Disnat Review (2026)
*Desjardins Online Brokerage (Disnat) is a division of Desjardins Securities Inc., member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). Eligible client accounts are safeguarded up to $1,000,000 CAD per separate capacity category. $0 commission applies to online self-directed trades in Canadian and US exchange-listed stocks and ETFs. Options, fixed-income, and manual phone orders carry published fee schedules.
The Vibe Check
"Disnat (Desjardins Online Brokerage) is one of the best-kept balance-sheet secrets in North American wealth management. While National Bank Direct Brokerage (NBDB) captured headlines by dropping commissions to zero, Desjardins—the largest cooperative financial group in North America, managing over $400 billion in assets—quietly matched the play. Disnat delivers **true $0 commissions on all Canadian and US stocks and ETFs**, completely **absorbs ECN exchange taker fees**, and provides **free native USD sub-accounts across registered wrappers (TFSA, RRSP, FHSA)**. For Canadian DIY indexers running **Norbert's Gambit (DLR / DLR.U)**, Disnat lets you convert five-figure sums at interbank exchange rates with zero commission drag on either trade leg. But respect the cooperative's fine print: Disnat enforces a **$30 quarterly inactivity toll** ($120/year) and a **$100 annual RRSP/LIRA administration fee** on balances under **$15,000** (waived if you hold $15k+ across accounts, place 6 trades a year, or are between 18 and 30 years old), options carry an **$8.75 minimum ticket ($1.25/contract)**, and their active trading workstation (**Disnat Direct / Market-Q**) requires 10 to 41 trades per month to waive its $35 to $105 monthly data software subscriptions."
The Fine Print: Valerie's Disnat Fee Audit
Disnat operates on a clean zero-commission structure for equities and ETFs, while maintaining standard bank-backed schedules for derivatives, low-balance account administration, and active software feeds:
| Fee Dimension | Disnat Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| Canadian & US Stocks | $0.00 Commission | Zero trading commissions across TSX, TSX-V, CSE, NYSE, and Nasdaq equities on both buy and sell orders. |
| Index & Sector ETFs | $0.00 Commission | 100% commission-free on both buying and selling all ETFs. Unlike Questrade ($4.95–$9.95 to sell), Disnat charges $0 on both sides. |
| ECN Exchange Taker Fees | $0.00 (100% Absorbed) | Disnat fully absorbs Canadian Alternative Trading System (ATS) and ECN liquidity removal fees (saving ~$0.0035/share on market orders). |
| Equity & Index Options | $1.25 / Contract ($8.75 Minimum) | ⚠️ $8.75 minimum fee per trade covers up to 7 contracts ($1.25 per contract thereafter). Multi-leg spread execution supported. |
| Options Exercise & Assignment | $30.00 / Trade | ⚠️ Assessed when options expire in the money and are assigned or manually exercised into underlying shares. |
| Mutual Funds (No-Load) | $0.00 Commission | Most third-party mutual funds trade with $0 transaction fees (subject to standard fund manager trailer and management expense ratios). |
| Fixed-Income Securities | $50.00 Minimum / Trade | ⚠️ Government and corporate bonds carry a $50 minimum commission ticket; primary Desjardins GICs are commission-free. |
| Quarterly Inactivity Toll | $30.00 / Quarter (Widely Waived) | ⚠️ Waived if you: (1) hold $15,000+ portfolio value, (2) execute 6+ trades in 12 months, (3) hold a registered account (RRSP/RRIF/RESP/LIRA), or (4) are 18–30. |
| Annual RRSP / LIRA Admin Fee | $100.00 / Year (Waived at $15k) | ⚠️ Waived if total portfolio value reaches $15,000 or if you complete 6 trades/year. Note: TFSA and FHSA accounts carry $0 annual admin fees. |
| USD Registered Accounts | $0.00 / Quarter (Free Sub-Accounts) | Native USD cash holding inside TFSAs, RRSPs, FHSAs, and RESPs with zero quarterly maintenance fees (saving US$60/yr vs. Qtrade). |
| Norbert's Gambit Execution | $0.00 Trade Commission | Buying DLR.TO and selling DLR.U.TO costs $0. Journaling requests are processed by phone or secure message. |
| Outbound Transfer Fee (ATON) | $150.00 CAD Flat | Standard Canadian institutional transfer fee assessed when moving your portfolio to an external brokerage ($25 for partial). |
The Core Edge: Cooperative Solvency, $0 Commission Math & Free USD Registered Accounts
In a Canadian marketplace dominated by the Big 5 commercial banking oligopoly (RBC, TD, BMO, Scotiabank, CIBC), Disnat operates with a unique structural advantage as the direct brokerage arm of **Mouvement Desjardins**:
The primary mechanical advantage is **institutional $0 trading without fintech compromises**. While neobrokers like Wealthsimple offer free trades, they monetize by charging a mandatory 1.50% foreign exchange spread on every US stock buy and sell, blocking Norbert's Gambit, and restricting advanced order routing. Disnat provides **true $0 commissions on all Canadian and US equities and ETFs, absorbs ECN fees entirely, and permits native USD sub-accounts**. You can buy US dividend champions (like Microsoft, Apple, or Johnson & Johnson) inside an RRSP without paying ongoing currency conversion tolls or quarterly custody fees.
