Neither broker is universally better — it depends on how you invest. NBDB is the stronger pick for passive ETF investors buying Canadian-listed all-in-one funds: the interface is simpler, the $100 annual fee disappears once you cross $20,000 in assets, and the bank-backed trust factor is real. Questrade has the edge if you regularly convert CAD to USD (lower FX spread at 1.50% vs 1.70%), want fractional US shares, trade options, or prefer a more feature-rich mobile app.

Questrade is cheaper for most retail investors. Its FX spread is 1.50% vs NBDB’s 1.70% for transactions under $25,000 USD — a $20 difference per $10,000 converted. However, NBDB’s tiered FX structure means large single conversions flip the result: at $25,000–$250,000 USD per transaction, NBDB’s 1.20% rate beats Questrade’s flat 1.50% by a meaningful margin. For investors using Norbert’s Gambit, Questrade is also more accessible — NBDB charges $9.95 per security for the journaling step ($19.90 per round-trip), which must be factored into the break-even.

Yes — NBDB charges a $100 annual administration fee, but it is widely waived. The fee is eliminated if: your total eligible assets reach $20,000 by May 31 of that year; you are aged 30 or under; or you are enrolled in a qualifying professional programme (engineers, teachers, healthcare workers, business students, newcomers to Canada). Clients with multiple accounts pay $100 split across all accounts — not $100 per account. Questrade charges no annual administration fee at any balance level.

Yes — NBDB supports Norbert’s Gambit, but charges $9.95 per security for the journaling step (the internal transfer of DLR between your CAD and USD accounts). A full round-trip Gambit costs $19.90. This fixed cost means the strategy only makes sense above a minimum conversion size: at $5,000 CAD, the 1.70% spread costs approximately $85, so the Gambit saves around $65 after the journaling fee. On Questrade, no extra fee applies on the internal transfer, making Norbert’s Gambit viable at lower conversion amounts.

NBDB tends to suit beginners who value simplicity and the reassurance of a bank-owned institution — the platform is less cluttered and the fee structure is straightforward. If you are under 30, NBDB’s age waiver on the $100 annual fee makes it completely free from day one. Questrade suits beginners who want a managed investing option through Questwealth, or those who prefer to start with a polished mobile app and scale into self-directed investing over time. Both are reasonable starting points for a first TFSA or RRSP.

Yes — both NBDB and Questrade fully support the First Home Savings Account (FHSA). You can contribute up to $8,000 per year (lifetime maximum $40,000), invest in ETFs and stocks within the account, and withdraw tax-free to purchase your first qualifying home. The FX cost considerations discussed in this comparison apply inside the FHSA in the same way they apply to a TFSA or RRSP — if you plan to hold US-listed ETFs within your FHSA, Questrade’s lower FX spread is still relevant.