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Like all big bank brokers, RBC Direct Investing (DI) offers plenty, including multiple trading platforms, account types and features such as free practice accounts and Level 2 quotes (which provide enhanced bid-ask data, giving investors more in-depth insight before placing trades) on its regular trading platform. Unfortunately, with commission fees on stock and exchange-traded funds at almost $10 and account fees, unless you meet specific requirements, it won’t be worth the cost for many investors.
Below, I cover the strengths and weaknesses of RBC Direct Investing and explain how it compares to other similar brokerages.
Who RBC Direct Investing is for
RBC Direct Investing is a solid choice for existing RBC clients and buy-and-hold investors (passive investors who hold stocks for an extended period of time) with large accounts who don’t plan on trading frequently.
Due to its high trading commissions and account fees, I don’t recommend the platform for investors who plan to trade often or those who cannot meet the requirements to waive account fees. Several brokerages don’t charge account fees; Wealthsimple, National Bank Direct Broker and TD Easy Trade™ offer commission-free trades, and recently Questrade has joined the commission-free part.
Even big bank brokers Scotia iTRADE and BMO InvestorLine provide a selection of commission-free ETFs.
Related reads: Questrade vs. Wealthsimple, Best ETFs in Canada
Available accounts with RBC Direct Investing
You can open the following account types with RBC Direct Investing:
- Cash account (non-registered)
- Margin account
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Registered Education Savings Plan (RESP)
- Registered Retirement Income Fund (RRIF)
- First Home Savings Account (FHSA)
- Non-personal accounts (Corporation, Sole Proprietor, Partnership, Estate, etc.)
Pros and cons
Pros
- Stability of dealing with a big bank broker
- Solid mobile trading app
- Several account types are available
- Practice accounts available
Cons
- No current promotions
- High trading fees
- Account fees
- Doesn’t support fractional shares
RBC Direct Investing fees and commissions
Trading fees
- Stocks and ETFs: $9.95 per trade ($6.95 per trade with 150+ trades/quarter)
- Options: $9.95 + $1.25 per contract ($6.95 + $1.25 with 150+ trades/quarter)
- Buy mutual funds: 1% of the gross trade amount (max. $50 per trade)
- Sell mutual funds: No commission
- Fixed income: $25 to $250 per transaction
RBC Direct Investing’s full commission schedule1
Account fees
- Account fee: $25 per quarter (clients with combined assets < $15,000 across RBC DI accounts
- RSP withdrawals (including LIRA unlocking): $50
- Home Buyer’s Plan (HBP) and Life Long Learning Plan (LLP) withdrawals: $25
- TFSA/FHSA withdrawals: $0
- RIF, LIF, RLIF, PRIF, LRIF withdrawals (lump sum): Two free per year, then $25 per withdrawal
Other notable fees
- Wire transfer out: $45
- Cheque requests: $10
- Statement replacement: $5
- Research account inquiries: $40/hour (min. $20)
- NSF or returned cheque: $45
- Transfer out: $150
- Estate account processing: $175 to $350 per account
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RBC Direct Investing app, dashboards, ease-of-use and experience
RBC Direct Investing offers three trading platforms:
- Direct Investing Online (its standard platform)
- Mobile trading
- Trading dashboard (for advanced traders)
Here’s a closer look at what each has to offer:
The standard RBC Direct investing online trading platform has everything you expect from a major bank brokerage.
Traders can view real-time streaming quotes for stocks and ETFs and access research tools, including Morningstar Analyst Pick Lists, RBC market commentary and more.
One nice feature that not all brokers offer is free practice accounts. You’ll start with $100,000 of practice money per account, and you can open multiple accounts, including a cash, margin and RRSP account. You also get free access to Level 2 quotes for stocks and ETFs trading on the TSX and TSX-Venture exchanges, which not all brokers offer.
I’m not a fan of the look and feel of the standard trading platform — while decent, it feels dated. I invest with RBC DI and TD Direct Investing. The latter has a more intuitive user interface and puts far more information in front of you, including various charting and analysis options, without having to click on other screens.
RBC’s mobile trading app, available on both iOS and Android, offers a sleek and more modern experience compared to the desktop platform. With the app, you can build watchlists of up to 100 securities and even pin a list directly to your dashboard for easy access.
It supports trading North American stocks and options, including after-hours trades (with conditions), and gives you Level 2 quotes for securities listed on the TSX and TSX Venture Exchange. You can also move money seamlessly between your RBC banking and Direct Investing accounts. However, the mobile app doesn’t support real-time streaming quotes—just standard real-time quotes—and you won’t be able to place trades if you’re traveling outside Canada.
Trading Dashboard is RBC Direct Investing’s platform for active traders, and it’s a big step up from the standard trading platform.
It’s much more visually appealing and unlocks a lot of additional functionality. Investors can customize their workspace, take advantage of FactSet fundamentals, estimates and reference data and access Heatmap and Top/Flob views.
The standard RBC Direct investing online trading platform has everything you expect from a major bank brokerage.
Traders can view real-time streaming quotes for stocks and ETFs and access research tools, including Morningstar Analyst Pick Lists, RBC market commentary and more.
