BMO InvestorLine Self-Directed review
- Stock Trading Fee
- $0
- Monthly Account Fee
- $0
- FX Fee
- 0.40% - 1.60%
- Min. Deposit
- $0
- Available Asset Types
- Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, Precious Metals, IPOs
Our verdict
With $0 commission trading and no account admin fees, BMO InvestorLine now offers a very competitive package for Canadian investors.
BMO InvestorLine has long been a trusted choice for Canadian investors, offering a robust trading platform with plenty of research and analysis tools to help inform your trading decisions. Unfortunately, in the past, there were a couple of things holding it back: high trading commissions and account maintenance fees.
But as of September 2026, InvestorLine now offers $0 commission stock and ETF trading, while account maintenance fees have also been scrapped. This brings the platform in line with leading discount brokers, making it a solid option for self-directed investors.
Best for: Anyone who wants to trade stocks and ETFs commission-free with an established brokerage firm.
Pros
-
$0 commission stock and ETF trading
-
Wide range of research and analysis tools
-
Active Trader platform for advanced traders
-
Supports a variety of account types
-
Legit and trusted trading platform
-
Easily open an account in minutes
Cons
-
Mobile app lacks advanced trading features
-
No fractional shares
-
No demo account for standard users
What is BMO InvestorLine?
BMO InvestorLine is an online trading platform for self-directed investors. It lets Canadian investors trade Canadian and US stocks and ETFs as well as mutual funds, options and more via online and mobile trading platforms.
One of InvestorLine’s key features is that it now offers $0 commission stock and ETF trading. This brokerage is also known for offering personalized advice and support to investors with its BMO InvestorLine adviceDirect service, and its robo-advisor service through Nesbitt Burns with BMO SmartFolio.
BMO InvestorLine’s features
| Fees | $0 commissions when you trade Canadian and US stocks, ETFs and options. No account maintenance fees. |
| Available securities | Trade stocks, bonds, options, ETFs, mutual funds, gold and silver certificates, CDRs and GICs. |
| Customer support | Get help via phone and live chat five days a week, or visit a BMO branch for in-person service. |
| Mobile app | The BMO Invest app has decent ratings on mobile app stores. |
| Research and tools | Offers in-house and third-party research and recommendations plus a range of tools for performance benchmarking and fundamental analysis. Experienced traders can access advanced tools (including Level 1 & 2 data) through BMO Active Trader Pro. |
| Reliability | BMO InvestorLine is a reliable online and mobile trading platform, though some users report that the mobile app could be more user-friendly. |
BMO InvestorLine is best for fee-free trading and Big Bank security
When BMO announced the launch of $0 commission stock, ETF and options trading in September 2026, it was the first of the Big Five to do so. This allows it to compete with popular discount brokerages like Wealthsimple and Questrade, and it’s a big selling point for anyone shopping around for a trading platform.
The other main advantage of InvestorLine is its reputation. This is a Big Bank-backed brokerage with decades of industry experience, which offers plenty of peace of mind for everyday investors. And if you’re the type of person that prefers to keep all their financial products with one bank, you’ll appreciate the extensive range of other products and services BMO offers.
Finally, InvestorLine also excels with the range of research and analysis tools it provides. You can take advantage of research from BMO Capital Markets, Morningstar, plus access analyst ratings, stock screeners, and fundamental and technical analysis tools. So if you like to do a deep dive before choosing an investment, this platform has got you covered.
What can you invest in through BMO InvestorLine?
- Canadian and US stocks
- Canadian and US ETFs
- Canadian and US options
- Mutual funds
- Bonds
- Gold and silver certificates
- GICs
- Canadian Depositary Receipts
Pros and cons of BMO InvestorLine
Pros
- $0 commission trading. You can trade Canadian and US stocks, ETFs and options commission-free.
- No account admin fees. BMO InvestorLine previously charged a $25 quarterly fee on non-registered accounts with an account balance of less than $15,000, but this maintenance fee no longer applies.
- Wide range of research and analysis tools. InvestorLine provides an impressive range of tools to help you research investments, including Trading Central’s Fundamental Insight and Technical Insights, reports and research from CFRA, analyst ratings from BMO Capital Markets, Baystreet.ca, Morningstar and more.
