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TRADING PLATFORMS · CANADA

Trading platforms in Canada: a provisional comparison

Ten local cash-share and ETF brokers for Canadian residents. Compare ordinary commissions, currency conversion, registered accounts and holding or exit charges; no measured total-cost winner is established.

Fees checked on each broker's price list on .

Provisional editorial comparison, not a total-cost ranking. These partial scores cover published fees and features. Spread, depth, slippage and effective execution costs have not been measured comparably and are not silently assumed to be zero. Read the execution review and unresolved research before choosing a broker.

Partial scores at a glance

#BrokerPartial scoreCommissions (35%)Currency exchange (15%)ETF offer (25%)Other advantages and costs (25%)
1Interactive Brokers Canada (Pro cash)8.78.58108
2BMO InvestorLine Self-Directed8.51048.59
3Questrade self-directed8.21048.58
4Wealthsimple self-directed (Core CAD)8.110388.5
5Qtrade Direct Investing8.01048.57
6National Bank Direct Brokerage7.51038.55.5
7Desjardins Online Brokerage (Disnat Classic)7.210385
8CIBC Investor's Edge (standard)6.66.538.57
9RBC Direct Investing (Full-Suite)6.45.538.57.5
10TD Direct Investing (standard)5.95.538.55.5

Spreads and execution: the missing part of a fee table

The bid is what you can sell for; the ask is what you can buy for. Their difference is the quoted spread. It varies with the instrument, time, available quantity and market. A low commission does not establish a low total cost. No synchronized executable quotes or comparable fills were collected for these brokers: the table below is a documentary review, not a measured spread league table.

BrokerExecution evidence and limitsComparable realized spread
Interactive Brokers Canada (Pro cash)Schedule distinguishes SmartRouting and direct venues and explicitly separates external fees. Pricing material is not evidence of superior realized fills. No comparative live fills measured.Not measured
BMO InvestorLine Self-DirectedZero commissions in a fee schedule do not measure market spread, routing quality or slippage; numerical execution comparison unavailable. No comparative live fills measured.Not measured
Questrade self-directedBest-execution disclosure describes routing and reviews of foreign intermediaries. Recurring orders are market/best efforts. Direct US routing can cost up to USD 0.004/share under listed exceptions. No comparative live fills measured.Not measured
Wealthsimple self-directed (Core CAD)June 2026 best-execution policy applies. US-only listed securities can generate PFOF; Canadian/interlisted securities excluded in disclosure. A routing conflict is not proof of systematically worse fills. No comparative live fills measured.Not measured
Qtrade Direct InvestingTerms describe multiple marketplaces, best execution and principal FX spread revenue; no fixed security spread disclosed. No comparative live fills measured.Not measured
National Bank Direct BrokerageNBF routing disclosure covers NBDB; pricing page says third-party payments may be part of routing, not sole determinant. No empirical fill advantage assigned. No comparative live fills measured.Not measured
Desjardins Online Brokerage (Disnat Classic)Pricing discloses possible rebates from US intermediaries and FX principal income margin. Neither establishes a fixed ETF execution spread. No comparative live fills measured.Not measured
CIBC Investor's Edge (standard)Conditional free ETF holding period concerns broker commission, not market bid/ask spread. Order-routing policy not audited in detail. No comparative live fills measured.Not measured
RBC Direct Investing (Full-Suite)Page discloses FX spread revenue embedded in conversion rate; security-execution policy and realized slippage not independently audited. No comparative live fills measured.Not measured
TD Direct Investing (standard)FX affiliate surcharge matters; zero-base or limit orders would not eliminate ETF market spread. Detailed order-routing outcomes not compared. No comparative live fills measured.Not measured

When a lower commission costs more

Illustration only, not observed broker prices: for a EUR 1,000 immediate market purchase, route A with a EUR 1 commission and a 0.60% full quoted spread costs approximately EUR 4.00 relative to the midpoint. Route B with a EUR 3 commission and a 0.04% spread costs EUR 3.20. This assumes execution at the ask, enough depth, no market movement, no price improvement, no FX and no other costs. A EUR 1 commission saving is cancelled by a EUR 1 worse same-side execution price on this order (0.10%).

