Canadian Online Discount Stock Brokerage Comparison 2021

I’ve been using and reviewing Canadian online discount brokerages for over fifteen years now.  (Yes, my very first look at Canada’s online broker options was in 2006, and was one of the first posts on Million Dollar Journey.) Between 2006 and 2021 online brokerage users have really benefited from increased competition and constant innovation.  Online brokerage mobile apps weren’t even a thing back in 2006!

As more and more DIY investors have joined our editorial team, and are able to provide their firsthand experiences with their various brokerages, this ultimate guide to the Best Canadian Online Discount Brokerages for 2021 is our most detailed yet.

Best Online Brokerage in Canada: Quick Comparison

Broker

MDJ Score

ETF Comissions

Trading Fees

Best For

Promotions

Learn More

Qtrade logo

Qtrade

5/5

FREE buying and selling of 100+ ETFs

$8.75 ($6.95 elite accounts)

#1 Rated Broker in Canada

$150 in Credit

Questrade logo

Questrade

4.5/5
Free BUY of ETFs (full trading prices apply to ETF sales)

$4.95-$9.95

Lowest Overall Cost

$50 in Free Trades

BMO Investorline logo

BMO Investorline

4.5/5
$9.95 per ETF trade

$9.95 ($7.95 elite accounts)

Best Big Bank Brokerage

Up to $2,000 cash back (use promo code MDJCASH)

RBC Direct Investing logo
RBC Direct
4/5

$9.95 per ETF trade

$9.95 ($6.95 elite accounts)

Great Mobile + Desktop Platforms

None


Best 2021 Broker Promo: Qtrade’s $150 Credit

Open an account with Qtrade today and invest at least $25,000 to $150 in Qtrade credit to offset any transfer-out fees charged to you by your current online broker!

Read our Qtrade review for more details and other rewards and benefits awaiting you at Canada’s top broker, or sign up now using the button below:

What is an “Online Discount Brokerage” or “Discount Stock Broker”? – Cutting Out the Expensive Middle Man

Before we dive into this topic, let me take a minute and explain what an online discount brokerage, or a discount stock broker is. An online discount broker is essentially a way for you to trade stocks, bonds, ETFs, and a few other types of more niche investments, online.

group business people in office.

However, there’s no “middle man” like the old movie idea of “stock broker” when you use an online discount brokerage.  You don’t get a person or company to do the buying or selling for you. You are the one in charge.

A discount stock brokerage account operates in the same way as traditional brokers do in that these platforms allow investors such as you and me to buy and sell assets such stocks, bonds, mutual funds, GICs, and ETFs. However, as mentioned above, with an online discount brokerage it is you, the investor, calling the shots.

This DIY-type of approach comes with a significantly lower commission cost than what you would pay to a traditional Canadian stock broker (leaving more money to compound as your investments grow!) making it a very attractive option for those willing to do a very small amount of leg work.

TL;DR Our Best Online Stock Brokers for 2021

Determining the best online brokerage for your specific needs and tastes might take a little trial and error.  We’ve done our best to quantify discount brokerages according to the user friendliness of their platforms, their trading fees, account fees, customer service, and current promotions. 

After discussing amongst our editorial team, we cross referenced our conclusions with traditional media sources such as the Globe and Mail, and various online publications.  We combed through hundreds of user reviews and saw what other Canadian personal finance sites had to say as well.

Qtrade Direct Investing – MDJ’s Top Canadian Broker

After all of that anecdotal and quantitative research, we think that Qtrade is likely to be the best Canadian online broker for the most people in 2021.  That said, as always, we’ll be paying attention to our comment boards and inboxes in order to implement any real-time feedback we get from the Million Dollar Journey community.

Don’t take our word for it… longtime Canadian personal finance veteran, Rob Carrick of the Globe and Mail says that:

No other broker is good in so many different areas and no other broker makes such consistent year-by-year improvements.

Their ability to innovate new aspects of their platform, as well as to flawlessly integrate these new ideas – all while keeping their fees amongst the lowest in Canada – mean that Qtrade has shown its best-in-class stripes over the long term.

In past years we have ranked Questrade slightly above Qtrade in our Canadian discount broker rankings, chiefly on the basis on their lower fees – and while Questrade certainly remains an excellent alternative, and a solid #2 overall option – we have decided that Qtrade has overtaken them this year based on the following criteria.

