The beauty of online brokerages is that they offer high returns for minimal fees – sometimes even nonexistent fees. But fees aren’t the only indication of good service. You'll also want to look out for flexibility, customer service, and more.
Top 10 online brokers in Canada
So who comes out on top? We'll compare 8 major online brokerages in Canada briefly, with links to a more thorough discussion further down.
| Category | Online brokerage | Standard commission |
|---|---|---|
| Best overall | Qtrade | * Stocks: $8.75 * ETFs: $8.75 (select few are free) * Options: $8.75 + $1.25 * Mutual funds: $8.75 |
| Best mobile app | Wealthsimple Self-Directed Investing | * Stocks: Free * ETFs: Free * Options: N/A * Mutual funds: N/A |
| Best from a Big 5 Bank | CIBC Investor's Edge | * Stocks: $6.95 * ETFs: $6.95 * Options: $6.95 + $1.25 * Mutual funds: $6.95 |
| Best discount broker | Questrade | * Stocks: $4.95 (min) * ETFs: Free (to buy) * Options: $9.95 + $1 * Mutual funds: $9.95 |
| Best for existing BMO clients | BMO InvestorLine | * Stocks: $9.95 * ETFs: $9.95 * Options: $9.95 * Mutual funds: $9.95+$1.25 |
| Best for extended trading hours | Moomoo Financial | * Stocks: $1.99 * ETFs: $1.99 * Options: $1.50 * Mutual funds: N/A |
| Best $0 commission broker | National Bank Direct Brokerage | * Stocks: Free * ETFs: Free * Options: $1.25 * Mutual funds: Free |
| Best for mobile investors | RBC Direct Investing | * Stocks: $9.95 * ETFs: $9.95 * Options: $9.95 + $1.25 * Mutual funds: 1% of gross trade amount |
| Best for active day traders | Scotia iTRADE | * Stocks: $9.99 * ETFs: $9.99 * Options: $9.99 + $1.25 * Mutual funds: $9.99 |
| Best for experienced investors | TD Direct Investing | * Stocks: $9.99 * ETFs: $9.99 * Options: $9.99 + $1.25 * Mutual funds: N/A |
Methodology
To evaluate online brokers, we analyze over 25 data points to generate a trustworthy Genius Rating. We consider all aspects of an online broker, including investment options, fees, perks, access to support, customer satisfaction, and promotions, to assess its overall value. Then, the online broker’s features are rated based on how they stack up against other available options.
Best online broker in Canada 2025 winner: Qtrade
Minimum Investment
$0
Maximum Stock Fee
$0
Maximum ETF Fee
$0
Account Maintence Fees
$0
Looking to take your investments into your own hands? Qtrade Direct InvestingTM is a discount online broker that offers top-of-the-line portfolio analytics tools and a robust trading platform designed for new and experienced DIY investors. You can even trade over 140 specially-picked ETFs commission free.
Pros
- $0 commission on ETFs, mutual funds and more
- Fund your new account and get a $80 GeniusCash bonus
- No quarterly administration fee
- Up to 5% cash back on every dollar invested
- Excellent mobile app
- Educational tools
- Options Lab
- Get up to $2,000 cash when you open new accounts
Cons
- Some activities still carry fees
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
$80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0Special Features
- $0 commission trades on mutual funds, equities, ETFs and more
- Trial account available
- Second-to-none portfolio analytics tools (including scoring against key ESG components)
- Pre-market and after-hours trading available for US markets
- $0 quarterly administration fee
Types Of Accounts
- Cash
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- RIF
- LIF
- RESP
- Margin
- FHSA
- LRSP
- Corporate
- Formal Trust
- Informal Trust
- Investment Club
- Estate
Types Of Investments
- Stocks
- ETFs
- Mutual Funds
- Bonds
- New Issues
- GICs
- Options
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
$0
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$15,000
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
See Issuer for Details
Promotion Description
5% cash back on first $15,000 deposited, 1% cash back after up to a maximum of $2,000. Code: QTRADE2025
Promotion Max Value
$2,000
Promotion Requirements For Max Value
$140,000
Promotion End Dates
January 05, 2026
$80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0Fees: Free for 140+ ETFs. $8.75 for other ETFs, equities, mutual funds, and options (with extra $1.25 per contract on options). $25 per quarter administrative fee unless you have $25,000 across accounts or make a certain amount of commissionable trades.
