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We once again surveyed the Canadian brokerage landscape to determine which providers offer the best stock trading services with respect to fees, user experience, investor resources and more. Find out who takes the top spot—and which platform may be best aligned with your goals and needs.
Not sure if you’re with the right online broker? Or just starting out on your self-directed investing journey and overwhelmed by the noise? We’re here again in 2025 to help you cut through the clutter and find the right platform to buy, sell and hold stocks, exchange-traded funds (ETFs) and other investments.
For the 13th year, MoneySense is partnering with Surviscor, a leading Canadian research and consulting firm specializing in digital and direct financial services’ customer experiences, to offer an authoritative comparison of the various offerings for Canadian investors. The methodology is powered by Surviscor’s unbiased research.
We evaluate the online broker firms in Canada across four key pillars of the investor experience:
We analyze 10 experience categories through nearly 8,000 data points per firm and real-world testing of over 75 self-directed investor actions. The result is a ranking that reflects how firms perform, not just how they market themselves.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Here are the 10 best online brokers in Canada for 2025, based on a deep dive into what really matters to self-directed investors. We looked at performance across the four key pillars of the investor experience:
Each firm was scored using a detailed points system built on real Canadian investor experiences. Curious how the rankings were calculated? Check out our methodology at the bottom of the page to learn more about how we put these results together.
| 2025 ranking | Online broker | Points awarded | Rank in 2025 | Complete Surviscor analysis |
|---|---|---|---|---|
| 1 | Questrade | 34 | 1 | Questrade pros and cons |
| 2 | TD Direct Investing | 32 | 2 | TD Direct Investing pros and cons |
| 3 | Qtrade Direct Investing | 22 | 3 | Qtrade Direct Investing pros and cons |
| 4 | Desjardins Online Brokerage | 16 | 5 | Desjardins Online Brokerage pros and cons |
| 5 | Scotia iTRADE | 15 | 4 | Scotia iTRADE pros and cons |
| 6 | RBC Direct Investing | 10 | 6 | RBC Direct Investing pros and cons |
| 7 | BMO InvestorLine | 9 | 8 (tie) | BMO InvestorLine pros and cons |
| 8 | CIBC Investor’s Edge | 8 | 10 (tie) | CIBC Investor’s Edge pros and cons |
| 9 (tie) | National Bank Direct Brokerage | 3 | 7 | National Bank Direct Brokerage pros and cons |
| 9 (tie) | Wealthsimple Trade | 3 | 8 (tie) | Wealthsimple Trade pros and cons |
One firm ranked outside of the top 10 with 2 overall points: CI Direct Trading pros and cons
Firms that did not make the review cut, but have been evaluated by Surviscor:
Tap the (+) above to open the table of contents.
Note: The takeover of Laurentian Bank Discount Brokerage (LBDB) by CI Direct Trading was finalized in late November 2024, bringing a long-overdue end to what has been one of the most consistently poor online brokerage experiences in Canada. For nearly two decades, LBDB ranked at or near the bottom of every meaningful measure.
Sadly, for the few remaining clients who may have hoped for a fresh start, the outcome is more of the same—they’ve gone from 2024’s worst platform to 2025’s worst. If you’re still holding out, it might be time to move on.
We’re living in a new era of uncertainty. Tariff tensions, economic instability and shifting global markets are all making it harder for investors in Canada to feel confident about their next move. But with uncertainty comes opportunity. For many Canadian self-directed investors, this environment has led to increased trading activity, as people look to take control of their portfolios and react in real time. Online brokerages are seeing higher trading volumes, and that makes the quality of your platform—and the support behind it—more important than ever.
Now in its 13th year, our annual ranking of Canada’s best online brokerages continues to do what we’ve always done: cut through the noise to help Canadian investors—especially self-directed beginners—make smarter, more confident decisions. The goal isn’t just to show who’s winning the popularity contest, but to spotlight the platforms that truly deliver on the experience, education and support investors need to succeed.
This year’s findings reveal a mix of stability at the top and subtle shifts across the broader landscape—important changes for investors who care about more than just slick apps and catchy headlines. Another firm entered the zero-commission arena with a splash, solidifying its already solid claim at number one, while all providers still claim to be the best for the highly coveted new investor.
If you look past the surface, you’ll see that not all platforms are moving forward. Some firms are doubling down on marketing instead of platform development. Others are quietly scaling back tools or service access. While the race to win over new investors is on, seasoned investors—many of whom helped build these firms—risk being left behind.
That’s why this ranking exists. Whether you’re opening your first account or wondering if your current firm still meets your needs, you deserve the full story. Choosing an online brokerage is about more than picking the one with the lowest fees or flashiest ad. It’s about finding a partner that aligns with your investing style, supports your learning, and earns your trust over time. The reality is that self-directed investing isn’t always simple (as the ads often promise), and any platform that suggests otherwise is selling you on ease, not readiness.So, whether you’re a rookie exploring opening your first brokerage account or a seasoned investor wondering if there’s a better fit out there, this guide is designed with you in mind. Below you’ll find the top-ranked firms in Canada for 2025, broken down not just by overall score, but by what matters most to you: platform preference, investor type and firm ownership model. And if there’s one thing we’ve learned year after year, it’s this: the best investing experience starts with the right partner. Let’s find yours.
