Investing · Broker review
Desjardins Online Brokerage review
The best-kept secret in Canadian brokerage: genuinely $0 commissions in both currencies, a full USD-registered lineup including RRIF and LIF, and published FX spreads — from a 125-year-old co-operative.
Best for: Buy-and-hold investors who clear one waiver condition and want $0 trading with full retirement-account support
Pros
- $0 commissions on Canadian AND US stocks and ETFs — no tiers, no lists
- Full registered suite (RRIF, LIF, LIRA, RESP, FHSA) with free USD sides on the retirement accounts
- Published FX spread tiers (0.15%–1.90% by size) — disclosure most brokers refuse
- Backed by Desjardins Securities — CIRO dealer, CIPF member
Cons
- $30/quarter inactivity fee unless you trade 6+ times a year, hold $15,000+, or hold a registered account other than TFSA/FHSA
- Options at $1.25/contract with an $8.75 minimum — worse than every $0 rival
- Real-time quotes refresh manually on the standard platform; streaming data costs $30/month unless you trade actively
Who Disnat is
Desjardins Online Brokerage — Disnat — is the direct-investing arm of North America’s largest financial co-operative, a division of Desjardins Securities (CIRO dealer, CIPF member). Outside Quebec almost nobody mentions it, which is strange, because its pricing is the most complete $0 in the country: no commission on stocks or ETFs in either currency, with none of the asterisks the apps carry.
It is not an app-era product — the platforms (Disnat Classic and Direct) are functional rather than slick, and streaming quotes cost extra below 10 trades a month. This is a broker for investors, not screen-watchers.
The fees, plainly
Trading is free; the structure lives in the conditions. The $30/quarter inactivity fee waives if any one of these is true: 6+ trades in the trailing 12 months, a portfolio of $15,000+, a registered account other than a TFSA or FHSA, or age 18–30. For most readers of this site — anyone with an RRSP or RRIF here — the fee simply never applies, but a small TFSA-only account gets charged.
Registered admin fees: RRSP/LIRA $100/yr under $15,000; RRIF/LIF $100/yr under $25,000; TFSA and FHSA free. Partial deregistrations cost $25 — a real consideration for ad-hoc RRSP withdrawals. Options pricing ($1.25/contract, $8.75 min) is the one part of the schedule stuck in the past.
For retirees
The retirement story is unusually strong: RRIF and LIF accounts with free USD sides, so a US-dividend income portfolio converts nothing and pays nothing to trade. When you do convert currency, Disnat publishes its spread (0.15%–1.90% by conversion size) — you can see the cost falling as the amount grows, information that at most brokers requires a phone call.
A retiree holding an RRSP, RRIF or LIRA here clears the inactivity waiver automatically, making the $0 pricing unconditional in practice. Pair with the RRIF calculator for the withdrawal schedule.
Frequently asked questions
What does Desjardins Online Brokerage charge to trade?
Stocks and ETFs: $0 on Canadian and US stocks & ETFs. Options: $1.25/contract, $8.75 minimum. Account fees: $30/quarter inactivity unless: 6+ trades in 12 months, $15,000+ portfolio, a registered account other than TFSA/FHSA, or age 18–30; RRIF/LIF $100/yr under $25,000; partial deregistration $25. Figures verified at Desjardins Online Brokerage's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does Desjardins Online Brokerage offer? Can it hold a RRIF?
TFSA, RRSP, RRIF, LIF, LIRA, RESP, FHSA — the full suite, with USD sides on the retirement accounts. 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 Desjardins Online Brokerage?
Division of Desjardins Securities Inc. — CIRO-regulated dealer, CIPF member (cipf.ca directory). 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
For a buy-and-hold retiree, Disnat’s combination — $0 in both currencies, USD-side RRIF, published FX, co-op ownership — is arguably the strongest value in Canada nobody talks about. Active options traders and small TFSA-only accounts should look elsewhere; everyone else should at least price it against the top tier.
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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.