Minimum investment: $1
Our pick for the best online broker in Canada 2025 is Qtrade. Qtrade’s low fees, competitive pricing, and user-friendly features earn a ton of love from us and investors across Canada. There’s also a bunch of investment options, covering stocks, ETFs, mutual funds, bonds, GICs, you name it. QTrade also makes it easy to break into investing and learn about investing with its research tools.
Young investors between 18 and 30 get a $1 discount per trade by automatically adding a minimum of $50 per month to their accounts. Active traders (at least 150 trades per quarter or at least $500,000 in assets) enjoy a $1.80 discount on trades. There are no annual fees – but there is a $25 quarterly admin fee. You’ll be charged $100 to close your account if you close it within a year of opening it.
| Pros | Cons |
|---|---|
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Best mobile app: Wealthsimple Self-Directed Investing
Minimum Investment
$$1
Maximum Stock Fee
$0
Maximum ETF Fee
$0
Account Maintence Fees
$0
While you may have heard of Wealthsimple, did you know that Wealthsimple also offers Wealthsimple Self-Directed Investing? And it’s a little different. They advertise it as “a simpler way to trade,” and it’s hard to argue with that. You can only open a handful of account types. You can trade stocks, ETFs, options, margin, and corporate products on Canadian and U.S. exchanges. And that’s about it.
Pros
- Well designed and easy to use app
- Trade on Canadian and U.S. exchanges
- CIPF protection up to $1,000,000
- No minimum account balance
Cons
- Market + 1.5% fee for currency conversion
- There are some fees for particular things
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
No commission, maintenance or withdrawal fees + Easy to use.
Special Features
- Focus on simplicity and ease of use
- Search and track stocks with a watchlist
Types Of Accounts
- Personal
- TFSA
- RRSP
- LIRA
- FHSA
- RESP
- RRIF
- Non-registered
- Corporate
- Margin
Types Of Investments
- Stocks
- ETFs
- Options
- Crypto
- Margin
Minimum Investment
$$1
Email Support
Live Chat Support
Phone Support
See Issuer for Details
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
N/A
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$25,000
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Fees: $0 for app-based trades, $0 for withdrawals and maintenance, $10 per month for extra perks, and small fees for broker-assisted trades.
Minimum investment: $1
Wealthsimple Self-Directed Investing is the DIY option from Wealthsimple (vs. its robo advisor option). People love it because there are zero commission fees on any trades you make through their app. You also pay zero fees for withdrawals, inactivity, and maintenance, and you can get started with $1 in Wealthsimple’s easy-to-use app.
Pay $10 a month to enjoy unlimited price-change alerts, no foreign exchange fees on US trades, USD accounts, and instant deposits up to $5,000. Expect small fees for broker-assisted trades, wire transfers, and paper statements.
Wealthsimple Self-Directed Investing offers registered accounts, including LIRAs. Cryptotrading is available.
| Pros | Cons |
|---|---|
|
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Best from a big 5 bank: CIBC Investor's Edge
Minimum Investment
$0
Maximum Stock Fee
$6.95
Maximum ETF Fee
$6.95
Account Maintence Fees
$100
This online investment brokerage is owned and run by CIBC, and is targeted towards people who are interested in managing their own investments, learning about how to manage their own investments, and people who do investment management for a living. With relatively low fees for trades, and discounts for students and active traders, this is a service worth looking into.