Here’s a closer look at the top three overall winners.
Questrade is MoneySense’s top-ranked online broker in Canada for 2025, for the third year in a row. It scored 34 points overall again in 2025 and earned the top or tied for the top ranking in seven of the eight categories it was eligible for.
The firm made headlines with its bold Super Bowl announcement, officially joining the $0 commission club. While Questrade was already a strong contender, this move cemented its lead, further widening the gap between itself and second-place TD Direct Investing.
Questrade continues to set the pace in the industry. It’s a forward-thinking firm committed to enhancing the digital investor experience through robust platforms, responsive service and a product lineup that appeals to all investor types. Its consistent focus on accessibility, innovation, and service excellence makes it the clear choice for both new and experienced investors alike.
Curious about how Questrade really performs? From the good, the bad and the not-so-great of its desktop and mobile platforms, to its service quality and how it ranks among other zero-commission brokers—we break it all down for you.
Read the complete Surviscor review of Questrade.
TD Direct Investing (TDDI) holds onto second place in 2025 with a total score of 32 points, up one point from 2024. It ranked either first or tied in two of its eight eligible categories and placed in the top two in seven categories, highlighting its overall consistency.
A long-time leader in the Canadian brokerage space, TDDI has been part of the self-directed investing conversation since launching TD GreenLine in the late 1980s. Today, it remains a strong all-around option, especially for investors who value desktop-based platforms, top-tier market data and educational support.
That said, we continue to question the ongoing marketing of TD Easy Trade, a separate, mobile-only app with simplified pricing designed to attract new investors. While it offers 50 free trades per year, the platform lacks the depth and functionality needed for a serious self-directed experience. In our view, TDDI’s top-tier performance is driven by its traditional platforms—not TD Easy Trade, which still feels like a gimmick.
The firm’s latest marketing push focuses on fractional shares, highlighted through an engaging ad that encourages investors to own “a piece” of companies like Air Canada. What’s not made clear is that buying a single share on the regular TDDI platform comes with commissions—$9.99 per trade under the standard plan or $7 for active traders. That $15 Air Canada share just got a lot more expensive.
TDDI’s overall fees remain high, particularly for more active investors. The one exception? Low-volume traders (under 50 trades/year) using TD Easy Trade. And here’s our pro tip: use TD Easy Trade to place your first 50 trades for free, then switch back to TDDI’s main platform for a better experience. Free is free—but it often comes with limitations.
Want to know the good, the bad, and the not-so-great about TD Direct Investing? Whether you’re curious about its desktop and mobile platforms, how its service stacks up or where its fees rank compared to other firms—we’ve got you covered.
Read the complete TD Direct Investing Surviscor review.
Qtrade Direct Investing holds on to third place in 2025, earning 22 points, down two from last year. Despite the slip, Qtrade still performed well, finishing in the top five in all eight applicable categories and earning top-three spots in five.
But here’s the question: “What’s going on with Qtrade?” Once a bold industry leader (back when it was known as Qtrade Investor), the firm seems to have lost some of its edge. Since the name change, Qtrade has been relatively quiet, and while it still delivers a solid, well-rounded experience, it feels like it’s been coasting. A stronger push from a more aggressive competitor could easily bump it from its top-three position—a real shift for a firm that led most industry rankings not so long ago.
Qtrade remains a good choice for a wide range of investors, with reliable tools and a stable platform. But its high commissions and fees stand out as major drawbacks, especially when compared to newer, lower-cost competitors. Other weak spots include a mobile app that still lags behind the industry, and unclear messaging around who it’s really trying to serve—new investors or experienced ones?
Qtrade still earns its top-three spot, but to stay there, it may need to find a clearer identity—and wake up a bit. Can we start a bring back Qtrade Investor campaign?
Want to know the good, the bad and the not-so-great about Qtrade Direct Investing? Whether you’re curious about its desktop and mobile platforms, how its service stacks up or where its fees rank compared to other firms—we’ve got you covered.
Read the complete Qtrade Direct Investing Surviscor review.
At Surviscor, our message to self-directed investors is simple: buyer beware. In a crowded field, most online brokerages offer only minor differences, often wrapped in clever marketing. Choosing the right firm can feel like comparing two airlines with different baggage fees—saving $5 upfront might end up costing you $10 in hidden trade-offs. So, ask yourself: “Do I really believe a firm is covering my fees out of kindness, without expecting to make that money back elsewhere?” The answer is almost always, “Probably not.”
