$0 on stocks, options* and ETFs at any time, no minimum required

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Orders placed online

Stocks and Exchange-Traded Funds (ETFs) 2
$0 commission, no minimum required
Options* $0 commission + $1.25 per contract
(min. fee of $6.25)
(Value less than $2,000)
$0 commission + $1.25 per contract
(max. fee of $19.95)
Exchange-traded debentures
$0 commission
Investment funds
$0 commission

Orders placed with an agent

Regular commissions

Stocks and ETFs


Canadian Stocks or ETFs

U.S. Stocks or ETFs

Minimum commission



Shares of $2 or less

2% of the transaction value

2.5% of the transaction value

Shares of $2.01 or more

$44.95 + 4¢ per share

$44.95 + 6¢ per share

Value less than $2,000





Canadian and U.S. options

Option price


$0.00 to $2.00

$35.00 + $1.50 per contract

$2.01 to $3.00

$35.00 + $2.00 per contract

$3.01 to $4.00

$35.00 + $2.50 per contract

$4.01 to $5.00

$35.00 + $3.00 per contract

$5.01 or more

$35.00 + $3.50 per contract

Value less than $2,000


Assignment and automatic exercise


Client directed exercise

Refer to Stock
or ETF Commissions
(with a representative)



Investment funds3





Exchange-traded debentures


$44.95 + $3.00 per $1,000 face value



Fixed-income securities


You can carry out fixed income security transactions through our trading platform or over the phone with one of our representatives.

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

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

The fine print

Application of the new pricing schedule

*Options commission is $0 + $1.25/contract. A minimum fee of $6.25/trade applies. The maximum fee is $19.95 when the transaction value is less than $2,000. An option contract gives the holder the right, but not the obligation, to buy or sell a given position in an underlying security at a given exercise price. Contracts are for 100 shares.

1. Trades must have been made through our electronic solutions.

Note on exchange-traded fund fees

2. 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.  

Note on investment funds

3. The minimum amount to carry out an investment fund purchase transaction, through National Bank Direct Brokerage, is set at $1,000.00 or corresponds to any other amount required by the investment fund company, whichever is greater. Subsequent trades are at least $500.00 or any other amount required by the investment fund company, whichever is greater.

Additional notes on commissions and transactions

Commissions 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 executed in its entirety on the same trading session. Full commission is charged on all separate transaction 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 an order is placed through one of our services (e.g., a representative) and then modified via another service (e.g., the website), the commission is based on the higher of the two commission applicable. The commission charged to exercise an option is the same as the one applicable when trading the underlying securities 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 bid and ask rates. Borrowing fees, which vary according to the market and without prior notice, may be incurred when selling securities short or when carrying out any other transaction resulting in a short position in an account. These fees are charged directly to your account the following month in the currency of the account, regardless of whether the position is covered or not. Contact one of our representatives for more information regarding these fees.

There may be situations in which National Bank Direct Brokerage (NBDB) will receive fees or payments from third parties on transactions it executes. Such fees and payments will not accrue to the clients’ account and may be considered as part of NBDB’s routing decision-making process, though this is not a sole determinant. If and when such situations create a material conflict of interest, NBDB undertakes to take the
necessary steps to identify and address such situations fairly and reasonably, in keeping with the regulatory obligations to which it is subject in its relationships with its clients, and taking into account the best interest of its clients.

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