BMO InvestorLine Review 2026

Is BMO InvestorLine Safe and Trusted?

In a word, YES.

As one of Canada’s oldest and most trusted companies (founded in 1817) the Bank of Montreal is as safe, trusted, and legit as you can get. 

InvestorLine has been around longer than the internet – BMO introduced self-directed trading way back in 1988 before moving online in 2000. That’s an impressive history!

BMO InvestorLine is CIRO regulated and CIPF insured. They use 128-bit encryption and multi-factor user authentication to keep your data safe. While any online financial transaction has some risk, BMO is as safe as it gets.

BMO InvestorLine Review – Mobile App & Software

BMO has a strong online platform that’s convenient and simple to use. Its mobile app ranked the highest of the big banks in our list of the Best Stock Trading Apps in Canada. However, the mobile apps for both Qtrade and Questrade come out ahead of BMO InvestorLine by a wide margin.

The online platform’s dashboard is streamlined and easy to navigate, but still gives you access to all the tools you need. It’s also extremely customizable, meaning you can hide any tools or features that you’re not interested in seeing regularly. This is a great feature for novice investors or people with simple portfolio needs. 

The MDJ editorial team appreciates the ability to get a bird’s eye view of a portfolio on a single screen. This allows users to better understand their asset allocation and make important investment decisions that can help them meet their goals faster. 

For the more research-inclined, the BMO platform also gives users access to plenty of industry-leading tools and market data. 

The mobile app offers flexibility and convenience. Users report that it’s slightly less comprehensive than the online platform, but it gets the job done. Making trades and moving your money is easy, quick, and secure.

BMO InvestorLine Free ETF Trading – $0 Commissions

In June 2021, BMO became the first of the big bank brokerages to offer a list of ETFs that are completely free to trade (providing that you hold on to them for at least one day).

This has turned out to be a real game-changer as far as offering value to discount brokerage customers, with other banks such as Scotia iTrade and Desjardins joining in the fun. Qtrade and NBDB also offer completely free buying AND selling of ETFs, with Questrade offering free ETF purchases only.

Sometimes when a bank offers free trades on ETFs, they mean free trades on their own ETFs (looking at you, TD Easy Trade). But there’s no bait and switch when it comes to BMO’s commission-free ETFs, which has some excellent names on the list. My personal favourites include:

• VCN – Vanguard FTSE Canada All-Cap Index ETF
• VFV – Vanguard S&P 500 Index ETF US 
• VIU – Vanguard FTSE Developed All -Cap   ex-North America Index ETF 
• VAB – CA Vanguard Canadian Aggregate Bond Index ETF
• All of the Vanguard and BMO all-in-one-ETFs are available
• Several ESG index ETFs are available 

It is excellent to see that creating ultra-diversified, super-simple portfolios just keeps getting cheaper and cheaper for Canadians!

Day traders should remember that the trades are only free if you hold onto the ETF in question for at least 24 hours.

BMO Works Best for Large Portfolios

The BMO InvestorLine 5 Star Program is the bank’s lure for high net-worth individuals and/or active traders. Most of Canada’s discount brokerages have some version of this break for top-tier investors.  

The 5 Star Program doesn’t cost anything – users are automatically enrolled if they meet the eligibility requirement: a $250,000 account balance or at least 15 trades in a 3-month span. You won’t need to fill out any forms to register for the program. Once you qualify, you’re in. Here’s a look at the perks that you’ll enjoy at all three levels:

The basic idea of BMO’s 5 Star Program is that if you generate substantial trading fees or have a large amount of money invested with BMO, you’ll get a small break on the $9.95 fee, and you’ll get access to some elite trading information streams, plus portfolio analysis, custom watchlist updating and so on.

The Platinum and Diamond levels also offer discounts of 100% on RRSP homebuyer and lifelong learning withdrawals and on deregistration and additional RIF payments.

With over 13 Million clients, and as of April 2026 C$452 billion in Wealth Management assets, BMO certainly has the resources to compete with the features that any other Canadian brokerage account brings to the table.

