Best Online Brokers in Canada

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We have observed a growing interest in trading and investing in recent years, and the number of Canadian investors who choose online brokers for their investment goals and strategies is more prominent than ever. With growing interest comes growing demand, and many new companies have been created to satisfy a larger demographic of Canadian customers and gain a larger market share. With this in mind, not every trading platform is created equal, and choosing the best one is more important than you may think. Our comprehensive review of the best online brokers in Canada aims to eliminate the hassle and help you make the right pick for your trading needs.

Introduction to Online Brokers in Canada

Online brokerages in Canada are companies that help Canadian citizens trade different investment instruments on the global market reliably and transparently. These trading platforms are regulated by major financial regulatory bodies like the Canadian Securities Administrators (CSA), ensuring the safety of the customer’s funds and data. Besides delivering first-class investment services, online brokers also offer financial services, trading instruments, mobile trading, and other practical features that make a trader’s life much more effortless.

Advantages of using a Regulated Online Broker in Canada

Online brokers generally have lower costs than traditional brokerage firms, which is a great way to engage in more cost-effective trading, suitable for investors on a budget. Combine that with the protection of your funds, and by following this approach, you can create a recipe for a more secure and informed strategy for your investment activities. These are just a few examples of the advantages you will get from trading with the best online brokers in Canada. With technology advancing and companies constantly incorporating new features and services, the possibilities in this niche are endless.

Overview of the Best 5 Online Brokers in Canada– Our Top Picks for 2023 

To get the best deals for stocks, crypto, forex, and other instruments traded on the global markets, we have gathered the five leading online brokers in Canada for 2023. Our detailed reviews of the best trading platforms will help you find a reputable broker to make meaningful investment decisions.

Wealthsimple – The Most Beginner-Friendly Broker in Canada

Wealthsimple packs a range of financial services, including robo-advisory investment management, trading, savings accounts, and cryptocurrency trading. Wealthsimple’s managed investing services take an innovative approach, offering unique services that focus on building portfolios.

Trading stocks and ETFs with this online broker is a pleasant and straightforward process, as investors can choose from thousands of digital assets and trade them with no commissions or account minimums. Although traders can just as easily buy US stocks and ETFs as Canadian ones, upgrading to the Plus account will be a good idea to avoid excessive fees.

Account Types	Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), Joint Accounts, Registered Education Savings Plans (RESPs), Locked-In Retirement Accounts (LIRAs), Registered Retirement Income Funds (RRIFs), Corporate Accounts
Supported Assets	Stocks, ETFs, Bonds, Mutual Funds, Cryptocurrencies, Cash (Wealthsimple Save), Wealthsimple Alternative Investments program
Tools	Wealthsimple Invest, Wealthsimple Trade, Wealthsimple Cash, Wealthsimple Crypto, Wealthsimple Tax, Wealthsimple Cash Management, Wealthsimple Save
Fees & Charges	$1 Minimum Deposit, No Inactivity Fee, 0.5% Administration Fee
Mobile Trading	Supported
Overall Rating	4.7★

Desjardins Online Brokerage (DISNAT) – The Best Full-Service Broker in Canada with Advanced Trading Tools and Low Fees

Besides budget-friendly trading services, Disnat offers numerous other perks, including state-of-the-art trading platforms, including Disnat Classic and Disnat Direct. These innovative tools provide the perfect solutions for beginner, experienced, and active investors, with real-time quote updates, in-depth technical analysis, and many other practical tools and features. The company offers other perks: its functional mobile app, specialized professional services, and comprehensive learning resources on technical and fundamental analysis.

