Low-cost and commission-free stock trading in Canada
Explore the best discount brokerages in Canada and learn how to choose the right free trading platform for your needs.
When Robinhood launched its commission-free stock trading app in the US in 2013, it sent shockwaves through the brokerage world. Many other low-cost brokerage platforms across Canada and the US soon slashed their fees too, and commission-free stock trading is now commonplace.
To help you narrow down your options, we researched and compared trading platforms to find the best low-cost and commission-free stock trading options in Canada. Plus, keep reading to learn which fees you’ll still need to look out for and how to get the most out of your commission-free trading.
Is there commission-free trading in Canada?
Yes, there are multiple platforms that offer commission-free trading in Canada, including Questrade and Wealthsimple. So, if you’re a new investor or are currently paying stock trading fees, consider signing up with a trading platform where you can trade stocks and ETFs without paying brokerage fees.
Just keep in mind that even though these discount brokerage firms are promoted as free trading platforms, they’re not 100% free. There are some other fees and charges you’ll need to watch out for—but we’ll explain those a little further down the page.
Before we do that, let’s look at the best platforms for commission-free stock trading in Canada.
Best low-cost and commission-free stock trading platforms
- Best overall commission-free stock trading platform: Questrade
- Best commission-free trading for young investors: CIBC Investor's Edge
- Best commission-free platform for a well-rounded experience: Qtrade Direct Investing
- Best for free trading online and on mobile: Wealthsimple Investing
- Best low-cost trading online platform: Interactive Brokers
- Best discount brokerage in Canada: Moomoo
- Best bank-based commission-free stock trading: National Bank Direct Brokerage
Quick take: The best commission-free trading platforms
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How does commission-free stock trading work in Canada?
Commission-free trading is offered by multiple discount brokerage platforms in Canada. These online trading platforms offer self-directed investing, allowing you to buy and sell stocks via your web browser, desktop software or a mobile app.
In the past, the norm was that you had to pay a commission to your broker every time you placed a buy or sell order. But thanks to the rise of discount brokerage firms, there are now several platforms that allow you to trade Canadian and US stocks and ETFs without paying a trading fee.
Is commission-free trading entirely free?
No. When you see a broker use the words “commission-free trading,” that only applies to specific trades—usually when you buy or sell US or Canadian stocks and ETFs. There are often several other fees you may have to pay depending on the type of trading you do.
Foreign exchange fees
If you want to invest in international stocks, you’ll need to exchange your Canadian dollars for foreign currency. Brokers will charge a currency conversion fee or profit from the foreign exchange spread when you switch your CAD for another currency.
Fees when trading foreign stocks
Most platforms that offer commission-free stock trading only offer it on major Canadian and US exchanges. If you want to trade European or Asian stocks or invest in companies in emerging markets, trading commissions often apply.
Fees when trading other assets
Many free trading platforms also allow you to trade bonds, GICs, mutual funds, options and more. You’ll often pay commissions when trading these assets, so check the provider’s fee schedule for details.
Fees when selling stocks
In rare cases, a discount brokerage may allow you to buy stocks commission-free but then charge a fee whenever you place a sell order.
Account inactivity fees
You may be charged a fee if you don’t place any trades in a 12-month period.
Withdrawal fees
Check the fine print to see if you’ll be charged a fee when you withdraw money from your trading account. For example, brokerage platforms run by banks may charge a fee when you withdraw your funds to an account with another bank.
Annual fees
Some brokers will charge an annual fee unless you meet specific requirements, such as holding assets through the platform with a market value above a minimum threshold. Others may offer paid membership tiers, so you may be able to access more features and discounted trading fees by paying an annual membership fee.
Research and data fees
Check if you will need to pay any ongoing subscription fees to access research tools, expert analysis from third-party research firms or real-time market data.
Fee breakdown for popular trading platforms in Canada
Free trading platforms aren’t completely free. Check out the table below for a breakdown of the fees that apply on popular low-cost trading platforms in Canada.
| Platform | Stock trading fee | Options trading fee | ETF transaction cost | Withdrawal fee | Account fee |
|---|---|---|---|---|---|
| Questrade | $0 | $0 + $0.99 per contract | $0 | $0 (up to $50,000 CAD or $25,000 USD) | $0 |
| Interactive Brokers | Min $1.00, Max 0.5% | $1.00–$1.25 per contract (min. $1.50) | Min. $1.00, Max. 0.5% | $2–$12 per withdrawal (1 free/month) | $0 |
| Moomoo | $1.49/stock | US stocks and ETFs: USD$0.99/stock (min. US$1.99 per trade) | USD$0.99/stock | free withdrawals for both EFTs and wire transfers | $0 |
| CIBC Investor’s Edge | $6.95, or $0 for investors under 25 years old | $6.95 (+$1.25 per contract) | $6.95 | $0 | $100 |
| Qtrade Direct Investing | $0 | $0 + $0.75 per contract | $0 | $0 | $0 |
| Wealthsimple | $0 | $0 | free | 2.5% | $0 |
| National Bank Direct Brokerage | $0 | $0 commission + $1.25 per contract (min. $6.25) | $0 | $0 EFT ($50 per cheque withdrawal or external wire transfer) | $100 |
Features of free trading platforms
Commission-free and low-cost trading platforms commonly offer the following features to Canadian investors.