For one side, the illustration uses commission + half the quoted spread × order value + additional slippage beyond that quote + FX + other transaction charges. An immediate round trip at unchanged quotes incurs approximately the full spread. If actual execution shortfall is measured against a reference midpoint, do not add the quoted spread again. A limit order controls the worst acceptable price but may not fill.

A rigorous comparison needs the same ISIN/share class, order size, currency, side, timestamp, market depth, route and order type, including active underlying-market hours. Compare actual fills, rejected or unfilled orders, conversion rates, exchange and settlement fees. Add holding-period custody/subscription fees, transfer/dividend charges and applicable taxes separately; ETF TER and tracking difference are product costs, not a broker's spread.

Sources: SEC Investor.gov: order execution and price improvement. Broker-specific execution sources appear with each broker below. These general principles do not imply identical regulations across countries.

The provisional ranking

  1. Interactive Brokers Canada (Pro cash)

    8.7/10

    Profile: Published manual FX pricing and international ETF access

    Commissions
    8.5
    Currency exchange
    8
    ETF offer
    10
    Other advantages and costs
    8

    Why it ranks here. Low manual FX and broad market coverage support the lead; Canadian CAD 1 minimum is more expensive than zero-commission rivals for small local orders.

    Watch out. Not US IBKR Lite; do not use unverified automatic FX or treat published narrow FX quotes as a guaranteed spread. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    Canada Fixed CAD 0.01/share, CAD 1 minimum; US Fixed USD 0.005/share, USD 1 minimum. Tiered US USD 0.0035/share, USD 0.35 minimum plus external charges.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canada, US and international exchange schedules published; account and instrument permissions apply.
    Currency exchange
    Manual spot conversion 0.20 basis point (0.002%), USD 2 minimum; underlying bid/ask spread remains. Automatic conversion not scored.
    ETF range
    Broad multi-market ETF schedule, with instrument permissions and registered-plan restrictions.
    Fractional shares
    Fractional shares appear in stock schedule; individual eligibility and recurring Canadian pricing not fully checked.
    Minimum
    Stock schedule advertises no account minimum; plan and permissions restrictions remain.
    Account and transfer fees
    Full registered-plan administration, withdrawal, transfer-out and live-data schedule not audited; no blanket free-account assertion.
    Tax-advantaged accounts
    Local account guide lists RRSP/SRSP, TFSA and FHSA; contribution and permitted-security rules apply.
    Protection
    Interactive Brokers Canada Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: interactivebrokers.ca: index · interactivebrokers.ca: commissions spot currencies · interactivebrokers.ca: account guide · ciro.ca: interactive brokers canada inc · cipf.ca: current cipf members · cipf.ca: faq

  2. BMO InvestorLine Self-Directed

    8.5/10

    Profile: Canadian/US ETF orders without base commissions or annual administration

    Commissions
    10
    Currency exchange
    4
    ETF offer
    8.5
    Other advantages and costs
    9

    Why it ranks here. September 14, 2026 permanent tariff reduction removes the old CAD/USD 9.95 commission and administration/transfer charges.

    Watch out. Unknown conversion spread can dominate a small foreign order; do not import the superseded January fee schedule. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    September 2026 schedule: CAD/US exchange stocks and ETFs USD/CAD 0 commission, online or agent assisted.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    BMO acts as principal at rates it sets; numerical markup for the USD 1,000 case not verified. Conversion is not assumed free.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional and recurring execution terms not verified; no benefit assumed.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    September 2026 schedule: annual administration, minimum balance, transfer-out and RRSP/RRIF deregistration USD/CAD 0; paper statement CAD 2/month/account; ancillary banking fees may apply.
    Tax-advantaged accounts
    Registered plans offered; specific eligibility and foreign-currency settlement restrictions must be checked.
    Protection
    BMO InvestorLine Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: bmoinvestorline.com: sdfeeschedule en.pdf · bmo.com: 09 09 bmo commission free stock and etf… · bmo.com: pricing · cipf.ca: current cipf members · cipf.ca: faq

  3. Questrade self-directed

    8.2/10

    Profile: Zero base trading fees with free dual-currency holding

    Commissions
    10
    Currency exchange
    4
    ETF offer
    8.5
    Other advantages and costs
    8

    Why it ranks here. Zero base commission and no separate dual-currency holding subscription are useful, but FX and exit costs reduce the overall score.

