The best alternatives to RBC Direct Investing are
- Questrade - Canadian stockbroker
- Qtrade - Canadian stockbroker
- Interactive Brokers - US discount broker
- Tradestation - US stockbroker
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 | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| Overall score | 4.1 | 4.5 | 4.3 | 4.9 | 4.7 |
| Fees score | 3.2 stars | 3.2 stars | 3.6 stars | 4.3 stars | 4.3 stars |
| Account opening score | 3.9 stars | 3.8 stars | 4.4 stars | 3.4 stars | 5.0 stars |
| Deposit and withdrawal score | 2.4 stars | 2.7 stars | 3.0 stars | 2.5 stars | 1.8 stars |
| Web platform score | 2.9 stars | 3.3 stars | 3.0 stars | 4.3 stars | 4.5 stars |
| Markets and products score | 2.3 stars | 3.6 stars | 2.3 stars | 5.0 stars | 2.7 stars |
| Visit broker | 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, who focus on the canadian and us markets
- Questrade is recommended for traders and investors focusing on the canadian and us markets
- Qtrade is recommended for investors, including beginners, who focus on the canadian and us markets
- Interactive Brokers is recommended for traders looking for low fees and a professional trading environment
- Tradestation is recommended for traders focusing on us markets and buy-and-hold investing
Important factors of finding RBC Direct Investing alternatives
So far BrokerChooser has reviewed 63 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
RBC Direct Investing
RBC Direct Investing is a division of the Royal Bank of Canada which was founded in 1864 and is a Canadian discount stockbroker. 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 regulator.
Recommended for investors, including beginners, who focus on the canadian and us markets
| Pros | Cons |
|---|---|
| • Quick, relevant 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. As long as you are an RBC banking client you don't have a withdrawal fee either. On the negative side, the options fees are high and an account fee is charged if you have an account balance less than CAD 15,000.
| Pros | Cons |
|---|---|
| • Low non-trading fees | • Quarterly account fee |
| • No withdrawal fee | • High Non-RBC Client Withdrawal Fee |
| • No mutual fund trading fee |
| RBC Direct Investing | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| US stock | $7.5 | $5.0 | $6.6 | $1.0 | $1.0 |
| UK stock | - | - | - | $7.2 | - |
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. There is no minimum deposit and you can choose from a lot of individual account types.
| Pros | Cons |
|---|---|
| • Fully digital | • Account opening is a bit complicated for non-RBC bank account holders |
| • No minimum deposit | |
| • No minimum deposit |
| RBC Direct Investing | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $1,000 | $0 | $0 | $500 |
| Time to open account | 1-3 days | 1 day | 1-3 days | 1-3 days | 1 day |
Learn more about RBC Direct Investing minimum deposit here.
Deposit and withdrawal
There are no withdrawal or deposit fees at RBC Direct Investing which is definitely a plus. On the other hand, you can't use credit/debit cards or electronic wallets and most withdrawal options are charged if you are not yet an RBC banking client.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Less withdrawal and deposit options if not a client of RBC bank. |
| • User-friendly |
| RBC Direct Investing | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | Yes | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $35 |
Web trading platform
RBC Direct Investing does a great job of covering the basics, clear fee and portfolio reports are also very useful. On the other hand they do not offer a two-step login yet and the design feels outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Price alerts | • Limited customizability (for charts, workspace) |
| RBC Direct Investing | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | 2.9 stars | 3.3 stars | 3.0 stars | 4.3 stars | 4.5 stars |
| Mobile platform score | 0.7 stars | 4.3 stars | 2.5 stars | 3.5 stars | 4.8 stars |
| Desktop platform score | - | 4.3 stars | - | 3.0 stars | 2.5 stars |
Learn more about RBC Direct Investing's web trading platform in the detailed RBC Direct Investing review.
Markets and products
You can trade with multiple asset classes but some important ones like forex or CFDs are still missing. The offering is also limited to the Canadian and US markets.
| RBC Direct Investing | Questrade | Qtrade | Interactive Brokers | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | No | Yes | No | Yes | No |
| Fund | Yes | Yes | Yes | Yes | Yes |
| Bond | Yes | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | No | No | No | Yes | Yes |
| CFD | No | Yes | No | Yes | No |
| 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 listed on NYSE and TSX stock exchanges. It offers an easy, fully digital, and fast account opening for clients who already bank with RBC. The education resources are outstanding, they provide a lot of relevant and useful tools. Customer service gives fast and relevant answers.