Million Dollar Journey’s Overall Rating: 4.8/5

Qtrade Direct Investing Pros:

  • FREE buying and selling of 100+ ETFs
  • Consistently rated #1 over the past decade
  • Excellent Customer Service
  • One of the best apps on the market
  • Elite investor tools
  • Ultra-easy account opening
  • Globe and Mail’s #1-Rated Online Broker for 2021

Qtrade Direct Investing Cons:

  • Pesky inactivity fees (can be easily avoided)
  • Not the cheapest trading fees in Canada for all instruments 

Lowest Cost Canadian Discount Brokerage – Questrade

Questrade is a truly-usable discount brokerage that has amongst the lowest costs in Canada.  Questrade charges a penny-per-share-traded (bought or sold) – but with a minimum of $4.95, and a maximum of $9.95. Personally, I’ve never bought more than 495 shares of a stock or unit of an ETF before – but I’d like to have an account big enough to try it some time.

There are no annual fees (no matter the size of your account, though there is an account minimum of $1,000) and no fees charged when you buy ETFs.

Questrade Logo Review
Questrade mobile app

It’s not like the rest of the Questrade package is lacking something major, it’s simply a tribute to how far some of the other brokerages have come, that we no longer rank them #1.  The Questrade app and website have seen tremendous upgrades in the last couple of years, and the vast majority of people that we have recommended Questrade to over the years have been quite happy with them.

That said, there is no doubt that customer service emerged as a weak spot for the quickly-growing company during the pandemic.  Several of the writers on this website saw wait times of over four hours for both the online chat and call-in options.  Emails went over a week between response times at various points.

Of course, if you’re not the “customer service” type, and simply want access to a great platform at the lowest price – then Questrade makes a ton of sense for you. Check out our full Questrade Review for more information.

Mllion Dollar Journey’s Overall Rating: 4.4/5

Questrade Pros:

  • No Fees To Build an ETF Portfolio!
  • Very Low Trade Costs (ideal for building a dividend-heavy portfolio)
  • $0 Annual Account Fees
  • 24-Hour Paperless Account Opening
  • Globe and Mail “A” Rating + Best DIY Brokerage Website
  • Good Promo Offer
  • Solid USD Trading Options

Questrade Cons:

  • Better options online for those interested in doing in-depth analysis research on stocks prior to purchase
  • Customer service rating took a real hit in 2020 – the main reason we now rank Qtrade ahead of Questrade.
  • Only 2.9/5 app rating on Google Play – reviews mentioned delay in pricing on app vs desktop

Why did we decide to rank Qtrade above its primary rival, Questrade?

  • During the pandemic, our MDJ inbox was filled with a constant flow of messages complaining about Questrade’s customer service standards.  Wait times of 4+ hours for both phone and online chat options showed what the price of the lowest fees in Canada are.  Qtrade on the other hand has consistently held the highest standards for their customer service according to our readers, the Globe and Mail, and Moneysense Magazine.  For many Canadians this commitment to customer service makes a huge difference in their trust of a company.
  • Qtrade’s free ETFs represent a nice little upgrade on Questrades “free to buy – but to not sell” ETFs.
  • Finally, we just think that Qtrade’s overall investor education package, combined with the app and desktop platforms they have refined give them a slight edge on what Questrade has put out there.

Qtrade isn’t the unchallenged leader in every single category – but they have no glaring weaknesses, and absolutely shine when it comes to free ETFs, elite customer service, and unparalleled access to information and education tools. See our in-depth Qtrade Review for more information, or this Questrade vs Qtrade comparison.

April 2021 Update: The newest edition of the Globe and Mail (with the help of Dalbar Canada) discount brokerage rankings just came out and once again ranked Qtrade as the best discount brokerage in Canada: 

“Any broker can fill an order to buy stocks, exchange-traded funds, mutual funds, bonds and more. Qtrade helps you build a well-constructed portfolio and then monitor it to ensure it continues to work for you.” and, “They may be the king of steady year-by-year improvement.”

When they looked back at the market turmoil in 2020 and early 2021, Dalbar’s findings matched our own anecdotal evidence: Canada’s online brokers struggled with the increased demands put on their trading platforms.  This confirms our own intuitive heavier weighting when it came to the customer service advantage that Qtrade enjoyed over their lower-cost competitor at Questrade.

