Not sure if you’re with the right online broker? Or perhaps you’re taking your first steps into self-directed investing and trying to make sense of an increasingly crowded marketplace? With more firms competing for your attention, more commission-free trading options and more marketing promises than ever before, finding the right brokerage can be challenging. That’s why we’re back in 2026—to help you cut through the noise and identify the platform best suited to your investing goals, experience level and long-term success. 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”
}
},
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“@type”: “Question”,
“name”: “How do online brokers make money?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “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.”
}
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{
“@type”: “Question”,
“name”: “What are $0 commission fees?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “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.”
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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.
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See the full comparison tool of the best 15 online brokers in Canada to see how they stack up.
Methodology
The MoneySense Best Online Brokers rankings are powered by independent research conducted by Surviscor, a Canadian research and consulting firm specializing in the analysis of digital financial services experiences.
To evaluate Canada’s online brokerages, Surviscor analyzed nearly 8,000 data points per firm across desktop platforms, mobile platforms, pricing structures and service experiences. The review process also included extensive real-world testing of investor tasks and platform functionality to assess how firms perform in everyday investing situations—not just how they market themselves.
Fees and commissions were evaluated using multiple investor profiles representing different levels of trading activity, from occasional investors to more active traders. Service performance was measured through 138 separate interactions per firm conducted over a 12-month period ending April 30, 2026, allowing us to assess both responsiveness and consistency over time.
For 2026, the review universe expanded to include additional brokerage firms, including new entrants to the Canadian marketplace. To better differentiate performance across a larger field of competitors, the overall scoring model was expanded from a five-point ranking system to a 10-point ranking system. Firms received points based on their ranking within each category, with 10 points awarded for a first-place finish, nine points for second place and so on.
Overall rankings were determined using each firm’s performance across eight of the 10 review categories applicable to its business model. Because of the expanded scoring system and larger review universe, 2026 point totals should not be directly compared to prior years. Changes in ranking position provide a more meaningful indication of relative improvement or decline.
Looking for more Surviscor information and resources?
Choosing an online brokerage is an important decision, and this annual ranking is only one part of the story. Investors have different goals, experience levels and priorities, which is why ongoing research and education can play an important role in finding the right financial partner.
Independent research and reviews
For more than two decades, Surviscor.com has independently evaluated Canada’s online brokerages, digital banks and credit unions. Our research focuses on the experiences that matter most to consumers, including digital platforms, customer service, pricing and overall user experience. The goal is simple: help Canadians make more informed financial decisions based on objective analysis rather than marketing claims.
Whether you’re comparing brokerage firms, researching digital banking options or looking to better understand industry trends, Surviscor’s company reviews and rankings provide a deeper look at how firms perform in the real world.
Insights from Between the Lines
Looking for a deeper dive into the issues shaping Canada’s digital financial services landscape? Surviscor’s Between the Lines blog explores emerging industry trends, platform developments, service challenges and noteworthy changes across the online brokerage and digital banking sectors.
From annual rankings and special reports to commentary on evolving investor and banking experiences, Between the Lines provides additional context behind the headlines and helps consumers stay informed as the marketplace continues to evolve.
To learn more, visit Surviscor.com and explore the latest research, rankings and industry insights.
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based on its expertise on this topic. This is not advertising nor an advertorial.
Read more about investing:
- Canada’s best dividend stocks
- Best ETFs in Canada
- A guide to the best robo-advisors in Canada
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