Canada's first bank-owned brokerage to eliminate commissions — and still the only Big-Bank competitor offering $0 on both Canadian and US stocks and ETFs.
National Bank Direct Brokerage (NBDB) is the self-directed investing platform of National Bank of Canada — the country's sixth-largest bank, headquartered in Montreal. In 2021, NBDB became the first Canadian bank-owned brokerage to eliminate commissions on stocks and ETFs, beating all five of the Big Banks by years. That's not a minor footnote: TD Direct Investing still charges $9.99 per trade as of 2026.
The headline fact: NBDB offers $0 commissions on both Canadian AND US-listed stocks and ETFs — not just ETF buys (Questrade's model), not just 50 trades per year (TD Easy Trade's model). Unlimited $0 trades in both currencies. For a bank-backed platform, that's genuinely unusual.
NBDB isn't for everyone — but for the right investor, it's an underrated choice that gets overlooked because most English-language Canadian personal finance coverage is Ontario-centric.
How does NBDB actually stack up against the three platforms most Canadians compare it to?
| Feature | NBDB | Wealthsimple | Questrade | TD Direct |
|---|---|---|---|---|
| Stock & ETF commissions | $0 | $0 | Buys free, sells $4.95+ | $9.99/trade |
| FHSA | ✅ | ✅ | ✅ | ✅ |
| RESP | ✅ | ❌ | ✅ | ✅ |
| Fractional shares | ❌ | ✅ | ❌ | ❌ |
| Mutual funds | ❌ | ❌ | ✅ | ✅ (e-Series) |
| Bank-backed | ✅ Schedule I | Fintech | Independent | ✅ Schedule I |
| Mobile UX quality | Good | Best-in-class | Improving | Functional |
| USD account | ✅ | 1.5% FX fee | 1.5% FX fee | ✅ |
| Research tools | Basic | Basic | Good | Good |
NBDB vs Wealthsimple: Both are $0 commission. The choice comes down to what matters more to you. Wealthsimple has better mobile UX and fractional shares. NBDB has RESP accounts (Wealthsimple does not), a chartered bank backbone, and fits naturally if you're already a National Bank customer. Neither is a wrong choice for an ETF-focused investor.
NBDB vs TD Direct: TD charges $9.99 per trade; NBDB charges $0. If you're buying ETFs, NBDB wins on cost unambiguously. The only reason to choose TD Direct over NBDB is the exclusive access to TD e-Series mutual funds — the cheapest Canadian mutual fund series, with MERs starting at 0.20%. If e-Series is your strategy, TD Direct. If you're buying ETFs, NBDB.
The First Home Savings Account (FHSA) is the most powerful account a first-time buyer can open in Canada. It combines RRSP-style tax deductions on contributions with TFSA-style tax-free withdrawals when used to purchase a qualifying first home. That's a double tax benefit available nowhere else.
NBDB supports FHSA accounts. TD Easy Trade — the beginner-friendly, $0-commission app from Canada's largest bank — does not. This is a meaningful gap.
If you're a prospective first-time buyer evaluating a $0-commission, bank-backed brokerage, NBDB is the only option that checks all three boxes: zero commissions, bank backing, and FHSA availability. Wealthsimple also offers FHSA accounts and has better mobile UX — but it's a fintech, not a chartered bank, which matters to some investors.
For first-time buyers considering a bank-owned brokerage: NBDB offers the FHSA. TD Easy Trade does not. If you want the familiarity and security of a bank platform plus FHSA access plus $0 commissions, NBDB is currently the only option in that category. See our guide to TFSA vs RRSP vs FHSA: which to open first for the full picture on maximizing each account.
National Bank is Quebec's bank — and that's not a minor branding claim. It's the only Schedule I Canadian bank headquartered in Montreal, and it has deep roots in Quebec's economic and financial infrastructure. For Quebecers, banking with National Bank and investing with NBDB is a natural, all-in-one relationship.
NBDB is significantly underrepresented in English-language Canadian personal finance content. Most widely-read Canadian financial blogs and forums — Canadian Couch Potato, MoneySense, Reddit's r/PersonalFinanceCanada — are primarily Ontario-oriented in their platform coverage. You'll see Wealthsimple, Questrade, and TD discussed constantly; NBDB appears far less often despite being a genuinely competitive platform.
This creates a useful information gap for Quebec-based investors: NBDB is a strong platform that doesn't receive the attention it deserves outside of Quebec because the communities discussing it are smaller in the English-language internet. If you're Quebecois and you've been told your only options are Wealthsimple or Questrade, that's incomplete information — NBDB deserves a serious look.
Customer service note: NBDB's customer service is fully bilingual, but is notably strongest in French — reflecting the platform's Quebec origins. English-language support is available and functional. Investors who prefer French-language financial services will find NBDB particularly well-suited.
NBDB isn't without trade-offs. Be aware of these before opening an account:
Bottom line on limitations: NBDB's biggest trade-off is mobile UX and research tools vs Wealthsimple or Questrade respectively. For a passive ETF investor who values bank backing, FHSA access, and $0 commissions, these trade-offs are often acceptable. For active traders or investors who want the best possible interface, consider Wealthsimple Trade or Questrade instead.
The account opening process is fully online through nbdb.ca. Plan for 15–20 minutes, and have the following ready:
You'll need your Social Insurance Number (SIN), a government-issued photo ID, and your banking information for the initial deposit. If opening an FHSA, be prepared to confirm first-time home buyer eligibility (you must not have owned a qualifying home in the current year or the preceding four calendar years).
TFSA for flexible, tax-free growth. RRSP for tax-deductible contributions and retirement savings. FHSA if you're a first-time buyer. RESP for children's education savings. You can open multiple account types; most investors open a TFSA first, then add an RRSP or FHSA as their needs evolve.
Go to nbdb.ca and click "Open an Account." The application walks you through identity verification, account type selection, and investment profile questions. Existing National Bank customers can pre-fill much of this from their banking profile, speeding up the process considerably.
National Bank customers: funding is instant via linked bank account. Non-National Bank customers: set up an EFT (electronic funds transfer) from your current bank. Allow 3–5 business days for the transfer to clear. There's no minimum deposit to open or maintain an account.
Once funded, search for your ETF or stock by ticker symbol and place your order. Canadian ETFs (TSX-listed) and US ETFs (NYSE/NASDAQ-listed) are all $0 commission. For broad-market passive investing, consider all-in-one ETFs like XEQT, VEQT, or XBAL depending on your risk tolerance and time horizon.
Knowing which platform to use is one question. Knowing whether to open a TFSA, RRSP, or FHSA first — and in what order — is another. If you're still figuring that out, start here.
This content is for educational and informational purposes only and does not constitute personalized financial or investment advice. Platform features, fees, and account type availability are subject to change — verify current details directly with NBDB at nbdb.ca before making any decisions. This page may contain affiliate links. All figures are in Canadian dollars unless otherwise noted.