Winners Summary
The best trading platform in Canada - Questrade
I found Questrade's website simple to navigate, and it should appeal to both beginners and long-term investors. Traders will gravitate to Questrade Edge, the desktop trading platform. It’s available for both Windows and Mac and I found it the best trading platform for casual traders in Canada.
Questrade's balance between widget choices and ease of use stood out to me the most. Its extensive array of tools, including depth of market, extensive charting capabilities, and an options P&L calculator aren’t fussy but will still satisfy active traders. It helps that it’s equally easy on the eyes. Active traders who need Level 2 and real-time options pricing data can offset expensive monthly data fees through commission rebates.
Read my full review of Questrade to learn more about why it's one of my top picks.
- Canadian stock commission: Buys and sells are $0.01 per share, with a minimum of $4.95 and a maximum of $9.95.
- Options commission: Buys and sells are $9.95 plus $1.00 per contract.
- Account fees and minimums: No fee to open an account, and no inactivity fee. Minimum required $1,000 balance to begin investing.
Best for professionals and active traders - Interactive Brokers
Interactive Brokers (IBKR) is a top choice for professional and active traders in Canada. Though it’s a U.S.-based platform, IBKR offers access to 33 global markets, allowing Canadian investors to trade internationally with ease. Known for its institutional-grade tools and low trading costs, IBKR is ideal for experienced traders who require advanced features like direct market access, low commissions, and algorithmic trading capabilities.
While its complexity may be overwhelming for beginners, seasoned traders will appreciate the world-class trading platforms, including the highly customizable Trader Workstation. Interactive Brokers also provides a suite of mobile apps that are surprisingly user-friendly for such a robust platform. For professionals and frequent traders, IBKR stands out for its ultra-low trading costs and access to advanced features that few other brokers in Canada can match.
Check out my exhaustive review of Interactive Brokers to discover more about its offering.
- Canadian stock commission: $0.01 per share, minimum $1.00, maximum of 0.5% of trade value.
- Options commission: $1.25 per contract, minimum $1.50.
- Account fees and minimums: No minimum and no inactivity fees.
Best for long-term investors - Qtrade
| Company |
Overall |
 Qtrade Direct Investing
|
 |
Qtrade is my top recommendation for Canadian investors focused on long-term wealth building. Its standout feature is the comprehensive portfolio management tools, including the Portfolio Analytics tab, which provides easy-to-use gadgets that help evaluate risk and manage your investment strategy. Long-term investors will also appreciate the in-depth research from Morningstar and FactSet, offering valuable insights into the performance of individual stocks and funds over time.
While Qtrade might not appeal to active traders, its automated trading ideas through Trading Central and emphasis on portfolio management make it ideal for those who prioritize long-term growth. For investors starting out, Qtrade’s educational content can help, though finding the most relevant information may take a little digging. Overall, Qtrade excels in providing the tools needed to help Canadian investors achieve long-term financial goals.
- Canadian stock commission: Buys and sells are $8.75. Traders with 150+ trades per quarter and/or $500,000 in equity get lower rate of $6.95.
- Options commission: Buys and sells are $8.75 plus $1.25 per contract. Active investors (see above) pay $6.95 plus $1.25 per contract.
- Account fees and minimums: No fee or minimum to open an account. There is an administrative fee of $25 per quarter that is waived under many circumstances.
Diverse trading tools and great education - TD Direct Investing
| Company |
Overall |
 TD Direct Investing
|
|
TD Direct is polished and provides enough features to satisfy almost everyone, with a robust web trading platform and a clean investing website. It’s logically laid out and smoothly bridges the gap between banking and investing. Novices will get off to a great start, thanks to top notch education articles and videos that cover a broad range of topics and are clear and engaging.
We say “almost everyone” because its web trading platform, TD Advanced Dashboard, simply doesn’t have the depth of Interactive Brokers’ Traders Workstation (few brokers do). Casual traders will find Advanced Dashboard to be sufficient and current TD banking clients will appreciate keeping their banking and investing at the same firm.
TD Direct charges the same commission for trading U.S. shares as it does for Canadian shares. On the bright side, TD offers real-time data for free.
- Canadian stock commission: $9.99 flat fee.
- Options commission: $9.99 plus $1.25 per contract.
- Account fees and minimums: No minimum deposit. $25 quarterly maintenance fees that will be waived under certain conditions.