- Myriad account types. BMO InvestorLine offers individual and joint accounts, cash and margin accounts, and a wide range of other options such as TFSAs, FHSAs and RRSPs.
- Advanced trading platform. Active traders (those who complete at least 15 trades per quarter or have over $250,000 in investments) can access BMO’ InvestorLine’s Active Trader platform. This pro-level platform offers advanced trading features such as technical charts with over 30 drawing tools, market heat maps, Level 2 market data and customizable workspaces.
- Established platform. You get the peace of mind of trading with an established Big Bank brokerage that has been in business since 1988.
- Educational resources. InvestorLine’s Education Hub provides convenient access to a range of videos, webinars and courses designed to help develop your investing knowledge.
Cons
- Basic mobile app. The BMO Invest app lacks advanced tools for experienced traders.
- No fractional shares. InvestorLine doesn’t support fractional shares, so you’ll need enough funds to cover the price of a whole stock in order to start trading.
- No demo account. While BMO Active Trader users have paper trading capabilities, the platform doesn’t offer a paper trading account for standard users to practise trading without risking any real money.
- Limited international trading. If you want to trade on exchanges outside of North America, you’ll need to consider other brokerage firms for online trading. BMO InvestorLine only allows international trading outside of US exchanges via over-the-phone trades for clients who call InvestorLine support, which may also incur additional exchange-specific fees.
- Some assets not supported. InvestorLine also doesn’t support other trading options such as crypto, forex and CFDs.
BMO InvestorLine fees
Check out the table below for a breakdown of BMO InvestorLine’s key fees and charges.
| Fee | Amount |
|---|---|
| Account fee | $0 |
| Canadian and US stocks | $0 |
| Canadian and US ETFs | $0 |
| Canadian and US options |
|
| Mutual funds | $0 |
| Bonds | $0 – $49,999 bonds cost $40 + $1.50/$1,000 and $50,000+ bonds cost $40 + $1.00/$1,000 |
| Gold certificates | $35 + $1.00/oz. |
| Silver certificates | $35 + $0.10/oz. |
| Currency conversion fee | 0.40% - 1.60% |
| Transfer out | $0 |
Is BMO InvestorLine legit?
Absolutely. InvestorLine is run by the Bank of Montreal, which is one of the country’s largest banks and was founded way back in 1817. InvestorLine was launched in 1988, before online trading was even a thing, and then launched online investing in 1997.
BMO InvestorLine is a regulated investment dealer that is a member of the Canadian Investment Regulatory Organization (CIRO). It’s also a member of the Canadian Investor Protection Fund (CIPF), so you’re covered by insurance should your broker become insolvent.
BMO InvestorLine trading platforms
You have three different platforms to choose from when you start trading with InvestorLine.
Online trading platform
It all starts with InvestorLine’s standard online trading platform, which you can use to place trades and track the performance of your portfolio. You can also create your own watchlists, access research from BMO Capital Markets and a range of third-party providers, check analyst ratings and use screeners to filter your investment choices.
The user experience on this platform is more or less what you’d expect from a Big Bank brokerage. It’s not quite as slick as the modern platforms offered by some fintechs and independent brokers, but it’s a robust and easy-to-use platform. All the different features you need are simple enough to find, and there’s no steep learning curve to overcome before you start trading.
BMO Active Trader
Active Trader is InvestorLine’s professional-grade trading platform. It’s a web-based platform rather than desktop software, and it introduces features like advanced market data and charts, Trading Central analysis tools, portfolio tracking and enhanced investment screeners. You also get handy Options Analyzer and Options Barometer tools to help inform your options trades, and we like the fact that BMO now offers a paper trading account so you can test out different strategies with virtual money.
BMO Invest app
If you’d rather trade from your smartphone, the BMO Invest app is free to download for Android and iPhone users. You can use it to quickly check your portfolio, set up watchlists and place trades.
Reviews for the app are generally positive, though users do report some bugs. And while it’s not quite as streamlined as some popular investment apps, it still has an intuitive user interface that beginners will find easy to navigate.
