Stock Brokers For
Canadians
The Best Canadian Brokerage Firms of 2026
Canadian Brokerage Firms
Canadians do more than brave winter and enjoy summer. They are hard working, as well as savvy people. And that savviness extends to which brokerage firms they use to maximize their gains. In Canada, brokers come in all different shapes and forms. From discount firms to the platforms offered by the big banks (TD, BMO, Scotiabank), they all have their benefits and flaws. However, that does not mean that Canadian citizens are limited in comparison to their American or European counterparts. Canadian traders have access to the TSX, as well as the NYSE and NASDAQ, which is something not all traders have the privilege to do.
The Canadian online brokerage landscape has undergone its most significant shake-up in recent memory, driven primarily by the rapid spread of commission-free trading. As of now, both Qtrade Direct Investing and Questrade have eliminated commissions on stock and ETF trades entirely, putting enormous pressure on bank-owned brokers that still charge legacy per-trade fees. All Canadian online brokerages must be licensed by the Canadian Investment Regulatory Organization (CIRO), which replaced the former IIROC and MFDA regulators and now serves as the primary self-regulatory body overseeing investment dealers, mutual fund dealers, and trading activity on Canadian exchanges. Investors also benefit from Canadian Investor Protection Fund (CIPF) coverage of up to $1 million per account category against broker insolvency.
When it comes to the cream of the crop, the field has evolved considerably. Multiple independent sources — including Surviscor, StockBrokers.com, and Million Dollar Journey — now rank Qtrade Direct Investing as the #1 Canadian online broker for fees and overall experience, followed closely by Questrade and TD Direct Investing. Let’s take a closer look at these leading players, what separates them from the rest, and which one delivers the best overall value for Canadian investors today.
(3) TD Direct Investing
The brokerage arm of TD Canada Trust, TD Direct Investing sits third in our current rankings. As a bank-owned brokerage, TD Direct is still one of the most established online brokerages in Canada, offering multiple account types and a web-based platform that serves both active day-traders and long-term investors. Notably, TD Direct Investing earned recognition from the Globe and Mail’s 2025 Digital Brokerage Ranking for its early adoption of fractional shares trading, which remains a meaningful advantage for investors who want to build diversified portfolios without committing to full share prices.
Pros
- Base Price: TD Direct Investing charges a flat commission of $9.99 per trade with no trading minimum or minimum deposit required to qualify for this pricing. Check the provider’s website for current pricing updates as the commission-free trend intensifies across Canada.
- Useful for Active Traders: Investors who trade 150 times or more per quarter receive a discounted rate of $7 per trade, rewarding higher-volume activity with meaningful cost savings.
- Accounts: TD Direct takes full advantage of being part of TD Canada Trust and offers TFSAs, RDSPs, RRSPs, and RESPs, covering the full range of registered accounts Canadian investors need.
- Fractional Shares: TD Direct Investing was among the first Canadian brokers to roll out fractional shares trading, earning top marks from the Globe and Mail’s 2025 Digital Brokerage Ranking — a practical benefit for investors who want exposure to high-priced stocks with smaller capital amounts.
- Platform: TD Direct offers multiple trading platforms depending on what type of trader you want to be, from a straightforward web platform to the more advanced TD advanced dashboard for active traders.
- Pricing: A flat fee is a significant benefit for traders unless a trader wants to dwell in options trading. At that point, the prices increase to $11.24 per contract or $8.25 for active traders.
- Hidden Fees: Clients under $15,000 will be charged a $25 fee quarterly.
- Limiting Accounts: RRSP comes in two types, and not having both will limit the type of equities a trader can hold.
- Outdated Platform: While the tools provided by the online platform are fantastic, they are also behind the curve when it comes to ease-of-use for ordinary people.
- Not So Great Customer Service: This one is self-explanatory.
- No USD Account: TD does not offer a USD account from which traders can invest in equities or commodities.
