Pricing presentation on the web tools and commission fees

Pricing for active investors

We reward active investors by offering highly competitive rates, coupled with sophisticated technology and exceptional customer service.

Exchange-traded funds

National Bank Direct Brokerage is making it even easier for you to access exchange-traded funds (ETFs), with zero commission on all Canadian and American ETFs at all times, no matter how many trades you place.*

Learn more about the ETF pricing


When you place at least 30 stock or option trades per quarter via our electronic services, you benefit from a minimum trading fee of only $6.95.

To qualify for this special rate, all you have to do is carry out a minimum of 30 commission-generating stock or option trades over a period of three months (quarter) preceding the 1st of each month. This rate only applies to electronic transactions, i.e.- via our website and mobile site. While transactions carried out by telephone with a representative are not eligible for this special rate, they are considered in the calculation of your total transactions for the quarter.

When calculating the number of transactions carried out in a quarter, only transactions carried out in accounts with the same root are considered. A root is defined as the first six digits in the account number. Company and investment club accounts are eligible for discounted pricing for active investors, but cannot be combined with a personal account for the purposes of calculating transactions.

Canadian and U.S. equities**

  Canadian equities   U.S. equities
 Minimum commission  $6.95  $6.95
 Shares at $2.00 or less  0.05% of the order value  0.05% of the order value
 Shares at $2.01 and over  1 ¢ per share  1 ¢ per share
 Maximum commission  $9.95  $9.95

Canadian and U.S. options

 $9.95 + $1.25 per contract
 Order value less than $2,000 : maximum fee: $28.95

* The "Zero Commission on ETFs" promotion has been in effect since September 1, 2016 for the Canadian market and since August 31, 2017 for the US market. Trades must involve 100 or more units of exchange-traded funds and must be carried out through our electronic solutions. Clients must also sign up to receive all their documents electronically.

Commission-free ETF trades are not counted when considering:

  • Free access to trading platforms
  • Active Investor pricing
  • Annual administrative fees

Management and other fees may apply to ETF investments.Please read the prospectus before making an investment. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. 

** Fees are billed in the same currency as the transaction. 

Each partial execution of a transaction is subject to the full commission, unless the transaction is completed the same business day. Full commission is charged on all separate transactions performed on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction. 

When a transaction is placed through one of our services (e.g. with a representative), and then modified via another service (e.g., the website), the commission will be based on the higher of the two commission schedules. Option assignments are subject to the regular share commission schedule for transactions carried out via our electronic systems. Option exercises are subject to the same commission schedule as share transactions made through a representative. A currency conversion is required for any trade involving a security in a currency other than that of the account in which the trade is settled. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, revenue based on the spread between the buy and sell rates. Fees may be charged for securities loans in short sales. These fees vary based on the markets and without prior notice. Contact one of our representatives for more information regarding these fees.

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