Best Online Brokers in Canada

Finding the right online broker in Canada can significantly impact your journey as an investor. The ideal platform balances competitive fee structures, intuitive usability, broad access to both Canadian and U.S. equities and support for tax-advantaged accounts.

This guide will give you an overview of some of the best online brokers in Canada.

5 Best Online Brokers In Canada

• Questrade — Best for Low Fees
• Interactive Brokers Canada — Best for Global Market Access
• Wealthsimple Trade — Best for Beginners
• Qtrade Direct Investing — Best for Customer Service
• Scotia iTrade — Best for Active Trading

How We Chose the Best Online Brokers In Canada

We evaluated the best online brokerages in Canada based on their cost, ease of use, quality and breadth of educational resources and customer service responsiveness.

Best Online Brokers In Canada

Questrade — Best for Low Fees

Questrade is recognized for its low fees and zero-commission policy for Canadian and U.S.-listed stocks and exchange-traded funds (ETFs). It offers a wide selection of investment products and multiple trading platforms, making it suitable for a range of investors from beginners to active traders.

Key Features: 

• Fees: Zero commission for trading Canadian and U.S.-listed stocks and ETFs. Options trades come with zero commissions but a $0.95 fee per contract. Mutual funds are $9.95 per trade, and international equities incur a fee of 1% of the trade value.

• Investment Access: Provides access to Canadian and U.S. equities, ETFs, options, mutual funds, futures and precious metals. It supports holding both Canadian dollars (CAD) and U.S. dollars (USD), helping to minimize currency conversion costs for U.S. trades.

• Platform Experience: Questrade offers several platforms, including web-based Questrade Trading, QuestMobile, Questrade Edge Mobile and Questrade Edge. The platforms provide charting, order types and customization.

• Tools/Education Highlights: Questrade’s platforms feature research tools, including trending stocks, smart scores and news analysis. The Questrade Learning Centre provides educational content, video tutorials and articles for investors of all levels. Platforms include features like Learning Mode to help beginners understand investing concepts.

• Drawbacks: While ETF purchases are commission-free, selling ETFs incurs a small electronic communication network (ECN) fee. Some advanced market data packages require a subscription. 

Who It’s Best For: Cost-conscious Canadian investors who want commission-free ETF and stock purchases, diverse asset access and powerful trading tools.  

Interactive Brokers Canada — Best for Global Market Access

Interactive Brokers (IBKR) offers access to global markets and sophisticated trading tools at low costs. Its institutional-grade platforms and competitive commission structure cater to investors who want advanced functionality, deep liquidity and the ability to trade a variety of asset classes across numerous international exchanges from a single account. 

Key Features: 

• Fees: IBKR offers low commissions for trading stocks and ETFs. Its fixed rate is $0.005 per share, and tiered pricing ranges from $0.0005 to $0.0035. It charges between $0.15 and $0.65 per options contract. IBKR provides excellent currency conversion rates, and there are no minimums to open an account, although minimum balances may apply for some features or to avoid inactivity fees. 

• Investment Access: IBKR gives investors access to more than 150 global markets and a variety of asset classes, including Canadian and U.S. stocks, ETFs, options, futures, forex, bonds and mutual funds. Users can hold multiple currencies in their accounts to facilitate direct trading in foreign markets.

• Platform Experience: IBKR offers professional-grade platforms, including Trader Workstation for desktop, IBKR Mobile and the Client Portal for web. Trader Workstation is customizable with advanced charting, more than 100 order types, algorithmic trading and risk management tools. 

• Tools/Education Highlights: Free trading tools include IB Risk Navigator, PortfolioAnalyst and advanced market scanners. The IBKR Campus provides webinars, video courses, a Traders’ Academy and market commentary. 

• Drawbacks: The platforms’ complexity can be overwhelming for beginners. While commissions are low, the tiered pricing structure is less straightforward than flat-fee models. Customer support is not as responsive or personalized as with smaller brokers.  

Who It’s Best For: Advanced traders and those requiring global market access and sophisticated trading tools at competitive commission rates.

Wealthsimple Trade — Best for Beginners

Wealthsimple Trade was the first Canadian brokerage to offer commission-free trading for Canadian and U.S.-listed stocks and ETFs. Its simplicity and user-friendly mobile-first design make it a good place for new investors to start. It doesn’t offer the advanced tools of more complex platforms, but its straightforward approach and commitment to low fees have made it a popular choice.

Key Features: 

• Fees: There is no commission for buying and selling Canadian and U.S.-listed stocks and ETFs. Wealthsimple offers different plans depending on how much you invest. Its Core plan, which you can start with as little as $1 in assets, has a 0.5% management fee on managed investment accounts. The management fee drops to between 0.2% and 0.4% when you have $500,000 in assets under the Generation plan.

• Investment Access: Provides access to thousands of Canadian and U.S. stocks and ETFs. Wealthsimple also offers options trading with supported strategies. It’s integrated with Wealthsimple Crypto, allowing users to buy and sell cryptocurrencies in the same ecosystem.

