The best Canadian online brokerage depends on what you buy and where you hold it: this guide compares Wealthsimple, Questrade, Qtrade, Interactive Brokers, Moomoo and the bank-owned brokerages on commissions, currency costs, minimums and account types, so you can pick one without paying fees you don’t need to.
Commission-free trading is now common in Canada, so the real differences are US-dollar handling, account types and tools. YieldMaple re-checked the official commission pages of all 11 brokers named in this guide on October 7, 2026. This is general education, not financial advice.
What is the best Canadian online brokerage in 2026?
Wealthsimple is the best fit for most beginners, with $0 commission, no account minimum and fractional shares; Questrade, Interactive Brokers and Qtrade win for specific needs.
| Profile | Broker | Why |
|---|---|---|
| Beginner | Wealthsimple | $0 commissions, no account minimum, fractional shares |
| US stocks, many account types | Questrade | $0 commissions, US dollars held free in every account |
| Global and options trader | Interactive Brokers | 170 markets in 40 countries, currency conversion at 0.002% of the amount (US$2.00 minimum) |
| Chart-heavy US trader | Moomoo | Detailed charts and Level 2 data, but per-share commissions |
| Research-driven | Qtrade | $0 commissions plus in-depth research tools |
| Wants a bank-owned broker | National Bank Direct Brokerage or BMO InvestorLine | $0 online stock and ETF trades |
| Hands-off | Wealthsimple managed investing (robo) | 0.50% a year management fee (0.40% a year on Premium) plus ETF MERs |
What is a brokerage account?
A brokerage account is an account at a registered investment dealer that lets you buy, hold and sell investments such as stocks, ETFs, bonds and GICs.
A few points trip up first-time investors:
- The account type and the broker are separate choices. A TFSA, RRSP, FHSA or RESP is a tax wrapper, and the brokerage is where it’s held. Wealthsimple, for example, offers self-directed TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. A non-registered (cash or margin) brokerage account has no tax shelter, so gains and dividends are taxed each year.
- An online brokerage is self-directed. Online brokerages, often called discount brokerages in Canada, are order-execution-only dealers: you pick and place every trade, and they give no personal advice. Interactive Brokers, for example, describes itself as an order-execution-only dealer that gives no investment advice or recommendations. A full-service brokerage, by contrast, assigns an advisor and charges for it.
- Protection comes from CIPF, not CDIC. Securities at a brokerage are covered by the Canadian Investor Protection Fund if the dealer becomes insolvent (at Wealthsimple, securities eligible for CIPF coverage up to $1M per defined account). CIPF covers missing assets, not losses when prices fall.
- Brokers are regulated by CIRO. Every broker on this page is a member of the Canadian Investment Regulatory Organization or a division of a member firm.
- Cash in a brokerage account often earns little. Qtrade pays 0.00% on cash balances up to $2,000,000 (Canadian and US dollars), and National Bank Direct Brokerage pays 0% on uninvested cash, so idle cash at a brokerage often earns nothing until it’s invested.
Opening a brokerage account online needs government ID, your social insurance number and some financial details. Moving an existing account in is done by the receiving broker, which is why transfer fees and timelines matter (see the FAQ below).
How do you choose an online brokerage in Canada?
Choose by three things: what you trade, whether you hold US dollars, and which account types you need; commissions alone no longer separate most brokers.
- What you trade. ETFs and Canadian stocks cost nothing to trade at most modern brokers. Options, foreign stocks and bonds are where prices diverge.
- US dollars. A Canadian-dollar account converts on every US trade. Wealthsimple charges 1.5% for that, Questrade charges 1.5%, and Interactive Brokers charges 0.002% of the amount (US$2.00 minimum). Holding US dollars avoids converting back and forth.
- Account types. Most brokers offer a TFSA, RRSP and FHSA. RESPs, LIRAs and corporate accounts are less common (see the account-type table below).
Wealthsimple: the beginner pick
Quick stats:
- Commissions: $0 on listed Canadian and US stocks and ETFs
- Minimum: none
- Fractional shares: yes — thousands of Canadian and US stocks and ETFs
- Account types: TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts
- USD account: $10 a month for Core clients; free for Premium and Generation; without one, US trades from a CAD account pay a 1.5% conversion fee
- Protection: securities eligible for CIPF coverage up to $1M per defined account
Why it wins for beginners: no minimum, no commission on listed stocks and ETFs, and fractional shares mean a small first deposit can buy part of an ETF such as XEQT. Self-directed investing, managed portfolios, cash accounts and tax filing sit in one app.
