Best commission-free trading platforms in Canada
Updated: December 12, 2024
Commission-free trading is changing how Canadians invest, offering more accessibility and fewer barriers for new and seasoned investors alike.
This guide breaks down the top commission-free trading platforms in Canada, helping you find the right fit for your financial goals.
Best free trading platforms in Canada | Summary
Commission-free platforms | Fast facts: | Get started |
---|---|---|
Questrade |
◦ Commission-free ETFs: Buy only
◦ Trading fees: $4.95 to $9.95 |
Go to Questrade |
Wealthsimple |
◦ Commission-free ETFs: Buy and sell
◦ Trading fees: $0 |
Go to Wealthsimple |
Qtrade |
◦ Commission-free ETFs: Buy and sell
◦ Trading fees: $6.95 to $8.75 |
Go to Qtrade |
National Bank Direct Brokerage (NBDB) |
◦ Commission-free ETFs: Buy and sell
◦ Trading fees: $0 |
Go to NBDB |
TD Easy Trade |
◦ Commission-free ETFs: TD ETFs only
◦ Trading fees: $0 for 50 trades |
Go to TD Easy Trade |
Key takeaways
- Not all commission-free platforms are truly cost-free: While you can avoid trading fees, watch out for hidden costs like inactivity fees, foreign exchange fees or order flow pricing
- Tailor your platform choice to your needs: From beginner-friendly tools such as Wealthsimple to feature-rich options such as Questrade, the best platform depends on your investing style and priorities
- Diversification is key to long-term success: Low-cost exchange-traded funds (ETFs) make it easy to spread your investments across sectors and geographies, balancing risk while keeping costs low
Top commission-free trading platforms in Canada
Questrade
- Free ETF purchases: Buy ETFs without commission (though fees still apply when selling them)
- Low trading fees: Stock trades range from $4.95 to $9.95
- Advanced tools: Includes platforms such as Questrade Trading for general use, IQ Edge for advanced trading and Global for FOREX and commodities
- Drawbacks: The mobile app has a 2.1/5 rating on Google Play, and customer service could use improvement.
- Best for: Experienced investors who want cost-efficient trading and advanced platform options
Questrade is a popular platform for self-directed investors, known for its commission-free ETF purchases and competitive trading fees. They do not offer fractional shares and we'd rate their research tools as moderate.
Wealthsimple Trade
- No trading fees: Buy and sell stocks and ETFs with no commission
- Fractional shares: Offers fractional shares for Canadian and US stocks, making big-name companies more accessible
- Mobile-first platform: The app is simple, intuitive and user-friendly with a 4.7/5 rating.
- Drawbacks: Limited features like no RESP accounts or real-time data and advanced features (e.g. USD accounts) require a subscription. Their research tools are limited.
- Best for: Beginners and casual investors who want an easy, low-cost way to get started
Wealthsimple's self-directed investing is Canada’s only true $0 commission platform for stocks and ETFs, designed specifically for newer investors.
Qtrade
- Commission-free ETFs: Over 100 ETFs are available for buying and selling without commission
- Ease of use: Highly rated for its user-friendly desktop and mobile platforms
- Customer service: Renowned for excellent support and quick response times
- Promotions: Includes cash bonuses and free trades for new clients
- Drawbacks: A quarterly $25 fee applies unless you maintain $25,000 in your account or set up automatic contributions
- Best for: Investors seeking a well-rounded platform with strong support and advanced research tools. Its mobile app has a 4.5/5 rating.
Qtrade stands out for its extensive ETF selection, robust tools and top-notch customer service.
National Bank Direct Brokerage (NBDB)
- No commissions: Trade stocks and ETFs without fees
- InvestCube service: Provides automated ETF portfolio rebalancing for an annual fee of 0.3-0.5%
- Drawbacks: Doesn’t offer fractional shares, and trading is limited to desktop; a separate app exists for research only
- Best for: Active traders or investors looking for no-commission trading paired with automated portfolio management
NBDB is a strong contender for cost-conscious investors, offering $0 commissions on both stocks and ETFs. Its mobile app has a rating of 4.5/5.
