If you are choosing a free platform mainly to buy ETFs, start with how to buy ETFs in Canada and best ETF portfolio for $100 per month.
Free Trading Platforms Compared
| Platform | Canadian Stock Trades | US Stock Trades | ETF Buys | ETF Sells | Account Fee | Truly Free? |
|---|---|---|---|---|---|---|
| Wealthsimple | $0 | $0 (+ 1.5% FX) | $0 | $0 | $0 | ✅ Most free |
| Questrade | $0 | $0 | $0 | $0 | $0 | ✅ Free |
| Interactive Brokers | $0.01/share (min $1) | $0.01/share (min $1) | Same | Same | $0 | ❌ Low cost, not free |
| National Bank Direct | $0 | $0 (+ FX markup) | $0 | $0 | $0 | ✅ Free |
#1: Wealthsimple — Best Free Trading Platform
| Feature | Details |
|---|---|
| Commission | $0 on all trades |
| FX fee (US stocks) | 1.5% (free plan), 0% (Premium, $3/month) |
| Account minimum | $0 |
| Inactivity fee | None |
| Fractional shares | Yes (starting from $1) |
| Crypto | Yes (50+ coins, $0 commission) |
| Auto-invest | Yes (automatically buys ETFs with deposits) |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, Non-reg, Corporate |
| CIPF protected | Yes (up to $1M) |
Why #1: The most complete free trading experience. $0 commissions on everything, fractional shares, auto-invest, and an ecosystem that includes banking, tax filing, and crypto.
Wealthsimple Hidden Costs
| Fee | Amount | How to Avoid |
|---|---|---|
| USD conversion | 1.5% per transaction | Subscribe to Premium ($3/month) for 0% FX |
| Premium subscription | $3/month | Only needed for US stock traders |
| Robo-advisor (Invest) | 0.4–0.5% annually | Only if using Invest, not self-directed |
| Wire transfer out | $0 (most methods) | Use e-Transfer |
#2: National Bank Direct Brokerage — Free Bank Option
| Feature | Details |
|---|---|
| Commission | $0 on all trades |
| FX fee (US stocks) | ~1.5% markup on conversion |
| Account minimum | $0 |
| Inactivity fee | None |
| Fractional shares | No |
| Account types | TFSA, RRSP, RESP, LIRA, Non-reg |
| Best for | Bank-affiliated investors wanting $0 commissions |
Pros and Cons
| Pros | Cons |
|---|---|
| $0 commissions (first major bank to offer this) | No fractional shares |
| Part of National Bank ecosystem | App and interface less polished than Wealthsimple |
| Full account type support | More limited platform compared to discount brokers |
| Good for Quebec residents (strong National Bank presence) | Research tools are basic |
#3: Questrade — Now Fully Commission-Free (Tied for Cheapest)
| Feature | Details |
|---|---|
| ETF buys | $0 |
| Stock trades | $0 |
| ETF sells | $0 |
| FX fee | Free (USD account available) |
| Account minimum | $1,000 |
| Fractional shares | No |
| Best for | ETF buy-and-hold investors |
Questrade is now fully free — $0 commission on both buying and selling stocks and ETFs (Questrade, verified August 2026).
Real Cost Comparison: Common Scenarios
Scenario 1: Buy-and-Hold ETF Investor (1 Purchase/Month)
| Platform | Monthly Cost | Annual Cost |
|---|---|---|
| Wealthsimple | $0 | $0 |
| National Bank Direct | $0 | $0 |
| Questrade | $0 (all trades free) | $0 |
| TD Direct | $9.99 | $119.88 |
Scenario 2: Active Trader (20 Trades/Month, Mix of Stocks and ETFs)
| Platform | Monthly Cost | Annual Cost |
|---|---|---|
| Wealthsimple | $0 | $0 + $36 (Premium, optional) |
| National Bank Direct | $0 | $0 |
| Questrade | $0 | $0 |
| TD Direct | $199.80 | $2,397.60 |
Scenario 3: US Stock Investor (10 US Trades/Month, $5K Average)
| Platform | FX Cost/Trade | Monthly FX Cost | Annual FX Cost |
|---|---|---|---|
| Wealthsimple (free plan) | $75 (1.5%) | $750 | $9,000 |
| Wealthsimple (Premium) | $0 | $3 (subscription) | $36 |
| National Bank Direct | ~$75 (~1.5%) | $750 | $9,000 |
| Questrade (USD account) | $0 (Norbert’s Gambit) | ~$10 (spread) | ~$120 |
| Interactive Brokers | ~$1 (0.002%) | $10 | $120 |
Key takeaway: For US stock trading, Wealthsimple Premium ($3/month) is the simplest and cheapest option. For very high-volume US trading, Interactive Brokers has the absolute lowest FX costs.
That only solves the execution side; the account-location side is covered in best account type for US stocks and ETFs in Canada.
Feature Comparison: Free Platforms
| Feature | Wealthsimple | National Bank | Questrade |
|---|---|---|---|
| Fractional shares | ✅ | ❌ | ❌ |
| Auto-invest | ✅ | ❌ | ❌ |
| DRIP | ✅ | ✅ | ✅ |
| Crypto | ✅ | ❌ | ❌ |
| Options | ✅ | ✅ | ✅ |
| Robo-advisor | ✅ | ❌ | ✅ (Questwealth) |
| Integrated banking | ✅ (Cash account) | ✅ (National Bank accounts) | ❌ |
| Tax filing | ✅ (Wealthsimple Tax) | ❌ | ❌ |
| Mobile app quality | Excellent | Fair | Good |
Which Free Platform Should You Choose?
| If You… | Choose |
|---|---|
| Want the simplest, most complete free platform | Wealthsimple |
| Want fractional shares and auto-invest | Wealthsimple |
| Are a National Bank customer and want bank integration | National Bank Direct |
| Live in Quebec and prefer a Quebec-based bank | National Bank Direct |
| Primarily buy and hold ETFs, want free ETF buys | Wealthsimple or Questrade |
| Trade US stocks frequently | Wealthsimple Premium ($3/month) |
| Need margin or short selling | Interactive Brokers (low-cost, not free) |
If you decide you do not want to manage trades yourself at all, compare best robo-advisors in Canada.
Is “Free” Really Free? The Full Picture
| Platform | Trading Fee | FX Fee | Account Fee | Data Fees | Transfer Fee | Truly Free? |
|---|---|---|---|---|---|---|
| Wealthsimple | $0 | 1.5% (or $0 on Premium) | $0 | $0 | $0 | ✅ Yes (CAD trades) |
| National Bank | $0 | ~1.5% | $0 | $0 | $0 | ✅ Yes (CAD trades) |
| Questrade | $0 | $0 (USD account) | $0 | Some paid | $150 | ✅ Yes (CAD trades) |
| Banks | $6.95–$9.99 | ~1.5% | $0–$25/qtr | Included | $100–$150 | ❌ No |