Where it falls short: Core-plan clients who want a USD account pay $10 a month until they reach Premium, while Questrade holds US dollars free. Charting and order tools are basic next to Interactive Brokers or Moomoo.
For a full breakdown, read the Wealthsimple Trade review or our complete Wealthsimple guide.
Questrade: the pick for US stocks and every account type
Quick stats:
- Commissions: $0 to buy and sell Canadian and U.S.-listed stocks and ETFs
- Minimum: free to open, with no minimum balance
- Fractional shares: hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account
- Account types: TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts
- US dollars: free — every account can hold both Canadian and US dollars; conversion costs 1.5%
- Protection: Questrade, Inc. is a registered investment dealer and a member of both the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF)
Why it wins for US-stock holders: every Questrade account can hold US dollars at no charge, including registered accounts, so a US ETF bought in an RRSP doesn’t have to be converted back to Canadian dollars when sold. Questrade also charges $0 commissions on US equity options contracts and offers the widest list of account types on this page.
Where it falls short: the transfer-out fee is $150 per account, for a full or partial transfer (sales tax added where applicable), and uninvested cash earns 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%.
For a full breakdown, read the Questrade review or the head-to-head Wealthsimple vs Questrade comparison.
Interactive Brokers Canada: the pick for global and advanced traders
Quick stats:
- Commissions: 1 cent a share, with a $1.00 minimum and a cap of 0.5% of the trade value per order on Canadian stocks; US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order on US stocks
- Minimum: no account minimum and no inactivity fee (US$0 for both)
- Fractional shares: available on eligible US, Canadian and European stocks and ETFs
- Account types: individual and joint accounts, RRSPs, spousal RRSPs, TFSAs and FHSAs; no locked-in plans (such as a LIRA) and no annuities
- Markets: 170 markets in 40 countries
- Protection: a member of the Canadian Investment Regulatory Organization (CIRO) and of the Canadian Investor Protection Fund (CIPF)
Why it wins for advanced traders:
- Direct access to foreign exchanges from one account
- Currency conversion at 0.002% of the amount (US$2.00 minimum), far below the 1.5% most Canadian brokers charge
- CAD margin at 3.606% on the first $130,000 borrowed in CAD as of October 8, 2026 (IBKR's benchmark rate + 1.5%, so it moves with the benchmark)
- 100+ order types, from limit orders to algorithmic orders, and US options at US$0.65 per contract, with a US$1.00 minimum per order
Where it falls short: it is not commission-free, the platform is complex for a first-time investor, and live TSX quotes cost $9.00 a month. See how it stacks up in Wealthsimple vs Interactive Brokers.
Moomoo Canada: the pick for charts and active US trading
Quick stats:
- Commissions: US$0.0099 a share, with a US$1.99 minimum per order on US stocks; CA$0.0149 a share, with a CA$1.49 minimum per order on Canadian stocks
- Account types: individual margin, individual cash, TFSA, RRSP and spousal RRSP accounts; corporate accounts are available for partnerships, corporations and sole proprietorships
- Currency conversion: 0% fee, plus an unpublished spread
- Level 2 data: a 30-day free trial for new users, then free in any 30-day period with 3 or more trades or CA$20,000+ in average assets
- Protection: Moomoo Financial Canada Inc., regulated by CIRO and a member of the Canadian Investor Protection Fund (CIPF), up to $1 million for each general account
Why it wins for chart-heavy traders: detailed technical charts, screeners and extended-hours trading on US stocks (pre-market from 4:00 to 9:30 a.m. ET and after-hours from 4:00 to 8:00 p.m. ET).
Where it falls short: every trade carries a per-share commission with a minimum, which adds up for small, frequent orders, and it doesn’t list an FHSA or RESP. See Wealthsimple Trade vs Moomoo for the side-by-side.
