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
2023 is shaping up to be a status-quo commissions environment amongst self-directed online brokerage firms. The few things that are emerging are a resurgence of mutual fund commissions, this time a flat fee instead of the usual $0 fee, and a $0 ETF commission structure at more firms for proprietary firm-based ETFs.
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.
| 2023 Rank | Online Broker | 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 | CIBC Investor's Edge | 54% | See Full Review |
| T-5 | HSBC InvestDirect | 54% | See Full Review |
| 7 | CI Direct Trading | 47% | See Full Review |
| 8 | Qtrade Direct Investing | 43% | See Full Review |
| 9 | Questrade | 42% | See Full Review |
| T-10 | Scotia iTRADE | 39% | See Full Review |
| T-10 | RBC Direct Investing | 39% | See Full Review |
| 12 | BMO InvestorLine | 38% | See Full Review |
| 13 | Canaccord Genuity Direct | 33% | See Full Review |
| 14 | Interactive Brokers Canada | 20% | See Full Review |
| 15 | Laurentian Bank Discount Brokerage | 17% | See Full Review |
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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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