Scotia iTrade vs National Bank Direct Brokerage Comparison: 2024

About Scotia iTrade

Scotia iTrade is one of the leading Canadian discount brokers which now comes under the umbrella of Scotiabank, which is among the top 5 banks in Canada. It emerged after Scotiabank purchased E*TRADE Canada in the year 2008.

Focusing on active traders, they invest in cutting-edge technology to build powerful platforms. On the other hand, iTrade also offers great educational tools for novice traders.

Scotia iTrade

If you plan to open a registered account with Scotia iTRADE, you have the following options: • Tax-free savings accounts (TFSAs) • Registered education savings plans (RESPs) • Registered retirement savings plans (RRSPs) • Locked-in retirement accounts (LIRAs) • Registered retirement income funds (RRIFs) • Locked-in retirement savings plans (LRSPs)

Features of Scotia iTrade

• Low commissions: You can trade for as low as $4.99 • In-depth research by Scotiabank. • Powerful Trading Platforms: iTRADE offers 3 trading platforms: OnLine, TradingDesk, and FlightDesk. All the three are intuitive, customizable, and loaded with great tools. •

About National Bank Direct Brokerage

National Bank Direct Brokerage Account: An Overview

National Bank Direct Brokerage (NBDB) Account is an online brokerage account that has been in the Canadian financial markets for the past 35 years from 1987. It is a part of National Bank of Canada that has been on the Canadian banking industry from the year 1859. Having said that, you are not required to be a bank account holder to open a brokerage account.

In 2021, NBDB took a giant leap by becoming the 1st broker account to offer transactions at $0 commissions and mandates no minimum balance. The account offers both US and Canadian financial instruments and it allows for you to open both US dollar account and Canadian dollar account.

Type of Accounts offered by National Bank Direct Brokerage

Here are different types of accounts being offered:

Registered Accounts

1.Tax-Free Savings Account (TFSA) 2. Registered Retirement Savings Plan (RRSP) 3. Registered Education Savings