National Bank Direct Brokerage review

National Brokerage’s features

Fees	Zero commissions on stocks and ETFs. Monthly fee for real-time quotes starts at $19.99. The annual administration fee is high but waivable.
Available securities	Equities (stocks), bonds, ETFs, options, mutual funds, GICs, exchange-traded debentures and linked notes. No pre-IPO stocks or fractional share trading.
Customer support	Contact customer support by phone five days a week, or use the online virtual assistant 24/7. No live chat with real human representatives.
Mobile app	The NBC Wealth app is well-rated. Users praise its design, but some criticize slow processing speeds and occasional glitches.
Research and tools	Wealthscope portfolio analysis desktop tool (annual fee with a 7-day free trial), alerts, watchlists, real-time data (for a fee), deep-level market data (for a fee), news, analysis and more. Limited third-party research.
Reliability	Few reports of major outages. Some mobile app users report glitches.

National Bank Direct Brokerage is best for active investors

NBDB is good for self-directed investors who want commission-free stock & ETF trades and the peace of mind that comes with investing through a major Canadian bank. The platform is suitable for both inexperienced and advanced investors. Existing National Bank customers can easily transfer funds to and from their investment accounts.

Where National Bank Direct Brokerage shines

Unlike many brokerages run by major banks, National Bank Direct Brokerage offers zero-commission trades, although you’ll still pay $1.25 (minimum $6.25) per options contract. The minimum balance to open an account is $0. You can trade many types of Canadian and US securities and benefit from a generous range of research tools and features.

The $100 annual administration fee is waived if any of the following conditions apply:

• Your total eligible assets are $20,000+
• You’re enrolled in a National Bank offer for professionals or Newcomers to Canada
• You’re 30 years old or younger
• You only have an InvestCube account (Note: You can’t open a new InvestCube account, but existing accounts remain active.)

Where National Bank Direct Brokerage falls short

You can’t trade fractional shares or pre-IPO stocks through National Bank Direct Brokerage. Additionally, even though you can trade securities without paying any commissions, you’ll still face a $100 annual account administration fee. But this is waivable under certain conditions (see above).

National Bank Direct Brokerage fees

Minimum deposit	$0
Annual fee	$100 (waivable under certain conditions)
Stock and ETF trade fees	$0
Electronic funds transfer (EFT)	$0
Withdrawals	$0 EFT ($50 per cheque withdrawal or external wire transfer)
Outgoing account transfer fee	$150 + commissions (if applicable)

Is National Bank Direct Brokerage legit?

Yes. National Bank Direct Brokerage is a division of National Bank Financial Inc. (NBF), which is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). NBF is also a subsidiary of the National Bank of Canada (NBC), a publicly traded bank listed on the TSX under the ticker symbol “NA.”

National Bank Direct Brokerage desktop tools

National Bank Direct Brokerage clients get real-time data (with a monthly subscription), customizable watchlists, alerts, stock screening tools and more through five powerful platforms:

• My Investment Dashboard. Get quotes, identify trends, view asset performance and make trades with this customizable platform.
• Trading Central. Use tools designed for fundamental and technical analysis and value investing. See how your investment strategies compare to index performance.
• OptionsPlay. Evaluate options strategies, view potential gains and losses and simulate results.
• ETF Centre. Search for ETFs based on a range of metrics and track fund performance.
• Wealthscope. NBDB’s portfolio analysis tool rates and compares your investments to national and global benchmarks. Try the tool for free for seven days, then continue using it for $12.99 per year.
• Performance tool. Get details on how each of your accounts are performing. Understand the relationship between your risk level and rewards.

National Bank Direct Brokerage app store reviews

Google Play app reviews	4.6/5 stars based on over 900+ National Bank Direct Brokerage reviews
Apple App Store app reviews	4.7/5 stars based on over 3,300+ National Bank Direct Brokerage reviews

National Bank Direct Brokerage customer support

National Bank Direct Brokerage customer service can be contacted by email, phone or using the platform’s online virtual assistant. Phone service is available Monday through Friday from 8:00am to 6:00pm (EST).

How to open an account with National Bank Direct Brokerage

1. Visit the NBDB website and select Open an account.
2. Use the online application to provide personal information like your name, address, phone number and banking details. Provide photo ID (i.e. driver’s licence, passport or permanent resident card) and your banking information.
3. Review and submit your application.
4. Load funds into your account to start trading.

Eligibility and required information

• Be a resident of Canada
• Be at least the age of majority in your province or territory
• Have your banking information on hand
• Have valid ID issued by the Canadian government (name and address needs to match your application)
• Have a Social Insurance Number (SIN)

Other information may be required, depending on the type of account you want to open.

How safe is National Bank Direct Brokerage?

Some of the safeguards National Bank Direct Brokerage has in place to guard against unauthorized account access include:

Is National Bank brokerage good?

Many investors regard National Bank Direct Brokerage as a good platform—fee-free stock and ETF trades are an especially popular feature. The platform has a user-friendly design and supports trading a wide variety of assets. However, it does have a high annual account fee unless you meet certain conditions, so you may be able to find a cheaper alternative with many or all of the same trading features with other online brokerage apps.

Compare National Bank Direct Brokerage with other platforms

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