Things to consider
There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.
A beginner-friendly broker should have:
- an excellent web and mobile trading platform
- low fees
- great educational tools
- good customer service
- an easy account opening process
- low minimum deposit
Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.
More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.
This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.
In this article we’ll check whether RBC Direct Investing is the right choice for a starting trader.
Is RBC Direct Investing good for beginners
Is RBC Direct Investing good for beginners?
Based on our scoring methodology, RBC Direct Investing is a broker that we can recommend for beginners.
Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.
- 💻 RBC Direct Investing's web platform has some good things to offer: Clear fee report. Price alerts. However, some things may not be suitable for beginners. Areas of improvement: No two-step (safer) login. Limited customizability (for charts, workspace). Outdated design.
- 📱 Sadly, RBC Direct Investing's mobile platform is not its strongest side, but there are a few positive aspects to it: Touch/Face ID login. On the other hand, there are some things that could be improved: Not user-friendly. No price alerts. Bugs.
- 🕖 Account opening: Fully digital. No minimum deposit. When it comes to the actual process however, there are more seamless experiences at other brokers that RBC Direct Investing could look to as an example. Areas of improvement: Account opening complicated for non-RBC bank account holders.
- 📚 Demo account. Trading platform tutorial. Educational videos. However, RBC Direct Investing's education materials could be improved.Areas of improvement: No webinars.
- 📞 When you need help, one thing you should have immediate access to is customer service. RBC Direct Investing's customer service generally scored well on these points: Phone support. Live chat. Relevant answers.
- 💰 Low minimum deposits and low-cost transactions are attractive for new traders. RBC Direct Investing's deposit and withdrawal processes have some good things to offer: No deposit fee. User-friendly. Free withdrawal for clients with RBC bank account. Nevertheless, its services could be improved in other areas: Credit/Debit card not available. Fewer withdrawal and deposit options for non-RBC clients.
Is RBC Direct Investing good for beginners
Overview of RBC Direct Investing's services
Let’s take an overall look at how RBC Direct Investing compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.
| RBC Direct Investing | Qtrade Direct Investing | Questrade | |
|---|---|---|---|
| Web platform score | 2.9 stars | 3.5 stars | 3.8 stars |
| Mobile platform score | 0.7 stars | 3.0 stars | 4.8 stars |
| Fees | Low | Average | Average |
| Account opening score | 3.7 stars | 4.2 stars | 3.5 stars |
| Education score | 4.0 stars | 4.0 stars | 4.0 stars |
| Customer service score | 5.0 stars | 2.3 stars | 5.0 stars |
| Deposit and withdrawal score | 2.4 stars | 3.0 stars | 2.7 stars |
If you wish to read more about RBC Direct Investing, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.
Is RBC Direct Investing good for beginners
Is RBC Direct Investing legit?
We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, RBC Direct Investing is a legit and trusted broker.
If you’d like to know more, check out our deeper dive into RBC Direct Investing's legitimacy.
Is RBC Direct Investing good for beginners
Where can I find more information?
If RBC Direct Investing is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2023 for some alternatives.
Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.
For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.
We have also written a few materials that focus on recent events in the news, like what a short squeeze is.
We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!
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