Choosing the right brokerage is one of the most important decisions a Canadian investor makes. Your brokerage is where you open your TFSA, RRSP, and other accounts; where you buy and sell investments; and where your assets are held. Fees, platform quality, account types, and customer service all matter. This guide compares the best Canadian online brokerages in 2025.
Questrade has been the go-to discount brokerage for self-directed Canadian investors for over a decade. Its key advantage: ETF purchases are free. You only pay a commission when selling ETFs ($4.95–$9.95 per trade). Stock trades cost $4.95–$9.95 each way. This makes Questrade ideal for buy-and-hold ETF investors who rarely sell.
Account types: TFSA, RRSP, FHSA, RESP, LIRA, RIF, margin, non-registered, corporate
Account minimums: $1,000 to open most accounts
Inactivity fee: None for accounts over $1,000
USD accounts: Yes — Questrade Edge USD accounts available, important for Norbert's Gambit
Platform: Questrade Edge web and mobile. Advanced Questrade IQ for active traders.
CIPF member: Yes
Best for: Self-directed ETF investors, intermediate to experienced investors, anyone wanting the industry-standard low-cost platform
Wealthsimple Trade offers truly commission-free trading for all Canadian stocks and ETFs. The platform is beautifully designed and extremely beginner-friendly. It supports fractional shares — you can invest $50 in an ETF rather than buying a whole unit. The Premium tier ($10/month) adds instant deposits, USD accounts, and real-time data.
Account types: TFSA, RRSP, FHSA, non-registered, crypto
Account minimums: None
Commissions: $0 for all Canadian and US stocks/ETFs on the basic tier
USD accounts: Available on Premium ($10/month) — required to hold USD without conversion
Platform: Mobile-first, very clean design. Less powerful than Questrade for advanced investors.
CIPF member: Yes
Best for: Beginners, small account sizes, investors who want the simplest possible experience, fractional share investors
NBDB eliminated all trading commissions on Canadian and US stocks and ETFs in 2023, making it the most full-featured zero-commission platform in Canada. Unlike Wealthsimple Trade, NBDB offers a professional-grade trading platform with comprehensive research tools, advanced order types, and the full range of account types.
Account types: TFSA, RRSP, FHSA, RESP, LIRA, RIF, margin, non-registered
Commissions: $0 for all Canadian and US stocks and ETFs
Platform: FlightDesk — full-featured, suitable for both beginners and advanced investors
CIPF member: Yes
Best for: Investors who want zero commissions AND a powerful platform; active traders who want commission-free execution
For investors who prefer keeping all finances under one roof, TD Direct Investing is the most feature-rich of the bank-owned brokerages. Commissions are $9.95 per trade (reduced to $7.00 for 150+ trades/quarter). Full integration with TD banking. Excellent research tools including access to TD Economics research.
Account types: Full suite including TFSA, RRSP, RESP, margin, and corporate
Commissions: $9.95 standard, $7.00 active trader
Best for: TD banking clients who want seamless integration; investors who value research and don't mind paying higher commissions
RBC's self-directed platform with $9.95 commissions (reduced to $6.95 for 150+ trades/quarter). Strong research tools backed by RBC Capital Markets. Excellent customer service. Best for existing RBC banking clients.
BMO's direct investing platform. $9.95 commissions standard. adviceDirect service offers guidance at $6.95/trade. RESP accounts available — one of the few bank-owned brokerages with a strong RESP offering. Best for BMO banking clients or those who want access to BMO's banking and investment products in one place.
One of the most competitive bank-owned brokerages at $6.95 per trade standard (lower than TD and RBC). Full account suite. Good research platform. Best for CIBC banking clients seeking lower commissions than TD or RBC.
All reputable Canadian brokerages are members of the Canadian Investor Protection Fund (CIPF). CIPF protects your assets up to $1 million per account category (general accounts, RRSP, TFSA, RESP, etc.) if your brokerage becomes insolvent. This protection covers the securities themselves — it does not protect against market losses. Always verify CIPF membership before opening an account.
Before you invest, eliminate unnecessary fees. KOHO offers free banking with no monthly fees — every dollar saved is a dollar available to invest. Use code 45ET55JSYA for a bonus.
Open KOHO Free — Code 45ET55JSYA