// Iv · ONLINE BROKERAGE

RBC Direct Investing review

Best for: RBC clients and ETF investors who want no account maintenance fees, over 50 commission-free ETFs and a US dollar side in most accounts.

By the CreditLab research team · Checked October 14, 2026

ONLINE BROKERAGE

RBC Direct Investing

#11 in our online brokerages ranking. See how we rank

Visit site On the official site

$0Minimum to open

The bottom line

RBC Direct Investing charges no account maintenance fee on any account and lists over 50 ETFs that trade for $0. Other stock and ETF trades cost $9.95, or $6.95 at 150 or more trades a quarter, and GoSmart registered accounts include 50 free trades a year. Most accounts can hold US dollars, but conversions carry a spread starting at 230 basis points.

Pros & cons

Pros

No account maintenance fee or minimum balance
Over 50 ETFs trade commission-free in all account types
US dollar side in most accounts, with no fee to settle in USD
Avion points can pay trade commissions
GoSmart accounts include 50 free stock and ETF trades a year

Cons

$9.95 per trade on most stocks and ETFs
Currency spread of 230 bps on conversions under $25,000
No fractional shares mentioned on RBC’s pages
$150 to transfer an account out

LAB REPORT

A practical choice for RBC clients and buy-and-hold ETF investors who stick to the commission-free list. Frequent stock traders pay $9.95 a trade, and small US conversions carry the widest spread.

Suits you if

You bank with RBC and collect Avion points.
You buy ETFs from RBC’s commission-free list.
You want no maintenance fee on a small account.

Look elsewhere if

You need fractional shares to invest small amounts.
You trade individual stocks several times a week.

Credit Lab Expert

Our detailed review

Who RBC Direct Investing suits

RBC Direct Investing is the self-directed brokerage of Royal Bank of Canada. It suits RBC clients and investors who buy ETFs and hold them, including those with smaller balances, since RBC charges no account maintenance fee on any account. You can trade online, in the RBC Mobile app or through Trading Dashboard, and RBC Avion points can be used to pay trade commissions.

Trading costs

RBC lists unlimited $0 commission trades on a selection of over 50 ETFs in all accounts, though it says the list can change. RBC doesn’t mention fractional shares on the pages we checked. Other trades are priced as follows:

Stocks and ETFs, online or mobile: $9.95 flat per trade
Clients with 150 or more trades a quarter: $6.95 flat per trade; one RBC footnote says 30 trades qualify, so confirm if you’re near that level
Options: $9.95 plus $1.25 per contract, or $6.95 plus $1.25 at 150 or more trades a quarter
Orders through a representative: $43 minimum for stocks, or $35 plus $1.75 per contract for options
GoSmart accounts (TFSA, FHSA and RRSP): 50 free stock and ETF trades a year, then $9.95, with no options trading

Account fees and how to avoid them

There is no quarterly or annual maintenance fee on any RBC Direct Investing account, and no minimum balance to keep an account open. RBC notes that some older articles still mention a $25 quarterly maintenance fee, which no longer applies. The main fee left is $150 to transfer an account out, excluding donations of shares. RBC runs promotions for new clients and says it reimburses transfer fees charged by your previous brokerage when you move a qualifying amount, so check current terms before you switch.

Accounts offered

RBC lists a wide range of personal and business accounts:

Tax-sheltered: TFSA, FHSA, RRSP, spousal RRSP, group RRSP and RESP
Retirement and locked-in: RRIF, LIRA, RLSP, LIF, LRIF, PRIF and RLIF
Taxable: non-registered, margin and joint accounts
Business and other: corporate, sole proprietor, partnership, limited partnership, estate, formal trust, investment club and non-profit accounts

Protection and currency exchange

RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). CIPF protection applies if a member firm becomes insolvent; it does not cover market losses.

You can hold US dollars in most accounts, including TFSAs, RRSPs, RRIFs, LIRAs, and cash and margin accounts, and RBC charges no extra fee to settle in US dollars. RESPs have no US dollar side, GoSmart accounts are Canadian dollars only, and RBC doesn’t confirm whether an FHSA can hold US dollars. Conversions carry this spread:

$0 to $24,999: 230 bps (about 1.6%)
$25,000 to $99,999: 145 bps (about 1.0%)
$100,000 to $499,999: 85 bps (about 0.6%)
$500,000 to $999,999: 50 bps (about 0.4%)
$1,000,000 to $1,999,999: 25 bps (about 0.2%)
$2,000,000 and up: no more than 10 bps (about 0.1%)

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Frequently Asked Questions

Does RBC Direct Investing charge a quarterly maintenance fee?

No. RBC lists a $0 account maintenance fee, with no quarterly or annual charge and no minimum balance. RBC says some older articles still mention a $25 quarterly fee, but it no longer applies.

Which ETFs can I trade for free at RBC Direct Investing?

RBC lists unlimited $0 commission trades on a selection of over 50 ETFs in all account types, including TFSAs, RRSPs and FHSAs. RBC says the list isn’t guaranteed and may change. Other ETFs cost $9.95 per trade.

What is an RBC Direct Investing GoSmart account?

GoSmart is a TFSA, FHSA or RRSP that includes 50 free stock and ETF trades per year, then $9.95 per trade. It has no minimum, but it’s Canadian dollars only and doesn’t allow options trading. You can still buy US-listed stocks and ETFs in it.

Can I use Avion points to pay RBC Direct Investing commissions?

Yes. RBC says Avion points can be used to pay trade commissions. That can offset the $9.95 per-trade cost for clients who collect Avion points.

Can I hold US dollars in an RBC Direct Investing RRSP?

Yes. RBC offers a US dollar side in most accounts, including TFSAs, RRSPs, RRIFs, and cash and margin accounts, and charges no extra fee to settle in US dollars. RESPs and GoSmart accounts can’t hold US dollars.

How much does RBC Direct Investing charge to transfer out?

RBC lists a $150 fee to transfer any account type out, excluding donations of shares. If you’re moving to another brokerage, ask whether it will cover that fee.

What are RBC Direct Investing’s currency exchange fees?

RBC charges a spread of 230 basis points, about 1.6%, on conversions up to $24,999. It falls to 145 bps from $25,000 and keeps dropping on larger amounts, down to no more than 10 bps at $2,000,000 and up.

Sources

Fees and features come from RBC Direct Investing’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.