About CI Financial
CI Direct Trading (formerly Virtual Brokers) is a highly versatile platform favored by active traders who recognize that a flat-fee structure isn’t always optimal. It features a unique 'penny-per-share' commission model that can drastically reduce costs for investors trading smaller block sizes. Offering free ETF purchases to encourage systematic saving, combined with the integration of the powerful Wealthscope analytics engine, it is a highly capable platform designed for investors who trade frequently, analytically, and strategically.
The Good
- CIRO & CIPF Regulated Dealer
- $0 commission ETF purchases (if held 1+ day)
- Professional-grade active trader pricing ($3.99)
- Native USD registered accounts
The Bad
- Minimum hold periods required for $0 ETF buys
- $24.95/qtr fee for accounts under $5,000
- Complexity of penny-per-share pricing models
Fee Structure
Updated 2026| Fee Type | Details | Cost |
|---|---|---|
|
Stock Trade Commission
|
1¢/share (Min $1.99, Max $7.99). Active Traders (150+ trades) pay $3.99 flat.
|
$1.99 |
|
ETF Buy Commission
|
ETF Purchases are Free (if held at least 1 business day).
|
Free |
|
ETF Sell Commission
|
ETF Sales: 1¢/share (Min $1.99, Max $7.99).
|
$1.99 |
|
Options Commission
|
Options: $7.99 base + $1.25/contract (Active Traders: $3.99 + $1.25).
|
$7.99 |
|
Mutual Fund Commission
|
No commission to buy/sell Mutual Funds.
|
Free |
|
Inactivity / Low Balance Fee
|
$24.95/quarter if balance < $5k and no trades made. Exempt if under 26 or RESP.
|
$24.95 |
|
Registered Account Fee (Annual)
|
US Registered Accounts (RRSP/TFSA/RESP) cost US $15/quarter (~$60/yr).
|
$60.00 |
|
Transfer Out Fee
|
$150 fee for full account transfers out ($50 for partial).
|
$150.00 |
|
Withdrawal Fee
|
$50 for full registered plan deregistration ($25 for partial).
|
$50.00 |
Key Features
U.S. Dollar (USD) Accounts
Hold US dollars natively in your account to avoid paying punishing currency conversion fees every time you trade US stocks.
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.
Best for ETFs
An exceptional platform for building passive ETF portfolios, featuring robust tools or commission-free purchasing.
Best for Active Traders
Built for high-volume traders, offering lightning-fast execution, advanced order routing, and highly sophisticated order types.
Discount Broker
A highly cost-effective platform that significantly undercuts traditional bank fees, keeping your trading expenses to a minimum.
Free ETF Buy
Purchase Exchange Traded Funds (ETFs) with zero commission fees (standard fees may still apply when selling).
Extended Hours Trading
Trade before the market opens and after it closes, allowing you to react instantly to breaking news and earnings reports.
Margin Trading
Borrow money against your existing portfolio to increase your buying power and potentially amplify your returns.
CIRO Member
RateBuddy Verdict
undefined stands out for its accessibility to new investors. With competitive pricing and a solid reputation backed by CI Financial, it remains a top contender in the Canadian market.