    Watch out. Use current exchange-fee table rather than old blanket ECN claims: direct-routed US fees depend on venue and adding/removing liquidity. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    CAD/US listed stocks and ETFs USD/CAD 0 online commission. Current exchange-fee page: no Canadian ECN; US exceptions only for specified direct routes.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    CAD/USD conversion fee 1.5%, included in quoted exchange rate; avoid adding it twice. Holding existing USD does not itself require conversion.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Eligible US fractional stocks/ETFs and recurring market orders from USD 1; Canadian fractional eligibility not verified.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    No inactivity or TFSA/RRSP/FHSA/RESP/RRIF account fee; full/partial transfer-out CAD/USD 150; journalling 9.95. Some deregistrations charged.
    Tax-advantaged accounts
    TFSA, RRSP, FHSA, RESP and RRIF fee entries verified; statutory eligibility remains.
    Protection
    Questrade, Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: questrade.com: transaction · questrade.com: transaction · questrade.com: administrative · questrade.com: stocks etfs · questrade.com: recurring investments risk disclosure · questrade.com: best execution disclosure · cipf.ca: current cipf members · cipf.ca: faq

  4. Wealthsimple self-directed (Core CAD)

    8.1/10

    Profile: Simple Canadian-dollar ETF investing

    Commissions
    10
    Currency exchange
    3
    ETF offer
    8
    Other advantages and costs
    8.5

    Why it ranks here. Attractive zero-commission CAD investing; foreign trades from CAD incur both disclosed conversion fee and variable corporate-rate spread.

    Watch out. USD 10 subscription example is not free USD holding for Core. Large-conversion reduced fees do not apply to ordinary USD trades from a CAD account. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    CAD/US listed stock and ETF trading commission 0; CAD-account US trades trigger conversion.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    US trades from CAD account: 1.5% FX fee on corporate rate that itself includes a variable spread. USD cash conversion tiers differ; under 10,000 remains 1.5%.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    US-account upgrade and fractional order guidance exist; exact eligible ETF/fractional recurring universe not audited.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Core USD-account upgrade CAD 10/month plus tax after trial; Premium/Generation opt-in waiver conditional. Incidental exit/custody amounts not fully audited.
    Tax-advantaged accounts
    USD upgrade page lists TFSA, RRSP, FHSA and RESP among eligible self-directed accounts; personal eligibility not assessed.
    Protection
    Wealthsimple Investments Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: wealthsimple.com: trade · wealthsimple.com: convert funds between cad and usd · wealthsimple.com: upgrade to usd accounts for stock and c… · wealthsimple.com: learn about payment for order flow on w… · wealthsimple.com: best execution disclosure · cipf.ca: current cipf members · cipf.ca: faq

  5. Qtrade Direct Investing

    8.0/10

    Profile: Zero base commissions and published ordinary ECN treatment

    Commissions
    10
    Currency exchange
    4
    ETF offer
    8.5
    Other advantages and costs
    7

    Why it ranks here. Zero trade commissions help, but USD registered-account and exit charges can matter for a small portfolio.