It does have its downfalls, too. 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 today.
| RBC Direct Investing | |
|---|---|
| Summary | RBC Direct Investing is a Canadian stockbroker regulated by the top-tier IIROC. |
| Fees score | 3.2 stars |
| Recommended for | Investors, including beginners, who focus on the Canadian and US markets |
RBC Direct Investing alternatives
Questrade
Questrade was founded in 1999 and it 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 |
|---|---|
| • Solid research tools | • Slow account opening process for international customers |
| • Great desktop trading platform | • High inactivity fee |
| • Superb customer service | • High withdrawal fee for non-Canadians |
Fees
Questrade asset fees for stocks, ETF's, and funds are competitively low. On the other hand, it charges a high inactivity fee, $24.95 per quarter.
| Pros | Cons |
|---|---|
| • Low stock and ETF fees | • Inactivity fee |
| • Low fund fees | |
| • No withdrawal fee inside Canada |
| Questrade | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $10.1 | $15.1 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | $17.5 | - |
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, the account opening at Questrade is easy and fully digital. On the other hand, you'll need to start with a high 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 with EFT for Canadians and the process is user-friendly. Credit/debit cards are not available. Funding & withdrawals are expensive for non-Canadian citizens..
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Slow withdrawal - over 3 days |
| • User-friendly | • High fee for wire withdrawals |
| • Few base currencies |
| 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. On the flip side, its customizability is limited, a two-step login process is not available and it doesn't offer a clear fee report.
| Pros | Cons |
|---|---|
| • User-friendly | • No clear fee report available |
| • Good variety of order types | • No two-step (safer) login |
| • Price alerts | • Limited customizability (for charts, workspace) |
| Questrade | RBC Direct Investing | |
|---|---|---|
| Web platform score | 3.3 stars | 2.9 stars |
| Mobile platform score | 4.3 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 with almost all asset classes, except futures and cryptocurrency. The product portfolio covers only the US and Canadian markets. though.
| Questrade | RBC Direct Investing | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | No |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFD | Yes | No |
| Crypto | No | No |
Verdict
Questrade is the fastest growing online brokerage firm in Canada and for a good reason.
Their customer service is outstanding, they provide relevant information in a quick manner and the research tools are advanced. The desktop trading platform offers a lot of tools and it is user-friendly.
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. It charges a high inactivity fee for accounts with $5,000 or less if no trades are made for a quarter year. Lastly, you can face high withdrawal fees if you yre not a Canadian citizen.
Since Questrade has a solid background, advanced research tools, a wonderful trading platform and offers excellent 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 | 3.2 stars |
| Recommended for | Traders and investors focusing on the Canadian and US markets |
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RBC Direct Investing alternatives
Qtrade
Qtrade was founded in 2000 and it is a Canadian stockbroker. It's 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 regulated by a top-tier regulator.
Recommended for investors, including beginners, who focus on the canadian and us markets
| Pros | Cons |
|---|---|
| • Great customer service | • Only Canadian and US markets covered |
| • Easy account opening | • Mobile and web platform are outdated |
| • Solid educational tools | • Credit/debit cards and electronic wallets are not provided |
Fees
Qtrade offers low fees for stocks, ETF, bond, and mutual fund. There is no inactivity fee as well. The downside is that they charge a maintenance fee of CAD $25 per quarter and the fees for options are quite high.
| Pros | Cons |
|---|---|
| • Low non-trading fees | • High options fees |
| • Low stock and ETF fees | • CAD 25 per quarter account fee |
| • ~100 free ETFs | |
| • No mutual fund fees |
| Qtrade | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $13.3 | $15.1 |
| 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 has an easy and fully digital account opening process. There is no minimum deposit and you can choose from many account types. However, the account opening and verification takes a bit longer, 2-3 business days.
| Pros | Cons |
|---|---|
| • Fully digital | • 2-3 business days account opening |
| • No minimum deposit | • Only available to clients with valid Canadian SIN |
| • Many account types |
| Qtrade | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Qtrade minimum deposit, this overview will help you.
Deposit and withdrawal
Qtrade offers user-friendly and free deposit and withdrawal. Unfortunately, limited methods of withdrawing and depositing can be a problem for some.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Electronic wallets not available |
| • User-friendly |
| Qtrade | RBC Direct Investing | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Qtrade brings you a basic and tradition trading platform. Their alert system sending you price alerts and order confirmations are necessities for some while having clear fees and portfolio reports are also very useful. However, they do not offer a two-step login and the design looks and feels outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good search function | • Limited customizability (for charts, workspace) |
| • Good variety of order types |
| Qtrade | RBC Direct Investing | |
|---|---|---|
| Web platform score | 3.0 stars | 2.9 stars |
| Mobile platform score | 2.5 stars | 0.7 stars |
| Desktop platform score | - | - |
Learn more about Qtrade's web trading platform in the detailed Qtrade review.