Pros
- Get 100 free online equity trades with code EDGE100
- No minimum investment required
- Lower than average fees per trade
- Discount on trade fees for students and young adults
- Discount on trade fees for active traders
- Seems to be designed for regular people, not just the ultra rich
Cons
- Per transaction fees can add up quickly
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Lowest commission rate from a Big 5 Bank online broker + Free trading under 25.
Special Features
- Ages 18 - 24 trade for free
- Free investment research tools
- Extended trading hours
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- LRSP
- PRIF
- LIRA
- LRIF
- Cash
- Margin
- Corporate
- Partnership
- Formal trust
- Investment club
- Estate
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- Mutual Funds
- GICs
- Fixed Income
- Precious Metals
- Structured Notes
- IPOs
- CDRs
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$6.95
Maximum Stock Fee
$6.95
Minimum ETF Fee
$6.95
Maximum ETF Fee
$6.95
Active Trader Stock Fee Per Trade
$4.95
Cover Transfer Fees?
See Issuer for Details
Minimum Deposit To Cover Transfer Fee
N/A
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
$100
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
See Issuer for Details
Fees: $6.95 for ETFs, stocks, mutual funds, and option trades (with an extra $1.25 per contract fee on options).
Minimum investment: $1
CIBC Investor's Edge has some of the lowest commission rates on stocks and ETFs compared to other big banks. Plus, you can get discounted rates if you’re a student or an active trader (more than 150 trades per quarter). Young investors under age 25 can trade stocks and ETFs for no charge.
Here are the available CIBC Investor's Edge account types: TFSA, RRSP, RESP, RRIF, LRSP, LIRA, LRIF, PRIF, cash, margin, and non-personal accounts. You can hold structured notes, IPOs, GICs, and precious metals in addition to stocks and ETFs within these accounts.
Most of these accounts charge a $100 annual fee unless you meet the $10,000 (non-registered) or $25,000 (RRSP, RRIF, LIRA, LIF) threshold. TFSAs and RESPs have no annual fees.
| Pros | Cons |
|---|---|
|
|
Best discount broker: Questrade
Minimum Investment
$0
Maximum Stock Fee
$0
Maximum ETF Fee
$0
Account Maintence Fees
$0
Questrade is one of Canada's top online investment platforms. With very low fees, including no-fee ETF trading, commission-free stock trades, and plenty of investment types, Questrade just about covers it all.
Pros
- Total transparency with fees
- Surprisingly low fees
- Lots of investment account and product choices
- Plenty of convenient methods for support
Cons
- Limited amount of time to report fraud for full reimbursement
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
$50 bonus for funding a new account, and $0 commissions on stocks & ETFs
Special Features
- Excellent array of investing and trading tools
- Trade ETFs for $0
- Commission-free stock trades
Types Of Accounts
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- Locked-In RRSP
- RIF
- LIF
- RESP
- Family RESP
- Corporate
- Investment Club
- Partnership
- Sole Propietorship
- Individual Informal Trust
- Joint Informal Trust
- Formal Trust
- Individual Margin
- Joint Margin
- Individual Forex & CFDs
- Joint Forex & CFDs
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- FX
- IPOs
- CFDs
- Mutual Funds
- Bonds
- GICs
- International Equities
- Precious Metals
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
$0
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$0
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Fees: $9.96 per trade for mutual funds and options (plus $1 per contract for options). Buy ETFs for free and sell ETFs for 1 cent per share with a minimum of $4.95 and a max of $9.95. Buy and sell stocks for as low as 1 cent per share, with a minimum of $4.95 and a maximum of $9.95.
Minimum investment: $1
Questrade has some of the lowest fees around – including the ability to buy ETFs for free. You do have to pay to sell ETFs, though.
There are 19 account types available at Questrade, including TFSA, RRSP, RESP, Margin, Corporate, Investment Club, Formal Trust, Sole Proprietorship, and Individual Forex & CFDs.
It’s loved because it charges low fees, has no minimum investment requirement, and covers all transfer fees into Questwealth. You do have to pay $20 for a wire transfer and $150 to transfer to another institution.
