Updated March 2025 · 10 min read
Canadian investors no longer need to pay $25–$30 per trade at big bank brokerages. Discount brokers have driven commissions to near zero, giving Canadians access to the same markets at a fraction of the cost. Here's a full comparison of every major online broker in Canada for 2025.
| Broker | ETF Trades | Stock Trades | USD Account | Min Balance |
|---|---|---|---|---|
| Wealthsimple Trade | Free | Free | $3/mo (Premium) | $0 |
| Questrade | Free (buy) / $4.95–$9.95 (sell) | $4.95–$9.95 | Included | $0 |
| National Bank Direct | Free | Free | Included | $0 |
| TD Direct Investing | $9.99 | $9.99 | Included | $0 |
| RBC Direct Investing | $9.95 | $9.95 | Included | $0 |
| BMO InvestorLine | $9.95 | $9.95 | Included | $0 |
| Scotia iTRADE | $4.99–$9.99 | $4.99–$9.99 | Included | $0 |
| CIBC Investor's Edge | $6.95 | $6.95 | Included | $0 |
| HSBC InvestDirect | $6.88 | $6.88 | Included | $0 |
Commission-free stock and ETF trading with no minimum balance. The cleanest interface of any Canadian broker. Supports TFSA, RRSP, FHSA, and non-registered accounts. The 1.5% FX fee on U.S. trades is the main drawback (avoidable with $3/month Premium).
Best for: New investors, casual investors, people who want simplicity.
Full review: Wealthsimple Review 2025
Free ETF purchases (only pay to sell), included USD account, options trading, and the most complete lineup of account types. More powerful than Wealthsimple Trade but with a steeper learning curve.
Best for: Cost-conscious ETF investors, active traders, options traders, investors needing GICs and bonds.
Full review: Questrade Review 2025
National Bank Direct Brokerage went fully commission-free in 2023 — free stock and ETF trades in both CAD and USD. It's arguably the best deal in Canadian discount brokerage and remains underrated. The platform is less polished than Wealthsimple or Questrade but the fee structure is unbeatable.
Best for: Cost-conscious investors who want zero commissions on everything including stock sales.
TD's self-directed platform charges $9.99/trade ($7.00 for active traders with 150+ trades/quarter). It offers the most comprehensive research tools of any Canadian bank broker and integrates tightly with TD Bank accounts. The commissions are high but the platform is excellent for investors who value research.
Best for: Existing TD customers who want integrated banking and investing.
Similar to TD — $9.95/trade, strong research tools, deep integration with RBC banking. The Active Trader program reduces commissions to $6.95 for 150+ trades/quarter.
All CIRO (formerly IIROC) member firms are covered by the Canadian Investor Protection Fund (CIPF), which protects accounts up to $1 million per account category (TFSA, RRSP, non-registered, etc.) against broker insolvency. This covers Questrade, TD, RBC, BMO, National Bank, and others. Wealthsimple Trade is also CIRO-regulated and CIPF-covered.
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