This article provides general information about Canadian investment platforms. It is not personalized financial advice or a recommendation to use a particular broker.
Disclosure: This article contains referral links for Wealthsimple and Interactive Brokers. If you open and fund an account through one of these links, I may receive a benefit. This does not increase your fees. Every platform is evaluated using the same criteria, whether or not a referral link is available.
Fees and features last reviewed on September 18, 2026. Brokers can change their pricing and services. Always verify the information on the broker’s official website before opening an account or placing a trade.
Choosing among the best online brokers in Canada can feel complicated.
Several Canadian platforms now offer commission-free stock and ETF trades. However, zero commissions do not mean every platform costs the same. Currency conversion charges, account fees, available account types, trading tools and automation can matter much more than a small trading commission.
The best broker depends on what you actually want to do.
Key takeaways
- Wealthsimple is particularly suitable for beginners and investors who value simplicity and automation.
- Questrade offers a versatile combination of self-directed accounts, US-dollar holdings and managed portfolios.
- Interactive Brokers stands out for advanced tools, international market access and low currency-conversion costs.
- National Bank Direct Brokerage combines commission-free trading with the research tools of a bank-owned broker.
- Disnat is an attractive option for Quebec investors and people who prefer service in French.
- Investors who do not want to manage their own portfolios can compare Wealthsimple Managed Investing and Questwealth Portfolios.
- Fees and promotions change. Always consult the broker’s official pricing before making a decision.
How this comparison was created
The platforms were compared using the following criteria:
- commissions on stocks and ETFs;
- Canadian-to-US-dollar conversion costs;
- ability to hold US dollars;
- availability of TFSAs, RRSPs, FHSAs and other accounts;
- recurring purchases and automation;
- fractional shares;
- research and trading tools;
- availability of managed portfolios;
- administrative fees;
- ease of use;
- access to foreign markets;
- regulatory oversight and asset protection.
This comparison does not cover every Canadian brokerage. It focuses on five platforms that meet different needs and are relevant to a wide range of self-directed investors.
Quick comparison of online brokers
| Broker | Online stock and ETF trades | US-dollar accounts | Managed investing | Particularly suitable for |
|---|---|---|---|---|
| Wealthsimple | $0 commission | Paid for Core; included with Premium and Generation | Yes | Beginners, automation and simplicity |
| Questrade | $0 commission | Yes, without a monthly subscription | Questwealth Portfolios | Versatile CAD and USD portfolios |
| Interactive Brokers | Low per-share commissions with minimums | Yes | No | Global markets, currencies and advanced tools |
| National Bank Direct Brokerage | $0 online commission | Yes | Separate solutions available | Bank-owned brokerage and research tools |
| Disnat | $0 online commission | Yes | No | Quebec investors and French-language service |
Additional fees may apply to options, currency conversions, market data, representative-assisted trades and certain accounts.
1. Wealthsimple: a simple and automated experience
Wealthsimple is often one of the easiest platforms for a new Canadian investor to understand.
Its self-directed service allows investors to buy and sell Canadian and US-listed stocks and ETFs online without trading commissions. The platform also supports several features that can make a long-term strategy easier to maintain:
- recurring purchases;
- automatic deposits;
- dividend reinvestment;
- fractional shares for eligible investments;
- registered and non-registered accounts;
- a relatively simple mobile app and website.
Wealthsimple also offers managed investing for people who do not want to select and manage their own investments.
Important Wealthsimple fees
According to Wealthsimple’s official pricing:
- online stock and ETF trades have no commission;
- Core clients generally pay a 0.50% management fee for managed investing;
- Premium clients generally pay 0.40%;
- Generation fees vary according to assets and services;
- currency-conversion fees can apply;
- a US-dollar trading account costs $10 per month for Core clients and is included for Premium and Generation clients.
The ETFs held inside a managed portfolio also have their own management expense ratios.
The main drawback: currency conversion
Wealthsimple can be inexpensive for investors who primarily purchase Canadian-listed investments.