Most Convenient Big Bank Brokerage – BMO InvestorLine

Canadians love their big banks.  Their names grace our sports stadiums, and many of us opened our very first bank accounts at their in-person locations – and then never looked back.

Here’s the thing – it can just be really really nice to have all your banking and investing in one place.

There is no denying that there is a bit of tradeoff when it comes to price – as BMO’s trading fees are higher than those of Questrade and Qtrade – but for many Canadians, a hundred or two hundred bucks a year in trading fee differences are simply worth it to not have to worry about mixups in transferring money or having paperwork with several different companies.

There is absolutely nothing wrong with deciding to be on one side of that tradeoff or the other! It’s simply a matter of being an informed consumer so that you can get the most value for your personal needs. In general, the bigger your investment account, the more leverage you have with your bank in other matters such as credit card fees or chequing account perks for example.

While all of the Big 5 banks have competitive brokerages, we simply find that Investorline has the best user experience, and a slight edge when it comes to investor education materials.

Million Dollar Journey’s Overall Rating: 4.4/5

BMO InvestorLine Pros:

  • Best bank-owned broker
  • One of the top online trading platforms
  • Strong app
  • Trust and reputation of 200+ years
  • Great consumer education
  • Up to $2,000 instant Cash-Back Promo on your first deposit – Use code MDJCASH

BMO InvestorLine Cons:

  • Not as cheap as discount brokerages such as Qtrade or Questrade
  • More suited towards large portfolios

Check out our full BMO Investorline Review for more information, or sign up by clicking the button below and using the code MDJCASH to enjoy our exclusive promotion.

Other Canadian Online Brokers

Even though Qtrade and Questrade are practically neck and neck for the title of the best online broker, and BMO represents the best compromise option when it comes to using a discount brokerage that Canadians are familiar with, that doesn’t mean they are the only viable choices. Luckily, we Canucks have plenty of good options available if you want to see if there is a better fit.

Read on to find out a little more about “the best of the rest”, including what we like and dislike about each of the other broker options in Canada.  We also have detailed reviews for all of those companies which will be linked from the relevant part of text – so if you want to learn more about a specific one you can simply click the review link and get all the added info you need.

RBC Direct Investing – 2nd Best Mobile App (After Qtrade)

As mentioned above, all of the big banks trading platforms are quite comparable and could all be classified as ‘elite products’. The biggest upside is of course the fact that if you already bank with them, opening a brokerage account with a specific bank becomes easier and much more convenient. In that regard, RBC is no different.

RBC Direct Investing offers you the same trade-off as other big banks do – you pay higher fees and in return enjoy an excellent platform and a lot of account options to choose from. In RBC’s case, their biggest advantage is their mobile app, which has the best ratings out of all the options listed on this page.

Million Dollar Journey’s Overall Rating: 3.9/5

RBC Direst Investing Pros:

  • User friendly, advanced platform
  • Fantastic mobile app
  • Easy to set up if you bank with RBC
  • Safe and trustworthy company

RBC Direct Investing Cons:

  • Much higher fees compared to other online brokers

TD Direct Investing – Great platform

If it weren’t for the fact they neither have an ongoing promotion, nor offer free ETF trading, TD Direct might well have been placed higher on our list. With the TD Webbroker, they have arguably the best trading platform in Canada – at least for desktop users. While their mobile app isn’t the best, it is also a very good product and overall user reviews are very positive.

If you already bank with TD, or if you know you are going to make a lot of use of their excellent trading platform, then signing up with TD Direct Investing can’t be a bad decision ever. That said, even though their software might be a little bit better – they simply can’t compete with the value one might get from Qtrade’s low fees or BMO’s excellent promo offer.

Million Dollar Journey’s Overall Rating: 3.8/5

TD Direct Investing Pros:

  • One of Canada’s most trusted financial companies
  • Easy and convenient if you already bank with TD
  • Modern, easy to use platform
  • Good amount of account options to choose from

TD Direct Investing Cons:

  • Higher trading fees, ETFs in particular
  • Very high account fees unless you maintain a $15K balance

Virtual Brokers – Competitive Fees + Extra Consideration for Canadian expats

Virtual Brokers Logo
vb3
vb2
vb1

Virtual Brokers is a very good option for active investors and Canadians who are living overseas. They are one of the bigger and most well known brokers in Canada and have been in business since 2009 and are now backed up by CI Direct Investments, giving them solid stability going forward.

