Canadian Online Brokerage Review – RBC Direct Investing

Canadian Discount Broker - RBC Direct Investing

Mailing Address
200 Bay Street, North Tower
P.O. Box 75
Toronto, ON
M5J 2Z5–>
Phone: 1-800-769-2560, option 4
Customer Service Hours: Mon to Fri 7am to 8pm ET

RBC Direct Investing Review

Updated on: Feb. 8, 2019
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

» Get Full Pricing Details

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.


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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Home Community Canadian Online Brokerage Review – RBC Direct Investing

This topic contains 26 replies, has 3 voices, and was last updated by  Alex Vichnevetski 6 months, 1 week ago.

Viewing 10 posts - 1 through 10 (of 27 total)
  • Author
  • #28462 Reply

    Alex Vichnevetski

    I had a terrible experience with RBC Direct while opening an account.
    Minor issue, which easily could be resolved in one day, cost me about 3 weeks
    of my time and money. Every time I had a new person to talk or write to,
    and that person did not know, and did not want to know of what was discussed before.
    I told them what the problem is and how to resolve it, but they did not listen.
    Then, after 3 weeks of communicating forth and back and filling and sending forms
    they finally realised that they need what I told them initially.
    What follows… “We understand your frustration, we are sorry, etc., etc.” – but, really,
    they do not. As Murray Coulter once said to me: “Big banks will screw up everything again,
    as they always did”. He was right.
    I have cancelled my application with RBC Direct and went with my money to more humane place.

    #28269 Reply


    What options strategies does RBC Direct Investing allow?
    You can purchase call options or put options, write covered calls and, with special exception, write naked puts. Additional spread strategies are not allowed.

    Need I say more!!! RBC is behind the times. If you are an options trader – look elsewhere.

    #28102 Reply


    I would have recommended RBC direct but the new watchlist is terrible. Essentially you cannot custom input data such as price and quantity and it is displayed in non-alphabetical order to the stock ticker. The changes came without any consultation and basically wiped out customer’s data. It has a good additional research function Customer service on the telephone is generally very good but I notice more mistakes are being.

    Unless they reinstate the watchlist I’d look elsewhere

    #27907 Reply


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    #27888 Reply


    I recently moved to rbc direct investing, its horrible…

    no stop losses
    poor order execution
    lack of order types
    limited option strategies
    web platform is very basic (like driving 1950s manual car)
    no streaming charts
    I ripped in exchange rates bt CAD and USD
    in past 7 days I made around $150 as profit and paid around $300 to rbc in terms of commission and exchange fees.

    more over I lost money because of no stop loss options.

    searching for better sources now!

    appreciate if some one advise on this.

    #25915 Reply


    Stay away from RBC Direct Investing !

    I had account with RBC since 7 months and their platform is not that great.
    Account does not show real time value but 15min delayed. Don’t understand why???.
    Second if you want customers to trade on your platform but cannot place trade with real time quotes at time of placing an order then it is useless for having such an account.
    Third their customer service said we are electronic and transfer in-out is faster with brokerage like us but not the same with companies who are manual when I was doing my transfer-in. Now when I was transferring out to another institution their transfer out team is taking the same amount of time.

    #25221 Reply


    the worst. I traded a stock and made $500, the next day they pulled out my profit and i was told that the stock i traded was restricted.they should have put a restriction on the stock.i tried to get my money back but no way its gonna happen.worst customer service. going back to scotia itrade.

    #24215 Reply


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    #22694 Reply


    terrible… have just moved my cash and all my investments to RBC..45 minute wait or more at times, if you need to call direct investing. and worse than that, they do not even allow for a trailing stop…great way to lose money…i had always used a trailing stop when i was with scotia i-trade. i will be pulling my assets and going back….i can’t even imagine not providing what other trading platforms provide… i guess this tactic must make RBC more money..never mind the customers protection.

    #19933 Reply


    My love affair with Royal dates back 2 decades. It took awhile but reason finally won out. I spent $2500 in commissions last year + $1500 in foreign exchange fees. I’m moving my accounts to Interactive Brokers and expect to reduce my commissions by 40% and fx by 95%.

    RBC cons:
    slow order execution
    limited order types
    limited option strategies
    no algo trading
    pre 2k web based platform that is not cusomtizable
    no streaming charts
    high commissions (yes, I consider 9.95 + 1.25/contract high) especially when buying in USD
    no free etf’s
    charge 1.4% (2.8% round trip) to convert between CAD and USD

    a few, but none worth mentioning

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