Qtrade: the pick for research-driven investors
Quick stats:
- Commissions: $0 on stock, ETF and mutual fund trades; options cost $0 plus $0.75 per contract
- Minimum: no minimum deposit
- Account types: TFSA, FHSA, RRSP and spousal RRSP, RESP (individual or family), RRIF, LIRA, LRSP and LIF, plus cash and margin accounts
- US dollars: cash, margin, TFSA and RRSP accounts can each be opened in Canadian or US dollars, but a US-dollar RRSP, RRIF or TFSA costs US$15 a quarter per account
- Protection: a division of Aviso Financial Inc., which is a member of the Canadian Investor Protection Fund (CIPF)
Why it wins for research-heavy investors: Qtrade pairs zero commissions with in-depth research tools, and offers a free 30-day trial account with research, screeners and watchlists. It is owned by Aviso Wealth, which is owned 50% by Desjardins and 50% by a partnership of the five provincial credit union centrals and The CUMIS Group. The page on how Qtrade compares with Questrade goes through commissions, options and US-dollar accounts.
Where it falls short: a US-dollar registered account carries a quarterly fee unless you qualify for Investor Plus, and uninvested cash earns 0.00% on cash balances up to $2,000,000 (Canadian and US dollars). Compare it in Wealthsimple vs Qtrade.
Do bank-owned brokerages still charge commissions?
Some do: RBC charges $9.95, TD $9.99, Scotia $9.99 and CIBC $6.95, while BMO InvestorLine now charges $0.
- BMO InvestorLine: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted; administration fees are $0 (BMO says all brokerage account administration fees are now eliminated).
- RBC Direct Investing: $9.95 per online or mobile trade, with 50+ commission-free ETFs (iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS).
- TD Direct Investing: $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs; the commission-free list has 108 ETFs (including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT).
- CIBC Investor’s Edge: $6.95 per online stock or ETF trade, with 200+ commission-free ETFs (including VFV, VEQT, XGRO and XBAL, but not XEQT).
- Scotia iTRADE: $9.99 per online stock or ETF trade (fewer than 150 trades a quarter), with 200+ commission-free ETFs.
National Bank Direct Brokerage (not one of the Big 5) charges $0 on online Canadian and U.S. stock and ETF trades. It does charge a $100 admin fee on small registered accounts, with exemptions for at least $20,000 in eligible assets on May 31, being 30 or younger on May 31, holding only an InvestCube account, or being enrolled in a National Bank offer for professionals or newcomers. More detail: Wealthsimple vs National Bank Direct Brokerage and Wealthsimple vs RBC Direct Investing.
What a per-trade commission costs over a year: an investor who buys one stock every month at RBC pays $119.40 a year in commissions, against $0 at Wealthsimple. Buying only RBC’s commission-free ETFs brings that to zero. The Canadian brokerage fee calculator runs the same maths for your own trading pattern.
Canadian online brokerage commissions compared
Commissions on online Canadian and US stock and ETF trades, from each broker’s official pricing page.
| Feature | Broker | Stock and ETF commission | Minimum to open |
|---|---|---|---|
| Wealthsimple | $0 (better on this row) | None | |
| Questrade | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs (better on this row) | None | |
| Qtrade | $0 (better on this row) | None | |
| National Bank Direct Brokerage | $0 (better on this row) | None | |
| BMO InvestorLine | $0 (better on this row) | None | |
| Interactive Brokers | 1 cent a share on Canadian stocks, with a $1.00 minimum | None | |
| Moomoo Canada | US$0.0099 a share, with a US$1.99 minimum per order | Not published | |
| CIBC Investor's Edge | $6.95 per online stock or ETF trade | None | |
| RBC Direct Investing | $9.95 per online or mobile trade | None | |
| TD Direct Investing | $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs | Not published |
Sources: each broker's official pricing page. YieldMaple re-checked all of them on October 7, 2026. Moomoo's Canadian-stock commission and the bank brokers' commission-free ETF lists are in the text above.
In short: five brokers charge nothing per online stock or ETF trade, Interactive Brokers and Moomoo charge small per-share commissions, and RBC, TD, Scotia and CIBC charge a flat fee per trade outside their commission-free ETF lists.
Which brokerages offer TFSA, RRSP, FHSA and RESP accounts?
