Best online brokers for beginners in Canada

A first account is usually small, and small accounts are where fixed costs hurt most. A $9.99 commission on a $200 purchase is 5% of the money gone before the investment moves, and a $25 quarterly maintenance fee on a $3,000 balance is more than 3% a year. So the first filter is simple: low or zero commissions, and no fee for having a small balance.

The second filter is US dollars. Many Canadian beginners want to own US-listed stocks or ETFs, and every conversion between CAD and USD carries a spread or a fee. Questrade and Wealthsimple both list 1.5% on standard conversions. A broker that lets you hold USD lets you convert once and keep the cash in USD between trades, instead of paying on every round trip.

The third filter is the account types you will actually use. Every broker in this guide offers the TFSA, RRSP and FHSA, but the order screens, the app and the help you get differ a lot. And the last filter is protection: check that the firm is a member of the Canadian Investor Protection Fund, which covers missing client property if a member firm becomes insolvent.

The figures below are for online trades by a standard (not active-trader) client, taken from each broker's own site in October 2026.

US sells at Questrade also carry the SEC fee, which the US regulator charges on the sale of US-listed securities, and some US order types can incur ECN fees. Both are small next to a commission but show up on a trade confirmation.

Questrade

Questrade lists $0 commissions on Canadian and US-listed stocks and ETFs traded on its website or mobile apps, across all self-directed accounts, including joint and corporate ones. It eliminated inactivity fees on self-directed accounts in 2020, and its administrative schedule lists opening an account as free. Trades called in to the trade desk carry an extra commission. A paid add-on, Questrade Plus at $11.95 a month after a 30-day trial, is optional and is not needed for $0 stock or ETF trades. For a beginner, the useful detail is that USD can sit in the account, so a 1.5% conversion is paid once rather than on every trade.

Wealthsimple

Wealthsimple charges $0 commission on stocks and ETFs on every tier, with $0 account minimums. The catch for US shares is currency: without a USD account, each US-listed trade carries a 1.5% foreign exchange fee. The USD account is $10 a month on the Core tier after a 30-day trial and is included at Premium, which starts at $100,000 in assets (net deposits or portfolio value, whichever is higher). Conversions inside a USD account step down from 1.5% under $10,000 to 0% at $100,000 and up. Wealthsimple also runs a managed option, with management fees of 0.5% on Core and 0.4% on Premium.

BMO InvestorLine

BMO announced in September 2026 that InvestorLine Self-Directed clients get unlimited $0 commissions on stock and ETF trades and the end of brokerage account administration fees, effective that month, applied to existing clients automatically. Options moved to $0 commission plus $0.90 per contract (down from $1.25), with no assignment or exercise fees. BMO described itself as the first direct brokerage owned by one of Canada's five largest banks to remove stock and ETF commissions. For a beginner who already banks with BMO, moving cash between chequing and a TFSA is a same-institution transfer.

CIBC Investor's Edge

CIBC lists $6.95 per online stock or ETF trade for standard clients, and $0 on a list of over 180 ETFs. Two plans change that for younger investors: clients under 25 with a CIBC Smart Start chequing account trade stocks and ETFs for $0, and clients with a CIBC Smart for Students account pay $5.95. Both plans waive the $100 annual fee, which otherwise applies when your total market balance across accounts is $10,000 or less. FHSA accounts carry no annual fee, and clients in their first 180 days are exempt from first-year fees. Phone trades have a $50 minimum commission.

TD Direct Investing

TD lists $9.99 per Canadian or US stock trade for standard traders, $0 on a list of select ETFs traded digitally, and $1.99 for partial shares. Accounts under $15,000 pay $25 a quarter unless a waiver applies. The waivers are generous for a beginner: a pre-authorized contribution of at least $100 a month, three commissionable trades in the prior quarter, combined household assets above $15,000, or the first six months of the household's first account all remove it. Commission-free ETFs do not apply on TD Easy Trade, which is a separate app.

All three are online-only, and all three are cheap. The difference is who each one was built for.

• Questrade: $0 stock and ETF commissions, USD held in standard accounts, 1.5% currency conversion, no inactivity fee. A full desktop platform alongside the app.
• Wealthsimple: $0 commissions and $0 minimums with the simplest app of the three. US trades cost 1.5% FX unless you pay $10 a month for a USD account on Core or reach Premium at $100,000.
• Interactive Brokers Canada: on its fixed plan, Canadian stocks cost CAD 0.01 a share with a CAD 1.00 minimum and a cap of 0.5% of trade value, and US stocks USD 0.005 a share with a USD 1.00 minimum. Its site lists no account minimums or platform fees.

For a beginner buying a few hundred dollars of ETFs a month, Questrade and Wealthsimple cost $0 in commission where Interactive Brokers costs at least a dollar per order. Interactive Brokers tends to make sense once someone trades in larger size, wants markets outside North America, or wants its currency conversion tools. Wealthsimple tends to suit someone who wants the fewest screens; Questrade suits someone who wants to hold USD without a monthly fee.

