Navigating the Top Brokerages in Canada for 2025
- Finwise
- Jun 13
- 11 min read
Choosing the right place to manage your money can feel like a big deal, especially with so many options out there. If you're looking into brokerages in Canada for 2025, it's smart to know what each one brings to the table. This guide will walk you through the top choices, helping you figure out which one might be the best fit for your investing plans. We'll keep it simple and straightforward, so you can make a good choice without all the extra fuss.
Key Takeaways
Questrade is a strong contender for those looking for a mix of low costs and solid tools.
Qtrade stands out for its easy-to-use platform and good customer support.
Wealthsimple is a popular pick for beginners because of its simple interface and commission-free trading.
Traditional banks like TD Direct Investing and RBC Direct Investing offer a wide range of services, often appealing to existing bank customers.
Interactive Brokers is known for its advanced features and competitive pricing, especially for active traders.
1. Questrade
Questrade has consistently been a strong contender in the Canadian brokerage landscape, and 2025 is no different. They've been named MoneySense's Best Online Broker in Canada for 2025, marking a repeat win. This solidifies their position as a top choice for investors. They've really stepped up their game, especially with the move to zero-commission trading.
Questrade's platform is pretty good for both beginners and experienced traders. They've made some nice improvements to their desktop and mobile platforms recently. It's made things smoother when you're executing trades, tracking your portfolio, and customizing everything. It might not be the flashiest platform out there, but it gets the job done. If you're a long-time user, you'll definitely appreciate the upgrades.
One area where Questrade has faced challenges is customer service. But, they've been working on improving that, so hopefully, things will get better in that department. Overall, Questrade is a solid choice if you're looking for a low-cost brokerage with a decent platform. Questrade is a forward-thinking firm committed to enhancing the digital investor experience through robust platforms, responsive service and a product lineup that appeals to all investor types. Its consistent focus on accessibility, innovation, and service excellence makes it the clear choice for both new and experienced investors alike.
Questrade's move to $0 commissions for stocks and ETFs is a game-changer. It makes them even more attractive for active traders. You don't have to hunt for loopholes or lower market data fees anymore. Questrade's overall value is hard to beat.
Here are some of the reasons why Questrade is a good choice:
$0 commissions for stocks and ETFs.
Industry-leading options trading commissions.
Commitment to investor education.
Questrade is a solid option and as of March 2025, they’ve officially joined the zero-commission trading club. That means $0 trading fees on stocks and ETFs. With trading fees now down to $0 + ECN Fees (as well as the usual currency exchange fees when you buy stocks or ETFs on the USA stock exchanges), Questrade remains one of the lowest-cost options in Canada, making it an attractive platform for both beginners and experienced investors. If you're looking for Canadian trading platform, Questrade is a solid option.
2. Qtrade
Qtrade consistently ranks high among Canadian brokerages, and for good reason. It's a solid all-around platform with strengths in several key areas. While it might not be the absolute best in every single category, it doesn't have any major weaknesses either. It really shines when it comes to free ETFs, top-notch customer support, and access to information and educational resources.
Qtrade consistently earns high marks. The newest edition of the Globe and Mail rankings gave Qtrade an A grade, noting their continuous improvements. It's not just about executing trades; it's about helping you build and monitor a well-constructed portfolio.
Qtrade's consistency sets it apart. They're always making improvements, big and small, to stay at the top. They provide tools to help you monitor your portfolio and ensure it stays on track.
Here's a quick look at why Qtrade often gets ranked above Questrade:
Customer service: Many users report better experiences with Qtrade's customer service compared to Questrade.
User experience: Qtrade generally offers a smoother and more intuitive user experience.
Promotional offers: Qtrade often has attractive promotional offers for new and existing customers. Check out the current promotional offer from Qtrade to see if it fits your needs.
Here's a summary of Qtrade's strengths:
Free ETF purchases: Buy and sell over 100 ETFs without commission fees.
Top ratings: Consistently ranked among the best brokerages in Canada.
Excellent customer service: Known for its responsive and helpful support team.
User-friendly app: One of the best mobile trading apps available.
Investor tools: Access to advanced tools for research and analysis.
Easy account opening: Simple and straightforward account setup process.
Qtrade is a strong contender for anyone looking for a reliable and feature-rich brokerage. It's worth considering if you value customer service, user experience, and access to free ETFs. Investor sentiment remained stable despite market fluctuations, making it a good time to evaluate your brokerage options.
3. Wealthsimple
Wealthsimple has become a popular choice for Canadians looking for a straightforward way to invest. They've really made a name for themselves by offering both a robo-advisor service and a self-directed trading platform. It's a pretty good option if you're just starting out or want something that doesn't require a ton of active management.
Wealthsimple's robo-advisor is known for its user-friendly interface and low fees, making it accessible to new investors.
Wealthsimple Trade, their self-directed platform, lets you buy and sell stocks and ETFs without commission fees. While this sounds great, it's worth remembering that they make money through other means, like payment for order flow. This means your trades might not always get the best possible price. Still, for many people, the convenience and simplicity outweigh this potential drawback.