    Watch out. Do not confuse Qtrade with Questrade; zero administration does not remove specific USD registered fees. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    Equities and ETFs USD/CAD 0 commission; ECN not passed through except repeated high-volume active-side Canadian trading.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    Settles in security currency; conversion where required uses principal-set quote with spread revenue, numerical small-order markup unverified.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional and recurring execution terms not verified; no benefit assumed.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Quarterly administration eliminated in new pricing announcement. USD registered RSP/RIF/TFSA USD 15/quarter/account; transfer-out 150; first-year closure 100; paper statement 6/quarter.
    Tax-advantaged accounts
    RSP, RIF, TFSA and FHSA fee entries; USD 15 quarterly entry expressly excludes FHSA.
    Protection
    Aviso Financial Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: qtrade.ca: pricing · qtrade.ca: fees · qtrade.ca: qtrade moves to 0 commission trading · qtrade.ca: terms of use · cipf.ca: credential qtrade securities inc · cipf.ca: current cipf members · cipf.ca: faq

  6. National Bank Direct Brokerage

    7.5/10

    Profile: Zero base North American commissions when administration waiver fits

    Commissions
    10
    Currency exchange
    3
    ETF offer
    8.5
    Other advantages and costs
    5.5

    Why it ranks here. Zero base orders are offset by a substantial CAD 100 yearly charge for a small account without waiver.

    Watch out. Conversion table percentages are illustrations of rate-point markup, not interchangeable with percentage fee on transaction value. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    Online Canadian and US stocks/ETFs USD/CAD 0 commission.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    Smallest USD conversion band 0-24,999: 230 rate basis points; page illustrates about 1.70% using a historical average exchange rate. This is not a guaranteed flat 1.70% transaction fee.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional and recurring execution terms not verified; no benefit assumed.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Annual administration CAD 100 unless waived, including eligible assets of at least CAD 20,000 as of May 31. External transfer 150/account; internal CAD/USD security journalling 9.95/security.
    Tax-advantaged accounts
    TFSA, RESP, RDSP, FHSA and RRSP-related fee entries; eligibility and contribution rules apply.
    Protection
    National Bank Financial Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: nbc.ca: pricing · nbc.ca: direct brokerage · nbc.ca: nbf best execution public disclosure st… · cipf.ca: current cipf members · cipf.ca: faq

  7. Desjardins Online Brokerage (Disnat Classic)

    7.2/10

    Profile: Commission-free Canadian/US orders with an inactivity waiver

    Commissions
    10
    Currency exchange
    3
    ETF offer
    8
    Other advantages and costs
    5

    Why it ranks here. Zero commissions do not eliminate inactivity and registered-plan administration; cautious score for small infrequent portfolios.

    Watch out. Do not assume holding any registered plan waives inactivity: published qualifying list differs, and TFSA/FHSA may still be charged. No matched live spread/slippage sample: score is partial, not evidence of lowest realized total cost.

    All fees and features
    Stocks & ETFs
    Online equities and ETFs commission 0; Disnat Direct optional streaming subscriptions are a different route.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    Published conversion income margin ranges 0.15%-1.90% by conversion size. Applicable USD 1,000 tier not publicly resolved.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional and recurring execution terms not verified; no benefit assumed.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Inactivity CAD 30/quarter unless six trades in twelve months, portfolio CAD 15,000 or a specified registered plan. RRSP/LIRA administration CAD 100/year below CAD 15,000 unless waived. TFSA/FHSA remain subject to inactivity fees.
    Tax-advantaged accounts
    TFSA, FHSA, RRSP/LIRA, RRIF/LIF and RESP fee schedules; account-specific administration and eligibility differ.
    Protection
    Desjardins Securities Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: disnat.com: pricing · disnat.com: help contact · cipf.ca: current cipf members · cipf.ca: faq

  8. CIBC Investor's Edge (standard)

    6.6/10

    Profile: Bank platform with selected commission-free ETF conditions

    Commissions
    6.5
    Currency exchange
    3
    ETF offer
    8.5
    Other advantages and costs
    7

    Why it ranks here. Lower ordinary equity charge than several bank rivals and conditional free ETF list, but FX and small-account administration remain.

    Watch out. Standard CAD/USD 6.95 is corroborated by the official booklet and transcript because current pricing HTML does not render it in extraction. This is not universal commission-free trading. Spreads/slippage remain unmeasured; this partial score does not prove lowest total cost.

