The best Commission-Free Stock Trading Platforms in Canada
Where to get $0 commission trading and how to choose the best free trading platform for your needs.
If your broker offers commission-free stock trading, you pay $0 brokerage fees whenever you buy and sell stocks and ETFs online. And while fee-free trading was once a rare thing indeed, it’s now the norm across a wide range of trading platforms.
But where can you find the best commission-free stock trading in Canada? We compared leading fee-free trading platforms to find the answer.
Is stock trading free in Canada?
Stock trading can be free in Canada, if you sign up with one of the increasing number of Canadian trading platforms now offering commission-free trading. Wealthsimple started the trend of $0 brokerage fees in 2019, and plenty of other brokerages—including some major banks—have since followed suit.
But brokerage fees aren’t the only cost you need to worry about when trading stocks online. Depending on the broker, you might also have to watch out for foreign exchange fees, withdrawal fees, account maintenance fees, market data fees and more.
So while the term “free” is accurate, it comes with an asterisk attached.
The best commission-free trading platforms in Canada
We crunched the numbers and compared the features of fee-free brokers to find the best $0 commission trading platforms in Canada. Here’s a breakdown of what each platform has to offer.
- Best overall commission-free stock trading platform: Questrade
- Best commission-free platform for a well-rounded experience: Qtrade Direct Investing
- Best commission-free trading for young investors: CIBC Investor's Edge
- Best for free trading online and on mobile: Wealthsimple Investing
- Best bank-based commission-free trading: BMO InvestorLine Self-Directed
- Best bank-based free trading on mobile: National Bank Direct Brokerage
Fee breakdown for popular trading platforms in Canada
| Platform | Stock & ETF trading fee | Options trading fee | FX fee | Withdrawal fee | Account fee |
|---|---|---|---|---|---|
| Questrade | $0 |
| 1.5% |
| $0 |
| Qtrade Direct Investing | $0 | $0 + $0.75 per contract | Varies | $0 | $0 |
| CIBC Investor’s Edge | $6.95 (or $5.95 for students, $4.95 for active traders or $0 for investors under 25) | $6.95 + $1.25 per contract (or $5.95 + $1.25 for students or $4.95 + $1.25 for active traders) | 0.2% – 1.6% | $0 |
|
| Wealthsimple | $0 |
| 0% – 1.5% |
| $0 |
| BMO InvestorLine Self-Directed | $0 | $0 + $0.90 per contract | 0.4% – 1.6% | $0 | $0 |
| National Bank Direct Brokerage | $0 | $1.25 per contract (minimum fee of $6.25) | Varies |
| $0 if you hold eligible assets of $20,000 or more, otherwise $100 per year |
Which trading platform is 100% free with $0 FX fees?
There’s no trading platform in Canada that is 100% free with $0 FX fees.
Though many $0 trading commission brokers support free USD accounts, allowing you to minimize currency conversion costs whenever possible, you’ll need to contend with the FX spread on CAD/USD conversions.
So if you want to trade US stocks or invest in other international markets, you’ll need to consider brokerage fees and the FX spread in tandem to find the cheapest option. In some cases, you may discover that a platform that charges trading commissions but offers a better exchange rate—such as Interactive Brokers or Moomoo—ends up being more affordable than a $0 commission broker.
Which Canadian brokerage is cheapest for buying US stocks?
The best broker for buying US stocks varies depending on the specific details of your transaction. How much are you spending? Do you already have USD? Does your brokerage support Norbert’s Gambit?
That said, it’s a platform that doesn’t actually offer commission-free trading, Interactive Brokers, that works out to be the cheapest for buying US stocks. On its tiered plan, IBKR charges a commission USD$0.0035/share with a USD$0.35 minimum, while it offers competitive exchange rates starting at 0.20 basis points of your trade value.
Moomoo is another platform worth a look. It lets you invest in US stocks for USD$0.0099/share (minimum USD$1.99/trade), and at the time of writing doesn’t charge any currency exchange fees.
Ultimately, you’ll need to compare trading costs based on the specific details of your transaction to find the cheapest broker.
Is commission-free trading entirely free?
No, commission-free trading isn’t necessarily 100% free. There are several fees that may apply to your transaction, so keep an eye out for the following charges.
FX spread
When you trade US and international markets, many brokers make money on currency conversions. Some platforms charge a flat FX fee, commonly 1.5%, every time you exchange currencies. Others have a tiered fee structure, with larger transactions attracting tighter spreads.