Here's a quick look at some of the pros and cons:
Simple, easy-to-use platform
No commission fees for trading stocks and ETFs
Offers both robo-advisor and self-directed options
Can be more expensive than other brokerages if you need advanced features
Order execution might not always be optimal
Limited account types compared to some competitors
Wealthsimple is trying to be a one-stop shop for all things finance. They're expanding into banking services, which could make managing your money even easier. It's worth keeping an eye on how they develop in the future, especially if you're looking for a convenient and integrated financial solution.
If you're looking for a robo advisor platform that's easy to use and doesn't cost a fortune, Wealthsimple is definitely worth considering. Just be sure to do your research and understand the potential trade-offs before making a decision.
4. TD Direct Investing
TD Direct Investing remains a strong contender in the Canadian brokerage landscape for 2025. It's known for its robust platform and comprehensive resources, making it a solid choice for both new and experienced investors. They provide a wide array of tools designed to help investors gain knowledge and confidence. Whether you're just starting out or managing a large portfolio, TD Direct Investing has tools to support you.
TD Direct Investing's strength comes from its traditional platform, not TD Easy Trade. While TD Easy Trade offers 50 free trades, you have to use their mobile app to get them. It feels more like a marketing trick than a real benefit.
Here's a quick look at some pros and cons:
One of Canada's most trusted financial companies.
Easy to use platform.
Good amount of account options.
Higher trading fees, especially for ETFs.
High account fees unless you maintain a $15K balance.
TD Direct Investing is a solid choice if you want the security and convenience of keeping your assets with a major Canadian bank. However, their fees can be a drawback compared to other brokerages.
If TD were to embrace free ETF trades, they could really challenge for the top spot. For those who value the safety and convenience of keeping all their assets under one of Canada's big banks, TD Direct Investing is a great choice.
5. Scotia iTRADE
Scotia iTRADE is a solid choice, especially if you already bank with Scotiabank. The integration between their trading platform and other Scotia products makes it a convenient, all-in-one solution. It's particularly appealing for active traders who deposit large sums of money, as this can help offset the somewhat higher fees.
Scotia iTRADE's platform is modern and integrates well with other Scotia services, making it a good option for those seeking a unified financial solution. However, potential users should consider their trading activity and deposit amounts to determine if the benefits outweigh the higher fee structure.
While Scotia iTRADE's fees are on par with other big banks, they are higher than some of the discount brokerages out there. One significant drawback is their mobile stock trading app, which has received poor reviews and hasn't been updated in a while. The desktop platform, however, is generally well-regarded.
Here are some things to consider:
Integration with Scotiabank accounts is seamless.
Good for active traders.
Desktop platform is well-designed.
Mobile app needs improvement.
Overall, Scotia iTRADE is a decent option, especially if you value the convenience of having your banking and investing all in one place. Just be sure to weigh the trading fees and consider whether the mobile experience is important to you.
6. RBC Direct Investing
RBC Direct Investing is a popular choice, especially if you already bank with RBC. The integration between your banking and investment accounts is pretty smooth, which can make things easier to manage. However, it's worth taking a closer look to see if it truly fits your needs.
One of the biggest advantages is the ease of use, especially if you're already an RBC customer. The platform feels familiar, and you can easily move money between your bank and investment accounts.
Here's a quick rundown:
Easy integration with RBC banking.
User-friendly platform.
Wide range of account options.
RBC Direct Investing provides a solid platform experience, especially for those already comfortable with RBC's banking services. However, it's important to weigh the higher fees against the convenience and features offered.
While the platform is good, it's not perfect. Some users find the customization options limited, and the onboarding process could be simpler. Plus, the fees are something to consider, as they tend to be higher than some of the other brokerages out there. For a more in-depth RBC Direct Investing review, check out expert analyses.
7. National Bank Direct Brokerage
National Bank Direct Brokerage (NBDB) has definitely shaken things up. They were the first of the big Canadian banks to offer commission-free trading on Canadian stocks and ETFs. It's a bold move to grab attention in a crowded market.
If you're all about avoiding those per-trade fees, NBDB is worth considering. However, it's not always sunshine and roses. Some personal finance folks give them lower grades for a few reasons.
Here's a quick rundown:
No mobile app yet. Seriously, in 2025?
The online platform isn't as slick as some of the top competitors.
Limited portfolio analysis tools and investor resources.
Basically, it's a no-frills experience. If you're okay with that, great. If you want all the bells and whistles, maybe look elsewhere.
NBDB makes money by charging a $100 account fee if your balance is under $20,000. So, keep that in mind. It's not completely free for everyone.
Here's a table summarizing some key info:
Feature | Details |
|---|---|
Commissions | Free for stocks and ETFs |
Account Fee | $100 if under $20,000 |
Mobile App | No |
Analysis Tools | Limited |
Customer Support | Social media and phone support available (As of April 2025) |
When it comes to commission-free trades, NBDB is a solid option if you're comfortable with a more basic platform. Just be aware of the account fee if your balance is on the lower side.
