Best Trading Platforms in Canada (2024)

As a Canadian, you have access to several brokerage platforms that can facilitate your trading and investment needs in both Canadian and international markets.

Whether you are a beginner with limited trading knowledge or a seasoned investor, there are several options from which you can choose.

However, not all trading platforms are created equal.

The 6 best trading platforms Canadians should consider using are:

1. Interactive Brokers – Best Overall Trading Platform
2. Wealthsimple Trade – Best Free/Low Commission Trading platform
3. TD Direct Investing – Best Big Bank Trading Platform
4. Scotia iTrade – Best Trading Platform for Beginners
5. Questrade – Best Day Trading Platform
6. QTrade – Best Trading Platform for Long-term Investors

It is also important to note that a preferred trading platform of one investor may not be the preferred platform of another if they have differing needs.

This guide therefore was built with the user in mind.

Based on the type of user profile you identify with, you can explore different platforms and select the one that matches your needs best.

By definition, a brokerage platform is one that allows you to buy, sell and hold securities such as stocks, bonds, ETFs, and mutual funds.

In Canada, all of the Big Six banks have their own online brokerage platform that allows customers to access securities markets and hold accounts such as RRSPs, TFSAs, or regular personal accounts.

However, there are also options that you can explore outside of the Big Six.

In the past two decades, online brokers such as Questrade, Wealthsimple, and Interactive Brokers have also entered the Canadian market and given consumers more choice to reach their investment goals.

OUR PICK

Interactive Brokers

Commissions

• Stocks: $0.003 to $0.008 per share
• Options: $1.00 to $1.25 per contract
• ETFs: Free on select ETFs

Minimum Balance

• USD $10,000 or equivalent

Accounts

• TFSA, RRSP, Margin

Advanced Tools

• Options trading training
• PortfolioAnalyst
• Traders’ Academy
• Webinars
• Student Trading Lab
• Advanced charting tools

Investor Protection

• CIPF: Up to $1M of losses in insolvency
• SIPC/Lloyd’s of London: Up to an additional $30M

Learn More

Wealthsimple Trade

Commissions

• Stocks: Free
• Options: $2 per contract flat fee
• ETFs: Free

Minimum Balance

• No minimum

Accounts

• TFSA, RRSP

Advanced Tools

• Online articles about taxation, trading and personal finance

Investor Protection

• CIPF: Up to $1M of losses in insolvency

Learn More

TD

Commissions

• Stocks: $7.00 to $9.99 per trade
• Options: $7.00 to $9.99 per trade and $1.25 per contract

Minimum Balance

• No minimum;
• quarterly fee charged on deposits under $25,000

Accounts

• TFSA, RRSP, Margin

Advanced Tools

• Investor education (webinars, learning paths, master classes)
• Analyst Centre
• Screeners
• Brokerage research

Investor Protection

• CIPF: Up to $1M of losses in insolvency

Learn More

Scotia iTrade

Commissions

• Stocks: $4.99 to $9.99 per trade
• Options: $4.99 to $9.99 per trade and $1.25 per contract

Minimum Balance

• No minimum;
• fee charged on deposits under $10,000

Accounts

• TFSA, RRSP, Margin

Advanced Tools

• Learning Library
• Knowledge Navigator
• Analyst Research Center
• Technical analysis tools

Investor Protection

• CIPF: Up to $1M of losses in insolvency

Learn More

Questrade

Commissions

• Stocks: 1 cent per share up to a maximum of $9.95
• Options: $9.95 and $1.00 per contract
• ETFs: Free

Minimum Balance

• $1,000 to start investing in a Questwealth account;
• self-directed account

Accounts

• TFSA, RRSP, Margin

Advanced Tools

• Investment and trading tools
• News insights and research
• Investment monitoring

Investor Protection

• CIPF: Up to $1M of losses in insolvency
• Private insurance: Up to $10M for self-directed and managed accounts

Learn More

Qtrade

Commissions

• Stocks: $6.95 to $8.75 per trade
• Options: $6.95 to $8.75 per trade and $1.25 per contract
• ETFs: Free on select ETFs and $6.95 to $8.75 on others

Minimum Balance

• No minimum

Accounts

• TFSA, RRSP, Margin

Advanced Tools

• Portfolio Score™
• Portfolio Analytics
• Portfolio Creator
• Portfolio Simulator

Investor Protection

• CIPF: Up to $1M of losses in insolvency

Learn More

Best Overall Trading Platform: Interactive Brokers Canada

Interactive Brokers is a top global brokerage platform based out of the United States.

