While this often involves a self-directed investing approach, they also offer managed portfolios. That said, you do often have the power to make a trade for free right from your phone. Their platforms also give you access to different market research tools to help you make the most of your investment.
When you, as a Canadian investor, are deciding to go the self-directed investing route, you must do your research before you decide on an online broker in Canada. Different brokerages offer trading of different securities. They also have different fees.
It’s important to ask yourself questions like, “What is the best overall brokerage?” What if I only want to invest in index funds? Which brokerages don’t take a commission? Which has the lowest overall fees? These are just a few. Don’t worry, though. We have done some research to help you get started.
What are the Best Online Brokerages for Index Funds?
If you are looking into investing in index funds, there are quite a few online stock brokers available to help you out. Whether it’s with a private brokerage or one connected to a major bank, you have to find the one that works best for you. Luckily, you have some great ones to choose from.
RBC Direct Investing
When it comes to investing in index funds, one of the best online broker platforms is RBC Direct Investing. They also offer a wide range of other investment options as well, including:
- Fixed securities
- ETFs (Exchange-Traded Funds)
- Mutual Funds
- Stocks
- Options
With RBC, the fees are pretty straightforward. It’s $9.95 per trade unless you’re an active trader. If that is the case and you make more than 150 trades per quarter, the fee is then $6.95. That is for everything except mutual funds and fixed securities.
When it comes to getting index funds, ETFs, or mutual funds with RBC, they have tools directly on their site to help you make the right investment decision. They have real-time streaming accounts and access to research and exclusive tools. They even offer the ability to create a practice account. This allows you to practice your trading without losing any funds.
Qtrade Direct Investing
Like other brokerages, Qtrade offers a wide variety of investment options beyond index funds. These include:
- ETFs
- Mutual Funds
- Stocks
- Bonds
Not only that, but you can also begin with a 30-day free trial. After that, the prices are very reasonable.
| Security | Fee | Fee for Active Traders |
| Select ETFs (includes index fund ETFs) | Free | Free |
| Other ETFs | $0 | $0 |
| Mutual Funds | $0 | $0 |
| Equities | $0 | $0 |
| Options | $0 + $0.75 | $0 + $0.75 |
| Exchange Traded Debentures and Fixed Securities | $1 per $1,000 face value | $1 per $1,000 face value |
The actual trading fees are reasonable, and there are no commission fees. Qtrade is specifically known for its commission-free ETF trading and free ETF purchases. Other fees are included. The most common is the $25 administration fee that is charged every quarter.
There are also administrative, documentation, and cancellation fees. If you have brokerage accounts with other online platforms (or any brokerage), there is a $150 account transfer fee. On investment account transfers valued at $15,000 or more, the fee will be reimbursed.
Throughout their website, there is also a ton of information and resources available to new and experienced investors on the stock market and other pertinent information. This includes information on the stock market and other pertinent topics.
Since Qtrade isn’t one of the big-bank brokers, people may be skeptical about using it, but it’s actually quite safe. Aviso Wealth actually owns Qtrade. Aviso is one of the largest wealth management firms in Canada. They have over $178 billion in investment assets from over 500,000 clients.
BMO InvestorLine
As one of the top five banks, it’s really no surprise that BMO InvestorLine is one of the best investment brokerages for index funds. That said, they actually do offer quite a few investment options, including ETFs (exchange-traded funds), mutual funds and Canadian stocks.
With BMO InvestorLine, there are many reasons to go with them. Not only are they one of the top online trading platforms, but they are also one of the best bank-owned brokers. You also have the option to trade on your phone or on the actual site. There is also a ton of investing education at your fingertips.
The main reason they are a great fit for investing in index funds and ETFs is that they offer a ton of options with no trading fees. This is ideal if this is your main focus when investing. There are no commission fees, and they also don’t require a minimum balance.
When it comes to investing with BMO, there are a few different investment accounts that you can choose from. They offer TFSAs, RRSPs, RESPs, and RRIFs. They can help you figure out what type of account is best for you.
Whether you are a beginner trader or a more experienced trader, there are plenty of options for you. You have the option of self-directed investing and advice-directed investing. They even have a program for experienced investors that allows you access to exclusive perks. It’s called the BMO 5-star program, and it is available to those who make 15 or more trades per quarter. It includes:
- Dedicated support
- Preferred rates and pricing
- Thorough research
- BMO Active Trader, as well as other professional-level tools
They have a little something for everyone.
