National Bank Direct Brokerage review
Best for: Self-directed investors who want $0 online commissions on Canadian and U.S. stocks and ETFs from a bank-owned brokerage, with U.S. dollar registered accounts.
#5 in our online brokerages ranking. See how we rank
Canadian and U.S. stocks and ETFs. Agent-assisted trades may cost $60.
Waived with $20,000+ in eligible assets on May 31, or if you are 30 or younger.
$6.25 minimum per trade; $19.95 maximum on trades worth less than $2,000.
The spread shrinks as the U.S. dollar amount grows; about 1.70% under $25,000.
The bottom line
National Bank Direct Brokerage charges $0 commission on online Canadian and U.S. stock and ETF trades, and options cost $1.25 a contract with a $6.25 minimum. There is no minimum deposit. The cost to plan around is the $100 annual administration fee, waived if you hold $20,000 or more in eligible assets or are 30 or younger.
Pros & cons
Pros
- $0 online commissions on Canadian and U.S. stocks and ETFs
- Options at $1.25 a contract with a $6.25 minimum
- USD versions of TFSA, RRSP, RRIF, cash and margin accounts
- No minimum deposit to open
- Annual admin fee waived for investors 30 or younger
Cons
- $100 yearly admin fee below $20,000 in eligible assets
- Currency spread of about 1.70% on conversions under $25,000
- No U.S. dollar option for FHSAs or RESPs
- No automated portfolio service for new clients
A good fit for investors who place their own Canadian and U.S. stock and ETF trades online and want to keep commissions at zero. Investors over 30 with smaller balances should plan around the yearly admin fee.
Suits you if
- You want $0 commissions on stocks and ETFs
- You are 30 or younger and building a portfolio
- You trade options and watch the per-contract fee
Look elsewhere if
- You are over 30 with under $20,000 invested
- You want a U.S. dollar side in your FHSA or RESP
- You want a service that rebalances for you
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Who National Bank Direct Brokerage suits
National Bank Direct Brokerage (NBDB) is the self-directed arm of National Bank of Canada, run as a division of National Bank Financial Inc. National Bank describes it as the first Canadian bank-owned broker to offer $0 commission on all Canadian and U.S. stocks and ETFs. It suits investors who place their own trades online, and it is easy on younger investors, who can avoid the annual fee entirely.
NBDB also runs exclusive offers for newcomers and eligible professionals and students. Terms change, so check the current details before you apply.
Fees in plain English
Online trades of Canadian and U.S. stocks and ETFs cost $0. If an agent places a trade you could have made online, a $60 fee may apply, and international securities trades cost $60.
- Options: $1.25 a contract, with a $6.25 minimum per trade and a $19.95 maximum when the trade is worth less than $2,000. Assignment and automatic exercise cost $28.95.
- Annual administration fee: $100 per account root, split across the accounts under it. It is waived if you have at least $20,000 in eligible assets as of May 31, are 30 or younger on May 31, hold only an InvestCube account, or are enrolled in an offer for professionals or newcomers.
- Transfers and withdrawals: $150 per account to transfer out, and $50 for a lump-sum withdrawal from an RRSP, RRIF or LIF. TFSA, RESP, RDSP and FHSA withdrawals are free.
- Paper: $7.50 per quarter for mailed statements and $2.50 per mailed trade confirmation.
Accounts you can open
The line-up covers TFSA, FHSA, RRSP, spousal RRSP, RRIF, spousal RRIF, RESP, LIRA, LRSP and LIF accounts, plus non-registered cash, margin and short-selling accounts. Estate, in-trust, company and sole proprietorship accounts are also offered, and there is no minimum deposit.
The InvestCube automated ETF rebalancing service is closed to new applicants, so new clients manage their own portfolios.
U.S. dollars and currency conversion
U.S. dollar versions are available for TFSA, RRSP, RRIF, spousal RRSP, cash, margin and short-selling accounts, but not for FHSAs, RESPs or spousal RRIFs. Moving a security between your Canadian and U.S. dollar accounts costs $9.95 per security.
The conversion spread depends on the U.S. dollar amount. NBDB states it in points on the exchange rate and translates that into an approximate percentage based on the trailing 12-month Bank of Canada rate:
- $0 to $24,999: about 1.70%
- $25,000 to $249,999: about 1.20%
- $250,000 to $499,999: about 0.90%
- $500,000 to $999,999: about 0.70%
- $1,000,000 or more: about 0.60%
Protection and loose ends
National Bank Financial Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). CIPF protection relates to a member firm’s insolvency, not to falling markets, and any investment can lose value.
Two details we could not pin down: fractional shares aren’t mentioned on the NBDB pages we reviewed, and a footnote on the exclusive offers page refers to conditions for $0 ETF trades that aren’t listed anywhere else. Confirm both with NBDB if they matter to you.
Other online brokerages we review
- Wealthsimple TradeStock & ETF trades: $0
- QuestradeStock & ETF trades: $0 online
- BMO InvestorLineStock & ETF trades: $0
- Qtrade Direct InvestingStock & ETF trades: $0 online
- Desjardins Online BrokerageStock & ETF trades: $0 online
- TD Easy TradeStock & ETF trades: 100 free trades a year
- Interactive BrokersStock & ETF trades: $0.01 a share (Fixed)
- MoomooStock & ETF trades: CA$0.0149 a share
- CIBC Investor’s EdgeStock & ETF trades: $6.95 online
- RBC Direct InvestingStock & ETF trades: $9.95 flat
- TD Direct InvestingStock & ETF trades: $9.99 per trade
- Scotia iTRADEStock & ETF trades: $9.99 per trade
Frequently Asked Questions
Are ETF trades really commission-free at National Bank Direct Brokerage?
NBDB states $0 commission on all Canadian and U.S. ETFs traded online. One footnote on its exclusive offers page mentions conditions for $0 ETF trades without listing them, so ask NBDB if you trade ETFs often.
How does the NBDB annual administration fee work?
The fee is $100 a year per account root, and it is split across the accounts under that root. It is waived if you meet at least one condition, such as holding $20,000 or more in eligible assets as of May 31.
Who counts as a young investor at National Bank Direct Brokerage?
You qualify if you are 30 or younger on May 31. Young investors don’t pay the annual administration fee.
Does NBDB charge a fee to withdraw from an RRSP?
A lump-sum withdrawal from an RRSP, RRIF or LIF costs $50. Withdrawals from a TFSA, RESP, RDSP or FHSA are free.
How much does National Bank Direct Brokerage charge to convert U.S. dollars?
The spread depends on the amount converted. NBDB puts it at about 1.70% under $25,000, falling to about 0.60% at $1,000,000 or more.
Can I still sign up for NBDB InvestCube?
No. NBDB lists the InvestCube automated ETF rebalancing service as closed to new applicants. New clients choose and rebalance their own investments.
Does National Bank Direct Brokerage charge non-residents extra?
Yes. NBDB’s fee schedule lists a non-resident fee of $100 per account per year. This is separate from the annual administration fee.
What does NBDB charge when an option is assigned?
Assignment and automatic exercise of an option cost $28.95. Options placed through an agent cost $60 plus $1.25 a contract.
Sources
Fees and features come from National Bank Direct Brokerage’s own site and fee schedule, checked October 14, 2026. They can change at any time, so confirm them before you open an account. Investing involves risk, including the loss of money you invest. See our methodology.