Investing

TOP 10 online brokers in Canada 2022: a complete guide

Whether you are just starting to invest or you are an experienced trader, we can help you find the best online broker. So, keep reading to see our list of Canada's top online brokers!

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by Victória Lourenço

Published on 12/29/2021

Looking for the best online brokers to start investing easily? Check it out!

Read our list of Canada's top online brokers! Source: Unsplash
Read our list of Canada’s top online brokers! Source: Unsplash

The best time to start investing is now. With the right broker, you can save a lot of money and have your investments grow faster. However, choosing a broker can be tricky sometimes. But we can help you with information about some of the best online brokers in Canada. So, this post will help you find one that suits your investment needs and budget. So, keep reading to know which are Canada’s top online brokers!

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What is an online broker?

Find out what an online broker is! Source: Unsplash
Find out what an online broker is! Source: Unsplash

An online broker works just like a regular broker but often in an easier way. Online brokers allow you to open brokerage accounts to invest in the stock market. Moreover, if you don’t have an online brokerage account, you can’t trade in the online stock market. So, online brokers are like facilitators for you to buy and sell investment options. And even though many online brokers charge commission fees, many don’t and still have excellent deals.

Top 10 online brokers to invest in Canada: there´s always one for you!

Check out our list of the top ten online brokers in Canada! Source: Unsplash
Check out our list of the top ten online brokers in Canada! Source: Unsplash

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1. Wealthsimple Trade

Wealthsimple Trade is an excellent online broker for those just starting in the investment world. With this online broker, you can buy and sell stocks and ETFs with no commission fees. Moreover, you can even trade some cryptocurrencies, such as ethereum. Also, you can invest in TFSAs, RRSPs, and non-registered accounts.

Trading fees$0 for stocks and ETFs.
Account minimumThere is no account minimum.
Promotion1 free stock.
Get a bonus of up to $25 when investing $100.
Investment choicesStocks, ETFs, and some cryptocurrency.
logo de Wealthsimple Trade como um cadeado de ouro

How to join Wealthsimple Trade?

Wealthsimple Trade is a self-directed investment account with a great mobile app and free commission fees. Learn how to join it today!

2. Questrade

This online broker can be excellent for those looking for low commission fees. Also, there is no annual fee or fees for ETFs. Moreover, if you are a more experienced active trader, you can access several data to improve your investments. However, some of these advanced plans come with some monthly fees. But the advantages can make it worth the fees.

Trading feesStocks: 1¢ per share (minimum $4.95 and maximum $9.95).
No commission fees for ETFs.
Options: $9.95 (+$1 per contract).
Account minimumThere is a minimum deposit of $1,000.
PromotionIf you open your account with at least a $1,000 balance, you will get $50 in trades.
Investment choicesStocks, ETFs, Options, FX, IPOs, CFDs, mutual funds, bonds, GICs, international equities, and more.

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3. Qtrade

Qtrade is one of the best online brokers in Canada, and it can be excellent for beginners and experienced traders. Also, this trading platform offers a good selection of ETFs and with no commissions. Moreover, the platform’s interface is user-friendly, and you can easily find good education research.

Trading feesStocks: $8.75 per trade.
ETFs: $8.75 per trade (some of them are free).
Options: $8.75 (+ $1.25 per contract).
Mutual funds: no fees.

However, active traders have discounts on these fees.
Account minimumNo account minimum.
PromotionYou can get up to $2,000 cashback.
Investment choicesStocks, ETFs, Options, mutual funds, and more.

4. TD Direct Investing

Even though this online broker has some relatively high fees, it can be worth considering. Also, this online broker has relatively high fees because it focuses on offering the best services to its clients. So, if you want a high-end trading platform, TD Direct Investing can be for you.

Trading feesEquities: from $7 to $9.99.
Mutual funds: $0.
Options: from $7 to $9.99 (plus $1.25 per contract).
Account minimumThere is no account minimum.
PromotionUp to $2,100 (conditions apply, limited promotion, see terms).
Investment choicesCanadian and U.S. stocks, options, ETFs, mutual funds, fixed income, IPOs and New Issues, term deposits, precious metal certificates.
logo de TD Direct Investing

How to join TD Direct Investing?

