Best Online Brokers In Canada 2025

Investing your money can be intimidating, considering the vast array of investment options and the myriad of financial companies offering brokerage services. 

Luckily, Canadian investors wanting to take control of their portfolios have no shortage of quality online brokers.

But with so many online brokers available to investors, how do you choose the best one? Read on to find out our top picks in Canada for 2025.

Key Points

• Using an online broker gives you direct, affordable access to financial markets and trading platforms.
• These digital brokers are ideal for tech-savvy, DIY investors who need minimal guidance.
• Some of the best online brokers in Canada include Qtrade, Wealthsimple Trade, and TD Direct Investing.

Best Online Brokers in Canada

Qtrade Direct Investing

One of Canada’s most popular brokerages is Qtrade Direct Investing, which offers investors a quality full-service investing experience. With customizable platforms, solid proprietary tools, and extensive customer service accessibility, Qtrade provides savvy investors with the resources to effectively self-direct their portfolios.

The platform focuses on a “slow growth” methodology, empowering clients with tools to project their long-term income growth and quickly view asset allocation. It’s an excellent tool for getting a bird’s eye view of your portfolio and making informed investment decisions with intelligent portfolio insights. 

One standout feature is the ability to compare your portfolio against a benchmark return, giving you a clear understanding of your trading success. 

• Commissions & Fees:
  • $8.75 per equity, ETF, or mutual fund trades
  • $8.75 + $0.75 per contract for options
  • $25 quarterly account maintenance is waived if you meet certain criteria
• Platforms & Tools:
  • User-friendly web and mobile platforms
  • Proprietary tools like the Portfolio Planner and Screener
  • Analyst ratings on hundreds of equities
• Account Minimum: $0 to open an account.
• Support: Phone, email, and live chat support are available during extended business hours.

Sign-Up Offer

Get $50 upon opening and funding a new account, up to $150 for 3 accounts. Offer available from April 1, 2025, to October 31, 2025. Use promo code OFFER2025.

Qtrade Direct Investing Pros:

• Customizable platform with solid tools and research
• Powerful budgeting and portfolio management tools
• Portfolio benchmarks to gauge your success
• Integrated personal finance tools for retirement planning
• Young Investor Pricing available
• Investor Plus pricing discounts for 150+ trades per quarter, and/or $500,000+ in assets

Qtrade Direct Investing Cons:

• Higher-than-average commissions on stocks and options
• $25 administration fee unless certain conditions are met

MooMoo

MooMoo is a disruptive name in the industry. It offers an easily navigable active trading experience via modern, user-friendly platforms designed for mobile usage. It has powerful charting tools and low-margin rates, catering to active traders.

MooMoo provides access to ultra-low commission on trades for on-the-go investors looking to trade stocks, ETFs, and options efficiently. It’s excellent for those seeking a sophisticated self-directed trading experience without incurring high fees.

• Commissions & Fees: $0.0149 commissions on CAD stock & ETF trades with a $1.49/trade minimum, $0.0099 commissions on USD stock & ETF trades with a $1.99/trade minimum.
• Platforms & Tools:
  • Sleek web and mobile apps focus on charts
  • Analytics and trading capabilities over research
  • Level 2 quotes available alongside premium financial news
  • Advanced market data and detailed analyst ratings for high-level opinions of many major stocks
• Account Minimum: $0 is required to open a personal account. MooMoo also offers registered accounts.
• Support: Offers live chat, phone support and email-based customer support in Canada during business hours.

MooMoo Pros:

• Low fee trading on many asset classes
• Modern platform and mobile app experience
• Sophisticated trading features and charts
• Integrated analyst ratings and premium financial news
• Level 2 data for real-time decision-making and analysis

MooMoo Cons:

• Relatively limited product profile
• Bank transfer or bill payments only to fund your account

MooMoo Pros

• Low fee trading on many asset classes
• Modern platform and mobile app experience
• Sophisticated trading features and charts
• Integrated analyst ratings and premium financial news
• Level 2 data for real-time decision-making and analysis 

MooMoo Cons

• Relatively limited product profile
• Bank transfer or bill payments only to fund your account

CIBC Investor’s Edge

CIBC Investor’s Edge offers comprehensive brokerage services by integrating investment options seamlessly with banking services. Young investors enjoy zero annual fees, while experienced traders are leveraging top-tier analytics. 

Thanks to its connection to CIBC, you’ll have access to knowledgeable staff who can provide around-the-clock support. CIBC Investor’s Edge is intuitively designed for the bank’s existing customers, seamlessly combining investing with daily banking for a convenient and customizable experience.

• Commissions & Fees:
  • $6.95 per equity trade
  • $6.95 + $1.25 per contract (options)
  • $0 for money market mutual funds
  • $6.95 for all other mutual funds
• Platforms & Tools: Feature-packed web and mobile platforms provide news, research, analysis tools and more.
• Account Minimum: $0 to open an account.
• Support: Live phone, chat, and email support are available from 8:00 am to 8:00 pm. You can also receive support in-person at any branch.

CIBC Investor’s Edge Pros:

• Streamlined integration for existing CIBC banking clients
• $0 stock and ETF commissions for young investors
• Strong proprietary research and tools
• Social media monitoring tools
• Integrated analyst reports within their platform
• Educational tax and investing webinars

CIBC Investor’s Edge Cons:

• Higher commissions and fees versus other discount brokers
• $100 annual fee, unless your account balance exceeds $10,000

TD Direct Investing

TD Direct Investing emphasizes user-friendly interfaces and educational support for regular investors. Its straightforward yet powerful web and mobile platform provides essential market data, planning tools, and account management resources. 

