BMO InvestorLine Self-Directed review

Money.ca / Money.ca

By Robb Engen

Fact Checked: Tyler Wade

🗓️

Updated: October 08, 2026

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4.5

4.5

Fees4.5

Mobile app3.5

Customer service3.8

Comprehensiveness4.5

Usability4

Overall value4.5

Best for:

• DIY investors who want commission-free trades at a big bank
• Multiple account types, including the FHSA
• Holding USD in registered accounts
• Performing Norbert’s Gambit to convert USD/CAD
• Sophisticated market research and performance tools

About BMO InvestorLine Self-Directed

BMO InvestorLine Self-Directed has long been considered to be one of the best discount brokers in Canada — and it just became one of the cheapest. Recently, BMO's brokerage arm dropped commissions on all stock and ETF trades for self-directed clients and eliminated its brokerage account administration fees

Self-directed clients can open virtually every account type imaginable, including RRSPs, TFSAs, First Home Savings Accounts (FHSAs), RESPs, RRIFs, non-registered accounts, locked-in accounts such as LIRAs and LIFs, and corporate accounts. Inside these accounts, investors can trade stocks and ETFs on all major exchanges, plus purchase mutual funds and bonds, trade options and buy GICs.

BMO InvestorLine Self-Directed fees

For years, BMO InvestorLine charged a flat $9.95 per stock and ETF trade and offered only a short list of commission-free ETFs. That's no longer the case. Self-directed clients now get unlimited $0 commission trades on stocks and ETFs, with no end date. The new pricing applies automatically, so there's nothing to sign up for.

Options trades are also commission-free. The per-contract fee has dropped to $0.90 from $1.25, and there are no assignment or exercise fees.

The account fees that used to catch small investors are gone, too. BMO InvestorLine has eliminated:

• The $100 annual fee on RRSPs and LIRAs with less than $25,000
• The $50 annual fee on RESPs with less than $25,000
• The $25 quarterly fee on non-registered accounts with less than $15,000
• The $150 transfer-out fee and $25 internal transfer fee
• The $50 RRSP/RRIF deregistration fee
• The $25 withdrawal fees for the Home Buyers' Plan (HBP) and Lifelong Learning Plan (LLP)
• The $50 estate account certificate fee

There's no minimum amount required to open an account. Keep in mind that foreign exchange fees and some other charges continue to apply. Currency conversion costs are built into the exchange rate rather than charged as a separate commission.

Clients with at least $250,000 invested or who make 15 or more trades per quarter qualify for the BMO 5 Star Program, which offers preferred rates, professional-level trading platforms and research, and dedicated 5 Star support. Transfer fees are also reimbursed when moving an account from another institution.

BMO banking clients can also quickly toggle between their online banking and InvestorLine platforms, making it easy for investors who prefer everything under one umbrella.

Pros and cons

Key features

Commission-free stock and ETF trading

Buy and sell any stock or ETF online, on Canadian or U.S. exchanges, without paying a commission — no list of eligible funds and no cap on the number of trades. 

Research and performance tools

Get real-time data, research and alerts, and easily view your accounts, holdings, quotes and dividend information.

Wide range of account types

Open any account type, from RRSP/RRIF, TFSA, FHSA, LIRA/LIF, non-registered, corporate and trusts.

USD registered accounts

Hold USD inside registered accounts (except RESPs) to access U.S. listed stocks and ETFs without repeated currency conversions. With many other brokerages, you'll need separate accounts for CAD and USD, but with BMO InvestorLine Self-Directed, you can hold CAD and USD cash and investments in the same account. Commission-free trading also makes Norbert's gambit cheaper, since you no longer pay $9.95 on each of the two trades it requires.

5-Star Program

A tiered recognition program for clients with significant assets or high trading volume. Benefits increase with each tier (Gold, Platinum, Diamond) and include preferred pricing, dedicated support and access to professional tools, with perks like Level 2 quotes at the Platinum and Diamond tiers.

No transfer-out fee

Moving your account away from BMO InvestorLine no longer costs $150, and clients can have transfer-in fees from other institutions reimbursed.

Mobile Trading App

The BMO Invest app gives clients the flexibility to trade stocks, ETFs, mutual funds and even options on the go. Trades are protected with the latest encryption software and automatically synced with your web trading account.

Good customer service

If you have questions about trading, investing or other topics, you can phone 1-888-776-6886, Monday to Friday, between 8 am and 6 pm ET. However, like many online brokers, expect long wait times for call centre support during busy periods. The better option may be to schedule a call back with a BMO InvestorLine representative or book an appointment at a BMO branch. They also have a Live Chat function available from 8 am to 8 pm ET Monday to Friday. 