Best Zero-Commission Brokerages
When you are looking to invest, some brokerages charge commission rates rather than standard fees. Depending on the amounts invested, brokerages can make more money this way. Here are some of the best online brokerages that don’t charge any commissions.
TD Direct Investing
TD Direct Investing doesn’t just offer one investing platform; they actually have multiple to choose from. They also offer multiple investment options in addition to index funds.
- Mutual funds
- ETFs
- Fixed securities
- Stocks
- Equities
- GICs (Guaranteed Investment Certificates)
- Options
There are also multiple different types of investment accounts to choose from. You can invest with cash, margin, TFSAs and RRSPs.
When it comes to pricing, they have standard flat rates. That said, all of their investments are also commission-free. There is, however, a $25 maintenance fee if your TD investing accounts hold less than $15,000. This is charged every quarter.
| Securities | Pricing |
| Stocks (Standard Rate) | $9.99 trading fee (Canada and US) |
| Options (Standard Rate) | $9.99 + $1.25 (Canada and US) |
| Stocks (Active Trading Rate) | $7.00 (Canada and the US) |
| Options (Active Trading Rate) | $7.00 + $1.25 (Canada and the US) |
TD Direct Investing also offers tools and resources to help you make the best investing decisions. Whether you are new to investing or just want to expand your investing knowledge, there is information available to you.
Wealthsimple Trade
Wealthsimple is another great option if you are looking for a brokerage account but don’t want to pay commission fees. They also have the bonus of having a more diverse collection of investments. They offer:
- Stocks
- ETFs
- Crypto
- Options
This makes them stand out a bit more than other investing platforms. They also have no fees for trading stocks and ETFs, including commission-free trading. Not only that, they offer a ton of investing education. They offer masterclasses and have a bunch of articles available to all users. They also have much lower currency conversion fees than other apps.
The downside to this platform is that it’s mostly available on mobile devices. The app is available on iOS or Android. It isn’t entirely ideal for those who don’t use apps. You also have to keep in mind that their stock updates aren’t in real time. There is around a 15-minute delay.
Cheapest Brokerage Firms
Looking at all these online brokers in Canada, you notice that they all have relatively low fees, including foreign exchange fees. That said, there are a few brokerages that top those we have already discussed.
National Bank Direct Brokerage
This is a new popular online brokerage. Just like many of the others that we have mentioned, they have no commissions on their investments. One of the key features that they promote is their state-of-the-art analysis tools. Bonus: they are free. They are there to help both new and experienced investors make informed decisions about investing their money.
As we mentioned, this brokerage has no commissions; however, there are some other fees to consider.
| Type of Transaction | Fee |
| Electronic Funds Transfer (from your bank account) | Free |
| Withdrawal from TFSA, RESP, RDSP | Free |
| T3 Declaration | $200 |
| Non-Resident | $150 per account |
| Internal transfer (Canadian dollar account to US dollar account) | $9.95 for each security |
| Transfer to another brokerage or institution (partial or total) | $150 for each account |
| Wire transfer (by phone from a non-NBC bank) | $50 for each transaction |
| Excess RRSP reimbursement | $150 per transaction |
| NSF | $45 each |
| Withdrawal from RRSP, RRIF, LIF (Lump sum) | $50 per transaction |
| Transfer from LIF to locked account | $100 per transaction |
There are also some other fees for certain specialized services and documentation.
If you are planning to use this brokerage, though, you have plenty of low-cost options. You can easily find ETFs and options that include what you are looking for. You can also track your performance and set alerts for securities when they reach your ideal price.
CI Direct Trading
CI Direct Trading is an online brokerage that focuses on making self-directed trading simple and accessible, all at a low cost. Not only do they have different investment options, but they also offer different account types and multiple trading platforms.
| Security | Active Trader | Broker Assisted |
| Mutual Funds | Free trades | Free trades |
| Fixed Income Securities | Free trades | Free trades |
| Options | $7.99 plus $1.25 per contract (150 plus trades in the quarter) | $50 plus $2 per contract |
| Equities | $3.99 (150 plus trades in the previous quarter) | $50 plus 3% per share (max $0.03) |
| Exchange Traded Debentures | $24.99 plus $1.00 per $1000 | 1.5% of principal value |
There are also account and administration fees, depending on the transaction you wish to make. There are also some platform fees on the US platforms. Non-Canadian residents follow an international commission schedule and incur additional fees per transaction.
