When I first started investing, I opened an account at my bank because I didn’t know there were other options. It didn’t even occur to me that you could invest somewhere other than where you banked. I’ve since moved through a few different platforms, and each time I learned something I wish I’d known from the start.

Choosing a brokerage feels high-stakes but doesn’t need to be. It’s not a permanent decision. You can switch later. But picking a good one from the start saves you real money and a lot of headaches, so it’s worth spending 10 minutes understanding what actually matters.

The Canadian brokerage space has changed dramatically in the past few years. Fees have dropped. Apps have gotten better. And for DIY investors, the gap between the big bank brokerages and the independent online platforms keeps widening. This space moves fast, so features and pricing can change any time. This isn’t a recommendation for any specific platform. Just what I think is worth knowing as of when this was last updated.

The two categories

Canadian brokerages generally fall into two camps:

Big bank brokerages (TD Direct Investing, RBC Direct Investing, BMO InvestorLine, Scotia iTRADE, CIBC Investor’s Edge). These are the investment arms of the banks you probably already use. They integrate with your existing banking, offer branch support, and tend to have deeper research tools. The downside: higher fees, clunkier interfaces, and minimum balance requirements that can feel punishing for new investors.

Independent online brokerages (Questrade, Wealthsimple, Interactive Brokers). These were built for self-directed investors. Lower fees, better mobile apps, and generally more modern experiences. The trade-off: no physical branches, and customer service varies.

What actually matters

Here’s what to focus on when comparing, roughly in order of importance for most Canadian investors:

Trading commissions

This used to be the big differentiator. Some brokerages charged $9.99 per trade. That adds up fast if you’re investing small amounts every two weeks.

Today, the major online platforms have moved to commission-free trading. Both Wealthsimple and Questrade now offer commission-free trades on stocks and ETFs. Big bank brokerages still tend to charge for trades, though some have been reducing fees. For a deeper look at the two most popular online options, see the Wealthsimple vs Questrade comparison.

If you’re mostly buying ETFs, commission-free ETF purchases should be a non-negotiable. Fees in general are worth understanding before you pick a platform.

Account fees

Some brokerages charge quarterly or annual fees if your account is below a certain balance. TD Direct Investing, for example, charges $25/quarter if your account is under $15,000. That’s $100 a year just for the privilege of having a small account.

Online brokerages like Questrade and Wealthsimple don’t have account minimums or maintenance fees. If you’re starting with a smaller amount, this difference really matters.

Currency conversion (the hidden fee)

This is the one almost nobody talks about, and it can cost you far more than trading commissions. If you want to buy U.S.-listed stocks or ETFs, your Canadian dollars need to be converted. Most brokerages charge a spread of 1.5% to 2.5% on the exchange, which means you’re losing $15 to $25 on every $1,000 converted.

Some brokerages support Norbert’s Gambit, a technique that lets you convert currency at much lower cost by buying and selling an interlisted stock. Questrade and the big bank brokerages generally support this. Wealthsimple added USD accounts but still charges a conversion fee.

If you plan to invest in U.S. stocks or ETFs, this is one of the biggest cost differences between platforms.

Account types

Any serious brokerage should offer TFSA, RRSP, FHSA, RESP, and non-registered accounts. Most do. Check that the specific account types you need are available, especially newer ones like the FHSA.

The app and experience

This sounds superficial, but it matters more than you think. If your brokerage app is confusing or outdated, you’re less likely to log in, less likely to stay on top of your investments, and more likely to make mistakes.

Wealthsimple has the cleanest interface in Canada. Questrade’s has improved but still feels more utilitarian. Big bank platforms are functional but often feel like they were designed in 2012.

A quick comparison

These are my personal observations from using or researching these platforms over the years. They’re not endorsements. Do your own homework, and what matters most will depend on your situation.

Platform	Stands out for	Watch out for
Wealthsimple	Simplicity, commission-free everything, no minimums, clean app	Limited research tools, currency conversion fees on U.S. trades
Questrade	Low fees, free ETF buys, Norbert’s Gambit, wide account selection	Steeper learning curve, charges to sell ETFs or buy stocks
Interactive Brokers	Lowest fees overall, great for U.S. trading	Intimidating interface, geared toward experienced investors
Big bank brokerages	Branch support, integrated with your banking	Higher fees, account minimums, older interfaces

You can always switch

I started at a big bank, moved to Tangerine for their mutual funds, then eventually switched to a discount brokerage for ETFs. Each move taught me something. The most important thing is to pick one and start. You can always transfer your accounts later (most brokerages will even cover the transfer fee to win your business). Don’t let the comparison process become an excuse to delay investing.

No matter which brokerage you pick, your money stays there. Greenline just sits on top and brings everything into one view. The dashboard your brokerage probably doesn’t give you.

Brokerage comparison: what to look for in Canada