The BEST and WORST Online Brokerage Commissions and Fees Experiences for Self-Directed Investors

Desjardins Online Brokerage has the Best Overall Self-Directed Brokerage Commissions and Fees

Making heads or tails of the various online brokerage commission structures is not an easy task as marketing messaging tend to focus on stocks and ETF commissions but what is almost never mentioned are the key components to a self-directed online brokerage that investors must give up to receive the lowest advertised prices. The challenge is that firms tend to focus on either trading activity and/or assets under administration when determining trading commissions and associated fees, with the more active investors receiving the best possible commissions and fee structures. Then throw in the firms who offer $0 commissions, and the tasks gets even harder, or does it? Our pushback is that it should get tougher because although these firms are trying to attract the new younger investors with freebies, the $0 commissions should attract active investors who don't need the extra features and functionality that newer investors should be seeking and paying for.

For the third straight year, Desjardins Online Brokerage is our choice for the best overall online brokerage firm when it comes an overall investor commission and fees experience and its Quebec-based rival, National Bank Direct Brokerage, is once again a close second. Both firms offer what we define as Next Level $0 Commissions which means that these firms provide complete online brokerage firms with no limitations and complete platforms and still do so for free. Buying and selling limitations are key, especially when the firms are compared to the first to market, Wealthsimple Trade, who does not offer a complete range of Canadian and US stocks, ETFs or options and its depth of digital features and functionality on its digital platforms, pales in comparison to Desjardins Online Brokerage and National Bank Direct Brokerage.

Review Headlines

DESJARDINS ONLINE BROKERAGE is #1 Overall

Desjardins Online Brokerage is the #1 firm for the 3rd straight year with ultra-competitive commissions including $0 unrestricted stocks and ETF commissions and competitive options pricing for all levels of investors.

Little to No Changes for 2024

Despite some minor changes at three of the 14 firms, there are no significant commissions or fees changes to speak of

$0 Commission Firms Finish 1-2-3

It's not surprising to see the three firms who offer unlimited $0 stocks and ETF trading, Desjardins Online Brokerage - National Bank Direct Brokerage - Wealthsimple Trade are the three best firms but that doesn't mean they are created equal.

TD EASYTRADE is NOT a $0 Commission Firm

The truth is that TD EasyTrade is not a $0 commissions firm despite what the marketing and press coverage may suggest as there is a limit to the number of yearly trades to receive the special commission.

Big Banks Barely Crack the Top 10

BMO InvestorLine, Scotia iTRADE, and RBC Direct Investing are in a three-way tie for 9th with only three firms being ranked lower.

See the Monthly Trading Investor Profiles

See an Overview of $0 Commission Firms

See an Overview of Bank-Owned Firms

See an Overview of Non-Bank Owned Firms

See the Key Lessons

Go to The Bottom Line

2024 Commissions & Fees Experience Rankings

This review ranks amongst one of our toughest because we do not focus on the lowest advertised price, we cover over 10,000 possible trade scenarios and benchmark them across all firms and across five different trading profiles. The difficulty arises because most firms incorporate slight variations into their pricing schemes designed to one-up or differentiate themselves and then use the power of advertising to over-sell the differentiator but the profile breakdowns, based on monthly trading activity, tend to be the real differentiators as firms reward investors with lower commissions when they trade more. While 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, 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.

We can't say that there is exciting news to report in 2024. Sure, some firms made some changes but for the most part, it's a status-quo commissions environment amongst self-directed online brokerage firms. Our advice is for investors to not choose firms based solely on commissions but to continually source out all available product in the marketplace and transact based on merit and investment growth needs. Our ranking will help you choose the right firm for your self-directed investing needs or maybe question your current online broker relationship and help you identify what you may be missing.

Investors need to read between the lines and look for the inevitable advertising catches that always exist. Whatever the case, free is never free for every investor. Some examples are:

• WEALTHSIMPLE TRADE advertises $0 commissions but not all stocks and ETFs are available, and most trades require a costly foreign exchange
• TD DIRECT INVESTING $0 trades but an investor must transact on a specific, and basic platform - TD EasyTrade
• QUESTRADE has a $0 commission on all ETF orders but only buy orders - Full price on sells
• MANY FIRMS that offer $0 commission do not offer real-time information, research, or enhanced market data



We say goodbye to HSBC INVESTDIRECT in 2024 as the RBC ROYAL BANK takeover is in the works. For those investors who are affected, we have plenty of information on RBC DIRECT INVESTING so do your homework before simply accepting the move over.

