Ranking the Best Online Brokers for Investor Service Experiences in Canada

Questrade continues to dominate Online Brokerage Service Experiences in Canada

Customer service plays a crucial role in self-directed investing, yet many Canadian online brokerages continue to fall short in delivering timely and efficient support. Surviscor's 2024 Service Experience Review highlights the firms that excel - and those that fail - when it comes to assisting both prospective and existing investors. With over 573 service questions analyzed across 13 platforms, the findings reveal significant gaps in responsiveness, digital service tools, and overall customer care.

Questrade leads the industry with the fastest response times and the best digital service experience, while TD Direct Investing stands out as the top performer among big bank-owned brokerages. On the other end of the spectrum, Wealthsimple Trade ranks last in overall service, and National Bank Direct Brokerage holds the unfortunate title of slowest response times, averaging over 72 hours. With some firms embracing feedback and improving, and others falling behind, this year's review underscores the importance of holding online brokerages accountable for their service commitments.

Review Headlines

QUESTRADE: Best Service, Fastest Responses

Questrade delivers the best digital service experience and the fastest average response times across Surviscor interactions.

TD DIRECT INVESTING: Leading Among Big Bank-Owned Firms

TD DIRECT INVESTING stands out among big bank-owned firms by providing excellent service resources for both customers and non-customers.

WEALTHSIMPLE TRADE: Lowest Service Ranking

Wealthsimple Trade ranked last out of 13 firms reviewed, offering the poorest overall service experience.

NATIONAL BANK DIRECT BROKERAGE: Slowest Response Times

National Bank Direct Brokerage remains the slowest, taking over 72 hours to respond to non-customer inquiries in 2024.

2024 Service Experience Rankings

The Service Experience Review evaluates the various service interaction methods and their availability on both desktop and mobile platforms. It also analyzes responsiveness using mystery shopping data gathered through non-social, public-facing Contact Us channels provided by each Canadian Online Broker. This data is collected through Surviscor's Service Monitoring and Benchmarking Program, which has been running since 2006.

This year's review assessed 13 Canadian self-directed online brokerage platforms, including the big six bank-owned firms and 7 non-banked owned firms. Each platform was assessed using 573 service questions across three key experience categories: Non-Customer Interactions, Customer Interactions, and Service Interactions, further divided into eight sub-categories that distinguish between desktop and mobile-based interactions. The purpose? To help you identify which Canadian online broker provides the best customer service options while motivating underperforming online brokers to improve.

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.

Response Times and Standards

Surviscor utilizes four response standards to evaluate the average time it takes to address a general public-facing service interaction. These standards, have been refined over the years to align with the evolving digital landscape. Below are the Surviscor Response Standards and Non-Standards results:

BELOW SURVISCOR STANDARD RESPONSE TIMES

Five firms meet the Surviscor Response Standard of responding within 24 hours. The remaining 8 firms, which fail to respond within this timeframe, are grouped into four distinct - but unimpressive - response categories. Hopefully, your online brokerage partner isn't part of one of these "exclusive clubs" because membership does not have its privileges.

THE 1 - 2 DAYS TO RESPOND CLUB

THE 2-3 DAYS TO RESPOND CLUB

THE 3-4 DAYS TO RESPOND CLUB

THE 4-5 DAYS TO RESPOND CLUB

Good news! There are no Canadian Online Brokers in this club.

Key Service Responsiveness Findings

Surviscor's Service Responsiveness data offers valuable insights, based on 1,859 individual service interactions in 2024. Here are some key highlights:

• Industry Improvement: The average response time across the industry improved by 21% in 2024, now averaging 39 hours.
• Questrade: Responds in under 1 hour on average.
• TD Direct Investing: Responds in under 2 hours on average.
• Canaccord Genuity Direct: Responds in 5 hours on average.
• National Bank Direct Brokerage: Started to respond again in 2024.
• Best Day for Inquiries: Tuesdays are the most responsive day of the week for service inquiries.



Occasional poor results are understandable and can be forgiven. What cannot be overlooked is the ongoing ignorance and lack of respect shown through repeated poor service hours, interaction methods and slow responsiveness - especially when so few firms take steps to improve and change the narrative.