Measured by daily average revenue trades, Interactive Brokers is regarded as the largest electronic trading platform in the US and offers its customers access to equity, options, futures, forex, bond, mutual funds, ETF, and select cryptocurrency markets.

Fees

Stocks and ETFs (both a tiered structure and fixed structure available with a minimum of C$1 per order and a maximum of 0.5% of the total trade value).

Options (with a minimum of C$1.50 per order):

Futures:

Pros

1. Competitive Pricing

While most other platforms charge a per trade fee on stocks and ETFs, Interactive Brokers charges by share, coming out much cheaper in many cases than a $7 to $12 per trade flat fee.

For those making a high volume of trades with low share counts, Interactive Brokers will end up being much cheaper than most (if not all) other platforms.

2. Access to a wide range of assets and markets

Out of all the brokerage platforms surveyed, Interactive Brokers had the most comprehensive product suite that enabled access to stocks, ETFs, options, futures, currencies, bonds and mutual funds, as well as select cryptocurrencies.

3. Sophisticated research tools

Within the platform, users can obtain a wide variety of research products and other financial charting, modelling and trend visualization tools that enable more informed decision-making.

Particularly for traders that rely on technical signals, Interactive Brokers is a highly attractive option.

4. Lowest rates on margin

For investors seeking to trade on margin (i.e., use borrowed money to buy securities), the platform offers the lowest rates of any brokerage in Canada, allowing you to potentially boost your returns in margin trading.

It should be noted though that trading on margin is risky, and can cause serious losses as well.

5. Reliable trade execution

The platform offers robust execution capabilities, and is entrusted by millions of users across the globe.

Cons

1. Not the most user-friendly platform

Interactive Brokers is meant for investors that already have a strong understanding of trading and markets.

As such, beginner or intermediate users with limited background may find that it isn’t as user-friendly as other platforms.

2. Pricing structure is complex

As can be seen above, pricing differs materially across asset classes.

This complex fee structure can be confusing for new users, and potentially cause errors in fee calculations.

Verdict

Interactive Brokers is best for experienced investors seeking advanced capabilities and tools to aid in their investment decision-making.

Best Trading Platform for Long-term Investors: Qtrade

Qtrade is a brokerage platform owned by Aviso Wealth, one of Canada’s largest independent wealth management firms.

As a platform, Qtrade offers a seamless web and mobile app (for both iOS and Android) and facilitates access to investment opportunities across Canadian and US stocks and ETFs, mutual funds, Canadian and US bonds, options, and GICs.

Fees

Qtrade has a two-tiered pricing structure based on your level of activity as an investor.

Most users are placed in the ‘Investor’ category while the ‘Investor Plus’ category is for users conducting over 150 trades per quarter and/or holding $500,000 or above in client assets.

Pros

1. User-friendly for both beginner and expert investors

With a clean interface and logical flow, both web and mobile apps of Qtrade can be easily used by people with limited or advanced backgrounds in investing.

The platform is also consistently ranked as one of the best in the Canadian market by multiple publications.

2. Unique tools

For advanced investors, Qtrade offers unique tools and services such as the Portfolio Analytics and Portfolio Score to better understand risk and returns of prospective portfolios, analyze major market trends, and ultimately make more informed decisions.

3. Easy account opening

Qtrade has implemented various automations in their account opening process, particularly for ID verification.

As a result, new users on the platform can expect easier and quicker onboarding processes.

4. Over 100+ free ETFs

On a select group of ETFs, Qtrade offers a no-fee structure.

For long-term investors in the Canadian and American markets, this is a particularly attractive feature.

5. Strong customer service

The platform’s customer service is recognized for its speed and efficiency in resolving issues.

Cons

1. Administrative fees

There is an administration fee of $25 per quarter charged.

If you hold $25,000 or more or make a minimum amount of commissionable trades, this fee can be waived.

The brokerage platform also charges $100 if the account is closed within the first year.

2. Not as cost-effective as other discount trading platforms

As evidenced from the pricing structure above, Qtrade is not as cheap to actively trade on.