They also have a robo advisor service, Questwealth, if you prefer the more laid-back approach to investing.
| Pros | Cons |
|---|---|
|
|
Best for existing BMO clients: BMO InvestorLine
Minimum Investment
$0
Maximum Stock Fee
$9.95
Maximum ETF Fee
$9.95
Account Maintence Fees
$25
If you’re experienced with managing your own investments or self-directed trading, the BMO InvestorLine online brokerage may be just what you need. With advanced tools for experienced traders, and extra perks and benefits for people with lots of money to invest, this brokerage has won several awards over the years.
Pros
- Advanced tools for active traders
- Exclusive “5 Star” membership for very active or very wealthy traders
- Flat fees and (relatively) straightforward pricing
- Live support by phone
Cons
- Higher than average fees
- No real tools or support for newbies
- Quarterly account minimum fee
- Zero welcome bonus to entice you to sign up
- Lack of automated tools to help simplify things and save you time
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Flat $9.95 fee for most trades + Commision-free trades on popular ETFs.
Special Features
- Advanced tools for active traders
- Online demos and tutorials for new traders
- BMO InvestorLine 5 Star Program
- Self-Directed TFSA accounts have no minimum account balance fees
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- Individual
- Joint
- Cash
- Margin
- LIRA
- LRSP
- RLSP
- LRIF
- LIF
- Non-personal
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- Mutual Funds
- GICs
- Bonds
- CDRs
- IPOs
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$9.95
Maximum Stock Fee
$9.95
Minimum ETF Fee
$9.95
Maximum ETF Fee
$9.95
Active Trader Stock Fee Per Trade
$3.95
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$15,000
Maximum Covered Transfer Fee
$200
Withdrawal Fees?
Account Maintence Fees
$25
Inactivity Fee Amount
See Issuer for Details
Promotion Description
N/A
Promotion Max Value
$10,000
Promotion Requirements For Max Value
$1,000,000
Promotion End Dates
November 02, 2025
Fees: $9.95 fee for most stocks and ETFs, commission-free trades on popular ETFs. Additional fees for options and the full fee list varies. $25 quarterly maintenance fee unless you have $15,000 invested or do fewer than 2 commissionable trades every 6 months.
Minimum investment: $1
BMO InvestorLine is popular among established investors and existing BMO clients. The app offers a good user experience and you can access helpful tools for research and analysis. BMO InvestorLine account types include registered and non-registered.
If you make more than 75 trades per quarter, you’ll earn "active trader" status and free access to BMO Market Pro, their advanced, custom trading dashboard.
Fees are higher than average, however, and new investors may not find the limited demos helpful. There is a phone helpline available between Monday and Friday from 8am to 8pm.
| Pros | Cons |
|---|---|
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Best for extended trading hours: Moomoo Financial
Minimum Investment
$0
Maximum Stock Fee
N/A
Maximum ETF Fee
N/A
Account Maintence Fees
$0
Get low fee stock and ETF trading with Moomoo Financial. Pay a low trading fee starting at 1.49 Canadian cents per share (minimum CA$1.49 per trade) and get access to a wide variety of investment options, from stocks, ETFs, options, and more.
Pros
Cons
Provinces
AB, BC, MB, NB, NL, NS, ON, SK, QC, PE
Eligibility
- Have a Canadian SIN
- Be a Canadian resident
- Have a valid mobile phone number and email address
- Be the age of majority in your province or territory
Why You Want It
$65 GeniusCash + Get up to $2,200 in trading perks + Extended trading hours.Special Features
- Low-commission stock and ETF trading
- Excellent analytical and educational tools
- No account minimum
- Extended trading hours
- Nasdaq TotalView free trial
- Free level 2 market data
Types Of Accounts
- TFSA
- RRSP
- Cash, Margin
Types Of Investments
- Stocks
- ETFs
- REITs
- IPO Subscriptions
- Stock Options
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$1.49
Maximum Stock Fee
N/A
Minimum ETF Fee
$1.49
Maximum ETF Fee
N/A
Active Trader Stock Fee Per Trade
N/A
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$0
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
$2,000 rebate commission stock cash coupon card and up to $300
Promotion Max Value
$2,300
Promotion Requirements For Max Value
$2,000
Promotion End Dates
N/A
$65 GeniusCash + Get up to $2,200 in trading perks + Extended trading hours.Fees: $1.49 minimum stock fee.
