Investing
Best Online Brokers in Canada
14 Canadian online brokerages ranked by WalletReturn score, with what each costs in a year of trading. Top pick: Questrade Self-Directed Investing (91/100).
What is the best online broker in Canada?
Questrade Self-Directed Investing leads with a score of 91/100 — free USD accounts and the widest account choice at $0 commissions. Qtrade Direct Investing (88) and Interactive Brokers Canada (83) follow.
| Broker | Score | Stock & ETF trade | Yearly cost (Growing) | Welcome offer |
|---|---|---|---|---|
| TopQuestrade Self-Directed Investing | 91/100 | $0 | $0 | Up to $1,000 cash |
| Qtrade Direct Investing | 88/100 | $0 | $0 | Up to $5,000 cash back |
| Interactive Brokers Canada | 83/100 | $1 per order | $24 | — |
| BMO InvestorLine Self-Directed | 80/100 | $0 | $0 | — |
| Desjardins Online Brokerage (Disnat) | 80/100 | $0 | $0 | — |
| Wealthsimple Self-Directed Investing | 80/100 | $0 | $0 | 1% transfer match, up to $20,000 |
| TD Easy Trade | 75/100 | 100 free a year | $0 | Up to 3% cash back, max $15,000 |
| National Bank Direct Brokerage | 73/100 | $0 | $0 | — |
| RBC Direct Investing | 64/100 | $9.95 | $238.80 | Up to 3% cash back, max $15,000 |
| TD Direct Investing | 64/100 | $9.99 | $239.76 | Up to 3% cash back, max $15,000 |
| Moomoo Canada | 62/100 | $1.49 per order | $35.76 | Free shares + 30 days commission-free |
| Webull Canada | 61/100 | $0 | $8.40 | $150 transfer bonus |
| Scotia iTRADE | 56/100 | $9.99 | $239.76 | — |
| CIBC Investor’s Edge | 52/100 | $6.95 | $166.80 | — |
Yearly cost is a year of Canadian stock or ETF trades of $1,000 plus account fees in a TFSA: Starter $5,000 · 12 trades a year, Growing $25,000 · 24 trades a year, Active $100,000 · 120 trades a year. Currency conversion and options are extra.
Scores weigh trading cost (40), account choice (20), US investing (15), features (15) and welcome offer (10).
Put it into practiceAll online brokersWhich online broker is cheapest in Canada?
Wealthsimple, Questrade, Qtrade, National Bank, BMO InvestorLine, Disnat, TD Easy Trade cost $0 a year at $25,000 · 24 trades a year. Brokers that still charge commissions cost $166.80 (CIBC, $6.95 a trade) to $239.76 (TD Direct Investing, $9.99 a trade) at the same activity.
Small accounts can still pay account fees: TD Direct Investing charges $100 a year under $15,000, National Bank $100 under $20,000 (waived if you’re 30 or younger) and CIBC $100 at $10,000 or less.
Which broker is best for US stocks?
Currency conversion matters more than commissions. Converting C$10,000 at 1.5% costs $150 each way.
Interactive Brokers converts for about 0.002% (US$2 minimum). Questrade offers free USD accounts, including in TFSAs and RRSPs, so you can hold US dollars instead of converting on every trade. Wealthsimple charges 1.5% unless you have a USD account ($10 a month on Core, free from $100,000).
Which big-bank brokerage is best?
BMO InvestorLine and National Bank Direct Brokerage charge $0 commissions. RBC Direct Investing ($9.95), TD Direct Investing ($9.99), Scotia iTRADE ($9.99) and CIBC Investor’s Edge ($6.95) still charge per trade.
Bank brokerages make sense if you want everything at one bank or qualify for free trades — Scotiabank Ultimate Package clients get up to 100 free trades a year, and CIBC Smart Start clients under 25 trade for $0.
Are online brokers safe?
Every broker here is a CIRO member covered by CIPF, which protects up to $1 million per account category if the firm fails. CIPF does not cover market losses.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value