BMO InvestorLine Review: Trading Fees and Prices in 2026

When we look at BMO InvestorLine’s Self-Directed trading and account fees, it’s important to keep in mind that major Canadian banks such as BMO and their competitors over at RBC, Scotia Bank, CIBC, and TD, aren’t trying to offer the cheapest products on the market. Instead, the general aim of their products is to be cost-competitive, but to prioritize the following:

• Ultra-safe products backed up by centuries of banking experience.
• A large customer service and technology team.
• Elite usability and design.
• Maximum user customization options.

BMO InvestorLine Self-Directed Account Fees

While there are no minimum deposits needed to open a BMO InvestorLine Self-Directed account and get started, you’ll be charged quarterly account fees of $25 if your non-registered account balance is under $15,000 or if you make at least 2 commissionable trades in that quarter. So, it’s easy enough to avoid the account fee.

Registered accounts such as RRSP and RRIF with a balance of under $25,000 will be charged $100 per year, billed quarterly. RESP accounts under $25,000 are charged an annual administration fee of $50. It’s also good to know that there is also a $50 deregistration fee for RRSP and RRIF accounts, as well as a $25 fee for both the Home Buyer’s Plan and  Lifelong Learning Plan withdrawals.

No fees apply to TFSA and FHSA accounts, no matter the balance. 

You can plainly see that while there are ways to get around paying some of the fees, there are a few that are unavoidable, and can add up if you’re not careful

BMO InvestorLine Self-Directed Trading Fees

BMO InvestorLine’s trading fees are generally competitive with the rest of Canada’s big banks and are higher than Qtrade or Questrade.  At a flat $9.95 per trade (it doesn’t matter how many shares you buy) it’s a simple – if slightly pricey – business model.

As noted above, there are quarterly or annual fees that depend on account balances. Pay attention to this minimum as it can add up in a hurry if you open a few accounts with BMO InvestorLine but carry a small balance in them for a few quarters.

Obviously, the higher fee model is somewhat standard for Canada’s big banks. In return, you get access to a massive full service bank that allows you to keep all of your banking activities under one umbrella.  You also get a great long-term track record of safety and stability.

Here’s a quick look at the rest of BMO InvestorLine’s fees:

BMO InvestorLine Self-Directed Options Trading Fees

Personally, options trading isn’t a part of my investment portfolio, but if you’re into the adrenaline rush of shorts, hedging, etc., then InvestorLine is going to charge $9.95 per trade + $1.25 per contract. This is the standard rate across all of Canada’s large banks.

BMO InvestorLine Account Types

As one of Canada’s top online brokers, BMO InvestorLine gives you access to essentially every type of investable account in Canada, including:

• Non-registered accounts (both CAD and USD)
• Margin Accounts
• RRSP (both CAD and USD)
• Spousal RRSPs
• TFSA (both CAD and USD)
• RESP
• RRIF
• FHSA
• Spousal RRIFs
• LIF
• LIRA
• Corporate Accounts
• Non-Profit Organization Accounts
• Estates and Formal Trust Accounts

This is one advantage of a big bank platform: you might pay more in commissions to use BMO InvestorLine Self-Directed, but you’re going to absolutely have access to all of the accounts that you could ask for as a Canadian investor. And again, if you go with ETFs from their commission-free trading list, you’re not even paying more at all.

BMO InvestorLine Review: What Is adviceDirect?

We’ll take a deeper dive into the unique service known as AdviceDirect in a separate review, but we thought we’d mention it here briefly. 

AdviceDirect is a nice little mid-point between a full-service investment advisor model, and a completely hands-off DIY product. 

If you want the flexibility and responsibility of using a discount brokerage to manage your own investments, but also feel that you could use some help in selecting specific investments or staying on top of your portfolio, then you may want to look closely at the BMO adviceDirect account.