Not every feature or strength will matter equally to every investor. That’s why we break down our results across three key dimensions: platform experiences, investor type, and firm type. Each category highlights firms that perform best in specific areas—because what’s right for one investor might not be the best fit for another.
Take the time to explore what matters most to you, and be sure to check out our Investing 411 insights and detailed methodology behind the MoneySense Best Online Brokers rankings.
The User Experience category looks at how easy it is to use an online broker’s website or app—whether you’re on a computer or a phone. We review 16 different areas to see how simple and smooth it is to get around, both before and after you log in.
We check if helpful features are easy to find, how quickly you can complete common tasks and whether the platform lets you personalize your experience. This includes things like how easy it is to sign up, what service options are available, how secure the login process is, and how clearly information like policies or disclaimers is shown. We also look at how well the platform design works in both the public areas and once you’re signed in.
Questrade continues to dominate in overall digital user experience in 2025, earning 51 points—up 2 points from 2024 and finishing a full 18 points ahead of runner-up RBC Direct Investing. It leads in four of the 16 evaluated areas and ranks in the top five across all categories—a rare level of consistency.
What sets Questrade apart is its strong first impression, driven by a seamless account-opening process, highly customizable features and well-designed, intuitive interfaces. It also offers investors multiple ways to access responsive customer service—an increasingly critical piece of the user experience.
If there’s one nit to pick, it’s the handling of platform policies within the mobile experience, which could be clearer and more accessible. But overall, Questrade sets the bar for user-friendly digital investing in Canada.
Want to see exactly how Questrade delivers on the digital front? Dive into the platform experience details to find out more. Surviscor’s likes and dislikes about Questrade’s digital platforms.
RBC Direct Investing holds steady as the runner-up in overall digital user experience for 2025, earning 33 points. It leads in one of the 16 areas of analysis and secures seven top-three finishes, reinforcing its reputation for consistency and reliability.
A standout feature is its banking-brokerage integration, which offers a seamless and familiar experience for RBC banking clients. The platform’s design ensures continuity across financial services, making it easier for users to manage both banking and investing activities in one place.
However, RBC still has room for improvement. The platform lacks meaningful customization options, and its onboarding process doesn’t match the simplicity or guidance offered by leading competitors.
Curious about how RBC Direct Investing performs across key platform experiences? Explore our detailed analysis to learn more. Surviscor’s likes and dislikes about RBC Direct Investing’s digital platforms.
The Account Experience category looks at how easy it is for Canadian investors to view and manage their investment accounts online, whether on a computer or a mobile app. We review 12 different areas that focus on helping you stay on top of your investments and make informed decisions.
We look at things like how easy it is to get started, what tools are available to help you manage your account and how clearly your account details—like balances, past trades, and what you own—are shown. We also check how much control you have over your settings, alerts and notifications so you can manage things on your own, without always needing to contact support.
Questrade continues to lead in overall digital account experience in 2025, earning 35 points—one point higher than in 2024—and finishing six points ahead of runner-up Scotia iTRADE. It ranks first in two of the 12 evaluation areas and places in the top five in all but one, reflecting its strong consistency across the board.
Questrade stands out for its wide product availability and its clean, user-friendly presentation of account information across platforms. Investors can easily access and understand holdings, trade activity and balances, making day-to-day portfolio management straightforward and transparent.
The main drawback: A lack of desktop-based account notification options, which slightly detracts from the otherwise strong self-management capabilities.
Want to see how Questrade supports your account management needs? Explore our full breakdown of its platform experience. Surviscor’s likes and dislikes about Questrade’s digital platforms.
Scotia iTrade holds onto its runner-up position in overall digital account experience for 2025, scoring 29 points. It leads in three of the 12 areas of analysis and earns six top-three rankings, highlighting its continued strength in account management and usability.
The platform offers investors robust digital account management tools and presents clear, easy-to-navigate account information—particularly through its desktop experience. Scotia iTrade also continues to refine its platform design, showing progress in overall user accessibility.
However, there are still areas for improvement. The platform lacks account notification functionality and delivers a noticeably weaker mobile account experience compared to its desktop counterpart.
Interested in how Scotia iTrade can support your account management needs? Explore our detailed breakdown of its digital platform performance. Surviscor’s likes and dislikes about Scotia iTrade’s digital platforms.
The Trading Experience category looks at how easy it is for investors to place trades using an online brokerage. We review 24 different areas to see how well a platform helps you buy and sell investments—like stocks, ETFs, options, bonds, international shares, and GICs.
We check how simple and clear the order screens are, whether helpful tools are built in and how well the platform supports your decision-making with market alerts and research. It’s all about making sure you can place trades with confidence, using a platform that’s reliable, informative and easy to use—no matter what you’re investing in.
TD Direct Investing is the leader in overall digital trading experience for 2025, scoring 52 points—down two points from last year. It leads in two of the 24 areas of analysis and earns 10 top-three rankings, reflecting broad-based strength across the trading experience.
