National Bank Direct Brokerage review

National Brokerage’s features

Fees	Zero commissions on stocks, ETFs and options. The annual administration fee is high but waivable.
Available securities	Equities (stocks), bonds, ETFs, options, mutual funds, GICs and exchange-traded debentures. No pre-IPO stocks or fractional share trading.
Customer support	Contact customer support by phone five days a week, or use the online virtual assistant 24/7. No live chat with real human representatives.
Mobile app	The NBC Wealth app is well-rated. Users praise its design but criticize certain limitations (like portrait-only mode on some devices).
Research and tools	Real-time data, alerts, watchlists, deep-level market data (for a fee), news, analysis and more. Limited access to third-party research & analysis.
Reliability	Little or no reports of major outages. Some mobile app users report minor glitches.

To learn how our star ratings are calculated, read our methodology at the bottom of the page.

National Bank Direct Brokerage is best for active investors

NBDB is good for self-directed investors who want commission-free trades and the peace of mind that comes with investing through a major Canadian bank. The platform is suitable for both inexperienced and advanced investors. Existing National Bank customers can easily transfer funds to and from their investment accounts.

Where National Bank Direct Brokerage shines

Unlike many brokerages run by major banks, National Bank Direct Brokerage offers zero-commission trades (although you’ll still pay $1.25 per options contract). The minimum balance to open an account is $0. You can trade many types of Canadian and US securities and benefit from a generous range of research tools and features.

The $100 annual administration fee is waived if any of the following conditions apply:

• Your total assets are $20,000+
• You’re enrolled in a National Bank offer for professionals
• You’re 30 years old or younger
• You’re an InvestCube account holder (requires a minimum $10,000 deposit)

Where National Bank Direct Brokerage falls short

You can’t trade fractional shares or pre-IPO stocks through National Bank Direct Brokerage. Additionally, even though you can trade securities without paying any commissions, you’ll still face a $100 annual account administration fee. But this is waivable under certain conditions (see above).

National Bank Direct Brokerage fees

Minimum deposit	$0
Annual fee	$100 (waivable under certain conditions)
Stock and ETF trade fees	$0
Electronic funds transfer (EFT)	$0
NSF cheque	$45/operation
Outgoing account transfer fee	$150 + commissions (if applicable)

Is National Bank Direct Brokerage legit?

Yes. National Bank Direct Brokerage is a division of National Bank Financial Inc., which is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). Additionally, National Bank Financial Inc. is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

National Bank Direct Brokerage desktop tools

National Bank Direct Brokerage clients get real-time data, customizable watchlists, alerts, stock screening tools and more through five powerful platforms:

• My Investment Dashboard. Get quotes, identify trends, view asset performance and make trades with this customizable platform.
• Trading Central. Use tools designed for technical analysis and value investing. See how your investment strategies compare to index performance.
• OptionsPlay. Evaluate options strategies, view potential gains and losses and simulate results.
• ETF Centre. Search for ETFs based on a range of metrics and track fund performance.
• Performance tool. Get details on how each of your accounts are performing. Understand how your risk level and rewards relate.

NBDB offers automatic ETF portfolio rebalancing with InvestCube

With InvestCube, you can create an ETF portfolio and sit back while it’s automatically rebalanced 2X–12X a year. Choose from among various asset classes and ETFs, and adjust your portfolio according to your preferred weighting and diversification.

The cost of rebalancing is a modest 0.30%–0.50%. Fees for transferring assets into your InvestCube account are refunded up to $150, and there’s no annual admin charge. However, you need $10,000 or more upfront to invest.

National Bank Direct Brokerage app store reviews

Google Play app reviews	4.5/5 stars based on over 180+ National Bank Direct Brokerage reviews
Apple App Store app reviews	4.7/5 stars based on over 690+ National Bank Direct Brokerage reviews

National Bank Direct Brokerage customer support

National Bank Direct Brokerage customer service can be contacted by email, phone or using the platform’s online virtual assistant Monday through Friday from 8:00am to 6:00pm (EST).

How to open an account with National Bank Direct Brokerage

1. Visit the NBDB website and select Open an account.
2. Use the online application to provide personal information like your name, address, phone number and banking details. Provide photo ID (i.e. driver’s licence, passport or permanent resident card) and your banking information.
3. Review and submit your application.
4. Load funds into your account to start trading.

Eligibility and required information

• Be a resident of Canada
• Be at least the age of majority in your province or territory
• Have your banking information on hand
• Have valid ID issued by the Canadian government (name and address needs to match your application)
• Have a Social Insurance Number (SIN)

How safe is National Bank Direct Brokerage?

Some of the safeguards National Bank Direct Brokerage has in place to guard against unauthorized account access include:

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