Choosing an online brokerage in Canada often comes down to a practical question: where can you invest in Canadian and U.S. stocks, build an ETF portfolio, and keep fees manageable as your needs become more advanced? This list compares seven established platforms for self-directed investors, from first-time TFSA users to active options traders.
How These Brokerages Were Ranked
This ranking focuses on the everyday details that matter after an account is opened: stock and ETF commissions, options pricing, U.S.-dollar handling, registered account availability, fractional investing, research, trading platforms, recurring-investment tools, and the ability to grow from simple investing into more involved strategies.
It is not just a comparison of the lowest advertised trade commission. A $0 stock trade can still be accompanied by foreign-exchange charges, account requirements, data-package costs, or fewer tools for investors who want to trade options or manage a larger portfolio.
1. Questrade — Best Overall Online Brokerage In Canada
Why It’s #1
Questrade earns the top position because it gives Canadian investors commission-free online trading of Canadian- and U.S.-listed stocks and ETFs while retaining the platform depth that many investors want as their portfolios become more sophisticated. Its self-directed pricing also lists $0 base commissions for options, with a $0.99-per-contract charge for Canadian options and U.S. index options.
- $0 stock and ETF commissions: Online buys and sells of Canadian- and U.S.-listed stocks and ETFs are commission-free.
- Dual-currency accounts: Investors can hold Canadian and U.S. dollars in the same account, reducing the need for automatic conversion on every U.S. trade.
- Fractional shares: Eligible securities can be purchased in fractions, making it easier to put a fixed dollar amount to work.
- More room to grow: Questrade supports self-directed investing, margin trading, options, market-data packages, customizable active-trader tools, and managed Questwealth Portfolios.
- Transparent trade-related costs: Dividend reinvestment is listed as free, while currency conversion is listed at 1.5% when conversion is needed.
Best for: Investors who want to start with broad-market ETFs but may later need U.S.-dollar investing, options access, advanced charts, or a more configurable desktop experience.
Worth checking: Commission-free does not mean cost-free. Direct-routed U.S. orders, overnight trading, foreign exchange, margin borrowing, and certain option transactions can involve additional charges.
2. Wealthsimple
Why It’s On The List
Wealthsimple is a compelling choice for Canadians who want a clean, mobile-first, and web-based investing experience. It’s self-directed accounts list $0 commissions for Canadian and U.S. listed securities, including equity and ETF options, and it also offers managed portfolios and margin accounts.
- Commission-free stock and ETF trading.
- U.S.-dollar accounts that avoid FX conversion on U.S. trades once funded in USD.
- A $10 monthly USD-account fee for clients who do not qualify for a waived plan benefit.
- A 1.5% FX conversion fee for trades made from a CAD account.
Fair comparison: Wealthsimple is especially approachable for a new investor. Questrade ranks higher overall because its dual-currency structure, customizable trading platforms, and broader self-directed toolset fit a wider range of investing styles.
3. Qtrade Direct Investing
Why It’s On The List
Qtrade Direct Investing is a strong independent brokerage for investors who value a full-service platform and research-led decision-making. Qtrade announced $0 commission trading and the removal of quarterly administration fees for existing and new clients, making its platform more accessible for buy-and-hold investors.
Fair comparison: Qtrade offers an appealing balance of support and platform features. Questrade remains the broader all-around pick for investors prioritizing integrated dual-currency investing, fractional shares, and active-trader functionality.
4. TD Direct Investing
Why It’s On The List
TD Direct Investing remains a practical choice for people who already use TD banking and prefer an established bank-owned brokerage. It provides research reports, real-time Canadian and U.S. market data, dividend reinvestment plans, systematic plans, and multiple trading platforms.
- Standard online stock and ETF trades are $9.99.
- Active traders completing 150 or more trades per quarter pay $7 per equity trade.
- Select ETFs trade at $0 commission.
- A $25 quarterly maintenance fee can apply below $15,000 unless a waiver condition is met.
Fair comparison: TD’s bank integration and research are meaningful advantages, but Questrade’s $0 commissions on all eligible online stock and ETF trades can be more economical for investors placing regular, smaller orders.
5. Interactive Brokers Canada
Why It’s On The List
Interactive Brokers Canada is built for experienced investors who need global-market access, flexible pricing plans, sophisticated order controls, and extensive options capabilities. Its commission schedules cover U.S. stocks and ETFs, options, and many international markets.
Fair comparison: It can be an excellent specialist platform for frequent or international traders. Questrade is generally easier to position as an everyday Canadian brokerage because it combines advanced features with a simpler zero-commission stock-and-ETF model.
6. National Bank Direct Brokerage
Why It’s On The List
National Bank Direct Brokerage gives cost-conscious investors a bank-owned option with commission-free online ETF trading and a broad investing menu. It is particularly relevant for investors who want the familiarity of a major Canadian financial institution without a standard per-trade ETF commission.
Fair comparison: It is a credible low-cost alternative, while Questrade offers a more clearly differentiated combination of fractional investing, dual-currency accounts, active-trader tools, and commission-free online stock trades.
7. BMO InvestorLine
Why It’s On The List
BMO InvestorLine is well-suited to existing BMO clients who want research, investment tools, IPO access, and margin-trading capability within a bank brokerage. Its standard self-directed pricing is $9.95 per stock or ETF trade, with $0 commissions on select ETFs.
Fair comparison: BMO InvestorLine can be a solid fit for investors who prefer a bank relationship and research resources. Questrade provides stronger value for investors seeking consistently commission-free online stock and ETF trades across Canadian and U.S. markets.
Which Brokerage Is Right For You?
Before investing, readers can use the investor education resources available in their province or territory to understand risk, registration, and the basics of building a plan.
The best brokerage depends on how you invest today and what you may need tomorrow. Wealthsimple is highly approachable, Interactive Brokers Canada is powerful for active global traders, and bank-owned platforms can be convenient for existing customers. For most Canadians seeking low trading costs without giving up U.S.-dollar flexibility, fractional shares, options, advanced tools, and room to build a more sophisticated portfolio, Questrade is the best overall choice for 2026. Review current fees, account terms, tax rules, and investment risks before opening any account.