While TD Direct Investing doesn’t lead in most areas, it performs well across the board. Its biggest strength is the market intelligence and in-depth data it provides—some of the best in the industry—giving investors the insights they need for more informed trading decisions.
The key drawback for TD Direct Investing is its average transactional screen design and execution process—an area where Questrade clearly outperforms with more intuitive and streamlined functionality.
Curious how TD Direct Investing supports your trading goals? Check out our full analysis of the platform’s strengths and gaps. Surviscor’s likes and dislikes about TD Direct Investing’s digital platforms.
Questrade is the runner-up in overall digital trading experience for 2025, scoring 50 points—down five points from 2024, and narrowly ahead of Qtrade Direct Investing by a single point. It leads in five of the 24 areas of analysis and ranks in the top five in 14 areas, demonstrating consistent performance across the trading journey.
With industry-leading product availability and efficient transactional processes, Questrade offers a strong experience for trading stocks and ETFs across its digital platforms. Whether you’re an active trader or a long-term investor, the platform makes executing trades clear and convenient.
The main drawback is Questrade’s market information tools during the trade process could be more comprehensive—an area where runner-up TD Direct Investing currently has the edge.
To explore how Questrade supports your trading needs, dive into the full platform breakdown for more details. Surviscor’s likes and dislikes about Questrade’s digital platforms.
The Investor Resources Experience category looks at how well a Canadian online broker helps you learn, plan and stay informed—both before and after you log in. We review 14 different areas to see what kinds of tools, articles and support features are available to help investors grow their knowledge and make better decisions.
We focus on things like investment and planning tools, interactive educational content and useful alerts or notifications about your account or the markets. Whether you’re just getting started or looking to sharpen your strategy, this category highlights how well each platform supports your learning and investing journey.
TD Direct Investing continues to be the undisputed leader in overall digital investor resources experience for 2025, earning 48 points—down slightly from 2024 but still a commanding 19 points ahead of runner-up Desjardins Online Brokerage. It leads in five of the 14 areas of analysis and finishes in the top three in all but two—specifically, mobile-based pre-login resources and digital educational content.
TD stands out for its well integrated tools, planning resources and accessible content that supports investors throughout their journey. While there are no significant drawbacks in TD’s investor resources offering, it’s worth noting that other firms continue to lag behind—a concern given how vital this category is for supporting beginner and learning-focused investors.
See how TD supports your investing knowledge and decision-making, and explore the full breakdown of its platform experience. Surviscor’s likes and dislikes about TD Direct Investing’s digital platforms.
Desjardins Online Brokerage secures the runner-up spot in overall digital investor resources experience for 2025, scoring 29 points—up two points from 2024. It leads in four of the 14 areas of analysis and places in the top three in six, showing solid momentum in supporting investor education and research.
Desjardins offers a well-rounded set of resources, including diversified market research, strong fundamental data on trading targets and educational seminars to help investors build confidence in placing trades. These tools are particularly useful for newer investors looking to better understand the markets.
The one drawback: Its selection of market screeners is limited, which may leave more active or analytical investors wanting more.
Curious about how Desjardins supports your learning and research needs? Check out our full platform review to learn more. Surviscor’s likes and dislikes about Desjardins Online Brokerage’s digital platforms.
Getting started with self-directed investing can feel overwhelming. Choosing the right online broker is important—but just deciding to go it alone is a big step. So, what exactly is a new investor? To the industry, it means a new opportunity. New investors bring new money and most brokerages focus heavily on attracting them. Unfortunately, that focus sometimes comes at the expense of more experienced investors.
At Surviscor, we define a new investor in Canada as someone who’s just starting out investing by themselves. Maybe you’re a rookie, a newbie or simply curious about managing your own investments. You don’t need to know everything; you just need the desire to learn and grow. If that sounds like you, you’re in the right place. We’ve done the hard work to help guide you toward platforms that will actually support you.
The New Investor Experience category is based on 48 key areas, including how easy the platform is to use (on desktop and mobile), the costs involved and how well the firm supports you with customer service. For this review, we use a profile of someone making zero to four trades per month, which is typical for new investors.
While it’s exciting to start your investing journey, it’s important not to get distracted by slick marketing or bold claims. Some firms promise $0 commissions or global recognition but fail to give you the tools and education you really need. Sometimes paying a small fee is worth it if the platform helps you learn and grow.
At the end of the day, new investors need real support, not just a free app. Look for a broker that offers education, guidance and a place to build your confidence.
To dig deeper, visit Surviscor’s Between The Lines blog, where we dissect Canada’s online brokers and digital banking firms through real, unsponsored and unfiltered reviews of the day-to-day experiences that matter.
Questrade takes over the top spot in 2025 as the best online broker for new investors, earning 117 points—up three points from last year and now 10 points ahead of TD Direct Investing. The firm’s shift to $0 commissions proved to be the differentiator, giving Questrade the edge in an already tight race.