If you are looking for the most cost-effective option, there are better alternatives on the market than Qtrade.

Verdict

Qtrade is a fantastic platform that transcends across users with varying levels of expertise.

However, given its pricing structure, the platform is best for people taking on a more longer-term view to investments rather than actively day trading.

Best Trading Platform for Beginners: Scotia iTrade

Scotia iTrade is the online brokerage platform of the Bank of Nova Scotia – a member of Canada’s ‘Big Six’ banks.

Within the platform, users have access to equities, mutual funds, ETFs (both commission-free and paid), options, GICs, and bonds.

Fees

Stocks, ETFs and Options:

*All prices are for orders placed online.

For orders placed with a telephone representative, a $65 incremental fee is charged

Mutual Funds:

$9.99 for orders placed online with a $65 fee for orders placed with a telephone representative.

Fixed Income:

$1 per $1000 face value for orders placed online with a $65 fee for orders placed with a telephone representative.

Pros

1. Excellent research and training tools

The platform offers a wide range of educational material, webinars and resources that can be used by beginners and expert investors to navigate the intricacies of trading.

Users can obtain these learnings directly on the platform while simultaneously applying their knowledge through practice accounts that offer virtual trading capabilities.

In this way, beginner investors can learn the ropes on a fictional portfolio before investing their own money.

2. Trusted platform

Scotiabank is one of the nation’s largest banks trusted by millions of Canadians for their day-to-day financial and investment needs.

3. Commission-free ETFs

For long-term investors that prefer to park their money in ETFs, the Scotia iTrade platform offers a wide selection of commission-free ETFs.

This is particularly attractive for investors betting on long-term growth in the Canadian and US markets.

4. Strong desktop platform

The Scotia iTrade platform has a high-quality desktop experience underpinned by its trading capabilities, research tools, and other training materials.

Cons

1. Higher fees

While it is typical for bank-owned brokerage platforms to charge higher fees, the Scotia iTrade platform is on the higher end even compared to other banks.

As such, day traders who actively trade intraday may not find this platform to suit their needs.

2. Mobile app is not as strong as the desktop app

While most capabilities on the desktop are available on mobile, the interface has been reported to not be as user-friendly as the desktop site.

Verdict

Scotia’s iTrade platform is a good platform best used by novice investors who want to dip their feet into investing.

With a vast range of training materials and practice account features, investors that are new to the game can experiment to find their ideal investing style before placing bets with their own money.

Best Bank Trading Platform: TD Direct Investing

TD Direct Investing is the online brokerage platform of TD Bank – a member of Canada’s ‘Big Six’ banks.

Within the platform, users have access to equities, mutual funds, options, bonds, GICs, and ETFs (both commission-free and paid).

Fees

TD Direct Investing has a two-tiered pricing structure.

To qualify as an ‘Active Trader’, you need to make over 150 trades per quarter.

Pros

1. Commission-free mutual funds

TD offers a large selection of mutual funds that can be bought and sold on a commission-free basis.

This is particularly useful for longer-term investors.

2. Research reports from TD analysts

Similar to other bank-owned brokerage platforms, TD Direct Investing offers its users access to professional research reports from its team of analysts.

This is a value-add feature for investors seeking new trading ideas and/or validation of existing trade ideas.

3. Educational resources available on-demand

TD Direct Investing also provides access to education and training materials to beginners to help them find their feet as an investor before deploying their own capital.

4. Advanced trading tools

The investing platform is reputed by investors to be feature-packed with many advanced capabilities that make it a solid option for even experienced investors, especially their thinkorswim offering.

5. Good mobile app

For investors on the go, the mobile app offers great visibility and trading capabilities.

Cons

1. Higher fees

Similar to other bank brokerages, TD’s fee structure is slightly on the higher end.

For investors looking for low-cost options, the TD’s EasyTrade platform may be an option.

2. Administrative fee

There is a $25 fee charged per quarter if you hold $15,000 or less in your account.

As such, students and other users just starting out their investment journey with TD Direct Investing may have to pay extra for access to the platform.

Verdict

The TD Direct Investing brokerage is best for existing clients of TD who are looking for a reliable, high-quality investment platform.

Best Day Trading Platform: Questrade

Questrade is one of Canada’s most popular brokerage platforms with a reputation as a lower-cost alternative for online investors.

