Surviscor | MoneySense - Canada's Best Online Brokers Review

The Surviscor and MoneySense Partnership

The MoneySense and Surviscor partnership was established in 2013 and the yearly review continues to boast Surviscor’s depth of data and deep-dive into the Canadian online brokerage marketplace. The methodology was altered again this year and remains customized for MoneySense to include hundreds of data points, including price, customer service, product offerings and mobile capabilities.

The 2023 edition of the Best Online Brokers in Canada review represents the 11th annual edition in the partnership. Again this year, Glenn LaCoste, has not only contributed his 30-plus years of industry knowledge to the analysis, he has also penned the majority of the article, offering his take on the winners and valuable advice for the Canadian investor.

Whether you’re new to self-directed investing or a seasoned veteran, the 2023 Best Online Brokers in Canada review will provide you with valuable insight into Canada’s ultra-competitive discount brokerage industry, and help you get the most out of self-directed DIY investing.

Go to the MoneySense ARTICLE and BROKER COMPARISON chart

2023 Overall Points by Firm

The following table depicts the scores awarded to the firms reviewed. Each firm was assigned a score based on its ranking within the ten sections of review (5 points for 1st, 4 for 2nd, 3 for 3rd, 2 for 4th and 1 for 5th), and the overall score was the sum of the awarded sections.

2023 Rank	Online Broker	Overall Points	Surviscor Analysis
1	Questrade	33 pts	See Pros & Cons
2	TD Direct Investing	31 pts	See Pros & Cons
3	Qtrade Direct Investing	26 pts	See Pros & Cons
4	National Bank Direct Brokerage	22 pts	See Pros & Cons
5	RBC Direct Investing	12 pts	See Pros & Cons
6	Desjardins Online Brokerage	11 pts	See Pros & Cons
7	Scotia iTRADE	8 pts	See Pros & Cons
8	Wealthsimple Trade	4 pts	See Pros & Cons
T-9	CIBC Investor's Edge	5 pts	See Pros & Cons
T-9	CI Direct Trading	2 pts	See Pros & Cons
Last	BMO InvestorLine	0 pts	See Pros & Cons
Last	Laurentian Bank Discount Brokerage	0 pts	See Pros & Cons
Last	HSBC InvestDirect	0 pts	See Pros & Cons
Not Included	Canaccord Genuity Direct	n/a	See Pros & Cons
Not Included	Interactive Brokers Canada	n/a	See Pros & Cons

A Look Into the 2023 MoneySense Best Canadian Online Brokers Rankings

MoneySense Review - Experience Categories

Open up the section to view how each category is evaluated

User Experience

The category is based on 16 areas of analysis and explores an investor's usability factors both inside and outside the secure areas of both the desktop and mobile platforms. The results are based on a measurement of features and functionality that impact investor choice, convenience, and control in the overall experience.

Trading Experience

The category is based on 24 areas of analysis and explores the various digital-based transactional areas and screens along with the supporting process and features. This includes the informational aspect of the supporting market intelligence that encompass the complete digital order placing and transactional experience.

New Investors

The category is based on 48 areas of analysis and explores the digital experiences including desktop and mobile platforms, commission and fees and service levels experienced by new investors. In terms of commissions and fees, the review uses Surviscor’s zero-to-four-trades-per-month investor profile data.

$0 Commission Firms

The category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop and mobile platforms, commission and fees and service levels) through the review of 69 individual experiences. In terms of commissions and fees, the review uses Surviscor’s zero to four trades per month investor profile data.

Bank-owned Firms

The category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop and mobile platforms, commission and fees, and service levels) through the review of 93 individual experiences and does not discriminate in any one investor profile but instead looks at the full spectrum of investor possibilities.

Account Experience

The category is based on 12 areas of analysis and explores the non-transactional related digital account information aimed at monitoring an investment account or assisting in an investor’s decision-making process, once logged-in as a customer, in both the desktop and mobile platforms.

Investor Resources

The category is based on 14 areas of analysis and explores the various supporting investor resources available through both the pre-login and secure customer areas of the digital platforms.

Seasoned Investors

The category is based on 49 areas of analysis and explores the digital experiences including desktop and mobile platforms, commission and fees and service levels experienced by seasoned investors. In terms of commissions and fees, the review uses Surviscor’s 5 to 9 and 10 to 33 trades per month as the investor profiles data.

Commission Firms

The category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop and platforms, commission and fees, service levels) through the review of 75 individual experiences.