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
The 2025 rankings reveal a shake-up at the top, with Questrade claiming the #1 spot after making a bold move into the zero-commission space. Desjardins Online Brokerage and National Bank Direct Brokerage closely follow, continuing to set the bar for competitive fees and investor-friendly pricing. Meanwhile, Wealthsimple Trade rounds out the top four, solidifying the dominance of $0 commission firms.
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.
| 2025 Rank | Online Broker | Peer Experience Score | Full Company Analysis |
|---|---|---|---|
| 1 | Questrade | 95% | See Likes & Dislikes |
| 2 | Desjardins Online Brokerage | 94% | See Likes & Dislikes |
| 3 | National Bank Direct Brokerage | 93% | See Likes & Dislikes |
| 4 | Wealthsimple Trade | 87% | See Likes & Dislikes |
| 5 | TD Direct Investing | 80% | See Likes & Dislikes |
| 6 | CIBC Investor's Edge | 51% | See Likes & Dislikes |
| 7 | CI Direct Trading | 42% | See Likes & Dislikes |
| 8 | Qtrade Direct Investing | 40% | See Likes & Dislikes |
| T-9 | BMO InvestorLine | 37% | See Likes & Dislikes |
| T-9 | RBC Direct Investing | 37% | See Likes & Dislikes |
| 11 | Scotia iTRADE | 36% | See Likes & Dislikes |
| 12 | Canaccord Genuity Direct | 32% | See Likes & Dislikes |
| 13 | Interactive Brokers Canada | 22% | 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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