BMO’s direct investing platform will introduce commission-free stock and ETF trading starting Sept. 14, it announced on Wednesday.
In a release, BMO InvestorLine said it will also eliminate brokerage account administration fees and reduce fees for option trading to 90 cents from $1.25 per contract.
National Bank of Canada began offering commission-free trading through its direct investing platform in 2021, but BMO noted it’s the first of the big five banks to slash trading fees to zero for DIY investors.
“BMO InvestorLine is setting a bold standard for digital investing in Canada by combining commission-free trading and no brokerage account administrative fees with the insights and advanced capabilities investors expect from a full-feature digital investing platform,” said Silvio Stroescu, BMO InvestorLine’s president and CEO, in a release.
“We’re eliminating barriers that can stand in the way of investing and paving the way for what comes next. BMO InvestorLine will continue to lead with new ideas, capabilities and experiences that give investors more of what they want and greater confidence in how they invest.”
Fintech competitor Wealthsimple led on offering zero-commission equity and ETF trading starting in 2019. It also offers no-fee equity options trading.