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Canadians might not be as invested in stocks as their neighbors to the south, but there’s still brisk demand for investing platforms. 

Depending on the study, anywhere between 30% and 40% of Canadians buy and sell stocks, compared to roughly 60% of Americans. Still, stocks are the country’s top investment choice, favored by 46% of investors, according to a HelloSafe survey. The same survey showed that nearly two-thirds of Canadians prefer to invest on their own.

That translates into millions of independent investors—plenty of fuel for a robust market of brokers. Indeed, Canadians have access to roughly 200 brokerage firms. And much like how the country’s fast food choices are a mixture of both Canadian (Tim Hortons, Harvey’s, Swiss Chalet) and American/international (McDonald’s, Subway, A&W) operators, so too are the brokers Canadians can trust with their nest eggs.

Of course, you don’t need 200 brokerage firms. You only need one. So, to make your decision much easier, I’m going to whittle the country’s offerings down to a handful of the best brokers for Canadians. From there, you should be able to find a broker that best suits your needs.

The Best Brokers for Canadians—Our Top Picks


Flexible Broker w/Transparent Fees
Best for Managed Services
Best Trading Platform for Day Traders
Feature-Rich Investing
3.8
4.1
4.5
3.8
No account minimums. $100 annual fee (can be waived)* Commission rates below.
No account minimums or fees. Commission rates below.
No account minimums. Account activity fee: $10/mo.* Commission rates below.
No account minimums. Account admin fee: $25/qtr. (can be waived)*. U.S. dollar registered account fee: $15/mo.**
Flexible Broker w/Transparent Fees
3.8
No account minimums. $100 annual fee (can be waived)* Commission rates below.
Best for Managed Services
4.1
No account minimums or fees. Commission rates below.
Best Trading Platform for Day Traders
4.5
No account minimums. Account activity fee: $10/mo.* Commission rates below.
Feature-Rich Investing
3.8
No account minimums. Account admin fee: $25/qtr. (can be waived)*. U.S. dollar registered account fee: $15/mo.**

The Best Online Brokers in Canada


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DepositPhotos

Below, I’ve outlined several of the top online brokerages that operate in Canada. Among the criteria I’ve reviewed when determining the best options are commissions, available asset classes, user experience, and broker features, among others.

Let’s dig in!

1. Interactive Brokers (Best for Day Traders)


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Interactive Brokers
  • Available: Sign up here
  • Best for: Intermediate and advanced day traders
  • Platforms: Desktop (PC, Mac), web, mobile app (Apple iOS, Android)

Interactive Brokers (IB), founded in 1978, is one of the world’s most powerful online trading platforms, offering Canadians access to stocks, bonds, funds, options, futures, inter-commodity spreads, and more.

IB’s Trader Workstation (TWS) is Interactive Brokers’ flagship desktop program—a trading platform with roots back to 1995. But since then, the company has launched a number of other access points for Canadian investment accounts, including:

  • IBKR Desktop: An innovative “hybrid” platform that blends the most popular tools from TWS with original features suggested by IBKR clients.
  • IBKR Mobile: A powerful app for iOS and Android that allows people to trade on the go
  • IBKR GlobalTrader: A simplified app for iOS and Android that targets global traders, allowing trading in more than 90 stock markets. Includes fractional share capabilities.
  • Client Portal: A lighter web-based platform allowing clients to manage their account, evaluate performance, and read market news
  • IBKR Impact: A mobile app that helps investors select holdings most in line with their values.

But Workstation remains the workhorse. The platform supports investments across 150 global markets, and offers a wide variety of features, including real-time monitoring, risk management tools, paper trading—all packaged under a heavily customizable layout.

While TWS users can still select the original view, they can build their own bespoke view through Mosaic. Functions such as stock monitoring, order entry, charts, and more appear as “tiles,” sized and arranged however you want them, and you can save custom layouts designed for one or more monitors.

Trader Workstation also lets investors:

  • Create example watchlists
  • Use preset scans or build your own
  • Create real-time trading alerts using price, time, margin, and volume
  • Access more than 100 order types and algorithms to execute better trades
  • Read breaking news from Reuters, Dow Jones, and other news outlets
  • Access research from Morningstar, Zacks, and other firms

IBKR is arguably the best online broker for advanced and day traders, though it can fit the bill for less experienced users, too. You can visit Interactive Brokers to sign up or learn more.

Related: The 7 Best Vanguard Index Funds for Beginners

2. WealthSimple (Best for Managed Investment Services)


wealthsimple canada signup
Wealthsimple
  • Available: Sign up here
  • Best for: Investors who want managed investment services
  • Platforms: Web, mobile app (Apple iOS, Android)

Wealthsimple is a wide-ranging financial platform that offers not only self-directed and managed investment accounts, but also checking, savings, mortgages, and even tax-filing software.

