If you are choosing a platform mainly to build a long-term ETF portfolio, start with how to buy ETFs in Canada and best ETFs in Canada.
Choosing the right trading platform determines how much you pay in fees, what tools you have access to, and how easily you can manage your portfolio. Here is a full comparison of every major platform available to Canadian investors in 2026.
Platform Comparison
| Platform | Stock Commissions | ETF Buys | ETF Sells | Account Min | Best For |
|---|---|---|---|---|---|
| Wealthsimple | $0 | $0 | $0 | $0 | Most Canadians |
| Questrade | $4.95–$9.95 | $0 | $4.95–$9.95 | $1,000 | ETF investors |
| Interactive Brokers | $0.01/share (min $1) | $0.01/share | $0.01/share | $0 | Advanced traders |
| NBDB (National Bank) | $0 | $0 | $0 | $0 | Bank clients |
| Qtrade | $8.75 | $0 (select) | $8.75 | $0 | Research tools |
| RBC Direct Investing | $9.95 | $9.95 | $9.95 | $0 | RBC clients |
| TD Direct Investing | $9.99 | $9.99 | $9.99 | $0 | TD clients |
| BMO InvestorLine | $9.95 | $9.95 | $9.95 | $0 | BMO clients |
| Scotia iTRADE | $9.99 | $9.99 | $9.99 | $0 | Scotia clients |
| CI Direct Investing | $0 | $0 | $0 | $0 | Passive investors |
| Desjardins Online Brokerage | $9.95 | $9.95 | $9.95 | $0 | Quebec investors |
Detailed Platform Reviews
Wealthsimple
| Feature | Details |
|---|---|
| Commissions | $0 on all trades |
| US trading fee | 1.5% FX (free with Premium) |
| Account types | TFSA, RRSP, FHSA, RESP, non-reg, corporate |
| Fractional shares | Yes |
| Options trading | Yes |
| Crypto trading | Yes |
| Research tools | Basic |
| Mobile app | Excellent |
| Desktop platform | Web-based |
Wealthsimple is the default choice for most Canadian investors. Zero commissions, no minimums, and a smooth mobile app. The only drawback is limited research tools — serious analysts may want more charting capability.
The 1.5% FX fee on US stocks adds up if you trade frequently in USD. Wealthsimple Premium ($3/month) or Wealthsimple Generation ($0, for $500K+ accounts) eliminate this fee entirely.
If you plan to hold US-listed ETFs or stocks, pair the platform choice with best account type for US stocks and ETFs in Canada and Norbert’s Gambit.
Questrade
| Feature | Details |
|---|---|
| Commissions | $4.95–$9.95 per stock trade |
| ETF purchases | $0 |
| ETF sells | $4.95–$9.95 |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, margin, corporate |
| Options | Yes ($9.95 + $1/contract) |
| Research tools | Good (Morningstar access) |
| Mobile app | Good |
| Desktop platform | IQ Edge (advanced) |
Questrade pioneered free ETF purchases in Canada and remains the best option for buy-and-hold ETF investors who want more tools than Wealthsimple offers. The IQ Edge desktop platform provides advanced charting and Level 2 data.
Interactive Brokers (IBKR)
| Feature | Details |
|---|---|
| Commissions | $0.01/share (min $1) |
| US trading | Direct USD access, no conversion needed |
| Account types | TFSA, RRSP, margin, corporate |
| Options | Best pricing in Canada |
| Research tools | Professional-grade |
| Mobile app | Functional but complex |
| Desktop platform | Trader Workstation (TWS) |
Interactive Brokers is the platform for serious and advanced traders. It has the lowest margin rates in Canada, the best options pricing, and direct access to US exchanges in USD without forced currency conversion. The learning curve is steep but the cost savings are significant for active traders and large portfolios.
National Bank Direct Brokerage (NBDB)
| Feature | Details |
|---|---|
| Commissions | $0 on all trades |
| ETF purchases | $0 |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, margin |
| Research tools | Good (Morningstar) |
| Mobile app | Basic |
NBDB is the first Canadian bank brokerage to go fully commission-free. A strong choice if you want bank-level security with zero trading fees. The platform is functional but not as polished as Wealthsimple or Questrade.
Big 5 Bank Brokerages (RBC, TD, BMO, Scotia, CIBC)
Bank brokerages charge $9.95–$9.99 per trade and offer limited advantages over discount brokerages unless you value having everything at one bank. They do offer the widest range of account types (including LIFs, LIRAs, and RDSPs), which some discount brokerages lack.
The main reason to use a bank brokerage: you already bank there and want all accounts in one place.
Account Types Available
| Platform | TFSA | RRSP | FHSA | RESP | LIRA | LIF | Margin | Corporate |
|---|---|---|---|---|---|---|---|---|
| Wealthsimple | ✅ | ✅ | ✅ | ✅ | ✅ | ❌ | ✅ | ✅ |
| Questrade | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| IBKR | ✅ | ✅ | ❌ | ❌ | ❌ | ❌ | ✅ | ✅ |
| NBDB | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ❌ |
| RBC DI | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| TD DI | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
Fees Beyond Commissions
| Platform | Inactivity Fee | Transfer Out | US Currency | Annual Fee |
|---|---|---|---|---|
| Wealthsimple | $0 | $0 | 1.5% FX | $0 |
| Questrade | $0 (with $1K+) | $25/account | 2% FX | $0 |
| IBKR | $0 | $0 | Spot + $2 | $0 |
| NBDB | $0 | $150 | 1.5% FX | $0 |
| Qtrade | $25/quarter (<$25K) | $150 | FX spread | $0 |
| Bank brokerages | $25/quarter (some) | $150 | 1.5–2% FX | $0 |
Currency Conversion Costs
If you buy US stocks or US-listed ETFs, currency conversion fees matter:
| Method | Cost | Available At |
|---|---|---|
| Norbert’s Gambit | ~$5–10 flat | Questrade, IBKR, banks |
| IBKR spot conversion | $2 flat | Interactive Brokers |
| Wealthsimple Premium | $3/month (unlimited) | Wealthsimple |
| Standard FX fee | 1.5–2% | Most brokerages |
For portfolios under $20,000 in US stocks, the FX fee is minor. Above $50,000, using Norbert’s Gambit or IBKR saves hundreds per year.
If you want the account-location tax side of that decision too, compare tax on US ETFs in Canada.
Which Platform Should You Choose?
| Investor Type | Best Platform | Why |
|---|---|---|
| Beginner | Wealthsimple | Zero fees, simple interface |
| Buy-and-hold ETF investor | Wealthsimple or Questrade | Free ETF purchases |
| Active stock trader | Interactive Brokers | Lowest per-share cost, best tools |
| Options trader | Interactive Brokers | Best options pricing |
| Large US portfolio | Interactive Brokers | Cheapest USD conversion |
| Want everything at one bank | Your bank’s brokerage | Convenience |
| Want robo-advisor + DIY | Wealthsimple or Questrade | Both offer managed + self-directed |
| Corporate account | Questrade or IBKR | Lowest fees for business accounts |
How to Switch Platforms
Most brokerages cover your transfer fees (up to $150) when you transfer an account to them. The process takes 1–3 weeks:
- Open an account at the new brokerage
- Initiate a transfer (the new brokerage handles the paperwork)
- Your investments transfer in-kind — no need to sell and rebuy
- Confirm the transfer is complete and close the old account
That transfer is easiest when you already know whether you are building your own portfolio or outsourcing it, so also compare best robo-advisors in Canada and robo-advisors worth it.