Canadian Online Brokerage Commissions and Fees
The Commissions and Fees Review
The Review audits the various commission structures offered to DIY investors using 5 different investor personas - that are based on monthly trade activity - while exploring the fees associated with performing digital trades, obtain market information, and the general costs to manage a self-directed discount brokerage digital-based account.
The Latest Rankings
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.
Our challenge in providing good advice to self-directed investors is to ensure investors see through the advertising noise and understand the real commission and fees experience. Our advice is for investors to continually source out all available product in the marketplace and transact based on merit and investment growth needs, not solely on commissions. That being said, take a look at the rankings, find your firm, and take some time to seriously question what you may be missing.
| 2024 Rank | Online Broker | Peer Experience Score | Full Company Analysis |
|---|---|---|---|
| 1 | Desjardins Online Brokerage | 98% | See Likes & Dislikes |
| 2 | National Bank Direct Brokerage | 97% | See Likes & Dislikes |
| 3 | Wealthsimple Trade | 86% | See Likes & Dislikes |
| 4 | TD Direct Investing | 83% | See Likes & Dislikes |
| 5 | CIBC Investor's Edge | 54% | See Likes & Dislikes |
| 6 | CI Direct Trading | 47% | See Likes & Dislikes |
| 7 | Qtrade Direct Investing | 44% | See Likes & Dislikes |
| 8 | Questrade | 42% | See Likes & Dislikes |
| T-9 | Scotia iTRADE | 40% | See Likes & Dislikes |
| T-9 | RBC Direct Investing | 40% | See Likes & Dislikes |
| T-9 | BMO InvestorLine | 40% | See Likes & Dislikes |
| 12 | Canaccord Genuity Direct | 34% | See Likes & Dislikes |
| 13 | Interactive Brokers Canada | 20% | See Likes & Dislikes |
| 14 | Laurentian Bank Discount Brokerage | 17% | See Likes & Dislikes |
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Commissions and Fees Review - Experience Categories
The Commissions and Fees categories explore the various trades by instruments and account fees associated with the typical DIY investing experience, focusing on 5 different and unique profiles for each trade fee related to account usage. The catgeories are:
Stock Commissions
The category audits over 12,600 equity orders, including over 6300 CDN and 6300 US buy and sell orders, at various price and volume levels. ECN fees are applied where applicable.
ETF Commissions
Account Fees
Option Commissions
Market Data Costs
Account Interest
Online Brokers We Review
SELECT a firm to VIEW a complete analysis including Surviscor's Likes and Dislikes.
Methodology - The Deep Dive that Differentiates.
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