However, advanced traders looking for a high level of customization might find the options somewhat restrictive, and the commission fees are much higher than discount brokerage competitors at $9.99 per trade. While active traders can reduce the commission to $7, this is still high. 

Despite these drawbacks, TD Direct Investing is a reliable and well-established solution for the typical Canadian investor. It offers straightforward and easy-to-use online investing.

• Commissions & Fees:
  • $9.99 flat fee for stocks
  • $9.99 + $1.25 per contract for options
  • No commissions on mutual funds
  • $25 maintenance fee per quarter in accounts with less than $15,000
• Platforms & Tools:
  • Simplified web and mobile experiences.
  • Research, screeners and planning tools.
• Account Minimum: $0 to open an account
• Support: Phone, email and live chat support during extended business hours

TD Direct Investing Pros:

• Deep educational resources and articles
• Seamless integration with TD Bank accounts
• Easy-to-use platform that is great for beginners
• Projected income and retirement planning tools

TD Direct Investing Cons:

• Tools and screeners lack customization abilities
• One of the highest trade commission structures in Canada

Interactive Brokers

Interactive Brokers (IBKR) is a seasoned low-cost broker. It caters to advanced traders with rock-bottom fees and sophisticated features. IBKR offers complex screening and automated trading options, enabling strategies across various accounts, currencies, and global asset classes.

However, casual buy-and-hold investors may become overwhelmed navigating the platform’s immense capabilities. For self-directed traders pursuing advanced analytics alongside rock-bottom rates, Interactive Brokers leads the field.

• Commissions & Fees:
  • CAD $0.0005 – CAD $0.035/share for Canadian stocks
  • CAD $0.15 – CAD $0.65/option contract
• Platforms & Tools: IBKR provides a diverse range of trading platforms designed to cater to various types of traders.
• Account Minimum: $0 to open an account
• Support: Email, phone, live chat and document upload support through their webpage.

Interactive Brokers Pros:

• Extremely low commissions and financing rates
• Sophisticated trading platforms with advanced functionality
• 200 free research reports
• 100+ order types for virtually unlimited trading customization

Interactive Brokers Cons:

• Platforms may overwhelm casual investors
• High minimum balances for registered accounts

Wealthsimple Trade

Wealthsimple Trade enables commission-free trading of popular Canadian assets via a user-friendly mobile app and desktop experience, ideal for hands-off investors. It’s mainly for beginners, offering basic functionalities and automated saving features. 

Although lacking advanced tools or research resources, Wealthsimple Trade is a user-friendly gateway to self-directed investing via its mobile-first interface.

• Commissions & Fees:
  • Tiered fee structure based on assets under management
  • $0 commission stock trades
  • 0.5% management fees
• Platforms & Tools: Mobile-first platform with a desktop option. Offers financial news, some research and auto-deposits. Intentionally basic.
• Account Minimum: $0 required for a personal investing account or TFSA.
• Support: Email-based support with a response typically within 24 hours. Live chat and phone support are also available from 8 am to 8 pm ET.

Wealthsimple Trade Pros:

• Easy introduction to DIY stock trading
• Automated passive investing available
• Award-winning mobile UI, great for on-the-go investing
• Low or no commissions on mainstream assets

Wealthsimple Trade Cons:

• Limited selection of fractional shares
• Desktop functionality is lacklustre, and doesn’t have a lot of customization capability

How To Choose The Best Online Broker In Canada

Consider the following factors when choosing the best online broker in Canada:

• Fees & Commissions: Look for brokers with affordable trading fees, and consider account maintenance fees or inactivity charges.
• Platform Usability: Choose an online broker with a user-friendly interface, especially if you’re a beginner. Qtrade and TD Direct Investing, in particular, are known for their strong platform experiences.
• Research & Tools: Consider features like stock screeners, charting tools, and analyst reports, especially if you’re a more advanced trader.
• Educational Resources: If you’re a novice trader, you’d benefit from tutorials and webinars.
• Account Types: Consider whether the online broker offers accounts like RRSPs, TFSAs, FHSAs, and margin accounts, among others.
• Customer Service: You’ll want reliable support via phone, chat, or email, especially when the market is volatile.

Learn more: Best Free Stock Trading Platforms In Canada

How To Open An Investing Account

In general, opening an online investing account with your chosen brokerage is fairly straightforward. Just follow these steps:

Step 1: Visit The Broker’s Website

Visit the brokerage website and find the account opening form, which collects your personal details.

Step 2: Choose Your Account

Select the account types you wish to register, such as RRSP, TFSA, margin account, etc.

Step 3: Choose Your Investing Style

Answer questions to determine your risk tolerance and investing experience to satisfy suitability requirements.

Step 4: Upload Documents

Provide documents to verify your identity and banking information through a quick online process.

Step 5: Review The Terms

Read and accept the various terms and agreements associated with opening your account(s).

And you’re done! Account approval is usually quick, allowing you to fund your new investment account from an existing bank account and start trading.

Online vs. Traditional Brokers

There are key differences between online brokers and traditional brokers:

So which option wins out? Online brokers empower tech-savvy investors to independently build diversified portfolios across markets cost-effectively. Investors who prefer one-on-one professional advice are better served by traditional brokerages, albeit at higher account fees.

Additional Reading

Day Trading Taxes In Canada: When Capital Gains Tax Applies Even In A TFSA

Best Canadian Bank ETFs

Halal Investing In Canada

Final Thoughts 

While trading fees often take the spotlight, it’s crucial for investors to select Canadian online brokers that fit their unique investing styles. You can find the right match for your preferences and strategies by doing thorough research. Whether seeking a user-friendly start or advanced analysis, domestic and international brokers make the market accessible for self-directed Canadians.

Online Broker FAQs