All five modern brokers below offer a TFSA and RRSP; FHSA, RESP, LIRA and corporate accounts vary, based on each broker’s published account list.
| Account type | Wealthsimple | Questrade | IBKR | Moomoo | Qtrade |
|---|---|---|---|---|---|
| TFSA | Yes | Yes | Yes | Yes | Yes |
| RRSP | Yes | Yes | Yes | Yes | Yes |
| FHSA | Yes | Yes | Yes | Not listed | Yes |
| RESP | Yes | Yes | Not listed | Not listed | Yes |
| LIRA | Yes | Yes | No | Not listed | Yes |
| Margin | Yes | Yes | Yes | Yes | Yes |
| US-dollar side | $10 a month on Core | Free | Yes | Yes | Yes (fee on registered) |
Wealthsimple’s self-directed accounts cover TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts; its USD account costs $10 a month for Core clients; free for Premium and Generation. Questrade offers TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts. Interactive Brokers lists RRSP, spousal RRSP, RRIF, TFSA and FHSA as registered plans and has no locked-in plans (such as a LIRA) and no annuities. Moomoo lists individual margin, individual cash, TFSA, RRSP and spousal RRSP accounts. Qtrade lists TFSA, FHSA, RRSP and spousal RRSP, RESP (individual or family), RRIF, LIRA, LRSP and LIF, plus cash and margin accounts. For an RESP or LIRA, Wealthsimple, Questrade and Qtrade all qualify; Wealthsimple, Questrade, BMO InvestorLine and Moomoo also list corporate accounts.
Which online brokerage fits which investor?
Pick Wealthsimple for a simple, no-minimum start; pick Questrade, Interactive Brokers, Moomoo or Qtrade when US dollars, global markets, charts or research matter more.
- Pick Wealthsimple if you’re starting with a small amount, want fractional shares and prefer one app for investing, cash and taxes.
- Pick Questrade if you hold US stocks in registered accounts and want US dollars held free, or you need an account type Wealthsimple lacks.
- Pick Interactive Brokers if you trade foreign exchanges, options or on margin, or convert large amounts of currency.
- Pick Moomoo if technical charts and extended-hours US trading matter more to you than zero commissions.
- Pick Qtrade if you want in-depth research tools alongside zero commissions.
- Pick National Bank Direct Brokerage or BMO InvestorLine if you want a bank-owned brokerage without per-trade commissions.
- Pick a robo-advisor if you’d rather not make any decisions; Wealthsimple’s managed accounts charge 0.50% a year for Core clients, plus ETF MERs. The best robo-advisors in Canada guide compares the options.
What mistakes do Canadians make when picking a broker?
The most common mistake is staying at a fee-charging bank brokerage out of habit, when several brokers now charge nothing per online stock or ETF trade.
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Paying commissions out of habit. At RBC’s $9.95 a trade, monthly purchases add up to $119.40 a year. Checking the bank’s commission-free ETF list, or comparing a zero-commission broker, closes that gap.
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Ignoring currency conversion. Buying US stocks from a Canadian-dollar account at Wealthsimple costs 1.5% each way. That fee usually matters more than commissions for anyone who trades US stocks often.
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Holding US-listed ETFs in a TFSA without knowing the tax cost. US dividends paid into a TFSA or FHSA could be subject to foreign withholding tax, per the CRA's TFSA guide, typically at the 15% treaty rate, and a TFSA can’t claim it back. An RRSP is treated as a retirement plan under the Canada–US tax treaty, so US dividends paid into it are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits.
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Choosing the cheapest broker for features you won’t use. Interactive Brokers has the lowest currency costs, but a buy-and-hold ETF investor may never use its advanced tools.
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Opening accounts at several brokers without a plan. Each extra broker adds logins, tax slips and possible transfer-out fees later ($150 at Questrade).
Sample two-broker setup (for reference)
One example of how a Canadian investor could split accounts across two brokers, as an illustration and not a recommendation:
- Wealthsimple TFSA: one all-in-one ETF, with automatic monthly deposits.
- Questrade RRSP: a mix of Canadian and US-listed ETFs, with US dollars held in the account so US holdings aren’t converted back and forth.
- Questrade FHSA: saving for a first home.
- Wealthsimple chequing: an emergency fund, kept next to the TFSA.
With $0 commissions at both brokers, the ongoing costs in a setup like this are mainly ETF MERs and any currency conversion.
Read next
- Wealthsimple Trade review: full breakdown of the beginner pick
- Questrade review: full breakdown of the US-stock and account-type pick
- Wealthsimple vs Questrade: head-to-head
- Best Canadian ETFs: what to buy once your account is open
- How to invest in Canada: beginner playbook
- Best stock trading app in Canada: mobile-app focus
- How to buy US stocks in Canada: currency conversion explained