Investing · Lowest fees
The cheapest online brokers in Canada
Six brokers now charge $0 to trade stocks and ETFs, which makes “cheapest broker” sound like a solved question. It isn’t — the cost moved. The money is now in currency conversion (1.5% standard vs 0.03% at the cheapest), USD-account fees, options contracts and exit charges. This page prices what the $0 headlines don’t.
Three investors, three different “cheapest”
Total annual cost depends on behaviour, not branding. The math below uses only verified fee-schedule figures — no promotional offers (those are one-time; fees are forever).
The buy-and-hold ETF investor
$50,000 across a TFSA and RRSP, 12 trades a year, no US dollars
Cheapest: Five-way tie at $0 — Questrade · Wealthsimple · Qtrade · NBDB · Disnat
Twelve commission-free trades, no account fees at this balance (NBDB’s $100/yr waives at $20k; Disnat’s inactivity fee waives with an RRSP held): total annual cost $0. The same year costs ~$83 at CIBC ($6.95 × 12), ~$120 at RBC or Scotia ($9.95–9.99 × 12, ETF lists aside), ~$120 + the $25/quarter risk at TD under $15k household.
The US-dividend retiree
US$150,000 of US payers in a RRIF, ~US$4,500/yr in dividends, occasional conversions
Cheapest: Interactive Brokers (conversions) / NBDB & Scotia (free USD sides) — Interactive Brokers · NBDB · Scotia iTRADE
In a CAD-only account at 1.5% FX, the dividends alone get skimmed ~$90/yr forever, and converting the principal once costs ~$3,100. A free USD side (NBDB, Scotia, RBC, CIBC, Questrade, Disnat, TD, BMO non-RESP) zeroes the dividend skim; Qtrade charges US$60/yr per account for it; Webull has no USD side at all. For the conversions themselves, IBKR’s ~0.03% turns that $3,100 into roughly $60.
The options trader
200 contracts a year, US-listed
Cheapest: Wealthsimple ($0) — Moomoo the runner-up — Wealthsimple · Moomoo
Wealthsimple: $0 — no commission, no contract fee. Moomoo: US$0.65 × 200 = US$130. Qtrade: $0.75 × 200 = $150. Questrade: $0.99 × 200 = $198. A big bank at $9.95-or-so base + $1.25/contract: $250+ before the bases stack — and Scotia adds $65 per assignment or exercise.
Every fee that survived the $0 era, all 13 brokers
Read your column: if you never convert currency, ignore FX; if you never trade options, ignore contracts. Names link to the full reviews with complete schedules.
| Broker | Stocks & ETFs | Options | FX & US dollars | Account fees |
|---|---|---|---|---|
| Questrade | $0 on Canadian and US stocks & ETFs | $0.99/contract with volume rebates | 1.5% CAD↔USD conversion; USD can be held in registered accounts, so Norbert’s Gambit works | $0 — no maintenance or inactivity fees |
| Wealthsimple | $0 on Canadian and US stocks & ETFs | $0 — no commission, no contract fee (the only one in Canada) | 1.5% FX on the CAD account; USD account $10/mo (free on Premium/Generation tiers); conversion drops to 0% over $100k | $0 — no maintenance or inactivity fees |
| Qtrade Direct Investing | $0 on stocks, ETFs and mutual funds — newly commission-free across the board | $0.75/contract, no base commission | USD-side registered accounts (RRSP, RRIF, TFSA) at US$15/quarter each | No quarterly admin fee on the current schedule; transfer out $150 |
| National Bank Direct Brokerage | $0 on all online Canadian and US trades | $1.25/contract, $6.25 minimum | Free USD-side registered accounts (TFSA, RRSP, RRIF, LIRA); in-house Norbert’s Gambit at $9.95/security | $100/year, waived with $20,000 in assets or for investors 30 and under |
