RBC Direct Investing Alternatives

The best alternatives to RBC Direct Investing are

1. Qtrade - Canadian stockbroker
2. Questrade - Canadian stockbroker
3. TD Ameritrade - US-based stockbroker
4. Fidelity - US stockbroker

Let's see in a bit more detail how the RBC Direct Investing alternatives compare to RBC Direct Investing and each other:

Why are these brokers considered good alternatives to RBC Direct Investing? There are many areas based on which RBC Direct Investing can be compared with others. When we say a given online broker is a good alternative to RBC Direct Investing we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

RBC Direct Investing alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• RBC Direct Investing is recommended for investors, including beginners, focusing on the canadian and us markets
• Qtrade is recommended for investors, including beginners, who focus on the canadian and us markets
• Questrade is recommended for traders and investors focusing on the canadian and us markets
• TD Ameritrade is recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
• Fidelity is recommended for investors and traders looking for solid research and great trading platforms

Important factors of finding RBC Direct Investing alternatives

So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether RBC Direct Investing or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts RBC Direct Investing charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than RBC Direct Investing.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at RBC Direct Investing, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given RBC Direct Investing alternative is a must.

Now let's dive into the details of how RBC Direct Investing and its alternatives perform in the most important areas!

Qtrade is a Canadian stockbroker founded in 2000. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Qtrade is considered safe because it has a long track record, offers high-level investor protection and is overseen by a top-tier regulator.

Recommended for investors, including beginners, who focus on the canadian and us markets

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Fees

3.5

Qtrade charges low fees for stocks, ETFs, bonds and mutual funds, but options fees are high and margin rates are average, and there is also a strict inactivity fee.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

4.2

Qtrade has an easy and fully digital account opening process, with no minimum deposit and plenty of account types, but the account verification process is relatively slow.

If you are interested more in Qtrade minimum deposit, this overview will help you.

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Deposit and withdrawal

3.0

Qtrade offers user-friendly and free deposit and withdrawal. Unfortunately, your options for both are quite limited, as you can only use bank transfer.

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Web trading platform

3.5

Qtrade has a basic web trading platform, with solid search, alert and order functions and portfolio reports. However, there's no two-step login, and the design feels outdated.

Learn more about Qtrade's web trading platform in the detailed Qtrade review.

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Markets and products

2.7

Qtrade covers only the Canadian and US markets. You can trade basic asset classes like stocks, ETFs or mutual funds, but forex, futures, CFDs and cryptos are not available.

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Verdict

Qtrade offers competitive stock, ETF, bond, and mutual fund fees. The account opening process is easy and fully digital. Qtrade's education resources are outstanding, with many relevant and useful tools.

Qtrade does, however, have its downsides. The biggest one is its product portfolio, which covers only the US and Canadian markets. Other areas for improvement include missing credit/debit card and e-wallet integration for money transfers, and some bugs in its user interfaces.

Since Qtrade has great trading fees, easy account opening and top-quality educational tools, feel free to give it a try today.

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Questrade, founded in 1999, is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.

Recommended for traders and investors focusing on the canadian and us markets

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Fees

3.6

Questrade has competitive fees for stocks, ETFs, funds and forex trading. However, margin rates are slightly at the higher end.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.5

For Canadian citizens, opening an account at Questrade is easy and fully digital. However, there is a high minimum deposit of $1,000.

If you are interested more in Questrade minimum deposit, this overview will help you.

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Deposit and withdrawal

2.7

Deposits and withdrawals are free and user-friendly with electronic transfer for Canadians. However, the process is expensive for non-Canadians and non-Visa debit cards are not available.

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Web trading platform

3.8

Questrade's web trading platform offers a simple, intuitive design, a wide variety of order types and price alerts. However, its customizability is limited and the fee reports are not clear.

Learn more about Questrade's web trading platform in the detailed Questrade review.

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Markets and products

4.4

At Questrade, you can trade almost all asset classes except futures and cryptos. The product portfolio covers only the US and Canadian markets, though.

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Verdict

Questrade is among the fastest-growing online brokerage firms in Canada. Its stock and ETF fees are low, research tools are advanced and customer service is outstanding.

Questrade has some shortcomings as well. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming if you are not Canadian. You can face high withdrawal fees if you are not a Canadian citizen and there are only USD and CAD as account base currencies.

Since Questrade has advanced research tools and offers great customer service, feel free to give it a try.

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If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.

Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

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Fees

4.2

TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for futures.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.7

TD Ameritrade offers many different account types and there is no minimum deposit for US citizens.

If you are interested more in TD Ameritrade minimum deposit, this overview will help you.