BMO InvestorLine app store reviews
| Google Play app reviews |
4.0 –
★★★★★ 2,332 reviews |
| Apple App Store app reviews |
4.6 –
★★★★★ 7,900 reviews |
Other investment options with BMO InvestorLine
BMO InvestorLine doesn’t just offer self-directed investing, with two other options to choose from.
BMO InvestorLine adviceDirect
adviceDirect is a hybrid investment service that combines self-directed investing with personalized advice. Sign up and you can get buy, sell and hold recommendations tailored to suit your financial goals and risk tolerance. You can also access dedicated advisor support whenever you need it along with thematic trade ideas and ongoing portfolio monitoring, but you’re still responsible for placing trades based on the advice you receive.
However, the minimum investment amount is $10,000. Advisory fees are as follows:
- $300 annual fee: For billable assets between $10K and $499,999.99
- $3,000 annual fee: For billable assets $500K+
adviceDirect also allows you to invest with individual, joint, corporate, cash and margin accounts, as well as registered accounts like TFSAs, FHSAs, RRSPs, RESPs and RRIFs.
BMO SmartFolio
SmartFolio is BMO’s hybrid robo-advisor service through Nesbitt Burns, combining digital investing with professional portfolio management. Once you sign up and answer some questions about your financial goals and risk tolerance, you’ll be matched with an ETF portfolio designed to suit your requirements. There are 5 portfolios in the range—Capital Preservation, Income, Balanced, Long Term Growth, Equity Growth—and you get dedicated portfolio management from BMO.
You can invest in an individual or joint non-registered account, or choose a TFSA, RRSP, RESP or RRIF instead. Management fees range from 0.4% to 0.7%.
BMO InvestorLine customer support
BMO InvestorLine support is available Monday to Friday. You can contact the support team in two ways:
- Over the phone (toll-free within North America) 8am to 6pm (ET).
- Via live chat Monday to Friday 8am to 8pm (ET).
How to open an account with BMO InvestorLine
Ready to open a BMO InvestorLine account? Here’s what you need to do.
Step 1: Sign up online
Head to the InvestorLine website and click Open an account. Fill out and submit the online application with personal information like your name, email address and proof of ID.
Step 2: Make a deposit
Once approved, transfer funds into your BMO InvestorLine Self-Directed account from another BMO bank account or from a different bank via bill payment.
Step 3: Place a buy order
Log into your account and search for the investment you want to buy. You can then enter the amount you want to purchase, then review all details of the transaction before placing your order.
Compare BMO InvestorLine with other platforms
9.6 Excellent
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, Index Funds, ETFs, Forex, GICs, Precious Metals, IPOs
Stock Trading Fee
$0
Min. Deposit
$0
Signup Offer
Get $50 cash back when you open a Questrade self-directed investing account through Finder. T&Cs apply.
7.9 Great
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, Precious Metals, IPOs
Stock Trading Fee
$6.95
Min. Deposit
$0
Signup Offer
Young investors 18 to 24 get free online Canadian and US stock and ETF trades and a $0 annual fee using CIBC Investor’s Edge and a chequing account with CIBC Smart Start. T&Cs apply.
8.6 Great
Available Asset Types
Stocks, Options, ETFs, Cryptocurrency
Stock Trading Fee
$0
Min. Deposit
$0
Signup Offer
Get a 1% match cash bonus on eligible $25,000+ transfers from other financial institutions to your Wealthsimple Self-directed Investing and Managed Investing accounts. T&Cs apply.
Bottom line
Now that it offers $0 commission trading and no account fees, BMO InvestorLine is now one of the most competitive stock trading platforms on the Canadian market. It is now a direct competitor to the big players in the commission-free trading space, like Wealthsimple, Questrade and National Bank Direct Brokerage, while giving people the sense of security that comes with keeping your money with one of Canada’s Big Five Banks.
BMO InvestorLine is a good platform for people who want to implement a straight forward, low-fee investing strategy. People who want a more streamlined mobile app trading experience, should look elsewhere.
More on investing
Learn how to buy SpaceX stock in Canada and see stock performance history over time.
We break down which companies hold Ethereum, why they’re doing it and what ETH treasuries mean for markets and investors.
Want to invest in the Euro Stoxx 50 in Canada? Explore investment platforms and popular Euro Stoxx 50 index funds.
Frequently asked questions
Sources
Your reviews
