Best online trading platforms in Canada

If you're looking for the best trading platforms in Canada, you're not alone. A growing number of investors are switching to self-directed online brokerages and trading platforms. By empowering investors to manage their own portfolios, online brokerages have exploded in popularity.

Are all online trading platforms equal?

Online brokerages let you trade a wide variety of equities, Exchange-Traded Funds (ETFs), mutual funds and more with your trading account. However, they are not all equal. Each platform has its own pros and cons. That's why it’s a good idea to think about your needs as an investor to find the best trading platform for you. On this page, you will find information that can help you compare some of the popular discount brokerages in Canada.

Listed in alphabetical order:

BMO InvestorLine

A self-directed service offered by Bank of Montreal (BMO). It was launched in 1988 and moved online in 2000.

CIBC Investor’s Edge

CIBC Investor’s Edge is the discount brokerage arm of CIBC. CIBC started building its brokerage business, by acquiring a majority stake in Wood, Gundy & Co. in 1988, then picking up Merrill Lynch & Company’s Canadian retail brokerage business in 2001.

Questrade

Questrade is a Canadian online brokerage, which was founded in 1999 by Edward Kholodenko with three partners.

RBC Direct Investing

RBC Direct Investing is the brokerage arm of RBC, or Royal Bank of Canada. It is one of the oldest banks in Canada.

Scotia iTRADE

Scotia iTRADE is Scotiabank’s online brokerage. In 2007, Scotiabank acquired the boutique brokerage TradeFreedom Securities Inc., and ETrade Canada in 2008, increasing its scale in the Canadian online investing market.

TD Direct Investing

TD Direct Investing is the Canadian online brokerage offering of "TD Bank Group (TD)". It was first launched as TD Green Line Investor Services in 1984 and launched WebBroker in 1996 - Canada's first online brokerage platform.

TD Easy Trade™

TD Easy Trade™ is the evolution of TD GoalAssist™, a mobile based app offered by TD Direct Investing that previously launched in October 2020.

Wealthsimple

Wealthsimple Inc. is a Canadian online investment management service. It was founded in September 2014 by Michael Katchen and is based in Toronto.

Identifying the best online trading platform for you

There are a number of factors that can help you find an online brokerage that's aligned with your goals. Here are a few attributes that you may use to compare.

Pricing: Each platform has its own pricing structure. Think about your investment strategy as you go through the section below.



Brokerage	Account min	Transaction Fees	Admin Fees (Reg Ac)	Admin Fees (Non-Reg Ac)	Inactivity Fee
BMO Investor Line	$0	$9.95 flat fee per trade for stocks and Exchange Traded Funds (ETFs). $0 for eligible ETFs Options – flat fee + $1.25 per contract Mutual Funds - $0 (but early redemption fees may apply)	No Tax-Free Savings Account (TFSA) fees $50 Annual fee for Registered Education Savings Plan (RESP) less than $25,000 $100 annual fee for all other registered accounts less than $25,000	$25 per quarter when account balance less than $15,000	$0
CIBC Investor's Edge	$0	$6.95 flat fee per stock and ETF trade. Options – flat fee + $1.25 per contract Mutual Funds - $6.95	TFSA & RESP - No fee Other registered accounts – $100 pa when account value less than $25,000	$100 pa when account balance less than $10,000	$0
Questrade	$0 but $1000 needed to start trading	Stocks -$0.01 per share with a minimum charge of $4.95, and a max of $9.95 if you trade 995 shares or more ETFs – follow same structure as stock except you can buy for free. Options - $9.95 + $1/contract Mutual Funds – $ 9.95 per trade	No fee for registered accounts (TFSA/Registered Retirement Savings Plan (RRSP)/RESP/Registered Retirement Income Fund (RRIF))	No fee	$0
RBC Direct Investing	$0	Stocks & ETFs - $9.95 flat fee per trade Options – flat fee + $1.25 per contract Mutual Funds - Buy or switch orders: 1% of the gross trade amount (maximum $50 per trade, charged in the fund’s denomination currency) Sell orders: No commission	$25 per quarter where assets are less than $15,000 across all accounts	$25 per quarter where assets are less than $15,000 across all RBC Direct Investing accounts	$0
Scotia iTrade	$0	$9.99 flat fee per trade for stocks and ETFs Options – flat fee + $1.25 per contract Mutual Funds - $9.99 (+$65 for trades placed by telephone reps)	TFSA – No fee RESP - $25 per year if all accounts hold less than $15,000 RRSP, RRIF, Locked in Retirement Account (LIRA), Life Income Fund (LIF) - $100.00 per year if accounts hold less than $25,000 or fewer than 12 trades are placed per year	$25 account fee is charged if combined accounts add up to less than $15,000	$25 fee if you don’t make at least 1 trade per quarter
TD Direct Investing	$0	$9.99 flat fee per trade for stocks and ETFs Options – flat fee + $1.25 Mutual Funds - $0 (but early redemption fees may apply)	$25 per quarter if the total balance in your TD Direct Investing account is less than $15,000. However, this fee can be waived with TD's household program	$25 per quarter if the total balance in your TD Direct Investing account is less than $15,000. However, this fee can be waived with TD's household program	$0
TD Easy Trade^TM	$0	50 commission free trade per client per year and $9.99 per trade after that $0 commission on all TD ETFs, all the time	$0	$0	$0
Wealthsimple	$0	Stocks - $0 ETFs - $0	$0	$0	$0

