Best Online Brokers in Canada
An online (discount) brokerage is the account where you buy and hold stocks, ETFs, GICs and other investments yourself. Choosing one is one of the most important early decisions a Canadian DIY investor makes, because it shapes your costs and your options for years. Instead of ranking brokers by fees that change, this guide teaches you how to compare them and which well-known Canadian brokerages fit different needs.
What an online broker is
A discount brokerage is a self-directed platform where you place your own trades — no advisor, no commission-based salesperson. You open registered accounts (TFSA, RRSP, FHSA, RESP) or a non-registered account, transfer in cash or investments, and buy what you choose.
In Canada, the biggest brokerages are the arms of the major banks, alongside a growing group of independents and newer app-first players. They're regulated and client assets are generally protected by CIPF against firm insolvency.
The right broker depends on what you'll actually do: buy-and-hold ETF investing, dividend investing, active trading, or a mix. A platform that's perfect for a passive investor may frustrate an active trader, and vice versa.
Keep reading: How to choose a broker · How to start investing in Canada. For the official rules, see CIRO — Canadian Investment Regulatory Organization.
The fees that matter
Cost is where brokers differ most, and it's more than just the per-trade commission.
- Trading commissions: some brokers charge a flat fee per stock/ETF trade; others offer commission-free trading, and several let you buy ETFs for free.
- Account/administration fees: some charge an annual fee unless you keep a minimum balance or trade a certain amount — check the waiver conditions.
- Currency conversion: buying U.S.-listed securities usually triggers a foreign-exchange spread; if you hold U.S. stocks, look for USD account support or Norbert's Gambit compatibility.
- Other charges: transfer-out fees, paper-statement fees, and options/margin rates if relevant.
For a buy-and-hold investor, low or zero ETF commissions and cheap FX matter far more than fancy trading tools.
Well-known Canadian brokers and who they suit
You don't have to guess in the dark — the market has established, widely used options.
- Bank-owned brokerages (such as TD Direct Investing, RBC Direct Investing, BMO InvestorLine, Scotia iTRADE, CIBC Investor's Edge, and National Bank Direct Brokerage) offer full account types and integration with your bank; several have moved toward commission-free trading.
- Independents like Questrade and Qtrade are long-standing DIY favourites known for competitive pricing and good tools.
- App-first players like Wealthsimple appeal to beginners with commission-free trading and a simple mobile experience.
Match the broker to your style: beginners often value simplicity and zero commissions; active or U.S.-focused investors value pricing, USD accounts and platform depth.
Beyond fees: features to check
Two brokers with similar prices can feel very different to use.
- Account types: confirm FHSA, RESP or corporate accounts are offered if you need them — not every broker has all of them.
- Platform and app quality: order types, research, and a mobile app you'll actually use.
- Automatic contributions and DRIP: helpful for hands-off, dividend-reinvesting investors.
- Fractional shares: some app-first brokers let you buy partial shares, useful for small, regular investing.
- Customer service: response times and support quality matter most when something goes wrong.
How to decide
Start by writing down what you'll do most: mostly buy ETFs monthly? Trade U.S. stocks? Hold GICs? Then shortlist two or three brokers that score well on those specific needs.
Weigh the ongoing costs (commissions, account fees, FX) more heavily than one-time promotions. A signup bonus is nice, but the broker you'll use for a decade should win on structural costs and the account types you need.
If you're brand new, there's nothing wrong with starting simple — a commission-free, beginner-friendly broker — and transferring later if you outgrow it. Just be aware of transfer-out fees, which a receiving broker will often reimburse.
Frequently asked
Which is the cheapest online broker in Canada?
It depends on what you trade. Several brokers now offer commission-free ETF or stock trading, so 'cheapest' hinges on account fees, currency-conversion costs and how you invest. Add up the fees for your specific pattern — monthly ETF buys, U.S. stocks, etc. — rather than relying on a single headline number.
Is my money safe with a Canadian online broker?
Reputable Canadian brokers are regulated by CIRO, and client accounts are generally covered by the Canadian Investor Protection Fund (CIPF) if the firm becomes insolvent, up to published limits. That protection does not cover investment losses — your holdings can still go down in value.
Can I switch brokers later?
Yes. You can transfer accounts 'in kind' (keeping your investments) or in cash between brokers. The sending broker may charge a transfer-out fee, but the receiving broker will often reimburse it if you ask. Registered accounts should be transferred directly to preserve their tax status.
Sources
General information for Canadian readers, not individualized financial, tax or investment advice. Figures reflect the date reviewed; confirm current limits and rules with the CRA or a qualified professional before acting.