Questrade offers new investors an attractive combination of low trading costs, a smooth account opening process, easy-to-navigate account information and strong service responsiveness. Together, these features create an accessible and supportive environment for those just starting their self-directed investing journey.
That said, we recommend new investors take advantage of both Questrade’s traditional desktop platform and the steadily improving QuestMobile app to maximize their experience. One caveat worth noting: Questrade currently lacks the robust financial planning tools that many new investors find helpful as they build confidence and long-term strategies.
Curious about how Questrade supports new investors at every stage? Explore our full breakdown of investor experiences to learn more about how this platform can help you start strong. Surviscor’s likes and dislikes about Questrade’s investor experiences.
After topping the category last year, TD Direct Investing takes the runner-up spot in 2025 with a score of 107 points—down eight points from 2024. The shift is largely due to Questrade’s game-changing move to $0 commissions, which gave it its competitive edge.
That said, TD Direct Investing continues to deliver strong experiences for new investors, offering a mix of solid user interfaces, accessible investment and planning resources, responsive customer interactions and top-tier market intelligence tools. These features make it a reliable and supportive environment for those just beginning their self-directed journey.
TD Direct Investing’s ongoing strength in this category should not be confused with an endorsement of TD Easy Trade, however. The recognition stems from the traditional TD Direct Investing platform, not its simplified mobile counterpart. While TD Easy Trade’s offer of 50 free trades might sound attractive, the catch is that you must use that stripped-down mobile app to access them.
And that’s one of the more puzzling parts of this year’s analysis: Why require new investors in Canada to use a reduced version of the platform just to get a pricing benefit? Rebranding a scaled-back experience with the word “Easy” and dangling free trades to draw in new money feels more like a marketing ploy than a value-driven strategy.
Want to better understand how TD Direct Investing’s platforms stack up for new investors? Explore our detailed experience breakdown to see what really matters beyond the promos. Surviscor’s likes and dislikes about TD Direct Investing’s investor experiences.
So, what does it really mean to be a seasoned investor in Canada? For most firms, it means someone who trades regularly—bringing them steady revenue as they stay active in the market. But, oddly enough, seasoned investors often feel like they matter less than newbies. That’s because many brokers put their energy into attracting new customers, not supporting the loyal, experienced ones who helped build the brokerage.
At Surviscor, we define a seasoned investor as someone who knows their way around self-directed investing in Canada. They’ve been through market ups and downs, they make more informed decisions and they understand the tools and information they need to succeed. That doesn’t mean they’re perfect investors—it just means they’ve learned enough to, with luck, make smarter moves and stay in control. And yet, they’re often the forgotten customers.
That’s why we created the Seasoned Investor Experience category. It’s built to reflect what experienced investors actually need from a brokerage—not just flashy deals or surface-level service. We evaluate 49 areas of digital experience, covering platform design (desktop and mobile), fees, trading support, and service levels.
For the fee analysis, we use two profiles: one placing five to nine trades per month, and another placing 10 to 33. That gives us a realistic view of how these platforms serve active investors, not just the occasional trader.
The bottom line: Seasoned investors should, and can, expect more. Don’t settle for a firm that assumes you’ll stick around no matter what. There are better experiences out there—and we’re here to help you find them.
Questrade remains the top choice for seasoned investors in 2025, earning 146 points—up 20 points from last year and a commanding 42 points ahead of second-place TD Direct Investing. What makes Questrade so appealing to seasoned/experienced investors in Canada is its depth of choice and broad product offering. Whether you’re managing a basic portfolio or ready to explore advanced strategies, Questrade provides the platforms, tools and flexibility to grow with you.
The firm’s recent move to $0 stock and ETF commissions makes it even more attractive for active traders. Seasoned investors no longer need to shop around for commission loopholes or lower market data fees—Questrade’s overall value proposition is simply unmatched in the industry.
Want to explore how Questrade supports your self-directed journey? Check out the detailed investor experience data to see how it delivers for seasoned investors like you. Surviscor’s likes and dislikes about Questrade’s investor experiences.
TD Direct Investing holds steady as the next-best choice for seasoned investors in 2025, earning 110 points—same as last year—and trailing Questrade by a significant 42-point margin. While TD Direct Investing continues to offer a strong overall experience, seasoned investors may find themselves paying more for features that are now available at lower-cost competitors.
That said, TD Direct Investing has a long and respected history of serving experienced investors. Many would credit its original TD GreenLine platform for helping millions transition into self-directed investing and shaping the modern online brokerage landscape in Canada.
For seasoned investors who value stability, a well-established platform, and comprehensive service, TD Direct Investing remains a strong and dependable choice—just one that may come at a premium.
If you’re interested in how TD Direct Investing’s experience measures up for seasoned investors, read our detailed review to see how it stacks up. Surviscor’s likes and dislikes about TD Direct Investing’s investor experiences.