Transparent fees - CIBC Investor’s Edge
| Company |
Overall |
 CIBC Investor’s Edge
|
|
Investor’s Edge has a convenient interface and offers PDF research reports from CIBC World Markets and Morningstar. If you’re a trend follower, you’ll be happy with Investor’s Edge’s collection of sentiment indicators. Charts are clean. Active traders may have to weigh CIBC’s flat $6.95 commission and nice research against the comprehensive platforms offered by Questrade and Interactive Brokers.
Like TD Direct Investing (see above), CIBC does not offer free trading of U.S. shares.
- Stock commission: $6.95 flat commission.
- Options commission: $6.95 plus $1.25 per contract.
- Account fees and minimums: No minimum. No annual account fees for TFSA and RESP. $100 if the balance of a non-registered account is under $10,000. RRSP, RRIF, LIRA and LIF accounts have $100 annual fee if balance is $25,000 or less.
Best Canadian brokerages summary
Commission structures vary widely across brokers. Larger and frequent investors should check the detailed pricing of any broker under consideration.
| Canadian Online Broker |
Best For |
Commission |
Overall Rating |
| Questrade |
Overall best trading platform |
$4.95 minimum |
5 Stars |
| Interactive Brokers |
Best for professionals and active traders |
$0.01 per share |
4.5 Stars |
| Qtrade Direct Investing |
Best for long-term investors |
$8.75 |
4.5 Stars |
| TD Direct Investing |
Diverse trading tools and great education |
$9.99 |
4.5 Stars |
| CIBC Investor's Edge |
Transparent fees |
$6.95 |
4.5 Stars |
| Wealthsimple |
Best commission-free trading |
$0 |
4 Stars |
FAQs
How are stock brokerages in Canada regulated?
To service Canadian residents, online brokerages must be licensed as securities brokers with the Canadian Investment Regulatory Organization, or CIRO, not to mention keep up with the regulator's name changes. CIRO consolidates the functions of the former Investment Industry Regulatory Organization (IIROC) and Mutual Fund Dealers Association (MFDA), which themselves were renamed New SRO in early 2023; that has now been supplanted by the latest moniker. Canada is served by 262 brokerage firms and 108,000 representatives.
How to choose the best online trading platform
Canadian brokerages work hard to stand out against one another beyond branding and marketing. What really matters, though, is the trading experience you receive once you are a client with a funded account.
Here’s a list of tips to keep in mind to help you select the right broker the first time:
- Know your account type beforehand and check the minimum account balance (or minimum trade activity) requirement to avoid annual fees, which vary by broker. That can help you avoid some surprises.
- Check whether the broker offers commission-free ETFs. Exchange traded funds make it easy to build a diversified portfolio with relatively small account balances or quickly put on a tactical position in an entire sector, industry or even asset class.
- Make sure your broker supports the asset class you want to trade. If you only trade stocks, options, or funds, then no problem; any broker will service you. However, if you want to trade crypto, complex options, forex, or futures, you should ensure the broker will be able to support you ahead of time.
- If you are an active trader, read the fine print to compare potential service benefits. Discounted commissions are just one perk of being an active trader. Some brokers will increase the quality of the market data being streamed into the account; others will grant access to better research tools or offer dedicated customer support.
- If you’re trading non-Canadian stocks, check the foreign exchange spreads. Some brokers advertise commission-free trading of U.S. stocks but make money from the currency conversion.
- Try out the customer service before opening your account. Look for fast connection times and helpful representatives. For a quick gauge, once you narrow down your selections to two, call both brokerages on the phone and ask them both several questions. This speedy exercise may reveal a lot about what to expect as a client. Tip: Call shortly after the stock market opens if you can, which is traditionally when support is busiest.
What is the best discount brokerage in Canada?
My testing found that Questrade offers the best trading platforms along with excellent educational content and tools. As a discount broker, it also offers lower commission rates to investors who are comfortable investing on their own. The Questrade Edge desktop platform is one of StockBrokers.com’s favorites for casual active traders among all the brokers we trialled. However, professionals will appreciate the low pricing and broad array of investment choices available at Interactive Brokers instead, which I believe is better for international trading.
Are discount brokerages like Questrade and Wealthsimple safe?
Questrade vs Wealthsimple, which is better?