AdviceDirect’s services include: 

• Automated portfolio monitoring
• Unique information flows
• Exclusive investor education options
• A dedicated team of licensed advisors

As active investing goes, a premium service like adviceDirect is a solid choice. It gives you access to industry experts – at a much lower price point than traditional mutual fund channels. The MER on mutual funds is usually about 2.5%, while adviceDirect is only 0.10%-0.50% per year (depending on your balance). Up to $1MM in assets pays the full 0.50%. You get a break down to 0.30% if you have assets of between $1MM and $5MM. Over $5MM gets you the low 0.10% rate.

In any case, much lower than the 2.5% traditional mutual fund fee!

BMO InvestorLine and BMO adviceDirect may complement one another, but they’re two separate products with different applications and services. So while you definitely do NOT need to subscribe to adviceDirect in order to use the BMO InvestorLine brokerage, it could possibly be a better option depending on your experience level and desire for expert support.

BMO InvestorLine Review FAQ

2026 BMO InvestorLine Ratings

Every year we make sure to check out the Surviscor and Globe and Mail broker ratings, as we find them the most comprehensive online (other than our own of course).

We’ll start with the Globe and Mail. Their rankings are based on over 100 factors, further broken into 5 categories:

• Convenience and security
• Cost
• Investing experience
• Tools
• Services for retirees

BMO InvestorLine made some big strides this year in its Globe and Mail ranking, moving from 6th place to 3rd. 

As for the Surviscor ranking for 2026, BMO InvestorLine was given 9th out of 15th brokerages. Where it shined in Surviscor’s assessment was its updated desktop and mobile platforms, and where it fell short was its lackluster customer service and higher commissions than its competitors.

It’s clear BMO InvestorLine is working to create a better user experience in terms of the day to day business of trading, but there is still some work to do if they want to beat out the top spot holders, such as Questrade and Qtrade.

BMO Active Trader

BMO has stepped up its game for frequent investors with the launch of BMO Active Trader. If you’ve ever been frustrated by clunky broker dashboards or felt like you were missing out on advanced tools without paying extra fees, this platform is worth a closer look.

BMO Active Trader is a browser-based trading platform designed for investors who make a lot of trades and want more speed, data, and flexibility than what you’d normally find on a bank brokerage site. Think of it as a “pro mode” for InvestorLine clients. As of now, there is no mobile app available for the Active Trader platform.

It’s part of BMO’s 5-Star Program, which means you don’t pay extra to use it as long as you meet the trading or asset requirements. The interface is faster, more customizable, and loaded with features that make it easier to trade stocks, ETFs, and options.

The platform itself is free if you qualify, but you do need to hit certain thresholds. To unlock Active Trader, you’ll need either:

• 15 or more trades per quarter, or
• A $250,000 account balance.

Once you’re in, the commissions are competitive for active investors. Standard InvestorLine pricing is $9.95 per trade, but if you place 150 or more trades over a rolling three-month window, the rate drops to just $3.95 per trade. Options contracts cost $3.95 plus $1.25 per contract.

Active Trader isn’t for everyone. If you’re the type of investor who buys a few ETFs a year and holds them for decades, you’ll likely never use this platform. But if you’re more of the day trader type, like to trade options (especially multi-leg strategies), want real-time streaming data, or rely on advanced charting and technical indicators, then BMO Active Trader might be a good fit!

Who Is the BMO InvestorLine Discount Broker Best for?

For those who are already BMO chequing and savings account holders, it might be appealing to add a BMO InvestorLine account as well. It makes transferring between accounts  easy, especially with their improved mobile app and desktop platforms. 

However, with the number of fees you’ll get charged if you are not careful, as well as the fact that you’ll get charged for certain ETFs not on their free list, it doesn’t make financial sense if you don’t mind having separate brokerage accounts elsewhere.

There are a number of other options out there offering similar products at a better price. You can compare them all on our overview of the best Canadian online brokers. Or, you can just directly hop over to find out more about our top rated Canadian discount brokerage, Qtrade.