8. CIBC Investor’s Edge
CIBC Investor's Edge is another option from a major Canadian bank. It's there, it exists, but it might not be the flashiest choice out there. If you already bank with CIBC, keeping your investments there might seem convenient, and you might even be able to swing a better deal on your mortgage or get some fees waived. But let's be real, there are some downsides.
One of the biggest drawbacks is the annual account maintenance fee. It can really eat into your returns, especially when you're just starting out. Plus, unlike some other brokerages, free ETF trading isn't an option; you'll pay a commission on every ETF trade. Ouch.
Lower fees than other big banks
Possible to purchase fractional shares
Access to CIBC research and resources
Honestly, while the per-trade fees are okay, those annual fees can sting. And the customer service? Well, let's just say it's not winning any awards. CIBC has the resources to make Investor's Edge a top contender, but right now, it's lagging behind.
Here's a quick rundown:
Feature | Details |
|---|---|
Trading Fees | $6.95 |
Account Maintenance | $100/year |
ETF Trading | $6.95 per trade |
Minimum Balance | None |
9. CI Direct Trading
CI Direct Trading is definitely in the mix if you're looking for a brokerage, especially if you're a Canadian expat. They've been around for a while and have built up a solid reputation. Their fees are pretty competitive, putting them right up there with some of the bigger names in the game.
Here's a quick rundown of what makes them stand out:
Competitive fees, which is always a plus.
A good option for Canadians living abroad.
A long track record, which can give you some peace of mind.
CI Direct Trading uses a per-share commission structure. This means you pay a small fee for each share you buy or sell. It can be a good deal if you trade a lot of shares, but it's worth doing the math to see if it makes sense for your trading style.
Here's a comparison of CI Direct Trading's fees with some other brokerages:
Brokerage | Commission |
|---|---|
Free to buy and sell | |
BMO InvestorLine | $9.95 to buy and sell |
TD Direct Investing | $9.95 to buy and sell |
RBC Direct Investing | $9.95 to buy and sell |
National Bank Direct Brokerage | Free to buy and sell |
Keep in mind that some brokerages also charge ECN fees, so it's important to factor those in as well. For example, Questrade charges ECN fees.
10. Interactive Brokers
Interactive Brokers is a solid choice, especially if you're into advanced trading or want access to global markets. It's known for catering to more experienced traders, but it also has features that can work for beginners. I mean, who doesn't want to feel like a pro, right?
Interactive Brokers really shines when it comes to platforms and tools. They've got something for everyone, whether you're managing a huge portfolio or just starting out.
Here's a quick look at some key details:
Feature | Details |
|---|---|
Minimum Deposit | $0.00 |
Stock Trades | $0.00 |
Options (Per Contract) | $0.65 |
The platform might seem a little intimidating at first, but they offer courses and resources to help you get the hang of it. Plus, they give you access to global market access, which is pretty cool if you're looking to diversify your investments.
Here are a few things that stand out:
Tons of customizable tools.
Ability to trade in foreign markets.
Apps for individual investors.
Final Thoughts on Canadian Brokerages for 2025
So, as we wrap things up for 2025, it’s pretty clear that the world of online brokerages in Canada is changing a lot. Questrade trying to get a banking license shows they want to do more for Canadian investors. And Qtrade? They’re still a top choice. If you’re still paying high fees for mutual funds or listening to old advice from someone just trying to hit their sales goals, maybe it’s time for a change. DIY investing has gotten way better over the last ten years, and today’s best online brokers make it super easy to take charge of your money.
Frequently Asked Questions
How do I choose the best online broker for me in Canada?
Picking the best online broker in Canada depends on what you need. Think about how much you want to pay in fees, how easy the trading platform is to use, and what kind of customer service they offer. Some brokers are great for beginners, while others are better for experienced traders.
Are online brokers in Canada safe to use?
Yes, online brokers in Canada are generally safe. They are regulated by Canadian authorities, which means they have to follow strict rules to protect your money. Look for brokers that are members of the Canadian Investor Protection Fund (CIPF), which protects your investments up to certain limits if the firm goes out of business.
What are the main benefits of using an online broker?
Online brokers often have lower fees compared to traditional brokers. This is because they usually don't have physical offices and you manage your own investments. This can save you a lot of money over time, especially if you trade often.
What types of investments can I trade with an online broker?
Most online brokers let you trade many different things, like stocks, bonds, exchange-traded funds (ETFs), and mutual funds. Some also let you trade more complex things like options or foreign currencies. Check with each broker to see what they offer.
What do I need to open an online brokerage account in Canada?
To open an account, you'll usually need to be at least 18 years old, have a Canadian address, and provide some personal information like your Social Insurance Number (SIN) and identification. The process is usually done online and is pretty straightforward.
Do online brokers offer help for new investors?
Many online brokers offer tools and resources to help new investors. This can include educational articles, webinars, demo accounts, and customer support. Some even have simplified platforms designed specifically for beginners to make investing less scary.
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