RBC Direct Investing is the self-directed brokerage of Royal Bank of Canada, and its headline price is $9.95 per online or mobile trade for stocks and ETFs. This review looks at what that commission buys in 2026, which fees have gone away, what Royal Circle does and does not include, and how the service compares with brokerages that now charge nothing to trade. The figures come from RBC Direct Investing’s pricing and Royal Circle pages, checked on October 6, 2026.
RBC Direct Investing at a glance
| Feature | RBC Direct Investing |
|---|---|
| Stocks and ETFs | $9.95 per online or mobile trade |
| Commission-free ETFs | 50+ (better on this row) |
| Active trader pricing | $6.95 per trade with 150 or more trades a quarter |
| Options | $9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter) |
| Mutual funds | $0 commission (full-suite accounts; not available in GoSmart) |
| Account maintenance fee | $0 (better on this row) |
| Transfer out | $150 |
| RRSP withdrawal | $50 |
| Interest on cash | 0% on cash balances (CAD and USD), including TFSA and RRSP accounts |
| Currency conversion | about 1.6% on conversions up to US$24,999 |
| Investor protection | a wholly owned subsidiary of Royal Bank of Canada and a member of CIRO and CIPF |
Source: RBC Direct Investing pricing page, checked October 6, 2026. Currency conversion figure is RBC's rounded estimate, verified September 2026.
In short: trades cost $9.95 per online or mobile trade, there are 50+ commission-free ETFs, the account maintenance fee is $0, and idle cash earns 0% on cash balances (CAD and USD), including TFSA and RRSP accounts.
How much does RBC Direct Investing charge per trade?
RBC Direct Investing charges $9.95 per online or mobile trade for stocks and for ETFs outside its commission-free list. Three other prices sit around that one:
- Active traders: $6.95 per trade with 150 or more trades a quarter.
- Options: $9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter).
- Mutual funds: $0 commission (full-suite accounts; not available in GoSmart). Bonds and GICs have the commission built into the quoted price.
The commission-free ETF list changes the maths for index investors. RBC’s list covers 50+ funds, made up of iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS. An investor who buys one of those every month pays no commission at all.
The commission bites on everything else. Someone making 12 purchases a year of individual stocks, or of an ETF that is not on the list, pays $119.40 a year. On a $500 monthly contribution that is about 2% of each purchase gone to commission. The same trades cost $0 at Wealthsimple.
US trades add a second cost. RBC estimates its currency conversion spread at about 1.6% on conversions up to US$24,999. Full-suite accounts can hold US dollars in TFSA, FHSA, RRSP, cash and margin accounts (not RESPs, and not GoSmart), which lets investors who already hold US dollars trade without converting each time.
Does RBC Direct Investing have account or inactivity fees?
No. RBC Direct Investing’s pricing page lists an account maintenance fee of $0 (no quarterly or annual maintenance fee and no minimum balance). Many older reviews, including earlier versions of this page, describe a $25 quarterly maintenance fee, which RBC says no longer exists.
What remains are fees tied to specific actions:
- RRSP withdrawal: $50
- Home Buyers’ Plan withdrawal: $25
- TFSA withdrawal: $0
- Transfer to another institution: $150
There is also a cost that never appears on a statement: uninvested cash earns 0% on cash balances (CAD and USD), including TFSA and RRSP accounts. Money waiting to be invested does not grow while it sits in the account.
What is RBC Royal Circle, and does it give free trades?
Royal Circle is RBC Direct Investing’s program for large or active accounts, and it does not include free trades. RBC’s Royal Circle page says the commission is $9.95 flat per equity trade, with no minimum balance or trading activity required.
Qualifying takes $250,000+ in month-end balances for four consecutive months, or more than $5,000 a year in trading commissions. What members get, per RBC’s page on October 6, 2026:
- Priority service, and premium research from Morningstar and RBC Capital Markets.
- Waived administrative fees on RSP partial withdrawals, statement replacements, cheque requests, dishonoured items, additional RIF withdrawals and internal transfers.
- Transfer-fee reimbursement of up to $500 when you transfer $15,000 or more from another institution.
For a buy-and-hold investor with $250,000 or more, the waived RRSP partial withdrawal fee and the service line are the tangible gains. The per-trade price is unchanged, so Royal Circle is a service tier more than a discount.
What is GoSmart?
GoSmart is RBC Direct Investing’s entry-level service, which offers 50 commission-free stock and ETF trades per year. After the cap, trades cost $9.95 per trade, and recurring investments into one of four all-in-one ETFs don't count toward the 50 free trades.
