If you are choosing a broker specifically for ETF investing, start with how to buy ETFs in Canada and best all-in-one ETFs in Canada.
Best Online Brokers Canada – 2026
Compare Canada’s top discount brokerages by fees, features, and account types.
Quick Comparison
| Broker | Stock Trades | ETF Purchases | ETF Sells | Account Minimum |
|---|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | $0 | $0 |
| Questrade | $4.95-$9.95 | $0 | $4.95+ | $1,000 |
| Interactive Brokers | $1 min | $0 ETFs | $1 min | $0 |
| TD Direct Investing | $9.99 | $9.99 | $9.99 | $0 |
| RBC Direct Investing | $9.95 | $9.95 | $9.95 | $0 |
| BMO InvestorLine | $9.95 | $0 (select) | $9.95 | $0 |
Best for Each Investor Type
| Investor Type | Best Broker | Why |
|---|---|---|
| Beginners | Wealthsimple | Simple app, no commissions |
| ETF investors | Questrade | Free ETF buys, no currency fees for US ETFs |
| Active traders | Interactive Brokers | Lowest margin rates, advanced tools |
| Options traders | Questrade | $9.95 + $1/contract |
| US stocks | Interactive Brokers | Best USD conversion rates |
| Full-service | TD Direct | TD ecosystem, great research |
That US-stocks row matters most if you also read best account type for US stocks and ETFs in Canada before opening the account.
Wealthsimple Trade
| Feature | Details |
|---|---|
| Commission | $0 stocks, $0 ETFs |
| Account types | TFSA, RRSP, FHSA, Personal |
| Currency conversion | 1.5% (or $0 with Premium) |
| Fractional shares | Yes |
| Options | No |
| Mobile app | Excellent |
| Best for | Buy-and-hold Canadian investors |
Pros: No commissions, beautiful app, fractional shares Cons: Currency conversion fee, no options, limited research
Questrade
| Feature | Details |
|---|---|
| Stock commission | $4.95 - $9.95 |
| ETF purchases | $0 |
| ETF sells | $0.01/share (min $4.95) |
| Account types | TFSA, RRSP, RRIF, RESP, FHSA, Margin |
| Currency conversion | 2% (or Norbert’s Gambit) |
| Options | Yes ($9.95 + $1/contract) |
| Best for | ETF investors, intermediate traders |
Pros: Free ETF purchases, Norbert’s Gambit possible, full-featured Cons: Selling ETFs costs money, interface less polished
Interactive Brokers
| Feature | Details |
|---|---|
| Stock commission | $1 minimum |
| ETF commission | $0 for select ETFs |
| Currency conversion | ~0.002% (lowest in Canada) |
| Account types | Most types |
| Options | Yes (lowest fees) |
| Margin rates | Lowest in Canada |
| Best for | Active traders, US stock investors |
Pros: Lowest currency conversion, best margin rates, professional tools Cons: Complex platform, overkill for beginners
Bank Broker Comparison
| Broker | Stock Trade | Free ETFs | Best For |
|---|---|---|---|
| TD Direct | $9.99 | No | TD customers |
| RBC Direct | $9.95 | No | RBC customers |
| BMO InvestorLine | $9.95 | Yes (select) | BMO customers |
| CIBC Investor’s Edge | $6.95 | Yes (select) | Low-cost bank option |
| Scotia iTRADE | $9.99 | No | Scotia customers |
Fees to Watch
| Fee Type | What It Is | How to Avoid |
|---|---|---|
| Trading commissions | Per-trade fee | Use Wealthsimple or Questrade ETFs |
| Currency conversion | USD/CAD exchange | Norbert’s Gambit, IBKR |
| Account fees | Quarterly/annual charges | Meet minimum balance |
| Inactivity fees | Low-activity penalty | Trade occasionally |
| Transfer-out fees | Moving accounts | Some brokers reimburse |
For the conversion-cost side of that decision, compare Norbert’s Gambit and currency exchange guide for Canadians.
Account Types Available
| Account | WS | QT | IBKR | TD | RBC |
|---|---|---|---|---|---|
| TFSA | ✓ | ✓ | ✓ | ✓ | ✓ |
| RRSP | ✓ | ✓ | ✓ | ✓ | ✓ |
| FHSA | ✓ | ✓ | ✓ | ✓ | ✓ |
| RESP | ✗ | ✓ | ✓ | ✓ | ✓ |
| RRIF | ✗ | ✓ | ✓ | ✓ | ✓ |
| Margin | ✗ | ✓ | ✓ | ✓ | ✓ |
| Corporate | ✗ | ✓ | ✓ | ✓ | ✓ |
CIPF Protection
All IIROC-regulated brokers provide CIPF coverage:
- Securities: Up to $1 million
- Cash: Up to $1 million (combined with securities, cash limit within)
This protects you if the broker becomes insolvent, not against market losses.
If you are deciding between self-directed brokers and a managed option instead, compare best robo-advisors in Canada and robo-advisor vs ETF portfolio in Canada.
Frequently asked questions
Which online broker is best for beginners in Canada? Wealthsimple is the most beginner-friendly: $0 commissions, fractional shares, clean mobile UI, and integrated TFSA/RRSP account opening. Questrade is the most popular among DIY investors who want more control at low cost ($0 ETF purchases, $4.95–$9.95 per stock trade). Most experienced investors start with Wealthsimple and move to Questrade or National Bank as their portfolios grow.
Are Canadian online brokers safe? All major Canadian online brokers are CIRO members (Canadian Investment Regulatory Organization) and CIPF-protected. CIPF covers up to $1 million per account category (RRSP, TFSA, non-registered) if the broker becomes insolvent. Your investments are held in your name, not the broker’’s name — they cannot be used as collateral.
Can I have accounts at multiple brokers? Yes. Many Canadians hold accounts at two or more brokerages (e.g., TFSA at Wealthsimple for $0 trades, and RRSP at Questrade for lower-cost USD trades). There is no regulatory restriction. CIPF protection applies per broker.