Investing · Broker review
National Bank Direct Brokerage review
The first bank-owned broker to go to zero — and the only $0 broker with free USD-side registered accounts, which quietly makes it the cheapest home for US dividend investors.
Best for: US-dividend investors who want $0 commissions without FX leakage — with a bank behind it
Pros
- $0 commissions on all online Canadian and US trades
- Free USD-side TFSA, RRSP, RRIF and LIRA — no $10/month, no US$15/quarter
- In-house Norbert’s Gambit at a flat $9.95/security
- Free lump-sum RRIF and LIF withdrawals
- National Bank ownership — big-bank custody at challenger pricing
Cons
- $100/year admin fee under $20,000 in assets (waived at 30 and under)
- No fractional shares
- Options pricing ($1.25/contract, $6.25 min) trails the challengers
Who NBDB is
National Bank Direct Brokerage broke the big-bank cartel in 2021 by taking commissions to zero — years before any peer followed. It remains the only Big Six brokerage at $0, and the parent bank’s growth (CWB, Motive) has only widened its reach. CIRO dealer, CIPF member.
The USD story nobody markets properly
NBDB’s killer feature hides in a help page: free US-dollar sides on registered accounts — TFSA, RRSP, RRIF, LIRA. Wealthsimple charges $10/month for this below $100k; Qtrade charges US$15/quarter; Scotia charges $30/quarter. NBDB charges nothing, and offers an in-house Norbert’s Gambit at $9.95 per security for the conversions you still need.
For a portfolio holding US dividend payers inside registered accounts, that combination — $0 trades, free USD sides, cheap Gambit — is the lowest-leakage setup any Canadian bank offers.
The catch and who it bites
The $100/year admin fee applies under $20,000 in assets (waived for investors 30 and under). On a $10,000 account that’s 1% a year — worse than paying TD’s commissions. NBDB is therefore a poor first broker and an excellent established one: cross $20k and the fee vanishes, leaving pure $0.
Frequently asked questions
What does National Bank Direct Brokerage charge to trade?
Stocks and ETFs: $0 on all online Canadian and US trades. Options: $1.25/contract, $6.25 minimum. Account fees: $100/year, waived with $20,000 in assets or for investors 30 and under. Figures verified at National Bank Direct Brokerage's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does National Bank Direct Brokerage offer? Can it hold a RRIF?
TFSA, RRSP, RRIF, LIF, LIRA, RESP. 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 National Bank Direct Brokerage?
CIRO dealer, CIPF member — $1M per account category if the firm fails. 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
Underrated is the word. If your portfolio holds US dividend stocks in registered accounts and you’re past the $20k waiver, NBDB is arguably the cheapest total-cost broker in Canada — see the full field for how close the race is.
Ready to compare National Bank Direct Brokerage against the field?
The whole field, verified at the source and ranked.
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.