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Deposit and withdrawal

1.9

The account funding is user-friendly with no deposit fees; however, USD is the only available base currency and wire transfers incur a high fee.

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Web trading platform

4.3

TD Ameritrade offers a good web trading platform with a clean design. On the flip side, the platform is not customizable.

Learn more about TD Ameritrade's web trading platform in the detailed TD Ameritrade review.

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Markets and products

3.8

You can trade many asset classes, from stocks to futures and forex, while nice extras include social trading and robo-advisory. On the other hand, only the US market is covered.

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Verdict

TD is one of the biggest US online brokers and it charges no commission on stock and ETF trades.

Research and education are outstanding, the thinkorswim desktop platform is one of the best on the market, and customer service is great.

There are a few drawbacks, most notably high financing (margin) rates, and the fact that credit/debit cards and electronic wallets are not accepted for money transfers. Furthermore, the product portfolio covers only US markets.

We definitely recommend giving TD a try, especially as their education tools include a demo account.

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Fidelity is a US stockbroker founded in 1946. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Fidelity is considered safe because it has a long track record and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for solid research and great trading platforms

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Fees

3.9

Fidelity has low trading and non-trading fees, including commission-free stock trading. On the negative side, margin rates and fees for some mutual funds can be high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.7

Opening an account at Fidelity is easy and there is no minimum deposit. You can also choose from many account types. However, account verification is a bit slow.

If you are interested more in Fidelity minimum deposit, this overview will help you.

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Deposit and withdrawal

3.8

Fidelity offers an exceptionally wide range of base currencies. On the negative side, credit/debit cards are not accepted.

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Web trading platform

4.5

Fidelity's web platform is easy to use, has many order types and provides two-step authentication. On the negative side, it is not customizable.

Learn more about Fidelity's web trading platform in the detailed Fidelity review.

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Markets and products

3.6

Fidelity offers a lot of different trading products, from stocks to options, including international stocks. However, forex and futures trading is not available.

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Verdict

Fidelity is one of the biggest US stockbrokers and is regulated by top-tier authorities.

Fidelity offers commission-free US stocks and ETFs. The trading platforms and research are outstanding, with many tools including trading ideas and detailed fundamental data. The offered range of products includes international stock exchanges in addition to the US market, which is not common among US brokers.

Fidelity has some drawbacks, though. Some mutual funds have high fees, and the margin rates are high as well. You can't trade cryptos or futures.

As it has great research tools, a user-friendly web trading platform, and charges no inactivity fee, feel free to try Fidelity's services.

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RBC Direct Investing is the brokerage division of the Royal Bank of Canada, which was founded in 1864. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

RBC Direct Investing is considered very safe because it has a long track record, is listed on the stock exchange, has a banking background, discloses its financials and is regulated by a top-tier financial authority.

Recommended for investors, including beginners, focusing on the canadian and us markets

Fees

3.5

RBC Direct Investing has no mutual fund fees and low non-trading fees. However, withdrawals are only free for RBC banking clients, while there is also an account fee under a certain account balance.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

Account opening

3.7

RBC Direct Investing has an easy, fully digital and fast account opening, with no minimum deposit. However, account opening for non-RBC bank clients is more complicated.

Learn more about RBC Direct Investing minimum deposit here.

Deposit and withdrawal

2.4

Withdrawals and deposits are free if you have a bank account with RBC. On the other hand, credit/debit cards and electronic wallets are not available and most withdrawal options carry a fee if you are not an RBC bank client.

Web trading platform

2.9

RBC Direct Investing does a great job of covering the basics, and has clear fee reports. On the other hand, there is no two-step login and the design feels outdated.

Learn more about RBC Direct Investing's web trading platform in the detailed RBC Direct Investing review.

Markets and products

2.2

You can trade multiple asset types, but some important ones like forex or CFDs are not available. The offering is also limited to the Canadian and US markets.

Verdict

RBC Direct Investing is regulated by the top-tier IIROC. Its parent company, the Royal Bank of Canada has a banking license and is listed on the stock exchange. It offers an easy, fully digital and fast account opening for clients who already bank with RBC. Education resources are outstanding, providing a lot of relevant and useful tools. Customer service provides fast and relevant answers.

There are some drawbacks, though. The product portfolio covers only the US and Canadian markets, you can't use credit/debit cards or electronic wallets for money transfer, and the mobile app is in desperate need of an update.

Overall, since RBC Direct Investing has great account opening, advanced research and education tools, feel free to give them a try.

Based on our analysis, there are several good alternatives to RBC Direct Investing. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.