Interactive Brokers (IBKR) is a global broker whose Canadian arm offers per-share commissions, very low-cost currency conversion and access to many international markets. It tends to appeal to Canadian investors who trade frequently, hold large US-dollar portfolios or want tools built for professionals. This review covers its pricing as of September 2026, when that pricing beats a $0-commission broker, and who it suits. The online broker comparison sets it against the rest of the market.
Interactive Brokers at a glance
| Feature | Details |
|---|---|
| Canadian stocks (IBKR Pro Fixed) | $0.01 per share, $1.00 minimum, maximum 0.5% of trade value |
| US stocks (IBKR Pro Fixed) | US$0.005 per share, US$1.00 minimum, maximum 1% of trade value |
| Currency conversion | 0.20 basis points of trade value, US$2.00 minimum |
| Accounts for individuals | Individual, joint, RRSP, RRIF, TFSA, FHSA |
| Products | Stocks, ETFs, options, futures, currencies, bonds and many international markets |
| Regulation | CIRO; CIPF member |
Commissions: fixed and tiered pricing
Interactive Brokers charges by the share rather than a flat fee per trade. Under the Fixed plan, most exchange fees are built into the per-share rate. Under the Tiered plan, the per-share rate is lower and falls with monthly volume, but exchange, clearing and regulatory fees are added on top. For occasional investors, Fixed pricing is simpler to predict.
What that means for a typical trade:
| Trade | IBKR Pro Fixed commission |
|---|---|
| 20 shares of a Canadian ETF | $1.00 (the minimum applies) |
| 500 shares of a Canadian stock | $5.00 |
| 100 shares of a US stock | US$1.00 |
Against a $0-commission broker, the per-order minimum is a real cost for small, frequent purchases. It shrinks in importance as trade sizes and US-dollar activity grow.
Currency conversion
This is where IBKR differs most from other Canadian brokers. Conversions are charged 0.20 basis points of the amount (a basis point is 0.01%), with a US$2.00 minimum per conversion.
| Converting $10,000 | Cost |
|---|---|
| Interactive Brokers | 0.20 bps of $10,000 is about $0.20, below the minimum, so you pay US$2.00 |
| Wealthsimple, from a CAD account (1.5%) | $150 |
| Questrade, standard conversion (1.5%) | $150 |
Because IBKR’s conversion is already close to the market rate, Norbert’s Gambit offers little saving there. For the full set of options, including Canadian-listed ETFs that need no conversion, see how to buy US stocks from Canada.
Accounts, products and margin
For individuals, IBKR’s Canadian site lists individual and joint accounts, RRSPs, RRIFs, TFSAs and FHSAs. Check its site if you need an account type outside that list, such as an RESP or a locked-in account. Beyond Canadian and US stocks and ETFs, IBKR offers options, futures, currency trading, bonds and access to many international exchanges. IBKR publishes its current margin rate schedule, and the margin account guide explains how margin works in Canada.
Platforms
IBKR offers Trader Workstation (a desktop platform with advanced order types, scanners and an API), a web client portal and a mobile app. The range of tools is the main attraction for active traders and the main drawback for beginners, who may find the platforms and statements harder to navigate than an app-first broker’s.
Pros and cons
| Pros | Cons |
|---|---|
| Currency conversion at 0.20 bps (US$2.00 minimum) | $1.00 minimum commission on Canadian trades where several brokers charge $0 |
| Per-share pricing that suits large trades | Detailed application and a steeper learning curve |
| Options, futures, bonds and international markets | Fewer registered account types listed than some Canadian brokers |
| Professional-grade platforms and an API | Tiered pricing adds exchange fees that can be hard to predict |
Who Interactive Brokers suits
IBKR tends to suit investors who convert a lot of money between Canadian and US dollars, active traders who use advanced order types, options and futures traders, and investors who want international markets. For someone buying a Canadian ETF each month, a $0-commission broker is usually cheaper. The head-to-head pages go further: Questrade vs Interactive Brokers, Wealthsimple vs Interactive Brokers, and the three-way Questrade vs Wealthsimple vs Interactive Brokers.
Sources
The figures and rules on this page come from these sources. How we check facts.
- interactivebrokers.ca: Commissions Stocks | Interactive Brokers Canada Inc.
- interactivebrokers.ca: Commissions Spot Currencies | Interactive Brokers Canada Inc.
- questrade.com: Transaction fees | Self-directed Pricing | Questrade
- questrade.com: Trading Fees & Commissions | Questrade Pricing | Questrade: Tilt finance in your favour
- wealthsimple.com: Compare Generation, Premium, and Core Plans & Fees | Wealthsimple