The 5 Best Online Stock Brokers in Canada for 2024 (2024)

Finding the best stock broker in Canada is vital. You need to ensure that your best stock trading app offers the investment products and account types you need, plus versatile trading features that fit your investment needs.

Your investment platform should also charge reasonable fees to help you reduce investment costs and maximize returns.

Best Online Brokers in Canada

Below is a comparison of five online brokerage platforms in Canada, highlighting their top features, pros and cons so you can choose the one that fits your investment needs.

1. Questrade

Questrade tops our list as the best online broker in Canada because of its wide selection of investment products and accounts. It offers both basic and advanced web and mobile trading platforms, reasonable trading commissions, and commission-free ETF purchases.

Questrade has also introduced a new account type –the Tax-Free First Home Savings Account (FHSA) –that lets you make tax-free contributions of up to $40,000 toward your first home.

• Investment Products: ETFs, stocks, options, foreign exchange (FX), IPOs, CFDs, mutual funds, bonds, GICs, international equities, and precious metals.

• Account types: TFSA, RRSP, LIRA, RIF, LIF, FHSA, Margin, RESP, Forex & CFDs, Entity, Family RESP.

• Minimum investment: $1,000

• Trading commissions: 1¢ / share or min $4.95-max $9.95/trade. Active traders enjoy a discounted rate of $4.95/trade. ETF purchases are commission-free.
• Welcome offer: A $50 trading fee credit when you fund your account with a minimum of $1,000.

Con: High minimum deposit

2. Qtrade

Qtrade ranks among the top brokerages in Canada and has been named Canada’s best trading platform for customer support, hence great for beginners and long-term investors.

• Investment products: Stocks, ETFs, options, bonds, GICs, mutual funds, Fixed income assets, exchange-traded debentures,

• Account Types: FHSA, TFSA, RSP, LIRA/LRSP, RESP, RIF, LIF, Cash, Margin

• Minimum investment: No minimum deposit requirement

• Trading commission: $8.75 for regular investors and $6.95 for active traders
• Welcome offer: Up to a $150 bonus when you open a new account and deposit $1,000 or more (also has higher cash back offers for higher deposits)

Con: Commission-free ETFs are limited to around 100.

3. Wealthsimple Trade

Wealthsimple Trade is one of the best free trading platforms in Canada. It offers commission-free trading of thousands of stocks and ETFs, and options trading at low fees of $0.75.

Recently, Weathsimple Trade also introduced a stock lending feature. This allows you to earn extra income on your portfolio holdings without any extra work on your part.

• Account types: TFSA, FHSA, Spousal RRSP, RESP, Cash, LIRA, Corporate, RRIF, Crypto.

• Investment Products: Stocks, ETFs, options, crypto.

• Minimum Investment: As little as $1.

• Trading commissions: $10 monthly fee to access USD accounts; $0 commissions on stock & ETFS; $0.75 for options

Con: A basic platform with limited advanced trading features.

4. TD Direct Investing

Named one of the best online brokerages in Canada, TD Direct Investing is reputed for its versatile trading platforms, curated content for investor education, and market insights.

Besides the basic WebBroker and the TD app, this investment platform offers the TD Advanced Dashboard and the Active Trader interfaces, making it one of the best day trading platforms in Canada.

• Account Types: Cash, margin, FTSA, RSP, RESP, RIF, LIRA, LIF, RDSP.

• Investment Products: Stocks, ETFs, mutual funds, Crypto ETFs, Fixed Income Investments, GICs, options, and new issues.

• Trading commissions: Regular fee of $9.99/trade and active trader fee of $7/trade

• Minimum investment: No minimum deposit

Con: High regular fees

5. Moomoo

MooMoo is another stock trading app in Canada. The platform offers low-fee trading on US and Canadian investments.

Other Amazing features on MooMoo include educational resources, market and company news, paper trading, extended trading hours, and low-margin rates.

• Investment products: Stocks, ETFs, options, futures, bonds, international equities, and more.

• Minimum Investment: No minimum deposit

• Trading fees: Trading fees starting at a minimum $1.49+ per trade

Con: Limited account types

What To Look For in an Online Brokerage Platform

To find the best stock broker in Canada, you should make several considerations, including:

• Registration status with relevant authorities
• Investment products offered
• Available investment accounts
• Trading fees and active trader discounts
• Account maintenance costs
• Basic or advanced charting and stock analysis tools, depending on your needs
• Insurance protection
• Customer reviews
• Security features
• Minimum investment requirement
• Availability of different trading interfaces and mobile app

FAQs

Which stock broker is best in Canada?

Questrade is one of the best stock brokers in Canada. Others include Qtrade, Wealthsimple Trade, MooMoo, and TD Direct Investing.

Which platform has the lowest fees in Canada?

Questrade and Wealthsimple Trade are among the best investment platforms in Canada with low fees. They offer low or commission-free trading of stocks and ETFs and competitive fees on other products.

What is the best online stock broker for beginners?

Questrade and Wealthsimple Trade are some of the best Canadian trading platforms for beginners. They offer basic and advanced trading interfaces to accommodate both beginners and seasoned traders.