Self-directed investing
Online discount brokerages allow you to decide on your own investment strategy, research stocks and place trades without help from a broker or financial advisor.
Easy to use
Free trading platforms are commonly designed for new investors, so they usually offer streamlined user interfaces to make them as beginner-friendly as possible. Other features, such as low minimum investment amounts and fractional share trading, help make it easy for beginners to start trading stocks.
Trade online or via mobile
Trading can be done online or via a mobile app, while some providers also offer desktop trading software. Buying stocks is as simple as searching for the company you want to invest in and placing a “buy” order. However, some platforms offer advanced order types (such as stop-loss orders) for more experienced investors.
More than just stocks
Some discount brokerages only allow you to trade US and Canadian stocks and ETFs. Others will allow you to trade on a much larger range of global exchanges as well as invest in mutual funds, bonds, GICs, options and cryptocurrency.
How to choose the best discount brokerage in Canada for you
Compare the following features to find the best discount brokerage in Canada for your needs.
Available markets and securities
What securities do you want to trade? Do you want to invest in Canadian stocks only or do you want to invest in global markets and trade other asset types? Make sure the platform you choose provides access to everything you want to trade in Canada and around the world.
Account types
In addition to regular trading accounts, some platforms allow you to open registered accounts, such as RRSPs and TFSAs. These accounts provide tax advantages for your investments, so check if they’re available before choosing a brokerage account.
Fees
Although you may be able to trade some stocks and ETFs commission-free, the broker you choose will still need a way to make money. Check the pricing schedule for details like brokerage fees on foreign stocks, trading fees for other asset types, annual account fees, withdrawal fees and foreign exchange fees.
Ease of use
The best low-cost online trading platform for you will be user-friendly. Stock trading can be a little overwhelming for new investors, so it’s important to find a streamlined platform that makes it quick and easy to get started. That includes the provider’s mobile app, so check reviews in the App Store and on Google Play to make sure the app is user-friendly.
Research and analysis
Find out what sort of tools the platform offers to help you choose investments. Does it have a stock screener? Can you access expert market analysis? Does it provide easy access to the latest market news?
Advanced tools
If you’re a more experienced investor, you may want to check if the free trading platform offers a range of other features, such as:
- Advanced charting tools and technical indicators
- Real-time market data
- A robo advisor to help you manage your portfolio
- A social trading feature that allows you to follow the moves of other traders
Customer support
Check how you can access customer support and which hours it is available. Live chat support is common, but some platforms will also let you get in touch via phone and email.
Dive deeper: Best stock trading platforms in Canada
Pros and cons of free trading platforms in Canada
Pros
- No stock trading fees. Commission-free stock trading platforms allow you to put your money towards investing, not paying brokerage fees.
- Trade on computer or mobile. You can trade from your computer or via mobile app, whichever is more convenient for you.
- Beginner-friendly. Most low-cost online trading platforms are user-friendly, making it quick and easy for new investors to sign up and start trading.
- Low minimum investment. Many free trading platforms have low minimum investment limits, so you don’t need a huge bank balance to get started.
Cons
- Not completely free. Just because a platform offers commission-free stock and ETF trading, it doesn’t mean that other fees don’t apply. You’ll need to watch out for fees when trading on foreign markets, when trading different asset types, when exchanging currencies and when you subscribe to market data or news and analysis services.
- Limited access. Some free trading platforms only provide access to Canadian and US stocks and ETFs, so investors who want to trade a wider range of asset types and global markets will need to look elsewhere.
- May lack advanced tools. Many discount brokerages are targeted at beginners more than experienced investors, so they may lack advanced trading tools.
How to get started with commission-free stock trading
The first step to start commission-free trading in Canada is to open an account with a discount broker. Here’s how.
- Compare free stock trading platforms. Compare free trading platforms to find the best discount brokerage in Canada for your needs.
- Open an account. Fill out an online application with your personal information, SIN and contact details.
- Provide proof of ID. Upload a copy of a government-issued ID, such as a driver’s licence, to verify your identity.
- Make a deposit. Transfer money from your bank account to your brokerage account.
- Place a “buy” order. Search for the stock you want to invest in to make your first trade.
What to consider when you start trading
And then comes the question on everyone’s lips: Which stocks should I buy?
You’ll need to do your own research into which companies you want to invest in, but first you should decide on your investing strategy. The simplest approach is to buy and hold for the long-term, taking advantage of the rise in value of stocks over time.
Index funds make it easy to spread your money across a diverse portfolio of stocks, protecting you against market downturns. If you want to earn passive income, investing in stocks that reliably pay high dividends is worth considering.
But there are several other investment strategies to check out. Value investors look for companies with undervalued share prices, while growth investors look for companies with the most growth potential.
Ultimately, the strategy you choose will depend on your investing knowledge, your financial goals and how much risk you’re willing to take on.
Related: Best Canadian stocks
Bottom line
While commission-free stock trading in Canada isn’t offered as widely in Canada as the US, there are free trading platforms available. Compare low-cost online trading platforms to find one that’s right for you, but just be aware that free trading platforms are never 100% free.
Frequently asked questions about commission-free trading in Canada
Sources
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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