Second, Disnat offers **the lowest asset threshold for fee waivers among Canadian bank-backed brokers**. At National Bank Direct Brokerage (NBDB), investors must maintain $20,000 in assets to waive the $100 annual administration fee. At Disnat, **the asset hurdle is just $15,000**. Furthermore, if you execute just 6 trades over a 12-month period, both the quarterly inactivity fee and the registered account admin fees are completely neutralized regardless of your balance.
Third, their custodial backing is anchored by **Desjardins Group (founded in 1900)**. As a cooperative financial institution, Desjardins answers to its members rather than public equity hedge funds, maintaining one of the highest credit ratings (Moody's Aa2, S&P A+) and Tier-1 capital ratios in North America. Client assets are legally segregated under CIRO oversight and protected up to **$1,000,000 CAD per separate capacity category under the Canadian Investor Protection Fund (CIPF)**.
Pros and Cons Breakdown
What We Love
- True $0.00 commissions on all Canadian and US exchange-listed stocks and ETFs
- 100% free ETF trading on both buying AND selling (eliminates Questrade's sell tolls)
- Full absorption of Canadian ECN/ATS liquidity taker fees on all market orders
- Native USD cash sub-accounts in all registered wrappers (TFSA, RRSP, FHSA, RESP)
- Exceptional cost efficiency for Norbert's Gambit ($0 trade commissions on both legs)
- Lower fee-waiver threshold ($15,000) than NBDB ($20,000) or traditional banks
- Young Investor Program waives administration and inactivity fees for ages 18 to 30
- Backed by Desjardins Group with $1,000,000 CAD CIPF statutory account protection
Where It Falls Short
- $30 quarterly inactivity fee on accounts under $15,000 with fewer than 6 trades/yr
- $100 annual administration fee on RRSPs and LIRAs with balances below $15,000
- Options orders carry an $8.75 minimum commission ticket ($1.25 per contract)
- $30.00 fee assessed on options exercise or manual contract assignment
- Disnat Direct (Market-Q) active platform charges $35 to $105/mo without high trade volume
- Initial account opening requires a $1,000 minimum deposit (waived for ages 18–30)
- Web portal and mobile app UI feel institutional and utilitarian compared to fintech apps
Valerie's Final Verdict
"Disnat is a Tier-1 Canadian investing vehicle that proves you don't have to surrender balance-sheet safety to get zero-commission execution. By offering $0 stock and ETF trades, absorbing ECN fees, and eliminating quarterly USD registered account charges, it matches or beats National Bank Direct Brokerage on almost every quantitative metric—with a lower $15,000 asset hurdle to unlock fee waivers. If you have $15,000 or more to invest across your TFSA, RRSP, or non-registered accounts, Disnat is vastly superior to RBC Direct Investing, TD Direct Investing, or BMO InvestorLine (which still charge $9.95 per trade). Just be mindful of the rules: if you have less than $15,000 and trade fewer than 6 times a year, place a small trade every two months or use Wealthsimple until your portfolio crosses the $15,000 mark to ensure you never pay the $30 quarterly inactivity toll."
Open An Account If:
You have $15,000+ in total assets, want $0 stock and ETF trades backed by Desjardins, hold US dividend stocks inside an RRSP/TFSA, or run Norbert's Gambit.
Skip It If:
Your balance is under $15,000 and you trade fewer than 6 times a year (triggering the $30/qtr toll), or you trade active options requiring flat-rate pricing.
Desjardins Securities Inc. is a member of CIRO and CIPF. All self-directed investments involve risk, including possible loss of capital.