The calculation changes when you regularly buy US stocks or ETFs using Canadian dollars. Currency-conversion fees can apply when moving between Canadian and US dollars.
A USD account allows you to hold US dollars and avoid converting the proceeds of every transaction back into Canadian dollars. However, it does not necessarily eliminate the fee when you initially convert Canadian dollars into US dollars.
Who is Wealthsimple best suited for?
Wealthsimple may be a good fit if you:
- are beginning to invest on your own;
- primarily purchase Canadian-listed ETFs;
- want to automate regular investments;
- prefer a simple interface;
- want several financial services in one place.
It may be less attractive if your priorities are broad international-market access or frequent conversions of large amounts of currency.
Access Wealthsimple using my referral link.
2. Questrade: a versatile platform for long-term investors
Questrade can suit investors who want more features than a simplified investment app without necessarily using a platform designed for professional traders.
Online trades of Canadian and US stocks and ETFs are currently commission-free. Regulatory or electronic communication network fees may still apply in certain circumstances. Details are available in Questrade’s official commission schedule.
Questrade also allows investors to hold US dollars in their accounts without a monthly USD subscription. This can be useful if you regularly receive distributions in US dollars or trade US-listed investments.
Important Questrade fees
- Online Canadian and US stock trades: $0 commission.
- Online Canadian and US ETF trades: $0 commission.
- CAD/USD conversions completed by Questrade: approximately 1.5%, according to its published pricing.
- Canadian options: per-contract fees apply.
- Market data, representative-assisted trades and certain services may have additional costs.
Questrade offers a broad selection of accounts and products, which can be helpful as an investor’s financial situation becomes more complex.
Questwealth Portfolios
Questwealth is Questrade’s managed portfolio service.
According to its official pricing, management fees are generally:
- 0.25% for balances below $100,000;
- 0.20% for balances of $100,000 or more.
The ETFs inside the portfolio also have their own expenses. Questrade currently lists standard portfolio management expense ratios of approximately 0.09% to 0.12%.
Questwealth actively manages its portfolios. It is therefore different from simply automating a completely passive index portfolio.
Who is Questrade best suited for?
Questrade may be suitable if you:
- hold investments in both Canadian and US dollars;
- want to keep US dollars in your account;
- require a broad selection of account types;
- want more tools than a simplified investment app provides;
- are deciding between self-directed and managed investing.
Its interface and number of features may feel less straightforward to a beginner who only wants to purchase one Canadian ETF regularly.
3. Interactive Brokers: currencies and global markets
Interactive Brokers, commonly called IBKR, is designed more for experienced investors, people who regularly convert currencies and investors who want access to international markets.
Unlike Wealthsimple, Questrade, NBDB and Disnat, its stock and ETF trades are not generally commission-free. Interactive Brokers offers fixed and tiered pricing.
For Canadian stocks, its official commission schedule lists per-share charges with a minimum fee per order. Separate pricing applies to US stocks, options, market data and other products.
Why consider IBKR when other brokers offer free trades?
For some investors, a small and visible trading commission may cost less than a large currency-conversion charge.
Interactive Brokers provides:
- low currency-conversion costs according to its published pricing;
- access to numerous international markets;
- advanced order types;
- more extensive trading and analysis tools;
- fractional shares on eligible markets;
- potentially competitive margin rates.
Its pricing and interface can be more difficult to understand. Investors need to distinguish between fixed and tiered pricing and determine whether market-data fees apply to the way they intend to use the platform.
Who is Interactive Brokers best suited for?
IBKR may be appropriate if you:
- regularly convert significant amounts of money;
- invest across several international markets;
- use advanced orders or trading tools;
- frequently hold US-listed investments;
- are comfortable with a more technical interface.
It is probably more complex than necessary for someone who simply wants to purchase one Canadian ETF automatically every month.
Access Interactive Brokers using my referral link.
4. National Bank Direct Brokerage: commission-free bank-owned brokerage
National Bank Direct Brokerage, or NBDB, offers commission-free online trades of Canadian and US stocks and ETFs.
