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Desjardins Online Brokerage review (DISNAT)

Desjardins Brokerage (Disnat) review: History, fees, pros, cons and more

Colin Graves

By Colin Graves

🗓️

Updated: October 16, 2024

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Desjardins Online Brokerage, or Disnat, is one of a few Canadian brokers offering zero-commission stock and exchange-traded fund (ETF) trades.

While its trading platforms are clean and intuitive, some may find the main portfolio screen lacking in information. One potential drawback is the $1,000 minimum opening deposit, which may be a significant barrier for some investors.

However, it's important to note that Desjardins waives this requirement for investors aged 18 to 30, which can be a significant cost-saving for young investors.

Two competitors, Wealthsimple and Questrade, both offer fully automated investing via robo-advisor. If you want to take advantage of this, these platforms may provide more than Desjardins.

But if you want to trade stocks and ETFs commission-free on a simple trading platform, Desjardins is a solid choice.  

Who Desjardins Brokerage (Disnat) is for

Desjardins has a special offer for investors between 18 and 30 that removes the $1,000 minimum opening balance requirement and the account administration and inactivity fees, among other benefits.

Its standard trading platform is easy to navigate, making it ideal for novice investors, and there’s an active trader platform for those who need added functionality and access to more in-depth research tools.

The active trader platform is designed for those who make frequent trades and need real-time data and advanced charting tools. That said, some will find its platform too basic, with limited information on the portfolio and quote screens.   

Available accounts

You can open the following accounts with Disnat Desjardins:

Pros and cons

Pros

Pros

  • Commission-free stock and ETF trades

  • Modern and intuitive trading platform

  • Supports many account types

  • Calendar with over 250 educational events per year

Cons

Cons

  • $1,000 minimum deposit requirement (doesn’t apply for ages 18 to 30)

  • $30 quarterly inactivity fee

  • Some will find its trading platform too basic

  • No welcome bonus

Desjardins Brokerage (Disnat) fees and commissions

Trading fees

  • Stocks and ETFs: $0
  • Options: $1.25 per contract (minimum $8.75)
  • Mutual funds: Most funds are commission-free
  • Fixed-income securities: $50 minimum per trade 
  • Real-time quotes and market data: $0

Account fees

  • Administration fee (waivable): $100 (RRSP, LIRA, RIF, LIF) 
  • Annual administration fee (waivable): $50 (RESP) 
  • Account inactivity fee: $30/quarter (Does not apply to RRSP, RESP, RIF, LIF, LIRA)

Note: There is no annual administration fee for TFSA or FHSA accounts. 

Other notable fees

  • NSF cheque: $25
  • Cheque withdrawal: $10
  • Estate account processing fee: $200
  • Certificate deposit of Direct Registration System (DRS): $100 per certificate
  • Certificate registration: $150 per certificate (Rush is $250)
  • Safekeeping of negotiable securities: $10 per certificate
  • LIRA/LIF unlocking: $150
  • Complete account withdrawal: $150* 
  • Partial withdrawal: $25*

*Full or partial withdrawal fees do not apply to TFSA, FHSA and RESP accounts. 

Desjardins Brokerage (Disnat) app | Dashboards, ease-of-use and experience

Desjardins offers two trading platforms: Classic and Direct.

Disnat Classic is its regular trading platform and will appeal to most investors. Disnat Direct provides higher performance and is designed for active traders. Here’s a closer look at each platform and the Disnat mobile app: 

Disnat Classic

Classic is Disnat’s most popular trading platform. It’s designed to adapt to any device, whether desktop, tablet, or mobile app. Its clean and straightforward design makes viewing your holdings and reading quotes easy. It saves your 10 most recent quotes for quick recall. You can set limit orders for up to 60 days and access Level 1 market data (the price information that most traders and investors are already familiar with). It also includes research tools from Desjardins Securities Research Services, Trading Central and Morningstar. 

Disnat Direct

Disnat Direct is built for active traders. Users gain access to Level 2 market data (market data that includes the scope of bid and ask prices for a given security). It’s more potent than Classic and includes unlimited charts, watchlists and real-time streaming quotes. Market quotes add more detail, and investors can easily access their trading history. 

Disnat Mobile Trading App

The Disnat app is highly rated, generating 4.7 out of 5 stars on the App Store and 4.5 stars on Google Play. The mobile app’s user interface is clean and intuitive, much like the web-based platform. It has all the features you need to review your holdings, obtain quotes and place stock and options trades. This includes viewing your watchlists and accessing up to five different charts, making it a convenient tool for managing your investments on the go. 

Research and education

Upon arriving at the Desjardins Online Brokerage website, one of the first things you’ll notice is the wealth of training resources it offers. According to Disnat, they provide over 250 events per year, most of which are webinars geared for beginners and experienced investors. These events cover a wide range of topics, from basic investment strategies to advanced trading techniques. You can check the calendar for upcoming courses three months in advance. 

Customer service and support

Desjardins is similar to other discount brokerages in that you can contact a live representative during business hours or reach out via a secure contact form online. I reviewed online forums to gauge client reviews and feedback. Generally, investors seem satisfied with Desjardins. 