A firm that markets a 1 cent per share commission fee sounds great but once one considers the minimum commission of $5 it really means that a transaction between 0 and 500 shares costs $5. It's all perception. The clear advantage is trading 0 to 700 shares, but the advantage disappears more and more above 700 shares.

Glenn LaCoste, President and CEO of Surviscor Group

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









Investor Profiles

It is challenging to produce a commission-based ranking when not all firms offer the same breadth of products and service. Firms tend to focus on either trading activity and/or assets under administration when determining trading commissions and associated fees, with the more active investors receiving the best possible commissions and fee structures. The overall standings paint the whole industry with one overall investor profile brush but to get there, the review focuses in on the costs associated through 5 different investor profiles that are based on the number of individual monthly transactions. Home in on your profile to understand the best and worst options.

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 and is determined based on the following commission and fees experiences:

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 profile is determined based on the following commission and fees experiences:

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 profile is determined based on the following commission and fees experiences:

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 profile is determined based on the following commission and fees experiences:

50-Plus Monthly Trades

The 50-plus monthly trades investor profile is the industry's most profitable segment with pure day-trading characteristics. The profile is determined based on the following commission and fees experiences:




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




An Overview of $0 Commission Firms

Here is a quick look at the Category and Trading Profile results for the $0 Commission firms:

DESJARDINS ONLINE BROKERAGE - #1 Overall

Category Results

• STOCK COMMISSIONS with No Restrictions
• OPTIONS COMMISSIONS with No Restrictions
• ETF COMMISSIONS with No Restrictions
• ACCOUNT FEES


• MARKET DATA COSTS
• INTEREST RATES



Trading Profiles Results

• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month


• None

No notable 2024 commission or fees changes as per the firm

Learn more about Desjardins Online Brokerage here.




NATIONAL BANK DIRECT BROKERAGE - #2 Overall

Category Results

• STOCK COMMISSIONS with No Restrictions
• OPTIONS COMMISSIONS with No Restrictions
• ETF COMMISSIONS with No Restrictions
• INTEREST RATES


• MARKET DATA COSTS
• ACCOUNT FEES



Trading Profiles Results

• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month


• None

No notable 2024 commission or fees changes as per the firm

Learn more about National Bank Direct Brokerage here.




WEALTHSIMPLE TRADE - #3 Overall

Category Results

• STOCK COMMISSIONS with Restrictions
• ETF COMMISSIONS with Restrictions
• ACCOUNT FEES


• STOCK COMMISSIONS with Restrictions
• OPTIONS COMMISSIONS - Only US market
• ETF COMMISSIONS with Restrictions
• MARKET DATA COSTS
• INTEREST RATES



Trading Profiles Results

• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month

Introduced a $2/contract Options commission but only for US market options

Learn more about Wealthsimple Trade here.




See the Key Lessons Learned




An Overview of Banked-Owned Firms

Here is a quick look at the Category and Trading Profile results for the remaining Bank-Owned firms:

TD DIRECT INVESTING - #4 Overall

Category Results

• STOCK COMMISSIONS with Restrictions


• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• MARKET DATA COSTS
• INTEREST RATES
• ACCOUNT FEES



Trading Profiles Results

• 0-4 TRADES - Per Month


• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about TD Direct Investing here.




CIBC INVESTOR'S EDGE - #5 Overall

Category Results

• STOCK COMMISSIONS
• MARKET DATA COSTS


• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• INTEREST RATES
• ACCOUNT FEES



Trading Profiles Results

• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month


• None

Changed to client-level asset determination for annual fee charges and automatic enrollment for hyper-active $4.95 trade commission.

Learn more about CIBC here.




SCOTIA iTRADE - #9 Overall

Category Results

• STOCK COMMISSIONS
• ACCOUNT FEES


• STOCK COMMISSIONS
• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• MARKET DATA COSTS
• INTEREST RATES



Trading Profiles Results

• 50+ TRADES - Per Month


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about Scotia iTRADE here.




RBC DIRECT INVESTING - #9 Overall

Category Results

• MARKET DATA COSTS


• STOCK COMMISSIONS
• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• INTEREST RATES
• ACCOUNT FEES



Trading Profiles Results

• None


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about RBC Direct Investing here.




