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.
Here are different types of accounts being offered:
1.Tax-Free Savings Account (TFSA) 2. Registered Retirement Savings Plan (RRSP) 3. Registered Education Savings
Canadians have got more new and better platforms for trading in recent years where the cost is lower and the interface and navigation becomes much more user-friendly. And the credit goes to rise in online brokers and robo advisors.
Let’s move on to the review of such an online broker Wealthsimple.
Launched in September 2014 by Michael Katchen, Wealthsimple is an online Canadian broker offering you thousands of stocks and ETFs on the major Canadian and U.S. exchanges. A leading robo advisor is a fast growing fintech company in Canada.
The broker focuses largely on zero-commissions, no-account minimums, user-friendly interface and great mobile-trading experience. Therefore, you can make as many trades you want at just $0 as a commission.
Wealthsimple Trade is a part of Canadian ShareOwner Investments, a member of IIROC, CIPF, and is also a registered investment dealer. Therefore, Customer accounts are protected by CIPF in case the ShareOwner becomes
Charge | National Bank Direct Brokerage | Wealthsimple |
---|---|---|
Demat Account Opening Charges | N/A | N/A |
Trading Acc Opening Charges | N/A | N/A |
Trading Account AMC | N/A | N/A |
Demat Account AMC | N/A | N/A |
Charge | National Bank Direct Brokerage | Wealthsimple |
---|---|---|
Plan Name | N/A | N/A |
Equity Delivery | N/A | N/A |
Equity Intraday | N/A | N/A |
Equity Futures | N/A | N/A |
Equity Options | N/A | N/A |
Currency Futures | N/A | N/A |
Currency Options | N/A | N/A |
Commodity Options | N/A | N/A |
Mutual Fund | N/A | N/A |
Segment | National Bank Direct Brokerage | Wealthsimple |
---|---|---|
Equity Delivery | N/A | N/A |
Equity Intraday | N/A | N/A |
Equity Future | N/A | N/A |
Equity Options | N/A | N/A |
Currency Future | N/A | N/A |
Currency Options | N/A | N/A |
Commodity Future | N/A | N/A |
Commodity Options | N/A | N/A |