National Bank Direct Brokerage Self-Directed Investing

A full-service self-directed brokerage with $0 online Canadian and U.S. stock and ETF commissions.

Cash admin feeConditional

Canadian stocks$0 buy / $0 sell

U.S. stocks$0 buy / $0 sell

Standard tierStandard self-directed brokerage

Institution: National Bank Direct Brokerage
Official website: https://www.nbc.ca/en/direct-brokerage.html ↗

Brokerage context

Overview

National Bank Direct Brokerage provides $0 online commissions for Canadian- and U.S.-listed stocks and ETFs. Options, agent-assisted transactions, currency conversion, exchange charges and other service requests have separate costs.

The account lineup includes cash, margin, TFSA, FHSA, RRSP, RESP and retirement-income accounts. A CA$100 annual administration fee normally applies per account root unless the client meets an asset, age, account or program exemption, so the four canonical accounts do not have an unconditional recurring fee of $0.

Clients can use a browser platform and the NBC Wealth mobile app, with real-time data, portfolio analytics, research from National Bank Financial and Morningstar, Trading Central, OptionsPlay, watchlists and alerts. CAD and USD accounts are widely supported, while foreign-exchange spreads vary by transaction size.

Eligibility facts

Standard account and commission facts

These facts describe the standard tier without relying on temporary promotions. Pass-through, foreign-exchange, service, and paid-tier costs appear below.

Individual accounts

CASH: Available · Conditional recurring feeIndividual CAD and USD cash accounts are available; the annual administration fee is waiver-based. A CA$100 annual administration fee applies per account root unless an exemption is met.
TFSA: Available · Conditional recurring feeIndividual TFSAs are available in CAD and USD; the annual administration fee is waiver-based. A CA$100 annual administration fee applies per account root unless an exemption is met.
RRSP: Available · Conditional recurring feeIndividual RRSPs are available in CAD and USD; the annual administration fee is waiver-based. A CA$100 annual administration fee applies per account root unless an exemption is met.
FHSA: Available · Conditional recurring feeIndividual FHSAs are available in CAD; the annual administration fee is waiver-based. A CA$100 annual administration fee applies per account root unless an exemption is met.

Standard online commissions

Canadian Stock: Buy $0 · sell $0Online Canadian stock trades have $0 commission, excluding pass-through charges and assisted trades. Buy: Online Canadian-listed stock purchases have $0 commission. Sell: Online Canadian-listed stock sales have $0 commission; exchange charges may apply.
Canadian Etf: Buy $0 · sell $0Online Canadian ETF trades have $0 commission, excluding fund expenses and pass-through charges. Buy: Online Canadian-listed ETF purchases have $0 commission. Sell: Online Canadian-listed ETF sales have $0 commission; exchange charges may apply.
Us Stock: Buy $0 · sell $0Online U.S. stock trades have $0 commission, excluding pass-through charges and currency conversion. Buy: Online U.S.-listed stock purchases have $0 commission. Sell: Online U.S.-listed stock sales have $0 commission; U.S. regulatory and exchange charges may apply.
Us Etf: Buy $0 · sell $0Online U.S. ETF trades have $0 commission, excluding fund expenses, pass-through charges and currency conversion. Buy: Online U.S.-listed ETF purchases have $0 commission. Sell: Online U.S.-listed ETF sales have $0 commission; U.S. regulatory and exchange charges may apply.

Full inventory

Fees, access, platforms, and capabilities

Accounts and tiers

Registered accounts: TFSA, FHSA, RRSP, spousal RRSP, RRIF, RESP, LIRA, LRSP and LIF
Non-registered accounts: Cash, margin and short-selling accounts
Other accounts: Company, sole proprietorship, estate and in-trust accounts
Standard tier: No subscription, balance, activity or trade-count requirement to open and trade

Minimums and recurring fees

Account opening: Free; CA$50 for a second account root of the same type and currency
Annual administration fee: CA$100 per account root unless an exemption applies
Administration-fee exemptions: At least CA$20,000 eligible assets at May 31, InvestCube-only, age 30 or younger, or a qualifying professional or newcomer offer
Non-resident fee: CA$100 per account per year

Service and transfer fees

Incoming transfer fee reimbursement: UnknownA standing public reimbursement policy was not established from the reviewed official sources.
Funding and withdrawals: EFT free; non-NBC wire or cheque withdrawal CA$50
Registered withdrawals: TFSA, RESP, RDSP and FHSA free; lump-sum RRSP, RRIF or LIF withdrawal CA$50
Institutional transfer out: CA$150 per account for full or partial transfer
Internal currency transfer: CA$9.95 per security between CAD and USD accounts
Certificates and DRS: CA$150 for deposit, registration or delivery
Documents: Electronic documents free; mailed confirmations CA$2.50 per trade and statements CA$7.50 per quarter per root
Estate settlement: CA$200

Investments and trading costs

Stocks and ETFs: $0 online commission for Canadian and U.S. listings
Options: CA$1.25 per contract; CA$6.25 minimum; CA$19.95 maximum when transaction value is below CA$2,000
Option assignment and automatic exercise: CA$28.95
Mutual funds and GICs: Free online; mutual funds generally require CA$1,000 initially and CA$500 subsequently
Fixed income: Minimum varies; dealer remuneration is included in the price
Agent-assisted trades: Generally CA$60 in addition to online fees
Pass-through charges: Exchange and regulatory fees may apply; short-borrow fees vary

Foreign exchange and currency

Account currencies: Most accounts support CAD and USD; FHSA, RESP and LIF are CAD only
Conversion spread: 1.70% below US$25,000; tiers decline to 0.60% at US$1,000,000 or more
Automatic conversion: Required when the security currency differs from the settlement currency

Markets

Listed equities and ETFs: Canadian and U.S. markets
Other investments: Options, mutual funds, bonds, debentures, GICs and linked notes
International trades: Agent-assisted international securities trades are available for CA$60

Trading features

Margin and short selling: Available in dedicated non-registered accounts
Systematic mutual-fund purchases: Supported
Fully-paid securities lending: Optional enrolment program

Platforms and market data

Web platform: Browser-based NBDB platform
Mobile platform: NBC Wealth mobile app
Market data: Real-time data and customizable charts
Portfolio tools: Performance views, My Investment Dashboard and Wealthscope

Orders and research

Order types: Unknown; the reviewed public platform page does not enumerate supported order types
Order fills: Same-session partial fills receive one commission; fills on separate sessions are separate transactions
Research: National Bank Financial, Morningstar and Trading Central research, ETF Centre and OptionsPlay
Watchlists and alerts: Up to 10 customizable watchlists with email alerts

Margin

Margin availability: CAD and USD margin accounts are available
Margin debit rates: 6.25% CAD and 8.50% USD
Registered and cash debit rate: 21.00%
Short borrowing: Variable market-based fees charged monthly

Custody and protection

Dealer: National Bank Financial Inc.; NBDB is its order-execution-only division
CIRO and CIPF: National Bank Financial Inc. is a member of CIRO and CIPF
Custodial service fee: CA$50 per security per month for client-requested custodial services