The limits are significant. GoSmart is open to existing RBC clients using the RBC Mobile app, it covers TFSA, FHSA and RRSP accounts only, in Canadian dollars, transfers in are not accepted from other investment accounts, at RBC or elsewhere, and there are no mutual funds, fixed income, options, margin or securities listed outside Canada and the U.S.. RBC also has a new-account offer of $100 when you deposit $2,000 into your first GoSmart account, for accounts opened between August 4 and November 2, 2026. The GoSmart details on this page were verified in September 2026.
For a new investor who already banks with RBC and makes a handful of trades a year in a registered account, GoSmart removes most of the commission problem. It is not a substitute for the full-suite service for anyone who needs a non-registered account, options or mutual funds.
RBC Direct Investing vs Wealthsimple, Questrade and the other banks
Several Canadian brokerages now charge no commission on stocks and ETFs, which changes how RBC’s price looks. BMO InvestorLine is one example: its September 2026 fee schedule lists $0 per stock or ETF trade.
| Feature | Commission |
|---|---|
| RBC Direct Investing | $9.95 per online or mobile trade (better on this row) |
| Wealthsimple | $0 |
| Questrade | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs |
| National Bank Direct Brokerage | $0 on online Canadian and U.S. stock and ETF trades |
| BMO InvestorLine | $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted |
| Qtrade | $0 on stock, ETF and mutual fund trades |
| CIBC Investor's Edge | $6.95 per online stock or ETF trade |
| TD Direct Investing | $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs |
| Scotia iTRADE | $9.99 per online stock or ETF trade (fewer than 150 trades a quarter) |
| Interactive Brokers | 1 cent a share on Canadian stocks, with a $1.00 minimum |
Each figure is the provider's standard published price; active-trader tiers and commission-free ETF lists are not shown.
Read as sentences: Wealthsimple charges $0, Questrade charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs, National Bank Direct Brokerage charges $0 on online Canadian and U.S. stock and ETF trades, and BMO InvestorLine charges $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted. Among the banks that still charge, CIBC Investor’s Edge is at $6.95 per online stock or ETF trade, TD Direct Investing at $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs and Scotia iTRADE at $9.99 per online stock or ETF trade (fewer than 150 trades a quarter).
Where RBC Direct Investing holds its own. Transfers from RBC bank accounts arrive in real time, 4:30 a.m. to 6:55 p.m. ET, seven days a week. Multi-currency accounts are included at no extra fee (CAD, USD and other currencies such as EUR, GBP and HKD). It sells mutual funds, bonds and GICs alongside stocks and ETFs, and offers business and trust accounts. Its pricing page describes a full suite of tools and research across three trading platforms.
Where it falls behind. The commission is the obvious gap. Wealthsimple also offers fractional shares (yes — thousands of Canadian and US stocks and ETFs), while RBC’s dividend reinvestment reinvests into whole shares only. Wealthsimple’s self-directed accounts include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, so account availability is no longer a reason on its own to stay with a bank brokerage.
YieldMaple compares the two directly in Wealthsimple vs RBC Direct Investing, and our complete Wealthsimple guide covers that platform’s fees in full.
Is RBC Direct Investing safe?
Yes, in the sense that matters for a brokerage: RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and a member of CIRO and CIPF. CIPF protects client property within its limits if a member firm fails. It does not cover investment losses from markets, and it is separate from CDIC, which covers eligible bank deposits and not securities.
Who RBC Direct Investing fits (and who it doesn’t)
It tends to fit if:
- You bank with RBC and want real-time transfers and trading inside the RBC Mobile app.
- You mostly buy ETFs on RBC’s commission-free list, or mutual funds.
- You want bonds, GICs, or a business or trust account at the same firm.
- You qualify for Royal Circle and value the service line and waived administrative fees.
It tends not to fit if:
- You buy individual stocks regularly, where $9.95 a trade adds up.
- You invest small amounts at a time, where a flat commission is a large share of each purchase.
- You keep cash in the account for long stretches, since it earns 0% on cash balances (CAD and USD), including TFSA and RRSP accounts.
The verdict
RBC Direct Investing is a dependable, full-featured brokerage whose pricing has been overtaken. The removal of the maintenance fee and the 50+ commission-free ETFs make it workable for RBC clients who hold index ETFs. For stock trading, $9.95 a trade is hard to square with rivals at $0, and Royal Circle does not change that. The deciding question is how much the RBC banking link is worth to you in commissions each year.
This review is general education, not financial advice. Fees were checked on the dates shown and can change.
Related YieldMaple pages
- Best online brokerages in Canada: the full comparison
- Wealthsimple Trade review: the commission-free alternative
- Questrade review: another low-cost option
- Best stock trading apps in Canada: the mobile-focused ranking