Best Online Brokers in Canada: Complete Comparison & Reviews

Investing in Canada has never been easier — or more overwhelming. With so many online brokers competing for your business, the challenge isn’t finding one; it’s choosing the right one.

Your broker is more than just an app; it’s the gateway to your financial independence. Pick the wrong one and you could overpay in fees, miss out on features like dividend reinvestment, or find yourself frustrated with clunky platforms. Pick the right one and you’ll set yourself up for decades of smoother, smarter investing.

This guide is the most comprehensive review of online brokers in Canada. The Big Five bank platforms are covered, independent discount brokers, and zero-commission challengers — and you will learn which one is best for and not for.

Before diving into broker reviews, here are the eight types of Canadian investors this guide speaks to. These investor types go beyond the typical investment strategy as they include other considerations around banking, fees and convenience.

Each broker review below highlights which persona(s) it best fits.

Equity/ETF commissions, options pricing, account fees, ECN fees, and FX spreads can eat away at your returns.

The fees range from $0 to $9.99 per trade. Many brokers are slowly shifting towards free transactions, and often starting with ETFs or at least a group of ETFs.

The right broker should support the accounts you actually use for tax-efficient investing.

To put it simply, you are not getting married to your broker, and investing is a long-term journey. Some of the accounts are only needed during the late years of your life. The critical accounts to get started are TFSA, RRSP, and non-registered.

Ensure you have a true USD account within each of the account types. Most brokers do, but just validate that. You want to be able to tie the USD account from the broker to your bank account so you can control how you handle currency exchange.

Some brokers charge high FX fees, others allow Norbert’s Gambit. In some cases, you can simply use other FX brokers such as Wise, or your local favourite, such as VBCE in the Vancouver region.

Mobile/desktop usability, research, charting, order types, and fractional shares all matter. They are not easy to test and try out unless there is a practice account.

Research is pretty consistent; it’s either missing or it’s Morningstar research. You won’t get access to the wealth management research from the banks.

Dividend reinvestment is key for compounding returns — some brokers make it easier than others.

Onboarding, transfers, wait times, and system stability should factor into your choice.

Here is a quick chart to guide you. Questrade leads for many investors, but Wealthsimple is catching up with additional capabilities every year.

There’s no one-size-fits-all answer. The right broker depends on your style, goals, and comfort level.

The most important part: get invested. Don’t let analysis paralysis hold you back — time in the market beats everything else.

RBC Direct Investing is Royal Bank of Canada’s self-directed platform. If you bank with RBC, the integration is seamless: one login gives you access to both banking and investing, and you can move cash instantly.

The downside is cost: commissions on standard stock and ETF trades are $9.95, which is higher than discount rivals. RBC does have a roster of commission-free mutual funds and a curated list of commission-free ETFs, but if you’re an ETF builder or frequent trader, you’ll likely save elsewhere.

On the positive side, dividend investors get robust DRIP support, access to RBC research, and the stability of a Big Five bank. The interface is functional but conservative — think “steady and safe” rather than flashy.

💡 Best For: Existing RBC clients who value one-login convenience, DRIP support, and the commission-free fund/ETF roster.
🚫 Not For: Fee-sensitive investors or ETF builders chasing across-the-board free trades. 💸
👤 Investor Profile: Fits 💸 The Dividend Collector, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

Questrade has long been the go-to for cost-savvy DIY investors, and in 2024 it doubled down by moving to $0 commissions on Canadian and U.S. stocks and ETFs. Options are just $0.99 per contract.

It also supports fractional share trading, a wide account lineup (TFSA, RRSP, FHSA, RESP, corporate, margin), and solid tools. The platform stack—web, mobile, and IQ Edge for advanced order types and charting—balances beginner usability with depth for active traders.

Currency is another strength: you can run USD sub-accounts and use Norbert’s Gambit for low-cost conversions. The main trade-offs are small ECN fees (depending on order type) and service delays during peak times.

💡 Best For: Fee minimizers and ETF indexers who want $0 trades plus solid tools (and options at 99¢/contract).
🚫 Not For: Investors who absolutely need the simplest “tap-and-go” app experience or who don’t want to think about ECN/FX details. 🐣
👤 Investor Profile: Perfect for 🪙 The Cost-Cutter, ⚡ The Active Trader, and 💵 The Active Income Collector.

Scotia iTRADE leans heavily into research. It offers access to multiple third-party providers (Morningstar, Recognia, etc.), along with Scotia’s own research. It also maintains a large list of commission-free ETFs (with rules).

Commissions are higher than the low-cost competitors: $9.99 standard, with an active-trader discount tier. Platforms range from a solid web version to advanced desktop tools, including decent options support.

For research lovers who already bank with Scotia, this is a compelling choice. But if your top priority is minimizing costs, you’ll be happier elsewhere.

💡 Best For: Scotia-banked investors who want a large research library and a broad commission-free ETF list.
🚫 Not For: Casual ETF investors focused primarily on the lowest-possible trading costs. 📉
👤 Investor Profile: Serves 🔍 The Research Analyst, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

CIBC Investor’s Edge is known as the cheapest of the big-bank brokers. Standard trades are $6.95, with active-trader and student discounts bringing it even lower.