(2) RBC Direct Investing
The Royal Bank of Canada is one of the biggest banks in Canada, and RBC Direct Investing remains a recognizable name in the online brokerage space. However, as of now, RBC Direct Investing still charges $9.95 per trade with no commission-free ETF program — making it increasingly difficult to justify when independent competitors like Questrade, Qtrade Direct Investing, and NBDB offer $0 ETF trades. According to WealthNorth, RBC is currently ranked sixth by Surviscor among Canadian online brokers. Its main strengths lie in seamless integration with RBC banking products and a broad range of registered account types. But for cost-conscious investors, the pricing gap is hard to ignore.
Pros
- Price: RBC Direct Investing’s standard commission is $9.95 per trade regardless of account size. Traders who complete 150 or more trades per quarter (called “very active traders” by RBC) see a reduced rate of $6.95 per trade. Options trading is subject to separate pricing — check the provider’s website for current rates.
- Accounts: RBC Direct benefits from the backing of a major Canadian banking institution, offering TFSAs, RRSPs, RESPs, and RRIFs — covering all major registered account types Canadian investors rely on.
- Dual Currency: Unlike many competitors, RBC offers dual currency accounts across most of its account types (excluding RESPs), which is a genuine advantage for investors who trade US-listed securities and want to avoid unnecessary currency conversion fees.
- Practice Account: New investors can learn about trading without financial risk using RBC’s practice account, which comes loaded with $100,000 in virtual funds — a helpful feature for Canadians who are just starting their investing journey.
Cons
- Legacy Pricing: At $9.95 per trade with no commission-free ETF offering, RBC Direct Investing is at a significant disadvantage compared to Qtrade and Questrade, both of which now offer $0 commissions on stocks and ETFs.
- Price: $9.95 per trade is only $0.04 cheaper than TD, which is still a stiff price to pay per trade. Moreover, there is different pricing for commodities trading which is $11.2 per contract or $8.2 per contract for very active traders.
- Accounts: Registered accounts cannot use margins or shorts when trading stocks. Additionally, options trading is also restricted when using registered accounts.
- Hidden Fees: Those with amounts lower than $15,000 are charged a quarterly fee, which can be waived by depositing $100 or more per month into an RBC Direct Investing account.
- Platform: Even though RBC Direct is one of the best brokerages in Canada, their platform is a tad lacking. The web browser platform is reasonably standard and straightforward. But to make an order a long series of steps are needed, which makes the process quite cumbersome.
- Charting: Sticking with the trading platform there are no proper charting features. So advance traders will be handicapped by using this platform.
(1) Questrade
Established in 1999, Questrade is one of Canada’s most innovative and fastest-growing independent online brokerages. As of February 2025, Questrade moved to $0 commission trading for Canadian and US stocks and ETFs — eliminating its previous $4.95–$9.95 per-trade fee structure entirely. Today, Questrade manages approximately $85 billion in assets, up dramatically from just $9 billion in 2019. The firm has also launched Questrade Pro, a browser-based advanced platform featuring AI-powered analysis tools and expanded options-trading capabilities, rolled out fractional shares, and secured a Canadian bank licence with plans to operate as ‘Questbank’ in the near future. For MoneySense and Surviscor, Questrade ranked #1 as the best overall online broker in Canada for 2025 — three years running.
Pros
- Commission-Free Trading: As of February 2025, Questrade eliminated all trading commissions on Canadian and US stocks and ETFs — meaning there is no minimum trade cost and no maximum cap to worry about. This is a massive improvement over the previous $4.95–$9.95 per-trade structure and puts Questrade on equal footing with the best commission-free brokers in Canada.
- Fractional Shares: Questrade now offers fractional shares, allowing investors to buy a slice of high-priced stocks like Amazon or Shopify without needing to purchase a full share. This opens up diversified investing to Canadians at any account size.
- Questrade Pro Platform: The newly launched Questrade Pro is a browser-based advanced trading platform featuring improved charting, AI-powered analysis tools, and expanded options-trading capabilities — a significant upgrade for active traders who want institutional-grade tools without paying extra.
- 14 New Investment Tools: Questrade has rolled out 14 new investment tools including custom indexing and automatic portfolio rebalancing, giving self-directed investors more control and flexibility over their portfolios than ever before.
- Canadian Bank Licence: Questrade secured final regulatory approval for a Canadian bank licence and plans to begin operating under the name ‘Questbank.’ This is a landmark development that will enable Questrade to offer an even broader suite of financial products to Canadian clients.
