Investing · Broker review
Interactive Brokers Canada review
Not the friendliest broker in Canada — just the one that makes the currency-conversion problem disappear, at roughly one-fiftieth the standard FX cost.
Best for: USD-heavy and globally-minded investors who care more about basis points than hand-holding
Pros
- FX conversion at ~0.03% — versus the 1.5% Canadian standard
- Direct USD conversion inside an RRSP — no Norbert’s Gambit needed
- Global market access no Canadian broker matches
- Commissions from $1/trade; US options from $0.15–$0.65/contract
- No maintenance or inactivity fees; fractional shares
Cons
- Not $0 — small commissions on every trade
- No RESP or LIRA; no transfer-fee reimbursement found
- The platform’s power comes with a real learning curve
Who IBKR is
Interactive Brokers is the global giant’s Canadian arm — a CIRO dealer and CIPF member wrapping the same institutional-grade platform the firm sells to professionals. Canada doesn’t get IBKR Lite’s $0 commissions; it gets per-share pricing that works out to a dollar or two on typical retail trades.
The 0.03% that changes the math
Every other broker on our list charges about 1.5% to convert CAD to USD, or sells you workarounds. IBKR converts at the interbank rate plus ~0.03% — $15 on a $50,000 conversion instead of $750. For snowbirds funding US spending, investors building USD positions, or anyone running cross-border finances, this single number repays the platform’s learning curve many times over.
And it works inside registered accounts: direct USD conversion in an RRSP, no interlisted-stock gymnastics required.
For retirees
TFSA, RRSP, RRIF and FHSA are supported (no RESP or LIRA), so the core retirement structure fits. The honest caveat is ergonomics: IBKR assumes competence and rewards it. A retiree comfortable with spreadsheets will love the FX savings on USD dividend income; one who wants a phone number and patience should pay Qtrade’s prices instead.
Frequently asked questions
What does Interactive Brokers Canada charge to trade?
Stocks and ETFs: From $1/trade (CAD ~1¢/share, US from $0.35) — not $0, but close on most order sizes. Options: US from $0.15–$0.65/contract; Canadian $1.25. Account fees: No maintenance fees. Figures verified at Interactive Brokers Canada's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does Interactive Brokers Canada offer? Can it hold a RRIF?
TFSA, RRSP, RRIF, FHSA — no RESP or LIRA. Yes — RRIF support means an RRSP here can convert at 71 and stay put, with no forced transfer at exactly the wrong moment. See the RRIF minimum calculator for what the drawdown schedule looks like.
Is my money safe at Interactive Brokers Canada?
CIRO dealer, CIPF member — $1M per account category if the firm fails. CIPF covers up to $1M for general accounts, plus $1M for registered retirement accounts combined, plus $1M for RESPs — against the firm failing, never against investments losing value. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
Use IBKR for what it’s uniquely good at: it’s less a primary broker for most Canadians than the designated FX engine and global-access account beside one. For USD-heavy portfolios, nothing else in the country is close.
Ready to compare Interactive Brokers Canada against the field?
The whole field, verified at the source and ranked.
This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.