The best alternatives to RBC Direct Investing are
- Qtrade Direct Investing - Canadian stockbroker
- Questrade - Canadian stockbroker
- TD Ameritrade - US-based stockbroker
- Interactive Brokers - International broker providing all asset classes
Let's see in a bit more detail how the RBC Direct Investing alternatives compare to RBC Direct Investing and each other:
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| Overall score | 4.1 stars | 4.2 stars | 4.5 stars | 4.9 stars | 4.9 stars |
| Fees score | 3.5 stars | 3.3 stars | 3.4 stars | 4.1 stars | 4.5 stars |
| Account opening score | 3.7 stars | 4.2 stars | 3.5 stars | 4.0 stars | 3.2 stars |
| Deposit and withdrawal score | 2.4 stars | 3.0 stars | 2.7 stars | 2.2 stars | 3.0 stars |
| Web platform score | 2.9 stars | 3.5 stars | 3.8 stars | 4.3 stars | 3.8 stars |
| Markets and products score | 2.4 stars | 2.9 stars | 4.5 stars | 3.9 stars | 5.0 stars |
| Visit broker | Visit broker | Visit broker | Visit broker |
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.
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 Direct Investing 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
- Interactive Brokers is recommended for traders looking for broad market access and a professional trading environment
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!
RBC Direct Investing alternatives
Qtrade Direct Investing
Qtrade Direct Investing is a Canadian online stockbroker founded in 2000. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Qtrade Direct Investing 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
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• Only Canadian and US markets covered
|
|
• Easy account opening
|
• High trading fees for some products
|
|
• Solid educational tools
|
• Credit/debit cards, e-wallets not accepted
|
Fees
Qtrade Direct Investing charges low fees for stocks, ETFs, bonds and mutual funds, but options fees and margin rates are high, and there is also an inactivity fee.
| Pros | Cons |
|---|---|
|
• Low stock and ETF fees / Free stock trading
|
• Inactivity fee
|
|
• Low fund fees
|
• High margin rates for stock trading
|
|
• Low stock and ETF fees
|
• High options fees and margin rates
|
|
• Trade 100+ ETFs commission-free
|
|
|
• No mutual fund fees
|
|
| Qtrade Direct Investing | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $17.8 | $15.0 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark 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
Account opening
Qtrade Direct Investing has an easy and fully digital account opening process, with no minimum deposit and plenty of account types.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Only available to clients with valid Canadian SIN
|
|
• No minimum deposit
|
|
|
• Many account types
|
|
| Qtrade Direct Investing | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Qtrade Direct Investing minimum deposit, this overview will help you.
Deposit and withdrawal
Qtrade Direct Investing offers user-friendly and free deposit and withdrawal. Unfortunately, your options for both are quite limited, as you can only use bank transfer.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
• Electronic wallets not accepted
|
|
• User-friendly
|
|
| Qtrade Direct Investing | RBC Direct Investing | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Qtrade Direct Investing has rebranded its web trading platform, which has solid search, alert and order functions and portfolio reports. A safer, two-step login is now also available.
| Pros | Cons |
|---|---|
|
• Clear fee report
|
• Limited customizability (for charts, workspace)
|
|
• Two-step (safer) login
|
|
|
• Good search function
|
|
| Qtrade Direct Investing | RBC Direct Investing | |
|---|---|---|
| Web platform score | 3.5 stars | 2.9 stars |
| Mobile platform score | 3.0 stars | 0.7 stars |
| Desktop platform score | - | - |
Learn more about Qtrade Direct Investing's web trading platform in the detailed Qtrade Direct Investing review.
Markets and products
Qtrade Direct Investing 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.
| Qtrade Direct Investing | RBC Direct Investing | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | No | No |
| Crypto | No | No |
Verdict
Qtrade Direct Investing offers competitive stock, ETF, bond and mutual fund fees. The account opening process is easy and fully digital. Qtrade Direct Investing's education resources are outstanding, with many relevant and useful tools.
Qtrade Direct Investing 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 Direct Investing has great trading fees, easy account opening and top-quality educational tools, feel free to give it a try today.
| Qtrade Direct Investing | |
|---|---|
| Summary | Qtrade is a Canadian stockbroker regulated by the top-tier IIROC. |
| Fees score | 3.3 stars |
| Recommended for | Investors, including beginners, who focus on the Canadian and US markets |
RBC Direct Investing alternatives
Questrade
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
| Pros | Cons |
|---|---|
|
• Low stock and ETF fees
|
• Slow account opening for non-Canadians
|
|
• Solid research tools
|
• High withdrawal fee for non-Canadians
|
|
• Superb customer service
|
• Limited account base currencies
|
Fees
Questrade has competitive fees for stocks, ETFs, and funds. However, margin rates are at the higher end.
| Pros | Cons |
|---|---|
|
• Low non-trading fees
|
• High margin rates
|
|
• Low stock and ETF fees / Free stock trading
|
|
|
• Low fund fees
|
|
| Questrade | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $10.2 | $15.0 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | $17.2 | - |
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
Account opening
For Canadian citizens, opening an account at Questrade is easy and fully digital. However, there is a high minimum deposit of $1,000.
| Pros | Cons |
|---|---|
|
• Fast
|
• Minimum deposit is higher than $500
|
|
• Fully digital
|
• Complicated for non-Canadians
|
|
• User-friendly
|
|
| Questrade | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $1,000 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in Questrade minimum deposit, this overview will help you.