There are several steps you can take to reduce FX costs, the most obvious of which is to look for a broker that converts currency at the mid-market rate. You can also choose a broker that supports USD (or other foreign currency accounts), allowing you to minimize currency conversion costs.
Finally, consider using Norbert’s Gambit, a strategy involving share journaling to avoid FX costs on CAD/USD conversions.
ECN / ATS order-routing pass-through fees
ECN/ATS order-routing pass-through fees are charged by electronic communication networks or alternative trading systems that automatically match orders. Fees are usually charged when your trade removes liquidity from the market, and they commonly start at around $0.003/share.
Some brokers pass these fees on to you, the investor, but others do not. Check the fine print to find out what your platform’s policy is.
Low-balance account maintenance fees
Some brokers charge account maintenance or admin fees that can take a big chunk out of your investment profits. These fees are often charged quarterly or annually, and they typically add up to $100 per year.
However, this fee is usually waived if you maintain a minimum asset balance with the broker. The minimum balance requirement can range from $10,000 to $25,000 depending on the platform.
USD accounts
Holding a USD account can help you avoid currency conversion fees when trading US stocks. But while USD accounts are free with some platforms, other brokers charge a fee. For example, Wealthsimple charges a $10 monthly fee for USD accounts unless you have $100,000 or more in assets.
Account transfer-out & deregistration charges
If you ever decide to move your investments to another broker, your current platform will typically charge a transfer-out fee. This fee is usually around $150.
If you’re transferring a registered account like an RRSP or TFSA, a deregistration fee will also apply. These fees are commonly in the $50 to $100 range.
Options base & per-contract platform fees
Trading options without paying a commission is now possible on several Canadian platforms. However, per-contract fees still apply, ranging from $0.25 to $1.25 per contract depending on the platform and type of option.
You should also watch out for exercise and assignment fees, which can range from $0 to $45.
Streaming real-time Level 2 data subscriptions
Many platforms offer free Level 1 market data, while some also provide free Level 2 quotes.
However, advanced traders who want real-time streaming Level 2 quotes will often need to pay a monthly subscription fee. These fees vary between platforms, but typically start at around $10 to $20 per month.
Research and analysis tools
While the best trading platforms give you free access to in-depth research, analyst ratings and advanced charting tools, other platforms reserve these tools for their paying customers. Check the platform’s fee schedule to see whether you’ll need to pay a fee to access premium research tools.
Withdrawal fees
While you can usually withdraw funds from your account for free via EFT, other withdrawal methods incur fees. For example, you may need to pay an extra fee to withdraw funds via wire transfer, while Wealthsimple charges a 2.5% fee if you want to make an instant withdrawal.
How to choose the best commission-free trading platform for you
Consider the following factors when comparing $0 commission brokers:
Fees
Commission fees are just one piece of the puzzle. Make sure to consider the overall cost of using the platform, including FX fees, withdrawal charges, account maintenance fees and options trading fees.
If you trade US stocks at high volumes, for example, you could end up paying a lot more than you think in FX fees. Let’s say, you buy $10,000 CAD worth of US stocks, you would end up losing $150 to FX fees alone just to complete the purchase, which can eaily start eating away at your returns.
What you can trade
Check the list of assets and markets you can trade through the platform. Nearly any Canadian platform allows you to trade Canadian and US stocks and ETFs, but if you think you’ll want spscific access to other international markets, you’ll need to be more picky. Outside of international equities, consider if you’ll need access to options trading, crypto or fractional shares.
Ease of use
Look for a platform that makes it quick and easy to find investments, analyze price charts and place buy and sell orders. It should be simple to navigate and easy to place trades on your phone or desktop. If possible, test out the platform with a demo account first to get a feel for how it works.
Research and analysis tools
If you see yourelf becoming an active trader, you’ll need to make sure the platform offers access to comprehensive market research, financial news and technical analysis tools. Free or affordable access to real-time Level 1 and Level 2 market data.
Account types
Check to make sure the platform supports the account type you want to open. For example, while some platforms only support personal cash and margin accounts, others support registered accounts like TFSAs, RRSPs, FHSAs and RESPs, which is important if you want to take advatage of tax benefits with certain registered accounts.
Educational resources and customer support
If you’re new to investing, look for a broker that offers how-to guides, webinars and articles to help you learn the basics of trading. Check to see how easy it is to contact customer support if you ever need help, what customer service channels are offered, and the hours of availability.
