Surviscor Canadian Online Brokerage Experience Reviews - Canada's BEST and WORST Online Brokerage Commissions and Fees Experiences

Ranking the Best Online Brokers for Self-Directed Investors' Commissions and Fees Experiences in Canada

Mar 19, 2025 Reviews

Questrade Provides the Best Commissions and Fees Amongst Canadian Online Brokers

When it comes to commission costs and fees, what you see isn't always what you get. Online brokers - big and small - use flashy marketing to promote free trades and unbeatable pricing, but the reality is often far more complicated. Beneath the surface, hidden fees, restrictive fine print, and pricing structures that favor high-volume traders can significantly impact your actual costs. We don't just look at the lowest advertised price - we dig deep into the numbers across five investor profiles, assessing commissions on stocks, ETFs, and options, as well as market data fees, interest rates, and account-related costs. We go beyond the ads, analyzing over 10,000 trade scenarios to uncover the true cost of investing for different types of DIY self-directed investors, exposing key trends, best-value brokers, and firms where investors might be paying more than they realize.

The 2025 rankings reveal a shake-up at the top, with Questrade claiming the #1 spot after making a bold move into the zero-commission space. Desjardins Online Brokerage and National Bank Direct Brokerage closely follow, continuing to set the bar for competitive fees and investor-friendly pricing. Meanwhile, Wealthsimple Trade rounds out the top four, solidifying the dominance of $0 commission firms.

On the other end of the spectrum, big bank-owned brokers struggled to stay competitive, with BMO InvestorLine, RBC Direct Investing, and Scotia iTRADE all ranking near the bottom due to higher fees and fewer cost-saving opportunities. Interactive Brokers finished last, highlighting the significant cost differences between brokerage firms. For self-directed investors, these results reinforce the importance of choosing a brokerage based on actual costs - not just marketing claims.

At Surviscor, we analyze every angle of the investor experience, breaking down the countless pricing structures brokers use. But the real test? You. To find the best fit, simulate your real trades across different commission models and see where you save (or lose) the most. Don't rely on marketing - put brokers to the test.

Glenn LaCoste, President and CEO of Surviscor Group

Review Headlines

QUESTRADE: The New #1 Overall

Questrade made the boldest move of the year by joining the zero-commission club - but they didn't just match the competition, they did it better.

BMO INVESTORLINE: Notable Change but Little Impact

While BMO InvestorLine made slight adjustments to its commission structure for ultra-active traders, it wasn't enough to shake up its position in the rankings.

$0 Commission Firms Dominate the Top 4

It's no surprise that the four firms offering unlimited $0 stock and ETF trading (along with reduced options commissions) landed at the top. However, not all zero-commission brokers are created equal - their overall value still varies.

The Rankings: Minimal Movement

Aside from Questrade's game-changing move, the rankings saw little action.

Big Banks: Still Too Expensive

The reality is that BMO InvestorLine, Scotia iTRADE, and RBC Direct Investing still can't compete on commission costs - making them less attractive options for price-conscious investors.

TD EASYTRADE: Not Truly a $0 Commission Broker

Despite the marketing buzz, TD EasyTrade is NOT a true $0 commission platform. Free trades are capped annually, meaning once you hit the limit, you're paying just like everyone else.

How the Review Works

The Review evaluates the various commission structures available to DIY investors by analyzing five distinct investor personas, each defined by monthly trading activity. The personas are:

0 to 4 Trades per Month
5-9 Trades per Month
10-33 Trades per Month
34-49 Trades per Month
50-plus Trades per Month

In addition to the personas, each broker is evaluated across six key fee categories:

Stocks/Equity Commissions
Options Commissions
ETF Commissions
Market Data Costs
Account Interest
Account Fees

2025 Commission and Fees Experience Rankings

This year, we analyzed 13 Canadian self-directed online brokerage platforms, including the Big Six bank-owned firms. The 2025 rankings are:

