This review covers National Bank Direct Brokerage (NBDB), National Bank’s self-directed brokerage: its $0 commissions, its annual administration fee and how to avoid it, its accounts and platform, and who it suits. For the rest of the market, see the online broker comparison.
NBDB charges $0 commission on all online Canadian and US stock and ETF trades, and describes itself as the first broker of a Canadian bank to do so. The trade-off is a $100 annual administration fee, which is waived if you meet one of several conditions, such as holding $20,000 in eligible assets on May 31 or being 30 or younger on that date.
NBDB fees
From NBDB’s pricing page as of September 2026:
| Fee | Amount |
|---|---|
| Canadian and US stocks and ETFs (online) | $0 |
| Options | $1.25 per contract, $6.25 minimum |
| Options assignment or automatic exercise | $28.95 |
| Fixed income | Commission included in the price |
| Annual administration fee | $100, unless an exemption applies |
The annual fee and its exemptions
The $100 fee is waived if at least one of these applies, assessed each year on May 31:
- You hold at least $20,000 in eligible assets (cash, stocks, options, ETFs, debentures, bonds and NBI Altamira CashPerformer accounts).
- You are 30 or younger.
- You hold only an InvestCube account.
- You are enrolled in one of NBDB’s offers for professionals or newcomers.
For an investor with $5,000 who meets none of these, the fee is 2% of the balance each year, which can outweigh the commission savings. Separate annual fees apply to accounts that need two signatures and to non-resident accounts; check the schedule if either applies.
Accounts, tools and currency
NBDB offers registered accounts (TFSA, RRSP, FHSA, RESP, RRIF and locked-in plans) and non-registered cash and margin accounts; confirm the specific account you need. Its platform includes an investment dashboard, Wealthscope portfolio analysis, Trading Central research and OptionsPlay for options. Accounts can hold US dollars. NBDB publishes its currency conversion spread: 1.70% on conversions under US$25,000, falling in steps to 0.60% on US$1,000,000 or more. Norbert’s Gambit and how to buy US stocks from Canada cover ways to reduce conversion costs.
How NBDB compares
| NBDB | Questrade | Qtrade | Wealthsimple | |
|---|---|---|---|---|
| Stock and ETF trades | $0 | $0 | $0 | $0 |
| Options per contract | $1.25 ($6.25 min) | $0 per contract on all US equity options | $0.75 | $0 |
| Annual account fee | $100 unless waived | $0 | None listed | $0 monthly |
| Bank affiliation | National Bank | None | None | None |
Among the other bank-owned brokers, BMO InvestorLine also charges $0 commissions, while RBC Direct Investing and Scotia iTRADE charge a standard commission outside their commission-free ETF lists. Wealthsimple vs the Big 5 banks compares those. For anyone who mainly wants a good phone experience, investing apps compared looks at the apps.
Who NBDB suits
NBDB suits National Bank clients who want investing next to their banking, investors who qualify for the fee exemption (by age or balance) and want $0 trades at a bank-owned broker, and French-speaking investors who want service in French from a Quebec institution. Investors with smaller balances who do not qualify for an exemption pay less at brokers with no annual fee.
Sources
The figures and rules on this page come from these sources. How we check facts.