It may appeal to investors who want the structure and research tools of a major bank-owned broker while avoiding the traditional commission charged for each transaction.
NBDB provides:
- commission-free online trades of eligible stocks and ETFs;
- research and analysis tools;
- several account types;
- web and mobile platforms;
- access to investments beyond stocks and ETFs.
The official NBDB website confirms its commission-free online trading for Canadian and US stocks and ETFs.
Fees to examine
Annual administrative fees may apply when the requirements for an exemption are not met.
Other charges may apply to options, certain data packages, telephone trades and specialized services. Check the complete fee schedule based on the combined value of your accounts and your individual circumstances.
Who is NBDB best suited for?
NBDB may be worth considering if you:
- prefer a broker associated with a major bank;
- want traditional research tools;
- want to trade stocks and ETFs without commissions;
- already use National Bank services;
- value support in either French or English.
5. Disnat: a strong option for Quebec investors
Disnat is Desjardins’ direct brokerage service.
Online stock and ETF trades are available without commission through its standard platform. Disnat also provides a more advanced platform intended for active investors.
Its official pricing schedule includes:
- $0 commissions for online stock and ETF trades;
- per-contract fees for options;
- exemption requirements for certain inactivity or administrative fees;
- different tools and market data depending on the chosen platform.
Who is Disnat best suited for?
Disnat may be a good fit if you:
- live in Quebec;
- already use Desjardins services;
- prefer a platform and support available in French;
- want a commission-free bank-owned brokerage;
- may eventually require more advanced tools.
Investors should review the conditions for administrative fees, particularly when opening a smaller account or one that will not be used frequently.
How to compare the best online brokers in Canada
Before selecting a company, determine what type of investment service you need.
Self-directed investing
In a self-directed account, you select and purchase your own investments.
This can remain relatively simple if your strategy is to purchase one all-in-one ETF regularly. However, you are still responsible for:
- determining an appropriate level of risk;
- choosing your investments;
- placing or automating your orders;
- remaining invested during market declines;
- avoiding impulsive portfolio changes.
Managed portfolios and robo-advisors
A managed service collects information about your objectives, time horizon and risk tolerance, then builds and manages a portfolio for you.
It generally costs more than purchasing an all-in-one ETF directly, but it can provide:
- guided portfolio selection;
- rebalancing;
- dividend reinvestment;
- access to advice or support;
- fewer operational responsibilities.
Wealthsimple Managed Investing and Questwealth Portfolios use different portfolio structures and investment approaches. Compare total costs, underlying investments and the service provided rather than looking only at the advertised management fee.
Currency-conversion costs can exceed trading commissions
A broker offering free trades can still be expensive when purchasing US investments.
Suppose you convert C$10,000 into US dollars and pay a 1.5% conversion charge. The conversion would cost approximately C$150 before considering any spread included in the exchange rate.
That expense can be much larger than a $1 or $10 trading commission.
If you mainly purchase Canadian-listed ETFs, currency costs may have little effect on you. If you regularly buy US-listed investments, compare:
- currency-conversion fees;
- the spread added to the exchange rate;
- whether you can hold US dollars;
- monthly USD-account fees;
- supported conversion methods;
- trading commissions.
Are your investments protected?
Before opening an account, confirm that the broker is regulated by the Canadian Investment Regulatory Organization and is a member of the Canadian Investor Protection Fund.
This protection applies to certain property missing from an account if a member firm becomes insolvent. It does not protect investors from market declines or poor investment decisions.
You can verify a brokerage through CIRO’s list of regulated dealers.
Questions to ask before choosing a broker
- Will I invest on my own or use a managed service?
- Which accounts do I need: TFSA, RRSP, FHSA, RESP or non-registered?
- Will I primarily purchase Canadian or US investments?
- Will I regularly convert currencies?
- Do I want to automate my purchases?
- Do I need fractional shares?
- Do I prefer a simple interface or advanced tools?