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Slow withdrawal - over 3 days
|
|
• No deposit fee
|
• High fee for wire withdrawals
|
|
• User-friendly
|
• Non-Visa debit card not available
|
| Questrade | RBC Direct Investing | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | Yes | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
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.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• No clear fee report available
|
|
• Good variety of order types
|
• Limited customizability (for charts, workspace)
|
|
• Price alerts
|
|
| Questrade | RBC Direct Investing | |
|---|---|---|
| Web platform score | 3.8 stars | 2.9 stars |
| Mobile platform score | 4.8 stars | 0.7 stars |
| Desktop platform score | 4.3 stars | - |
Learn more about Questrade's web trading platform in the detailed Questrade review.
Markets and products
At Questrade, you can trade almost all asset classes except futures and cryptos. The product portfolio covers only the US and Canadian markets, though.
| Questrade | RBC Direct Investing | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | Yes | No |
| Crypto | No | No |
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.
| Questrade | |
|---|---|
| Summary | Questrade is a Canadian online brokerage firm. Questrade is a member of Canadian self-regulatory industry body IIROC and the Canadian Investor Protection Fund (CIPF). |
| Fees score | 3.4 stars |
| Recommended for | Traders and investors focusing on the Canadian and US markets |
RBC Direct Investing alternatives
TD Ameritrade
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
| Pros | Cons |
|---|---|
|
• Low trading fees (free stock and ETF trading)
|
• You can trade only on US markets
|
|
• Superb desktop trading platform
|
• Accounts mostly limited to US residents
|
|
• Great customer support
|
• No credit/debit cards and electronic wallets for money transfer
|
Fees
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 non-free funds and futures.
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• High fund fees
|
|
• Low non-trading fees
|
|
|
• Free stocks and ETFs
|
|
| TD Ameritrade | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $0.3 | $15.0 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | $15.1 | - |
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
Account opening
TD Ameritrade offers many different account types and there is no minimum deposit for US citizens.
| Pros | Cons |
|---|---|
|
• Fully digital
|
None |
|
• No minimum deposit
|
|
|
• Many account types
|
|
| TD Ameritrade | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in TD Ameritrade minimum deposit, this overview will help you.
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
• Only one account base currency
|
|
• User-friendly
|
• High withdrawal fee for wire transfers
|
| TD Ameritrade | RBC Direct Investing | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
TD Ameritrade offers a good web trading platform with a clean design. On the flip side, the platform is not customizable.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Two-step (safer) login
|
|
|
• Good variety of order types
|
|
| TD Ameritrade | RBC Direct Investing | |
|---|---|---|
| Web platform score | 4.3 stars | 2.9 stars |
| Mobile platform score | 4.8 stars | 0.7 stars |
| Desktop platform score | 4.5 stars | - |
Learn more about TD Ameritrade's web trading platform in the detailed TD Ameritrade review.
Markets and products
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.
| TD Ameritrade | RBC Direct Investing | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | No |
| CFDs | No | No |
| Crypto | Yes | No |
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.
| TD Ameritrade | |
|---|---|
| Summary | TD Ameritrade is a US stockbroker regulated by top-tier authorities SEC and FINRA. The company is listed on NASDAQ and has a banking background as part of the TD Group. The brokerage was acquired by Charles Schwab Corporation in 2020. Client account conversion is expected between April and September of 2023. |
| Fees score | 4.1 stars |
| Recommended for | Investors and traders looking for solid research and a well-equipped desktop trading platform |
RBC Direct Investing alternatives
Interactive Brokers
Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Given that the broker has licenses from multiple top-tier regulators, has a long track record and publicly disclosed financials while being listed on a stock exchange; it all points towards IB being a safe service provider.
Interactive Brokers recently launched a new app for global stock trading:. GlobalTrader is a simple platform where you can trade stocks and ETFs. If you are looking to trade only those two assets, GlobalTrader is the solution for you, since you will not get distracted with the other unnecessary information about other asset classes. In addition, you will have a more convenient time navigating through its simple user interface. It is also easier and quicker to create a GlobalTrader account than to create an Interactive Brokers account. Read our review of IBKR GlobalTrader
In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.
Recommended for traders looking for broad market access and a professional trading environment
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• Complicated account opening process
|
|
• Wide range of products
|
• Complex desktop trading platform
|
|
• Many great research tools
|
• Understaffed customer service
|
Fees
Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.
| Pros | Cons |
|---|---|
|
• Low trading fees
|
None |
|
• Free stock and ETF trading for US clients
|
|
|
• Low margin rates
|
|
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $2.3 | $15.0 |
| Vodafone benchmark fee | $7.6 | - |
| EURUSD benchmark fee | $14.7 | - |
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
Account opening
IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated and account verification takes relatively long.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Not user-friendly
|
|
• No minimum deposit for most account types
|
|
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Interactive Brokers minimum deposit, this overview will help you.