TD Direct Investing features many investment choices and accounts, educational portal, and platforms. Check out how to join it now!

5. CIBC Investor’s Edge

If you are looking for an online broker that can give you low commissions as a new trader, CIBC Investor’s Edge may be for you. Moreover, this online broker has a user-friendly interface. Also, you can find many excellent research tools in it, such as real-time market data and watch lists.

Trading feesETFs: $6.95.
Stocks: $4.95 to $6.95.
Options: $4.95 to $6.95 (+$1.25/contract).
Account minimumThere is no account minimum.
PromotionYou can get up to $2,000 in cash back, depending on how much you transfer to your account.
Investment choicesStocks, options, mutual funds, bonds, ETFs.

6. Virtual Brokers

This is a very well-known online broker in Canada. It offers many investment options and good features. Moreover, this online broker is suitable for both beginner and experienced traders. However, you will need to deposit $1,000 to start trading through this platform.

Trading feesEquities: min $1.99 per trade and max of $7.99 per trade.
ETFs: free.
Options: $7.99.
Mutual funds: free.

Active traders can have access to lower trading fees.
Account minimumThere is a minimum deposit of $1,000.
PromotionN/A.
Investment choicesEquities, ETFs, options, mutual funds, and more.

7. BMO InvestorLine Self-Directed

BMO InvestorLine Self-Directed is an online broker that offers excellent research tools to beginners and more experienced traders. In addition, its platform can be better for investors who like to be more independent in their investments. Also, you can have a $9.95 flat-fee charge for stocks and ETFs. Moreover, the mobile app is straightforward and good for beginners.

Trading feesStocks and ETFs: $9.95 flat-fee charge (some ETFs are free).
Options: $9.95 + $1.25 per contract.
Gold and silver: $35 + $1 per ounce.
Mutual funds: $0.
Account minimumThere is no minimum account balance required.
PromotionN/A.
Investment choicesStocks, ETFs, options, gold, silver, mutual funds, and more.

8. National Bank Direct Brokerage

National Bank Direct Brokerage is an online broker that is starting to grow into one of Canada’s best online brokers. Also, this broker does not charge commissions for stocks and ETFs. Moreover, you can open your account and become a self-directed investor commission-free.

Trading feesStocks and ETFs: $0.
Options: $0 + $1.25 per contract.
Debentures: $0 commission.
Account minimumThere is no minimum account balance required.
PromotionN/A.
Investment choicesStocks, ETFs, options, debentures, and more.

9. RBC Direct

This broker offers excellent educational resources and other investment tools. Moreover, you can get access to quick and good customer service. However, the mobile app still needs to improve more.

Trading feesFrom $ 6.95 to $9.95.
Account minimumThere is no account minimum.
PromotionN/A.
Investment choicesStocks, ETFs, funds, bonds, options, and more.

10. Scotia iTRADE

Scotia iTRADE can be an excellent online broker option for traders who want good educational resources. Moreover, this broker does not charge fees for purchasing and selling mutual funds. However, there is a $25 account maintenance fee, which is waived in the first six months from your account opening.

Trading feesEquities:
if you make 150+ trades per quarter, there is a fee of $4.99.
If you make less than 150 trades per quarter, there is a fee of $9.99.

Options:
if you make 150+ trades per quarter, there is a fee of $4.99 (+$1.25 per contract).
If you make less than 150 trades per quarter, there is a fee of $9.99 (+$1.25 per contract).

Mutual funds:
no fees.
Account minimumThere is no account minimum.
PromotionThere is no promotion currently available.
Investment choicesStocks, equities, options, mutual funds, and more.

Before you choose the best online broker for you, you can do some more research about how to invest in Canada. So, check out our post below with a guide to start investing in Canada!

bandeira do Canada com um céu azul ao fundo

Investing in Canada: a guide for starting!

Canada is a great country with lots of opportunities for those who want to invest. So, read more to know how to start investing in Canada!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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