Independent broker review · Updated July 27, 2026
BMO InvestorLine: bank-owned self-directed broker for security-focused Canadian investors? My 2026 review
The self-directed brokerage of a Big Five Canadian bank: solid regulation and a full traditional product line, but high fees and a steep minimum deposit.
Our take
My take on BMO InvestorLine
BMO InvestorLine is the self-directed brokerage arm of Bank of Montreal, one of Canada's Big Five banks. It gives Canadian investors access to Canadian and US stocks, ETFs, mutual funds, bonds, GICs and options, all inside the usual registered wrappers (RRSP, TFSA, RESP, RRIF). What you buy here is the security of a large regulated bank rather than the lowest possible fee.
We list BMO InvestorLine as a reference review, not as a HelloBrokers partner: there is no affiliate link on this page. The regulation is strong (CIRO and CIPF), but the $5,000 minimum deposit, the $9.95 standard commission and the absence of a demo account make it better suited to long-term, security-minded investors than to active or cost-sensitive traders.
“The safety of a Big Five bank, but a $5,000 minimum and a $9.95 commission that reference-level pricing cannot hide. ”
— Roch de Montesquieu, Research Analyst · Fees, Data, Transparency
Why trust HelloBrokers?
This review is not a copy-paste of BMO InvestorLine's marketing page. We tested the platforms, modelled the cost of a typical trade down to the pip, and benchmarked BMO InvestorLine against the 4 brokers in our comparison. A broker is judged on verifiable figures, not marketing promises.
The essentials
BMO InvestorLine at a glance
Key characteristics, verified on July 27, 2026.
Safety & regulation
Is your money safe?
BMO InvestorLine Inc. is a CIRO-registered investment dealer and the self-directed brokerage of Bank of Montreal. Client assets are covered by the Canadian Investor Protection Fund (CIPF) up to $1,000,000 per account category, and the platform operates under the CSA framework, including the AMF in Quebec. For a Canadian investor this is about as reassuring as a regulatory setup gets: a Big Five bank, domestic oversight and CIPF coverage. The trade-off is not safety but cost and flexibility.
🔒 HelloBrokers safety score: 4.8 / 5
Fees & spreads
What does it really cost?
Pricing sits in the higher half of the Canadian market. Stocks and ETFs trade at $9.95 per order, dropping to $3.95 only for active traders who place 150 or more trades per quarter. Options add $1.25 per contract on top of the $9.95 base. There is no opening or withdrawal fee, but a $25 quarterly inactivity fee applies when the balance is under $15,000 with no activity.
The $5,000 minimum initial deposit is the other line to plan for, well above brokers that let you start from zero. Currency conversion on US trades also carries a spread, so a Canadian holding US names should factor that in.
Instruments & markets covered
Instruments & markets covered
The catalogue is built around traditional investing: Canadian and US stocks, more than 500 ETFs, mutual funds, bonds, GICs and options. There is no direct access to forex, CFDs or cryptocurrencies, though you can get indirect crypto or commodity exposure through ETFs.
All of it sits inside registered accounts (RRSP, TFSA, RESP, RRIF), which is where BMO InvestorLine is genuinely useful for a Canadian building a long-term, tax-sheltered portfolio. Active traders will find the platform functional but short on advanced tooling.
What BMO InvestorLine offers
Capabilities, in plain terms
Covered, partial or not covered. No spin.
- Registered accounts (RRSP, TFSA, RESP, RRIF) ✓ Yes
- Canadian & US stocks and ETFs ✓ Yes
- Mutual funds and bonds ✓ Yes
- Options ✓ Yes $9.95 plus $1.25 per contract
- Forex / CFDs ✗ No
- Spot cryptocurrencies ✗ No Indirect exposure via ETFs only
- Demo account ✗ No
Comparison
BMO InvestorLine vs the alternatives
The right choice depends on your profile. Here is how BMO InvestorLine stands against the brokers we feature.
① The HelloBrokers ranking
overall score /5 · click to read the review
The verdict
The verdict
BMO InvestorLine earns its place through regulation and product breadth rather than price. For a Canadian who already banks with BMO and wants a secure, bank-owned home for a long-term registered portfolio, it does the job.
It is not our pick for active or cost-conscious traders: the $9.95 commission, the $5,000 minimum and the lack of a demo account weigh on the experience, and we list it as a reference review with no affiliate link. A Canadian who wants lower fees and free ETF buying will find Questrade better value.
Our recommended alternatives
Our recommended alternatives
For most retail investors, these partner brokers are a better fit.
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Free ETF buying and lower stock commissions, with no $5,000 minimum, for a cost-conscious Canadian.
See Questrade → -
Commission-free US stocks and ETFs plus a free demo account for an active trader.
See moomoo →
Frequently asked questions
FAQ BMO InvestorLine
Is BMO InvestorLine reliable?
Yes. BMO InvestorLine Inc. is the self-directed brokerage of Bank of Montreal, a member of CIRO and covered by the Canadian Investor Protection Fund (CIPF) up to $1,000,000 per account category.
Why choose BMO InvestorLine?
For the security and product breadth of a Big Five Canadian bank: Canadian and US stocks, ETFs, mutual funds, bonds and options inside registered accounts.
What are the fees at BMO InvestorLine?
Stocks and ETFs cost $9.95 per trade ($3.95 for active traders), options $9.95 plus $1.25 per contract. There is a $25 quarterly inactivity fee when the balance is under $15,000, but no opening or withdrawal fee.
Who is BMO InvestorLine for?
Long-term, security-minded Canadian investors who value a bank-owned platform and registered accounts over the lowest fee. Active or cost-sensitive traders will find cheaper options.
Is it easy to withdraw from BMO InvestorLine?
Yes. Standard electronic withdrawals are free. A $5,000 minimum initial deposit is required to open an account.
The author of this review
Who wrote this analysis?