Best Online Brokers in Canada 2026

Best Online Brokers Canada 2026 — Comparison

Broker	Stock Commission	ETF Commission	Min. Balance	Best For
Wealthsimple Trade Best Free	$0	$0	$0	Beginners, ETF investors
Questrade	$4.95–$9.95	$0 (buy free)	$1,000	Active investors, ETF buyers
Interactive Brokers (IBKR)	$0.005/share (min $1)	$0.005/share	$0	Advanced traders
TD Direct Investing	$9.99	$9.99	$0	TD clients, full features
BMO InvestorLine	$9.95	$9.95	$0	BMO clients
RBC Direct Investing	$9.95	$9.95	$0	RBC clients
Scotia iTRADE	$4.99–$9.99	$4.99–$9.99	$0	Active traders

For most passive ETF investors: Wealthsimple Trade (buy/sell free) or Questrade (buy free, small sell fee) are the best options. For active stock traders, IBKR offers the lowest per-trade costs.

Wealthsimple Trade — Best for Most Canadians

Wealthsimple Trade launched commission-free trading in Canada in 2019 and has since become the most popular discount broker for new investors. Key features:

$0 commissions on all Canadian and US stocks and ETFs
TFSA, RRSP, FHSA, and non-registered accounts
Fractional shares available (buy a portion of expensive stocks)
Instant deposits up to $5,000
Clean, beginner-friendly mobile app
CIPF member — investments protected up to $1 million per account type

The one caveat: US stock trades are executed in CAD by default with a 1.5% conversion fee (Wealthsimple Plus at $10/month eliminates this). For US-listed ETFs, Questrade or IBKR may save money.

Questrade — Best for US ETF Investors

Questrade has been Canada's leading independent discount broker since 1999. Key advantages:

Free ETF purchases — buy any ETF commission-free; only sell commissions apply ($4.95–$9.95)
USD accounts — avoid currency conversion on US investments
Supports Norbert's Gambit for low-cost currency exchange
More account types: TFSA, RRSP, RESP, LIRA, LIF, Non-Registered
Advanced trading tools and data
$1,000 minimum to open

See our full Questrade review for an in-depth analysis.

Interactive Brokers — Best for Advanced Traders

IBKR Pro is the global standard for sophisticated investors. Its advantages for Canadians:

Lowest per-share commissions: $0.005/share (min $1)
Access to 90+ markets and 25+ currencies
Best-in-class margin rates (1–3% vs. 5–9% at Canadian banks)
Supports Norbert's Gambit with minimal friction
Professional-grade research and analysis tools
IIROC regulated and CIPF member

IBKR Lite (for casual investors) offers commission-free trading with a simpler interface. The complexity of IBKR's platform makes it better suited for intermediate-to-advanced investors.

How to Choose the Right Online Broker

Investor Type	Best Broker	Reason
Complete beginner, ETF only	Wealthsimple Trade	Free, simple, no minimums
ETF investor with US holdings	Questrade	Free ETF buys, USD accounts
Active stock trader	Interactive Brokers	Lowest commissions, most markets
Prefers big bank experience	TD Direct / RBC Direct	Integrated with existing accounts
Completely hands-off	Wealthsimple Invest	Robo-advisor, automatic rebalancing

Frequently Asked Questions

What is the best free online broker in Canada?

Wealthsimple Trade offers completely free trading on Canadian and US stocks and ETFs with no account minimum. It's the best free broker for most Canadians, especially those focused on passive ETF investing.

Are my investments safe with an online broker?

Yes. All CIRO-registered brokers participate in the Canadian Investor Protection Fund (CIPF), which protects your investments up to $1 million per account category if the broker becomes insolvent. Your investments are held in your name — not the broker's assets.

Can I open a TFSA with an online broker?

Yes. All major online brokers (Wealthsimple Trade, Questrade, TD Direct, etc.) offer TFSA, RRSP, and FHSA accounts. This lets you hold stocks and ETFs tax-free or tax-deferred.

What is Norbert's Gambit and which brokers support it?

Norbert's Gambit is a strategy to exchange CAD to USD (or vice versa) at near-mid-market rates using a dual-listed ETF like DLR/DLR.U. It's supported at Questrade, IBKR, and TD Direct. It can save 1–2% vs. broker FX rates on large currency exchanges.

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