Question 1

What is the best online broker in Canada?

Accepted Answer

For most self-directed Canadian investors, Questrade and Wealthsimple Trade are the top picks. Questrade offers low commissions ($4.95–$9.95/trade), free ETF purchases, and robust tools for active investors. Wealthsimple offers commission-free trades on Canadian and US stocks and ETFs (with a premium plan), making it best for buy-and-hold investors. Interactive Brokers is best for sophisticated investors who need access to international markets, options, and advanced tools.

Question 2

Is Wealthsimple safe to use?

Accepted Answer

Yes — Wealthsimple is a CIRO-regulated investment dealer and CIPF member. Your investments are protected up to $1,000,000 per account category under CIPF in the event of Wealthsimple's insolvency. Cash in Wealthsimple Save is covered by CDIC (member institutions) up to $100,000 per depositor category. Wealthsimple also uses bank-level encryption.

Question 3

What is the difference between a broker and a robo-advisor?

Accepted Answer

A self-directed broker (Questrade, Wealthsimple Trade, Interactive Brokers) lets you pick and buy individual stocks, ETFs, bonds, and options yourself. You make all the decisions. A robo-advisor (Wealthsimple Invest, Questwealth, Justwealth) builds and manages a diversified portfolio of ETFs for you automatically, based on a risk questionnaire. Robo-advisors charge a management fee (0.2–0.5%) on top of ETF MERs. DIY ETF portfolios are cheaper but require more involvement.

Question 4

Can I hold US stocks and USD in a Canadian brokerage?

Accepted Answer

Yes — most Canadian brokers support USD accounts and allow you to hold US-listed securities. To avoid currency conversion fees, use Norbert's Gambit: buy an ETF listed on both TSX and NYSE (like DLR), journal it across, and sell the US version. This achieves the currency conversion at near-spot rates instead of the broker's 1–2% spread.

Question 5

What is Norbert's Gambit?

Accepted Answer

Norbert's Gambit is a way to convert CAD to USD (or vice versa) cheaply inside a brokerage account. Instead of paying the broker's currency conversion fee (1–2%), you buy a Canada-listed ETF that trades in both currencies (Horizons U.S. Dollar Currency ETF, DLR.TSX), journal it from the CAD account to the USD account, and sell it there. The cost is only two trading commissions instead of 1-2% on the full amount.

Platform	Type	Stock Commissions	ETF Commissions	Best For
Questrade	Self-directed	$4.95–$9.95	Free to buy	Active investors, ETF portfolios
Wealthsimple Trade	Self-directed	Free (Premium)	Free (Premium)	Buy-and-hold, beginners
Interactive Brokers	Self-directed	$0.0035/share (min $1.50)	Very low	Sophisticated/options traders
RBC Direct Investing	Self-directed	$9.95	$9.95	RBC bank customers
NBDB	Self-directed	$6.95 or $0	$6.95 or $0	National Bank customers
Qtrade	Self-directed	$8.75	Varies	All-round service
Scotia iTRADE	Self-directed	$9.99	$9.99	Scotiabank customers
Wealthsimple Invest	Robo-advisor	N/A	0.4% fee	Hands-off investors
Questwealth	Robo-advisor	N/A	0.2–0.25% fee	Low-cost robo
Justwealth	Robo-advisor	N/A	0.5% fee	Goal-based planning
CI Direct Investing	Robo-advisor	N/A	0.35–0.6% fee	Established robo-advisor

Investor profile	Primary priority	Usually best fit
Beginner long-term investor	Simplicity and low friction	All-in-one, easy self-directed app or robo-advisor
Active stock trader	Execution tools and low fees	Full-featured self-directed broker
USD-heavy investor	FX efficiency	Broker with low conversion costs or Norbert’s Gambit support
Retirement-focused household	Registered account support	Broker with strong RRSP/TFSA/FHSA tooling

Best Online Brokers & Trading Platforms in Canada 2026

Quick comparison: major Canadian platforms

Self-directed broker reviews

Robo-advisor reviews

Broker comparisons

Best of lists

Tools & guides

How to choose the right broker in Canada

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