Why choose RBC Direct Investing
RBC Direct Investing is a Canadian stockbroker regulated by the top-tier Canadian authority CIRO.
It is an established company with a banking background and fast account opening for RBC banking clients. Customer service is reliable and quick via most channels, while education resources are also great, covering a lot of tools, including a demo account. It is a good choice for beginner investors.
RBC Direct Investing's most obvious weakness is its outdated mobile trading app. Also, the product portfolio covers only the US and Canadian markets, and withdrawal and deposit options are limited.
BrokerChooser gave RBC Direct Investing a 3.9/5 rating based on analyzing 600+ criteria and testing via opening a live account.
- Quick, helpful live chat
- Easy account opening in some cases
- High-quality educational tools
Fees
- Low non-trading fees
- No mutual fund trading fee
- No withdrawal fee for RBC clients
We compared RBC Direct Investing's fees with two similar brokers we selected, Qtrade Direct Investing and Questrade. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of RBC Direct Investing alternatives.
Average stock and ETF commission
RBC Direct Investing US stock fees are much higher than the industry average. US stock fees are calculated as follows: CAD 9.95 per trade; CAD 6.95 if you make more than 150 trades per quarter
Broker | US stock |
---|---|
RBC Direct Investing | $7.4 |
Qtrade Direct Investing | $8.8 |
Questrade | $5.0 |
RBC Direct Investing's fee structure is mostly transparent. Stock, ETF and options fees are volume-tiered, and you get a discount after 150 trades per quarter.
Average margin rates
RBC Direct Investing USD margin rate fees are slightly lower than the industry average. USD margin rate fees are calculated as follows: Investment account: 8.75% annual financing rate for CAD accounts, while 9.5% for USD accounts
Broker | USD margin rate |
---|---|
RBC Direct Investing | 9.8% |
Qtrade Direct Investing | 9.8% |
Questrade | 13.0% |
Average options commission
RBC Direct Investing US stock index options fees are higher than the industry average. US stock index options fees are calculated as follows: CAD 9.95 + CAD 1.25 per contract, if you have more than 150 trades per quarter then CAD 6.95 + CAD 1.25 per contract
Broker | US stock index options |
---|---|
RBC Direct Investing | $16.6 |
Qtrade Direct Investing | $21.3 |
Questrade | $20.0 |
No inactivity fee, no withdrawal fee
It charges no inactivity fee and there is no withdrawal fee in some cases. However, there is an account management fee of CAD 25 per quarter if your account balance is below CAD 15,000, and the withdrawal fee can be quite high in certain cases (see below).
Broker | Inactivity fee | Withdrawal fee |
---|---|---|
RBC Direct Investing | $0 | |
Qtrade Direct Investing | $0 | |
Questrade | $0 |
Withdrawal fees vary widely based on whether you have an RBC bank account, which account type you choose and which withdrawal method you use. See the table below for details:
Account type | With RBC bank account | Without RBC bank account |
---|---|---|
Margin, cash, RESP, TFSA accounts | Free | Cheque: CAD 10 Wire: CAD 45 |
RRIF account | Free up to 2 withdrawals, CAD 25 each after | Cheque: CAD 10 Wire: CAD 45 |
RRSP account | CAD 50 plus tax | Cheque: CAD 10 Wire: CAD 95 |
RRSP account under Home Buyer's Plan or Lifelong Learning Plan | CAD 25 plus tax | Cheque: CAD 10 Wire: CAD 95 |
Other commissions and fees
Low mutual fund commission: trading mutual funds involves the following charges - No fee.
Low bond commission: US treasury bonds come with the following charges - Commission is included in the quoted price. Minimum commission: CAD 25 per transaction. Maximum commission: CAD 250 per transaction..
Broker | Mutual fund | US micro e-mini stock index futures |
---|---|---|
RBC Direct Investing | $0.0 | - |
Qtrade Direct Investing | $6.5 | - |
Questrade | $10.0 | - |
Safety
- Majority of clients belong to a top-tier financial authority
- High level of investor protection
- Banking background
Deposit and withdrawal
- No deposit fee
- User-friendly
- Free withdrawal for clients with RBC bank account
Account opening
- Fully digital
- No minimum deposit
Mobile app
- Touch/Face ID login
Web trading platform
- Clear fee report
- Price alerts