National Bank Direct Brokerage (NBDB) made headlines in 2021 when it became the first major Canadian bank to offer commission-free trading on all stocks and ETFs. In 2026, NBDB remains a compelling option for Canadian investors who want bank-level security and service combined with zero-commission trading — but it comes with some important limitations.
National Bank Direct Brokerage at a Glance
| Feature | Details |
|---|---|
| Account minimum | $0 (standard); $20,000 for some premium features |
| Canadian stock/ETF trades | Free (no commissions) |
| US stock/ETF trades | Free (+ FX conversion ~1.5%) |
| Annual fee | Free |
| USD account | Yes |
| Norbert's Gambit | Yes (online journaling) |
| Options trading | Yes ($6.95 + $1.25/contract) |
| TFSA / RRSP / RESP | Yes |
| LIRA / LIF | Yes |
| Corporate accounts | Yes |
| Regulated by | IIROC, CIPF insured |
Pros
- Commission-free trading on ALL stocks and ETFs
- USD accounts for RRSP optimization
- Norbert's Gambit supported online
- Bank-level security and stability
- Full range of account types
- Strong customer service via branch or phone
- Excellent for Norbert's Gambit (online journaling)
- No inactivity fees
Cons
- Platform less polished than Wealthsimple
- Primarily serves National Bank customers
- Less competitive for non-Quebec investors
- No fractional shares
- No crypto trading
- App and website less modern
- Less known / fewer online resources
Commission-Free Trading: How It Compares
NBDB is the only major Canadian bank brokerage offering genuinely commission-free trading. TD Direct Investing charges $9.99 per trade. RBC Direct Investing charges $9.95. NBDB charges $0 on Canadian and US stocks and ETFs. This makes NBDB significantly more competitive than other bank brokerages for active investors.
That said, Wealthsimple Trade and Questrade (for ETF purchases) also offer commission-free options. NBDB's advantage over these non-bank competitors is the combination of zero commissions with bank-level account types (LIRA, corporate) and service.
Norbert's Gambit at NBDB
National Bank Direct Brokerage is one of the most convenient platforms for Norbert's Gambit. Unlike TD or RBC which require phone calls, NBDB supports online journaling of shares between CAD and USD accounts. Combined with commission-free trades, Norbert's Gambit at NBDB is extremely cost-effective. Read the full Norbert's Gambit guide.
Who Should Use National Bank Direct Brokerage?
- Existing National Bank customers who want to consolidate accounts
- Investors in Quebec (where National Bank has stronger regional presence)
- Those who want commission-free trading with USD accounts and Norbert's Gambit support
- Investors who need LIRA, LIF, or corporate accounts but want zero commissions
- Self-directed investors who prefer a bank brokerage to independent platforms
How NBDB Compares to Alternatives
| Brokerage | Stock Trades | USD Account | App Quality |
|---|---|---|---|
| NBDB | Free | Yes | Good |
| Wealthsimple Trade | Free | No | Excellent |
| Questrade | $4.95–$9.95 | Yes | Good |
| TD Direct | $9.99 | Yes | Average |
| RBC Direct | $9.95 | Yes | Average |
NBDB occupies an interesting middle ground: more account types than Wealthsimple, commission-free unlike Questrade (for stock trades), and far cheaper than the other bank brokerages. It's an underrated option that deserves more attention outside Quebec.
Start Saving Before You Start Investing
Whether you choose NBDB, Wealthsimple, or Questrade, build your emergency fund first. KOHO makes high-interest savings effortless.