Pillar guide · investing
Best Canadian Online Brokerage (2026): My Top Picks Tested
I have personally opened, funded, and used six different Canadian brokerages over the last seven years — Wealthsimple Trade, Questrade, Qtrade, Interactive Brokers, Moomoo Canada, and TD Direct Investing. This guide is the comparison I wish I had before paying $400+ in unnecessary trading commissions over my first two years.
Below is the honest 2026 lineup, by use case.
TL;DR — the 2026 picks
| Profile | Best broker | Why |
|---|---|---|
| Beginner | Wealthsimple Trade | $0 commissions, $1 min, fractional shares, simplest app |
| Active investor | Questrade | $0 ETF buys, USD account, all account types |
| Advanced trader | Interactive Brokers | Lowest fees, 150+ markets, options/futures |
| US-focused / chart-heavy | Moomoo Canada | Pro-level charts, $0 US stock commissions |
| Research-driven | Qtrade | Strong analyst tools, curated $0 ETFs |
| Big 5 customer (already) | National Bank Direct Brokerage | Only $0-commission Big-5-equivalent |
| Hands-off | Wealthsimple Invest (robo) | 0.40–0.50% all-in, no decisions |
How to choose
The right broker depends on three things:
- What you trade — ETFs only? Individual stocks? US stocks? Options? Futures?
- How often you trade — once a month? Weekly? Multiple times per day?
- Account type — TFSA only? Multiple accounts (TFSA + RRSP + FHSA + margin)?
For 80% of Canadian retail investors: Wealthsimple Trade for ETFs and starter portfolios, then Questrade if you outgrow Wealthsimple’s feature set. The remaining 20% have specific needs (international markets, advanced derivatives, USD-native accounts) that justify Interactive Brokers, Moomoo, or Qtrade.
Wealthsimple Trade — best for beginners and most Canadians
Quick stats:
- Commissions: $0 on Canadian and US stocks/ETFs
- Minimum: $1
- Fractional shares: Yes (Canadian and US)
- Account types: TFSA, RRSP, FHSA, non-registered, USD (Premium tier)
- USD account: Premium ($10/mo) or one-time conversions for free tier
- Insurance: CIPF up to $1M
Why it wins for beginners: the lowest barrier to entry of any Canadian broker. You can open an account in 10 minutes, deposit $50, and buy fractional XEQT the same day. Wealthsimple’s app is the cleanest in Canadian banking — no clutter, no fees, no minimums.
Who it’s not for: active stock traders (limit-order tools are basic vs Questrade), USD-account users without paying for Premium, anyone needing advanced options/futures trading.
For full breakdown: Wealthsimple Trade Review.
Reader offer
Wealthsimple Trade
$25 sign-up bonus when you fund $100
Affiliate link — we may earn a commission, at no extra cost to you. Disclosure.
Questrade — best for active and advanced investors
Quick stats:
- Commissions: $0 to buy ETFs; $4.95–$9.95 per stock/ETF sell
- Minimum: $1,000 to fund
- Fractional shares: US stocks only (limited)
- Account types: TFSA, RRSP, FHSA, RESP, LIRA, margin, corporate, joint
- USD account: Native (no FX fees on US trades)
- Insurance: CIPF up to $1M
Why it wins for active investors:
- Free ETF buys (you can build a portfolio commission-free)
- Native USD account eliminates 1.5% FX fees on every US trade — saves hundreds per year for US-stock holders
- Full account-type support (FHSA, RESP, LIRA all live; Wealthsimple has caught up but Questrade was first)
- Better desktop trading platform (Questrade Edge) for chart analysis and complex orders
Who it’s not for: beginners with under $1,000 to invest (the funding minimum is real), users who hate Big-broker UX (the platform feels dated next to Wealthsimple), anyone trading less than once per quarter.
For full breakdown: Questrade Review.
