The best online brokerages in Canada for 2025

Many Canadians looking to start investing aren’t aware that traditional brick-and-mortar investment brokerages charge high investment fees, wearing away at their portfolios that hold funds for goals like retirement. That’s where online brokerages come in. The best online brokerages charge low or no fees for trades, allowing investors to choose from a wide variety of stocks or funds like ETFs, and offering a cost-effective way to tap into foreign markets for further portfolio diversity, too.

Read on to compare the best online brokers in Canada and learn what features to look for when exploring your options.

Ratehub.ca evaluated the best online brokerages in Canada by considering overall consumer value and suitability for various types of consumers. This includes looking at factors such as trading commissions, various user fees, ease-of-use, access to different trading products and markets, and customer service. Here are our top picks:

Best overall online brokerage

Our pick for best overall online brokerage is Questrade. As Canada’s largest discount broker, Questrade offers tools for both casual and serious traders, including mobile and desktop apps. In February 2025, Questrade began to offer $0 trading fees for Canadian and US stocks with no minimum sum to start investing, making it a highly attractive option for investors.

DIY investors will appreciate the quick research available for each stock – with a sentiment analysis and market insights – while those who are more hands-off can opt for Questwealth portfolios, which are Questrade’s robo-advisor managed portfolios. It’s easy to transfer your portfolio from another broker, too: All you need to do is fill out an online form, and transfer fees of up to $150 are covered.

Best online brokerage for beginner investors

The best online broker for beginner investors is Wealthsimple Trade. It offers a clean, easy-to-use mobile app where you can buy Canadian stocks and ETFs commission-free. In addition, Wealthsimple stands out for offering access to cryptocurrency trading with full crypto wallet functionality. 

Best online brokerage for long-term investing

For long-term investing, the best online brokerage to use is Qtrade. Its Portfolio Analytics tools are excellent if you don’t want to pay for tools or wrangle spreadsheets just to optimise your portfolio. While there is a fee of $8.75 per trade, those with at least 150 trades per quarter and/or $500,000 in equity pay a lower rate of $6.95 per trade. Qtrade also offers commission-free trading on 100 ETFs.

An online brokerage is an online platform that enables you to buy and sell stocks, bonds, exchange-traded funds, mutual funds, and more, all within a trading account.  The fees associated with this kind of software are much lower than those you’ll pay with a financial advisor, which is why they are also sometimes called discount brokerages in Canada.  With an online brokerage, you’ll invest your money yourself, choosing a combination of stocks, bonds, and ETFs to create a balanced portfolio that will reach your long-term goals. There is no oversight with an online brokerage, and aside from a helpful education center, you are responsible for your investments. Instead of paying fees as a percentage of your overall investments, you’ll pay per trade.

It’s easy to go for the online broker that offers the lowest trading fees, but you should consider your investing habits and other factors when choosing the best online brokerage for you. Here’s what you should do:

Test the user interface

Do you like a clean and simple interface, or do you prefer to have extensive information about each stock or ETF on the screen? Does the platform appear easy to navigate, or are there tutorial videos that show you how to make the most of it?

Check what accounts and products are available

If you already have a portfolio that you want to transfer, check if the online brokerage you’re considering allows you to hold the same products. For instance, some online brokers don’t offer access to international markets or crypto. Others only have limited types of registered investment accounts. 

Compare welcome offers

Online brokerages often offer sign-up bonuses and promotions to attract new customers. If you’re on the fence about which brokerage to choose, look to see if you can get cash back, free stocks, or other perks from signing up with a broker.

Calculate your investment fees

This is especially important if you’re not investing in the usual stocks and ETFs, or looking beyond Canadian markets. In addition to trading fees, check to see how much you’d have to pay in account maintenance fees or foreign currency exchange. It’s common for brokers to charge higher foreign exchange spreads to make up for commission-free trading.

The difference between online and traditional brokers (also known as full-service brokers) lies in the amount of oversight required, management fees, and more. We compare the differences in the table below:

The main benefit of using an online brokerage is the money you’ll save on fees, but low fees are not the only factor you should consider when choosing the right online broker for your needs.

1. Trading fees

Not all online brokerages charge the same fees, and the fees can change depending on the type of investment you plan to purchase, and how frequently you make trades. If you are planning to build a passive portfolio out of ETFs, then you should look for an online brokerage with free ETF purchases. If you are planning to purchase stocks and bonds individually and trade at a higher volume, you should prioritize an online brokerage that has high-quality trading platforms and access to third-party research.

2. Account fees

Most online brokerages also charge administrative account fees determined by the assets you hold in a single account or the size of your portfolio across all accounts. If you have a smaller portfolio, these fees will heavily erode your returns, so it’s best to choose a brokerage that doesn’t charge those smaller portfolio fees. Wealthsimple Trade, for example, charges no fees to use the account and doesn’t have minimum balance or minimum trade requirements.

3. Account minimums

Some online brokerages also have account minimums, usually around $1,000. However, some online brokerages like Questrade, Qtrade, and Wealthsimple Trade have no minimum deposit requirements. 

4. Customer service

If you’re new to investing online, there will be a learning curve when you begin building your portfolio and making your first trades. An online brokerage with a good customer service track record will ensure your questions are answered quickly.

5. Transfer fees

When you move your money from your financial advisor or robo advisor to an online brokerage, the original financial institution will often charge you transfer fees in the range of $150. Some online brokerages will pay these fees for you. 

6. Ease of use

Whether you’re new to online brokerages or a seasoned self-directed investor, a clean and user-friendly interface makes it easier to manage your investments. Some online brokerages offer clean, simple mobile apps, while others provide highly detailed web platforms with by-the-minute stock movements and news.

Looking for alternative methods of wealth management? Look no further. Below are several popular alternatives to online brokerages.

• Robo-advisors are suitable for beginners or people with little investing knowledge. Similar to (human) financial advisors, a robo-advisor uses an algorithm to invest and manage money on behalf of the client. Fees tend to be higher than self-directed investing but are still cheaper than financial advisors.
• Financial advisors are licensed professionals who manage money and investments for a number of clients. They also provide advice to their clients. In return, the financial advisor’s clients pay a fee. Though the client’s investments receive more attention from a financial advisor, they tend to be more expensive.
• Guaranteed Investment Certificates (GICs) are low-risk investments that provide interest over the course of the investment's term. They are incredibly safe and secure but do not promise very high returns. They are also inaccessible until the term is complete.