Advertising disclosure
Hosting Canada is community-supported. We may earn a commission when you make a purchase through one of our links. Read Disclosure.
Best Trading Platform Canada – Features & Fees Breakdown
Written by
Charlon Muscat
Edited by
Nathan Navidzadeh
Updated On
November 7, 2024
Reading Time
25 min
Are you looking to start investing in the stock market and need help figuring out where to start? Well, you'll need to find the best trading platform in Canada first.
But, how do you pick the right one?
Our expert team has tested 17 Canadian online stockbrokers, narrowing down the five most promising ones based on various elements. Amongst these were fees, commission structures, interfaces, security, assets, access to local investment opportunities, tax, efficiency, and so much more.
See related: Best Tax Software in Canada
So, let's get into which ones made the cut and help you determine the best online trading platform in Canada for you.
What is an online trading platform?
Online trading platforms are digital spaces where investors can buy and sell financial assets like stocks and commodities without needing a traditional broker.
To do this, they equip traders with sophisticated tools for market analysis, portfolio management, and comprehensive research for well-informed trading choices.
They also feature live data feeds and a suite of charting tools and support multiple order types—from simple market orders to complex stop orders.
If you are having issues understanding the charts, check out our guide on how to read stock charts.
⚠️ Please note - I am not a licensed financial advisor. I'm not making financial recommendations or endorsing these companies. This objective review is to highlight the fees and services for each platform. Remember, online trading has risks and you could lose your money. ⚠️
1. Questrade — Best Trading Platform in Canada Overall
Fees summary:
PROS
CONS
Questrade is Canada's largest independent digital brokerage, best known for its low-fee opportunities in trading stocks and investing in ETFs commission-free.
2. Interactive Brokers — Best International Online Broker
Fees summary:
PROS
CONS
Interactive Brokers is a US based-trading suite under the wing of the global Interactive Brokers Group (IBKR). However, it comes with numerous features Canadians love, including access to various markets around the world with low fees and commissions.
3. CIBC Investor’s Edge — Best Trading Platform in Canada for Transparency
Fees summary:
PROS
CONS
CIBC Investor's Edge online investment brokerage delivers low commissions and trading fees, starting at just $6.95 per trade. Its target market includes self-directed investors, those learning to manage their investments, and professional investment managers.
4. TD Direct Investing — Best Trading Platform in Canada for Diverse Trading
Fees summary (Standard Trader):
Fees summary (Active Trader*):
PROS
CONS
TD is one of the top 10 North American banks, and it comes with two different investment options on Canadian and U.S. stocks:
● TD Direct Investing - This provides access to options, bonds, mutual funds, and initial public offerings (IPOs).
● TD Easy Trade - While this only supports stocks and TD ETFs, it allows for commission-free trading on your first 50 stock transactions annually without any quarterly maintenance fees.
5. Qtrade Direct Investing — Best Trading Platform in Canada for Investing in Canadian ETFs
Fees summary:
PROS
CONS
Qtrade is built with the do-it-yourself investor in mind. Therefore, it focuses on building confidence by delivering comprehensive support, resources, extensive educational materials, and a sense of security in each transaction made.
Summary of the Best Stock Trading platforms in Canada
Here's a quick overview to help you easily compare the features and offerings of the top online trading platforms in Canada:
Feature | Questrade | Interactive Brokers | CIBC Investor's Edge | TD Direct Investing | Qtrade Direct Investing |
Best For | Overall | International Trades | Transparent Fees | Diverse Trading | Investing in Canadian ETFs |
Minimum Deposit | CA$1,000 | CA$0 | CA$0 | $100/month | CA$0 |
Fees (Stocks) | $0.01/share (min. $4.95, max $9.95) | min $1.00, max 0.5% | $6.95/trade | Standard: $9.99/trade, Active: $7.00/trade | $8.75 |
Fees (Options) | $9.95 + $1 per contract | min $0.25 per contract | $6.95/trade + $1.25/contract | Standard: $9.99 + $1.25/contract Active: $7.00 + $1.25/contract | $8.75 + $1.25/contract |
Pros | User-friendly app, No mutual fund fees, Extended trading hours, Free account opening | Low margin rates, Access to 150+ exchanges, Mobile-friendly | Low trading fees, Free research tools, Security | Backed by a major bank, Multiple account types, No mutual fund commission | Comprehensive research tools, Free ETF transactions, Excellent UI |
Cons | Restricted account currencies, High margin rates | Advanced features challenging for newbies, No mutual fund/crypto trading, Subscription for market data | Only fundable via CIBC, Lacks advanced features | High fees, Annual maintenance fee | Transfer and withdrawal fees, Quarterly fee (conditions apply) |
Tradable Assets | Stocks, ETFs, Forex, Options, Bonds, IPOs, Mutual Funds, Commodities, CFDs, Derivatives | ETFs, Stocks, Index Funds, Bonds, Options, Futures, Forex, Warrants, Hedge Funds | ETFs, Stocks, Options, Mutual Funds, IPOs, GICs, Fixed Income, Precious Metals, Structured Notes, CDRs | Stocks, ETFs, Mutual Funds, GICs, Fixed Income, Options | Stocks, ETFs, Mutual Funds, Bonds, New Issues, GICs, Options |
Canadian Stock Platform Guide
The rapid rise of Canadian online trading platforms makes it easy to buy shares. However, without a guide, you can’t know which broker features fit your trading needs. Online trading is both high-risk and high-reward, so picking the right broker is crucial. Here are some factors to look for:
Security Features and Regulations
They should have strong cyber security features and financial protections in place. You can never be too careful with your money. Be sure they are legally registered in your area.
Available Investment Products📊
Confirm the available investment opportunities are compatible with your goals.
Costs and Fees to Manage your Account
Look for hidden gotchas, unexpected fees, and overall costs to maintain your account. Some platforms may offer discounts too.
The Minimum Requirement for Investment
This amount will differ depending on the platform. Be sure that the requirements align with your financial position.
Available Features
Platforms will have an array of tools to help you analyze data and make informed investment choices. How advanced these capabilities are will vary, so find one that suits you.
Broad Range of Tradable Assets 
Depending on the platform, you could have limited or broad trading availability. Factor in things like multiple asset classes and how many financial markets they give you admittance to.
Beginner Friendly
When dealing with investing, don’t jump in blindly. Be sure that your platform has resources and guidance for beginners so you don’t make costly mistakes.
Commission Fees 
Compare commission fees, especially if you’re trading frequently and in large volumes.
Good Customer Reviews
The most honest reviews will come from other customers. Research and see what common complaints people have, or what features they all seem to gravitate to.
Banking Integration 
Is the trading platform integrated with banking services? Some allow you to transfer money from trading accounts to other banking accounts, including savings.
Trading Differences Between Canada and the United States
Due to proximity, relaxed trade barriers, and close cultural/political ties, trading stocks online in Canada is similar to trading in the U.S. However, there are Canadian trading considerations to note:
Order Types and Operations🔧
Various order types are standard across the industry, like market orders, limit hours, and stop orders. However, trading stocks varies between Canada and the U.S. Other possible variations are advanced order types, such as conditional orders, and flexibility with after-hours trading.
Mobile Apps
Mobile app adoption dominates the US market. In Canada, however, not every broker has a mobile app, or the same features.
Banking services📈
In the U.S., banks offering online trading services tend to provide a seamless experience with a consistent bank/brokerage interface. This simplifies tasks, like moving money between accounts. US residents have come to expect this integration. momentum.