Experience Rank	Online Brokerage Firm	Experience Score	Full Company Review
1	Questrade	95 %	View Company Review
2	Desjardins Online Brokerage	94 %	View Company Review
3	National Bank Direct Brokerage	93 %	View Company Review
4	Wealthsimple Trade	87 %	View Company Review
5	TD Direct Investing	80 %	View Company Review
6	CIBC Investor's Edge	51 %	View Company Review
7	CI Direct Trading	42 %	View Company Review
8	Qtrade Direct Investing	40 %	View Company Review
T-9	BMO InvestorLine	37 %	View Company Review
T-9	RBC Direct Investing	37 %	View Company Review
11	Scotia iTRADE	36 %	View Company Review
12	CG Direct	32 %	View Company Review
13	Interactive Brokers Canada	22 %	View Company Review

For more information on the categories reviewed and the depth of review in each category, click Commission and Fees - The Process and Methodology

Key Findings by Product

Go to Lessons Learned

Go to The Bottom Line

Why Surviscor Reviews Are Different

Surviscor Experience Reviews are the largest and most unbiased evaluations in North America, offering uncompromised facts about real customer experiences and digital journeys. Unlike other review firms or individuals, whose rankings are often subjective or firm-sponsored, Surviscor bases its reviews on extensive factual data, not limited or biased sample sizes commonly found online.

Key Findings by Monthly Trade Profiles

Comparing commission fees across online brokers isn't straightforward. Some prioritize active traders, while others cater to investors with larger portfolios, adjusting fees accordingly. The result? The most frequent investors usually get the best rates, while casual investors often pay more.

It is hard to cover every possible trade scenario and benchmark them across all firms with each firm incorporating slight variations into their pricing schemes designed to one-up or differentiate but they really should be studied for the pure impact on an investor. We do our best to cover every aspect of an investor experience coupled with every permutation and combination each firm tries to throw at an investor, but the real test is for an investor to simulate real transactions using different commission structures to find the one that is best suited for them. #TestDriveForSuccess

To provide a fair industry comparison, our review evaluates fees based on five different investor profiles, each defined by monthly trading activity. This approach ensures you can find the best (and worst) options based on your specific trading habits - because when it comes to commissions, one size definitely doesn't fit all.

0 to 4 Monthly Trades

The 0 to 4 monthly trades investor profile represents the first, and very popular, level of self-directed investing. The profile includes newbies and very passive seasoned investors. The results indicate the following:

5 to 9 Monthly Trades

The 5 to 9 monthly trades investor profile represents a very important self-directed investing segment that includes beginners and seasoned investors. The results indicate the following:

10 to 33 Monthly Trades

The 10 to 33 monthly trades investor profile represents the first level of active self-directed investing for seasoned investors. The results indicate the following:

34 to 49 Monthly Trades

The 34 to 49 monthly trades investor profile represents sophisticated self-directed active investors that borderline on day-trading characteristics. The results indicate the following:

50-Plus Monthly Trades

The 50-plus monthly trades investor profile is the industry's most profitable segment with pure day-trading characteristics. The results indicate the following:

LESSONS LEARNED

The Surviscor Online Brokerage Commissions and Fees Review takes a deep dive into the real costs Canadian self-directed investors face. Whether you're an active or a casual investor, understanding these commissions and fees is key to maximizing your returns.

These insights will help you make smarter, more cost-effective investment decisions, some of which may have remained consistent since 2024.

Loyalty Pays Off

From coffee shops to travel rewards, loyalty programs exist to reward repeat customers. The same applies to online brokers - the more you trade, the better the perks. Frequent traders often get discounted commissions, access to premium market data, and even lower currency conversion rates. If you're an active investor, sticking with one firm can have its benefits.

The Hidden Costs of "Free" Trading

$0 commissions don't mean zero cost. The trade-off often comes in limited features, lack of research tools, or poor trading platforms. Take WEALTHSIMPLE TRADE - and now possibly TD EASYTRADE. These platforms are marketed as simple, but self-directed investing is anything but. If you go with a free service, be ready for compromises.

The Value of Paying for Commissions

$0 commissions sound great - until you realize what you're missing. Many discount brokers strip away valuable features like real-time quotes, analyst reports, and educational tools. For example, TD EasyTrade offers free trades but limits users to a basic app. Why isn't this deal available on the full TD DIRECT INVESTING WebBroker platform? Because it's a marketing tactic. Before chasing free trades, ask yourself: Is the savings worth sacrificing guidance and market insights?

