RBC Direct Investing

Review Score:  B-

Our RBC Direct Investing, formerly known as Royal Bank Action Direct, review will show you that RBC is a decent broker and leads the way among big banks in fee innovation. They offer some interesting an unique features – such as a community section that allows users to communicate

Sign up

By all accounts signing up is relatively painless and there is zero minimum to open an account.

Fees

Their commission fees are comparable to other bank brokerages, but you should note that RBC has led the way among bank brokerages.  They were the first to substantially lower their commission rates and the other brokerages followed suit.  This furthers our firm belief that competition between the various brokers in Canada is very beneficial to investors.

  • $9.95 for a standard stock trade.  $6.95 flat if you perform more than 150 trades per quarter
  • $15000 required across all accounts to avoid a $25/quarter account fee.  You can also avoid this fee by direct depositing at least $100 per month into your account
  • $9.95 + $1.25 per contract for options trading.
  • If you have an RBC rewards credit card, you can use your RBC rewards points to pay for commissions on trades
Features, Support and Tools

The number and quality of features offered by RBC Direct Investing range between standard and subpar.

Types of Accounts

  • RESPs are available
  • RRSPs are available
  • TFSA (trading accounts) are available

Other Info

  • USD cash balances are allowed
  • Income reports are not available
  • The quality of their website interface is not great.  It is fairly dated and it feels like it was made in early 2000s.  A major overhaul would be a welcome addition
  • A decent smartphone app is available.  It has a much more modern design than the website, so if you prefer to manage your finances with your smartphone, this is a plus
  • For accounts larger than $250,000 there is an exclusive service available
  • Support has a live chat, but no call back service which is disappointing.
  • DRIP available
  • Mutual funds are available and have a relatively low commission
Bottom Line

RBC has led the way among the big banks by lowering fees, but lags behind in their trading interface as well.  If you want a big 5 Bank broker, they might be a decent choice, but not our #1 recommendation

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