This broker is ideal for Canadians who live overseas but prefer to keep their portfolios back home. Unlike other companies on this list – other than Questrade – Virtual Brokers don’t shy away from expat clients and will assist you with all the necessary paperwork. Not only that, but there will be no added charges for that! The only requirement is a $25,000 account minimum.

VB’s fees are comparable with Questrade as some of the industry’s best. The reason it falls short of a top spot for me is because the platform over there is quite outdated and hard to use – the mobile app in particular is really not polished enough. Add to that the fact they currently have no promo on offer, and they simply fall short of being the best choice for most Canadians.

Million Dollar Journey’s Overall Rating: 3.7/5

Virtual Brokers Pros:

  • Very competitive fees, similar to industry leaders
  • Best solution for Canadian expats
  • Trustworthy and safe with a long positive track record
  • Great fees and platform for very active traders

Virtual Brokers Cons:

  • Not the best product for passive investors
  • Platform is overall not very user friendly or nice
  • Pretty basic mobile app
  • No promo offers for new signups

Scotia iTrade –  Excellent for Traders Who Like Scotiabank

Scotia Itrade Logo
scotia itrade app screenshot
scotia itrade screenshot2
scotia itrade screenshot3

Like most of the big banks, Scotia’s trading product is an elite one. The platform is modern and integrates very easily with all other Scotia products so you get a very good ‘all in one’ solution for your financial needs. 

Scotia iTrade is particularly attractive for those who want to deposit large amounts of money and be very active with their accounts. If you do that, then it somewhat mitigates the higher fees and the overall convenience and ease of use really shines through.

Scotia’s trading fees are higher than the top brokers on this list, but are on par with all the other big banks. The only real major downside is their mobile stock trading app – it got abysmal reviews and hasn’t been updated in a long while.

Million Dollar Journey’s Overall Rating: 3.7/5

Scotia iTrade Pros:

  • Great all-in-one solution
  • Ideal for day traders
  • Excellent desktop platform
  • Well known and trusted company

Scotia iTrade Cons:

  • Fees are much higher than other brokers
  • Bad reviews for their mobile app

Editor’s Note: Still looking for more brokers? Read our reviews of HSBC, Interactive Brokers or Desjardins. All 3 are perfectly fine choices, but we failed to identify any field where they shine above the rest, and our user’s reviews weren’t stellar to say the least.

Top Discount Brokerage Promo Offer Codes for 2021

BMO Promo:

Use our exclusive promo code MDJCASH to receive cash back offers.

For the minimum deposit of $50,000 you will get $100 cash back, with tiered bonuses going all the way to $2000.

Questrade Promo:

Sign up with Questrade to get $50 in free trades. 

Questrade continues to be the low-cost leader, and one of the best brokers in Canada.

Qtrade Promo:

Open an account today and get $150 in credit to offset any transfer-out fees charged by your current broker.

Enjoy multiple other rewards and benefits with Canada’s best broker!

Are These Canadian Stock Brokers Safe?

When it comes to managing your finances online, there are always questions about safety. Doing anything online comes with some risks, including identity theft, malware or viruses, phishing schemes, and data breaches.

Obviously, all of these risks are quite serious business – especially when it comes to your personal information and money! However, you can rest easy knowing that all of Canada’s online brokers go to great lengths to protect both their websites, as well as their clients.

Common online broker security measures include the following:

  • SSL encryption
  • Ultra-secure servers
  • Two-step authentication process when logging in
  • Automatic logout
  • Regular system monitoring

Of course, it’s not just up to the online broker. You need to be cautious as well. If you are investing online (or sharing any personal information online, really), you should take the following steps to better protect yourself online.

Recommended Steps

  • Install anti-virus and anti-spyware programs on your computer
  • Use strong passwords that are hard to guess
  • Take advantage of two-factor authentication when offered
  • Always be mindful of who is around when you are entering your account information. As much as possible, this should be done when you are alone at home. If you need to step away from the computer, make sure to log out first.

At the end of the day, yes, investing online does have risks, it’s not typically seen as a risky activity. As mentioned above, there are plenty of security measures in place and procedures you should be following as well. It’s really just about being smart and cautious with your personal information.

Are Qtrade and Questrade as safe as BMO, RBC, TD, CIBC, and Scotia?

I think most Canadians understand intrinsically that the Big Banks are safe.  After all, the massive banks have been around for over two hundred years, and are some of the biggest businesses in Canada.  People assume that their money will be safe.