BMO INVESTORLINE - #9 Overall

Category Results

• MARKET DATA COSTS


• STOCK COMMISSIONS
• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• MARKET DATA COSTS
• INTEREST RATES



Trading Profiles Results

• None


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm, but it should be noted that In lieu of cheaper commissions, BMO InvestorLine awards its profitable and loyal customers with enhanced services and market data.

Learn more about BMO InvestorLine here.




LAURENTIAN BANK DISCOUNT BROKERAGE - Last Ranked Firm

Category Results

• MARKET DATA COSTS
• INTEREST RATES
• ACCOUNT FEES


• STOCK COMMISSIONS
• OPTIONS COMMISSIONS
• ETF COMMISSIONS



Trading Profiles Results

• None


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about Laurentian Bank Discount Brokerage here.




See the Key Lessons Learned









An Overview of Non-Bank Owned Firms

Here is a quick look at the Category and Trading Profile results for the remaining Non-Bank Owned firms:

CI DIRECT TRADING - #6 Overall

Category Results

• ETF COMMISSIONS


• STOCK COMMISSIONS
• OPTIONS COMMISSIONS
• MARKET DATA COSTS
• INTEREST RATES
• ACCOUNT FEES



Trading Profiles Results

• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 50+ TRADES - Per Month


• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about CI Direct Trading here.




QTRADE DIRECT INVESTING - #7 Overall

Category Results

• STOCK COMMISSIONS
• INTEREST RATES


• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• MARKET DATA COSTS
• ACCOUNT FEES



Trading Profiles Results

• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month


• 0-4 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about Qtrade Direct Investing here.




QUESTRADE - #8 Overall

Category Results

• OPTIONS COMMISSIONS
• ETF COMMISSIONS
• ACCOUNT FEES


• STOCK COMMISSIONS with No Restrictions
• MARKET DATA COSTS
• INTEREST RATES



Trading Profiles Results

• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about Questrade here.




CANACCORD GENUITY DIRECT - #12 Overall

Category Results

• OPTIONS COMMISSIONS
• MARKET DATA COSTS
• INTEREST RATES


• STOCK COMMISSIONS
• ETF COMMISSIONS
• ACCOUNT FEES



Trading Profiles Results

• None


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month

No notable 2024 commission or fees changes as per the firm

Learn more about Canaccord Genuity Direct here.




INTERACTIVE BROKERS - #13 Overall

Category Results

• OPTIONS COMMISSIONS
• INTEREST RATES
• ACCOUNT FEES


• STOCK COMMISSIONS
• ETF COMMISSIONS
• MARKET DATA COSTS



Trading Profiles Results

• None


• 0-4 TRADES - Per Month
• 5-9 TRADES - Per Month
• 10-33 TRADES - Per Month
• 34-49 TRADES - Per Month
• 50+ TRADES - Per Month
Learn more about Interactive Brokers here.



Key Lessons

The Surviscor Online Brokerage Commissions and Fees Review provides a unique and in-depth dive into the ins and outs of commissions and fees paid by all types of Canadian self-directed, DIY, investors. Some key lessons to be learned are:

Big Banks are Split on Competitiveness

If you're utilizing National Bank Direct Brokerage, TD Direct Investing, or CIBC Investor's Edge, you're likely benefiting from reasonable commission rates and fees across various trading products and profiles. Conversely, customers of BMO InvestorLine, Scotia iTRADE or RBC Direct Investing typically incur higher costs as self-directed investors. This doesn't necessarily imply that these relationships or financial partnerships are subpar; it's simply a matter of acknowledging the numbers and being aware that you may be paying more in fees.

Be Careful of the Easy Game at TD

If you are interested in playing the easy game? Our advice is to use the traditional platforms for all your research and account information then simply keep your phone handy and place your first 50 trades a year using the TD EasyTrade mobile app which apparently is very easy with little to offer but trade and watch videos. Once your free trades are in the books, put the app to sleep to save battery life and add a 12-month calendar reminder to remind you of the next free cycle.

Advertising Campaigns Tell You What You Want to Hear

The marketing efforts of online brokerage firms frequently emphasize fees, which is understandable. However, the fees advertised often provide just a partial view of the overall picture. Consider, for instance, the potential for an additional ECN (Electronic Communication Network) fee, which could effectively double your commission costs. Some firms may also exclude certain popular stocks from their trading offerings. Additionally, there are those that tout free ETF trading but either limit product availability or levy charges on one side of the transaction. While we refrain from categorically stating that there's always a downside, the reality is that there often is.