    All fees and features
    Stocks & ETFs
    Standard online equity rate CAD/USD 6.95 in official account booklet and transcript; selected ETFs commission-free with at least one business-day holding and no same-day round trip.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    USD 0-24,999.99 table: 225 rate basis points, illustrated as 1.6% using 2025 average USD/CAD. Obtain a live quote; do not treat illustrative 1.6% as fixed.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional trading available. Free offer ending October 31, 2027 excluded from scoring; ordinary sub-one-share commission 1.95.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Annual CAD 100 at aggregate balance CAD 10,000 or less, subject to exemptions; FHSA has no annual fee. Temporary first-year exemption excluded from scoring.
    Tax-advantaged accounts
    Registered and nonregistered schedules; FHSA annual-fee exception verified. Personal statutory eligibility and tax treatment not assessed.
    Protection
    CIBC Investor Services Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: cibc.com: pricing · cibc.com: .pdf · cibc.com: value that adds up · cibc.com: etf · cibc.com: fractional shares · cipf.ca: current cipf members · cipf.ca: faq

  9. RBC Direct Investing (Full-Suite)

    6.4/10

    Profile: Full bank platform without maintenance fees

    Commissions
    5.5
    Currency exchange
    3
    ETF offer
    8.5
    Other advantages and costs
    7.5

    Why it ranks here. No maintenance charge improves on outdated bank comparisons; ordinary Full-Suite commissions still hurt small trades.

    Watch out. GoSmart free quota and selected ETF waivers are not applied universally to Full-Suite. Active-trader thresholds conflict within the page, so that tier is not scored. Spreads/slippage remain unmeasured; this partial score does not prove lowest total cost.

    All fees and features
    Stocks & ETFs
    Full-Suite ordinary online stock/ETF CAD/USD 9.95; selected list of over 50 ETFs commission-free. Separate GoSmart offers 50 free annual trades across eligible TFSA, FHSA and RRSP accounts.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    Smallest USD conversion band 0-24,999: 230 rate basis points, illustrated as 1.6% using a historical average USD/CAD rate. Actual quote varies.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Fractional and recurring execution terms not verified; no benefit assumed.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    Current page states no quarterly or annual maintenance and no minimum ongoing balance. Exit and special withdrawal charges not fully audited.
    Tax-advantaged accounts
    TFSA, FHSA, RRSP, RESP, RRIF and cash accounts offered; GoSmart restrictions differ.
    Protection
    RBC Direct Investing Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: rbcdirectinvesting.com: pricing · cipf.ca: current cipf members · cipf.ca: faq

  10. TD Direct Investing (standard)

    5.9/10

    Profile: Full-service tools and Canadian registered-plan breadth

    Commissions
    5.5
    Currency exchange
    3
    ETF offer
    8.5
    Other advantages and costs
    5.5

    Why it ranks here. Tools and account breadth help, but ordinary commissions and potential maintenance are expensive for small passive investors.

    Watch out. Easy Trade free annual quota differs from Direct Investing and older comparison pages; those terms are not imported. Exact FX table band could not be reliably extracted. Spreads/slippage remain unmeasured; this partial score does not prove lowest total cost.

    All fees and features
    Stocks & ETFs
    Standard online whole-share stock/ETF orders CAD/USD 9.99; sub-one-share orders 1.99. Special ETF lists and Easy Trade are separate routes, not universal free trading.
    Options
    Not scored: comparison is for fully paid real shares and ETFs.
    International shares
    Canadian and US exchange-listed securities; direct access elsewhere not verified.
    Currency exchange
    DI conversion spread applies over affiliate rate that includes a surcharge equal to one-third of the DI spread. Final markup for a live USD 1,000 quote not captured; not assumed free.
    ETF range
    Canadian and US ETFs; exact investable count and individual ticker eligibility not audited.
    Fractional shares
    Partial shares available, sub-one-share commission 1.99. Exact eligible ETF and recurring universe not audited.
    Minimum
    Minimum opening deposit not independently verified; security lot and account eligibility requirements apply.
    Account and transfer fees
    CAD 25/quarter under CAD 15,000 household balance unless waived, e.g. qualifying PAD/SIP at least CAD 100/month or three commissioned trades/quarter. Introductory waiver excluded.
    Tax-advantaged accounts
    TFSA, RRSP, FHSA, RESP, RRIF, LIRA, LIF, RDSP and cash accounts advertised; eligibility and product restrictions apply.
    Protection
    TD Waterhouse Canada Inc.; name matched in current CIPF investment-dealer directory. Eligible missing property on dealer insolvency may be covered subject to CIPF categories/limits, not investment losses.

