Free Stock Trading in Canada 2023
Can you manage a million dollar portfolio without paying a financial advisor $10,000 per year? The answer is yes. With the best free stock trading apps in Canada, you can save money on investing, which means you get to keep more of that money in your investment account working for you.
Since trading apps like Robinhood came onto the scene, DIY investment has given investors control over how they invest, and how much they spend to do it. Before that, investment firms and big banks charged hefty management fees and usually had relatively high minimum balances.
With so many zero commissions and no minimum balance brokerages available to Canadadians, investing has become easier and cheaper than ever. However, not all platforms are the same, and you want to know what you are getting into before you dive in.
In this article, you’ll find all about the best zero commission stock trading platforms in Canada, how they compare, as well as additional fees to look out for. If you want to know how they compare to other popular brokerages, head over to our full rundown on the absolute best online brokers in Canada.
Comparison of the Best Free Stock Trade Brokers in Canada
When selecting a broker, the key is to look for hidden charges and fees that might not be advertised up front. We’ll break it down below in our review of the six best zero commission online brokers in Canada.
4.8 / 5FREE buying and selling of 100+ ETFs
$8.75 per trade or $6.95 for active investors
4.2 / 5Free BUY of ETFs (full trading prices apply to ETF sales)
$0.01 per share with a minimum of $4.95 per trade and a max of $9.95
3.8 / 5$0 for TD ETFs only
$0 for the first 50 stock trades per year, $9.99 thereafter
None
3.4 / 5$0 for buying or selling ETFs
$0 for buying or selling stocks
3.3 / 5$0 for buying or selling ETFs
$0 for buying or selling stocks
None
3.1 / 5$0 for buying or selling ETFs
$0 for buying or selling stocks
None
While there are multiple options to choose from when it comes to free stock trading in Canada, you’ll want to know about any hidden fees, what products are on offer, and most importantly, know that your money is safe and sound.
Read on to find out more about what to expect from each of our top picks, and to find out which one might be really worth it for you and your goals.
What is Free and What Still Costs Money?
We’ve given you the rundown on the free ETFs and stocks, and minimum account deposit costs, so now let’s take a look at other commissions and fees that these brokers charge. This is often a place where brokers charge more in order to make up for the lost commission on trades.
Broker | Mutual Funds | Options Trading | Annual Fee | Inactivity Fee |
Free | $8.75 + $1.25 per contract or $6.95 + $1.25 per contract for active traders | $25 per quarter (can be waived if certain requirements are met) | Charged as an administrative fee if minimum requirements are not met | |
$9.95 per trade | $9.95 per trade + $1 per contract | None | None | |
Not Available | Not Available | None | None | |
$0 for buying or selling most funds | $0 per trade + $1.25 per contract | $100 (can be waived if certain requirements are met) | Charged as an administrative fee if minimum requirements are not met | |
Not Available | Not Available | $0 | $0 | |
$0 for buying or selling most funds | $1.25 per contract, minimum $8.75 | $30 inactivity fee per quarter, waived if certain requirements are met | $100 per year for registered accounts, waived if certain requirements are met |
We can see that although some brokers are really committed to offering free services to their clients, others are making up for free in other places.
1. Qtrade – Best Free Stock Trading in Canada
One of our top recommended discount brokers in Canada, Qtrade’s got a fantastic promo offer, free portfolio simulator to help new investors learn the ropes, excellent customer service and range of account options.
- ETF Trading Fees: More than 100 free ETFs available
- Stock Trading Fees: $8.75
- Options Trading Fees:$6.95 + $1 per contract
- Annual Fees: $0
2. Questrade – Best For Low Fees
Questrade has long been one of our favorite online brokers and for good reason. Their ultra low fees, free ETF purchases, access to a number of trading options to help you build a diversified portfolio. Active trader pricing and excellent research resources make it a great choice for your free online broker.
- ETF Trading Fees: $4.95 + ECN fees
- Stock Trading Fees: $0
- Options Trading Fees:$9.95/m + $1 per contract
- Annual Fees: $0
3. TD Easy Trade – Best New Free Stock Trading Brokerage
TD Easy Trade, formerly TD Goal Assist, was created with the new investor in mind. It’s limited in the type of trading you can do, as well as in that it only has TD ETFs available. It’s an app-only platform that provides users with a goal planning feature, allowing them to easily track and monitor their progress. As it’s a relatively new TD product, we’ll have to wait and see how it evolves.