How do free trading platforms in Canada make money?
Brokerage platforms rely on several other revenue streams outside of commission fees to generate an income.
FX spreads are one common way platforms make money. For example, Wealthsimple charges a 1.5% fee on currency conversions, while Questrade charges an FX spread of 1.5% on CAD/USD conversions.
Brokers also charge withdrawal fees, particularly for wire transfers, and per-contract fees for options trades. While some brokers offer Level 2 market data for free, others charge monthly subscription fees to access real-time data feeds.
Platforms like Wealthsimple also charge trading fees for crypto, with the fee varying depending on your account tier, and an extra fee may also apply for crypto spreads. And then there are other fees like account maintenance charges that kick in if your account balance falls below a minimum threshold.
Brokers also earn interest on uninvested cash in your account and from margin loans they provide to investors, so there are several ways they can still make a buck.
Are free stock trading apps in Canada safe and insured?
Yes, legit free stock trading apps are completely safe. The commission-free stock trading platforms featured in this guide are overseen by the Canadian Investment Regulatory Organization (CIRO).
They’re also members of the Canadian Investor Protection Fund (CIPF), so up to $1 million of your assets are protected by insurance coverage if your broker becomes insolvent.
Can I trade commission-free inside a TFSA or RRSP in Canada?
Yes you can trade inside a TFSA or RRSP with a $0-commission platform. Many online brokerages allow you to trade stocks and ETFs commission-free inside registered accounts like TFSAs and RRSPs. But just like when you trade in a cash account, it’s worth remembering that there may be other fees like account maintenance charges and currency conversion costs.
The other factor to remember is that the list of supported registered account types varies between brokers. Check which accounts are available before choosing a broker.
Pros and cons of free trading platforms in Canada
Pros
- $0 trading commissions. There's no need to worry about brokerage fees eating into your profits.
- Plenty of choice. More brokers offer commission-free trading in Canada than ever before, so there are lots of options for budget-conscious investors.
- Removes barriers to investing. With no trading commissions, no minimum deposits and growing support among brokers for fractional shares, it's easy to start investing with a small amount of money.
- Registered accounts. You can invest commission-free in registered accounts like TFSAs and RRSPs to take advantage of tax benefits.
Cons
- Not completely free. There are several other fees and costs you may need to factor into your calculations.
- Risk of overtrading. The absence of brokerage fees might tempt you to trade more often than you need to, when you could be better off just buying and holding for the long-term.
- More than fees. There's more to working out if a broker is right for you than just choosing the platform with the lowest fees.
- You might prefer managed investments. If self-directed investing isn't for you, you'll need to consider managed investment portfolios (that come with management fees).
How to start commission-free trading in Canada
Ready to start buying and selling stocks online with $0 commissions? Here’s what you need to do.
Step 1: Choose a trading platform
Compare the best commission-free stock trading platforms to find the right broker for you. Consider factors such as what assets and markets you can trade, currency conversion costs, supported account types and how easy the platform is to use. Learn more about choosing a platform in our full guide to the best stock trading apps in Canada, or check our top commission-free picks above.
Step 2: Create an account
Fill out an online application form with the broker you choose. You’ll need to provide your personal information, contact details, SIN, and information about your income and investing experience. You will also need to upload proof of ID to verify your identity, plus select a cash or margin account or a registered account like a TFSA or RRSP.
Step 3: Make a deposit
Now it’s time to deposit funds to your trading account from your bank account. Common payment methods include e-Transfer, bill payment and electronic funds transfer.
Step 4: Research investments
Research the stocks or ETFs you’re considering buying. Make sure the investment you choose aligns with your risk tolerance and time horizon, and make the most of your broker’s research and analysis tools and investment screeners.
What are the best Canadian stocks to buy right now?
Step 5: Place a buy order
Search for the ticker symbol of the stock or ETF you want to purchase and navigate to the Buy screen. Enter the amount you want to spend or the quantity you want to purchase, then review all details of the transaction before submitting your buy order.
Quick take: The best commission-free trading platforms
6:01
Bottom line
We think Questrade is the best commission-free stock trading platform in Canada overall, but there are lots of other fee-free trading platforms available. Just remember that “free” stock trading isn’t always completely free, so make sure you’re aware of any extra charges that may apply before choosing a trading platform.
FAQs
Important information: Powered by Finder.com. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
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