Laughing senior man using laptop computer at home

Toronto-based Virtual Brokers (VB) is slashing its basic trading commission rate to 1¢ per share and offering free trading in certain products, the discount brokerage announced Tuesday.

Under the new commission structure, VB will be charging a rate of 1¢ per share, with a minimum charge of $1.99 and a maximum charge of $7.99 per trade, and no hidden exchange fees. The brokerage previously charged a flat rate of $9.99 for each equity trade,

Alongside the new commission schedule, VB says it will also allow clients to buy Canadian mutual funds and North American ETFs for free.

“We understand the intense focus on fees in the direct investment industry today and we believe our changes will allow us to offer an unmatched combination of low costs, innovative products and technology, and a top-tier service offering,” said Kambiz Vatan-Abadi, president and CEO of BBS Securities Inc.

VB is operated by BBS Securities Inc., a wholly owned subsidiary of CI Financial Corp.