Minimum investment: $1
New to the market and currently running an attractive promotion, Moomoo Financial is making waves with low fees. With no minimum balance and helpful resources, it’s easy to get started.
Moomoo Financial offers the convenience of extended trading hours – 1.5 extra hours, to be precise, from 8am until 5pm ET. Moomoo is used by millions of people, but it’s still relatively untested compared to established brokers.
| Pros | Cons |
|---|---|
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Best $0 commission broker: National Bank Direct Brokerage
Minimum Investment
$0
Maximum Stock Fee
$0
Maximum ETF Fee
$0
Account Maintence Fees
$0
The National Bank Direct Brokerage is one of the top-rated online brokers in Canada, thanks to its competitive fee structure, library of training sessions and tips, and the security offered by a major financial institution. This was the first online trading platform to offer commission-free for stocks and ETF trades in Canada, and its recently launched mobile app makes National Bank Direct Brokerage even more convenient for trading on the go.
Pros
- No trading fees to worry about
- Webinars, training sessions, and analysis tools
- Backed by a solid financial institution
Cons
- Surprisingly large administration fee
Provinces
ALL
Eligibility
- Be a Canadian resident
Why You Want It
$0 commission on all transactions + No minimum balance to get started.
Special Features
- Market-Q, Options Play, Decisions-Plus and more tools available
- Several types of accounts and products to choose from
- Access to a range of tools, webinars, and tutorials on investing
Types Of Accounts
- RRSP
- TFSA
- Cash
- Margin
- Short-selling
- RESP
- Spousal RRSP
- RRIF
- Spousal RRIF
- RESP
- FHSA
Types Of Investments
- Equities
- ETFs
- Options
- Mutual funds
- Bonds
- Exchange-traded debentures
- GICs
- Linked notes
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
N/A
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$20,000
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Fees: $0 commission on all transactions. $1.25 fee per contract. $100 annual fee which may be waived if certain criteria are met.
Minimum investment: $1
Start investing via National Bank Direct Brokerage with as little as $1. Annual fees apply but they can be waived for young investors and those with more than $20,000 invested.
Choose from registered and non-registered accounts, then dive into the helpful video library. OptionsPlay is another valuable tool that analyzes your performance and gives ideas for options trading.
National Bank is an established, trusted bank with a well-rated mobile app, and you can’t beat $0 commissions.
| Pros | Cons |
|---|---|
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Best for mobile investors: RBC Direct Investing
Minimum Investment
$0
Maximum Stock Fee
$9.95
Maximum ETF Fee
$9.95
Account Maintence Fees
N/A
RBC Direct Investing is an online investment brokerage owned and run by the Royal Bank of Canada. It is designed for people primarily interested in managing their own investments. They offer flat fees for most typical trades, will cover up to $200 of transfer fees if you transfer more than $15,000 into your RBC Direct Investing account, and will do trades on your behalf for a commission.