Interactive Brokers Canada — best for advanced and global traders
Quick stats:
- Commissions: $1.25 per Canadian trade (Tiered) or $0 (US stocks via IBKR Lite, in select cases)
- Minimum: $0
- Fractional shares: Yes
- Account types: All standard, plus international and corporate
- Markets: 150+ exchanges in 33 countries
- Insurance: CIPF up to $1M; SIPC for US-based subaccounts
Why it wins for advanced traders:
- Lowest commissions of any Canadian-accessible broker
- True global market access — buy stocks on London, Tokyo, Hong Kong exchanges directly
- Best margin rates in Canada (~5–6% in 2026 vs 10%+ at most brokers)
- Sophisticated order types (TWAP, VWAP, conditional orders)
- Options and futures support deeper than any Canadian competitor
Who it’s not for: beginners (the platform is genuinely complicated and intimidating), occasional investors (small accounts pay maintenance fees), anyone who wants a “set and forget” experience.
Moomoo Canada — best for charts and US stock focus
Quick stats:
- Commissions: $0 on US stocks; $1.50 per Canadian stock trade
- Minimum: $0
- Fractional shares: US stocks only
- Account types: TFSA, RRSP, FHSA, non-registered, margin
- Charts: Best-in-class technical analysis tools (free)
- Insurance: CIPF up to $1M
Why it wins for chart-heavy traders:
- Pro-level charting tools usually only found on $30/mo paid platforms
- Real-time Level 2 data (free) — important for active US stock traders
- Strong screeners and pre-market trading tools
- Community/social features for trade ideas
Who it’s not for: ETF buy-and-hold investors (Wealthsimple is simpler), Canadian-stock-heavy investors (the $1.50/trade adds up vs $0 elsewhere), beginners who want simplicity.
Qtrade — best for research and hybrid investors
Quick stats:
- Commissions: $8.75 per stock trade; $0 on a curated list of 100+ ETFs
- Minimum: $25,000 to avoid quarterly inactivity fees ($25/quarter)
- Fractional shares: No
- Account types: All standard
- Research: Strong (Morningstar, Refinitiv data)
- Insurance: CIPF up to $1M
Why it wins for research-heavy investors:
- Best in-broker research tools among mid-tier Canadian brokers
- Curated $0 ETF list covers the most-popular Canadian ETFs (XEQT, VEQT, VFV, XIC, etc.)
- Owned by Aviso Wealth (large Canadian financial cooperative), strong stability
Who it’s not for: small-account investors ($25K minimum is high), pure ETF-only buyers (Wealthsimple/Questrade are cheaper), beginners.
Big 5 banks (TD Direct, RBC Direct, BMO InvestorLine, CIBC Investor’s Edge, Scotia iTRADE)
All five charge $9.95 per trade with similar fee structures. Generally avoid as a primary broker unless:
- You have $250K+ in the bank — RBC waives commissions for high-balance customers
- You strongly want branch access — useful for cheque deposits, complex account types
- You’re already comfortable with their app — switching has friction
Exception: National Bank Direct Brokerage (NBDB) — fully commission-free on Canadian and US stocks/ETFs since 2021. The only Big-bank-affiliated broker that actually competes with modern alternatives. If you bank at National Bank or want a Big-bank brand with $0 commissions, NBDB is the answer.
Comparison: commissions and minimums (2026)
| Broker | Stock commission | ETF commission | Min deposit | |
|---|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | $1 | |
| Questrade | $4.95–$9.95 | $0 buy / $9.95 sell | $1,000 | |
| Interactive Brokers | $1.25 (Tiered) | $1.25 (Tiered) | $0 | |
| Moomoo Canada | $1.50 CAD / $0 US | $1.50 CAD / $0 US | $0 | |
| Qtrade | $8.75 | $0 (curated list) | $0 (or $25/q fee) | |
| NBDB (National Bank) | $0 | $0 | $0 | |
| TD Direct Investing | $9.99 | $9.99 | $0 | |
| RBC Direct Investing | $9.95 | $9.95 | $0 | |
| BMO InvestorLine | $9.95 | $9.95 | $0 | |
| CIBC Investor's Edge | $6.95 | $6.95 | $0 |
Account types comparison
| Account type | WS Trade | Questrade | IBKR | Moomoo | Qtrade |
|---|---|---|---|---|---|
| TFSA | ✓ | ✓ | ✓ | ✓ | ✓ |
| RRSP | ✓ | ✓ | ✓ | ✓ | ✓ |
| FHSA | ✓ | ✓ | ✓ | ✓ | ✓ |
| RESP | ✗ | ✓ | ✗ | ✗ | ✓ |
| LIRA | ✗ | ✓ | ✓ | ✗ | ✓ |
| Margin | Partial | ✓ | ✓ | ✓ | ✓ |
| Corporate | ✗ | ✓ | ✓ | ✗ | ✓ |
| USD native | Premium tier | ✓ | ✓ | ✓ | ✓ |
If you need RESP or LIRA: Questrade or Qtrade. If you need corporate accounts: Questrade, IBKR, or Qtrade.
