Brokerage comparison: what to look for in Canada

Short answer: Canadian brokerages split into big-bank platforms (TD, RBC, BMO, CIBC, Scotia, National Bank) and independents (Wealthsimple, Questrade, Interactive Brokers). For most DIY investors, the independents have lower fees and better apps. The big banks add value if you want branch support or already use them for banking.

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 one rarely gets discussed, and it can cost 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.

Minimum deposit requirements for major Canadian brokers

Account minimums have come down a lot in the last few years. Here’s where things stand roughly, as of when this was last updated. Check each brokerage directly before opening an account.

Account minimums and low-balance fees

Brokerage	Account minimum	Low-balance fee
Wealthsimple	$0	None
Questrade	$0 to open, $1,000 to start trading	None
Interactive Brokers Canada	$0	None
National Bank Direct Brokerage	$0	Annual admin fee waived for balances over $20,000 or with regular activity
TD Direct Investing	$0	$25 per quarter if account under $15,000 (waivers apply)
RBC Direct Investing	$0	$25 per quarter if household under $15,000 (waivers apply)
BMO InvestorLine	$0	$25 per quarter if household under $15,000 (waivers apply)
CIBC Investor’s Edge	$0	$100 per year if below $10,000 (Young Investor waiver available)
Scotia iTRADE	$0	$25 per quarter if under $10,000 (waivers apply)

If you’re starting small, a brokerage with no low-balance fee (Wealthsimple, Questrade, Interactive Brokers, National Bank) will save you real money in year one.

Common investment account fees at Canadian brokers

A rough comparison of the fees that actually hit most DIY investors. Numbers move, so always double-check on the brokerage’s own page before opening an account.

Trading commissions and FX spreads

Brokerage	Stock trades	ETF buys	ETF sells	FX conversion
Wealthsimple	$0	$0	$0	1.5% (reduced at higher tiers)
Questrade	1 cent per share, $4.95 min, $9.95 max	$0	Same as stocks	About 1.75% unless using Norbert’s Gambit
Interactive Brokers	About 1 cent per share, $1 min	Same as stocks	Same as stocks	Among the lowest in Canada (about 0.02%)
National Bank Direct Brokerage	$0	$0	$0	About 1.5% to 2%
TD Direct Investing	$9.99	$9.99 (some ETFs free)	$9.99	About 1.5% to 2%
RBC Direct Investing	$9.95	$9.95	$9.95	About 1.5% to 2%
BMO InvestorLine	$9.95	$9.95 (some ETFs free)	$9.95	About 1.5% to 2%
CIBC Investor’s Edge	$6.95	$6.95	$6.95	About 1.5% to 2%
Scotia iTRADE	$9.99	$9.99 (some ETFs free)	$9.99	About 1.5% to 2%

Most people overweight trading commissions and underweight FX fees. If you buy U.S.-listed ETFs, the FX spread will cost you more over time than the trade commissions will. Norbert’s Gambit can cut that to almost nothing at the brokerages that support it.

Currency conversion fees, broker by broker

If you buy U.S.-listed stocks or ETFs at a Canadian brokerage, every conversion costs you. The number to look at is the spread on top of the mid-market exchange rate, not the headline rate the broker shows you. Below are rough spreads as of when this article was last updated. Always verify on the broker’s own page before trading.

FX spread and Norbert’s Gambit support

Brokerage	FX spread on CAD-USD	Norbert’s Gambit support
Interactive Brokers	About 0.02%	Yes (and rarely needed because spread is already low)
Questrade	About 1.75%	Yes, supported and well-documented
Wealthsimple	1.5% (lower at higher tiers)	No
National Bank Direct Brokerage	About 1.5% to 2%	Yes
TD Direct Investing	About 1.5% to 2%	Yes
RBC Direct Investing	About 1.5% to 2%	Yes
BMO InvestorLine	About 1.5% to 2%	Yes
CIBC Investor’s Edge	About 1.5% to 2%	Yes
Scotia iTRADE	About 1.5% to 2%	Yes

The math gets ugly fast. On a $10,000 conversion, a 1.5% spread costs you $150. Do that twice (in and out, say to rebalance) and you’re at $300 on a single round trip. Norbert’s Gambit drops that to under $20 at most brokers that support it. Interactive Brokers makes the entire question moot, but its interface is a separate problem.