It covers all the core accounts, supports DRIPs, and offers a reliable if plain platform. For long-term stock and ETF investors who want bank integration at a lower price than RBC/TD/BMO/Scotia, it’s a solid pick.

The trade-off: advanced traders will outgrow its tools quickly.

💡 Best For: Fee-sensitive investors who prefer big-bank stability and flat $6.95 trades.
🚫 Not For: Advanced traders craving premium platforms and deep analytics. 🖥️
👤 Investor Profile: A good fit for 🪙 The Cost-Cutter, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

National Bank Direct Brokerage (NBDB) shook the industry by going to $0 commissions on stocks and ETFs — the first Big Six bank to do so.

It supports all the main accounts (TFSA, RRSP, FHSA, RESP, margin), offers DRIPs, and integrates with National Bank. The platform isn’t as advanced as TD or IBKR, but for most investors it’s more than enough.

For beginners, cost-cutters, and bank loyalists, NBDB is arguably the strongest all-around value today.

💡 Best For: Zero-commission seekers who want a bank-owned platform.
🚫 Not For: Professional day traders who need advanced charting, routing, and niche order types. ⚡
👤 Investor Profile: Appeals to 🌱 The Beginner, 🪙 The Cost-Cutter, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

BMO InvestorLine is a steady choice for bank-anchored investors. Standard trades are $9.95. Its standout feature is AdviceDirect, a hybrid advice overlay (extra fee) that provides portfolio nudges and guidance.

It also provides strong research and planning tools. Costs are higher than discount peers, but if you’re a BMO client and like the added advice option, it can be worthwhile.

💡 Best For: Bank-anchored investors who want strong research (and optional AdviceDirect).
🚫 Not For: Cost-first traders who care more about minimizing commissions than platform extras. 💰
👤 Investor Profile: Best for 🔍 The Research Analyst, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

TD Direct Investing (TDDI) is the largest Canadian broker by assets and offers breadth, service, and powerful platforms. TD Active Trader and Advanced Dashboard are among the best desktop options in Canada.

Standard commissions are $9.99, with an active-trader discount. If you want pro-level tools and research inside a Big Five wrapper, TDDI delivers. If you just want free ETF trades, you’ll find cheaper options elsewhere.

💡 Best For: Active traders who want robust platforms and premium research.
🚫 Not For: Beginners who just want to buy ETFs cheaply and simply. 🐥
👤 Investor Profile: Tailored to ⚡ The Active Trader, 🏦 The Bank Loyalist, and 💵 The Active Income Collector.

Qtrade consistently ranks near the top for customer service, planning tools, and overall usability. It offers a commission-free ETF buy/sell list (with conditions) and excellent account support.

Its commissions are competitive but not the lowest. Where it shines is support, planning features, and execution quality.

💡 Best For: Investors who prize service, planning tools, and free ETF lists.
🚫 Not For: Investors chasing the absolute lowest commissions. 🔻
👤 Investor Profile: A natural fit for 🔍 The Research Analyst, 💸 The Dividend Collector, and 💵 The Active Income Collector.

Interactive Brokers (IBKR) is unmatched for global access, ultra-low costs, and pro tools. It offers multi-currency accounts, per-share pricing, and professional-grade Trader Workstation.

The trade-off: complexity. IBKR rewards experienced investors. If you want maximum flexibility and global reach, it’s unbeatable.

💡 Best For: Advanced/global traders who want ultra-low costs and pro tools.
🚫 Not For: Beginners or casual investors who want simplicity. 🤯
👤 Investor Profile: Ideal for ⚡ The Active Trader, 🌍 The Global Explorer, and 💵 The Active Income Collector.

Wealthsimple is a mobile-first $0-commission broker. It offers fractional shares, options, margin, TFSA/RRSP/FHSA, and account-level DRIPs.

It’s the friendliest on-ramp for new investors, though U.S. trades carry FX costs unless you pay for a USD account. Research is light, but simplicity is the point.

💡 Best For: Beginners and casual investors who want a simple $0-commission app.
🚫 Not For: Heavy U.S. traders who won’t use a USD account. 🇺🇸
👤 Investor Profile: Perfect for 🌱 The Beginner and 🪙 The Cost-Cutter (less suited for 💵 The Active Income Collector).

HSBC Canada’s retail brokerage migrated to RBC Direct Investing in 2024. If you were an HSBC InvestDirect client, your new home is RBC DI.

Switching online brokers is easier than most investors expect. Here’s how it works, and pay attention to promotions - usually around the RRSP deadline season.

The process is simple, but it takes time, and there will be residual steps extending the process to approximately two months for everything to be completed and closed.

Most discount brokers (Questrade, Qtrade, NBDB, etc.) will rebate up to $150 if you move over ~$15,000 in assets. Always ask — brokers use rebates as a way to win new clients.