Investing
Compare Canadian online brokers.
11 self-directed brokerages, including all five big banks. Trading commissions, account fees, what it costs to buy US stocks and every current sign-up offer, taken from each broker’s own pricing pages.
The broker cost calculator and five other free tools are together on one page: MoneyMint tools and calculators.
Filters
Broker type
Must have
What It Costs to Buy US Stocks
A US stock settles in US dollars. If your account holds only Canadian dollars, the broker converts for you at its own rate, and that rate, not the commission, is now the biggest cost at most of these brokers. Two things matter: whether you can hold US dollars, so you convert once instead of on every trade, and what the conversion costs.
Publishes What Conversion Costs
- Interactive Brokers 0.2 basis points, US$2 minimum
- Questrade flat 1.5%
- Webull flat 1.5%
- Wealthsimple 1.5% down to 0% above $100,000
- BMO InvestorLine 220 to 55 basis points
- CIBC Investor’s Edge 225 to 25 basis points
- RBC Direct Investing 230 down to 10 basis points
- TD Direct Investing 1.26% down to 0.19%, plus a surcharge of one-third on top (about 1.68% all-in under $25,000)
Will Not Say
- Qtrade describes a markup but never states its size
- Scotia iTRADE calls it “a markup called a spread” and gives no figure
- moomoo has waived its conversion fee until further notice, but converts at a rate that includes an unpublished spread
A blank is not a zero. We have asked all three; we will publish their answers if they reply.
BMO, CIBC and RBC quote their spreads in basis points of the exchange rate: 220 basis points means 0.0220 Canadian dollars per US dollar, about 1.6% of the amount at current rates. Each also prints that percentage, which is the figure to compare. Full tier tables are in the reviews.
Which One, in Three Sentences
You Buy ETFs and Leave Them Alone
Any of the five commission-free brokers. If you want to hold US dollars in a TFSA or RRSP without a fee, that narrows it to Questrade, Webull or BMO; if you want an FHSA or RESP too, Webull drops out.
You Pick Stocks and Want Research
Qtrade and BMO give you Morningstar research at $0 a trade. The other banks have more research still, but charge $6.95 to $9.99 for every trade.
You Buy US Stocks in Size
Interactive Brokers charges 0.2 basis points, with a US$2 minimum, on currency you convert yourself. On a $50,000 conversion that is a few dollars, against about $750 at Questrade or Webull, about $250 at Wealthsimple through its US-dollar account, and roughly $450 to $525 at BMO, CIBC, RBC and TD, whose rates fall as the amount rises. Its trades cost a dollar or two and the platform takes learning.
See every fee side by sideCommissions, options, account fees and transfer-out fees for all 11
| Broker | Stocks and ETFs | Options | Account fee | Transfer out |
|---|---|---|---|---|
| Qtrade Direct Investing | $0 | $0 + $0.75 per contract | None | $150 |
| Questrade | $0 | $0 on US stock options, $0.99 a contract on Canadian options | None | $150 |
| Wealthsimple | $0 | US$0 per contract | None | $0 |
| BMO InvestorLine Self-Directed | $0 | $0 + $0.90 per contract | $0 | $0 |
| Webull | $0 | US$0.99 a contract, first 3 months refunded for new options users | $0.70 a month | $150 plus tax |
| Interactive Brokers | $0.01 a share, $1 min | $1.25 a contract (Canadian) | None | Not published |
| moomoo | $0.0149 a share, $1.49 min | US$0.65 a contract | None | $75 plus tax |
| CIBC Investor’s Edge | $6.95 | $6.95 + $1.25 per contract | $100 at $10,000 or less | Not published |
| RBC Direct Investing | $9.95 | $9.95 + $1.25 per contract | None | $150 |
| TD Direct Investing | $9.99 | $9.99 + $1.25 per contract | $25 a quarter under $15,000 | $150 |
| Scotia iTRADE | $9.99 | $9.99 + $1.25 per contract | $100 on RRSPs and RRIFs (not TFSAs), waived at $25,000 or 12 trades a year; $25 a quarter on small, inactive non-registered accounts | $150 |
Common questionsSafety, minimums, US dollars in a TFSA, what a basis point is
Is My Money Safe With a Smaller Broker?
All 11 are members of the Canadian Investor Protection Fund, which covers property held at a member firm that becomes insolvent, within set limits. It does not cover investments losing value.
Do I Need a Minimum to Open an Account?
Most state no minimum. Wealthsimple, TD and moomoo do not publish one; moomoo requires $2,500 or US$2,000 for a margin account.
Can I Hold US Dollars in a TFSA or RRSP?
At every broker here except where noted, with conditions. Questrade, Webull, Interactive Brokers, CIBC and RBC state it is free; BMO, Scotia iTRADE and TD publish no fee for it; Qtrade charges US$15 a quarter and Wealthsimple $10 a month on its Core plan; moomoo’s TFSA and RRSP accounts can hold both currencies.
What Is a Basis Point?
Normally one hundredth of a percent. But when BMO, CIBC and RBC quote currency spreads in basis points, they mean points on the exchange rate itself: 220 basis points is 0.0220 Canadian dollars per US dollar, roughly 1.6% of the amount converted.
Also Reviewed: Plus500, a CFD Trading Platform
Plus500 is not a broker. It sells leveraged contracts on price movements, you never own the shares, and there is no TFSA or RRSP. We reviewed it because people search for it, and kept it out of the comparison above because it is not a way to invest.
Brokerage terms change without notice. Verify current fees and offer terms with the broker before opening an account. This page is general information about financial products. It is not investment advice and does not take your personal circumstances into account. MoneyMint is not a registered dealer or adviser. Consider speaking with a qualified professional about decisions that depend on your own situation.
Disclosure. MoneyMint currently has no paid relationship with any broker listed on this page, and the links here earn us nothing. If that changes, this notice will change with it.