Account Types	Margin Account, TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), RESP (Registered Education Savings Plan), LIRA (Locked-In Retirement Account), RIF (Retirement Income Fund), Corporate Account, Trust Account, Joint Account
Supported Assets	Stocks, Options, ETFs, Mutual Funds, Bonds, GICs, Currencies, Precious metals
Tools	Disnat Classic, Disnat GPS, Disnat Direct, Disnat Pro, Disnat Mobile, Disnat Market Data, Disnat Investor Education
Fees & Charges	$1000 Minimum Deposit, $25 Inactivity Fee, $100 Administration Fee
Mobile Trading	Supported
Overall Rating	4.5★

Qtrade – The Best Online Broker in Canada for Trading with 0% Commission

Qtrade’s goal is to help its customers trade confidently with the help of industry-leading tools, robust trading platform, and Canada’s best customer support services. Furthermore, investors have the flexibility to make numerous investment choices, from mutual funds, options, and GICs, to Canadian and U.S. bonds, stocks, and over 100 ETFs traded without commission.

The platform’s mobile solutions, compatible with iOS and Android devices, help investors stay connected to the markets from any place at any time. Qtrade is the best online broker in Canada for trading on low fees and the perfect choice for self-directed investors looking for a trading platform with the highest quality services.

Account Types	Non-registered Account, Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), Registered Education Savings Plan (RESP), Locked-In Retirement Account (LIRA), Registered Retirement Income Fund (RRIF), Spousal RRSP
Supported Assets	Stocks, Options, ETFs, Mutual Funds, Bonds, GICs, Currencies, Precious Metals
Tools	Qtrade Investor, Qtrade Advisor, Qtrade Mobile, Qtrade Edge, Qtrade Market Intelligence, Qtrade Wealth Management
Fees & Charges	No Minimum Deposit, No Inactivity Fee, No Administration Fee
Mobile Trading	Supported
Overall Rating	4.4★

Questrade – The Best Online Broker in Canada for Advanced Traders

Questrade’s trading platforms offer unique features and tools to benefit beginner traders, but more developed professionals can utilize the most out of their services. Questrade Trading is the most advanced platform, designed for active traders, and includes customizable charts, real-time level 2 quotes, advanced order types, and access to advanced market data.

The brokerage provides various tools that target advanced traders, including advanced charting tools, technical analysis indicators, and third-party trading platforms such as MetaTrader 4. Additionally, Questrade’s APIs allow traders to develop and automate their trading strategies.

Account Types	Margin Account, TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), RESP (Registered Education Savings Plan), LIRA (Locked-In Retirement Account), RIF (Retirement Income Fund), Corporate Account, Trust Account, Joint Account
Supported Assets	Stocks, Options, ETFs, Mutual Funds, Bonds, GICs, Currencies, Precious Metals, Cryptocurrencies
Tools	Questrade Trading, Questrade Mobile, Questrade IQ, Questrade Portfolio IQ, Questrade Learning Centre, Questrade Community
Fees & Charges	$1000 Minimum Deposit, $25 Inactivity Fee, No Administration Fee
Mobile Trading	Supported
Overall Rating	4.3★

Interactive Brokers – The Best and Most Comprehensive Online Broker in Canada for Trading on Low-Fees

The powerful trading platform of Interactive Broker helps traders reach their investment goals. The robust platform has a web version, a desktop app, and even mobile trading functionality.

With research, market commentary, news, and comprehensive reporting tools, traders will discover new investment opportunities and get portfolio analysis and many more perks. Make even better trading decisions with the platform’s free trading tools that automatically spot market opportunities, analyze results, and manage your account. Lastly, the order types and alogs tools all help traders place hundreds of order types, enhancing their trading strategy.

Account Types	Individual Account, Joint Account, Trust Account, IRA Account, UGMA/UTMA Account, Friends and Family Advisor Account, Proprietary Trading Group Account, Institutional Account, Broker Master Account
Supported Assets	Stocks, Options, Futures, ETFs, Mutual Funds, Bonds, Currencies, Metals, Cryptocurrencies
Tools	Trader Workstation (TWS), WebTrader, IBKR Mobile, IBKR APIs, PortfolioAnalyst, Fundamentals Explorer
Fees & Charges	$100 Minimum Deposit, $50 Inactivity Fee, $100 Administration Fee
Mobile Trading	Supported
Overall Rating	4.8★

Key Features to Consider When Choosing the Best Online Broker in Canada

In this key features section of our review, we will closely examine the factors that determine the best online brokers in Canada in our list. From account types and available tools to excellent customer service and mobile trading functionality, we’ve covered everything required for a seamless trading experience below.