Markets and products
Qtrade's product offer covers only the Canadian and US markets. You can trade with basic asset classes like stocks, ETFs, mutual funds, etc. On the other, forex, futures, CFD, and crypto asset classes are missing.
| Qtrade | RBC Direct Investing | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | No |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFD | No | No |
| Crypto | No | No |
Verdict
Qtrade offers competitive stock, ETF, bond, and mutual fund fees. The account opening is easy and fully digital. The education resources are outstanding, they provide a lot of relevant and useful tools.
Qtrade does, however, have its downfalls. The biggest downfall is its product portfolio which covers only the US and Canadian markets. Other things that can be improved are missing credit/debit cards/ electronic wallets for money transfers and some bugs in its user interface.
Since Qtrade provides great trading fees, easy account opening, and top-quality educational tools, feel free to give them a try today.
| Qtrade | |
|---|---|
| Summary | Qtrade is a Canadian stockbroker regulated by the top-tier IIROC. |
| Fees score | 3.6 stars |
| Recommended for | Investors, including beginners, who focus on the Canadian and US markets |
RBC Direct Investing alternatives
Interactive Brokers
Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. 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).
As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.
Recommended for traders looking for low fees and a professional trading environment
| Pros | Cons |
|---|---|
| • Wide range of products | • Extremely complex desktop trading platform |
| • Many great research tools | • Complicated account opening process |
| • Regulated by several authorities | • High inactivity fee |
Fees
Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • Low stock and ETF fees | |
| • Low financing rate | |
| • Free stock and ETF trading for US clients |
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $2.2 | $15.1 |
| Vodafone benchmark fee | $14.9 | - |
| EURUSD benchmark fee | $17.9 | - |
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 online registration is complicated and account verification takes around 2 business days.
| Pros | Cons |
|---|---|
| • Fully digital | • Not user-friendly |
| • No minimum deposit for most accounts types | • Confusing messages throughout the process |
| 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 many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • First withdrawal each month free |
| 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
Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Web platform score | 4.3 stars | 2.9 stars |
| Mobile platform score | 3.5 stars | 0.7 stars |
| Desktop platform score | 3.0 stars | - |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
| Interactive Brokers | RBC Direct Investing | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | No |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | No |
| CFD | Yes | No |
| Crypto | Yes | No |
Verdict
Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.
On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs.
There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.
If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be 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 | 4.3 stars |
| Recommended for | Traders looking for low fees and a professional trading environment |
RBC Direct Investing alternatives
Tradestation
Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.
Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.
Recommended for traders focusing on us markets and buy-and-hold investing
| Pros | Cons |
|---|---|
| • Great web and mobile trading platform | • Not user-friendly deposit and withdrawal |
| • Low stock and ETF fees | • No forex trading |
| • High-quality educational tools | • Poor customer service |
Fees
Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.
| Pros | Cons |
|---|---|
| • Low trading fees | • High non-trading fees |
| • Low stock and ETF fees | • Withdrawal fee |
| • Multiple fee structures to choose from |
| Tradestation | RBC Direct Investing | |
|---|---|---|
| Apple benchmark fee | $2.2 | $15.1 |
| 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
Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.
| Pros | Cons |
|---|---|
| • Fast | • $500 minimum deposit |
| • Fully digital | • Multiple base currencies only for futures accounts |
| • User-friendly |
| Tradestation | RBC Direct Investing | |
|---|---|---|
| Minimum deposit | $500 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in Tradestation minimum deposit, this overview will help you.
Deposit and withdrawal
Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and withdrawal through wire transfer is fast.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • High withdrawal fee |
| • Quick deposit and withdrawal - within 3 days |
| Tradestation | RBC Direct Investing | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $35 | $0 |
Web trading platform
Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Two-step (safer) login |
| Tradestation | RBC Direct Investing | |
|---|---|---|
| Web platform score | 4.5 stars | 2.9 stars |
| Mobile platform score | 4.8 stars | 0.7 stars |
| Desktop platform score | 2.5 stars | - |
Learn more about Tradestation's web trading platform in the detailed Tradestation review.
Markets and products
Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Also, forex and CFDs are missing.
| Tradestation | RBC Direct Investing | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | No |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | No |
| CFD | No | No |
| Crypto | Yes | No |
Verdict
Tradestation is a great US broker.
The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. Lastly, education is well-structured and high-quality.
On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. There is no forex trading, and the customer service is of poor quality.
Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.
| Tradestation | |
|---|---|
| Summary | TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body. |
| Fees score | 4.3 stars |
| Recommended for | Traders focusing on US markets and buy-and-hold investing |
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, who focus on the Canadian and US markets |
| Questrade | Canadian stockbroker | Traders and investors focusing on the Canadian and US markets |
| Qtrade | Canadian stockbroker | Investors, including beginners, who focus on the Canadian and US markets |
| Interactive Brokers | US discount broker | Traders looking for low fees and a professional trading environment |
| Tradestation | US stockbroker | Traders focusing on US markets and buy-and-hold investing |
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