Wealthsimple has no account minimums nor monthly account fees. But it does have three different account tiers based on your assets—Core ($1-$99,999), Premium ($100,000-$499,999), and Generation ($500,000+)—and the higher the tier, the bigger the perks. All of these account tiers can invest via a variety of accounts, including TFSA, RRSP, FHSA, RESP, LIRA, RRIF, and non-registered.

With Wealthsimple’s managed investing services, the firm will customize a portfolio that matches your risk appetite and financial goals. Wealthsimple managed portfolios are built with low-fee ETFs; management fees are 0.5% annually for Core, 0.4% for Premium, and 0.2%-0.4% for Generation (varies by assets)—all much cheaper than the 2% you’d pay for your average Canadian mutual fund. Wealthsimple can help you build growth-focused, balanced, and conservative versions of classic diversified portfolios, socially responsible investing portfolios, and even halal portfolios. Premium and Generation Clients can also access two types of alternative investmentsprivate credit and private equity—and also get access to a dedicated advisor.

Or, if you’re a DIYer, you can choose from thousands of Canadian and U.S. stocks and ETFs, as well as options, with self-directed investing. All tiers can trade stocks and ETFs commission-free. Core account holders can skip a 1.5% forex fee on U.S. assets by paying $10 per month; Premium and Generation account holders get this feature for free. And you can invest as little money as you want; Wealthsimple allows you to trade fractional shares

Also worth noting: Premium and Generation account holders receive cheaper options trading fees, as well as cheaper fees trading the 60-plus coins on Wealthsimple’s crypto platform.

In addition to investing accounts, Wealthsimple also offers a high-interest checking and savings account—the Cash account—which pays different interest rates based on account type (outlined below). The account includes 1% back rewards in stock, crypto or cash, as well as higher interest and faster access to paychecks with qualifying direct deposits. You can also apply for mortgages with Wealthsimple, which provides low rates through direct lender Pine, or even file your taxes for as little as $0 with Wealthsimple’s tax software.

Interested in learning more? Check out Wealthsimple today.

Related: The 7 Best Closed-End Funds (CEFs)

3. CIBC Investor’s Edge (Flexible Broker With Transparent Fees)


cibc signup
CIBC
  • Available: Sign up here
  • Best for: Beginner to intermediate investors
  • Platforms: Web, mobile app (Apple iOS, Android)

CIBC Investor’s Edge is a workhorse online broker that provides a satisfying experience for investors across the proficiency spectrum while charging relatively modest and transparent fees.

Investor’s Edge allows you to trade not only U.S. and Canadian stocks and ETFs, but also options, mutual funds, bonds, and even precious metals. And you can do so from non-registered accounts, as well as a variety of registered accounts, including FHSAs, TFSAs, RRSPs, RESPs, and more.

The Investor’s Edge platform also provides a variety of screening and charting tools, analyst reports, customizable watchlists and alerts, Regular Investment Plans, and more. You can also stay informed and up to date through CIBC’s investor learning center, expert videos and webinars, and various newsletters.

Note that, in addition to flat commission fees (listed below), CIBC Investor’s Edge does sometimes charge an account fee. Specifically, you’ll pay $0 when the balance of all CIBC Investor’s Edge accounts is greater than $10,000, but $100 annually if the balance is $10,000 or less. That said, CIBC requires no minimum account balance.

And CIBC is a screaming deal for younger investors. Anyone age 18 to 24 can start trading stocks and ETFs online for free—no annual fee, and no commissions—if they first open a CIBC Smart Account with CIBC Smart Start.

Whether you’re looking to get started, or are an experienced investor who just wants to lower their commissions, look into CIBC Investor’s Edge today.

Related: How to Get Free Stocks for Signing Up: 10 Apps w/Free Shares

4. Qtrade Direct Investing (Feature-Rich Investing)


qtrade signup
Qtrade
  • Available: Sign up here
  • Best for: Beginner and intermediate investors
  • Platforms: Web, mobile app (Apple iOS, Android)

Qtrade Direct Investing is one of Canada’s best online brokers, providing access to Canadian and U.S. stocks, ETFs, mutual funds, bonds, and more via its award-winning web and mobile platforms, which are backed by Qtrade’s highly decorated customer support staff.

Qtrade provides investors with a wealth of tools and insights. You can get analyst recommendations from Morningstar. You can monitor stocks using Qtrade watchlists, or seek out stocks that meet your criteria using screeners. Qtrade’s Portfolio Creator can help you build an ETF portfolio from scratch just by answering a few questions. That ETF portfolio could be mighty inexpensive to build, too—Qtrade’s commission-free ETF program has more than 100 ETFs (including asset allocation ETFs) free to buy and sell with no minimums.