| RBC Direct Investing | $9.95 ($6.95 at 150+ trades/quarter); 50+ commission-free ETFs; all mutual funds $0 | $9.95 + $1.25/contract | Free multi-currency accounts — CAD and USD side by side in the same registered account | $0 — RBC eliminated maintenance fees entirely, any balance, any account |
| CIBC Investor’s Edge | $6.95 flat — cheapest big-bank rate — plus 180+ commission-free ETFs (buy AND sell) | $6.95 + $1.25/contract | CAD + USD sides on every account except RESP, free; free DRIPs | $100/year only if total balances are $10,000 or less (FHSA exempt; first year free) |
| Interactive Brokers Canada | From $1/trade (CAD ~1¢/share, US from $0.35) — not $0, but close on most order sizes | US from $0.15–$0.65/contract; Canadian $1.25 | The FX killer: ~0.03% on conversions vs 1.5% elsewhere — direct USD conversion inside an RRSP | No maintenance fees |
| TD Direct Investing | $9.99 ($7 flat at 150+ trades/quarter); 104 commission-free ETFs (digital trades); partial shares $1.99 | $9.99 + $1.25/contract ($7 + $1.25 active) | USD sides on RRSP, RRIF, TFSA and most locked-in plans (RESP/RDSP are CAD-only); no published FX spread — the rate appears at conversion | $25/quarter under $15,000 household — registered accounts NOT auto-exempt; waived by $100+/mo auto-deposits, 3+ trades/quarter, or first 6 months |
| BMO InvestorLine | $9.95 ($3.95 at 150+ trades in any 3 months — the cheapest big-bank active tier); 100+ commission-free ETFs (buys and sells) | $9.95 + $1.25/contract ($3.95 + $1.25 active) | The only big bank that publishes its FX table: 1.6% under US$25k, stepping down to ≤0.4% at $250k+; USD registered accounts except RESP | Non-registered $25/quarter under $15,000 household (waived if you hold any registered account except TFSA); registered $100/yr under $25,000 (RESP $50) |
| Scotia iTRADE | $9.99 ($4.99 at 150+ trades/quarter); 200+ commission-free ETFs (buys and sells) | $9.99/$4.99 + $1.25/contract; $65 on assignments and exercises | Free USD side on every registered account except RESP (RRSP, TFSA, RRIF, LIRA, LRSP) at mid-market rates — the $30/quarter U.S.-Friendly fee now applies only to RESPs | $25/quarter low-activity fee on non-registered only — ALL registered accounts exempt; RRSP/RRIF/LIRA/LIF $100/yr under $25,000 (waived at 12+ trades/yr); TFSA and FHSA free |
| Desjardins Online Brokerage | $0 on Canadian and US stocks & ETFs | $1.25/contract, $8.75 minimum | USD plans on RRSP, TFSA, LIRA, RRIF and LIF — hold and trade US securities with no conversion; when you do convert, the spread runs 0.15%–1.90% by size (published) | $30/quarter inactivity unless: 6+ trades in 12 months, $15,000+ portfolio, a registered account other than TFSA/FHSA, or age 18–30; RRIF/LIF $100/yr under $25,000; partial deregistration $25 |
| Moomoo Canada | Canadian trades $0.0149/share, $1.49 minimum (commission + platform fee); US trades US$1.99 minimum | US$0.65/contract, US$1 minimum — platform fee currently waived | “0% FX fee” — but at Moomoo’s own corporate rate, which embeds a spread; TFSA can hold USD | $0 account fees; RRSP deregistration $75 full / $50 partial; transfers out $75 full / $50 partial, charged per currency plus sales tax |
| Webull Canada | $0 on US and Canadian stocks & ETFs | US$0.99/contract (+$1/leg on exercise or assignment); $0 contract fees for 3 months on first deposit + options activation Apr 13–Jun 30, 2026 | 1.5% FX markup, US$10 minimum exchange; registered accounts run in CAD | $7.50/year maintenance, charged by carrying broker CI — despite the $0 marketing; deregistration $25 partial / $50 full |
All figures from broker pricing and fee pages, verified June 10, 2026 — this table derives live from the same data as our 13-broker ranking, so corrections propagate everywhere at once.