Glenn LaCoste, President and CEO of Surviscor Group


• Under 24-Hours Firms: There was drop from six firms in 2023 to five firms in 2024.
• Interactive Brokers: Its average response time worsened by 15 hours (65%), now averaging 37.22 hours.
• National Bank Direct Brokerage: Takes an average of 72 hours to respond to non-customers.
• Desjardins Online Brokerage: Takes an average of 65 hours to respond to non-customers.
• BMO InvestorLine: Its average response time worsened by 5 hours, now averaging 56.52 hours.
• Scotia iTRADE: Responds to non-customer inquiries in 50 hours on average.
• RBC Direct Investing: Responds to non-customer inquiries in 40 hours on average.
• Wealthsimple Trade Has an average response time of 30 hours for non-customers.
• Worst Day for Inquiries: Fridays are the least responsive day of the week for service inquiries.

Lessons Learned

First Impressions Set the Tone

Surviscor has evaluated over 45 Canadian financial services firms, analyzing more than 115,000 service interactions over the past 20 years. Firms are given the chance to review and address the findings to enhance their service quality. While some take the feedback seriously, others show little interest. Interestingly, how a firm treats prospective investors often reflects the service experience existing investors can expect.

Service Matters, But Investors Are Often Overlooked

Customer service is a part of everyday life, yet it often goes unnoticed until something goes wrong. While service can take many forms - some invisible or indirect - negative experiences tend to overshadow positive ones. Over time, businesses can become complacent, taking their customers for granted. This review suggests that the Canadian online brokerage industry may be falling into that trap, leaving self-directed investors underserved.

Secure Interaction: Still Nothing to Brag About

Online brokerage firms often emphasize the risks of non-secure interactions, assuring investors that once they're signed in, they'll receive better support and more effective communication methods. However, research shows a different reality. Many internal customer interaction tools are outdated, lacking efficient real-time messaging, and response times remain slower than expected - even after logging in.

Big Bank-Owned Brokers Are Falling Behind

Once pioneers in Canada's self-directed online brokerage space, Scotia iTRADE (ranked 8th) and BMO InvestorLine (ranked 10th) are now lagging. Both firms struggle with digital service interaction tools and are slow to respond to prospective investors, raising concerns about their overall service quality.

$0 Commission Firms Are Falling Short on Service

When evaluating service levels among brokerages offering $0 commissions, a concerning trend emerges - they consistently rank among the worst performers. Is this purely coincidental? Likely not. Should service be better? Absolutely. Attracting new investors is critical for these firms, and yet they continue to fall short in servicing the very people they are trying to convert into long-term customers.

No Live Chat? Pick Up the Phone

In the fast-paced world of investing, timely information and swift action are essential - especially during market hours. While this review examines various service interaction methods, it does not measure phone response times, which remain the primary method for urgent issues. Some firms offer live chat support during market hours, but others attempt to substitute with virtual assistants. However, let's be clear: virtual assistants are just sophisticated FAQs, not real conversations with real customer service representatives. Investors should recognize that in most cases, interacting with a chatbot still leads to making a phone call. So why waste time?

Weekend and Evening Support? Don't Count on It

Stock markets traditionally operate Monday to Friday, 9:30 AM - 4:00 PM ET, with some firms offering pre-market and after-hours trading. Weekend support is now a thing of the past, often justified by reduced commission structures and the costs associated with maintaining service outside market hours. While this makes financial sense, it overlooks an important aspect - education and guidance for self-directed investors. While digital tools and educational content help, firms that underperform in customer service often also lack robust digital support tools to compensate for their absence.

Timely Support Is Non-Negotiable

Investors expect platforms to function smoothly, but when issues arise - especially during market hours - fast resolution is critical. Our research shows that real-time support remains largely confined to market hours, making it essential for investors to have their brokerage's phone number saved for quick access. While firms advertise various support options, including chat services, virtual assistants, email, and social media, few offer all of them, and even fewer respond promptly.

If You Can't Support It, Don't Offer It

Excuses continue to pile up from online brokers failing to properly service prospective self-directed investors, while actual improvements remain stagnant. This is a backward approach. Every service-based company should be held accountable for the interaction methods they provide, ensuring they are fully supported and delivered with respect. Online brokerages are no exception. The message is clear: either improve service or stop offering interaction methods that won't be properly maintained.

Go back to the 2025 Service Experience Rankings

Go back to What Makes Surviscor Different

The Bottom Line: Accountability Matters

Online brokerage firms must be accountable - not just to investors, but also to themselves - when it comes to service quality. A firm's internal culture shapes its customer experience, and both strong and weak service levels reflect its commitment to accountability. While occasional missteps can be forgiven, a pattern of poor service and lack of improvement is unacceptable. Investors should demand better, and if their brokerage isn't delivering, there are plenty of alternatives to consider.

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