More active traders will enjoy customized charting and technical analysis capabilities, as well as Portfolio Simulator, which lets you test out trade ideas without putting your money at risk.

Qtrade offers holistic financial tools, too, such as savings, investment, and retirement calculators, which can help you set and follow your progress toward important life goals.

And no matter your experience level, you’ll find something useful in Qtrade’s extensive set of learning resources, which includes guides and how-to videos spanning basics like buying and selling stock to more advanced actions like margin trading and options trading.

One drawback of note is Qtrade’s account fees. For instance, clients are charged a CAD $25 quarterly admin fee if they have less than $25,000 in assets (though it’s waivable in many circumstances). U.S. dollar-denominated registered accounts pay USD $15 per quarter. You’ll also face a $100 fee if you close your account within the first year.

Most investors will typically be slotted into the Investor tier. However, more active traders and high-account-balance investors can enjoy reduced commissions and fees with an Investor Plus account, which requires either 150-plus trades per quarter and/or $500,000-plus in assets per client ID. Most notably, Investor Plus clients enjoy cheaper equity, fund, and options trades, and avoid having to pay a fee for USD registered accounts.

Qtrade also offers discounted commissions and no quarterly admin fees for young investors (investors age 18 to 30). To qualify, an investor must add $50 or more per month, via automatic pre-authorized contributions, to a Qtrade Investor account.

Learn more or start up an account by visiting Qtrade.

Related: 13 Best Brokerage Account Bonuses, Promotions + Deals

5. Moomoo (Advanced Stock Trading App With Low Margin Rates)


moomoo canada signup
Moomoo
  • Available: Sign up here
  • Best for: Advanced traders
  • Platforms: Desktop app (Windows, Mac), web, mobile app (Apple iOS, Android)

Moomoo is a low-commission trading platform that allows Canadians to trade both Canadian stocks and exchange-traded funds (ETFs), as well as U.S. stocks, ETFs, and options.

This online brokerage is best for advanced traders, offering powerful tools to empower your trading insights and strategies, but it takes a different approach from other similarly targeted platforms, favoring simple interfaces and high ease of use. The desktop platform is highly customizable, while the mobile app is straightforward, allowing you to search for stocks and trade with minimal hassle.

Moomoo has more than enough under the hood for advanced traders to get the job done. Its charting system, for instance, includes 63 technical indicators and 38 drawing tools. Or you can build your own technical indicators from Moomoo’s 190-plus preset functions. You can set up alerts based on changes in price, bids, turnover ratio, and more. Free Level 2 stock market data helps you get a greater understanding of a stock’s value, determine how liquid a stock truly really is, and better time your trades. You can even enjoy 24/7 financial news from more than 50 sources—including the likes of Bloomberg and Dow Jones—handpicked by Moomoo’s editorial team.

Through Moomoo, you can trade during extended hours on both the Canadian and U.S. stock markets. Want to test out your strategies or simply build experience and develop a little discipline? Moomoo’s paper trading service lets you simulate trades using a pool of virtual money ($1 million for stocks or options, $10 million for futures).

Moomoo also boasts relatively low rates for trading on margin. The annualized interest rate on financing, as of this writing, sits in a competitive range between 7.83% and 8.83%, depending on account size.

Moomoo’s professional-grade tools but simple user experience put it among the best online brokers in Canada. Learn more or sign up at Moomoo.

Related: 15 Best Investing Research & Stock Analysis Websites

6. Webull (Best for Intermediate Investors + Traders)


webull signup new 2024
Webull
  • Available: Sign up here
  • Best for: Self-directed investors and intermediate traders
  • Platforms: Desktop app (Windows, macOS), web, mobile app (Apple iOS, Android)

Webull hit the investing world in 2018 and made a splash by offering free stock trading in the U.S. Since then, it has become one of the best stock apps for intermediate traders and investors, though many of its features are helpful to beginners as well.

For one, Webull remains friendly to wallet-conscious traders today. Yes, in Canada, Webull does charge commissions on U.S. and Canadian stocks and ETFs (more on those below), but those fees are less onerous than many of their competitors. Also, Webull has no deposit or account minimums.

Why choose Webull to trade stocks?

Whether you open up a TFSA, RRSP, or non-registered account, Webull provides you with several useful features and tools, including:

  • Screeners and filters for both stocks and ETFs
  • Charting tools with numerous technical indicators
  • U.S. market Level 2 quotes
  • Custom alerts
  • 24/7 support
  • High yields on uninvested cash via Webull Cash Management (current rates below)

Newer investors can also learn trading skills through the courses in Webull’s education center, and even practice their skills via Webull’s paper trading service.

