Getting your money to work for you in 2026 means picking the right online brokerage services. It might sound complicated, but it’s really about finding a platform that fits how you like to invest. The good news is, Canadian online brokerages are easier to use and cheaper than ever. You can often open an account in about 10-15 minutes. If you’re still paying high fees for mutual funds or getting advice that feels a bit too sales-y, it’s probably time to check out what these online options offer. Consistent investing and sticking to a plan usually pay off way more than trying to time the market or making quick decisions based on headlines.
Key Takeaways
- The best online brokerage services depend on your personal investing style and how hands-on you want to be. A good platform should make investing smoother, not harder.
- Many online brokerages now offer commission-free trades for stocks and ETFs, and have eliminated account fees, making investing more affordable.
- When choosing, consider not just trading fees, but also account fees, minimum deposit requirements, customer service quality, and transfer fee reimbursements.
- Platforms like Questrade and Qtrade are often highlighted for their tools, low costs, and user-friendly interfaces, catering to different types of investors.
- For beginners, Wealthsimple Trade is frequently recommended due to its simple app and commission-free trading, plus access to crypto.
1. Charles Schwab
Charles Schwab has been around for a while, and they’ve built a solid reputation for helping regular folks with their investments. It feels like they try to do a lot of things well, which is pretty neat. You get good trading platforms, a wide variety of things you can buy and sell, and if you ever get stuck, their customer support is usually pretty responsive, day or night.
Schwab is a good all-around choice for most people, whether you’re just starting out or you’ve been investing for years and want a reliable place to manage your own money, with experts available if you need them.
Here’s a quick look at what they offer:
- Trading Fees: Stock and ETF trades are free, which is pretty standard these days. However, if you trade options, there’s a fee of $0.65 per contract.
- Research and Education: They have a lot of research materials and educational stuff. This is helpful whether you’re a beginner trying to figure things out or an experienced investor looking for deeper insights.
- Customer Support: They’re known for having good customer service, which can be a big deal when you’re dealing with your money.
It’s not always easy to pick an online broker because so many of them offer similar basic features like commission-free stock trades and low account minimums. The real differences often come down to the smaller details that can make one platform feel like a better fit for your specific financial journey.
So, if you’re looking for a brokerage that covers a lot of bases and has a long track record, Charles Schwab is definitely worth a look.
2. Questrade
Questrade has really stepped up its game over the last few years. They’re a big name in the DIY investing world, and for good reason. They were one of the first to really push for zero-commission trading on stocks and ETFs, which is a huge deal for anyone trying to keep costs down.
Their platforms, both the desktop and the mobile app, have seen some serious upgrades. You can trade, track your investments, and customize things pretty well. It might not be the flashiest interface out there, but it works, and it works efficiently. For active traders, these improvements are definitely noticeable.
Here’s a quick look at what they offer:
- Trading Fees: $0 for stocks and ETFs (plus ECN fees). This is a major draw.
- Account Fees: Generally $0, which is always nice to see.
- Minimum Balance: You can start with as little as $1,000.
- Account Opening: They boast a quick, 24-hour paperless process.
- Promotions: Often have offers like free trades or cash back for new accounts.
They also have something called Questwealth Portfolios, which are basically robo-advisor managed accounts if you prefer a more hands-off approach. And if you’re looking to move your investments from another broker, they’ll often cover transfer fees up to $150, which is a nice perk.
One thing to keep in mind, though, is customer service. While they’ve been working on it, there have been reports of longer wait times in the past, especially during busy periods. If you’re someone who needs a lot of hand-holding or expects instant support, this might be a point to consider.
But if you’re comfortable managing your own investments and don’t need to call support every other day, Questrade’s low costs and solid platform make it a really strong contender for your investment dollars.
3. Qtrade Direct Investing
Qtrade Direct Investing has consistently been a top pick for Canadian investors, and for good reason. They really seem to hit a sweet spot between having a solid set of tools, keeping costs down, and offering some pretty attractive sign-up deals. It’s not just about free trades, though they do have that; they often have cash-back offers that can put real money back into your account when you first start investing.
When you look at what they offer, it’s clear they’re aiming for a broad audience. Whether you’re just starting out or you’ve been investing for a while, the platform feels pretty user-friendly. They’ve been recognized for their customer service, which is a big deal when you’re dealing with your money. Plus, their app gets good reviews for being stable and easy to use, which is important when you want to check in on your investments or make a quick trade.