Pros
- No minimum investment required to get started
- Practice accounts available to try before you buy
- Lower commissions for people who do lots of trades
- Royal Circle Membership for high wealth investors
Cons
- Purchasing fee for ETFs
- $25 per quarter maintenance fee
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
No minimum investment required to start trading
Special Features
- Practice accounts to try out online investing risk-free
- Active Trader Program with reduced fees and better research and tools
- Royal Circle Membership with priority service, premium research, and preferred rates
Types Of Accounts
- TFSA
- RRSP
- RRIF
- RESP
- Cash
- Margin
- Non-Personal
- FHSA
- LIRA
Types Of Investments
- Stocks
- ETFs
- Options
- Mutual funds
- GICs
- Bonds
- New issues/IPOs
- Gold and Silver certificates
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$9.95
Minimum ETF Fee
$0
Maximum ETF Fee
$9.95
Active Trader Stock Fee Per Trade
$6.95
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$15,000
Maximum Covered Transfer Fee
$200
Withdrawal Fees?
Account Maintence Fees
N/A
Inactivity Fee Amount
N/A
Promotion Description
N/A
Promotion Max Value
$10,000
Promotion Requirements For Max Value
$Invest $15,000 as a new client
Promotion End Dates
November 28, 2025
Fees: Flat $9.95 per equity trade. $6.95 per trade for Active Traders. $25 per quarter maintenance fee, waivable if certain criteria are met.
Minimum investment: $1
RBC Direct Investing has options for DIY investors and those who prefer commission-based trading. Expect flat fees – but if you qualify as an Active Trader (150+ trades per quarter), you'll enjoy even lower fees and extra features. Royal Circle Membership, however, is a premium tier reserved for those with balances over $250,000 for 4 consecutive months or whose annual trading commissions are greater than $5,000.
You can choose from a variety of account types, but not as many as other brokers offer. At first, there aren't any maintenance fees, but after 6 months you'll pay $25 per quarter (unless you have more than $15,000 invested).
Phone help is available if needed and they’ll comp you up to $200 in transfer fees if you switch to RBC Direct Investing with more than $15,000.
| Pros | Cons |
|---|---|
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Best for active day traders: Scotia iTRADE
Minimum Investment
$0
Maximum Stock Fee
$9.99
Maximum ETF Fee
$9.99
Account Maintence Fees
N/A
Like the other big banks in Canada, Scotiabank offers an online investment platform for people who are interested in doing their own self-directed investing. And while it has high per transaction fees and quarterly “low activity” charges, it does have a few things going for it.
Pros
- Practice accounts for learning
- Ways To Save Offer
- No minimum investment
- A variety of investment research, tools, and support
- Big welcome bonus
Cons
- High per transaction fees
- Quarterly “low activity” fees
- Support is only available by phone or email, no live chat
- No options to automate some activities
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get a free practice account + commission free ETFs.
Special Features
- Practice accounts
- iTRADE iClub memberships
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- US dollar registered accounts
- Cash
- Margin
- Non-personal accounts
- FHSA
- LIF
- LRSP
- LIRA
- RLIF
Types Of Investments
- Stocks
- ETFs
- Mutual Funds
- Bonds
- New Issues
- GICs
- Options
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$4.99
Maximum Stock Fee
$9.99
Minimum ETF Fee
$0
Maximum ETF Fee
$9.99
Active Trader Stock Fee Per Trade
$4.99
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
N/A
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
N/A
Inactivity Fee Amount
$25
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Fees: $9.99 per trade, or $4.99 per trade for active traders. The $25 quarterly low activity fee is waivable in some situations.
Minimum investment: $1
Self-directed investors, look no further than Scotia iTRADE. Choose from a long list of account types, including registered and non-registered. Active traders who make more than 150 trades per quarter enjoy a big discount ($5 off per trade).
There’s no minimum investment here, but fees can add up. It’s $9.99 per trade as well as additional fees, like the $25 quarterly Low Activity Account Administration Fee.
Young investors and newcomers receive special perks, plus newcomers have access to practice accounts and tons of educational resources. It’s a well-designed setup but a few more automated tools, like tax-loss harvesting and rebalancing, would go a long way.
| Pros | Cons |
|---|---|
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Best for experienced investors: TD Direct Investing
Minimum Investment
$0
Maximum Stock Fee
N/A
Maximum ETF Fee
See Issuer for Details
Account Maintence Fees
$25
Like all of the Big 5 Banks, TD offers convenient online investing tools that regular people (not just professional traders) can use to manage their own investments. The TD Direct Investing Platform has high per trade fees, but does offer some pretty interesting educational materials and opportunities to help new and advanced investors.
