How much does it cost to trade at NBDB?

NBDB charges $6.95 per trade for stocks. ETF trades are free — both buying and selling — with no list restrictions. This makes NBDB one of the most cost-competitive bank-affiliated brokers in Canada. Active traders (100+ trades/quarter) pay $0.95/trade. Options cost $6.95 + $1.25/contract. There are no annual account fees and no inactivity fees, which is unusual for a bank brokerage. Combined with free ETF trading, NBDB has the most competitive fee structure among the Big 6 bank brokerages.

Does NBDB offer commission-free ETFs?

Yes. NBDB offers free ETF trading — all ETFs, both buy and sell, with no approved list restriction. This is more generous than Questrade (which charges to sell ETFs) and comparable to Qtrade's free list approach, but without the list restriction. Any ETF listed on a Canadian exchange trades for $0. This makes NBDB the most cost-efficient bank brokerage for Canadian ETF investors.

Is NBDB only for National Bank customers?

No. Anyone can open an NBDB account regardless of whether they bank with National Bank. However, National Bank customers benefit from easier integration — instant transfers between National Bank and NBDB, linked account views, and branch support. Non-National-Bank customers can fund accounts via electronic bank transfers from any Canadian bank, though instant transfers won't be available.

Does NBDB offer a DRIP?

Yes. NBDB offers a dividend reinvestment plan (DRIP) for eligible securities. This allows dividends to be automatically reinvested in additional shares without a commission. Combined with free ETF trading, NBDB is one of the few brokers where a dividend-growth or passive ETF strategy costs $0 end-to-end.

Is NBDB available across all of Canada?

Yes. NBDB is available to residents of all Canadian provinces and territories. While it is headquartered in Montreal and has strong market share in Quebec, it is a national platform open to all Canadians regardless of province. Quebec investors, particularly those who prefer French-language service, will find NBDB to be one of the best options in Canada — full French interface, French-speaking support, and a broker deeply familiar with Quebec tax and regulatory context.

How does NBDB compare to Questrade?

NBDB wins on ETF trading (both buys and sells free vs Questrade's sell fee), has no inactivity fee (Questrade charges $24.95/quarter for small inactive accounts), and offers DRIP (which Questrade does not). NBDB charges $6.95 per stock trade vs Questrade's $4.95 minimum. For a passive ETF investor, NBDB's all-in cost is lower. For a stock trader, Questrade's lower commission matters. Questrade has better advanced trading tools, a US trading platform (IQ Edge), and broader name recognition outside Quebec.

NBDB Review 2026 | National Bank Direct Brokerage Canada

NBDB Review 2026 — National Bank Direct Brokerage

National Bank Direct Brokerage (NBDB) has quietly built one of the most competitive fee structures of any bank-affiliated broker in Canada: $6.95 stock trades, completely free ETF trading, no inactivity fee, and a full DRIP. It is particularly strong in Quebec and underknown in the rest of Canada.

Quick Overview

Feature	Details
Stock commission	$6.95/trade
Active trader rate	$0.95/trade (100+ trades/quarter)
ETF trades	$0 (all ETFs — buy and sell)
Options	$6.95 + $1.25/contract
Account minimum	$0
Inactivity fee	❌ None
DRIP	✅ Yes
USD accounts	✅ Yes
Regulation	CIRO member, CIPF coverage
Bank affiliation	National Bank of Canada

Overall Rating

Category	Score
Fees	★★★★★
ETF trading	★★★★★
Ease of use	★★★★
Bank integration	★★★★★ (National Bank customers)
Research tools	★★★★
Account types	★★★★★
French-language support	★★★★★
Overall	★★★★½

Fees & Pricing

Trading Fees

Transaction	Standard	Active Trader (100+/quarter)
Stocks	$6.95	$0.95
ETFs	$0	$0
Options	$6.95 + $1.25/contract	$0.95 + $1.25/contract
Fixed income / GICs	$0	$0
Mutual funds	$0	$0

Account Fees

Fee	Cost
Account maintenance	$0
Inactivity fee	$0
RRSP annual fee	$0
TFSA annual fee	$0
Transfer out (full)	$135 per account
USD account	✅ Available

The absence of an inactivity fee stands out among Canadian brokers. Most competitors charge $24.95–$25/quarter for inactive accounts under a threshold.

Account Types

Account	Available
TFSA	✅
RRSP / Spousal RRSP	✅
FHSA	✅
RESP	✅
RRIF	✅
LIRA	✅
LIF	✅
Non-registered	✅
Corporate / Business	✅
Margin	✅

ETF Trading — Completely Free

Aspect	NBDB	Questrade	Qtrade	Wealthsimple
ETF purchases	$0 (all ETFs)	$0 (all ETFs)	$0 (100+ list)	$0 (all)
ETF sells	$0	$4.95 min	$0 (free list)	$0
ETF sell restriction	None	❌ Charges on sell	Free list only	None

NBDB’s ETF policy is the most straightforward: all ETFs trade free in both directions, no approved list required.

DRIP (Dividend Reinvestment Plan)

Feature	Details
Available	✅ Yes
Charge	$0
Eligible securities	Most dividend-paying Canadian equities and ETFs
Combined with free ETFs	A complete $0-cost passive or dividend strategy

Research Tools

Tool	Available
Market data and quotes	✅ Real-time
Analyst ratings	✅
Technical charting	✅
Stock and ETF screeners	✅
News and research reports	✅
French-language interface	✅ Full
Education content	✅

Research tools are solid — competitive with Scotia iTRADE and TD Direct Investing, though not as deep as Qtrade’s Morningstar full coverage.

NBDB for Quebec Investors

Feature	Why it matters
Full French-language platform	Only a handful of brokers match this
French-speaking customer support	✅ Available
National Bank branch network in Quebec	✅ Largest bank presence in Quebec
Quebec tax/RRSP familiarity	Bank familiar with Quebec-specific nuances

For Quebec investors who prefer dealing entirely in French with a deeply Quebec-connected institution, NBDB is the leading choice among discount brokers.

NBDB vs Key Competitors

Broker	ETF buys	ETF sells	Stock commission	DRIP	Inactivity fee
NBDB	$0	$0	$6.95	✅	$0
Questrade	$0	$4.95 min	$4.95	❌	$24.95/qtr
Qtrade	$0 (list)	$0 (list)	$8.75	✅	$25/qtr
Scotia iTRADE	$9.99	$9.99	$9.99	✅	$25/qtr
RBC Direct Investing	$9.95	$9.95	$9.95	✅	$25/qtr
Wealthsimple Trade	$0	$0	$0	❌	$0

Who NBDB Is Best For

Investor type	Fit
Passive ETF investor	✅ Excellent — free on both sides, no restrictions
Dividend investor	✅ Excellent — DRIP + $0 ETF
National Bank customer	✅ Best — instant transfers, integration
Quebec investor	✅ Top choice among discount brokers
Cost-conscious investor at a bank	✅ Best fee structure of any Big 6 bank brokerage
Active stock trader	✅ Good — $6.95 is lower than most bank brokers
Non-National-Bank customer	✅ Still works — no National Bank account required

Bottom Line

NBDB is the best-value bank-affiliated brokerage in Canada. Free ETF trading (both buy and sell, no list restriction), a $6.95 stock commission, no inactivity fee, and a full DRIP make it competitive with Questrade and Qtrade for most passive investors. Its biggest barrier is low name recognition outside Quebec. For Quebecers and National Bank customers, it is the obvious choice. For any Canadian investor who wants a bank-backed broker without paying bank brokerage prices, NBDB deserves serious consideration alongside Questrade and Qtrade.