Here’s a quick look at some of their key features:
- Generous Promotions: Qtrade often runs some of the best introductory offers in the market, including cash back and free trades.
- User Experience: Both their desktop platform and mobile app are designed to be straightforward and intuitive.
- Customer Service: They consistently receive high marks for their support, which can be a lifesaver when you have questions.
- No Account Fees: You won’t find many hidden charges or inactivity fees here.
While Qtrade is a strong contender, especially with its promotions and user-friendly design, it’s worth noting that for very active traders or those focused heavily on options, other platforms might offer slightly more specialized tools or lower per-trade costs in those specific areas. However, for the average DIY investor looking for a reliable, well-rounded brokerage, Qtrade is definitely a front-runner.
They also make it easy to transfer your accounts, sometimes even covering the fees you might incur from your old brokerage. This makes switching over to Qtrade a bit smoother. Overall, they’ve managed to build a reputation for being a reliable and rewarding place to manage your investments.
4. Wealthsimple Trade
Wealthsimple Trade has really made a name for itself, especially with its promise of commission-free stock trading. It’s part of the bigger Wealthsimple family, which started out making passive investing super simple with its robo-advisor service. Now, they’ve expanded quite a bit.
For new investors, Wealthsimple Trade is often pointed to as a great starting point. Their mobile app is pretty clean and easy to figure out, which is a big plus when you’re just getting your feet wet in the investing world. You can buy Canadian stocks and ETFs without paying a trading fee. They also offer access to cryptocurrency trading, which is something not all platforms do.
However, it’s not all sunshine and rainbows. One thing to watch out for is the fee when you trade US stocks. If you don’t have a US dollar account set up, there’s a conversion fee that can be anywhere from 0% to 1.5%. So, if you plan on buying a lot of US stocks, keep that in mind. It’s a good idea to look into setting up a USD account if this is a concern.
Here’s a quick look at some points to consider:
- Commission-Free Trades: This is the big draw. Buying and selling Canadian stocks and ETFs usually won’t cost you a trading fee.
- User-Friendly App: The mobile app is designed to be straightforward, making it easier for beginners.
- Crypto Access: If you’re interested in dabbling in cryptocurrencies, Wealthsimple Trade provides that option.
- US Trade Conversion Fee: Be aware of the potential fee when trading US securities without a USD account.
- Limited Research Tools: Don’t expect a ton of in-depth research reports or fancy analysis tools directly on the platform.
While the idea of free trades is appealing, it’s important to understand how the platform makes money. Some sources suggest they use payment for order flow, which means your trades might be routed to specific market makers who pay Wealthsimple for that business. This is how they can afford to offer those zero-commission trades.
Customer service has also been mentioned as an area that could be better. If you’re someone who likes to have a lot of support readily available, this might be something to weigh. Overall, Wealthsimple Trade is a solid choice for getting started with basic investing, especially if you’re focused on Canadian markets and appreciate a simple interface.
5. TD Direct Investing
TD Direct Investing is a solid choice, especially if you’re already a customer with TD Bank. It’s one of the older players in the Canadian online brokerage scene, starting way back in 1984. People often talk about their desktop platform being really user-friendly, with lots of tools that can help you out. It feels like you’re getting a good, stable experience, which makes sense given it’s part of a big bank.
The platform is generally considered one of the best for desktop users among the big Canadian banks. While their mobile app, TD Easy Trade, gets mixed reviews and isn’t quite as polished as the desktop version, it’s still functional. Just remember, TD Easy Trade is a separate app, though it connects to your TD Direct Investing accounts.
Here’s a quick look at some of the details:
- Trading Fees: Expect to pay around $9.99 per trade for stocks and ETFs. Active traders might get a slightly lower rate.
- Free ETF Trading: Unlike some competitors, TD Direct Investing doesn’t offer free ETF trades across the board. You’ll pay the standard commission.
- Account Minimums: There isn’t a strict minimum to open an account, but there are fees if your account balance drops below $15,000.
- Convenience: If you do your banking with TD, linking your accounts and moving money is super easy.
TD Direct Investing offers a reliable and feature-rich trading environment, particularly for those who value the security and convenience of a major Canadian bank. While the fees are a bit higher than some discount brokers, the platform’s capabilities and integration with TD’s banking services are significant advantages for many investors.
