RBC Direct Investing Review
Canadian Online Brokerage Review
RBC Direct Investing has been working toward improving the functionality, pricing, and features of their online trading platform. In 2014, they caused a major pricing shift amongst Canadian online 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 RBC banking plans may enable clients to avoid paying certain account fees at RBC Direct Investing.
Another thing that makes RBC Direct Investing stand out from their bank-owned online brokerage peers is their community feature. The community section allows comparison with other investors, provides educational support, and contains a moderated forum for asking questions to the community or RBC Direct Investing.
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
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.RBC Direct Investing Brokerage Brokerage Experience
RBC Direct Investing provides a fully built platform allowing users to trade exactly how they are looking to trade with a customizable experience. RBC Direct Investing provides sophistication through the website or simplicity through the mobile app allowing users to choose how they wish to trade.
Can I use RBC Direct Investing Brokerage to buy Bitcoins or other cryptocurrencies?
RBC Direct Investing does not exchange any sort of cryptocurrency. This means that RBC Direct Investing does not trade Bitcoin, Ethereum or any other forms of cryptocurrency in the market.
How does RBC Direct Investing Brokerage compare to other Brokerages?
RBC Direct Investing seems to be the most well rounded brokerage, offering a mix of simplicity in applications and sophistication with their web page. It would be nice to see the same simplicity philosophy from their mobile application, to be applied to the website, however overall RBC Direct Investing is a full featured brokerage.
Who is RBC Direct Investing Brokerage Best For?
RBC Direct Investing boasts a customized trading experience allowing users to tailor their trading experience to their needs.
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Does RBC Direct Investing Brokerage Have an app? Full review!
RBC Direct Investing currently does have an app for iPhone,
RBC Direct Investing also has an app for iPad. RBC Direct Investing also provides a mobile web browser interface if you don’t wish to install the app.
RBC Direct Investing currently does have an app for Android, Google, and Samsung.
Therefore, RBC Direct Investing fully supports mobile based trading.
The RBC Direct Investing app is sleek and minimal allowing users to easily navigate with it. The RBC app is tailored to execute quick trades and monitor trades at a glance.
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What is RBC Direct Investing Brokerage Fees?
Pay just $9.95 commission per trade with no minimum account balance or trading activity required.
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What account types does RBC Direct Investing Brokerage Brokerage offer?
Does RBC Direct Investing Brokerage have TFSA accounts?
RBC Direct Investing Brokerage offers TFSA accounts in both Canadian and US Dollar. Is there a fee to use the TFSA accounts? No, there is no fee to use the TFSA accounts.
Does RBC Direct Investing Brokerage have RRSP accounts?
RBC Direct Investing Brokerage offers RRSP accounts in both Canadian and US Dollar. Is there a fee to use the RRSP accounts? No, there is no fee to use the RRSP accounts.
Does RBC Direct Investing Brokerage have RESP accounts?
RBC Direct Investing Brokerage offers RESP accounts in both Canadian and US Dollar. Is there a fee to use the RESP accounts? No, there is no fee to use the RESP accounts.
Does RBC Direct Investing Brokerage have Cash accounts?
RBC Direct Investing Brokerage offers Cash accounts in both Canadian and US Dollar. Is there a fee to use the Cash accounts? No, there is no fee to use the Cash accounts.
Does RBC Direct Investing Brokerage have Margin accounts?
RBC Direct Investing Brokerage offers Margin accounts in both Canadian and US Dollar. Is there a fee to use the Margin accounts? No, there is no fee to use the Margin accounts.
How to switch to RBC Direct Investing Brokerage?
Transfer $15,000 or more and RBC Direct Investing will reimburse you up to $200 for fees charged by your other institution when you confirm your transfer within six months.1 RBC Direct Investing will not charge a fee to transfer in your account.
To get started, please visit the Source below.
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How to switch from RBC Direct Investing Brokerage?
To switch from RBC Direct Investing Brokerage, please refer to the guide for the brokerage you are looking to transfer from. SparxTrading takes pride in providing up to date information, please see the brokerage review you are looking to transfer to for assistance on how to transfer to that brokerage.