Even though CI Direct Trading does provide a simple approach for self-directed investing, they are also there to assist you if you need it. Their app also allows you to invest and transfer funds anywhere, anytime.
What Investment Companies Have the Lowest Fees?
We have discussed the costs of the cheapest Canadian online brokers, but we haven’t discussed the ones with the lowest fees. Every brokerage charges its fees a little bit differently. The one you choose really depends on what you are looking to invest in and how much you want to invest. Here are some of the best discount brokers with the lowest fees.
Questrade
Questrade is a platform that offers multiple online brokerage services. You can either choose self-directed investing, if you like to be in control of your own investments, or get a pre-built portfolio. It is considered to be one of the best trading platforms with low fees. The fees depend on the type of investing you choose.
With its self-directed investing, Questrade offers:
- No fees for opening an account
- No yearly RRSP or TFSA fees
- No commission on ETFs
- Low commission rates
The trading fees are:
- $0 stock trades
- No fees when you purchase or sell ETFs
- Options are $0 plus $0.00 per contract
- Mutual funds are $9.95 each
You also have the option to upgrade your package.
Real-Time Options: This package provides real-time Level 1 data on Canadian and US options. It costs $19.95, with the possibility of a full rebate.
Advanced US Streaming: This package gets you Level 1 and Level 2 data for US exchanges and index data. You also get active trader pricing. The cost is $89.95 per month with the possibility of a full rebate.
Advanced Canadian Streaming: This package provides level 1 and level 2 data for Canadian exchanges and indices. You also get active trader pricing. The cost is $89.95 per month, with the possibility of a full rebate.
If you decide, when you create your online brokerage account, to go with the pre-built ETF portfolio, its management fees are still relatively low. The fees start at just 0.25% (0.20% for amounts over $100,000). Then there is the additional MER (Management Expense Ratio), which will be specific to the ETF that you invest in.
CIBC Investor’s Edge
CIBC Investor’s Edge offers another great way to invest your money with minimal fees. They offer you the ability to invest in:
- ETFs
- Stocks
- Options
- Mutual Funds
- GICs
- Fixed income investments
- Precious metals
- IPOs (Initial Public Offerings)
- Structured notes
The pricing of their investments is relatively low compared to other discount investment brokerages:
- When you buy and sell Stocks and ETFs, they are $6.95 each
- Options are $6.95 plus $1.25 per contract
- Mutual funds are $6.95 or no cost for money market funds
There are no annual account maintenance fees for TFSAs or RESPs. There are no fees on RRSPs, RRIFs, LIRAs, and LIFs unless the market balance on your account is $25,000 or less. The fee is then $100. There are no fees on non-registered accounts unless the account balance is $10,000 or less. The fee is then $100 as well.
Their platform also includes a few great features. There is investor education to help you make informed decisions when investing your money. You can also personalize your watchlist and alerts to help you follow the market more closely. You also have access to screening and charting tools, and to expert research and market data.
Desjardins Online Brokerage
Desjardins online brokerage, also known as Desjardins Securities Inc., is another online brokerage in Canada. They have two different options you can choose from when it comes to trading securities. The fees for each depend on whether you are an active trader. You can choose from these options when it comes to trading securities. The fees for each depend on whether you are an active trader.
| Securities | Disnat Classic | Disnat Direct |
| Equities and ETFs | $0 commission | $0 commission |
| Options | $1.25 per contract (8.75 min) | $1.25 per contract (8.75 min) |
| Mutual Funds | $0 commissions | $0 commissions |
| Fixed Income Securities | $50 per trade | $50 per trade |
Disnat Classic has no fees for the markets. Disnat Direct has more advanced markets, so there is a fee per market if you’re not active. The Market Q Platform has no fee if you perform 10 or more trades per month; if not, the fee is $35 per month. The Market Q Platform Level 2 is $0 per month if you execute 41 or more trades per month; otherwise, it is $105 per month.
There are also inactivity fees. These are $30 per quarter and are waived if 6 or more trades have been done in the preceding 12 months. They can also be waived if you hold an RRSP, RRIF, or RESP or if your portfolio value is $15,000 or more.
They also include all sorts of perks. Various free analysis tools are available to all Desjardins Brokerage clients. There are also annual events, as well as personalized services and resources to support responsible investing.