• Platform Experience: Wealthsimple’s easy-to-use mobile app is its primary interface. The desktop platform also has a minimalist design. Buying and selling are straightforward on both platforms.They don’t have advanced charting and analytical features, but they do  provide real-time quotes and price alerts. 

• Tools/Education Highlights: Wealthsimple offers features like fractional shares, recurring investments and dividend reinvestment plans. Advanced research tools are limited, but it provides educational content through its own magazine and guides, and users can access a stock market simulator for practice. 

• Drawbacks: The 1.5% currency conversion fee on USD trades can add up for frequent U.S. stock traders unless they buy a USD account. Access to asset classes like mutual funds, futures or international stocks outside of the U.S. and Canada is not available for self-directed investing.  

Who It’s Best For: Beginner investors and those who want a simple, commission-free platform for trading stocks and ETFs.

Qtrade Direct Investing — Best for Customer Service

QTrade Direct Investing gets high marks from its clients for its attention to customer service. It provides a user-friendly platform for self-directed investors to manage a variety of investments backed by robust research tools. Qtrade caters to investors who are new to self-directed investing while providing features for more experienced traders. 

Key Features: 

• Fees: Qtrade offers competitive commissions for stocks and ETFs, with standard trades at $8.75 and a reduced rate of $6.95 for active traders who make 150 or more trades per quarter or have at least $500,000 in assets. It also has more than 100 commission-free ETFs. Options trades are $8.75, plus $0.75 per contract. A quarterly $25 administration fee can be waived by maintaining a minimum account balance of $25,000, making a certain number of trades or setting up recurring contributions.

• Investment Access: Provides access to Canadian and U.S. equities, ETFs, mutual funds, bonds, guaranteed investment certificates (GICs) and options. Qtrade supports holding both CAD and USD in accounts to simplify cross-border trading.

• Platform Experience: An award-winning web platform and mobile apps are easy to navigate and offer detailed portfolio views. QTrade offers various ways to contact customer support, including phone and email. Users have praised the quality of service of the platform’s representatives, reporting that they’re well-versed in troubleshooting as well as explaining investment concepts.

• Tools/Education Highlights: Research tools include analyst recommendations, stock/ETF screeners and calculators for planning. Qtrade’s Portfolio Score and Portfolio Simulator help investors evaluate risk, diversification and test investment ideas. It also provides articles, how-to videos and guides for new and experienced investors.

• Drawbacks: Qtrade’s standard equity commissions are higher than the zero commissions offered by some competitors. The quarterly account fee may be inconvenient for smaller, less active accounts if conditions aren’t met. 

Who It’s Best For: Canadian investors who value a balance of competitive fees, a user-friendly platform, robust research tools and excellent customer service.

Scotia iTrade — Best for Active Trading

Scotia iTrade is Scotiabank’s self-directed investing arm that offers reduced commission fees for active traders. It also waives some administrative fees for active traders or high-balance investors. It provides a solid platform for Canadian investors who want to manage a diversified portfolio across different asset classes.Its commission structure is higher for less active traders, but it provides value through extensive research, educational materials and a reliable trading environment.

Key Features: 

• Fees: The standard commission for Canadian and U.S. equities is $9.99 per trade, which can be reduced to $4.99 for traders who make at least 150 trades per quarter or those with significant assets. Options trades are $9.99 plus $1.49 per contract or $4.99 plus $1.25 per contract for active traders.

• Investment Access: Provides access to a range of investment products, including Canadian and U.S. stocks, ETFs, mutual funds, options, bonds and GICs. Investors can hold both CAD and USD in their accounts for trading in both currencies.

• Platform Experience: The platform has customizable dashboards, real-time quotes and integrated banking for Scotiabank customers. Trade Pro has advanced charting and streaming data. 

• Tools/Education Highlights: Research capabilities include analyst reports, technical analysis tools and comprehensive screeners for stocks and ETFs. The Scotia iTRADE U learning center provides articles, videos and webinars covering various investment topics and strategies.

• Drawbacks: Commission fees are on the high side compared to discount brokers. While Scotia iTrade offers a commission-free ETF list, it’s not as extensive as some competitors. The platform’s complexity and fees may not make it a good choice for beginners or infrequent traders.  

Who It’s Best For: Existing Scotiabank clients who want integrated banking and investing as well as intermediate to experienced investors who value robust research tools and a variety of investment products who trade frequently enough to qualify for lower commission tiers. 

Choosing the Best Online Broker In Canada

Questrade’s low fees and zero commissions on stock and ETF purchases appeal to cost-conscious and active traders. For those wanting global market access and advanced trading tools, Interactive Brokers Canada provides professional-grade platforms and competitive tiered commissions. Wealthsimple Trade’s user-friendly, mobile-first experience is ideal for beginners. Qtrade Direct Investing stands out for its intuitive platforms and highly rated customer service. Scotia iTrade caters to intermediate and active traders. 

The best online broker is one that aligns with your investing goals, trading style and desired level of platform complexity. 

Frequently Asked Questions