Online brokerage
National Bank Direct Brokerage Review: CIRO-Registered, Fees & Platforms
By ForexCanada Editorial Team · Updated
Canada check
- Canadian status
- CIRO-registered
- Canadian entity
- National Bank Direct Brokerage (a division of National Bank Financial Inc.)
- CIPF coverage
- Yes (eligible accounts, within CIPF limits)
- OBSI complaints
- Yes — free, independent dispute resolution
- Accepts Canadians
- Accepts Canadian residents
- Licences abroad
- —
- Headquarters
- Montréal, QC
- Ownership
- National Bank of Canada (TSX: NA)
Our take on National Bank Direct Brokerage
National Bank Direct Brokerage was the first big-bank brokerage in Canada to drop commissions on online stock and ETF trades. It is fully bilingual, with particular strength in Québec, and offers the standard set of registered accounts. The platform is functional rather than exciting, but for cost-conscious investors who want a bank-owned dealer, it is hard to beat on price.
Verdict
The cheapest bank-owned brokerage in Canada and a natural fit for Québec investors.
What we like
- +$0 online stock and ETF commissions
- +Bank-owned, fully bilingual
- +Full registered account range
Watch out for
- −Dated platform
- −Research lighter than TD/Qtrade
- −No forex or CFDs
How National Bank Direct Brokerage scores
Canadian protection carries 40% of the weight, so an unregistered firm can't outrank a registered one on price alone. See the full methodology.
Accounts, markets & platforms
- Platforms
- Proprietary web, Mobile app
- Markets
- Stocks · ETFs · Options · Bonds · Mutual funds
- Pricing
- $0 commissions on online stock and ETF trades (minimum order sizes may apply)
- CAD / USD accounts
- ✓ CAD | ✓ USD
- Registered accounts
- TFSA, RRSP, FHSA, RESP, RRIF, LIRA
- Demo account
- Not advertised
- French service
- Yes
Figures are taken from the broker's own disclosures at our last review (2026-09) and change often — always confirm on the broker's website. Spot an error? Tell us.
Verify National Bank Direct Brokerage yourself
- Look for the firm on CIRO's list of dealers it regulates.
- Search the legal entity name in the CSA National Registration Search and check it is registered in your province.
- Confirm CIPF membership in the CIPF member directory.
- Search the CSA investor alerts for the brand name and any look-alike websites.
- Make sure the account agreement you sign names the same legal entity — not an offshore affiliate.
National Bank Direct Brokerage: frequently asked questions
Is National Bank Direct Brokerage regulated in Canada?
Yes. Canadian clients are served by National Bank Direct Brokerage (a division of National Bank Financial Inc.), a registered investment dealer and member of the Canadian Investment Regulatory Organization (CIRO). You can confirm this on CIRO's list of dealers it regulates and in the CSA National Registration Search.
Is my money protected with National Bank Direct Brokerage?
Eligible accounts at CIRO dealer members are covered by the Canadian Investor Protection Fund (CIPF) if the firm becomes insolvent — generally up to $1 million per account category. CIPF does not cover trading losses.
Can I open a TFSA or RRSP with National Bank Direct Brokerage?
Yes. National Bank Direct Brokerage offers TFSA, RRSP, FHSA, RESP, RRIF, LIRA accounts. Note that leveraged forex and CFDs can't be held in registered accounts.
Canadian trader reviews
Reviews are submitted by readers and moderated by our editors for relevance and abuse. They are opinions, not verified facts, and never affect our score.
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