Investing · Broker review
BMO InvestorLine review
The big-bank broker for people who actually read fee schedules: the cheapest active tier ($3.95), the only published FX table, and a cash-back offer that welcomes RRIF transfers directly.
Best for: Fee-literate investors who want big-bank custody with the most transparent pricing in the tier
Pros
- $3.95 active-trader commissions — the cheapest big-bank tier by half
- The only big bank that publishes its FX spreads: 1.6% under US$25k down to ≤0.4% at $250k+
- 100+ commission-free ETFs (Vanguard, iShares, BMO), buys and sells
- Current offer takes RRIF transfers directly (code SDCASHFT) — rare retiree-friendliness
Cons
- $9.95 standard commissions for everyone below 150 trades/3 months
- No fractional shares, and standard clients get delayed quotes (real-time streaming requires 5-Star status)
- Registered annual fee: $100 under $25,000
Who BMO InvestorLine is
InvestorLine Self-Directed is BMO’s order-execution arm, a CIRO dealer and CIPF member, and the quiet overachiever of the big-bank field on disclosure: where rivals bury their currency spread, BMO prints a tiered table — 1.6% under US$25,000, stepping to 0.4% or less above $250,000. You can actually price a conversion before you make it.
The 5-Star Program (15 trades/quarter or $250k+ in assets) unlocks streaming Level 1 and 2 data and margin discounts; below it, quotes are delayed — the main everyday annoyance.
The fees, plainly
Standard trades are $9.95; the active tier is $3.95 at 150+ trades in any rolling 3 months — half of what TD or Scotia charge their actives. The 100+ commission-free ETF list covers both buys and sells (hold at least one business day). Options: $9.95/$3.95 + $1.25 per contract.
Maintenance: $25/quarter on non-registered accounts under $15,000 household — waived if you hold any registered account except a TFSA — and $100/yr on registered accounts under $25,000 ($50 RESP). USD registered accounts are available everywhere except RESPs, at no stated fee.
For retirees
Two details stand out. First, USD-denominated RRIFs: US dividend income can stay in USD instead of being skimmed at conversion on every payment. Second, the current offer (up to $10,000 cash back plus 150 free trades, code SDCASHFT, to Aug 31, 2026) lists RRIF and spousal RRIF among directly qualifying accounts — TD, by contrast, only counts RRIFs as bonus-eligible.
The published FX ladder also rewards the way retirees actually convert — occasionally and in size: a US$100k conversion costs 0.5%, not the flat 1.5% the $0 apps charge.
Frequently asked questions
What does BMO InvestorLine charge to trade?
Stocks and ETFs: $9.95 ($3.95 at 150+ trades in any 3 months — the cheapest big-bank active tier); 100+ commission-free ETFs (buys and sells). Options: $9.95 + $1.25/contract ($3.95 + $1.25 active). Account fees: Non-registered $25/quarter under $15,000 household (waived if you hold any registered account except TFSA); registered $100/yr under $25,000 (RESP $50). Figures verified at BMO InvestorLine's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does BMO InvestorLine offer? Can it hold a RRIF?
RRSP, RRIF, TFSA, FHSA, RESP plus locked-in variants (LIRA, LIF, LRIF, RLIF…). Yes — RRIF support means an RRSP here can convert at 71 and stay put, with no forced transfer at exactly the wrong moment. See the RRIF minimum calculator for what the drawdown schedule looks like.
Is my money safe at BMO InvestorLine?
BMO InvestorLine Inc. — CIRO dealer, CIPF member. CIPF covers up to $1M for general accounts, plus $1M for registered retirement accounts combined, plus $1M for RESPs — against the firm failing, never against investments losing value. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
If you want a big bank holding your retirement accounts and you trade enough — or convert enough USD — to care about the numbers, InvestorLine is the most honestly priced of the five. Buy-and-hold investors under the fee thresholds should still look at the $0 tier first.
Ready to compare BMO InvestorLine against the field?
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This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.