Fewer Canadians make the same assumption about our other top discount brokerages.

The bottom line is that Q trade and Questrade have all of the internet safety measures that are described above, but additionally, they have the same CIPF-insurance backed accounts that the big banks enjoy.

What is the CIPF you might ask?  The Canadian Investor Protection Fund is essentially an insurance coverage that the Canadian government has in place in case a brokerage company goes bankrupt (aka “insolvent”).  It covers each Canadian investment account up to $1 Million.  That’s per account.  So you could have a $1 Million TFSA, $1M RRSP, $1M non-registered, etc.  

So even if the company was in trouble (which it isn’t – since Qtrade for example is owned by Canadian financial conglomerate Avisio Wealth), your personal assets would still be safe – just like BMO, TD, RBC, Questrade, and any other online broker in Canada.

Now, it shouldn’t need stating, but I’m going to say it here anyway: No brokerage account or financial advisor can protect you against basic investment risk!

The Canadian online broker can keep your information safe from being hacked, there are steps that can be taken to minimize vulnerability to fraud, and the CIPF will protect your assets from a company that is in trouble – but there are no guarantees when you invest in stocks, bonds, ETFs, or commodities.  Again, this might be obvious to you – but you wouldn’t believe the questions that end up in our inbox sometimes!

Ultimate Comparison of Canadian Discount Brokerages

Below you can see a much more detailed table, which will hopefully give you better insight as to how we rate and pick the different brokers in Canada. You can also scroll down below the table for a more in-depth analysis and breakdown of each key factor.

Qtrade

Questrade

BMO InvestorLine

RBC Direct

TD Direct

Scotia iTrade

CIBC Investor's Edge

Virtual Brokers

Free ETF Buying

Free ETF Selling

User Experience

Customer Service

ECN Fees

$0

$0.0008- $0.004 per trade

$0

$0

$0

$0

$0

$0

Trading Fees for Average Investor

$8.75
$4.95-$9.95
$9.95
$9.95
$9.99
$9.95
$6.95
$1.99-$7.99

Trading Fees for Elite Day Traders

$6.95
$4.95-$9.95
$4.95
$4.95
$4.95
$4.99
$4.95
$1.99-$7.99

Automated Dividend Re-Investment Plans (DRIP)

Both Canadian and U.S. DRIPs are free of charge.
$0 for balance above $5k $19.95/ quarter if balance < $5k
$100/ yr if balance < $25k
$25 / quarter if balance < $25k
$100 / yr if balance < $25k
$100/ yr if balance < $25k
$100 / yr if balance < $25k
$50/ yr if balance < $15k, $50/ yr for USD RRSP

Current Promotion

None

None

None

None

None

Full Review

Comparing Canadian Stock Broker Trading Fees for ETFs and Stocks

Everyone is looking for low investing fees in Canada, and there’s no doubt that online discount brokerages offer the best rates relative to mutual funds and even robo advisors. But, just how much better off are you with a discount broker? Let’s take a look:

Broker

ETF Trading Fees

ECN Fees

Qtrade

Free to buy or sell the top 100

$0

Questrade

$0 to buy, $4.95-$9.95 to sell

$0.0008- $0.004 per trade

BMO InvestorLine

$9.95 to buy and sell

$0

TD Direct Investing

$9.95 to buy and sell

$0

RBC Direct Investing

$9.95 to buy and sell

$0

When it comes to ETFs we need to remember that even though a few of the online brokerages mentioned in this article offer free ETFs to buy, you do need to pay a fee to sell.

Another fee that you will want to keep in mind are ECN fees. So, what exactly is an ECN fee? ECN stands for Electronic Communication Network and these fees are essentially service charges that you will pay on your trades, although they can sometimes be avoided. Here’s what you can expect to pay in ECN fees with each respective online broker.  

I think it’s also worth mentioning that Canada has some of the highest investment fees in the world. This 2017 global study compared the investment fees and expenses in 25 different countries around the world. So, where did Canada fall on the scale? 

At the bottom. 

We paid the highest investment fees out of all the other developed countries on this list.  When you read or hear stats like that, it’s really no wonder that more and more Canadians are becoming interested in taking the proverbial bull by the horns and getting into trading themselves rather than paying others to do it for them. After all, the end goal is to make money, not flush it away on unnecessary expenses.  

