About National Bank of Canada
National Bank Direct Brokerage (NBDB) disrupted the Canadian financial landscape by becoming the first and only 'Big Six' bank to eliminate commissions on all stock and ETF trades. It provides the perfect synthesis for investors who demand the ironclad security and integrated infrastructure of a major financial institution, but refuse to pay traditional $9.95 trading fees. Equipped with powerful complimentary research tools like Trading Central and OptionsPlay, NBDB is the ultimate destination for cost-conscious investors requiring bank-level safety.
The Good
- CIRO & CIPF Regulated Dealer
- 100% Free Stock & ETF Trading
- No Account Maintenance Fees
- Hold USD Cash in Registered Accounts
The Bad
- $100 Annual Fee if your balance is under $20,000 (waived for young investors)
- Mobile app is functional but not "delightful"
Fee Structure
Updated 2026| Fee Type | Details | Cost |
|---|---|---|
|
Mutual Fund Commission
|
Commission-free online trades for investment funds (Mutual Funds).
|
Free |
|
Options Commission
|
$1.25 per options contract (Minimum fee of $6.25 applies).
|
$1.25 |
|
Assignment / Exercise Fee
|
$28.95 fee for assignment and automatic exercise of options.
|
$28.95 |
|
Broker-Assisted Trade Commission
|
$60.00 additional surcharge for any trades assisted by a live agent.
|
$60.00 |
|
Stock Trade Commission
|
FREE
|
Free |
|
ETF Trade Commission
|
FREE
|
Free |
|
ETF Buy Commission
|
FREE
|
Free |
|
ETF Sell Commission
|
FREE
|
Free |
Key Features
Options Trading
Trade options contracts to hedge your portfolio, generate income, or speculate on future price movements.
Mutual Fund Trading
Access thousands of professionally managed mutual funds from leading financial institutions.
Advanced Charting & Research Tools
Access institutional-grade technical indicators, Level 2 market data, and deep fundamental analysis tools.
Mobile App (iOS & Android)
Manage your portfolio, execute trades, and monitor the markets on the go with a fully-featured mobile application.
CIPF Protected
Your account is safeguarded by the Canadian Investor Protection Fund (CIPF) against the insolvency of the brokerage.
Bank-Owned / Big 6
Backed by the financial stability, security, and integrated banking convenience of one of Canada's major banks.
Discount Broker
A highly cost-effective platform that significantly undercuts traditional bank fees, keeping your trading expenses to a minimum.
Free Stock Trading
Pay absolutely $0 in base commission fees when buying or selling eligible stocks.
Free ETF Buy
Purchase Exchange Traded Funds (ETFs) with zero commission fees (standard fees may still apply when selling).
Free ETF Sell
Sell your Exchange Traded Funds (ETFs) with absolutely zero commission fees.
No Inactivity Fee
You will not be charged any recurring penalties or maintenance fees for simply holding your investments without trading.
CIRO Member
RateBuddy Verdict
undefined stands out for its accessibility to new investors. With competitive pricing and a solid reputation backed by National Bank of Canada, it remains a top contender in the Canadian market.