Best Online Brokers Canada – 2026
Compare Canada’s top discount brokerages by fees, features, and account types.
Quick Comparison
| Broker |
Stock Trades |
ETF Purchases |
ETF Sells |
Account Minimum |
| Wealthsimple Trade |
$0 |
$0 |
$0 |
$0 |
| Questrade |
$4.95-$9.95 |
$0 |
$4.95+ |
$1,000 |
| Interactive Brokers |
$1 min |
$0 ETFs |
$1 min |
$0 |
| TD Direct Investing |
$9.99 |
$9.99 |
$9.99 |
$0 |
| RBC Direct Investing |
$9.95 |
$9.95 |
$9.95 |
$0 |
| BMO InvestorLine |
$9.95 |
$0 (select) |
$9.95 |
$0 |
Best for Each Investor Type
| Investor Type |
Best Broker |
Why |
| Beginners |
Wealthsimple |
Simple app, no commissions |
| ETF investors |
Questrade |
Free ETF buys, no currency fees for US ETFs |
| Active traders |
Interactive Brokers |
Lowest margin rates, advanced tools |
| Options traders |
Questrade |
$9.95 + $1/contract |
| US stocks |
Interactive Brokers |
Best USD conversion rates |
| Full-service |
TD Direct |
TD ecosystem, great research |
Wealthsimple Trade
| Feature |
Details |
| Commission |
$0 stocks, $0 ETFs |
| Account types |
TFSA, RRSP, FHSA, Personal |
| Currency conversion |
1.5% (or $0 with Premium) |
| Fractional shares |
Yes |
| Options |
No |
| Mobile app |
Excellent |
| Best for |
Buy-and-hold Canadian investors |
Pros: No commissions, beautiful app, fractional shares
Cons: Currency conversion fee, no options, limited research
Questrade
| Feature |
Details |
| Stock commission |
$4.95 - $9.95 |
| ETF purchases |
$0 |
| ETF sells |
$0.01/share (min $4.95) |
| Account types |
TFSA, RRSP, RRIF, RESP, FHSA, Margin |
| Currency conversion |
2% (or Norbert’s Gambit) |
| Options |
Yes ($9.95 + $1/contract) |
| Best for |
ETF investors, intermediate traders |
Pros: Free ETF purchases, Norbert’s Gambit possible, full-featured
Cons: Selling ETFs costs money, interface less polished
Interactive Brokers
| Feature |
Details |
| Stock commission |
$1 minimum |
| ETF commission |
$0 for select ETFs |
| Currency conversion |
~0.002% (lowest in Canada) |
| Account types |
Most types |
| Options |
Yes (lowest fees) |
| Margin rates |
Lowest in Canada |
| Best for |
Active traders, US stock investors |
Pros: Lowest currency conversion, best margin rates, professional tools
Cons: Complex platform, overkill for beginners
Bank Broker Comparison
| Broker |
Stock Trade |
Free ETFs |
Best For |
| TD Direct |
$9.99 |
No |
TD customers |
| RBC Direct |
$9.95 |
No |
RBC customers |
| BMO InvestorLine |
$9.95 |
Yes (select) |
BMO customers |
| CIBC Investor’s Edge |
$6.95 |
Yes (select) |
Low-cost bank option |
| Scotia iTRADE |
$9.99 |
No |
Scotia customers |
Fees to Watch
| Fee Type |
What It Is |
How to Avoid |
| Trading commissions |
Per-trade fee |
Use Wealthsimple or Questrade ETFs |
| Currency conversion |
USD/CAD exchange |
Norbert’s Gambit, IBKR |
| Account fees |
Quarterly/annual charges |
Meet minimum balance |
| Inactivity fees |
Low-activity penalty |
Trade occasionally |
| Transfer-out fees |
Moving accounts |
Some brokers reimburse |
Account Types Available
| Account |
WS |
QT |
IBKR |
TD |
RBC |
| TFSA |
✓ |
✓ |
✓ |
✓ |
✓ |
| RRSP |
✓ |
✓ |
✓ |
✓ |
✓ |
| FHSA |
✓ |
✓ |
✓ |
✓ |
✓ |
| RESP |
✗ |
✓ |
✓ |
✓ |
✓ |
| RRIF |
✗ |
✓ |
✓ |
✓ |
✓ |
| Margin |
✗ |
✓ |
✓ |
✓ |
✓ |
| Corporate |
✗ |
✓ |
✓ |
✓ |
✓ |
CIPF Protection
All IIROC-regulated brokers provide CIPF coverage:
- Securities: Up to $1 million
- Cash: Up to $1 million (combined with securities, cash limit within)
This protects you if the broker becomes insolvent, not against market losses.
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