Education and Support: A platform is only as good as the support it offers, and education is crucial for investors who are just getting started.



Brokerage	Education	Support
BMO Investor Line	Articles Videos Podcasts	Phone Email Branch level support
CIBC Investor's Edge	Articles / guides Videos webinars	Online help centre Chat Telephone support from licensed representatives Online FAQs
QuesTrade	Articles Webinars	Online help centre Phone
RBC Direct Investing	Investing academy with articles and videos In-person Seminars	Telephone support from licensed representatives, RBC Community online forum
Scotia iTrade	Webinars and videos Articles Interactive learning modules	Telephone support from licensed representatives Online FAQs
TD Direct Investing	Articles Training videos (curated learning paths) Webinars Masterclasses (interactive live tutorials) Direct Investing Index	Online help centre Telephone support from licensed representatives
TD Easy Trade^TM	Videos Articles Webinars Masterclasses (interactive live tutorials)	Telephone support from licensed representatives Online FAQs
Wealthsimple	Articles/guides	Phone support Chat Email

Trading Platforms: This is the interface you interact with. Good platforms offer robust features yet remain easy to navigate. Here's what the various platforms offer on desktop and mobile.



Brokerage	Mobile App	Trading Platforms	Advanced Platform for active traders
BMO Investor Line self-directed	The BMO Invest app lets you: Place trades Monitor account activity Access quotes and watchlists Get real-time data Make foreign exchange transactions Access advanced charting Set up alerts	BMO Investorline lets you: Place trades Track performance Research securities Access analyst ratings, screeners and watchlists Access trading tools such as value analyzer and technical insights Personalized insights Value Analyzer Environmental, Social and Governance (ESG) Insights	BMO Active Trader provides access to: Realtime streaming Level II quotes Global Data and market research Order-entry tools, alerts, screeners, and customized watch lists Advanced and customized charting
CIBC Investor's Edge	CIBC Mobile Wealth lets you: Make trades Access real-time snap quotes, advanced charts and watchlists Track performance Transfer funds Review transactions Make foreign exchange transactions Monitor investments Access the Learning Centre for education Access online documents (statements, confirmations, tax documents) Manage your accounts (update address, set up dividend reinvestment, link bank account, setup US markets trading, initiate transfers, withdraw from RRSP, change mailing options)	CIBC Investor's Edge lets you: Make trades Manage your accounts (update address, set up dividend reinvestment, link bank account, setup US markets trading, initiate transfers, withdraw from RRSP, change mailing options) Check performance Research securities using research tools, pre-defined screeners, sector and industry analysis Access screening tools Access technical analysis resources and advanced charting tools Use advanced order entry types Build personalized watchlists and alerts Set up alerts Make foreign exchange transactions Access the Learning Centre for education Access online documents (statements, confirmations, tax documents)	CIBC Investor's Edge provides access to: Streaming real-time level 1 & 2 quotes Market index data BNN and Stock News Market map Market Activity (e.g. top gainers/losers) Watchlist Price and news alerts Security information (corporate adjustments, time/sales & dividend information) Advanced charting Options summary, explorer and valuation
Questrade	Quest Mobile lets you: Make trades Research securities Move money Monitor portfolio performance Real-time snap quote Access news, historical info and charting	Questrade Trading lets you: Make trades Manage your accounts Monitor portfolio performance Research stocks Access basic charting, quotes, watchlists, and research tools	Questrade Edge provides access to Advanced order types A customizable trading environment Research tools from TipRanks, Trading Central, and Morning Star
RBC Direct Investing	RBC Mobile App lets you: Place trades Look up stock quotes Monitor investments Manage watchlists Transfer funds Single sign-on access to RBC Rewards, RBC Wallet and RBC Dominion Securities	RBC Direct Investing lets you: Make trades Access real-time streaming data with Level 2 quotes Set up watchlists and alerts Research securities using interactive tools, pre-defined screeners, sector and industry analysis Access research from Morningstar technical analysis Access advanced tools to visualize trends	RBC Direct Investing's active trader program allows you to access: Level 2 Quotes Premium research from Morningstar and RBC Capital Markets.