They also have a Direct Brokerage for those ages 18 to 30. With this program, you can trade:
- Equities
- ETFs
- Mutual funds
- Options
- Bonds
- New issues
There are no fees for equity and ETF trades, no minimum account balance is required, no activity fees, no admin fees, and no minimum balance is required for RRSPs.
Best Trading Platform in Canada
While we have reviewed many of the best online trading platforms in Canada, Wealthsimple is the overall winner. This is because it’s affordable, easy to use for beginners and allows you to learn how the process works.
Best Trading Platform for Beginners
One of the best trading platforms for beginners is Scotia iTrade. They offer tons of information to help you make the most informed investment decisions, and they also have a trading program for young Canadian investors. This helps many teens get a head start on their financial future.
Best Stock Trading Platform
In Canada, there are many stock trading platforms, but one that stands above the rest is BMO InvestorLine. This is because it has an easy-to-use interface while offering great trading options.
Best Direct Investing Platform
One of the best direct investing platforms in Canada is Questrade. Not only do they have low fees, but they also offer multiple investment options and are accessible to investors at all levels. The way that they’re set up allows investors to have more control over their investments.
Platform with the Lowest Brokerage Fees in Canada
When it comes to tackling your investment portfolio, there are plenty of Canadian brokerage firms and online brokerage platforms to choose from. Most online brokerages are also online trading platforms that allow you to control your own investment portfolio using registered and non-registered accounts.
If you’re looking for the best online brokers with the lowest fees, then you’re looking at Interactive Brokers and Qtrade. These brokerages aren’t just for experienced traders either. Beginners can also use these brokerages to take advantage of their services.
With Qtrade, you get unlimited commission-free trading on all Canadian trades, including stock and ETF trades. Interactive Brokers is great for low fees on US trades, and it converts your currency really easily, too. The Canadian Investment Regulatory Organization also regulates these.
Is Wealthsimple or Questrade the Better Option for Canadian Investors?
Both brokerages are great options for Canadian investors, as they offer $0 commission trading. That said, Wealthsimple is better for beginners, casual investors, and those looking to invest in crypto. Questrade is seen as the better option for active investors.
Are Canadian Online Brokerages Safe and CIPF Protected?
Just like traditional brokerages, online brokerages are regulated by the Canadian Investment Regulatory Organization. They are also safe and protected by the Canadian Investor Protection Fund (CIPF). If a brokerage becomes insolvent, the CIPF protects eligible client assets up to $1 million per general account category.
How Much Money You Need to Start Trading
In Canada, you can start trading for as little as $1. There is no minimum required to open a brokerage account. That said, how much you will actually need depends on the brokerage you choose and what you choose to start trading. The common amount that many Canadians start trading with is $100.
How to Open a Discount Brokerage Account in Canada
When you’re looking to open a discount brokerage account, the first thing that you need to do is choose your platform. Some things to consider when choosing a brokerage include:
- The trading commissions
- Whether the customer support is live chat, email or phone
- Whether they offer a user-friendly interface
- Your access to educational resources
- What the minimum deposit requirement is
Once you’ve selected a brokerage, you need to choose what type of account you want to invest in. Common choices include:
- Tax-Free Savings Account
- Registered Retirement Savings Plans
- First Home Savings Accounts
- Non-Registered Accounts (Cash or Margin Accounts)
From there, you will need to collect the required documentation and then apply online. You’re going to need your Social Insurance Number, valid government-issued ID, your personal contact details, and your employment information. Once the approval has been processed, you can start investing.
Which Brokerages Offer Commission-Free US Stock Trades?
You might be surprised to learn that many brokerages in Canada offer commission-free ETFs and stocks for DIY investors, both Canadian and US. The most notable include:
- Wealthsimple Trade
- National Bank Direct Brokerage
- BMO InvestorLine Self-Directed
- Questrade Portfolios
- RBC GoSmart accounts with RBC Direct Investing
Avoiding Currency Conversion Fees on US Stocks
In Canada, for self-directed investors investing in US stocks, one thing you have to account for is FX fees. One way to avoid the retail currency conversion fees is Norbert’s Gambit. You can do this by purchasing interlisted securities. You purchase the security in one currency, journal it over, and then you sell it in the other. It’s the preferred method for larger amounts of money.
Another option is Canadian Depositary Receipts. CDRs are traded on Canadian exchanges such as the TSX. They are in CAD, and they represent a fraction of a share in major US companies. They allow you to trade in US equities without having to do any manual currency conversions.