Some mentioned that its active trader platform is less feature-rich than some other brokerages, and I noticed a few complaints about the $30 account inactivity fee, which does seem steep. People compare it most closely to the other commission-free platforms, including Wealthsimple and National Bank Direct Brokerage. 

What I like and don’t like about Desjardins Brokerage (Disnat)

I like how clean and modern the newest version of Disnat’s trading platform is. Even novice investors will have no trouble navigating or placing trades. The commission-free trading is terrific. Unfortunately, account fees and a $30 quarterly inactivity fee may apply if you have a small balance and don’t trade often.

My biggest complaints would be the $1,000 minimum deposit and the lack of promotions. If I were a new investor just starting out, I would probably hesitate to sign up. 

How Desjardins Brokerage (Disnat) compares

Disnat vs. Wealthsimple

Disnat is similar to Wealthsimple in offering free stock and ETF trades, something most Canadian brokers don’t provide.

Disnat has the edge over Wealthsimple in terms of educational and research tools, which are more in-depth than Wealthsimple’s offerings.

However, Wealthsimple doesn’t charge any account administration or inactivity fees and offers fully managed investing through its robo-advisor, which Desjardins does not. If you qualify to have the account fees waived and want a more robust trading platform, Disnat is the way to go. Otherwise, Wealthsimple is hard to beat. 

Start trading with Wealthsimple

Disnat vs. Questrade

Questrade is Canada’s largest independent online brokerage. While it offers low pricing, including free ETF purchases, it doesn’t offer free stock trades, like Disnat.

However, it doesn’t charge account fees, has a more modern trading platform, and, like Wealthsimple, Questrade offers managed investing through QuestWealth, its robo-advisor platform. For these reasons, unless you plan to make frequent stock trades, I recommend Questrade over Disnat. 

Start trading with Questrade

Disnat vs. National Bank (NBDB)

National Bank Direct Brokerage might be the closest comparison to Disnat. For starters, the parent company, National Bank, is the second-largest financial institution in the province of Quebec behind Desjardins Credit Union. Unlike big bank brokers like TD Direct Investing and RBC Direct Investing, National Bank Direct Brokerage offers free stock and ETF trades. 

So, which online brokerage is better? It’s a toss-up. If you don’t have a lump sum to deposit upfront, National Bank is the better choice, as Disnat requires a deposit of $1000 to open an account. If you’re an existing Desjardins customer, then it makes sense to stick with Disnat.  

Desjardins Brokerage (Disnat) promotion

At the time of writing, no new account promotions were available.  

Desjardins Brokerage (Disnat) contact information

There are two main ways to contact Desjardins brokerage. Existing account holders can log in to their account online and initiate an inquiry using the contact form. Anyone can also call 1-866-873-7103 and speak to a representative between 8 a.m. and 5 p.m. ET, Monday through Friday.  

Desjardins Brokerage has two brokerage offices in Montreal and Quebec City. Unfortunately, both offices are currently closed to the public. 

Desjardins Brokerage (Disnat) eligibility criteria

You must be a Canadian resident and at least 18 years old to open a Desjardins Online Brokerage account. 

How to open a Desjardins Brokerage (Disnat) account in Canada

  1. 1.

    You can open an account over the phone or at the Desjardins Online Brokerage website (you can’t open all account types online).

  2. 2.

    You will be asked to provide a government-issued photo ID, Social Insurance Number, email address and other personal details. The online application process takes about 20 minutes to complete. 

  3. 3.

    Sign the documents electronically and submit your application. 

  4. 4.

    In most cases, within 48 hours, your account will be activated. 

  5. 5.

    You can fund your account by depositing money from a bank account at Desjardins or another financial institution (via bill payment) or by transferring funds from another brokerage. Remember, your initial deposit must be at least $1,000. 

  6. 6.

    Once you fund your account, you’re ready to trade. If you haven’t yet downloaded the mobile app, you can do so via the App Store or Google Play store. 

FAQs

  • How do I close my Disnat account?

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    As with most online brokerages, you cannot close a Disnat account online. You must call the brokerage and speak to a representative. Remember that you must sell any active securities and move them to cash or transfer to another brokerage before your account can be closed.

  • How does Disnat work?

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    Disnat is a self-directed trading platform, meaning that you, the investor, are in complete control of the decision-making and are fully responsible for buying and selling investments. It is not an automated investment platform, and you cannot obtain investment advice from a human advisor.

  • How do I transfer funds into Disnat?

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    If you bank with Desjardins, you can quickly transfer funds to your brokerage account via online banking. If your primary bank account is with another financial institution, log into your online banking, head to bill payments and choose Desjardins Securities (Disnat) as the payee.

  • Can I trade Disnat using my phone?

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    Yes, Disnat has a convenient mobile app that allows you to trade on the go. You can also place trades over the telephone through a live representative. However, trading fees apply and are quite costly.

  • How to invest in stocks with Desjardins?

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    The easiest way to invest in stocks with Desjardins is to open a trading account through Desjardins Brokerage. There is a $1,000 account minimum, but you can purchase thousands of stocks commission-free.

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

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