Overall, if you’re looking for a well-established brokerage with a strong desktop platform and you don’t mind paying a bit more for the convenience and features, TD Direct Investing is definitely worth considering. It’s a good option for keeping your banking and investing needs under one roof.
6. RBC Direct Investing
RBC Direct Investing is one of the big bank options out there, and like the others, you’re looking at a bit of a trade-off. They generally have higher fees compared to some of the newer players, but in return, you get a pretty solid platform and a good range of account choices.
One of the standout features for RBC Direct Investing is its mobile app. Seriously, it gets some of the best ratings around, which is a big deal if you like managing your investments on the go. Setting up an account is also a breeze if you’re already a customer with RBC – it just makes things simpler.
Here’s a quick look at what you might expect:
- User-friendly and advanced platform
- Highly-rated mobile app
- Convenient for existing RBC customers
- Reputable and secure banking institution
However, it’s worth keeping those fees in mind. They are noticeably higher than what you’ll find with some other online brokers, so it’s something to weigh carefully against the platform’s benefits.
When you’re choosing a brokerage, especially one tied to a major bank, think about how much you value that established trust and convenience versus the cost of each transaction. For some, the peace of mind and integrated banking experience are well worth the extra expense.
7. Scotia iTrade
Scotia iTrade is a solid choice, especially if you’re already a customer with Scotiabank. It feels like a natural extension of your banking, making it easy to manage everything in one place. The desktop platform is pretty good, offering a modern interface that many active traders appreciate. It’s designed for people who plan to make a lot of trades and move significant amounts of money around.
When you start trading a lot, the convenience really starts to pay off. However, it’s worth noting that Scotia iTrade’s fees are a bit higher compared to some of the newer, online-only brokers. They’re more in line with what you’d expect from a big bank, which isn’t always the cheapest option out there.
Here’s a quick look at some of the details:
- Trading Fees: Generally around $9.95 per trade.
- Free ETF Trading: Buying and selling ETFs usually costs $9.95 per trade.
- Minimum Balance: No minimum required to open an account.
The biggest drawback people mention is the mobile app. Reviews aren’t great, and it seems like it hasn’t seen much of an update in a while. If you’re someone who does most of their investing on the go, this might be a dealbreaker.
So, if you like the idea of a big bank backing your investments and you’re an active trader who values an integrated banking experience, Scotia iTrade is definitely worth a look. Just be prepared for those fees and maybe stick to the desktop for your trading.
8. CIBC Investor’s Edge
CIBC Investor’s Edge is the brokerage arm of the Canadian Imperial Bank of Commerce. If you’re already a CIBC customer, it might seem like a convenient choice to keep your banking and investing under one roof. However, when you look closer, it doesn’t quite stack up against some of the other online brokers out there.
One of the main sticking points is the account maintenance fee. While the per-trade fees are somewhat competitive, that annual fee can really eat into your returns, especially when you’re just starting out. Plus, the lack of free ETF trading is a definite drawback in today’s market.
Here’s a quick look at some of the fees:
| Feature | Cost |
|---|---|
| Trading Fee | $6.95 per trade |
| ETF Trading Fee | $6.95 per ETF |
| Account Fee | $100 per year |
| Minimum Balance | None |
While CIBC has the resources to make significant improvements, the platform currently lags behind many competitors. Customer feedback has often pointed to a less-than-ideal user experience and customer service.
While it’s not the worst option, especially if you value the integration with your CIBC banking, it’s worth exploring other brokers that might offer better value or a more user-friendly platform for your investment journey.
9. National Bank Direct Brokerage
National Bank Direct Brokerage (NBDB) made a splash back in August 2021 by becoming the first of Canada’s big banks to offer commission-free trading for both ETFs and Canadian stocks. This was a pretty smart move, especially since they hadn’t really gained much traction before that. If you’re all about avoiding per-trade fees, NBDB is definitely worth a look.
However, it’s not all sunshine and rainbows. NBDB often gets lower grades from personal finance folks for a few reasons. For starters, there’s no mobile app yet, which is a bit of a bummer in today’s world. The online platform itself is also pretty basic when you compare it to some of the slicker options out there. Plus, don’t expect fancy portfolio analysis tools or a ton of investor resources; it’s really a no-frills experience.
So, how do they make money if trades are free? Well, they charge a $100 annual account fee if your balance is under $20,000. They also profit from currency exchange when you trade U.S. stocks and from margin lending. So, while your trades might be free, the bank is still doing just fine.