Scotia iTrade	ITrade App lets you: Create a watchlist Place trades Transfer funds Get real-time quotes, charts, news, and option chains Access research and analysis	Scotia Online lets you: Buy and sell Canadian and U.S. equities, ETFs, and options on major North American exchanges, as well as mutual funds, new issues, and fixed income Research reports Access real-time stock alertsCreate Screeners View enhanced charting	Scotia iTrade FlightDesk provides access to: An advanced, customizable platform ·Real-time data on level 1 and level 2 assets Research and news Realtime streaming of quotes & option chains for US and Canadian securities Customizable charts
TD Direct Investing	TD App lets you: Place trades Monitor performance Access a customizable home screen Access real-time snap quotes including company profiles, fundamentals, news and charts for stocks, mutual funds, ETFs, and option chains Access the Learning Centre for education Set up price and volume alerts Access watchlists	WebBroker lets you: Access market & analyst research reports Take advantage of technical analysis tools with charting, pattern recognition and alerts Create screeners Access real-time level 1 market data Access advanced order types Buy/sell in one-click Access the Learning Centre for education Personalize your homepage Review performance reports	Advanced Dashboard provides access to: Equity Scanner Heat maps Trade finder Advanced charting Earnings Analyzer Option chains Advanced options Analytics Analyst evaluations Streaming real-time level I and II market data
TD Easy Trade^TM	TD Easy Trade^TM app lets you: Place trades (stocks and TD ETFs), Access real-time, on-demand quotes and price alerts Hold both Canadian and USD currency in your account Goal planning tool to set goals and track progress
Wealthsimple	Wealthsimple Trade app lets you: Place trades, Access real-time, on-demand quotes and unlimited price alerts Deposit up to $1,500 View trending stocks by different markets and categories	Wealthsimple trade lets you: Place trades, Access real-time, on-demand quotes and price alerts Deposit up to $1,500 View trending stocks by different markets and categories	Wealthsimple Trade Plus provides access to: Real-time market data (snap quotes) USD accounts with no foreign exchange conversion fees Unlimited price alerts Deposit up to $5,000 instantly

Account types offered: This is yet another factor to consider when trying to identify the online brokerage that is best for you. Does the platform offer registered and non-registered accounts? Are there any other account types that could be a good fit for you?



Brokerage	Registered accounts	Non- Registered accounts	Locked in	Corporate and non-personal	USD Accounts
BMO Investor Line	RRSP TFSA RESP RRIF	Cash Margin	Locked-In Retirement Account (LIRA) Restricted Locked-in Savings Plans (RLSP) Locked-In RSP (LRSP) Locked-In Retirement Income Fund (LRIF) Life Income Fund (LIF)	Trusts Estates Associations Corporations Investment clubs or partnerships Personal holding companies	No
CIBC Investor's Edge	RRSP TFSA RESP RRIF Prescribed Retirement Income Fund (PRIF)	Cash Margin	LIRA LRSP LRIF LIF	Corporate or Partnership Investment Club Formal Trust Estate Associations Holding companies or any other entity	Yes (except RESP)
Questrade	RRSP TFSA RESP RIF First Home Savings Account (FHSA)	Cash Margin	LIRA LRSP LIF	Corporate Partnership Investment Club Sole proprietorship Individual or Joint Informal Trust Formal Trust Individual or Joint foreign exchange and contracts for difference	Yes
RBC Direct Investing	RRSP TFSA RESP RRIF Prescribed RRIF (PRIF)	Cash Margin	LIRAs RLSPs LRIFs LIF Restricted Life Income Fund (RLIF)	Corporate Partnership Holding company or any other entity	Yes except RESP
Scotia iTrade	RRSP TFSA RESP RRIF	Cash Margin Cash optimizer investment account (COIA)	LIRA LIF	Sole proprietorship Corporate Partnership Investment Club Unincorporated Organization (Charity or foundation) Trust or Estate Account	All registered accounts support US dollar transactions except RESP
TD Direct Investing	RRSP TFSA RESP RIF Registered Disability Savings Plan (RDSP)	Cash Margin	LIRA LIF		Yes
TD Easy Trade^TM	RRSP TFSA	Cash			Yes
Wealthsimple	RRSP TFSA	Cash (Taxable account)			Offered only with Wealthsimple plus

