Investing in the stock market has become more accessible than ever, thanks to the proliferation of best online trading platforms. Canadian investors have a wide range of online brokers to choose from, each catering to different needs, such as fee structures, research tools, and user experience. Here, we review the top brokerage firms for 2025, organized by their fee structures, to help you make an informed decision when selecting the best brokerage account for your investment needs.
1. Platforms with Zero or Low Trading Costs
Wealthsimple Trade
Fee Structure: $0 commission on Canadian and U.S. stocks (commission-free trading) Key Features:
- User-friendly mobile app for convenient stock trading
- Fractional shares available for U.S. companies
- No account minimum Drawbacks:
- Limited market analysis tools
- 1.5% currency conversion fee for U.S. trades
Questrade
Fee Structure: $4.95–$9.95 per stock trade
- ETFs: Free to buy, standard fees to sell Key Features:
- No annual fees on basic brokerage accounts
- Advanced research tools including Morningstar
- Supports registered accounts like RRSPs and TFSAs Drawbacks:
- U.S. dollar accounts incur exchange fees if not managed carefully
2. Platforms with Competitive Flat Fees
National Bank Direct Brokerage
Fee Structure: $0 commission on all stock and ETF trades (free stock trading) Key Features:
- No account minimums
- Comprehensive trading platform with research tools for market analysis
- Registered and non-registered account support Drawbacks:
- May not cater to active traders seeking advanced features
Interactive Brokers
Fee Structure:
- Stocks: $0.01/share or a minimum of $1/trade
- Monthly inactivity fee: Waived if account minimum met Key Features:
- Access to global markets for diverse investment options
- Advanced trading tools and APIs for experienced traders
- Margin trading available Drawbacks:
- Complex platform for beginners in online share trading
3. Platforms with Premium Services
RBC Direct Investing
Fee Structure: $9.95 per trade Key Features:
- Comprehensive research tools for portfolio management
- Integrated with RBC accounts
- Access to IPOs Drawbacks:
- Higher trading costs compared to discount brokerages
TD Direct Investing
Fee Structure: $9.99 per trade Key Features:
- Robust trading platform (WebBroker) for active traders
- Excellent customer support
- Wide range of account options, including margin accounts Drawbacks:
- Higher costs for frequent traders
Comparison Table: Fee Structures at a Glance
| Brokerage | Stock Trade Fee | ETF Trading | Key Benefit | Best For |
|---|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | No commission fees | Beginners, low-cost trading |
| Questrade | $4.95–$9.95 | Free to buy | Advanced tools, registered accounts | ETF-focused investors |
| National Bank Direct | $0 | $0 | No commissions | Cost-conscious investors |
| Interactive Brokers | $1/trade | Standard fees | Access to global markets | Advanced traders |
| RBC Direct Investing | $9.95 | Standard fees | Integrated banking services | Long-term investors |
| TD Direct Investing | $9.99 | Standard fees | Excellent tools and support | Full-service needs |
How to Choose the Right Platform
When selecting an online broker or investment platform, consider the following factors:
- Fees: How often do you trade, and are you comfortable with commission fees or prefer commission-free trading?
- Ease of Use: Is the web platform or mobile app user-friendly for your level of expertise?
- Account Types: Ensure the platform supports accounts like RRSPs, TFSAs, or margin accounts, depending on your investment goals.
- Research Tools: Access to market analysis tools can make a significant difference in your investment strategy.
- Support: Look for brokerage firms with reliable customer support in case of issues.
- Investment Options: Consider the range of products offered, including stocks, ETFs, options trading, and fractional shares.
- Educational Resources: Some platforms offer extensive learning materials for new investors.
- Order Execution: Ensure the platform provides efficient and reliable trade execution.
Conclusion
The best trading platform for you depends on your trading style and priorities. For beginners or those seeking low trading costs, Wealthsimple Trade and National Bank Direct Brokerage are excellent options for free brokerage accounts. If you need advanced tools or global market access, Questrade or Interactive Brokers might be a better fit for active traders. For those prioritizing premium services and research, RBC Direct Investing and TD Direct Investing deliver robust offerings.
When making your decision, consider using an online brokerage comparison tool to weigh the pros and cons of each platform. Remember to factor in both trading and non-trading fees, as well as the quality of customer support and educational resources provided.
Ultimately, the best stock broker for you will align with your investment goals, trading frequency, and the level of support you require. By carefully evaluating these factors and the features of each platform, you can choose the ideal brokerage account to support your financial journey.
Note: The above list is based on our own research and market findings. Readers can choose any other platform more suitable for their needs. Always consider regulatory oversight and conduct your own due diligence before opening an account with any brokerage firm.