Pros
- No minimum investment needed to open an account
- Some transfer fees may be reimbursed
- Active trader discount
- Variety of trading and investing platforms
- Wide array of free tools and market research
- Cash back offer
Cons
- High fees per trade can add up fast
- $25 per quarter inactivity fees
- No practice accounts
- No way to automate certain account activities
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Access free resources and tools + Variety of trading platforms.
Special Features
- Video series to learn about investing
- Daily live, interactive Master Class workshops
- Free investment research and tools
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- LIRA
- LIF
- RDSP
- Cash account
- Margin account
- FHSA
Types Of Investments
- Stocks
- Mutual Funds
- ETFs
- Options
- Fixed Income
- GICs
- Cryptocurrency ETFs
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$9.99
Maximum Stock Fee
N/A
Minimum ETF Fee
$9.99
Maximum ETF Fee
See Issuer for Details
Active Trader Stock Fee Per Trade
$7
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
See Issuer for Details
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$25
Inactivity Fee Amount
See Issuer for Details
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
See Issuer for Details
Fees: $9.99 per trade. $7 per trade for Active Traders.
Minimum investment: $1
Build your own investor experience with TD Direct Investing. The web-based app is full of free data and analysis that experienced investors will love. For a fee, you can participate in daily live Master Classes to grow your knowledge. Sign up for automated alerts and enjoy access to the customer support line Monday through Friday, from 7am to 6pm.
While TD’s quarterly inactivity fees and withdrawal fees aren't its best feature, these are standard from big 5 bank brokers. Note that their discounted fee for Active Traders is higher than at other brokerages.
TD Direct Investing is a great option for people skilled enough to manage their own wealth but who want the security of a big 5 bank’s reputation and infrastructure.
| Pros | Cons |
|---|---|
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What is an online broker?
An online broker is a platform for self-directed investing. You can buy and sell investments like stocks, bonds, and ETFs, or you can work with a broker that takes a commission.
Unlike traditional brokers, online brokers are more affordable and give you direct control over your investments.
- Lower fees compared to traditional brokers
- Trade anytime from your device
- Access to research tools and market data
- Educational resources for learning
Who should use an online broker?
Online brokers are a good fit for Canadians who are comfortable managing their finances digitally and want a hands-on, affordable approach to growing their investments.
Self-directed investors will enjoy having full control over their investments, researching and making their own trades.
Cost-conscious investors will appreciate saving on commission fees compared to traditional brokers.
New investors will benefit from educational tools, practice accounts, and lower fees.
Experienced investors can dive into advanced tools, real-time data, and flexibility in trading
Are online brokers worth it?
Online brokers are worth it for Canadians who want a low-cost, flexible way to manage and control their own investments.
With lower fees and more control than traditional brokers, online brokers offer a convenient middle ground, complete with tools, research, and support that you may not get with self-directed investing.
How to pick an online broker
Customer service performance and fee structure are the two most important criteria when choosing an online broker.
Customer service
Look for a broker that’s available during the times and via the communication method that works for you.
Some online brokers are reachable from Monday to Friday. Some offer phone support while others provide chatbot support. Others may not have any type of virtual support at all.
Reputation matters, too. If you’re new to investing, you’ll want to choose a broker with a reputation for patient, knowledgeable, and available representatives.
Fees for trading, inactivity, MERs
Every fee cuts into your profits as an investor, so you’ll want an online broker with a fee structure that fits your investment lifestyle.
Trading fees: Some platforms offer commission-free trades, which is an excellent way to save. These include Wealthsimple Self-Directed Investing, National Bank Direct Brokerage, Questrade, and Qtrade. Otherwise, the typical range is between $4.99 to $9.99 per trade, depending on discounts.