Securities Offered: The term securities refer to the financial instruments or investment types that you can buy and sell. This is another important parameter as it lets you bring diversification to your portfolio. Here's the list of securities you can trade in across different brokerages.



Brokerage	Securities
BMO Investor Line	Stock GICs Bonds Options, Mutual funds ETFs
CIBC Investor's Edge	Stock GICs Fixed income Options Mutual funds ETFs Structured notes IPOs Precious metals
Questrade	Stock GICs Fixed income Options Mutual funds Foreign exchange ETFs Structured notes IPOs Bonds International equities Precious metals Contract for Differences (CFD)
RBC Direct Investing	Stock Fixed income Securities Options Mutual funds ETFs
Scotia iTrade	Stock, Options Mutual funds ETFs GICs Bonds New issues
TD Direct Investing	Stock Options Mutual funds ETFs GICs Bonds New issues Structured notes
TD Easy Trade	Stocks TD ETFs
Wealthsimple	Stocks ETFs

Market data and research tools: When investing in a company, it is essential to know about the company's history and its growth prospects. Having access to reliable and timely market data can help you make informed decisions and grow your portfolio over the long term. Research tools, on other hand, can help you track and screen the companies as per your investment criteria. Here are some of the research reports and tools offered by the different brokerages in Canada.



Brokerage	Research report	Tools
BMO Investor Line	Real-time market data and reports Analyst rating	Screeners Watchlists Alerts Value analyzer Technical analysis tool,
CIBC Investor's Edge	Research reports Real-time market data Analyst ratings	Watchlists Advanced charting tools Technical analysis resources Screeners Alerts
Questrade	Real-time market data and research reports Additional cost for enhanced (advanced) market data packages that includes live streaming, real-time data	Goal Tracking Watchlists Alerts Charting tools Screeners Portfolio score & simulator
RBC Direct Investing	Real-time streaming quotes Research reports	Screeners Sector & industry analysis Technical analysis Advanced charting tools
Scotia iTrade	Analyst research centre provides research reports and stock ratings Real-time market data	Goal Planning Technical analysis tools (Screeners, watchlists, Alerts) Sustainable investing tools Account management tools
TD Direct Investing	Analyst Centre provides research reports and analyst ratings Real-time market data	Goal Planning Technical analysis tools (Screeners, watchlists, Alerts) Charting tools Peformance reporting
TD Easy Trade^TM	Real-time quotes and market data	Goal planning Watchlist, alerts of trending stocks Built-in educational videos and resources
Wealthsimple	Real-time quotes	Price alerts

On a final note

With a growing number of online trading platforms out there, you have so many options to choose from. When you compare the online brokers listed above, think about the features and offerings that are important to you.

The information contained herein has been provided by TD Direct Investing and is for information purposes only. The information has been drawn from sources believed to be reliable and last updated in May 2023.

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Need help choosing a DIY investing service? Compare platforms

Best online trading platforms in Canada

Are all online trading platforms equal?

Identifying the best online trading platform for you

On a final note

Invest with us – Choose your option

TD Easy Trade^TM

TD Direct Investing

Have a question? Find answers here

Popular Questions

Helpful Related Questions

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Best online trading platforms in Canada

Are all online trading platforms equal?

Identifying the best online trading platform for you

On a final note

Invest with us – Choose your option

TD Easy TradeTM

TD Direct Investing

Have a question? Find answers here

Popular Questions

Helpful Related Questions

Did you find what you were looking for?

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