Since September 2026 this is a three-way tie on commissions: all three list $0 for online Canadian and US stock and ETF trades, and none charges a small-balance fee. The comparison moves elsewhere.

• Options: BMO lists $0 commission plus $0.90 per contract with no exercise or assignment fees. Wealthsimple lists a $0 contract fee with other fees in its disclosure. Questrade lists $0 base plus $0.99 per contract, with lower rates for active traders.
• Banking: BMO sits next to a BMO chequing account; Wealthsimple has its own chequing product with $0 minimums; Questrade is a standalone broker.
• US dollars: Questrade holds USD in the standard account; Wealthsimple charges for its USD account below Premium; BMO's currency terms are in its fee schedule and are worth reading before buying US shares.
• Research: BMO pitched the change as $0 trading on a full-feature platform with professional research. Wealthsimple keeps research light by design.

The two bank brokers still charge commissions on most trades; Questrade does not. On a $500 monthly ETF purchase, CIBC's $6.95 works out to $83.40 a year (12 x $6.95) and TD's $9.99 to $119.88 (12 x $9.99), against $0 at Questrade. TD's select ETF list and CIBC's list of over 180 $0 ETFs close that gap if the fund you want is on one, and CIBC's under-25 plan closes it entirely for younger investors who bank with CIBC.

Small-balance fees work differently. CIBC charges $100 a year when your total balance is $10,000 or less, unless you are on the young or student plan or in your first 180 days. TD charges $25 a quarter under $15,000, but a $100 monthly pre-authorized contribution waives it, which suits a beginner who plans to invest a fixed amount each month anyway. Questrade charges neither.

The reason people still pick a bank broker is the relationship: one login, instant transfers from chequing, and a branch to walk into. If that matters more than the fees, the cheapest bank route is CIBC for under-25s and TD with a monthly contribution and select ETFs for everyone else.

This is the bank-or-app choice. Wealthsimple lists $0 commissions and $0 minimums with no small-balance fee. TD lists $9.99 per stock trade with $0 select ETFs and a $25 quarterly fee under $15,000 (waivable). CIBC lists $6.95 per trade, $0 on over 180 ETFs and for under-25s on Smart Start, and a $100 annual fee at $10,000 or less (waived on the young and student plans).

For US shares the comparison tilts the other way for some people. Wealthsimple's 1.5% FX fee on each US trade without a USD account can exceed a flat commission on a large order: 1.5% of a $2,000 purchase is $30. A beginner buying Canadian-listed ETFs avoids that question entirely, since many of them hold US and global stocks while trading in CAD.

The broker matters less than the account type. A TFSA lets investments grow and come out tax free, and the CRA set the 2026 TFSA dollar limit at $7,000, added to your room on January 1, with unused room carried forward from earlier years. An RRSP gives a deduction now and taxes withdrawals later, which tends to help more at higher incomes. An FHSA combines a deduction with tax-free withdrawals for a first home purchase.

All five brokers here offer all three. A common pattern for a first-time investor is a TFSA holding one or two broad ETFs, funded by a fixed monthly contribution, which also happens to waive TD's quarterly fee and costs nothing in commissions at Questrade, Wealthsimple or BMO.

Each registered account has its own limit, and the limits work differently, which is where a lot of beginner confusion starts. The numbers below come from the CRA's published table of registered plan limits.

TFSA

The 2026 TFSA dollar limit is $7,000. Room you did not use in earlier years carries forward, so someone who has been eligible for years and never opened one may have far more than $7,000 available. Money you take out is not lost room: the CRA's page on withdrawing from a TFSA says a withdrawal is added back to your room on January 1 of the following year, not in the year you take it out. Putting it back in the same year without spare room counts as an over-contribution, and the CRA says any excess is taxed at 1% per month for as long as it stays in the account. An investment that falls in value does not give room back either; only withdrawals do.

RRSP

Your RRSP room for a year is 18% of the previous year's earned income, up to a dollar cap, plus any unused room from earlier years, minus pension adjustments if you have a workplace pension. The cap is $33,810 for 2026. The CRA's page on the RRSP deduction limit explains that contributions more than $2,000 above your limit are taxed at 1% per month. Your notice of assessment from the CRA shows your current room, which is the easiest number to check before contributing.

FHSA

The FHSA gives $8,000 of participation room in the year you open your first one, and total contributions over the life of the account are capped at $40,000. Room does not build until the account exists, so opening one early starts the clock even if you fund it later. To open one you must be a Canadian resident, at least 18 (or 19 where that is the age of majority), and a first-time home buyer as the CRA defines it: you have not lived in a home you owned or co-owned in the current year or the previous four, as set out on its opening an FHSA page.

Before you send money to any Canadian broker, confirm it is a member of the Canadian Investor Protection Fund. The fund publishes a list of current members on its site.