Inactivity fees: The majority of big brokers charge $25 per quarter ($100 annually) for maintenance or inactivity. This fee can be waived by maintaining a certain balance or making a certain amount of trades – the exact requirements vary by broker.
MER fees: MERs, or management expense ratios, are behind-the-scenes fees charged by the company that manages the investment product. You probably won’t even see the charges, but all investors need to consider MERs when calculating the cost per trade.
Pros and cons of online brokers
Here are the pros and cons of investing with an online broker:
The pros of investing with an online brokerage
- Control: You have direct control over ETFs or stocks you buy and sell. That means you get to choose the companies you want to invest in.
- Learning: It lets you make your own mistakes and learn lessons about how the markets work (or don’t work) and that’s a powerful way to learn.
- Convenience: It’s convenient and efficient. With online brokers today, it’s easy to set alerts for when a stock goes up or down to reach the price you believe it’s worth.
- Affordability: Online brokers can be more affordable than other investment options like traditional brokers, depending on your approach.
The cons of investing with an online brokerage
- Time: You have to be directly involved in the whole process, which can be both time-consuming and stressful.
- Stress: It's easy to let your emotions take over and make irrational decisions that could cost you money in the long run.
- Cost: Depending on the platform you choose, you could face expensive trading fees.
- Risk: You could lose all of your money. Investing is complicated and risky, and you should never invest money you can't afford to lose. Professional investors and wealth managers can help you mitigate risk and stay within your personal risk tolerances that you might not be able to manage on your own.
Online broker alternatives
Canadians have options beyond online brokers for investing:
- Robo advisors: This is a hands-off, tech-assisted solution. You set up a profile based on your risk tolerance and investment goals, and an algorithm (the robo advisor) manages your investments for you.
- Traditional brokers: Financial advisors are real people who can guide you through the creation and management of an investment strategy. They charge a higher fee for this personalized service.
- Direct investing: You invest directly without a broker platform. This can work for experienced investors who want to avoid fees, but it can be overwhelming for new investors.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
FAQ
What's an online brokerage?
An online brokerage (or online broker) is an investing platform that lets you buy and sell various types of investment products online. These can be browser-based, app-based, or provide access through both of these methods.
What's the best online brokerage in Canada?
Qtrade is the best online broker in Canada due to its user-friendly platform, low fees, excellent customer service, and a wide range of investment options.
Which online stock broker is best for beginners?
If you're just getting started, Wealthsimple Self-Directed Investing is a solid online brokerage – it's simple, well-designed, has no minimum balance requirement, and charges no commission fees. There are also no withdrawal fees, inactivity fees, or maintenance fees.
What are the benefits of investing with an online brokerage?
You have complete control over your investment portfolio with an online brokerage. You choose what companies you invest with and what risks you're comfortable with. Plus, its online nature means you can do everything from the comfort of your home.
What are the downsides of investing with an online brokerage?
Like any investment, this method comes with risks. Because you're so directly involved in the process, it's easy to act on emotional impulse rather than making informed, rational decisions. It can also become very time-consuming.
What should I look for when deciding on an online brokerage?
Consider the broker’s customer service ratings, their availability, and average response time. Also review the fees per trade – the lower these fees are, the more money you save. Finally, look to see whether the broker charges fees for inactive accounts.
How do I start investing in Canada?
Investing is important, but it can also be overwhelming. If you're just getting started, focus on low-risk investments before building yourself up. You can also check out our guide on how to invest in Canada.
How do online brokers make money?
Online brokers typically generate revenue by charging trade fees, account fees (for maintenance and inactivity), and charging interest on borrowed funds when clients trade on margin. Of course, some online brokers charge more and/or higher fees than others.
Are online brokers safe?
Online brokers are regulated by Canadian financial authorities for the protection of investors and their assets. Security measures include encryption and other investor protection measures. Not all online brokers are alike, so research carefully before you move any money.
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