National Bank Direct Brokerage review
- Stock Trading Fee
- $0
- 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
Good for beginners and experienced investors, NBDB offer commissions-free trades and solid research tools.
Consider National Bank Direct Brokerage if you want to make zero-commission Canadian and US trades on a platform backed by a major bank. Look elsewhere if you want to fractional shares.
Best for: Active traders, young investors and those who have low starting deposits.
Pros
-
$0 commission on stock, ETF and option trades
-
No minimum deposit
-
Automatic ETF portfolio rebalancing with InvestCube
Cons
-
$100 annual administration fee (waivable under certain conditions)
-
No fractional share trading
How we rated National Brokerage’s features
| Fees | ★★★★★ | Zero-commission trades on stocks, ETFs and options. The annual administration fee is high but waivable. |
| Available securities | ★★★★★ | Equities (stocks), bonds, ETFs, options, mutual funds, GICs and exchange-traded debentures. Pre-IPO stocks and fractional shares not available. |
| Customer support | ★★★★★ | Contact customer support by phone 5 days a week, or use the online virtual assistant 24/7. No live chat. |
| Mobile app | ★★★ | Rated 3.7/5 stars by Apple users but no ratings yet on the Google Play app store. |
| Research and tools | ★★★★★ | Real-time data, alerts, watchlists, news, analysis, simulation tools and more across several platforms. Deep-level market data also available (free for active traders). |
| Reliability | ★★★★★ | Performance data is not readily available, but there are no reports of major outages. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
National Bank Direct Brokerage is best for active investors
NBDB is good for self-directed investors who want commission-free 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/from their investment accounts.
What you can trade on National Bank Direct Brokerage
- Equities (stocks)
- Bonds
- ETFs
- Mutual funds
- Options
- GICs
- Exchange-traded debentures
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 per options contract). The minimum balance to open an account is $0. You can trade many types of Canadian and US securities, and there are discounts for accessing Level 1 and Level 2 quotes depending on how many monthly trades you make (free with 100+ monthly trades).
The $100 annual administration fee is waived if any of the following conditions apply:
- Your total assets are $20,000+
- You’re enrolled in a National Bank offer for professionals
- You’re 30 years old or younger
- You’re an InvestCube account holder (requires a minimum $10,000 deposit)
Where National Bank Direct Brokerage falls short
You can’t trade fractional shares or pre-IPO stocks with 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’s fees
| Minimum deposit | $0 |
| Annual fee | $100 (waivable under certain conditions) |
| Stock and ETF trade fees | $0 |
| Unclaimed accounts (address unknown for 12+ months) | $80/account |
| Electronic funds transfer (EFT) | $0 |
| NSF cheque | $45/operation |
| Outgoing account transfer fee | $150 + commissions (if applicable) |
Is National Bank Direct Brokerage legit?
Yes. National Bank Direct Brokerage is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Its parent company, National Bank Financial Inc., is a member of the Canadian Investor Protection Fund (CIPF), a not-for-profit that safeguards investors’ money in the event a financial institution goes bankrupt.
Canadian investors prefer online stock trading platforms to working with a financial advisor in 2023
According to results from the Finder: Consumer Sentiment Survey Q1 (CSTQ1), almost three quarters (72%) bought or sold stock through an online stock platform or app(1) and 29% of respondents in the Finder: Consumer Sentiment Survey Q2 (CSTQ2) stated they had never worked with and had no plans to use the services of a financial advisor.(2)
Canadian investors prefer online stock trading platforms to working with a financial advisor in 2023
According to results from the Finder: Consumer Sentiment Survey Q1 (CSTQ1), almost three quarters (72%) bought or sold stock through an online stock platform or app(1) and 29% of respondents in the Finder: Consumer Sentiment Survey Q2 (CSTQ2) stated they had never worked with and had no plans to use the services of a financial advisor.(2)
NBDB offers automatic ETF portfolio rebalancing with InvestCube
Investors who have $10,000 or more upfront can open an InvestCube account and put together an ETF portfolio that will be automatically rebalanced between 2X and 12X a year in response to market changes.
Choose from among various asset classes and ETFs, and adjust your portfolio to match your preferences with regards to weighting (conservative, moderate, balanced, growth or equity); strategy (passive, active or both) and diversification.
Fees for transferring assets into your InvestCube account are refunded up to $150, and there is no annual administration fee. The rebalancing fee is just 0.30% – 0.50%, and you’ll also benefit from commission-free trades.
National Bank Direct Brokerage desktop tools
National Bank Direct Brokerage clients get real-time data, customizable watchlists, alerts, stock screening tools and more through 6 powerful platforms:- Trading Central. Use tools designed for technical analysis and value investing. See how your investment strategies compare to index performance.
- Market-Q. Trade securities and track your stocks. Create lists, graphs and personalized alerts.
- 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.
- Decision-Plus. Using 1 or more tools available through Decision-Plus, check out current investment news and analysis from experts. Plus, get real-time alerts on stocks and indices. Cost ranges from free to $190 depending on how many trades you make per month and how many tools you want to use.
- Performance tool. Get details on how each of your accounts are performing.
National Bank Direct Brokerage’s app store reviews
| Google Play app reviews | No ratings |
| Apple App Store app reviews | 3.7/5 stars based on over 80 ratings |
National Bank Direct Brokerage customer support
National Bank Direct Brokerage customer service can be contacted by phone or using the platform’s online virtual assistant Monday through Friday from 8:00am to 6:00pm (EST). You can also visit a National Bank branch to speak to an agent in person if you want more information about your account.How to open an account with National Bank Direct Brokerage
- Click the “Sign up now” button below.
- Use the online application to provide personal information like your name, address, phone number and banking details. Provide photo ID (i.e. driver’s license, 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
- Canadian resident
- Be at least the age of majority in your province or territory
- Valid ID issued by the Canadian government (name and address needs to match your application)
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
- Firewalls
- Alerts regarding fraudulent use of your identity
- Limits to the amount of time data is retained
- Limits to National Bank employee account access
Frequently asked questions about NBDB
Compare National Bank Direct Brokerage with other platforms
National Bank Direct Brokerage
★★★★★
Finder rating 3.8 / 5
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Stock Trading Fee
$0
Min. Deposit
$0
Signup Offer
Interactive Brokers
★★★★★
Finder rating 4.2 / 5
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Stock Trading Fee
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Min. Deposit
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CIBC Investor's Edge
★★★★★
Finder rating 3.7 / 5
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs
Stock Trading Fee
$6.95
Min. Deposit
$0
Signup Offer
100 free trades + up to $4,500 cash back
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
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