Best Canadian Brokerage Firms

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



Best Canadian brokerage firms in 2016. Top rated online brokers offering investing and stock trading account services to citizens and residents of Canada (Toronto, Ontario, BC/British Columbia, Alberta, and Quebec).






Questrade Account Commissions and Products

InvestmentsCommissions
Stocks (Democratic Plan) $0.01 per share, $4.95 minimum, $9.95 maximum per trade
Stocks (Advantage Variable Plan) $0.01 per share, $0.01 minimum, $6.95 maximum per trade
Stocks (Advantage Fixed Plan) $4.95 per trade
ETFs All Canadian and U.S. ETFs are free to buy; standard commission to sell
Options $9.95 + $1 per contract ($6.95 + $0.75 per contract in Advantage Variable; $4.95 + $0.75 per contract in Advantage Fixed)
Options assignments$24.95
Mutual funds $9.95
Gold or Silver $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, except options
  • 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


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Interactive Brokers Account Commissions and Products

ProductPrice
Stocks and ETFs $0.005 per share with $1 minimum, 0.5% of trade value maximum for SMART routed orders
Options $0.70 per contract if premium => $0.10; $0.50 per contract if $0.05 =< premium < USD 0.10; $0.25 per contract if premium < $0.05 + exchange fees. Minimum $1 per order.
Mutual funds $14.95 (minimum size on initial fund order is $3,000, subsequent minimum order size is $100)
Corporate and municipal bonds0.1%* face value (10 bps) if <= $10,000 face value; 0.025%* face value (2.5 bps) if > $10,000 face value
Treasuries (bills, notes, bonds)0.02%* face value (2 bps) if <= $1,000,000 face value; 0.002%* face value (0.2 bps) if > $1,000,000 face value; $5 minimum
Metals0.15 basis point * trade value; minimum $2; storage cost 0.10% per annum
US-future and future options$0.85 per contract
Forex0.20 basis point * trade value if <= $1,000,000,000; minimum $2

Investments stocks, options, mutual funds, ETFs, bonds, futures, currency transactions, US SSFs, EFPs, metals
Interactive Brokers\IB minimum deposit to open account $10,000 for non-IRA account, $5,000 for IRA account, $3,000 for anyone age 25 or younger
FeesInteractive Brokers fees
Promotion linkInteractive Brokers promotions


Interactive Brokers Pros

  • Low pay-per-share commissions on stock trades with up to 1,000 shares and on options trades of up to 20 contracts
  • Professional trading platform
  • Lowest margin rates in the industry
  • Access to 100 markets worldwide
  • Rich selection of products for trading


Interactive Brokers Cons

  • $10,000 minimum to open most accounts
  • $10 per month minimum commission requirement to avoid $10 monthly fee (rises to $20 monthly if account balance is less than $2,000; waived for $100,000+ accounts)
  • $10 monthly for market data feed (waived if trade commissions are more than $10 per month)
  • $7.50 quarterly fee for IRA accounts ($30 per year)
  • Complicated fee structure
  • Trader Workstation is designed for professional traders; it is not intuitive and difficult to learn
  • Expensive to make trades with over 1,600 shares
  • Lots of customer complains about snobby customer service (and yes, we experienced it ourselves)
  • Merciless margin tightening and fast margin calls - IB apparently doesn't care if their customers get completely wiped out
  • Minimum size on initial mutual fund order is $3,000 (subsequent minimum order size is $100). Only no-load funds and short term redemption fee funds are offered
  • Technical problems with trading platforms and website


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Updated on 9/14/2016.



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