And Webull is available across just about every platform, allowing you to research, trade, and track your stocks on your smartphone, tablet, or desktop.

One particularly noteworthy shortcoming for investors is that you can’t buy mutual funds on Webull. Yes, ETFs offer a wide array of diversified strategies, but the mutual fund world offers some cheap index funds and many successful actively managed strategies.

Regardless, Webull remains one of the best online brokers in Canada, thanks in large part to its cost-friendliness and variety of features. Learn more or sign up with Webull today.

Related: 17 Best Investment Apps and Platforms [Free + Paid]

7. EdgeClear (Best for Futures Traders)


edgeclear signup
EdgeClear
  • Available: Sign up here
  • Best for: Futures traders
  • Platforms: Desktop app (Windows)

EdgeClear is a futures-focused online broker that offers a suite of specialized tools and technologies, competitive pricing, and a high-touch experience to traders of every experience level.

EdgeClear empowers futures traders via a series of platforms, including:

  • EdgeProX: EdgeClear’s core futures trading platform includes features such as advanced charting and order flow tools, 300-plus built-in studies and indicators, trade simulation, bar-by-bar market data replay, harmonic tools, and more. It’s also highly customizable, allowing you to set custom alerts, personalize your trading environment, customize your depth-of-market views, and change your interval settings as necessary. This adaptability makes EdgeProX more appealing across the experience spectrum, allowing novice traders to gain familiarity while using simple preset views, and empowering more advanced traders to craft a setup perfectly attuned to their preferences.
  • EdgeQX: This quantitative trading program combines EdgeClear’s automated trading strategies and human oversight to help you maximize your trading capabilities in E-Mini (ES) and Micro E-Mini (MES) futures contracts. (Note: EdgeQX requires a $10,000 account minimum for MES and $100,000 minimum for ES, with a max order quantity of six contracts. EdgeQX-R requires a $15,000 account minimum for MES and $150,000 for ES, with a max order quantity of eight contracts.)
  • EdgeWatch: This “dedicated analytics companion” helps you identify and understand the drivers of your trading successes (and shortcomings), spot trading patterns and outcomes, download real-time or past trade sets, and more. The dashboard includes information and charts such as daily P&L, equity curve, and win-loss graph.

Advanced users can also inquire about Platinum-level services, which include bespoke trading solutions and one-on-one broker support, and high-volume traders can receive a consultation with a personal broker about CME membership structures.

EdgeClear also offers extremely competitive rates on several products—most noteworthy are its 22¢-per-side commissions on popular micro and smaller products including Micro E-Mini S&P 500, Micro E-Mini Nasdaq, Micro E-Mini Dow, and Micro E-Mini Russell 2000 contracts.

EdgeClear accepts Canadians accounts; accounts can be opened through clearing partners Phillip Capital and Ironbeam.

Learn more about why EdgeClear is one of the best trading platforms for futures traders, or sign up, at EdgeClear.

Related: 9 Best Day Trading Platforms [Apps + Software]

FAQs: Canada’s Best Online Brokers


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DepositPhotos

What can I trade through a Canadian stock broker?

Like in most countries, Canadian stock brokers vary in what assets they allow investors and traders to buy and sell. Virtually all online brokers in Canada will allow you to trade stocks and ETFs. Many will also allow you to invest in mutual funds and options. A smaller number will let you buy individual bonds, futures, commodities, and other less-traveled assets.

From a geographical perspective, you’ll almost always receive access to stocks and funds listed on the Toronto Stock Exchange (TSX). However, many Canadian online brokers also provide access to stocks and funds on U.S. exchanges, including the New York Stock Exchange (NYSE) and Nasdaq Stock Exchange (Nasdaq). That American exposure is sometimes offered for free, but sometimes requires forex and/or other fees.

Kyle Woodley is the Editor-in-Chief of Young and the Invested. His 20-year journalistic career has included more than a decade in financial media, where he previously has served as the Senior Investing Editor of Kiplinger.com and the Managing Editor of InvestorPlace.com.

Kyle Woodley oversees Young and the Invested’s investing coverage, including stocks, bonds, exchange-traded funds (ETFs), mutual funds, real estate, alternatives, and other investments. He also writes the weekly Weekend Tea newsletter.

Kyle spent five years as the Senior Investing Editor at Kiplinger, and six years at InvestorPlace.com, including two as Managing Editor. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, the Nasdaq, Barchart, The Globe and Mail, and U.S. News & World Report. He also has made guest appearances on Fox Business and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice, and Univision.

He is a proud graduate of The Ohio State University, where he earned a BA in journalism … but he doesn’t necessarily care whether you use the “The.”

Check out what he thinks about the stock market, sports, and everything else at @KyleWoodley.