One nice feature that not all brokers offer is free practice accounts. You’ll start with $100,000 of practice money per account, and you can open multiple accounts, including a cash, margin and RRSP account. You also get free access to Level 2 quotes for stocks and ETFs trading on the TSX and TSX-Venture exchanges, which not all brokers offer.
I’m not a fan of the look and feel of the standard trading platform — while decent, it feels dated. I invest with RBC DI and TD Direct Investing. The latter has a more intuitive user interface and puts far more information in front of you, including various charting and analysis options, without having to click on other screens.
What I like and don’t like about RBC Direct Investing
My overall view of RBC Direct Investing is positive. It offers a solid trading platform with plenty of research and educational tools. I like the practice account and the access to Level 2 quotes on its standard platform. I don’t like the pricing, but it's no different from all big bank brokers. It would be nice if it provided some commission-free ETFs — BMO InvestorLine and Scotia iTRADE offer this. And its desktop trading platform could use an update to make it more modern and functional.
Colin Graves
Freelance Writer
Wealthsimple vs. RBC Direct Investing
Wealthsimple is Canada’s largest robo-advisor, but it also offers self-directed investing. It has a few significant advantages over RBC Direct Investing: It offers free stock and ETF trades, doesn’t charge account fees and you can purchase fractional shares, something RBC Direct Investing doesn’t provide.
However, Wealthsimple’s trading platforms are not as powerful as RBCs, and you have to pay a $10 monthly fee to trade in US currency (unless you have $100,000 in assest as a Premium or Generation client). Another advantage of RBC Direct Investing is that it offers a free practice account where you can learn to trade or test various investing strategies, risk-free.
Wealthsimple is better suited to fee-conscious investors who are investing small amounts. RBC DI, on the other hand, will appeal to active traders who need access to multiple order types and better market research and technical analysis.
Disclaimer: Terms and Conditions apply. Visit Wealthsimple via our Apply Now button for up-to-date terms and conditions.
Questrade vs. RBC Direct Investing
Questrade, Canada’s largest independent online brokerage, delivers low-cost trading on a reasonably robust platform. It offers free stock and ETF purchases unlike RBC Direct Investing. Plus, it doesn’t charge any account fees. Both brokers have solid mobile trading apps. If you have a large investment account and use a buy-and-hold strategy with minimal trading, I recommend DI. Otherwise, Questrade strikes a better balance between features and pricing.
Interactive Brokers vs. RBC Direct Investing
IBKR beats RBC DI in almost every category
- IBKR gives you access to over 160 global markets and lets you fund your account in 28 different currencies. With RBC DI, you’re mostly limited to Canadian and U.S. markets with CAD or USD funding.
- IBKR has some of the lowest trading fees in Canada at just $1 CAD per trade for most stock and ETF orders. RBC DI charges $9.95 per trade, unless you're making over 150 trades per quarter. That’s a massive difference, especially for active traders.
- IBKR offers eight professional-grade platforms, including the flagship Trader Workstation (TWS) and the new IBKR Desktop. These platforms come with advanced charting, portfolio analytics, options strategy builders, and global research tools. RBC’s platform is serviceable but looks dated and lacks the depth serious traders expect.
- IBKR lets you buy fractional shares and test-drive strategies with a free simulated trading account — something RBC DI doesn’t offer. These features are a game-changer for new investors and DIY traders looking to experiment without risk.
- IBKR is unmatched for currency trading and low FX spreads. If you’re trading U.S. stocks or dealing with cross-border investments, IBKR’s built-in currency flexibility can save you hundreds—maybe thousands—compared to RBC’s higher forex fees and limited multi-currency capabilities.
If you're already an RBC banking client and want the ease of transferring funds instantly, RBC DI has the edge. The mobile app is simple, and everything lives inside the RBC ecosystem. But if you're a serious or cost-conscious investor, Interactive Brokers offers far more power, flexibility, and value.
IBKR is built for traders and global investors. RBC DI is built for convenience. If you're after performance, IBKR wins.
RBC Direct Investing contact information
Existing RBC Online Banking and Direct Investing customers can contact Direct Investing support through a secure messaging system. You can also speak with a representative Monday to Friday between 7 a.m. and 8 p.m. ET at the following numbers:
- Toll-free: 1(800)-769-2560
- Overseas: 1(416)-977-1255
- Cantonese and Mandarin: 1(800)-667-8668 or (416)-313-8611
Clients can also get in-person support by visiting an Investor Centre in one of the following cities:
- Toronto
- Vancouver
- Calgary
- Montreal
RBC Direct Investing eligibility criteria
To invest with RBC Direct Investing, you must be a Canadian resident, have a Social Insurance Number and be of the age of majority (18 or 19) in your province.
How to open a RBC Direct Investing account in Canada
You can open an RBC Direct Investing account online or in person at an Investor Centre or RBC branch. For online account opening, you can select up to three account types under the same application, although FHSA accounts must be opened on a separate application. You can use Interac’s verification service to confirm your identity if you are new to RBC.
Once you’ve completed the application online, RBC can approve your account within 24 hours. You can then deposit funds or initiate a transfer from another brokerage and begin trading.
Related reading: Where should I open an FHSA account?
RBC Investing FAQs
Colin Graves
Freelance Writer
Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.
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