A Look Into the 2025 MoneySense Best Online Brokers in Canada Rankings

Thinking of switching online brokers or starting to invest on your own? This year's MoneySense rankings - powered by Surviscor's real data, not paid promotions - reveal which Canadian platforms truly deliver on value, tools, and support. Before you make a move, see how your broker stacks up.

TL;DR:

• Questrade is ranked the best online broker in Canada for 2025, followed by TD Direct Investing and Qtrade Direct Investing.
• The rankings are part of the MoneySense and Surviscor annual review , now in its 13th year, evaluating brokers across 10 digital experience categories like platform usability, mobile tools, fees, and customer service.
• Surviscor assessed 11 brokerages using over 8,000 data points and 143 customer service interactions per firm.The review helps Canadians compare brokers based on their needs - whether they're beginners or experienced investors, and whether they prefer bank-owned or independent firms.
• Key takeaways include: zero commissions often come with trade-offs, mobile apps still can't replace desktop tools for serious investors, and many platforms fall short on support and innovation.

For the third year in a row, Questrade claims the top spot as the Best Online Broker in Canada for 2025. TD Direct Investing holds steady in second place, while Qtrade Direct Investing remains in third. Although this year saw a few position changes lower in the rankings, the top two firms continue to clearly lead the pack. Platform innovation has slowed across the board, and fewer firms are actively promoting their services - but that hasn't stopped investors from seeking more value, transparency, and support.

Now in its 13th year, the MoneySense Online Broker Review is designed for Canadian self-directed investors of all levels - whether you're just starting out or already deep into your investing journey. The review evaluates 10 key areas of the digital investing experience and lets you compare firms based on three important groupings: the platform experience (desktop or mobile), the type of investor you are, and whether the firm is bank-owned or independent. This flexible approach makes it easy to narrow down the options and find the online broker that best fits your needs.

2025 MoneySense Best Online Broker Rankings

Here is the list of the best online brokers in Canada ranking for 2025 which is derived by drilling down into the four pillars of investor experiences at each firm - desktop platform, mobile platform, commission and fees, and service availability and responsiveness

The MoneySense and Surviscor partnership began in 2013 with a shared goal: to bring Canadian investors clear, credible, and unpaid editorial insight into the online brokerage world. Each year, the review delivers honest, data-driven findings that highlight the real strengths - and weaknesses - of Canada's most popular online brokers. The 2025 edition is once again authored by Surviscor President and CEO Glenn LaCoste and powered by Surviscor's unmatched research. For full firm-by-firm breakdowns, visit the company reviews section at Surviscor.com.

Read the in-depth 2025 MoneySense Best Online Broker Analysis

Go to the 10 Key Lessons

The MoneySense and Surviscor Methodology

Key Findings to Know Before You Pick a Broker

Questrade

Expanded its lead by officially joining the $0 commission movement - and still ranks #1 in overall investor experience.

TD Direct Investing

Remains strong, but the underwhelming TD EasyTrade app continues to drag down its offering for new or cost-sensitive investors.

Qtrade Direct Investing

Is still top three, but its slower innovation and unclear target audience could threaten that position soon.

Desjardins Online Brokerage

Earns points for education and research, but needs stronger mobile and customization tools to climb higher.

Scotia iTRADE

Service is improving, but its slow to improve platforms hold it back.

CIBC Investor's Edge & BMO InvestorLine

Offer good value, but are inconsistent across core digital experiences.

RBC Direct Investing

Shines in banking integration, but its platforms still lack the advanced features and tools of top-tier competitors.

National Bank Direct Brokerage

Offers good value, but is inconsistent across core digital experiences with little to know digital improvements.

Wealthsimple Trade

Still struggles to deliver a complete investor digital experience, despite its simplicity and $0 pricing.

CI Direct Trading

Now owns the title of worst overall platform, taking over LBDB in a move that simply means little improvement for either clients.

10 Key Lessons from the 2025 Online Brokerage Rankings

1. Self-directed investing is never as simple as the platforms make it look

Marketing may sell simplicity, but real success requires time, tools, and support.

2. Zero-commission trading is not the same as zero-cost investing

Free trades often come with trade-offs - missing features, weaker service, or hidden fees.

3. The best platform isn't always the one with the most ads - it's the one that actually fits your goals

Focus on substance over sizzle. The most promoted platform isn't always the best for you.

4. Mobile platforms are growing - but the desktop experience still matters more than you think

Serious investing still requires tools and features most mobile apps can't fully replace.

5. Many firms build for the new investor - but forget to support them once they arrive

Attracting beginners is one thing. Supporting their long-term growth is another.

6. A flashy feature is only useful if it works when you actually need it

A lot of digital tools look great in a demo. Few deliver consistently in a live trade environment.

7. Education and service responsiveness matter more when the markets are uncertain

When things get volatile, platforms that offer real guidance and fast support stand out.

8. Choosing the right online broker is just as important as choosing the right investment

You don't want your platform working against you while you're trying to build wealth.

9. Don't assume loyalty means value - especially if you've been with the same firm for years

Legacy customers are often left paying higher fees while new clients get all the perks.

10. The Canadian online brokerage industry needs better platforms - and fewer shortcomings

Progress has stalled at too many firms. Investors deserve better tools, better service, and more innovation.

Frequently Asked Questions

What is the best online broker in Canada in 2025?

Questrade ranks #1 in the 2025 MoneySense review for offering $0 commissions, strong tools, and a superior overall investor experience.

Which Canadian brokerage is best for beginners?

Qtrade Direct Investing and TD Direct Investing offer strong educational resources, while Wealthsimple Trade appeals to newer investors seeking simplicity.

What are the lowest fee trading platforms in Canada?

Firms like Questrade, Wealthsimple Trade, and National Bank Direct Brokerage offer competitive commission structures. However, platform usability and service vary widely.

How do Canadian online brokerages compare?

The Surviscor + MoneySense review ranks each firm across 10 categories, providing a full comparison of platforms, fees, service quality, and mobile tools.

Read the in-depth 2025 MoneySense Best Online Broker Analysis

Go to the Key Findings to Know Before You Pick a Broker

The MoneySense Methodology

The methodology has evolved over time and is tailored specifically for MoneySense using Surviscor's proprietary scorCard data, drawn from four detailed annual reviews: the Desktop-Based Experience Review, Mobile-Based Experience Review, Commissions & Fees Experience Review, and Service Level Experience Review.

10 core categories used in the 2025 rankings:

• Desktop platform
• Mobile trading apps
• Trading commissions and fees
• Customer service responsiveness
• Investor education
• Platform customization
• Onboarding experience
• Account maintenance
• Research tools
• Overall ease of use

To build the rankings, Surviscor reviewed each online broker by answering nearly 8,000 questions about features and functionality - across both desktop and mobile platforms. On top of that, hundreds of everyday investor tasks were tested on each platform to see how easy they are to use in real life. The review also looked at what each firm charges for trading, using five different types of investor profiles, and tracked 143 customer service interactions per firm over the 12 months ending April 30, 2024.

Firms were scored based on how they ranked in ten areas of the review. Points were awarded from 5 (for first place) down to 1 (for fifth place), and each firm's total score is based on how they performed across all of those sections.

Read the in-depth 2025 MoneySense Best Online Broker Analysis to learn more about the overall best and worst firms and a breakdown of each of the 10 categories that contributed to the overall rankings.