Best Online Brokers Canada 2026 | Brokerage Comparison

When many Canadians look to start investing, they are not aware of the high investment fees that can be charged, and how these fees can work against their financial goals. When you starting out investing, the amount that you have is not yet large, which makes the annual 1-2% fee seem small. If you have $5,000 invested, a 1% annual fee amounts to $50. As your investments continue to grow that same fee on a balance of $200,000 becomes $2,000 a year.

That is why doing your research to pick a platform that supports your financial goals is important. The best online brokers in Canada charge a flat commission per trade or nothing at all, keeping more of your returns working for you inside a TFSA, RRSP, or FHSA. You can see how your investments may growth with this investment calculator.

The platforms available in Canada vary widely in cost, ease of use, account types, and the markets they give you access to. This guide breaks down your options and explains what to look for before you open an account. If you are focused on building an ETF portfolio specifically, also read our guide to how to buy ETFs in Canada and best all-in-one ETFs in Canada.

Other online Brokers in Canada

These brokers are popular options in Canada as they have a low average cost per trade as well as minimum investment. This provides you flexibility while keeping your costs low.

What is the best online broker in Canada?

No single platform is the best fit for every investor. The answer depends on how often you trade, whether you want to hold US securities, and which registered accounts you need. It is important to learn about the online brokers available to see how they will impact your financial goals.

What is an online broker?

A self-directed online brokerage account gives you direct control over what you buy and sell with no adviser required. You can hold Canadian stocks, US equities, ETFs, bonds, mutual funds, and options all in one place, and open the account inside a TFSA, RRSP, FHSA, or non-registered account depending on your tax situation.

The trade-off for that control is that no one is checking your portfolio or flagging risks on your behalf. You decide on the asset mix, manage rebalancing, and handle tax-reporting considerations yourself. For Canadians who are comfortable doing that research, or who simply want to buy a handful of diversified ETFs and leave them alone, the fee savings over a managed account are substantial. A 1% annual fee difference on a $300,000 portfolio left to compound for 20 years represents a substantial amount in forgone returns.

How to choose the best online broker in Canada

The brokerage that costs the least on paper is not always the right choice for your situation. Before opening an account, work through these four questions:

Does the platform suit how you actually invest?

A passive investor buying a single all-in-one ETF every month has very different needs from an active trader monitoring positions across multiple markets. Brokerages built for simplicity, like Wealthsimple Trade, strip away complexity deliberately. Brokerages built for active traders, like Interactive Brokers, offer real-time data, margin tools, and options chains that beginners will find overwhelming. Match the platform to your style, not the other way around.

Does it support the accounts you need?

Canadian tax shelters are tied to specific account types, so confirming availability before you open is essential. Wealthsimple Trade, for example, does not offer an RESP or RRIF which is important information to know if you are looking to open those types of accounts. If you plan to hold US stocks or ETFs, also confirm that the platform supports USD-denominated accounts, since currency conversion charges on every trade can erode savings from low commissions.

What does it actually cost to switch?

Transfer-out fees charged by your current institution typically run around $150, and they apply per account, moving three accounts could cost $450. Some brokerages reimburse these fees when you bring in a qualifying balance, which can make an otherwise close call straightforward. Welcome bonuses (cash, free trades, bonus interest) can also offset first-year costs, but check the conditions: minimum deposits and holding periods often apply.

What is the real all-in cost?

Commission-free trading headlines can obscure the full picture. Account maintenance fees (charged quarterly if your balance falls below a threshold), currency conversion spreads on USD purchases (often 1.5–2%), and inactivity fees for low-volume accounts are common ways brokerages recover revenue from “free” trading. If you invest primarily in Canadian-listed securities and ETFs, commission rates matter most. If you invest in US markets, the currency conversion rate will likely cost you more than any per-trade fee.

What to consider when selecting an online brokerage

Once you have narrowed your shortlist, these six factors help separate genuinely good platforms from ones that look attractive on the surface.

1. Trading fees

The commission structure matters based on how you plan to invest. ETF-focused investors should prioritise platforms that charge $0 on ETF purchases. Stock traders who place many trades a month should look at per-trade costs and whether volume discounts apply. Do not assume that $0 commissions always mean lower costs: currency spreads and account fees can more than offset trading savings. It is also important to know if the ETF’s you are purchasing have fees associated with them. You can calculate the impact of these fees with this Management Expense Ratio (MER) calculator.

2. Account fees

Administrative or maintenance fees are charged by some brokerages as a flat quarterly or annual amount, regardless of how many trades you make. For a new investor with a $5,000 portfolio, a $25 quarterly fee represents a 2% annual drag before a single trade is placed. Check the fee schedule carefully as many platforms waive these fees once you hold a minimum balance, typically between $5,000 and $25,000.

3. Account minimums

Most major Canadian discount brokerages no longer require a minimum opening deposit, though a few still do. If you are starting small, confirm there is no minimum before completing an application and being rejected or having an account put on hold at the point of funding is a poor first experience.

4. Customer service

Self-directed investing comes with a real learning curve, and the quality of support varies significantly between platforms. Bank-owned brokerages tend to have longer wait times but established escalation paths. Independent discount brokerages like Questrade have built out chat and phone support over time, but reviews are mixed during peak periods. Before opening, search recent reviews specifically for support response times not just the general star rating.

5. Transfer fees

The institution you are leaving, not the one you are joining, charges the transfer-out fee, typically $135–$150 per account. This is an often-overlooked switching cost. The receiving brokerage may cover this fee, but the reimbursement usually requires a minimum transfer amount (often $15,000–$25,000) and takes 4–8 weeks to process. Get the reimbursement policy in writing before initiating a transfer.

6. Ease of use

Placing the wrong order type, a market order instead of a limit order on a thinly traded security, for example is a real risk on platforms that do not prompt or warn you. A well-designed interface is not just a convenience: it reduces costly mistakes. If you are choosing between two platforms with similar fees, spend time in a demo account or read screenshots carefully before committing. Mobile app quality has become particularly important, as most investors now check and trade on their phones.

Fees to Watch

Brokerages rarely advertise their most expensive fees. The table below covers the charges that catch investors off guard most often, and how to sidestep them.

For the currency conversion side of that decision, compare Norbert’s Gambit and our currency exchange guide for Canadians.