Currently holding over $30 billion in assets under administration, Questrade sees over 250,000 Canadians opening new accounts each year on the platform.

On Questrade, users have access to asset classes including equities (both North American and international), ETFs, options, FX, CFDs, mutual funds, bonds, GICs, and commodities.

Fees

Questrade offers low-cost options including:

Stocks: 1 cent per share (minimum $4.95 and maximum $9.95)
ETFs: Free
Options: $9.95 + $1 per contract
FX: Spreads as low as 0.08 pips
CFDs: Spreads as low as 0.08 pips
Mutual Funds: $9.95 per trade
International Equities: 1% of trade value
Commodities: $19.95 USD per trade

Pros

1. Low trading costs

Questrade offers amongst the lowest trading costs relative to the scope of asset classes it offers.

While there are other platforms such as Wealthsimple that offer no-commission trading, they do not have the same breadth of investment options as Questrade.

2. Easy account opening process

The account opening process is 100% paperless and users can start trading within 24 hours.

3. Free ETF trading

ETFs traded on the platform are commission-free.

4. International equity trading capabilities

For investors seeking to invest in global equity markets, Questrade offers the ability to do so unlike many other online brokerages.

Cons

1. Lack of research tools

For investors seeking to perform in-depth analysis on a stock before investing, Questrade does not have the same depth of educational resources or tools as some of the other brokerages aforementioned.

2. Mobile app is not as smooth as desktop

The Questrade mobile app is still undergoing improvements, and reviews on both the AppStore and Google Play Store have been mixed to date.

Verdict

The Questrade platform is best for day traders with interests in a wide range of asset classes outside conventional equities such as FX, options and commodities.

Best free/low commission trading platform: Wealthsimple

Wealthsimple is Canada’s fastest-growing investment platform with over C$15 billion in assets under management.

The brokerage was the first in Canada to offer commission-free stock and ETF trading, and had over 1.7 million clients as of 2022.

On the platform, users are able to trade stocks, ETFs, options and select cryptocurrencies.

Fees

Wealthsimple offers low-cost options including:

• Stocks: Commission-free on Canadian stocks; 1.5% exchange rate on US stocks
• ETFs: Commission-free on Canadian ETFs, 1.5% exchange rate on US ETFs
• Options: $2 per contract flat fee

Pros

1. Commission-free trading

Wealthsimple offers commission-free trading on stocks and ETFs, making it a highly attractive option for beginners and people who do not require sophisticated investment tools.

Users can trade both Canadian and US securities, with only a 1.5% exchange rate on US securities.

A Plus account for $10 per month allows you to keep funds in USD to avoid the constant exchanging between CAD/USD.

2. Fractional shares

The platform allows for part ownership of shares and ETFs which can be useful for investors with smaller amounts of capital.

3. User-friendly interface

The Wealthsimple platform is designed for simplicity and convenience rather than advanced trading tools and capabilities.

With a logical user flow, the app is ideal for users just getting into the investment game.

4. Wealthsimple Tax

The brokerage platform is connected directly to its tax filing offering, enabling investors to easily populate their investment activities into their taxes.

Cons

1. Lack of research tools

For investors seeking to perform in-depth analysis on a stock before investing, Wealthsimple does not have the same depth of educational resources or tools as some of the other brokerages aforementioned.

2. Delayed quotes

Wealthsimple has a 15-minute lag on their price quotes.

For investors that value real-time quotes, this is therefore not the ideal option.

Verdict

As a platform, Wealthsimple offers a leading interface for users, and is best for investors looking for cost-effective trading, who do not require advanced trading capabilities.

Key Criteria to Consider When Choosing a Trading Platform

Remember that not all trading platforms are built equal.

A platform that works for one may not work for another.

Prior to choosing a trading platform, here are the main considerations you need to make:

• Interface: Select a user interface and style you are comfortable with. For example, while Interactive Brokers has some truly advanced tools, they wouldn’t be helpful if you are just starting out your trading journey.
• Fee structures that align well with your trading style
• Accurate and quick trade execution capabilities
• Resources and tools provided to users on the platform (portfolio management, monitoring, and screening tools, educational resources, research reports)
• Strong infrastructure and investor protection against the brokerage going insolvent

Promotional items or discounts for joining or for particular user characteristics (for example, students may often get fees waived)

Frequently Asked Questions