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Mailing Address
200 Bay Street, North Tower
P.O. Box 75
Toronto, ON
M5J 2Z5
https://www.rbcdirectinvesting.com/–>
Phone: 1-800-769-2560, option 4
Customer Service Hours: Mon to Fri 7am to 8pm ET
RBC Direct Investing Review
Updated on: Jun 1, 2020
RBC Direct Investing has been working towards improving the functionality, pricing and features of their online trading platform. Early in 2014, they caused a major pricing shift among Canadian discount brokerages by lowering their standard commission pricing to $9.95 per trade.
As a bank-owned brokerage, RBC Direct Investing offers the convenience of being able to manage multiple financial products via the RBC online platform. The integration with holders of certain RBC banking plans may enable certain client to be exempt from paying certain account fees at RBC Direct Investing.
Another feature about RBC Direct Investing that makes it stand out from its bank-owned online brokerage peers is the community feature. The community section allows comparison with other investors, provides educational support and it contains a moderated forum for asking questions to the community or RBC Direct Investing.
RBC Direct Investing has been working towards improving the functionality, pricing and features of their online trading platform. Early in 2014, they caused a major pricing shift among Canadian discount brokerages by lowering their standard commission pricing to $9.95 per trade.
As a bank-owned brokerage, RBC Direct Investing offers the convenience of being able to manage multiple financial products via the RBC online platform. The integration with holders of certain RBC banking plans may enable certain client to be exempt from paying certain account fees at RBC Direct Investing.
Another feature about RBC Direct Investing that makes it stand out from its bank-owned online brokerage peers is the community feature. The community section allows comparison with other investors, provides educational support and it contains a moderated forum for asking questions to the community or RBC Direct Investing.
Quick Info
| Standard Equity Commission | $9.95 |
| Best Commission Price | $6.95 |
| Minimum to Open Account | Not Required |
| Maintenance/Inactivity Fees | $25/quarter |
| Commission Free ETFs | No |
| Student Pricing Offer | Yes |
| Account Types Offered | Funding Requirements and Fees | Registered Account Types and Fees | ||||
|---|---|---|---|---|---|---|
| TFSA |  | Minimum Opening Balance | Not Required | TFSA | Annual Charge | $0 |
| RRSP | | Minimum Account Balance | Not Required | Transfer Out | $135 | |
| RESP | | Minimum Balance for Best or Discounted Commission | Not Required | Withdrawals | $0 | |
| Cash | | Minimum Commission per Equity Trade | $6.95 | US Dollar Account | |
|
| Margin Short | | Maximum Commission per Equity Trade | $9.95 | RRSP | Annual Charge | $100 (if total of all RBC Direct Investing Accounts <$15 000) ($25 per quarter) |
| Margin Options | | Minimum Trades per Quarter for Best Commission Rate | 150 | Transfer Out | $135 | |
| CIPF Member | | Inactivity or Maintenance Fees | $25/quarter | US Dollar Account | |
|
| Conditions for Inactivity/Maintenance Fees | if total assets in all RBC Direct Investing accounts is < $15 000; if < 3 trades made in quarter across all RBC Direct Investing accounts; if no PAC for combined $100/month. For more details click here: | RESP | Annual Charge | $100 (if total of all RBC Direct Investing Accounts <$15 000) ($25 per quarter) | ||
| Transfer Out | $135 | |||||
| US Dollar Account |  |
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| Last updated: Mar. 9, 2016 | ||||||
Pricing & Fees
Commission pricing at RBC Direct Investing has become much simpler to understand. The standard equity commission for online trading is now $9.95 per trade regardless of account size or trading activity.For very active traders, in this case clients that make 150 or more trades per quarter, the price per trade drops to $6.95. Options trading is also possible via RBC Direct Investing with the cost per trade at $9.95 + $1.25 per contract. Again, active traders (150+ trades per quarter) benefit from reduced pricing of $6.95 +$1.25 per contract.
One of the important points to note is that there is a quarterly fee (called an “Inactivity Fee”) charged to those with balances under $15,000 and there are also several ways to have this fee waived. Clients who deposit at least $100 per month in their RBC Direct Investing account as part of a pre-authorized contribution plan, those who make at least 3 commission-generating trades per quarter, those who have a group RRSP with RBC Direct Investing, those who qualify for the RBC Direct Investing Royal Circle program as well as those who are current student banking package holders (or have been in the past 5 years) and clients who have an RBC VIP banking package can all have their quarterly inactivity fee waived.
Account Types
The account types offered by RBC Direct Investing are similar to many of their peers and can be generally categorized as non-registered and registered. In terms of non-registered accounts, RBC Direct Investing offers cash and margin accounts and registered accounts include TFSAs, RRSPs, RESPs, and RRIFs. With the exception of RESP accounts, all other accounts are dual currency meaning that if you trade in US equities or US dollars there is no required conversion between Canadian and US currency. For registered accounts you cannot use margin or short stocks. Options trading in registered accounts is limited to buying and selling options and writing of covered calls.
Although it is not a ‘live’ account, RBC Direct Investing also offers practice accounts to RBC (as well as RBC Direct Investing) clients. The accounts are funded with $100,000 in practice money and individuals can use a cash, margin or RSP configuration to practice with.
Platform/Data
RBC Direct Investing uses a web browser based platform to execute trades as well as conduct research and manage one’s account. Unlike an active trader platform or a desktop based platform, the web browser based offering is fairly standard. The order entry window requires filling in a number of fields however there are a number of guides and explanations across the window to help users through the process. The charting features are minimal so for those looking at doing in depth comparisons and chart analysis, the Recognia technical analysis tool may help but the overall charting functions are basic.
Reviews & Ratings
| Review | What Review Measures | Score | Date of Ranking |
|---|---|---|---|
| Dalbar Canada Review | Client Service | Top Rating Top Rating |
January 2015 January 2014 |
| Globe and Mail Review | Overall Impression | Leter Grade “B” Leter Grade “B” Leter Grade “B” 5th out of 12 Letter Grade “B-” 7th out of 12 Letter Grade “B” 5th out of 12 Letter Grade “B” |
February 2019 February 2018 December 2016 December 2016 December 2015 December 2015 November 2014 November 2014 November 2013 |
| JD Power Review | Investor Satisfaction | 6th out of 8 5th out of 8 6th out of 10 4th out of 10 4th out of 10 3rd out of 7 8th out of 11 |
June 2019 September 2018 September 2017 September 2016 September 2015 September 2014 September 2013 |
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For your best interest stay clear of RBC’s platform, it is not dependable. It just randomly will stop working properly, especially first thing in the morning at the start of trading 6:30am pacific time. You can’t put your online buy and sells in as the trading tab during these outage times will not even open, or the order status tab to cancel your trades, stay clear of their investing site. I lost out on many great opportunities as I couldn’t get do my trade, as their system was down. When I would try to call in, my price point had past as it can take up to 10-15 minutes to get a rep. on the phone. I have since switched to another provider. I have no idea how they can even operate with their system.
As well RBC does not offer premarket or aftermarket online trading which is really important to have.
Hi Dale,
Thanks for sharing your experiences. The last thing you want when rocking up to a trading platform pre-market is to not have it ready to go to work. This is especially true for the west-coasters who have to do it at 6:30am! Hopefully life is greener on the other side of whatever fence you’re on now.