Registered Accounts You Can Open at Discount Brokerages
When you start trading on discount brokerages, there are a lot of registered accounts where you could hold your securities. Some of these accounts include:
- Tax-Free Savings Accounts (TFSAs)
- First Home Savings Accounts (FHSAs)
- Registered Retirement Savings Accounts (RRSPs)
- Spousal RRSPs
- Registered Education Savings Plans (RESPs)
- Registered Retirement Income Funds (RRIFs)
- Locked-in Retirement Account/Life Income Fund (LIRA/LIF)
Does a New Broker Cover Account Transfer Fees?
No matter what trading account you transfer to, most free stock trading platforms will cover or reimburse transfer-out fees. These fees occur when you transfer investment accounts from one brokerage to another. They can range anywhere from $50 to $150, depending on the broker.
That said, even if your account transfer fees are covered, there are other fees that you need to watch out for. Some of these include hidden fees, options trading fees, and ECN fees. You also need to consider the minimum required investment amount.
The Differences Between Online and Full-Service Brokers
Before you decide where you want to invest, it’s important to know the differences between online and full-service brokers.
Online Brokers
Many investors, including long-term investors, choose an online brokerage for complete control over their investments. They offer low costs and zero-commission trades on many standard stocks and ETFs, making them much more affordable for DIY investors.
With online brokerages, you can trade on international exchanges, find up-to-date market news and analysis reports, open USD accounts, create dividend reinvestment plans, get the most competitive margin rates, and even purchase fractional shares.
Full-Service Brokers
With a full-service broker, you can gain access to a variety of services including dedicated advisors, personalized investment strategies, tax planning, estate planning and even guidance when it comes to retirement planning. That said, costs are typically higher, ranging from 1% to 2% of assets under management.
The great thing about a full-service brokerage is that they do most of the work for you. This includes paperwork and portfolio monitoring. The most common places that offer these services include the top 5 banks and wealth management firms.
What Discount Brokerages Offer Fractional Shares?
In Canada, several discount brokerages offer fractional shares. This includes some of the most popular brokerages like:
- Wealthsimple
- Questrade
- Interactive Brokers
- TD Direct Investing/TD Easy Trade
- CIBC Investor’s Edge
Ranking the Discount Brokerages
As of 2026, here are the rankings for some of the top discount brokerages in Canada.
- Questrade
- Wealthsimple Trade
- Qtrade Direct Investing
- Interactive Brokers
- TD Direct Investing
- National Bank Direct Brokerage
Each of these brokerages offers some great features, but the best one for you depends on your individual situation and risk tolerance.
Hidden Activity, ECN, and Administration Fees to Keep an Eye Out For
ECN fees, also known as Electronic Communication Network fees, are per-share charges passed down by venues and exchanges to investors. Whether you are charged the fee depends on how your trade interacts with market liquidity.
Other fees to look for include account maintenance and administration fees. Some brokerages will charge inactivity or low-balance fees, annual fees, small-portfolio fees, exit fees, and transfer-out fees.
Discount Brokers Vs Robo-Advisors
In Canada, discount brokers allow you to have complete control over your trading. Some brokers offer stock screeners and portfolio simulators to help you make more informed decisions. Robo-advisors, on the other hand, automate portfolio creation and rebalancing, but there is an ongoing management fee.
The Perks of Big-Bank Brokerages for Existing Bank Clients
While there are perks to using online brokerages, there are also some advantages to going with a big-bank brokerage, especially for existing bank clients. You get access to certain perks like:
- Single sign-on and access to your investments through your online banking
- Instantly moving money between your bank account and brokerage account
- Getting account discounts based on your total account and brokerage balances
- Earning more rewards
- In-branch support
- Getting access to more in-depth research and trading tools
Interactive Brokers and Moomoo for Active Traders
As with other brokerages in Canada, both are regulated by CIRO and covered by CIPF. You need two-factor authentication to sign in, and they offer top-of-the-line security features.
Interactive Brokers
For active traders, this platform offers a variety of features, including:
- Access to pro tools
- 170+ global markets
- Minimum of $1.00 per trade
- Access to industry-low margin rates
- US options for $1.00 per trade
The only drawbacks of this platform are its steep learning curve and the clinic-like feel compared to other brokerages.
Moomoo
One of the main perks of Moomoo is its user-friendly interface. It includes free U.S. Level 2 quotes for market data and built-in AI assistant summaries. That said, they have limited access to global exchanges and a per-share or minimum-commission structure.