Bottom Line: If you’re a passive investor or prefer to diversify through ETFs, you really can’t beat Qtrade’s free ETF policy.  If dividend stocks or other individual stocks are more your thing then Questrade wins the cost battle.

The Best Discount Brokerage Mobile App in Canada

While I prefer to use my online brokers website platform, I know that several of Canada’s discount brokerage mobile apps got redesigned in 2020 and 2021 in order to meet demand for cutting-edge usability.  There is a fine balance to be struck when it comes to providing brokerage app users with a high number of features, but also a simple & clean user experience.  

Once again we see Qtrade come out as the best Canadian online brokerage app, as they have yet again refined their already-best-in-class offering from last year.  Qtrade’s app has the best ratings in the app store for good reason, as they offer a smooth user experience combined with the ability to view and trade from all of your accounts in a simple intuitive manner.

Read our full stock broker app comparison here.

Who Should Use an Online Trading Platform?

The promise of low investing fees is attractive to everyone, but the concept of doing your own trading can also be quite intimidating. 

The good news is that it doesn’t have to be!

Part of what makes online trading platforms so enticing is that they really can work for everyone due to the fact that they are so customizable. Online trading platforms can work well for both active and passive investing. For those who are unsure of the difference between the two, active investing is a much more hands-on approach.  

An active investor will try to pick and choose which stocks or bonds will perform best and trade accordingly. Passive investing, on the other hand, involving having a little piece of every company or bond in a market, rather than relying on a select few.

Passive investors usually rely on index investing (the couch potato strategy) when it comes to their investments and is seen as an effective long-haul investment strategy.   For those interested in active investing, you will essentially have to become your own portfolio manager.

Alternative to Online Brokers in Canada: Robo Advisors

I should take a second to point out that if you really want the ultimate in low-maintenance hands-off investing (like many of my friends do) then the Wealthsimple robo advisor platform has really distinguished itself from the rest of the pack when it comes to instant portfolio solutions, and is rated our best robo advisor in Canada.  You’ll pay more in fees than you would with a discount brokerage account, but it is still less than 25% of what you’d be paying with a typical Canadian mutual fund. They’ll even give you $50 cash when you open an account!

Canadian Online Broker Frequently Asked Questions

Final Words of Wisdom About Canada’s Discount Brokerages in 2021

Becoming a successful active investor requires knowledge and understanding of the stock market. It also involves you needing to do your own research. It will take time and effort; however, if this is the strategy you wish to use and you are confident in your abilities, then using an online trading platform instead of a traditional financial planner can save you a lot of money. That being said, you don’t need to be an active investor to make an online trading platform work for you. You can go with buying an all-in-one ETF, sit back, and relax.

If you want to copy the same index investing strategy as a robo advisor, you absolutely can; no one will stop you. That being said, using an online trading platform will require slightly more time and effort than a robo would but, again, you are saving yourself money in terms of the fees so it just might be worth your time.

Using an online trading platform and becoming a DIY investor can mean anything from simply re-buying the same basic index ETFs a few times a year, to far more complicated “momentum” trading strategies that can involved 150+ trades per quarter.  Consequently, finding the best discount brokerage to fit your needs is essential to long-term success and commitment.

Please let us know in the comments if your personal experiences don’t align with our most recent Canadian online broker comparison or individual stock broker reviews.  Because we know just how new broker features and promotional welcome offers are to our readers, we promise to keep our Best Canadian Online Brokers Comparison updated monthly throughout 2021.

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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Ken
1 month ago

Which Canadian Broker offers the best Options trading platform? Is there anything close to IB? I use TD Currently and it seems very lacking in the Options area and expensive. The Monthly fee you mention with IB is paid for with 1 or 2 Options trades. I am looking to generally trade TSX and US based Options

Stephinie
2 months ago

You can also use them for passive and index investing which doesn’t require the same amount of expertise or commitment. If you want to copy the same index investing strategy as a robo advisor, you absolutely can; no one will stop you. That being said, using an online trading platform will require slightly more time and effort than a robo would but, again, you are saving yourself money in terms of the fees so it just might be worth your time

Nathalie Poulin
3 months ago

In comparing discount brokerage platforms, you have omitted Disnat from your list. It’s too bad that you are unable to provide information for investors who choose to invest with a French Brokerage. I would have liked to see how it compares to the others you have listed. Thanks

Editor
Kyle Prevost
1 month ago

Hey Nathalie – the truth is, that I just don’t know anyone who has used it. Would you be up for answering a few questions?

