Best Canadian Brokerage Firms

Best Canadian brokerage firms: top online stock trading brokers in Canada



Best Canadian stock brokerage firms in 2014. Top online brokers offering investing and trading services to citizens and residents of Canada (Toronto, Ontario, BC/British Columbia, Alberta, and Quebec).





Questrade Rating

5-star brokerage firm rating

Questrade Review

Questrade Trading Fees and Products

InvestmentsCommissions
Stocks Plan 1 $0.01 per share, $0.95 minimum, $6.95 maximum per trade OR $4.95 flat with the Questrade Advantage
Stocks Plan 2 $0.01 per share, $4.95 minimum, $9.95 maximum per trade
ETFs All Canadian and U.S. ETFs are free to buy with the Questrade IQ trading platforms; standard commission to sell
Options $9.95 + $1 per contract ($6.95 + $0.75 per contract in Advantage program)
Options assignments$24.95
Mutual funds $9.95
Gold $19.95 per trade
Bonds $0 per trade
Forex spreads as low as 1-2 pips on the major currency pairs

Investments stocks, options, mutual funds, international stocks, gold, CNSX securities, bonds, term deposits, GICs, ETFs
Questrade minimum deposit to open account $1,000 ($250 minimum to keep an account open)
FeesQuestrade fees

Questrade Pros

  • Very good commissions on all products
  • Ability to buy physical gold
  • No surcharges for large orders, penny stocks, or extended hours trading
  • Ability to hold U.S. dollars
  • Forex trading is available
  • Online Trading Academy courses
  • Checking account (but with an annual fee)

Questrade Cons

  • Customer service needs improvement
  • Quarterly $20 inactivity fee if no trades were executed in a quarter AND account balance is less than $5,000
  • Outgoing ACAT of $125 - most companies charge this fee, but few set it so high

Best Canadian Brokerage Review


Questrade Review

Questrade Promotion Link - $50 in free trades when you open account:

Questrade Review




OptionsXpress is a US brokerage that upon review and at their discretion will accept accounts from Canada residents. Although their account opening process is geared toward opening accounts for persons with a U.S. domestic address, they will review and open foreign accounts depending on the country of residence and at their discretion.

OptionsXpress Rating

4.5-star brokerage firm rating

OptionsXpress review

OptionsXpress Commissions and Products

InvestmentsCommissions
Stocks and ETFs$8.95
Options$14.95 for up to 10 contracts, $1.50 per contract for over 10 contracts
Options Active Traders$12.95 for up to 10 contracts, $1.25 per contract for over 10 contracts
Mutual funds $9.95
Bonds$5 per bond, $9.95 minimum
Futures$3.50 per contract
Forex No commissions. optionsXpress receives compensation through the bid/ask spread.
Options on Futures $3.50 per contract
Spreads, Straddles & Combos2-10 contracts - $12.95 flat (active traders) $14.95 flat (non-active traders); 10 + contracts - $1.25 per contract (active traders); $1.50 per contract (non-active traders)

Investments stocks, options, mutual funds, bonds, futures, options on futures, covered calls, forex, ETFs
OptionXpress minimum deposit to open account $0 for cash account, $2,000 for margin account
FeesOptionsXpress fees

OptionsXpress Pros

  • Very cheap mutual fund commissions at $9.95 per transaction
  • Best customer service
  • Many well-designed trading tools and cutting-edge trading technology
  • Free streaming quotes
  • $100 bonus for opening new account
  • No fee IRA accounts
  • Great research
  • Free virtual trading
  • Helpful investor community
  • No money down to open new account
  • Free account transfers
  • Free instructor-led online classes
  • Free broker-assisted trading
  • Free DRIP: dividend reinvestment plan (contact customer service to set up)

OptionsXpress Cons

  • Higher than average commissions on stocks and ETFs

Full Review


OptionsXpress Review

OptionsXpress Promotion Link - $100 bonus when you open account:

OptionsXpress review




Etrade Rating

4-star brokerage firm rating

Etrade Review

Etrade Commissions and Products

ProductPrice
Stocks and ETFs $9.99 ($7.99 if making 150+ trades per quarter)
Stocks and ETFs broker assisted $34.99
Options $9.99 + $0.75 per contract ($7.99 + $0.75 if making 150+ trades per quarter)
Mutual funds $19.99
Futures contracts $2.99 per contract, per side + fees
Fixed Incomemarkup or markdown and any transaction fee will be included in the price quoted
Forex No commissions. Etrade receives compensation through the bid/ask spread.
Bonds$1 per bond (minimum $10, maximum $250) for online secondary market trades. Includes Agency bonds, Corporate bonds, Municipal bonds, Brokered CDs, Pass-thrus, CMOs, Asset Backed Securities.

Investments stocks, bonds, mutual funds, futures, forex, fixed income, options, ETFs
Etrade minimum deposit to open account $500 for non-retirement cash account, $0 for retirement cash account, $2,000 for margin account
FeesEtrade fees

Etrade Pros

  • No account maintenance or inactivity fees
  • Large and well established company
  • Powerful trading tools
  • No IRA account fees, and no minimums with electronic statements and confirmations
  • Low minimums to open accounts: $500 for cash account, $0 for retirement cash account, $2,000 for margin account
  • Banking products available: checking, savings, money market accounts, CDs, and credit cards
  • No surcharges on large orders or penny stocks
  • Great research amenities from S&P, MorningStar, Thompson Reuters, Credit Suisse, and Smart Consensus
  • Access to trading on 40 foreign exchanges
  • Free streaming quotes
  • Very broad selection of products: 8,000 mutual funds, every ETF sold, over 30,000 bonds, securities from 77 international markets, 1,300 no-load, no-transaction fee mutual funds, and 90+ commission-free ETFs

Etrade Cons

  • High commissions on stocks and ETFs
  • High margin rates
  • $0.005 per share surcharge on extended hours trades (ECN fee) and on trades executed through E*TRADE Pro at an ECN during both regular market and extended hours sessions
  • E*TRADE Pro platform is available at no charge only to customers who execute at least 30 stock or options trades during a calendar quarter

Full Review


Etrade Review

Etrade Promotion Link:

Etrade Review

This article was updated on 4/25/2014.



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