    Sources: td.com: pricing · td.com: fx pricing · td.com: direct investing vs easytrade · cipf.ca: current cipf members · cipf.ca: faq

Also considered

What remains unverified

  • No controlled matched-instrument, size and timestamp spread/slippage sample: the ranking does not establish lowest realized total cost.
  • BMO and Qtrade small-order FX markup unresolved; IBKR automatic conversion not scored. Bank rate-point figures are not universal percentage fees.
  • Some opening minimums, custody, exit, live-data, fractional and recurring terms and province/nationality exceptions remain unverified beside relevant facts.
  • Exact ETF catalogues and individual international or UCITS instruments not audited.
  • CIBC current HTML does not render its ordinary commission in extraction; CAD/USD 6.95 is corroborated by an official booklet and transcript. Recheck order preview. RBC active-trader thresholds conflict within its page and are not scored.
  • CIRO/CIPF status is institutional screening, not approval of every instrument, application or investment; market losses are not insured.

Is my money protected?

The ten contracting entities were matched to the current CIPF member directory. Eligible compensation concerns missing client property after a member failure, under account-category conditions and limits. Membership does not insure market losses or guarantee every account's onboarding, tax eligibility or cash protection. Read each entity's conditions and the linked CIPF FAQ.

How we score

The partial editorial score uses four criteria: commissions 35%, currency exchange 15%, etf offer 25%, other advantages and costs 25%. It is a weighted judgment about published fees, features and account conditions, not a measurement of total realized cost. Execution is reviewed separately and remains unmeasured; no missing spread is entered as zero and no execution advantage is awarded without comparable evidence. Cash interest and temporary promotions are excluded.

Provisional editorial comparison for Canadian-resident adult retail investors buying fully paid real shares and ETFs through Canadian entities. No CFDs, leverage, signup promotions or cash interest scored. Scores 0-10: commissions 35%, FX 15%, ETF offer 25%, other advantages and costs 25%. Totals are weighted means rounded half-up to one decimal; order uses unrounded totals, alphabetical for exact ties. CAD 1,000 local and USD 1,000 foreign ETF buy orders (10 illustrative units at 100) anchor the comparison. Known FX commissions, embedded FX markups, subscriptions, inactivity, administration, exits and optional ECN fees inform the judgments. Missing fees are not zero. Unmeasured security spreads and slippage are excluded from the numerical total; execution notes do not prove cheapest realized fills. Unknown FX receives a cautious 4/10 for insufficient cost transparency, not cheap conversion; materially costly small-order FX generally receives 3-4/10. This is neither an empirical all-in execution ranking nor personal advice. Canadian bank rate basis points can be additive exchange-rate points with illustrative percentage equivalents: do not silently translate them into transaction fees. CAD-only investors may prefer BMO, Questrade or Wealthsimple over the mixed international leader. Resident retail offers remain subject to individual onboarding, province, nationality, tax status and account restrictions. Registered plans have separate eligibility, contribution and permitted-investment rules.

Fee claims link to broker price lists, schedules or help pages checked on 18 October 2026. Missing or incomplete items remain visible. Scores are editorial judgments, not factual measurements; differences of a few tenths should not imply a precise or universal preference. No affiliate links: Plain Economy earns nothing from any broker on this page, and no broker has seen or paid for it.

Other countries

Mainland China brokers: a limited comparison
Trading platforms in Poland: a provisional comparison
Trading platforms in Germany: a provisional comparison
Trading platforms in Singapore: a provisional comparison
Trading platforms in Japan: a provisional comparison
Trading platforms in the United States: a provisional comparison
Trading platforms in Spain: a provisional comparison
Trading platforms in the UK: a provisional comparison