- ETF Trading Fees: $0 for TD ETFs, which are the only ones available on the platform
- Stock Trading Fees: $0 for the first 50 trades per year, $9.99 thereafter
- Options Trading Fees: N/A
- Annual Fees: $0
4. Wealthsimple Trade – Best $0 Commission Broker
When it comes to free, Wealthsimple Trade delivers. It offers 100% free commissions on all trades, and is one of the few brokerages offering crypto trading. Because of its low costs, customers shouldn’t expect stellar customer service, and some will find its platform to be too basic for their needs.
- ETF Trading Fees: $0
- Stock Trading Fees: $0
- Options Trading Fees: Not Available
- Annual Fees: $0
5. National Bank Direct Brokerage – Best Bank For Free Stock Trades
As far as the big banks go, National Bank Direct Brokers, or NBDB, was one of the first to offer free trading. While it is one of the few brokers with a brick and mortar presence, its trading platform definitely needs some work to compete with the other purely online brokerages offering zero fee trading.
- ETF Trading Fees: $0 for trades made online
- Stock Trading Fees: $0 for trades made online
- Options Trading Fees: $0 + $1.25 per contract
- Annual Fees: $100 if account holds less than $20,000 or fewer than 5 trades are made per month
6. Desjardins – Best for Active Traders
Desjardins waited a while to jump into the free online trading game, and as such, they still have some work to do to get caught up. The platform leaves a lot to be desired, and even so, comes at a cost. While Disnat Classic is free of charge, Disnat Direct, which is aimed at more active traders, can cost up to $155 per month.
- ETF Trading Fees: $0
- Stock Trading Fees: $0
- Options Trading Fees: $1.25 per contract/$8.75 minimum
- Annual Fees: $0 (but keep in mind there is a $30 inactivity fee if certain requirements are not met)
Commission Free Investing Canada: Is It Really Free?
Growing up, grandpa might have told you nothing is ever free.
While that might not be 100% true, it’s a cliché for a reason. Brokers need to make money somehow, and if it’s not from your trades, then where does it come from?
Some online brokers sell your purchase information to other Wall Street companies so that those “big fish” can then turn around and “front run” your trade – making them massive profits in the long run as they continuously skim miniscule amounts from millions of investors every day.
Another thing to be aware of is that some online brokers will purposely delay the payment for order flow – leading to slightly higher buy prices and marginally lower sell prices.
Many experts say that such practices should not be allowed, as it is allowing big investment firms access to unfair advantages. Others argue that without these methods in place, traders will not be able to access commission free ETFs or stocks, which may turn some potential investors off from jumping into the market in the first place.
Over time, we believe some of these strategies will no longer be allowed as regulators clamp down on these potentially unfair practices. Until then, it’s best to do your research and decide what you’re willing to give up to save money on your investments.
How to Choose a Free Trading Platform in Canada
Whether you are choosing a free trading platform in Canada or another brokerage, you want to make sure you have a variety of options, that your money and information will be safe and secure and that you can access the account when, where and how you prefer.
When looking at investment options, you should consider what free products are offered. For example, although free trading platforms like TD Easy Trade and Wealthsimple Trade are free, you won’t have the flexibility of choosing from all the available investment options out there. If you are looking for tax-advantaged accounts, such as RRSP and TFSA, you need to be sure the free stock trading platforms you’re looking at have them.
Safety and security are also top of the list when it comes to investing your precious money, so look for brokerages that are insured by Canadian regulatory bodies. Other security features such as data encryption and 2-factor authentication are definite musts. In case of any security emergency, you want to make sure that a customer service representative will be able to help. So, it’s worth looking into how the free stock trading platform you’re considering fares in that area.
Finally, with more investors relying on mobile versions of trading platforms, then it might be a deal breaker for you if the brokerage doesn’t offer a mobile app (like NBDB).
Keeping these factors in mind, you should be able to choose the best free stock trading platform in Canada for you.
Frequently Asked Questions
Summary
Free stock trading allows everyone from more seasoned investors to brand new ones to trade ETFs and stocks easily, saving money along the way.
If saving money on trading appeals to you, just make sure to read the fine print so you aren’t surprised by other hidden fees or other unpleasantries along your investment journey.
If you are looking for great customer service and a high quality platform, Questrade is the best free stock trading platform in Canada. Just keep in mind that only the ETFs are free to buy, and you’ll have to pay a minimum of 1 cent per share to buy stocks. Questrade is another top contender, if you don’t mind having fewer free ETFs to choose from than other platforms.
To learn more about our top picks, head over to our full Questrade and Qtrade reviews.
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TD Direct is not free.
The TD Direct platform has many flaws. You can’t open a joint account. You can’t designate a beneficiary. You can’t buy ETFs from providers other than TD… Might be a “good” product for someone who doesn’t have a family or a partner.