Looking to avoid paying commissions on your trades? You’re not alone. The Best $0 Commission Online Brokers category highlights Canadian firms that offer commission-free trading on stocks and ETFs. We evaluate each platform using 14 key criteria, based on Surviscor’s four core areas: desktop experience, mobile experience, fees and service. The review is built on 69 real investor interactions and focuses on investors who trade zero to four times per month.
But before we dive in, let’s clear up a common misconception: TD Easy Trade is not a true $0 commission platform. Even though it’s marketed that way—and promoted by influencers—it only gives 50 free stock trades per year on a limited mobile app. That’s very different from unlimited commission-free trading and doesn’t meet our standard for this category.
Until recently, there wasn’t much movement in the $0 commission space. That changed when Questrade eliminated its stock and ETF commissions in February of this year. Surviscor now recognizes four firms in this category—but it’s worth noting that all of them still charge fees on things like options, bonds and GICs.
Also, be cautious when banks promote $0 ETF trading. The catch often hides in the fine print—limited selections, in-house products only or just a few eligible third-party funds. Even simple, app-based platforms like Wealthsimple Trade may not offer the ETFs you actually want to buy and/or sell.
Here’s the bottom line: free trading isn’t always the best deal. Saving on commissions might mean giving up helpful tools, key features or better long-term results. Always look at the full experience—not just the price tag.
Questrade made waves in early 2025 with its move to $0 commissions—and in doing so, cleared the field. Now the undisputed leader in the $0 commission category, Questrade scored 90 points, a staggering 62 points ahead of its nearest competitors.
The firm now offers unrestricted, unlimited $0 commission trading for North American stocks and ETFs, paired with industry-leading options pricing. But don’t mistake Questrade’s dominance as being purely about price. What truly sets it apart are its best-in-class digital investor experiences and unmatched service performance—areas where the other three $0 commission firms simply can’t compete.
This may be one of the most compelling online brokerage stories in Canada for this year’s review: the top-ranked firm overall also happens to offer zero commissions. Want to see what that combination really looks like? Explore the details—you won’t regret giving Questrade a closer look. Surviscor’s likes and dislikes about Questrade’s investor experiences.
Last year’s winner in this category, Desjardins Online Brokerage, moves into the runner-up spot for 2025, edged out by Questrade’s entry into the $0 commission space. Desjardins scores 28 points this year—just one point ahead of National Bank Direct Brokerage, but still well behind Questrade by a significant 62-point margin.
Desjardins delivers true $0 commissions with no restrictions on stock and ETF trades, offering straightforward value for Canadian investors. What sets it apart is its well rounded digital experience—still one of the better ones in the category—and the fact that it hasn’t fully embraced the “give less for $0” trend that plagues some competitors.
That said, there’s still room for improvement here, especially when it comes to refining its digital platforms and overall user experience. The good news: Desjardins backs its $0 trading with competitive options pricing and reasonable account administration fees, making it a worthy choice for budget-conscious investors looking for more than just free trades.
If you’re not sure what Desjardins really offers for those ultra-low commissions, dig into the details—you might be surprised by the value. Surviscor’s likes and dislikes about Desjardins Online Brokerage’s investor experiences.
Commission-based online brokers are pretty straightforward: they charge a fee for trading all of stocks, ETFs and options. These platforms may not offer free trades, but many investors still choose them because they provide more research tools, real-time data and advanced features that help you make smarter investing decisions. For these investors, it’s not just about saving money—it’s about getting value for what they pay.
Paying a few extra dollars (or even cents) per trade might seem like a downside, but it can be worth it if the platform gives you access to useful tools like expert analysis, educational content and better trade tracking.
This commissions category is based on 14 key areas of evaluation, just like the others, and uses Surviscor’s four core experience pillars: desktop platform, mobile platform, commissions and fees, and service levels. The rankings are built from 75 actual investor experiences and are tailored to two types of active investors—those placing five to nine trades per month, and those placing 10 to 33.
That said, tread carefully with marketing claims. Some $0 commission brokers advertise “free” trading but hide the trade-offs—like limited features or slower trade execution. On the flip side, commission-based brokers can have extra charges, like required market data subscriptions or hidden platform fees.
The takeaway for Canadian DIY investors: Every firm says they’re the best. Your job is to look past the slogans and figure out which one truly delivers the experience you need.
With Questrade no longer included in this group, TD Direct Investing claims the top spot in 2025 with a score of 154 points—down six points from last year but still a dominant performer, finishing 43 points ahead of the new number two, Qtrade Direct Investing. No matter your investor profile, TD Direct Investing remains one of the most complete and reliable options available.
This online broker delivers solid overall investor experiences across its core digital platforms and provides a wide range of resources designed to help investors build knowledge and confidence over time. Whether you’re just getting started or already managing a robust portfolio, TD Direct Investing offers tools that support every stage of the self-directed journey.