Deposit and withdrawal
Interactive Brokers offers several account base currencies and one free withdrawal per month. The main drawback is that you can only use bank transfer.
| Pros | Cons |
|---|---|
|
• No deposit fee
|
• Credit/Debit card not available
|
|
• Several account base currencies
|
|
|
• First withdrawal free each month
|
|
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
The Interactive Brokers web platform is simple and easy to use, even for beginners, however there are some minor but annoying glitches.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• User experience could be better
|
|
• Clear fee report
|
|
|
• Two-step (safer) login
|
|
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Web platform score | 3.8 stars | 2.9 stars |
| Mobile platform score | 3.5 stars | 0.7 stars |
| Desktop platform score | 3.8 stars | - |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products
At Interactive Brokers, you have access to an extremely wide range of markets and all product types are available.
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | No |
| CFDs | Yes | No |
| Crypto | Yes | No |
Verdict
Interactive Brokers is one of the biggest US-based lowest spread brokers, regulated by several top-tier regulators globally. We recommend this broker both for advanced traders and for everyday investors who want to have access to many stock markets.
On the plus side, IB offers very low fees, a vast range of markets and products, and diverse research tools.
There are some drawbacks, however. We weren't satisfied with the quality of the customer service and the account opening process is complicated. Unlike the web and mobile platforms, the desktop platform is complex and hard to get a handle on, especially for beginners.
If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers is a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.5 stars |
| Recommended for | Traders looking for broad market access and a professional trading environment |
RBC Direct Investing alternatives
RBC Direct Investing
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
| Pros | Cons |
|---|---|
|
• Quick, useful customer service
|
• Only US and Canadian markets covered
|
|
• Easy account opening in some cases
|
• Lack of withdrawal/deposit options
|
|
• High-quality educational tools
|
• Outdated mobile trading platform
|
Fees
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.
| Pros | Cons |
|---|---|
|
• Low non-trading fees
|
• Quarterly account fee
|
|
• Low stock and ETF fees / Free stock trading
|
• High withdrawal fee for non-RBC clients
|
|
• Low fund fees
|
|
|
• No mutual fund trading fee
|
|
|
• No withdrawal fee for RBC clients
|
|
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| US stock | $7.4 | $8.8 | $5.0 | $0.0 | $1.0 |
| UK stock | - | - | - | - | $3.4 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
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.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Account opening complicated for non-RBC bank account holders
|
|
• No minimum deposit
|
|
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $1,000 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1-3 days | 1-3 days |
Learn more about RBC Direct Investing minimum deposit here.
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
|
• No deposit fee
|
• Credit/Debit card not available
|
|
• User-friendly
|
• Fewer withdrawal and deposit options for non-RBC clients
|
|
• Free withdrawal for clients with RBC bank account
|
|
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Web trading platform
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.
| Pros | Cons |
|---|---|
|
• Clear fee report
|
• No two-step (safer) login
|
|
• Price alerts
|
• Limited customizability (for charts, workspace)
|
|
|
• Outdated design
|
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| Web platform score | 2.9 stars | 3.5 stars | 3.8 stars | 4.3 stars | 3.8 stars |
| Mobile platform score | 0.7 stars | 3.0 stars | 4.8 stars | 4.8 stars | 3.5 stars |
| Desktop platform score | - | - | 4.3 stars | 4.5 stars | 3.8 stars |
Learn more about RBC Direct Investing's web trading platform in the detailed RBC Direct Investing review.
Markets and products
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.
| RBC Direct Investing | Qtrade Direct Investing | Questrade | TD Ameritrade | Interactive Brokers | |
|---|---|---|---|---|---|
| Stocks | Yes | Yes | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | Yes |
| Funds | Yes | Yes | Yes | Yes | Yes |
| Bonds | Yes | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | No | No | No | Yes | Yes |
| CFDs | No | No | Yes | No | Yes |
| Crypto | No | No | No | Yes | Yes |
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 transfers, 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.
| RBC Direct Investing | |
|---|---|
| Summary | RBC Direct Investing is a Canadian stockbroker regulated by the top-tier IIROC. |
| Fees score | 3.5 stars |
| Recommended for | Investors, including beginners, focusing on the Canadian and US markets |
RBC Direct Investing alternatives
Bottom line
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.
| Broker | Info | Recommended for |
|---|---|---|
| RBC Direct Investing | Canadian discount stockbroker | Investors, including beginners, focusing on the Canadian and US markets |
| Qtrade Direct Investing | Canadian stockbroker | Investors, including beginners, who focus on the Canadian and US markets |
| Questrade | Canadian stockbroker | Traders and investors focusing on the Canadian and US markets |
| TD Ameritrade | US-based stockbroker | Investors and traders looking for solid research and a well-equipped desktop trading platform |
| Interactive Brokers | International broker providing all asset classes | Traders looking for broad market access and a professional trading environment |
Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.
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