Account Types 

Growing as a trader is much easier when you are presented with numerous account types offering more advanced plans, deals, tools, fees, and features. These offers will become more useful when you enhance your expertise in the trading world. With more options presented, the switching process will be more straightforward.

Supported Assets and Investment Options 

Putting all eggs into one basket is a risky approach in trading, as it may lead to losing all your assets at once if market conditions in a specific industry suddenly worsen. With more supported assets, you can diversify your portfolio, giving you more control over your assets.

Tools Offered

Understanding how your assets perform is essential to executing informed trades in the long run. Having access to valuable insights and analysis tools will help you track progress in a much more manageable way. With the information you have gathered, you will start making progress plans and improve your trading quickly.

Trading Interface

Well-designed trading interfaces provide access to everything trading related in one easily manageable place. When all features are more accessible, you will be more proficient at executing deals, navigating the trading platform, and making faster investment decisions. These small details will result in a better trading experience.

Fees & Charges 

You must opt for an online broker that has competitive fees and charges to get the most out of your deals. This choice alone will remove any excess taxes like account management and deposit/withdrawal fees, which take out a large chunk of your earnings at the end of each month.

Mobile Trading

Mobile trading apps are incredibly versatile, as they help investors trade on the go, from anywhere, at any time, accessible in just a couple of clicks on your phone. With the advancement of technology, these applications have become so powerful that all features necessary for trading are packed into one place.

Customer Support

Having the support needed to resolve your issues quickly and on time is highly appreciated, especially when you stumble upon a problem that needs to be settled promptly. Choosing a platform with an experienced customer service team will save you much time and stress when it comes to trading.

Comparison Between the Best Online Brokers in Canada for 2023:

The best way to make an informed decision when it comes to picking the best online broker in Canada is by reading a comprehensive analysis of the pros and cons of the platforms. Luckily, we have created an informative table below that is compact and will make your choice much more straightforward:

Online Brokers:	Pros:	Cons:
Wealthsimple	Cash Rewards and Referral Programs Commission Free Stocks and ETF Trading Managed Investing Tool Top-Notch Security	High Currency Conversion Fees Lack of Analysis and Research Tools
DISNAT	No-Fee Transactions Excellent Customer Support Top-of-the-line Investment Training Extra Perks for Young Investors	Outdated Platform and App $1000 Minimum Deposit
Qtrade	Industry Leading Tools Robust trading platform Free Trial Account Trusted Broker with Numerous Positive Client Reviews	Relatively High-Fees Not the Best for Active Day Trading
Questrade	Practical Advanced Trading Tools Pre-built Portfolios 22 Years in the Canadian Market Regulated by IIROC and CIPF Member	Premium but Costly Services $1000 Minimum Deposit
Interactive Brokers	Global Market Access Powerful Trading Platforms Globally Trusted Online Broker On-Demand Educational Resources	Complex Trading Platform Suitable Mainly for More Advanced Traders

Best Online Brokers in Canada for 2023 – StockHAX’s Conclusion

To conclude our review, the shift towards online trading has increased the number of trading platforms in the Canadian market, making it challenging to choose the best one. However, our review of the best online brokers in Canada for 2023 eliminates the hassle and thoroughly breaks down the top five brokers. We have highlighted the fundamental features you must consider when making your choice, including account types, supported assets, customer service, and more. By carefully examining the presented factors, you can make an informed decision and pick the online broker that best defines you as a trader.

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