MONTREAL 鈥� National Bank says its direct brokerage division will no longer charge commissions for online trades as the competition for retail traders intensifies. 聽
The Montreal-based bank says the elimination of commissions for all online trades on Canadian and U.S. stocks and exchange-traded funds is a first for a direct brokerage linked to a Canadian bank.
Commission-free trading has gained momentum as retail-trader focused Apps like Robinhood in the United States have made it more affordable for casual investors to trade frequently.
In Canada, Wealthsimple Inc. also offers commission-free trading with no minimum account balance.
Claude-Fr茅d茅ric Robert, president of National Bank Direct Brokerage, said in a statement that it was important for the brokerage to respond to the constantly evolving self-directed investing sector.聽
The brokerage previously charged $6.95 per stock trade, or $0.95 for active investors who made more than 100 transactions per quarter, while the commission was already gone for ETF transactions.聽
This report by The Canadian Press was first published August 23, 2021.
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