading Commissions & Fees provided by National Bank Direct Brokerage

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National Bank Direct Brokerage Rankings & Reviews for 2023

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  • Sorry, no data is available.

How can I contact National Bank Direct Brokerage customer support?

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National Bank Direct Brokerage Downtime Report

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What do people think of National Bank Direct Brokerage?

tapfc2
PersonalFinanceCanada
2/3/2023
National Bank Direct Brokerage is by far the best free brokerage in Canada. Never understood the recommendations for Wealthsimple (where you can't even hold USD) when NBDB is a thing
UnagreeablePrik
PersonalFinanceCanada
1/28/2023
RBC DI is good for rbc clients because of convenience and familarity. However, it is extremely expensive to pay $9.95 per trade. You are better off at Wealthsimple or National Bank Direct Brokerage. They have zero commission trades.
incogdude007
CanadianInvestor
1/27/2023
Hi Welcome to Canada! I'm not sure about the bonds so I'll refrain from commenting on that. However, for investing, most banks offer their platform (RBC, TD, Scotia). These mostly have high commission for trades. Additionally, there are some brokers, I'll just mention the ones widely used. 1. Wealthsimple - Commission free trades for stocks and etfs. There are premium features that allow you to hold US stocks otherwise with every US stock/etf buy/sell they charge a conversion fees. I use it for Canadian securities. 2. Questrade - I think 5 dollars commission for every stock/etf sale , stock purchase. Etf purchase is free. Allows to hold Canadian and US securities. 3. Interactive Brokers - I don't know the exact fees but I think it depends on the plan you sign up for. Easiest currency conversion, commission is like 1 dollar. Simple and convenient for US stocks. Options commission is also lowest here. 4. National bank direct brokerage - Need around 20k account for commission free stock/etf purchase. Allows holding US and Canadian securities. Hope this was helpful
danw171717
EQBank
1/27/2023
Stock brokerage is a completely distinct operation from bank... Even the big banks have separate legal entities for that. The discount broker market is already very competitive in Canada, with National Bank Direct Brokerage offering free trades, Wealth Simple offering free Canadian trades and Questrade offering free ETF purchases. I don't see why EQ would spend a pile of money to create a brokerage (paperwork, getting the computer stuff with a decent interface set up, marketing to get customers) and all this to join a very competitive market. EQ's main source of revenue is residential & small commercial mortgages. The no fee savings account and prepaid cards are just ways to get deposits so they can lend money while meeting capital requirements, at a cost that is lower than the GICs they offer through brokers. Balances at a stock brokerage account aren't treated as deposits for capital requirements, so it would be a completely separate business with no integration to their current business. It would be capital-intensive to set up, would take a long time to turn a profit.
odd_strawberry_9817
PersonalFinanceCanada
1/27/2023
You can partially transfer enough portfolio to big bank's self directed brokerage to meet the required assets for free banking and cc rebate. Most are 250k-500k. This way you can keep your ETF holdings and not have to exchange into MF. Some have x free trades a year which is enough for you to sell as required. National bank direct brokerage is a nice one with no commission, if you're that cheap, and requires only 250k for their unlimited banking and cc rebate.