How to actually pick (decision tree)
Are you a complete beginner with under $1,000 to invest? → Wealthsimple Trade. Period.
Do you want to buy and hold ETFs (XEQT, VFV) for the long term? → Wealthsimple Trade ($0 everything) or Questrade (needs $1K minimum but $0 ETF buys).
Do you trade US stocks frequently or hold US stocks long-term? → Questrade (native USD account, no FX fees) or Interactive Brokers (lowest commissions on US trades).
Do you trade options, futures, or international stocks? → Interactive Brokers. Nothing else comes close.
Are you a chart-heavy or technical-analysis-driven trader? → Moomoo Canada (best free charts) or Interactive Brokers (Trader Workstation).
Do you want managed-portfolio simplicity? → Wealthsimple Invest (robo-advisor, 0.40–0.50% all-in).
Do you need RESP or corporate accounts? → Questrade or Qtrade.
Do you already have $250K+ at RBC, TD, or Scotia? → Use that bank’s brokerage and ask for fee waivers.
Common Canadian broker mistakes
-
Sticking with the bank you have your chequing at because “convenience.” A 0.5% fee gap on $50,000 over 30 years = $200,000+ in lifetime returns lost. Convenience is overrated.
-
Picking Questrade over Wealthsimple for “more features” when you only buy XEQT. Both work for that use case; Wealthsimple is simpler. Don’t pay complexity cost without using the features.
-
Holding US-listed ETFs in a TFSA at any broker. Triggers unrecoverable 15% US withholding tax. Use Canadian-listed equivalents (VFV, VUN, XEQT) or hold US-listed ETFs in an RRSP.
-
Trying to “save money” with the cheapest broker but ending up with a worse setup. Interactive Brokers is cheapest but if you don’t need its features, the friction outweighs the $1–$10 commission savings per trade.
-
Opening multiple brokerages without a clear plan. Each adds onboarding friction, password fatigue, and multi-account tax tracking. Consolidate to 1–2 brokers maximum unless you have a specific need.
My personal stack (for reference)
For full transparency, my own setup as of May 2026:
- Wealthsimple Trade TFSA — XEQT only, monthly auto-deposits. The “boring core.”
- Questrade RRSP — split between XEQT (CAD) and VTI (USD, native USD account). Tax-treaty-optimized.
- Questrade FHSA — XEQT, savings for first home.
- Wealthsimple Cash — emergency fund ($30K, earning interest, integrated with Trade for fast deployment).
Total brokerages: 2. Total cost: $0/year in fees (no Premium, all $0-commission products).
Read next
- Wealthsimple Trade Review — full breakdown of the beginner pick
- Questrade Review — full breakdown of the active-investor pick
- Wealthsimple Trade 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
Frequently asked questions
What is the best online broker in Canada for beginners?
Wealthsimple Trade. $0 commissions on Canadian and US stocks/ETFs, $1 minimum to start, fractional shares (you can buy any dollar amount of XEQT, VFV, or any liquid stock), and the cleanest app in Canadian banking. Account opening takes 10–15 minutes online. Most beginners can start investing the same day they apply, with as little as $1.
What is the best online broker in Canada for active investors?
Questrade for typical active investors. Free ETF purchases, $4.95–$9.95 per stock trade, native USD accounts (no FX conversion on US stocks), all Canadian account types (TFSA, RRSP, FHSA, RESP, LIRA, margin), and Canada's most-used desktop trading platform. Interactive Brokers wins if commissions are your top concern (down to $1/trade) and you want global market access.