Crucial Investor Resources are Not Free

Are you purchasing US stocks within a Canadian dollar account? Do you rely on current stock or ETF price quotes for informed investment decisions? If so, brace yourself for additional fees unless you're an exceptionally active investor. Converting currency with each trade typically incurs inflated foreign exchange rates, a gripe frequently voiced in online forums regarding Wealthsimple Trade. Moreover, restricted, and delayed market data might result in suboptimal executions, potentially diminishing the value of your stocks or investments.

The Value in Paying a Commission

Many novice investors are drawn to $0 commission deals without fully understanding the offerings of each brokerage and the value of paying a commission. In doing so, they miss out on valuable benefits like in-depth market quotes, timely analyst research, and the crucial opportunity to grow with a supportive partner. For example, consider TD EasyTrade's requirement for $0 trades, which mandates the use of its basic mobile platform. Why isn't this offer available on its more comprehensive TD Direct Investing WebBroker platform? It's primarily a marketing strategy. Ultimately, any savings in trade costs should be balanced against the potential loss of guidance, education, and market insight - key elements for novice or average DIY investors.

Multiple Accounts = Cost-effective Experience

Commission fees in the industry vary from $0 to $10, while resources, trading screens, and account information span from poor to excellent. The positive aspect is that there are minimal to no annual account fees across the industry if you occasionally engage in trading with your firm. By maintaining accounts at multiple firms, you can leverage the more expensive ones for your data and research requirements, while opting for a no-fee brokerage firm to execute trades.

Reduced Features and Functionality are Hidden Costs

Discounted or $0 commissions aren't truly free - they come with hidden costs. The challenge lies in identifying where these costs lie and determining whether you're willing to accept the trade-offs for the reduced fees. A prime example is Wealthsimple Trade, and now potentially TD EasyTrade enters the discussion. While marketing campaigns highlight simplicity as their selling point, they often neglect to mention that self-directed investing is inherently complex, and these platforms may fuel the difficulty. Ultimately, if you opt for a service that charges nothing, you need to understand that something needs to give.

Loyalty Has its Privledges

Loyalty programs are everywhere your day-to-day lives. Whether it's frequenting coffee shops, purchasing groceries, or embarking on travels, the common theme is spending more to save later. The online brokerage industry operates on a similar principle. Typically, increased trading activity results in improved commissions, enhanced access to data, and even better rates.




Value can be interpreted in various ways, but when it comes to online brokerage firms, it often hinges on the self-directed investor. With 14 firms currently under scrutiny, it's highly probable that each investor has better alternatives to explore. Ultimately, firms generate revenue through assets under administration, foreign exchange conversions, and trading activity. It's crucial to understand what you bring to the table and actively seek out the most advantageous deal for yourself.

Glenn LaCoste, President and CEO of Surviscor Group



Go back to the 2024 Commission & Fees Rankings




The Bottom Line - No FREE Lunch

We understand. The message is getting old, and probably tiresome, but we are sticking to our message, especially with the increased presence of online brokerage advertising at levels that haven't been seen in a decade. We have seen all the moves and the smokescreens that typically accompany the message. Online brokers are not lying, they simply aren't telling you everything. You decide.

This is not Surviscor's first rodeo. In fact, Surviscor has been analyzing Online Brokerage firms since the 2000's and has been witness to every new, or altered, commission and fees strategy in the industry. If you follow the 15-plus years of public-facing Surviscor reviews, or the numerous press interviews, one clear message to investors is that There is NO FREE LUNCH in Life, a saying that is more relevant today than ever before. #NoFreeLunch




The Surviscor DISCLAIMER

Surviscor takes the ultimate pride in being tough markers and having zero bias in calling-out any firm for both good, and poor, experiences. Identifying firms that offer best-of-breed, industry-leading products, and services to deserving customers is the mandate. Canadians work hard for their money and having a great Online Brokerage trading partner is not a privilege. Online Brokerage firms do very well by Canadian consumers and should be held accountable to the highest standards of customer experience and cost of services. Do not forget that the consumer holds the cards, not the self-directed brokerage firm. There are many firms, big and small, to choose from. Just be careful of the mixed messages you receive. Firms love to strategically omit key information to attract potential investors. #FindTheRightFirm