Between Questrade and Wealthsimple, Questrade is the better option for most investors due to its broader investment options and advanced trading tools. While Wealthsimple offers commission-free trading and simplicity, Questrade provides more features that appeal to a wider range of investors, including those who trade U.S. and Canadian stocks, options, and ETFs. Questrade also has superior research tools and customizable platforms, making it ideal for both beginners and active traders who need more control over their trades. Wealthsimple is a good choice for beginners who prioritize ease of use and zero commissions, but Questrade's overall flexibility and low-cost structure make it the stronger option for most investors.
Which types of accounts do online brokerages offer in Canada?
Canadian investors can choose among a variety of brokerage account types. In addition to standard brokerage accounts, investors meeting the appropriate criteria may open more advanced or speciality account types. Note that some brokers might only offer some of these account options.
- Tax Free Savings Accounts
- Registered Retirement Savings Plans
- Registered Retirement Income Plans
- Locked-in Retirement Accounts
- Registered Education Savings Plans
- First Home Savings Accounts
- Registered Disability Savings Plans
Which Canadian brokerage has the lowest fees?
Wealthsimple is a great option for a low-fee Canadian broker as it has no account maintenance fees, no inactivity fees, and charges no commission on Canadian and U.S. stocks and exchange-traded funds. That said, at Weathsimple there are fees for options trading and exercises and currency conversion, along with some administrative fees.
There are of course several zero-commission brokers in Canada, but often either additional fees or spreads often drive the overall costs up or they offer far less in the way of markets or platforms. For example, National Bank Discount Brokers is zero-commission, but does charge inactivity fees. Mogotrade doesn’t charge commissions, but its offerings are limited to stocks and ETFs. I prefer brokers that offer clients more investment options and tools, like Wealthsimple.
What is the best Canadian broker for both US and Canadian stocks?
Questrade is my top choice for Canadian investors looking to trade both U.S. and Canadian stocks. Questrade offers a strong selection of platforms, including mobile, browser, and desktop options, making it versatile for all types of traders. Whether you're a beginner or a highly active trader, Questrade’s platforms provide an intuitive and feature-rich experience for managing both U.S. and Canadian investments. With competitive fees and access to a broad range of markets, Questrade delivers the flexibility Canadian investors need to easily trade stocks on both sides of the border.
Can you buy US stocks in your TFSA?
Canadian stock investors can buy U.S. stocks in their Tax Free Savings Accounts as long as the stock trades on the list of “designated” U.S. exchanges. Note the designated exchange requirement excludes stocks that trade “over the counter (OTC).” OTC stocks trade between brokers instead of on an exchange.
Our Research
Why you should trust us
Sam Levine, CFA, CMT, formerly a lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options, futures, and options on futures. He's held roles as a portfolio manager, financial consultant, investment strategist and journalist. He holds the Chartered Financial Analyst (CFA) and the Chartered Market Technician (CMT) designations and served on the board of directors of the CMT Association.
Blain Reinkensmeyer, head of research at StockBrokers.com, has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Blain created the original scoring rubric for StockBrokers.com and oversees all testing and rating methodologies.
For this guide:
- Whenever possible, we used our own brokerage accounts for testing. For several brokers, we used a test account that was provided to us.
- We evaluated educational content and research.
- We tested features, tools, data, and widgets.
- We compared fees and recurring charges.
How we tested
For this guide to the best online brokers in Canada, we thoroughly tested and/or evaluated key features including the availability and quality of watch lists, charting, real-time and streaming quotes, stock alerts, and educational resources, among other variables. We also look for a fluid user experience moving between mobile and desktop platforms, where offered. In certain circumstances, a demo account was provided by the broker.
StockBrokers.com uses a variety of computing devices to evaluate share trading platforms. Our reviews were conducted using the following devices: iPhone 12 Pro, iPhone 15 Pro Max, MacBook Pro M1 with 8 GB RAM running the current MacOS, and a Dell Vostro 5402 laptop i5 with 8 GB RAM running Windows 11 Pro. In testing platforms and apps, our reviewers place actual trades for a variety of instruments.
Trading platforms tested
For this guide, we examined the following brokers:
- Questrade
- Interactive Brokers
- Qtrade Direct Investing
- TD Direct Investing
- CIBC Investor’s Edge
- Wealthsimple
Explore further guidance on trading in Canada, here and on our sister site, ForexBrokers.com.
Fidelity
Merrill Edge
E*TRADE
TradeStation
Interactive Brokers
Charles Schwab
tastytrade
eToro