And if you’re cost-conscious, there’s even more to consider. Using TD Easy Trade strategically—by taking advantage of its 50 free trades per year—can significantly reduce your effective trading costs.
Want to dig deeper into what TD Direct Investing offers? Explore our individual investor experience data for a detailed look at what you’re really paying for—and what you’re getting in return. Surviscor’s likes and dislikes about TD Direct Investing’s investor experiences.
Qtrade Direct Investing climbs into the runner-up position in 2025 with a score of 111 points, benefiting from Questrade’s move to the $0 commission category. It now sits comfortably ahead of a cluster of bank-owned competitors by a margin of 15 to 27 points.
What sets Qtrade Direct Investing apart isn’t pricing. It’s the strength of its digital experiences, which are thoughtfully designed to support all investor profiles. Add in stronger service responsiveness compared to the second-tier bank-owned firms, and Qtrade Direct Investing stands out as a compelling, commission-based alternative.
Curious about how Qtrade Direct Investing performs across specific investor journeys? Explore our detailed investor experience data to see exactly what you’re paying for—and how it stacks up. Surviscor’s likes and dislikes about Qtrade Direct Investing’s investor experiences.
Canadians have a long-standing trust in our local banks—sometimes more than they should. That trust often carries over into using their investing services, in addition to savings and chequing accounts. If you already bank with one of the big financial institutions, there’s a good chance you’ll also consider using their online brokerage. And for many people, that familiarity feels safe.
The Best Bank-Owned Online Brokers category looks at how well these big-bank brokerages support self-directed investors in Canada. We evaluate 14 key areas, based on Surviscor’s four core experience pillars: desktop platform, mobile platform, fees and commissions, and service levels. The results come from 93 real user experiences to ensure a broad and balanced view.
This ranking isn’t based on just one type of investor. Instead, it reflects the needs of all kinds of investors, from beginners to experienced traders, using the MoneySense investor model to guide our analysis.
TD Direct Investing holds its title as the top bank-owned online brokerage in 2025, earning a commanding 143 points—46 points ahead of its closest competitor, Scotia iTrade. At this point, there’s little left to dissect that hasn’t already been explored across other evaluation areas. What remains clear, however, is TD Direct Investing’s continued dominance in the self-directed investing space among bank-owned firms.
It consistently delivers a robust platform experience, excellent investor resources, and strong support across investor types. While TD Easy Trade, the firm’s commission-free, mobile-based sub-brand, offers limited value due to its cap of 50 free trades per year and its restricted functionality, the core TD Direct Investing platform remains a standout.
Surviscor’s likes and dislikes about TD Direct Investing’s digital platforms.
Holding steady at 97 points, Scotia iTrade ranks second among bank-owned brokerages in 2025—but trails far behind leader TD Direct Investing by a staggering 46 points. While iTrade has shown some improvement in service responsiveness this year, it continues to underdeliver in platform functionality, investor tools and overall experience.
Once a pioneer in the space, Scotia iTrade now finds itself playing catch-up, working to regain relevance in a market where user expectations have evolved rapidly. If it hopes to remain competitive, significant upgrades are still needed across the board.
Surviscor’s likes and dislikes about Scotia iTrade’s digital platforms.
If you’re tired of paying high fees and getting spotty service from the big banks in Canada, it might be time to consider something different. While who owns a brokerage shouldn’t be the only factor in your decision, choosing a Canadian-owned provider focused on its brokerage platform rather than other financial services may be a smart move. These firms tend to offer better value, more flexible platforms and fewer barriers for today’s self-directed investors.
When non-bank brokerages first entered the market, they focused on keeping costs low but they didn’t always match the experience offered by the big banks. That’s changed. Many of these firms have become true disruptors, offering modern platforms, unique features and pricing that appeals to cost-conscious investors.
Our Best Non-Bank Online Brokers category uses the same 14-point evaluation system as our bank-owned rankings. While there are seven non-bank firms in Canada, only five of them cater to everyday self-directed investors. The other two are more geared toward high-frequency or professional traders.
Of the five core firms, four now offer zero-commission trading for stocks and ETFs, and most have competitive pricing on options trading. These firms haven’t just stepped in to compete. They’ve helped push the entire industry forward, encouraging more innovation and transparency across the board.
Not surprisingly, Questrade remains our top-ranked non-bank online brokerage in 2025, earning a category-leading 169 points—12 more than last year. As highlighted throughout this year’s review, Questrade continues to cater to a wide range of Canadian investor profiles with a well rounded mix of products, platforms and services.
There’s little left to say about Questrade that hasn’t already been said. It’s a proven performer. The firm combines zero-commission trading with responsive service and multiple platform options, offering both versatility and depth. While there are still fees for advanced market data, Questrade delivers a strong account experience and remains a go-to choice for new and seasoned investors alike.
