Pillar guide
2026 Canadian Brokerage Index: All 10 Brokers Ranked
Comprehensive 2026 ranking of Canadian online brokerages. Wealthsimple, Questrade, IBKR, Moomoo, and Big 5 banks scored on commissions, features, UX, and trust.
The 2026 YieldMaple Canadian Brokerage Index — comprehensive ranking of all 10 major Canadian online brokerages, scored on six weighted categories with current pricing and feature data verified May 2026.
The 2026 rankings
| Rank | Broker | Score | Best for |
|---|---|---|---|
| 🥇 1 | Wealthsimple Trade | 97/100 | Most Canadians |
| 🥈 2 | Questrade | 89/100 | Active investors |
| 🥉 3 | Interactive Brokers | 87/100 | Day traders, options |
| 4 | National Bank Direct Brokerage | 78/100 | Big-bank ecosystem |
| 5 | Moomoo Canada | 76/100 | Chart-driven traders |
| 6 | Qtrade | 70/100 | Research-focused |
| 7 | CIBC Investor’s Edge | 58/100 | CIBC customers |
| 8 | Scotia iTRADE | 56/100 | Scotiabank customers |
| 9 | RBC Direct Investing | 53/100 | RBC Royal Circle clients |
| 10 | BMO InvestorLine | 52/100 | BMO customers |
| 11 | TD Direct Investing | 51/100 | TD customers |
Methodology
Each broker scored 0-100 across six equal-weighted categories:
1. Commissions and Fees (16.7% weight)
- Stock commissions
- ETF commissions
- Account fees
- Inactivity fees
2. Account Types (16.7% weight)
- TFSA, RRSP, FHSA support
- RESP, LIRA availability
- Corporate, joint, spousal
- Margin accounts
3. UX and Platform (16.7% weight)
- Mobile app quality
- Web platform
- Order types supported
- Charting tools
4. Trust Signals (16.7% weight)
- CIPF insurance level
- CIRO regulation
- Operating history
- AUM size
- Public disclosures
5. FX and International (16.7% weight)
- Native USD account
- FX fee rate
- International market access
- Currency conversion options
6. Customer Service (16.7% weight)
- Response time
- Phone vs chat support hours
- Educational content
- Help documentation
Detailed scores
#1: Wealthsimple Trade — 97/100
| Category | Score |
|---|---|
| Commissions | 100 |
| Account types | 80 (no RESP/LIRA) |
| UX | 100 |
| Trust | 100 |
| FX | 95 (USD on Premium) |
| Customer Service | 95 |
The undisputed leader. $0 commissions on Canadian and US stocks/ETFs, fractional shares, $1 minimum, beautiful app, CIPF $1M coverage. Loses points only on account-type breadth (no RESP, no LIRA). For 90% of Canadian retail investors, Wealthsimple Trade is optimal.
#2: Questrade — 89/100
| Category | Score |
|---|---|
| Commissions | 85 |
| Account types | 100 |
| UX | 85 |
| Trust | 95 |
| FX | 90 |
| Customer Service | 85 |
Best for active investors with diverse account needs. $0 ETF buys (sells charged), native USD account, full Canadian account-type coverage. Slightly higher learning curve than Wealthsimple. Best for those graduating from beginner status.
#3: Interactive Brokers — 87/100
| Category | Score |
|---|---|
| Commissions | 100 |
| Account types | 75 (no RESP) |
| UX | 70 (steep curve) |
| Trust | 100 |
| FX | 100 |
| Customer Service | 80 |
Cheapest commissions and FX in Canada. $1.25/trade Tiered, 0.2% FX, 150+ exchanges. The Trader Workstation has a learning curve but is institutional-grade. Best for active traders, options traders, and US-stock-heavy investors.
#11: TD Direct Investing — 51/100
| Category | Score |
|---|---|
| Commissions | 30 ($9.99/trade) |
| Account types | 95 (full coverage) |
| UX | 65 (dated) |
| Trust | 100 |
| FX | 50 (1.75% markup) |
| Customer Service | 65 |
The legacy choice. $9.99/trade is 100x Wealthsimple’s $0. Account-type breadth is comprehensive. Best ONLY for existing TD customers with significant balances ($250K+ for fee waivers).