- Commission-free trades for Canadian and U.S. stocks and ETFs.
- An annual account fee of $100 applies if your account balance is below $20,000.
- No mobile app available, and the online platform is quite basic.
While the allure of zero-commission trades is strong, it’s important to weigh that against the platform’s limitations and potential account fees. For investors prioritizing cost savings above all else, NBDB presents a unique proposition, but it might not suit everyone’s needs.
If you’re in Quebec, their strong physical presence might be a plus, but for most others, the lack of advanced features and a mobile app makes it a less competitive choice compared to other online brokers. You can find more details about their services on the National Bank Direct Brokerage website.
10. BMO InvestorLine
BMO InvestorLine is a solid choice, especially if you’re already a BMO customer and like keeping your banking and investing under one roof. It’s a well-known and trusted name, which is a big plus for many people. They offer a good range of account types, so you’re likely to find what you need.
One thing that sets BMO InvestorLine apart from some other big bank brokerages is their selection of 80 ETFs that you can trade without any commission. While other brokers might offer more free ETFs, it’s still a nice perk that BMO provides this, especially when many of their competitors don’t.
However, it’s not all sunshine and rainbows. The standard trading fees are $9.95 per trade, which is on the higher side compared to some other online brokers out there. They also have account fees that can add up unless you maintain a fairly substantial balance, specifically $15,000. So, if you’re just starting out or have a smaller portfolio, these fees could eat into your returns.
Here’s a quick look at some of the details:
- Trading Fees: $9.95 per trade (with a lower $7.95 rate for "elite" accounts).
- Free ETF Trading: Available for 80 specific ETFs.
- Account Fees: Can apply unless you have $15,000 or more in your account.
- Customer Service: Generally considered better than average.
- User Experience: It’s functional, but could use a bit of a modern update.
While BMO InvestorLine is a perfectly fine option, especially for convenience if you bank with BMO, it’s worth comparing their fee structure to other brokers. The costs can add up if you’re a frequent trader or don’t meet the minimum balance requirements to avoid account fees. It’s a reliable platform, but maybe not the most cost-effective for everyone.
Wrapping It Up
So, picking the right online brokerage really boils down to what works for you. There’s no single ‘best’ out there for everyone. Think about how you like to invest, whether you want to be hands-on or prefer a more hands-off approach, and what kind of platform makes it easy for you to stick with your plan. A good brokerage should make investing feel smooth, not like a chore. When things are easy to use, you tend to check in less, contribute more regularly, and avoid making rash decisions based on emotions. This lets the power of compounding do its thing in the background while you get on with life. If you’ve found a platform that really clicks, or if your experience has changed recently, I’d love to hear about it in the comments below. Your real-world feedback is super helpful as we keep these rankings updated.
Frequently Asked Questions
What’s the main difference between these online brokers?
Think of it like choosing a phone. Some have tons of fancy features you might never use, while others are super simple and just do the basics really well. These brokers are similar. Some offer lots of tools and research for expert investors, while others are really easy for beginners to jump into. The best one for you really depends on how you like to invest and what you want to do with your money.
Do I really need to pay fees to trade stocks?
Not anymore! Many brokers now offer free trades for stocks and ETFs, especially if you trade a lot or have a good amount of money invested. This means you get to keep more of your earnings. It’s always good to check the specific fees for different types of trades and accounts, though.
What if I’m new to investing, which broker is best?
If you’re just starting out, look for a broker with a super simple app or website that’s easy to understand. Wealthsimple Trade is often recommended for beginners because it’s really user-friendly and lets you trade Canadian stocks and ETFs for free. They also make it easy to learn as you go.
Can I move my investments from another company?
Yes, you can! Moving your investments is usually pretty straightforward. You’ll fill out a form, and sometimes the new broker will even cover the fees your old company charges for the transfer, which can save you money.
How do I pick the right broker if I’m not sure?
It’s smart to think about a few things. How often do you plan to trade? Do you want a lot of research tools, or just a simple way to buy and sell? Also, check if there are any hidden account fees or minimum amounts you need to have. Trying out a demo version if available or reading reviews can help a lot.
Are these brokers safe to use with my money?
Yes, these are generally well-known and trusted companies. They are regulated, which means they have rules they have to follow to protect investors. Think of it like banks – they have security measures in place to keep your money and information safe.