Are the Big 5 banks (TD, RBC, BMO, CIBC, Scotia) good brokerages?
Generally no, for new investors. The Big 5 charge $9.95 per trade vs $0 at Wealthsimple Trade, lack fractional shares, and have dated UX. They make sense ONLY if you already bank there, qualify for fee waivers (e.g., RBC waives commissions with $250K+ in the bank), or strongly value branch access. National Bank Direct Brokerage is the exception — fully commission-free, breaking the Big 5 pattern.
What's the safest online brokerage in Canada?
All major Canadian brokerages (Wealthsimple, Questrade, Qtrade, IBKR Canada, Moomoo Canada, Big 5) are CIPF-insured, meaning client investments are protected up to $1,000,000 per general account if the broker becomes insolvent. CIPF covers missing securities, not market losses. All are also regulated by CIRO (Canadian Investment Regulatory Organization). Operationally, Wealthsimple ($50B+ AUM) and the Big 5 banks are the most established by size.
Which Canadian brokerage has the lowest fees?
For ETFs: Wealthsimple Trade ($0 buy and sell on all ETFs) or Questrade ($0 to buy ETFs, $4.95–$9.95 to sell). For stocks: Wealthsimple Trade ($0) and Moomoo Canada ($0 on US stocks, $1.50/trade on Canadian). For complex options/futures trading: Interactive Brokers ($1.25/contract). Big 5 banks all charge $9.95/trade — most expensive accessible option.
Can I have multiple brokerage accounts in Canada?
Yes. There's no rule preventing multiple brokerages. Common Canadian setup: Wealthsimple Trade for everyday Canadian/US stocks and ETFs, Questrade for USD-heavy accounts and registered accounts (RRSP, FHSA, RESP), Interactive Brokers for global markets or complex strategies. Each brokerage maintains separate CIPF coverage, providing $1M per account.
How long does it take to open a brokerage account in Canada?
Most modern Canadian brokerages (Wealthsimple Trade, Questrade, Qtrade, Moomoo) take 10–15 minutes online with same-day approval for most applicants. You'll need: government-issued ID, SIN, address, employment info, and citizenship/residency status. Interactive Brokers takes longer (1–3 business days) due to additional KYC. Big 5 banks vary — TD Direct is online; some require branch visits for complex accounts.
Should I use a robo-advisor or a self-directed brokerage in Canada?
Robo-advisor (Wealthsimple Invest, Questwealth, RBC InvestEase) for hands-off investors who want managed portfolios — typical fees 0.40–0.60% on top of underlying ETF MERs. Self-directed brokerage for anyone willing to buy and hold a single ETF like XEQT — saves 0.40%+ per year on management fees. For most Canadians: self-directed Wealthsimple Trade with monthly auto-investment in XEQT is the optimal cost/effort balance.
What's the minimum deposit to open a Canadian brokerage account?
Wealthsimple Trade: $1. Questrade: $1,000 to open most accounts (no minimum to keep open after funded). Moomoo Canada: $0. Interactive Brokers Canada: $0 (with maintenance fees waived above $0 commissions). Qtrade: $0 to open, $25,000 needed to avoid the $25 quarterly inactivity fee. Big 5 banks vary, typically $0 minimum to open but inactivity fees if balance stays low.
Can I transfer my brokerage account to a different Canadian broker?
Yes — via in-kind transfers between Canadian brokerages. The receiving broker initiates the transfer; the losing broker typically charges $50–$150 to transfer out. Most major brokers (Wealthsimple, Questrade, IBKR, Moomoo) reimburse this fee on accounts above a threshold ($15K–$25K). Transfers take 2–6 weeks at Big 5 banks; 1–3 weeks at modern brokers.
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.
$25 sign-up bonus when you fund $100
Open Wealthsimple Trade accountQuestrade
Best for active investors — free ETF buys, USD account, full account types.
Up to $250 cashback when you fund $1,000+
Open Questrade accountAffiliate links — we may earn a commission, at no extra cost to you. Read the full disclosure.
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