PracticalFIRECanada
3 months ago

I’m not just singling out this article, because all brokerage comparisons seem to omit margin charges. There is quite a variation on the margin account interest rates. A difference of 2% would make a difference of $2,000 annually on a $100,000 margin balance.

I would also like to see comparisons of how hard it is to get money in and out of accounts. This is particularly important for the online-only brokerages that are not the banks.

Bob MacDougall
3 months ago

For frequent traders National Bank should be mentioned. I think its 6.95 a trade BUT frequent traders over 100 trades per quarter its only 99Cents!!!

Simon
7 months ago

Hold & read this before you open any account with Qtrade, or you will be robbed blind as we just experienced when moving, transferring or closing your account. The fee published on its website is misleading to say the least. The real cost is much higher as we just found out in late 2020. The total fee to transfer my RRSP account was more than $500! It included $150 for CAD RRSP, plus CA$350 for USD RRSP account, even though I asked Qtrade and was told specifically “It will be $150 and it will only be charged once and not per account.” in their own online message! The USD RRSP fee includes US$150 for transferring, US$100 for closing the account, which is obviously a greedy double dip (or actually triple dip considering they said they would only charge once for all accounts), and all plus GST. This is highway robbery. Unless you want to be robbed like this, stay as far away from Qtrade.ca as possible!

Ivan
7 months ago

How up to date is the foreign exchange fee/spread table ? Also, for QTrade there is no spread % listed for > $25k. Is it unknown ? I doubt it’s 0%.

Farhan
7 months ago

I am curious if you have looked at National Bank Discount Brokerage (NBDB). I switched from TDW to NBDB and so far pretty happy. The major drawback is that they don’t have a mobile app, which is not a deal breaker for me.

I also opened a Chequing account with them, so I get a flat rate for $6.95 per stock trade. ETFs buy and sell are commission free as long as at least 100 shares are traded ($6.95 if less than 100). Their website may not be as refined as others but since I do my research outside of brokerage and currently only investing in ETFs, NBDB works for me. They have even cheaper rates for young investors.

Another refreshing change for me coming from TDW is that NBDB support secure messaging through the website so non-critical items like enabling or disabling DRIP can be taken care of through a message and there is no need to call (huge time saver these days).

In summary, I would highly recommend NBDB to any passive ETF investor who don’t care about mobile app or “fancy research and tools” provided by other brokerages – there is no need for all that fancy stuff for passive investors.

Editor
Kyle Prevost
7 months ago
Reply to  Farhan

We have a National Bank review in the hopper – long story story, they are middle of the pack for me personally. I still think Questrade, Qtrade, and VB are tough to beat.

Editor
Kyle Prevost
7 months ago
Reply to  Farhan

I love the incredible array of options that IB brings to the table – all at a low price point Barbara. The problem is… all the options they bring to the table. A lot of people find their platform overwhelming. The other negative is that they are HQ’d in the USA. There are some interesting semi-tested rules out there around US-domiciled assets and inheritance taxes. Just enough to dissuade me and have me staying closer to home!

Barbara
7 months ago
Reply to  Kyle Prevost

Thanks for your response. Will have to look further into the last part of your response however my initial feeling is that as inheritances will be left to people outside of Canada (some in the US) I do not believe that this would be an issue.

Besides IB there is only one other brokerage I could find that did fractional shares and their prices/fees are ridiculous.

Again thank you.

Barbara Wallace
7 months ago

Hi, I’m very happy to have accidentally found this site.
Seems like IB is not on your list for your top brokerages. I am looking for a brokerage that does fractional shares and I’m wondering what you think about IB for this? ShareOwners is expensive from what I’ve seen. I will be trading quarterly at the least and most likely more frequently as I will also be doing options.

Will be reading more and also following your site. I need to learn more about the withholding taxes as I will be buying several US dividend paying stocks.

Thank your and I look forward to a response.

Barbara

KimberyAsh
10 months ago

I’ve had a joint cheq/sav account and a HELOC with BMO for the last 12 yrs. I don’t make more than 6 or 7 trades a year, but since the fee’s are waived – as my balance is well over the minimum – and the price per transaction is pretty competitive, I haven’t had the need to switch. Been pretty happy with them providing my primary banking needs for some time.