BMO InvestorLine Review 2026: $0 Commissions, Fees and adviceDirect

This review covers BMO InvestorLine, Bank of Montreal’s self-directed brokerage: what it charges since its move to $0 commissions, its accounts, platforms and research, the adviceDirect advice service, and who it suits. For every other broker, see the online broker comparison.

BMO InvestorLine is Bank of Montreal’s self-directed investing platform. Since September 14, 2026, its self-directed clients pay $0 commission on online stock and ETF trades, and BMO eliminated its brokerage account administration fees at the same time, making InvestorLine the first Big Five bank brokerage to drop trading commissions. Options now cost $0.90 per contract, down from $1.25, with no exercise or assignment fees. It appeals most to BMO banking customers who want investing and banking in one place; beyond price, its distinguishing features are its research tools and adviceDirect, a hybrid between self-directed investing and full advice.

BMO InvestorLine at a Glance

The September 14, 2026 pricing change removed InvestorLine’s per-trade commission on online stock and ETF trades and its brokerage account administration fees.

Account Types

BMO InvestorLine offers registered accounts (TFSA, FHSA, RRSP, RESP, RRIF), non-registered accounts (individual, joint, cash and margin), locked-in accounts and corporate or non-personal accounts. BMO says you can link your InvestorLine accounts to your BMO personal banking so that both are reached with one sign-in, which is one of InvestorLine’s advantages for existing BMO customers. Consolidation simplifies rebalancing, reduces the number of login credentials you manage, and makes it easier to see your complete financial picture in one place.

Opening additional registered accounts (FHSA, RESP, LIRA) at a broker you already use is typically faster than going to a new institution, since your identity has already been verified and your banking is already linked.

Fees & Commissions

As of September 14, 2026, BMO InvestorLine charges $0 on Canadian and US equity and ETF trades, the same headline price as Questrade and Wealthsimple Trade. Before that it charged a per-trade commission, which had put InvestorLine at a cost disadvantage versus commission-free platforms.

No more administration fees: alongside the move to $0 commissions, BMO eliminated all brokerage account administration fees, including the annual administration fee, the minimum balance fee and the transfer-out fee. Service fees such as paper statements and cheque requests still apply. Confirm current terms directly with BMO, since account fee policies can change.

Trading Platforms

BMO InvestorLine website is the primary platform: a browser interface for trading, research, screening and account management. Clients in BMO’s 5 Star program (over $250,000 in assets or more than 15 trades a quarter) can also trade on the BMO Active Trader platform.

BMO Invest app (iOS and Android) lets you place trades, view holdings and read research reports, including Morningstar and CFRA reports. Some account functions, such as eDocuments, are only on the website.

Neither platform ranks among the best in its category. WebBroker (TD) is more polished for the web, and Wealthsimple’s app is cleaner for mobile beginners. InvestorLine’s platforms are competent and stable rather than leading.

USD Accounts and Currency Handling

One area where InvestorLine performs well is US dollar account management. You can hold US dollars in registered accounts (other than RESPs) and in cash and margin accounts, which avoids unnecessary conversions between CAD and USD. This avoids repeated CAD/USD conversions at BMO’s exchange spread, which its September 2026 fee schedule sets at 220 basis points (about 1.6%) on conversions under US$25,000, falling to no more than 55 basis points (about 0.4%) from US$250,000. Those costs add up for investors who actively buy and sell US stocks.

For large currency conversions, Norbert’s Gambit may be possible at BMO InvestorLine: the technique involves buying an interlisted ETF in CAD, journaling shares to the USD account, and selling in USD to achieve close to the mid-market exchange rate. Call BMO to confirm the journaling process before attempting it.

If you primarily trade US-listed equities, Interactive Brokers publishes a spot currency conversion fee of 0.20 basis point of trade value, which is the figure to compare with BMO’s spread above.

adviceDirect: The Hybrid Advisory Service

BMO’s standout differentiator is adviceDirect, a hybrid advice service built into InvestorLine. A team of adviceDirect advisors reviews your financial goals, risk tolerance, and account holdings, then provides personalized investment recommendations. You retain full control: you review each recommendation and decide whether to execute it. The advisor does not have discretionary authority over your account.

This positions adviceDirect between a robo-advisor (fully automated, no human) and a full-service advisory relationship (advisor has discretionary control). adviceDirect has its own fee schedule, separate from self-directed pricing. As of September 2026 it is a flat annual fee, charged quarterly, with a minimum account size of $10,000:

The fee includes stock, ETF, fixed income and mutual fund trades with no additional commission. Cash, money market funds and mutual funds that pay a trailer are not counted as billable assets.

Because the fee is flat, its weight depends on the balance: $300 is 3% of a $10,000 account but 0.3% of $100,000. Canadian robo-advisors charge a percentage instead: Wealthsimple managed investing charges 0.5% at its Core tier, so adviceDirect’s fee is lower above $60,000, and Questwealth charges 0.20% from $100,000, so adviceDirect is lower above $150,000. A robo-advisor manages the portfolio for you, while adviceDirect gives recommendations you choose whether to act on. For investors who want occasional guidance and find fully automated investing too hands-off, adviceDirect occupies a genuine niche.

Research & Tools

BMO InvestorLine’s research is a reason to consider it over newer discount platforms if you research individual stocks. BMO lists these sources and tools:

• BMO Capital Markets: proprietary research, insights and analyst ratings
• Morningstar: analyst research reports and recommendations, plus equity and income pick lists
• CFRA: independent third-party research reports
• Baystreet.ca and MarketGrader: additional research and ratings
• Screener: powered by Morningstar data
• ESG Insights: environmental, social and governance research

The research comes with the account, and since September 14, 2026 it is paired with $0 stock and ETF commissions.

BMO InvestorLine vs Key Competitors

The table below compares InvestorLine against the platforms most Canadians consider alongside it. Now that BMO has matched Questrade and Wealthsimple on commissions, the choice depends more on research depth, human-advice options, and whether you are already a BMO customer.

With commissions now at $0, BMO InvestorLine’s main remaining edge over Questrade and Wealthsimple Trade is its research (BMO Capital Markets, Morningstar and CFRA) and the adviceDirect hybrid-advice option, not price.

Who Should Use BMO InvestorLine

Tends to suit:

• Existing BMO banking customers who link their InvestorLine and banking accounts to use one sign-in
• Investors who value the Morningstar, CFRA and BMO Capital Markets research on the platform
• Those interested in the adviceDirect hybrid advisory model
• Anyone who previously ruled out InvestorLine on commission cost alone: that objection no longer applies

Consider alternatives if:

• You trade US stocks frequently and care about currency conversion costs: Interactive Brokers publishes a spot currency conversion fee of 0.20 basis point of trade value (US$2 minimum per order), against the 220 basis points in BMO’s fee schedule on conversions under US$25,000

Verdict

As of September 14, 2026, BMO InvestorLine charges $0 commission on stock and ETF trades and no longer charges account administration fees, removing the two structural disadvantages that previously made it hard to recommend over Questrade or Wealthsimple. It is now a reasonable default for existing BMO customers, and worth a look for anyone who wants a deeper research suite than most commission-free platforms offer.

The adviceDirect service remains InvestorLine’s most distinctive offering. If you want a human advisor relationship without fully delegating control, the flat $300 fee works out to a small percentage of a larger portfolio (0.3% at $100,000). That specific use case is where BMO InvestorLine earns its strongest recommendation.

See also: best online brokers in Canada · Questrade review · RBC Direct Investing review