Platform-by-platform breakdown

Personal observations from using or researching these platforms. Not endorsements. Do your own homework. What matters most depends on your situation, so read the individual deep dives where you want more detail.

Wealthsimple

Best at: simplicity, fully commission-free Canadian and U.S. stock and ETF trading, no minimums, the cleanest app in the country. The right starting point for most new Canadian DIY investors.

Watch out for: 1.5% currency conversion spread on U.S. trades (lower at higher account tiers), no Norbert’s Gambit, lighter research tools than the bank brokerages or Interactive Brokers. If you trade U.S.-listed ETFs frequently and don’t want to use a USD account, the FX cost adds up.

Greenline + Wealthsimple →

Questrade

Best at: low overall fees, free ETF buys, Norbert’s Gambit support, broad account-type selection, mature platform that’s been around since 1999. Strong choice if you trade U.S. stocks regularly and want to avoid currency conversion fees via Norbert’s Gambit.

Watch out for: charges per share to sell ETFs and to buy stocks (1¢ per share, $4.95 minimum), $1,000 minimum to start trading, slightly steeper learning curve than Wealthsimple. The interface is functional but not as polished.

Greenline + Questrade → and the head-to-head Wealthsimple vs Questrade breakdown.

Interactive Brokers Canada

Best at: cheapest currency conversion in Canada (about 0.02%), lowest U.S. trading commissions, the deepest tool set, and access to global markets. Unmatched for active or U.S.-heavy traders.

Watch out for: the interface is built for professionals and feels intimidating. Two-factor authentication and account opening are notoriously fiddly. Customer service is functional but cold. If you just want to buy XEQT once a month, this is overkill.

TD Direct Investing

Best at: branch support, integration with TD banking, deep research and screener tools, broad mutual fund selection. The most “full service” of the big bank platforms.

Watch out for: $9.99 trading commission on stocks and most ETFs (some commission-free ETFs are available), $25 per quarter low-balance fee under $15,000 with waivers for Young Investor and Student status, an interface that feels older than its competitors. Fine if you already bank with TD and want the convenience of one login.

Greenline + TD Direct Investing →

RBC Direct Investing

Best at: branch support, RBC ecosystem integration, decent research tools, household-balance grouping that can waive the low-balance fee if family members have RBC accounts.

Watch out for: $9.95 trading commission, same $25 quarterly low-balance fee structure as TD (waivers apply), older interface, currency conversion in the same 1.5% to 2% range as the rest of the big banks.

Greenline + RBC Direct Investing →

BMO InvestorLine

Best at: BMO banking integration, decent research tools, BMO ETF lineup with commission-free buys and sells on a small set of in-house ETFs (formerly the “Sparx” lineup, now folded into the main InvestorLine offering for some accounts). AdviceDirect adds an advisor layer if you want it.

Watch out for: $9.95 commission on most stock and ETF trades, $25 per quarter low-balance fee under $15,000 with the usual waivers, currency conversion in the 1.5% to 2% range. The platform is functional rather than fast, and the mobile app trails Wealthsimple and Questrade noticeably.

Greenline + BMO InvestorLine →

CIBC Investor’s Edge

Best at: lowest commission of the big banks at $6.95 per trade, decent research tools, integrated with CIBC banking. The Young Investor pricing (under 25) drops the commission further to $5.95 with no annual admin fee.

Watch out for: $100 per year admin fee below $10,000 (Young Investor waiver), older interface, currency conversion in the 1.5% to 2% range, fewer commission-free ETF promotions than its peers.

Greenline + CIBC Investor’s Edge →

Scotia iTRADE

Best at: Scotiabank banking integration, broad selection of commission-free ETFs (about 100 on the iTRADE list), reasonable research tools.

