Canadian Online Brokerage Commissions and Fees

Canadian Online Brokerage Commissions and Fees Review

The Commissions and Fees review explores the various commission structures, from 5 differnt monthly trade levels, offered to DIY investors to perform digital trades, obtain market information, and the general costs to manage a self-directed discount brokerage digital-based account.

The Latest Rankings

Making heads or tails of the various online brokerage commission structures is not an easy task, and not an exercise to be taken lightly. At first glance, commission and fees structures at various Online Brokerage firms appear to be straight-forward. There are a handful of firms who now offer, or irrefutably claim to, free commissions for investors. Some of these firms fail to let investors know that quotes and market data is limited and may be delayed and the advertising message from all of these firms is always about what they do for free but the reality, or plain truth is, there is always some kind of catch.
2022 Rank Banking Firm Peer Experience Score Full Company Analysis
1 Desjardins Online Brokerage 98% See Full Review
2 National Bank Direct Brokerage 96% See Full Review
3 TD Direct Investing 83% See Full Review
4 Wealthsimple Trade 76% See Full Review
T-5 HSBC InvestDirect 54% See Full Review
T-5 CIBC Investor's Edge 54% See Full Review
7 CI Direct Trading Formerly Virtual Brokers 47% See Full Review
8 Qtrade Direct Investing 43% See Full Review
9 Scotia iTRADE 39% See Full Review
T-10 RBC Direct Investing 39% See Full Review
T-10 BMO InvestorLine 39% See Full Review
12 Questrade 37% See Full Review
13 CG Direct 33% See Full Review
14 Interactive Brokers Canada 20% See Full Review
15 Laurentian Bank Discount Brokerage 17% See Full Review

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

What we Measure and The Deep Dive that Differentiates.

# Investor profiles

We look at 5 monthly trade levels-based investor profiles, each weighted to its importance within the industry user composition.

# of Transactions/Firm

Nobody in their right mind would look at over 13,000 transactions per firm right? Well, we must be 'not right'. How else can you truly know where a firm stands with all of the small print and marketed lowest fees.

# of Sub-categories

The further drilldown is into both CDN and US transactions and fees in each category as well as the impact of liquidating and non-liquidating stock/equity transactions to determine the 'hidden' ECN fees that may exist.

# of Categories

The main categories under review are Stock/Equity transactions; Options transactions; ETF transactions; Data Costs, Account Interest paid and charged, and General Account Fees.

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