Surviscor’s likes and dislikes about Questrade’s investor experience.
Qtrade Direct Investing retains its spot as the runner-up among non-bank online brokerages in 2025, earning 111 points—down 12 points from last year’s performance. Once a consistent category leader, Qtrade appears to have lost some momentum, particularly when it comes to enhancing its digital platforms.
While innovation may have slowed, the firm still delivers on key fundamentals: strong customer service, a smooth account-opening experience and reliable transactional tools that support a wide range of Canadian investor needs.
Surviscor’s likes and dislikes about Qtrade Direct Investing’s investor experience.
To view all the data in the table, slide the columns right/left/up/down using your fingers or mouse.
by MoneySense Editors
Online brokers allow self-directed investors to pick, buy and trade assets such as stocks, bonds and exchange-traded funds (ETFs) on their own, without the guidance or assistance of an advisor or a trading agent. Because online brokerages cut out the middleman, the trading fees do not have to account for a professional’s commission, so you save the difference in costs. This significant savings is the reason why online brokers are also known as discount brokers.
While Canada’s online brokers provide roughly the same basic DIY investing and trading services, the platforms, fees and access to investing information can differ
For everyday investors in Canada, the low (and sometimes $0) fees charged by online brokers have been a boon. Compare the commissions and fees charged by all 15 Canadian online brokerages.
So, you may be wondering how online brokers make enough money to stay in business, if they aren’t charging any fees. As this Bloomberg Businessweek article (paywall) notes, “Brokerages can make money from simply lending out the cash you aren’t using. And once you sign up for free trades, they have a chance to sell you other services.” Other costs, such as foreign exchange fees, help to ensure that online brokerages stay profitable.
No doubt, $0 commissions are attractive. Who doesn’t want free transactions? But before you rush to move your money to a no-commission firm, ask yourself: “Why is this firm, which is clearly in the marketplace to make money, willing to absorb all of my costs?” After all, even a not-for-profit business has operating costs to cover, including wages, system upkeep and general operations. Simply put, if there are no commission charges, then the brokerage is earning fees elsewhere. Perhaps it’s through inflated foreign exchange rates, limited or delayed market data, or order-flow partners (where the online broker sends customers’ buy and sell orders to a partner for processing and gets paid for each one).
Wealthsimple Trade started the trend a few years back to announce its presence, but it has stock and ETF availability issues along with a scaled-back offering. National Bank Discount Brokerage and Desjardins Online Brokerage now offer $0 commissions for stocks and ETFs, and they do have some minor costs in the small print. And recently Questrade announced $0 commissions, too, this year.
TD Direct Investing and CIBC Investor’s Edge jumped into the fold, too. TD offers the first 50 stock trades per year for free, but only on its scaled-back mobile-based platform, TD EasyTrade, which is basic at best. And CIBC only offers $0 commissions to investors under age 25.
See the full comparison tool of the best 15 online brokers in Canada to see how they stack up.
We put in the work so you don’t have to. The team at Surviscor went deep—really deep—into the details of each online brokerage in Canada. We filled out a massive questionnaire with nearly 8,000 questions per firm, covering everything from desktop to mobile platform features. On top of that, we ran hundreds of everyday investor tasks on each platform to see how things actually work in real life.
We also took a close look at what each firm charges. That means analyzing commissions and fees based on five different types of investors, depending on how often they trade. And because service matters, we tested it too—tracking and evaluating 130 separate service interactions per firm over a full 12-month period (ending March 31st, 2025).
To come up with the final scores, we awarded each firm points based on how they ranked in eight of the 10 review categories—five points for a first-place finish, four for second, and so on. The overall score is simply the total of all those points.
In short, our rankings are based on data, real experiences and a whole lot of clicking, testing and analyzing—so you can make confident choices about where to invest.
If you want to read more, Surviscor is here to help self-directed Canadian investors like you make smarter, more confident decisions. Whether you’re new to the world of online investing or just looking to validate your current setup, we’ve got the tools and insights you need—all grounded in facts, not marketing spin.
Here are a few helpful resources to check out:
Honest insights from Between the Lines
Surviscor’s blog, Between the Lines, gives you real-world analysis of the online brokerage and digital banking space. From annual rankings to day-to-day user experience issues, we call it like it is—no fluff, just facts.
Surviscor representatives completed a features and functionality questionnaire of nearly 8,000 questions for each firm across the various reviews, covering both desktop and mobile platforms, while performing hundreds of typical investor tasks on each individual digital platform. Surviscor also analyzed the firms’ commissions and fees across five trade-related investor profiles and reviewed 143 service interactions per firm over a 12-month period ending on April 30, 2024. Each firm was assigned a score based on its ranking within eight of the 10 categories of our review (five points for first, four for second, three for third, two for fourth and one for fifth), and the overall score represents the sum of the awarded sections.
based on its expertise on this topic. This is not advertising nor an advertorial.
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