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. euro_symbol Forex trading in CanadaIf your interests go beyond stock trading, see our guide to the best brokers for forex trading in Canada .

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?

Yes, registered brokers like Questrade and Wealthsimple are safe. Brokers are regulated by the Canadian Investment Regulatory Organization . Investors’ assets are protected against broker insolvency through the Canadian Investor Protection Fund (CIPF).

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.

Best Online Trading Platforms in Canada 2024

Written by Sam Levine, CFA, CMT
Edited by Carolyn Kimball
Fact-checked by Steven Hatzakis
Reviewed by Blain Reinkensmeyer

October 15, 2024

Choosing the right stock broker in Canada can be the difference between achieving your financial goals and paying unnecessary fees. This guide is designed to help Canadian investors navigate the top trading platforms by comparing key factors such as pricing, tools, and account options. In my testing, I evaluated commission structures, platform usability, and overall experience to ensure that every investor, from beginners to seasoned traders, can find a brokerage account that suits their needs.

The Toronto Stock Exchange (TSX) is the 12th largest in the world, with more than $3 trillion in assets. However, it is heavily concentrated in cyclical sectors like finance, energy, and materials, making its stocks sensitive to economic fluctuations. For investors looking to diversify beyond Canada’s cyclical industries, choosing a broker that supports foreign currency trading and international stocks is crucial to building a more balanced portfolio.

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Since 2009, we've helped over 20 million visitors research, compare, and choose an online broker. Our writers have collectively placed thousands of trades over their careers. Here's how we test.