According to CIPF, the protection applies when a member firm becomes insolvent and cannot return client property such as cash and securities. For an individual, the limit is $1 million across general accounts combined (cash, margin, TFSA and FHSA), a separate $1 million across registered retirement accounts (RRSP, RRIF and LIF), and another $1 million for RESPs where you are the subscriber.

What it does not cover matters just as much. CIPF does not cover a fall in the value of your investments, losses from an unsuitable investment or poor advice, or the failure of a company whose shares you own. It also does not cover crypto assets that go missing when a firm fails. In its own words, CIPF does not guarantee the value of the property.

• Check the firm. Confirm the broker appears on CIPF's list of members before opening anything.
• Pick the account type first. Decide between a TFSA, RRSP, FHSA or a non-registered account using the limits above. Most brokers let you add a second account later under the same login.
• Have your details ready. Canadian brokers ask for government ID, your address, your Social Insurance Number for tax reporting, and questions about your income, experience and goals. Those questions are a regulatory requirement, not a test.
• Say no to margin unless you want it. A cash account means you can never owe more than you deposited.
• Fund it from your bank. Link a chequing account and send a first deposit. At a bank-owned broker, transfers from the same bank's chequing account are usually the quickest.
• Make one purchase, then automate. Many beginners start with one broad, low-cost ETF and set a fixed monthly contribution, which at TD also waives the quarterly fee mentioned above.
• Keep your own record of contributions. The CRA updates TFSA room once a year, so your own records are the better guide to what is left.

If you already have a TFSA or RRSP at a bank or another broker, the new broker can usually pull it over for you. Start the transfer from the receiving firm, not by withdrawing the money yourself.

The CRA is explicit about this for TFSAs. Its page on TFSA transfers says to ask the receiving institution for a direct transfer, which does not affect your contribution room. Withdrawing the cash and depositing it in a new TFSA is not a direct transfer: the deposit counts as a new contribution, and if it goes past your room the 1% monthly tax applies. RRSPs work the same way in practice, since a withdrawal from an RRSP is taxable income.

Two costs are worth checking before you start. The old firm may charge a transfer-out fee, so look at its fee schedule. And investments the new broker cannot hold, such as a bank's own mutual funds, may need to be sold and moved as cash, which takes longer and can leave the money out of the market for a few days.

• Comparing only the headline commission. With three brokers at $0, the cost that shows up on a beginner's statement is more often a 1.5% currency conversion or a small-balance fee than a trade commission.
• Converting CAD to USD on every trade. Buying and later selling a US stock in a CAD account can mean paying conversion twice. Holding USD, or using Canadian-listed ETFs, avoids the repeat.
• Ignoring the waiver rules. TD's $25 quarterly fee and CIBC's $100 annual fee both have waivers a beginner can meet without trying, such as a monthly contribution at TD or the under-25 plan at CIBC. Missing them is a choice nobody meant to make.
• Opening a non-registered account first. Taxable accounts have their place, but a TFSA with unused room shelters the same investments from tax at no extra cost.
• Assuming a switch later is free. Moving an account between brokers can involve a transfer-out fee at the old firm, so picking with some care up front saves a step. The transfer guide covers how the process works.

Walnut is an AI investing app that connects to the brokerage you already use. It does not hold your money and is not a broker. Once connected, it reads your holdings, shows how they have done against the S&P 500, gives a keep, trim or exit read on each position, and lets you ask the assistant about what you actually own.

Where Walnut can place orders you approve depends on the broker. Public and Robinhood (through a Robinhood Agentic account) come first, and in Canada Questrade, Wealthsimple and Webull Canada also take orders you approve, as do E*Trade, tastytrade, Webull US, moomoo, Trading 212 and Stake Australia elsewhere. BMO InvestorLine, CIBC Investor's Edge, TD Direct Investing and Interactive Brokers are read in full: holdings, performance and the assistant all work, and trades stay at the broker.

With a Questrade or Wealthsimple account you can build a basket (a set of stocks or ETFs with target weights), see what trades would bring it back to target, and set up a recurring investment that spends cash already sitting in the brokerage account. Walnut does not move money from your bank. See the rebalancing guide for how target weights work, and the Wealthsimple review and Interactive Brokers review for more on those two.

Fees are from each broker's own site, checked October 2026: Questrade pricing and its administrative fees; Wealthsimple plans and fees; BMO's InvestorLine announcement and pricing page; CIBC Investor's Edge pricing; TD Direct Investing pricing; Interactive Brokers Canada stock commissions. The TFSA limit is from the Canada Revenue Agency, as are the 2026 RRSP and TFSA dollar limits, the RRSP deduction rules, FHSA contribution and eligibility rules, and the TFSA rules on withdrawals, over-contributions and transfers; and coverage limits from the Canadian Investor Protection Fund. Walnut is not a registered investment adviser, and this guide is educational, not personalized financial advice.