- Physical Gold Access: Questrade now offers access to physical gold as an investment option, broadening the asset classes available to self-directed investors beyond traditional stocks, ETFs, and options.
- Student Friendly: Traders under 25 are exempt from many of the extra fees that other users might incur, making Questrade one of the most accessible platforms for young Canadian investors just getting started.
- Platform Choice: Traders can choose between the desktop, web, or mobile platforms, all offered at no extra cost. The platforms are custom-built and maintained by Questrade to guarantee fast response times and strong usability across devices.
- Mobile App: Questrade’s mobile app allows traders to manage portfolios and self-directed accounts with ease. Questrade currently offers two mobile trading apps — the original version, which supports options trading, and the newer redesigned version, which offers a more streamlined experience for everyday investing. Newer users should note that options trading currently requires the original app.
- Assets Under Management: Questrade manages approximately $85 billion in assets as of late 2025 — up from just $9 billion in 2019 — reflecting the extraordinary trust Canadian investors have placed in the platform over the past several years.
- Fees: There are no hidden fees, but there are some extra charges that must be paid. ENC or Exchange fees per trade and a $24.95 quarterly fee for inactive accounts that are under $5,000.
- Options Prices: Options are a tad steep, with $10.95 per contract or $7.70 per contract for active traders.
- Accounts: Traders cannot open RRIFs, but in return, the brokerage firm offers TFSAs, RRSPs, RESPs, and Margin Forex and CDFs accounts.
- Platform: As of this writing, the platform has been prone to crash. But, the problem is already being addressed by Questrade. Therefore, it should not have any long-term effect on trading.
The final weigh-in
Canadian investors have never had more options when it comes to choosing an online stock broker. The commission-free revolution has fundamentally reshaped the landscape, with both Qtrade Direct Investing and Questrade now offering $0 trades on stocks and ETFs. Based on current independent rankings from Surviscor, StockBrokers.com, and Million Dollar Journey, Qtrade Direct Investing holds the #1 overall spot for fees and experience in 2026 — a dramatic rise from eighth place in 2025. Questrade remains a top-tier choice, particularly for investors who value an evolving platform, advanced tools, and a growing suite of financial products. For cost-conscious Canadians, the independent discount brokers now clearly outpace the bank-owned alternatives.
According to Surviscor’s most recent rankings, the biggest development in Canadian online brokerage is Qtrade Direct Investing claiming the #1 spot after a dramatic jump from eighth place — the most significant shake-up in recent memory. Questrade follows in second, and TD Direct Investing in third. For three consecutive years (up to and including 2025), Questrade had held the top overall ranking from MoneySense and Surviscor, underlining just how competitive the independent broker space has become. Meanwhile, RBC Direct Investing — once considered a strong second-tier option — is now ranked sixth by Surviscor, weighed down by its $9.95 per-trade fee structure and the absence of a commission-free ETF program.
Regardless of what any review article says, what matters most is what actual users experience on these platforms. Based on current online reviews and independent assessments, the weaknesses of TD Direct and RBC Direct — namely higher costs, slower innovation, and less flexible pricing — are precisely the strengths at the heart of Questrade and Qtrade. Chief among those strengths: commission-free trading, no annual account fees, fractional shares, AI-powered tools (via Questrade Pro), and consistently strong customer support ratings.
It is also important to note the regulatory and investor protection framework that governs all Canadian online brokerages. All platforms must be licensed by the Canadian Investment Regulatory Organization (CIRO), which now serves as Canada’s primary self-regulatory body following the amalgamation of IIROC and MFDA. Additionally, the Canadian Investor Protection Fund (CIPF) protects investors’ assets against broker insolvency with coverage of up to $1 million for general accounts, $1 million for registered retirement accounts, and $1 million for RESPs — providing meaningful peace of mind for Canadian investors at any experience level.
As always, trading and investing carry inherent risk. It is essential to invest only what you can afford to lose and to build a strategy suited to your own financial goals and risk tolerance. If you are looking to start investing and trading stocks, consider opening an account at Questrade or Qtrade Direct Investing — currently the two strongest Canadian brokerage options for investors who want low costs, modern platforms, and a full suite of investment tools.
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