The FX line is the whole ballgame
Commissions used to cost an active investor a few hundred dollars a year; the standard 1.5% currency spread costs that on a single US$20,000 conversion — and it’s charged in both directions, on dividends, on rebalances, on withdrawals. The escape routes, in ascending effort: a free USD side on registered accounts (hold USD, convert rarely — free at NBDB, RBC, CIBC, Scotia, Questrade, Disnat, TD and BMO outside RESPs), Buying an interlisted security (like DLR) in one currency and selling it in the other — converting CAD↔USD at market spreads instead of the broker's 1.5%. Cleanest where USD can sit in the registered account afterward. , and Interactive Brokers, which simply charges ~0.03% and renders the workarounds unnecessary. The brokers where the FX line should scare you: Webull (1.5%, no USD side at all) and Moomoo (a “0% fee” at a house rate with an embedded spread you can’t see).
Account fees: the waiver maze
The challenger tier mostly abolished account fees (Questrade, Wealthsimple: none, full stop). The bank tier kept them and built waiver mazes: TD’s $25/quarter under $15k household is the trap — the only big-bank waiver that doesn’t auto-exempt registered accounts; NBDB’s $100/yr waives at just $20,000; Disnat’s $30/quarter inactivity fee vanishes if you hold any retirement account; Webull’s “no fees” marketing coexists with a $7.50/yr charge from its carrying broker. The pattern: above ~$25,000 with normal activity, almost nobody pays account fees anywhere — below it, read your waiver.
Where “cheap” stops mattering
A fee ranking has honest limits. RRIF availability outranks every fee for retirement money — Moomoo and Webull are cheap and structurally unable to hold yours past 71 (the retiree ranking covers that lens). Service has a price too: Qtrade’s award pedigree now costs nothing extra, which changed its math entirely (see the three-way). And the most expensive thing in investing remains unforced errors — a confusing platform that causes one mistimed trade costs more than a decade of $6.95 commissions. Price what you’ll actually use; then let fees break the tie.
Frequently asked questions
What is the cheapest online broker in Canada?
For pure stock-and-ETF trading there’s a five-way tie at $0: Questrade, Wealthsimple, Qtrade, NBDB and Disnat — with Webull close behind ($0 trades, but a $7.50/yr fee and no RRIF). The honest answer depends on what else you do: convert currency, trade options, or hold US dividends — the surviving fees live there, and they’re bigger than commissions ever were.
If commissions are $0, how do these brokers make money on me?
Mostly three ways, all visible in the fee schedules. Currency conversion — the 1.5% standard spread is the big one (1.5% of every CAD↔USD dollar, both directions). Interest — on your idle cash and on margin loans. Adjacent fees — USD-account charges (Qtrade US$15/q, WS $10/mo below Premium), options contracts, wire transfers, and exit fees ($50–$150 to transfer out). None of this is scandalous; it just means the cheapest broker for YOU is the one whose remaining fees don’t touch your behaviour.
Is the FX fee really that important?
It’s the most expensive line most investors never read. Moving US$100,000 at the standard 1.5% costs about $2,070 CAD round-trip-equivalent each way at today’s rates; the same conversion at IBKR’s ~0.03% costs about $40. Between those poles: free USD-side registered accounts (hold USD, convert rarely — free at eight of our thirteen brokers) and Norbert’s Gambit (DIY conversion via interlisted stock, cleanest at Questrade). A “$0” broker that takes 1.5% of every dollar you convert is not a $0 broker for a US-heavy portfolio.
Which fees hit when I leave?
Transfer-out fees run $50–$150 per account across the field (Moomoo charges per currency, plus tax), and registered withdrawals outside a RRIF minimum often cost $25–$150 as “deregistration” fees. Two mitigations: the receiving broker usually reimburses transfer-in fees ($150 standard, conditions vary), and a few brokers simply don’t play the game — NBDB makes lump-sum RRIF/LIF withdrawals free, RBC includes two free extra RRIF withdrawals a year. Exit pricing is on each review.
How current is this page?
Every figure verified at the brokers’ own pricing and fee pages on June 10, 2026 — the table derives live from the same data file as our reviews, so corrections propagate. Promotional offers are deliberately excluded from the cost math (they’re one-time; fees are forever) — they live on the offer tracker. See our methodology.
This page is for educational purposes only and is not investment advice. All fee figures verified at the brokers’ published pricing and fee pages on June 10, 2026; worked examples use only those verified figures and current approximate exchange rates where stated. Fees and waiver conditions change — each review carries the full schedule. We exclude promotional offers from cost comparisons and exclude figures we could not verify. See our methodology.