National Bank Direct Brokerage review
- Stock Trading Fee
- $0
- Monthly Account Fee
- $0 if conditions met, otherwise $100/yr
- FX Fee
- Varies
- Min. Deposit
- $0
- Available Asset Types
- Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Our verdict
NBDB offers commission-free stock and ETF trades, unlike many other Big Bank investment apps.
Consider National Bank Direct Brokerage if you want to make zero-commission Canadian and US stock and ETF trades on a platform backed by a major bank. Look beyond NBDB if you want to avoid account fees without any conditions or you want to trade fractional shares.
Best for: Investors who want commission-free stock and ETF trades.
Pros
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$0 trading fee for stocks & ETFs
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Free EFT transfers
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No minimum deposit
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Mobile app receives good ratings
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Accepts converted Mastercard credit card points
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Earn money through the Fully-Paid Securities Lending Program
Cons
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$100 annual administration fee (waivable under certain conditions)
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Fee for real-time quotes
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No fractional share trading
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After-hours US trading by phone only
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No human live chat (bots only)
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 | Overall, the NBC Wealth app is well-rated, but a number of recent reviews are critical of its processing speed and certain design elements. |
| Research and tools | Wealthscope portfolio analysis desktop tool (annual fee after 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 with $0 EFTs.
What you can trade on National Bank Direct Brokerage
- Equities (stocks)
- Bonds
- ETFs
- Mutual funds
- Options
- GICs
- Exchange-traded debentures
- Linked notes
Where National Bank Direct Brokerage shines
Unlike many brokerages run by major banks, National Bank Direct Brokerage offers zero-commission stock and ETF 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 stocks and ETFs 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 |
| Option trade fee | $0 commission + $1.25 per contract (min. $6.25) |
| 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 price movements.
- 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 |
4.7 –
★★★★★ 1.5K NBC Wealth reviews |
| Apple App Store app reviews |
4.7 –
★★★★★ 5.7K NBC Wealth 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
- Visit the NBDB website and select Open an account.
- Use the online application to provide personal information like your name, date of birth, address, phone number and Social Insurance Number (SIN). Provide photo ID (i.e. driver’s licence, Canadian passport or permanent resident card) and your banking information.
- Review and submit your application.
- 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
- 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:
- Data encryption
- Multi-factor authentication (MFA)
- Automatic session timeouts
- Communicating with clients via a secure Message Centre
- Security controls to prevent massive account access attempts (DDoS attacks)
- Limited employee access to personal information
Is National Bank brokerage good?
National Bank Direct Brokerage stands out for offering fee-free stock and ETF trades. The platform has tools for beginners and experienced investors, and it supports trading a decent variety of assets. However, it does have a high annual account fee if you don’t meet certain conditions, so it’s possible to find cheaper alternatives with many of the same trading features. Explore other platforms in our guide to the best investment apps.
Compare National Bank Direct Brokerage with other platforms
7.8 Great
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Stock Trading Fee
$0
Min. Deposit
$0
Signup Offer
N/A
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
N/A
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
Get 200 free trades for 2 years, using promo code EDGE2026. Valid until September 30, 2026.
Frequently asked questions
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