Big Banks: A Mixed Bag on Competitiveness

Not all big banks are created equal when it comes to trading fees. If you're using NATIONAL BANK DIRECT BROKERAGE, TD DIRECT INVESTING, or CIBC INVESTOR'S EDGE, you're likely enjoying competitive commission rates. But if you're with BMO INVESTORLINE, SCOTIA iTRADE, or RBC DIRECT INVESTING, you might be paying a premium. This doesn't mean those platforms are bad - it just means you need to be aware of the numbers and decide if the extra costs are worth it.

Playing the "Easy Game" with TD? Be Strategic.

Looking for a loophole? Here's one: Use TD DIRECT INVESTING for your research and account management, but place your first 50 trades of the year using the TD EasyTrade mobile app, which offers free trades. Once you've maxed out your freebies, close the app, save your battery, and set a calendar reminder for next year's free cycle. It's a simple hack, but it works.

Marketing vs. Reality: What Ads Don't Tell You

Online brokers love to promote their low fees, but the fine print tells a different story. Some firms charge Electronic Communication Network (ECN) fees, which can double your commission costs. Others advertise "free" ETF trading, only to limit the selection or charge fees on sell orders. And some even exclude popular stocks from their trading platforms. While we're not saying there's always a catch, more often than not - there is.

Essential Investor Tools Aren't Free

Think trading is completely free? Think again. If you buy U.S. stocks in a Canadian dollar account, you'll face hefty currency conversion fees - one of the biggest complaints about WEALTHSIMPLE TRADE. Need real-time stock quotes? Many brokers charge extra unless you're an active trader. Delayed or restricted data can lead to bad executions, costing you money. If you're serious about investing, expect to pay for the tools that matter.

Market Fees: A Confusing and Costly Mess

Figuring out if you'll be charged for market data shouldn't feel like decoding a secret message - but unfortunately, it often does. Not only is this information buried deep within brokerage websites, but when you do find it, it's filled with jargon that most investors struggle to understand.

Market data fees are primarily designed for active traders, yet casual investors often get caught in the crossfire. With different charges based on Canadian vs. U.S. exchanges, data levels, and trading activity, many investors unknowingly pay for services they don't even need. And since online brokers rarely explain these fees clearly, you could be getting charged without realizing it.

Bottom line? Always check the fine print - because these hidden costs can add up fast.

Brokerage firms - big and small - love to spotlight minor perks while downplaying major drawbacks. Flashy promotions, limited-time offers, and free deals are designed to lure in investors, but the real costs often hide in the fine print. Instead of chasing short-term gimmicks, focus on finding a broker (or multiple) that truly supports your long-term investing strategy.

Glenn LaCoste, President and CEO of Surviscor Group

Go back to the 2025 Commission & Fees Experience Rankings

Go back to Key Findings

The Bottom Line: No Such Thing as a Free Lunch

We get it - you've heard this before. But with online brokerage advertising hitting levels we haven't seen in a decade, the message is more important than ever. Brokers aren't outright lying; they're just not telling you the whole story. It's up to you to read between the lines.

This isn't Surviscor's first rodeo. Our analysts have been analyzing online brokerages since the early 2000s, tracking every new (or recycled) commission and fee strategy. If you've followed Surviscor's 15+ years of reviews and media insights, one truth stands out:

There is NO FREE LUNCH in investing.

That saying has never been more relevant than it is today. #NoFreeLunch

The Surviscor DISCLAIMER

Surviscor takes the ultimate pride in recognizing, and calling out, any firm for both good, and poor, experiences. Canadians work hard for their money and having a compatible digital investing financial partner is necessary and Canadian investors should be holding all firms, big and small, to the highest standards of digital customer experience. You hold the cards. Don't settle. #FindTheRightFirm

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Explore other Surviscor Rankings

This review is only one of many Surviscor yearly digital experience reviews for Online Self-Directed Brokerage and Consumer Banking firms. Take a look at your current firms, firms you always thought about using, and maybe you'll even find a new firm to consider.