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

You can invest all over the world or you could choose to temporarily overweight a security in your portfolio in one sector or region, all with zero commission.

Learn more about ETFs


Do you execute more than 30 trades on equities or options generating a commission quarterly? Consult the Active Investors page for details on the commission fees that apply to your National Bank Direct Brokerage account.

Are you a Private Direct Brokerage or a Advantage Direct Brokerage member? Visit the Distinctive Services section for details on the pricing applicable to your offer.

Orders Placed through our Electronic Systems

Canadian and U.S. equities or ETFs

 Canadian and Amercican ETFs
 Fixed commission  $0.00*
 Canadian and U.S. equities and exchange-traded debentures
 Fixed commission  $9.95

Canadian and U.S. options

 Canadian and U.S. option trades carried out via our Electronic Services
 $9.95 + $1.25 per contract
 Order value less than $2,000: Maximum commission of $28.95

Orders Placed with a Representative

Canadian and U.S. equities or ETFs

Orders placed with a representative  Canadian Equities  U.S. Equities
Shares of $2 or less 2%
Shares of $2.01 and over
$44.95 + 4¢/share
$44.95 + 6¢/share 
Value less than $2,000
Minimum commission

Canadian and U.S. options

 Orders placed with a representative  
 Option price  Commission
 $0 to $2.00  $35 + $1.50 / contract
 $2.01 to $3.00  $35 + $2.00 / contract
 $3.01 to $4.00  $35 + $2.50 / contract
 $4.01 to $5.00  $35 + $3.00 / contract
 $5.01 or more  $35 + $3.50 / contract
 Value less than $2,000  $35.00
 Assignment  $28.95*

* The assignment (and its fee) is not considered as a transaction with commission and will therefore not be counted in the number of monthly transactions. 

If you have any questions regarding our fee structure, please contact one of our representatives.

Exchange-traded debentures

A commission of $44.95 + $3.00 per $1,000 face value is charged for all debenture trades placed over the telephone.


Fixed income securities

With National Bank Direct Brokerage, you can trade fixed income securities online or over the phone with a representative.

The minimum amount for purchases varies depending on the security, and commissions, if applicable, are included in the price.

A transaction fee of $25.00 will be charged on the early redemption of savings bonds issued by Placement Quebec. These fees will not apply to redemptions made on the product’s anniversary date of issue.

Mutual funds

 Type of mutual fund
 Orders Placed through our Electronic Systems
 (except for Funds with transaction fees)
 $0  $0  $0
 Orders Placed with a Representative  $44.95
 $44.95  $44.95
 Funds with transaction fees2  $44.95  $44.95  $44.95

Notes on fees relating to exchange-traded funds

* 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 qualifying for the following fee reduction: 

  • 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.

Notes on mutual fund transactions:

Except for National Bank Securities Mutual Funds1 and Meritage portfolios, the minimum amount for a mutual fund transaction through National Bank Direct Brokerage is set at $1,000.00 or any other amount required by the mutual fund company, whichever is greater. Subsequent transactions on mutual funds must be at least $500.00 or any other amount required by the mutual fund company, whichever is greater.

Switch orders can be subject to early redemption fee2. Some mutual fund companies may also charge fees in addition to the commission payable to National Bank Direct Brokerage. These fees may include account opening fees, early redemption fees, deferred sales commissions on funds with redemption fees, management fees, etc. For more details, please refer to the prospectus of the mutual fund in question.

Fund companies charge fees when units of back-end loads funds are sold. These fees are applied on a decreasing scale determined by the fund company.

Switch transactions are allowed only within the same fund family and the same fee structure.

National Bank Securities Mutual Funds include Omega Funds, WestWood Funds and Altamira Funds.

Only a few fund families generate transaction fees. Consult our full list of funds or contact one of our representatives.

General notes:

Fees are billed in the same currency as the transaction.

Each partial execution of a transaction is subject to the full commission, except if the transaction is completed the same business day. The full commission is applied on all separate transactions made 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 service (for example with a representative), and then modified by another service (for example on the website), the commission will be calculated according to the higher of the two commission schedules. Option exercises are subject to the same commission schedule as share transactions made through a representative.

A security transaction in an account of a different currency involves a conversion in the currency of the account. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, income based on the spread between the buy and sell. 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 on these fees.

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