Sleek, user-friendly platform

With the redesign, the BMO InvestorLine Self-Directed platform offers an excellent user experience and is incredibly reliable. It rarely crashes or "goes down" — a biggie for DIY investors.

How does BMO InvestorLine Self-Directed compare?

BMO InvestorLine is the first direct investing brokerage owned by one of Canada's five largest banks to eliminate stock and ETF commissions. That puts it ahead of other big bank discount brokerage arms like RBC Direct Investing and TD Direct Investing on trading costs. National Bank Direct Brokerage (NBDB), the online brokerage of National Bank of Canada, also offers $0 commissions on Canadian and U.S. stocks and ETFs, but still charges $1.25 per options contract, with a $6.25 minimum.

BMO InvestorLine Self-Directed has other strong features, including the ability to hold USD in registered accounts. That's ideal for investors who trade U.S.-listed stocks and ETFs. As one of the oldest banks in Canada, BMO is also an institution you can trust.

Low cost is now table stakes, though. Wealthsimple, Questrade and other online brokers already offer commission-free trading, so the real differences come down to account types, research tools, options pricing and whether you want your investments at your bank.

BMO InvestorLine Self-Directed vs. Questrade

Questrade has long earned top grades for low-cost pricing, and it now charges $0 commissions on Canadian and U.S. stocks and ETFs, with no annual account fees or inactivity fees. Its options pricing is a mixed bag compared with BMO: Questrade charges nothing on U.S. equity options, but $0.99 per contract on Canadian options — slightly more than BMO's $0.90. Questrade also lets you hold USD in registered accounts at no extra cost.

With both platforms now commission-free on stocks and ETFs, the choice is closer than it used to be. Active U.S. options traders may still lean toward Questrade. But if you prefer to keep all of your investments and accounts under one big bank umbrella, or you're already a BMO banking client, BMO InvestorLine Self-Directed no longer asks you to pay a premium for that convenience.

BMO InvestorLine Self-Directed vs. Wealthsimple Trade

Wealthsimple helped popularize zero-commission trading in Canada, and investors are curious how it stacks up against big bank online brokers like BMO InvestorLine Self-Directed.

Wealthsimple has expanded its lineup well beyond its early TFSA, RRSP and non-registered accounts. Self-directed clients can now open a TFSA, FHSA, RRSP, spousal RRSP, RRIF, LIRA, RESP, non-registered, margin and crypto account. It also charges $0 per equity options contract.

That said, BMO InvestorLine Self-Directed still offers a wider range of locked-in and corporate accounts, plus deeper research and performance data. Investors who want a no-frills, mobile-first app may prefer Wealthsimple, while those who value research tools and in-person branch support may prefer BMO.

Disclaimer: Terms and Conditions apply. Visit Wealthsimple via our Apply Now button for up-to-date terms and conditions.

A look inside BMO InvestorLine Self-Directed

The redesigned BMO InvestorLine Self-Directed brings the self-directed investing platform up to the standard expected today from new and experienced investors.

The main dashboard allows you to easily see and navigate between your account types, track performance, set up personalized watchlists, and create a customizable view of your holdings. You can also see your entire portfolio’s performance at once, and place a trade from any screen.

Industry-leading research, market data, and professional-level tools are all accessible at your fingertips.

The customization is impressive because it allows new investors to ‘hide’ data and features that they don’t need or care about, while experienced traders can ‘turn on’ those features to see details like dividends, USD balances, and more.

Finally, BMO InvestorLine Self-Directed has improved its support features to include email and scheduling a call.

The bottom line: Is BMO InvestorLine Self-Directed worth it?

For most DIY investors, yes — and more so than ever. The biggest knock against BMO InvestorLine used to be its $9.95 trading fee and small-account fees. Both are gone. If you're an existing BMO banking client, need account types beyond a TFSA and RRSP, or plan to trade U.S. listed stocks and ETFs in your registered accounts, BMO InvestorLine Self-Directed is now a terrific, low-cost option.

Frequent options traders should still compare per-contract fees, since Questrade and Wealthsimple charge $0 on U.S. equity options. And remember that free trades can make it tempting to trade more often, a habit that can hurt returns, especially for new investors. 

Disclaimer: 

BMO is a registered trademark of Bank of Montreal, used under licence. BMO InvestorLine Inc. is a wholly owned subsidiary of Bank of Montreal. BMO InvestorLine is a Member of the Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

FAQs

Robb Engen Author

Robb Engen Author

Robb Engen is a leading expert in the personal finance realm of Canada and is also the co-founder of Boomer & Echo, an award-winning personal finance blog.

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