Watch out for: $9.99 commission on most trades, $25 per quarter low-balance fee under $10,000 with waivers, dated interface. Less differentiated on price or experience than Wealthsimple or Questrade, but a reasonable choice if you already bank with Scotia.

National Bank Direct Brokerage

Best at: zero-commission Canadian and U.S. stock and ETF trading (the only big bank brokerage with full commission-free trading), no low-balance fee with regular activity or balances over $20,000, Norbert’s Gambit support.

Watch out for: smaller research tool set than its big-bank peers, French-first design legacy that occasionally surfaces, less flashy mobile app. The fee structure is genuinely competitive with the independents, which makes this a quietly strong option that gets overlooked.

Greenline + National Bank Direct Brokerage →

Frequently asked questions

Is Questrade better than Wealthsimple?

It depends on what you’re optimizing for. Wealthsimple has the cleaner app, fully commission-free trades on stocks and ETFs, and no minimums. Questrade has lower-cost USD accounts and Norbert’s Gambit support, which matters if you trade U.S.-listed securities frequently. Wealthsimple is easier for most beginners. Questrade tends to be cheaper for active U.S. traders. Neither is universally better.

What’s the difference between Wealthsimple and Questrade for self-directed investing?

Both offer commission-free Canadian stock and ETF trading, registered accounts (TFSA, RRSP, FHSA, RESP), and no account minimums. The main differences are FX costs (Questrade has Norbert’s Gambit, Wealthsimple does not), USD account handling, research tools (Questrade has more), and app quality (Wealthsimple’s is cleaner). For ETF buy-and-hold investors using Canadian-listed funds, the differences are small.

Questrade vs BMO InvestorLine: which one should I pick?

Different audiences. Questrade is an independent online broker with $0 ETF buys, 1¢ per share on stock trades ($4.95 minimum), Norbert’s Gambit support, and no low-balance fee. BMO InvestorLine is a big-bank platform with $9.95 stock and ETF commissions, a small list of commission-free in-house ETFs, $25 per quarter under $15,000, and integration with BMO banking. For pure DIY cost, Questrade wins. For people who already bank with BMO and want one login plus branch support, InvestorLine makes sense. If you’re choosing your first brokerage and BMO banking isn’t a factor, Questrade is the lower-cost default.

Which Canadian online brokerage has the lowest fees?

For Canadian-listed stocks and ETFs, Wealthsimple, Questrade (ETF buys), Interactive Brokers, and National Bank Direct Brokerage all offer commission-free trades. For U.S.-listed securities and currency conversion, Interactive Brokers tends to be the cheapest by a wide margin, with FX spreads near 0.02% versus 1.5% to 2.5% at most other Canadian brokerages.

Which Canadian brokerage is best for ETF investing?

Most major brokerages now offer commission-free ETF buys. Wealthsimple, Questrade, Interactive Brokers, and National Bank Direct Brokerage are all reasonable choices for Canadian ETF investors. The bigger cost differences come from FX conversion (if you buy U.S.-listed ETFs), low-balance fees (which the big banks still charge), and account minimums. Buying Canadian-listed all-in-one ETFs at any commission-free platform is functionally equivalent.

Do Canadian banks charge inactivity fees on brokerage accounts?

Some do. TD Direct Investing, RBC Direct Investing, BMO InvestorLine, and Scotia iTRADE charge $25 per quarter if your account is below $15,000 (with various waivers, like Young Investor or Student exemptions, and household-balance grouping). CIBC Investor’s Edge charges $100 per year below $10,000. Wealthsimple, Questrade, Interactive Brokers, and National Bank Direct Brokerage have no low-balance fees.

Can I have accounts at multiple Canadian brokerages?

Yes. There’s no rule against opening accounts at multiple brokerages. Many Canadian DIY investors hold a TFSA at one platform and an RRSP at another, or split assets across providers for redundancy. The trade-off is more complexity at tax time and the need to consolidate views to see your full portfolio. That’s where Greenline fits.

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, Greenline sits on top and brings all your accounts into one view.