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Interactive Brokers Canada Review 2026
Quick Overview
| Feature | Details |
|---|
| Stock commission | $0.005/share ($1 min) |
| ETF commission | $0 (select), otherwise $1 min |
| Currency conversion | ~0.002% (lowest in Canada) |
| Account minimum | $0 |
| Options | ✅ $1.50/contract |
| Margin rates | 3.83-5.83% (lowest in Canada) |
| Global markets | 150+ countries |
| Mobile app | ✅ iOS, Android |
| Desktop platform | ✅ Trader Workstation (TWS) |
| Regulation | CIRO, CIPF member |
Overall Rating
| Category | Score |
|---|
| Fees | ★★★★★ |
| Ease of use | ★★★ |
| Investment selection | ★★★★★ |
| Research tools | ★★★★★ |
| Advanced features | ★★★★★ |
| Customer support | ★★★½ |
| Overall | ★★★★½ |
Fees & Pricing
Trading Commissions
| Transaction | Fixed Pricing | Tiered Pricing |
|---|
| Canadian stocks | $0.01/share, $1 min | $0.008/share + exchange fees |
| US stocks | $0.005/share, $1 min | $0.0035/share + exchange fees |
| ETFs (select) | $0 | $0 |
| Options | $1.50/contract | $1.00/contract + exchange |
| Forex | 0.08-0.20 bps | As low as 0.08 bps |
| Bonds | 0.1% face value | Varies |
Currency Conversion — IBKR’s Killer Feature
| Broker | Cost to Convert $10,000 CAD to USD |
|---|
| Interactive Brokers | ~$2 (0.002% spread) |
| Questrade (automatic) | ~$200 (2%) |
| Questrade (Norbert’s) | ~$15 (commissions) |
| Wealthsimple (free plan) | ~$150 (1.5%) |
| Bank brokerage | ~$150-250 (1.5-2.5%) |
This alone saves hundreds per year if you trade US stocks regularly.
That is most useful when combined with best account type for US stocks and ETFs in Canada and currency exchange guide for Canadians.
Margin Rates
| Amount Borrowed | IBKR Rate | Typical Bank Brokerage |
|---|
| Up to $100K | 5.83% | 8-10% |
| $100K-$1M | 4.83% | 7-9% |
| $1M+ | 3.83% | 6-8% |
Account Types
| Account | Available | Notes |
|---|
| TFSA | ✅ | Full features |
| RRSP | ✅ | Full features |
| FHSA | ✅ | Available |
| RESP | ❌ | Not available |
| Margin | ✅ | Lowest rates in Canada |
| Corporate | ✅ | Full support |
| Joint | ✅ | Available |
| RRIF | ✅ | Available |
Note: IBKR does not offer RESP accounts, which is a notable gap for families.
Trader Workstation (TWS) — Desktop
| Feature | Details |
|---|
| Charting | Professional-grade, 100+ indicators |
| Order types | Every type imaginable (50+) |
| Algos | Automated trading strategies |
| Screeners | Advanced stock, options, bond screeners |
| API | Full API for custom algorithms |
| Learning curve | Steep — built for professionals |
IBKR Mobile
| Feature | Details |
|---|
| Trading | ✅ Full features |
| Charting | Good (not TWS-level) |
| Watchlists | ✅ Synced with desktop |
| Options chains | ✅ Full options trading |
| Alerts | ✅ Price and condition alerts |
Client Portal (Web)
| Feature | Details |
|---|
| Trading | ✅ Simplified interface |
| Research | ✅ Analyst reports, fundamentals |
| Charting | Basic-to-intermediate |
| Best for | Portfolio overview, casual trading |
What You Can Trade
| Asset | Available | Selection |
|---|
| Canadian stocks | ✅ | TSX, TSX-V |
| US stocks | ✅ | All US exchanges |
| International stocks | ✅ | 150+ markets (UK, Europe, Asia) |
| ETFs | ✅ | Global |
| Options | ✅ | Canadian, US, international |
| Futures | ✅ | CME, ICE, and more |
| Forex | ✅ | 100+ currency pairs |
| Bonds | ✅ | Government and corporate |
| Mutual funds | ✅ | Some available |
| Crypto | ✅ | Limited |
| Fractional shares | ✅ | US stocks only |
| CFDs | ❌ | Not for Canadian accounts |
Pros & Cons
Pros ✅
- Lowest FX conversion in Canada — 0.002% vs 1.5-2% elsewhere
- Lowest margin rates — 3.83-5.83% vs 8-10% at banks
- Global market access — trade stocks on 150+ exchanges worldwide
- Professional tools — TWS is institutional-grade
- Options, futures, forex — widest product range in Canada
- Low commissions — as low as $1 per trade
- API access — build automated trading strategies
- Fractional shares — for US stocks
Cons ❌
- Steep learning curve — TWS is complex for beginners
- No RESP — families need another broker for this
- Interface not user-friendly — clunky compared to Wealthsimple
- Customer support — can be slow, less hand-holding
- Inactivity reporting — complex statements/tax reporting
- Deposit methods — slower funding (no Interac e-transfer)
Who Should Use Interactive Brokers
Great Fit ✅
| Investor Type | Why |
|---|
| Active traders | Lowest commissions, best tools |
| US stock investors | 0.002% FX (saves hundreds/year) |
| Options/futures traders | Most comprehensive platform |
| International investors | Access to 150+ markets |
| Margin users | Lowest margin rates in Canada |
| Algorithmic traders | Full API access |
| Corporate accounts | Full support |
If margin is part of the plan, compare margin account in Canada before using leverage.
Not the Best Fit ❌
| Investor Type | Better Alternative |
|---|
| Complete beginners | Wealthsimple |
| Simple ETF investing | Questrade or Wealthsimple |
| RESP investors | Questrade |
| Want beautiful mobile UI | Wealthsimple |
Interactive Brokers vs Competitors
| Feature | IBKR | Questrade | Wealthsimple |
|---|
| Stock commission | $1 min | $4.95-$9.95 | $0 |
| ETF purchases | $0 (select) | $0 | $0 |
| FX conversion | 0.002% | 2% / NG | 1.5% |
| Options | ✅ $1.50/contract | ✅ $9.95+$1/contract | ❌ |
| Margin rate | 3.83-5.83% | 8-9.45% | N/A |
| Global markets | 150+ | Canada/US | Canada/US |
| Ease of use | ★★★ | ★★★★ | ★★★★★ |
| RESP | ❌ | ✅ | ✅ |
| Best for | Active traders | ETF investors | Beginners |
If you are not actually trading actively, best free trading platforms in Canada may be a better fit than IBKR.
How to Open an Account
- Go to interactivebrokers.ca
- Click “Open Account” and select Individual or Joint
- Complete the detailed application (income, net worth, trading experience)
- Upload identity documents
- Fund via wire transfer or EFT (no Interac e-transfer)
- Start trading
Approval time: 1-3 business days. Application is more detailed than other brokers due to global regulatory requirements.