- Could administrative fees apply to the size of my portfolio?
- What support is available when I encounter a problem?
- Is the broker regulated and covered by the applicable investor-protection fund?
Which broker might suit your situation?
For purchasing one Canadian ETF every month
Wealthsimple is probably the simplest platform in this comparison. Questrade, NBDB and Disnat can also serve this purpose.
For regularly holding US investments
Questrade allows investors to hold US dollars without a monthly USD-account subscription. Interactive Brokers is also worth comparing when currency conversion and international markets are priorities.
For a traditional bank-owned brokerage
NBDB and Disnat offer commission-free trading alongside the tools and support of established Canadian financial institutions.
For service primarily in French
Disnat and NBDB are natural platforms to examine, particularly for investors in Quebec.
For a managed portfolio
Compare Wealthsimple Managed Investing and Questwealth Portfolios. Consider the management fee, the expenses of the underlying investments, the portfolio philosophy and the level of support.
For an advanced investor
Interactive Brokers provides the most extensive trading tools and international access among these five platforms, but it requires a better understanding of its interface and pricing.
Common mistakes to avoid
Choosing solely according to the trading commission
A free trade does not necessarily offset high currency-conversion costs, administrative fees or a platform that does not provide the accounts and features you need.
Confusing the account with the investment
The broker is the platform that holds your account. A TFSA or RRSP is the tax structure. The ETF, stock or bond is the investment held inside that structure.
Opening too many accounts
Every additional platform creates more statements, tax documents, passwords and decisions.
Using two brokers may be reasonable when they perform clearly different roles. Opening five accounts solely to collect temporary promotions can make your financial organization unnecessarily complicated.
Choosing based on an opening bonus
A temporary promotion should not determine where you hold your savings for several years.
First compare ongoing fees, available accounts, useful features and service quality.
Ignoring how your future needs might change
A platform that works well for a small TFSA containing Canadian ETFs may become less suitable if you begin converting currencies frequently or managing several different account types.
Frequently asked questions
What is the best online broker in Canada?
There is no single best broker for everyone.
Wealthsimple stands out for simplicity, Questrade for versatility, Interactive Brokers for currencies and global markets, and NBDB and Disnat for commission-free trading through bank-owned institutions.
Which broker is best for a beginner?
Wealthsimple generally offers the simplest experience.
A beginner should still compare the available accounts, currency-conversion costs and whether they need guidance managing their portfolio.
Which brokers offer commission-free ETF purchases?
Wealthsimple, Questrade, NBDB and Disnat currently offer commission-free online trades for eligible stocks and ETFs. Related charges may still apply in certain situations.
Which broker is suitable for US-dollar investments?
Questrade allows investors to hold US dollars without a monthly subscription. Interactive Brokers is particularly competitive for currency conversion and international access.
Wealthsimple also offers USD accounts, with conditions that depend on the client’s service tier.
Is a robo-advisor better than an all-in-one ETF?
A robo-advisor generally costs more, but it selects and manages the portfolio for you.
An all-in-one ETF can cost less if you are comfortable selecting an appropriate asset allocation and managing the purchases yourself.
Can I transfer my TFSA or RRSP to another broker?
Yes. Usually, you should ask the new brokerage to initiate a direct transfer so the transaction is not treated as a personal withdrawal.
Check the transfer fee and whether the receiving broker offers to reimburse it before starting the process.
Conclusion
The best broker is not necessarily the platform with the greatest number of features or the largest opening promotion. It is the one that allows you to follow your strategy at a reasonable cost without introducing unnecessary complexity.
For an investor who regularly purchases a Canadian ETF, a simple commission-free platform may be sufficient. For someone using several currencies or international markets, foreign-exchange costs and advanced tools become more important. For someone who does not want to manage a portfolio, a managed service may justify its additional cost.
Start by determining what you need the account to do. Then compare total costs and the features that you will actually use.
Once you have made your choice, your savings rate, portfolio and investing behaviour will usually matter more than continuing to search for the perfect platform.