The National Bank Direct Brokerage is one of the top-rated online brokers in Canada, thanks to its competitive fee structure, library of training sessions and tips, and the security offered by a major financial institution. This was the first online trading platform to offer commission-free for stocks and ETF trades in Canada, and its recently launched mobile app makes National Bank Direct Brokerage even more convenient for trading on the go.
On the other hand, the $100 annual administration fee can be a deterrent for new investors, though there are multiple ways it can be waived. If you are an investor aged 30 or under or hold assets above $20,000 in your account, there is no annual fee.
National Bank Direct Brokerage features
Take a look at the long list of features the National Bank Direct Brokerage has to offer.
Why You Want It
$0 commission on all transactions + No minimum balance to get started.
Special Features
- Market-Q, Options Play, Decisions-Plus and more tools available
- Several types of accounts and products to choose from
- Access to a range of tools, webinars, and tutorials on investing
Eligibility
- Be a Canadian resident
Provinces
ALL
Features
Types Of Accounts
- RRSP
- TFSA
- Cash
- Margin
- Short-selling
- RESP
- Spousal RRSP
- RRIF
- Spousal RRIF
- RESP
- FHSA
Types Of Investments
- Equities
- ETFs
- Options
- Mutual funds
- Bonds
- Exchange-traded debentures
- GICs
- Linked notes
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
N/A
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$20,000
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
National Bank Direct Brokerage product rating: 4.7 stars
We've determined a relatively high Genius Rating for the National Bank Direct Brokerage: 4.7 stars as it does have a lot to offer. However, our rating system only considers the cost of individual trades, which means the annual admin fee isn't taken into account.
Of course, this doesn't mean that the brokerage's features are any less impressive, but it does colour them a bit. After all, the reliability that comes with a financial institution like the National Bank can only cover so much.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of National Bank Direct Brokerage
Here's what users will love the most about the National Bank Direct Brokerage.
Pros
No trading fees to worry about
Everybody loves a freebie and the National Bank Direct Brokerage feeds this love by not charging any commission or fees for trading ETFs, stocks, exchange-traded debentures, and investment funds. There's also no commission charged for trading options, but there is a $1.25 fee per contract.
Webinars, training sessions, and analysis tools
Access to the National Bank Direct Brokerage provides investors with a wide selection of seminars, webinars, tips, tricks, and tools. The platform even has its own Youtube channel with a library of instructional videos, like "Investing in Disruptive Innovation" and "Active Vs. Passive ETFs." Plus there are some impressive tools available, like OptionsPlay, which analyzes your performance to offer ideas for options trading.
Backed by a solid financial institution
National Bank was established way back in 1859 and now has about 2.7 million clients, 660 branches, and over 30,000 employees. They're also on Bloomberg Markets' list of the 20 strongest banks in the world. All these facts should make any National Bank Direct Brokerage user feel that their funds and activity are protected and backed by a solid banking presence.
The cons of National Bank Direct Brokerage
There's always room for improvement, and these are some areas where we think the National Bank Direct Brokerage could be better.
Cons
Surprisingly large administration fee
As mentioned earlier, while the National Bank Direct Brokerage doesn't charge for trading ETFs, stocks, and a few other investment products, there is still a $100 administration fee to think about. While this fee can be waived for young investors and other clients who meet specific conditions, the $100 can be a tough pill to swallow.
National Bank Direct Brokerage alternatives
Wondering how the National Bank Direct Brokerage measures up against other online brokers? Take a look.
 |  |  |  | |
|---|---|---|---|---|
| Account | National Bank Direct Brokerage | Questrade | Qtrade | CIBC Investor's Edge |
| Genius Rating | ||||
| Why You Want It | $0 commission on all transactions + No minimum balance to get started. | $50 bonus for funding a new account, and $0 commissions on stocks & ETFs |  $80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0 | Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |
| Types Of Accounts |
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| Types Of Investments |
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| Minimum Investment | $0 | $0 | $0 | $0 |
| Email Support | | | | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more National Bank products Compare | Open an account See more Questrade products Compare | I Want This Deal See more Qtrade products Compare | Open an account See more CIBC products Compare |
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FAQ
What is the National Bank online brokerage called?
The National Bank Direct Brokerage is the online broker associated with this Canadian financial institution. If you take a look here, you'll see all of its fees and features laid out in a handy table.
Can I use the National Bank Direct Brokerage app?
Yes, the National Bank Direct Brokerage mobile app is available for both Android and Apple devices.
Is there a National Bank Direct Brokerage promotion I can take advantage of?
At the time of writing, we're unaware of any promotions the National Bank Direct Brokerage is offering. However, subscribing to our newsletter is a handy way to get up-to-date information on promotions on financial products and services.
Where can I open an account with the Direct Brokerage from National Bank?
To open an account with the National Bank Direct Brokerage, head over to their website. You'll need to provide a photo ID and perhaps your SIN, phone number, and other personal information in order to complete the registration.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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