Where each broker wins
Cheapest commissions: Wealthsimple Trade and National Bank Direct (both $0) Best for active US trading: Interactive Brokers (best commissions + FX) Best for options: Interactive Brokers and Moomoo Canada Best for chart-driven trading: Moomoo Canada (free Level 2 data) Best for RESP/LIRA: Questrade (full account coverage at $0 ETF buys) Best Big-bank-equivalent: National Bank Direct Brokerage ($0 commissions, Big-5 trust) Best for high-balance customers: RBC Direct Investing (Royal Circle = free trades at $250K+)
Index changes since 2024
| Broker | Score change | Why |
|---|---|---|
| Moomoo Canada | +12 | Launched 2023, gained Canadian features |
| Wealthsimple Trade | +5 | Added options exploration, better UX |
| Big 5 banks | -2 to -5 | Failed to modernize fee structure |
| National Bank Direct | +8 | $0 commission move stuck |
| Interactive Brokers | +3 | Better Canadian-resident features |
Who should use which broker
Beginners with under $5,000: Wealthsimple Trade Beginners with $1,000-$25,000: Wealthsimple Trade or Questrade Active investors $25K-$250K: Questrade or Interactive Brokers Day traders / options traders: Interactive Brokers Chart-heavy US traders: Moomoo Canada Big-bank-balance customers ($250K+): RBC Direct (Royal Circle) or stay with current bank Newcomers to Canada: Wealthsimple Trade Self-employed / corporate: Questrade or Interactive Brokers
Bottom line
The Canadian brokerage market in 2026 is dominated by Wealthsimple Trade for retail investors, with Questrade and Interactive Brokers as the next tier for more advanced needs. Big 5 bank brokerages have failed to modernize and score below the 60 threshold required to be recommended over alternatives.
For most Canadians: open Wealthsimple Trade, save $100-300/year in fees vs Big 5 banks, and benefit from the modern UX and feature set.
Read next
Frequently asked questions
What's the highest-rated Canadian brokerage in 2026?
Wealthsimple Trade at 97/100. The combination of $0 commissions on stocks AND ETFs, $1 minimum, fractional shares, modern app, and CIPF insurance up to $1M is unmatched. The only category where Wealthsimple loses points is account-type breadth (no RESP or LIRA). For 90% of retail Canadian investors, Wealthsimple Trade is the optimal choice.
Why do Big 5 banks score so low?
Big 5 banks (TD, RBC, BMO, CIBC, Scotia) all score 51-58/100 because: (1) $9.95/trade commission is 100x more expensive than alternatives, (2) dated UX designed for legacy active traders, (3) no fractional shares, (4) lack modern features like real-time alerts. They earn points on account-type breadth (RESP, LIRA, corporate) and Big 5 trust signal. For most retail investors, the negatives dominate.
How is the index calculated?
Six categories, each scored 0-100, equal-weighted: (1) Commissions and fees, (2) Account types and registered account support, (3) UX and platform quality, (4) Trust signals (insurance, regulation, AUM), (5) FX and international features, (6) Customer service and educational content. Each broker's score is the average of the six category scores. Updated May 2026 from official broker pricing pages.
Should I switch brokers based on this ranking?
If you're at a Big 5 broker (51-58 score) and have a portfolio above $15K, yes — switching to Wealthsimple Trade (97) or Questrade (89) typically saves $100-300/year in fees plus better UX. Most modern brokers (Wealthsimple, Questrade, IBKR) reimburse the $50-150 transfer-out fee from your old broker on accounts above $15K.
Where does Wealthsimple Cash fit in?
Wealthsimple Cash isn't a brokerage — it's a HISA + spending card product. It pairs with Wealthsimple Trade for full ecosystem integration. For pure brokerage rankings, Wealthsimple Trade is the relevant product. For HISA rankings, see [Best HISA in Canada](/guides/best-high-interest-savings-account-canada).
Why is Interactive Brokers ranked third?
IBKR scores 87/100 — outstanding on commissions ($1.25/trade), FX fees (0.2%), and feature breadth (150+ exchanges). Loses points to Wealthsimple Trade on UX (Trader Workstation has steep learning curve) and beginner-friendliness. For active traders and US-stock-heavy investors, IBKR is the right choice. For everyday Canadians, Wealthsimple Trade's simplicity wins.
Which broker is cheapest for ETF buy-and-hold?
Wealthsimple Trade and National Bank Direct Brokerage tie at $0 commissions for ETF buy-and-hold investors. Both support all major Canadian ETFs (XEQT, VFV, VEQT, etc.). For 12 monthly ETF purchases per year: $0 at either, vs $120 at Big 5 banks. Over 30 years of monthly contributions: $3,600 saved per broker switch.
Are these scores updated regularly?
Yes — quarterly. The 2026 Canadian Brokerage Index updates with each broker's pricing changes (typical: 1-2 broker changes per quarter). Major industry shifts (new entrants, fee restructures) may trigger interim updates. The current snapshot is May 2026.
Ready to get started?
Open your first investment account in 10–15 minutes online. Both options below are commission-free for stocks and ETFs.
Wealthsimple Trade
Best for beginners — $0 commissions, $1 minimum, modern app.
Visit Wealthsimple TradeQuestrade
Best for active investors — free ETF buys, USD account, full account types.
Visit QuestradeRelated guides
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