TD Easy Trade
- Free trades: Includes 50 free trades per year and unlimited commission-free trades on TD ETFs
- Beginner-friendly: A straightforward app-exclusive platform ideal for new investors
- Drawbacks: Free trading is limited to TD ETFs, and it lacks advanced tools available on other TD platforms
- Best for: New investors who value simplicity and minimal costs while getting started with investing
TD Easy Trade is geared toward beginner investors, offering free trades and a streamlined app experience.
How to choose the best free trading platform for your needs
Selecting the right free trading platform is all about finding that sweet spot between functionality, security and user experience that fits your investing style. Let’s break it down and make it easy to navigate.
First things first: Does the platform offer the types of accounts you need? This may sound basic, but it’s a game-changer. Here are the main ones in Canada:
- Tax-Free Savings Account (TFSA): Perfect for tax-free growth on investments. Double-check that the platform supports TFSA contributions and has tools to track your contribution limits — because no one wants to deal with overcontribution penalties.
- Registered Retirement Savings Plan (RRSP): Built for retirement savings with tax-deferred growth. A good platform will make managing withdrawals and contributions seamless (especially when you need to stay on top of deadlines).
- Non-registered accounts: Flexible for general investing without contribution limits or withdrawal restrictions, but gains are taxable. Look for platforms that help you track gains and losses easily, because tax season can get complicated.
Let’s be real — when it comes to your money, safety isn’t optional. Here’s what to look for:
- Regulated by Canadian authorities: Make sure the platform follows the rules of Canadian regulators such as the IIROC and is backed by the CIPF. The CIPF protects your assets if things go south.
- Built with strong security protocols: Features like two-factor authentication (2FA), encryption and fraud detection aren’t just nice to have — they’re a must.
It’s worth digging into the platform’s reputation, too. How do they handle security issues? Do they actually help customers when something goes wrong? A quick search online can save you some serious headaches later.
If you’re managing your investments on the go, a solid mobile app is key. Here’s what to look for:
- Intuitive design: You don’t want to be hunting for basic features like account balances or trade execution. Everything should be easy to find, even if you’re not tech-savvy.
- Mobile tools: Watchlists, real-time notifications and charting tools are huge wins for staying on top of your portfolio.
- Cross-platform integration: Your app should sync perfectly with the desktop version so you don’t lose track of trades or updates.
Before committing, check out app reviews or, even better, test the app yourself to make sure it feels right for how you plan to use it.
Even the most seasoned investors run into questions or need help with tech glitches. That’s where a platform’s support and educational tools come in:
- Responsive customer support: Ideally, there’s a mix of live chat, email and phone support with quick turnaround times. If you’re waiting days for help, that’s a problem.
- Educational resources: These are a lifesaver for new investors but also valuable for pros brushing up on new tools or strategies. Look for tutorials, webinars or even demo accounts where you can practice without risking real cash.
Platforms that go the extra mile in both support and education aren’t just easier to use — they make you feel like you’re set up for success.
Is commission-free really free? Hidden costs to watch for
Getting started with commission-free trading
Choose your platform: Start by researching commission-free platforms to find one that fits your needs. We’ve already gone over the pros, cons and key features, so use that as your cheat sheet to pick the one that matches your investing style. Whether it’s fees, account types or tools, make sure the platform you choose checks all your boxes and feels like the right fit for your goals.
Create an account: Signing up is straightforward. You’ll need to provide some personal information, verify your identity, and link a funding source like your bank account.
Select an account type: Pick the account that aligns with your investing goals. A TFSA is great for tax-free growth, while a non-registered account offers more flexibility if tax advantages aren’t your priority.
Fund your account: Once your account is set up, transfer funds from your bank or another funding option provided by the platform. This step usually only takes a few clicks.
Place your first trade: Ready to invest? Search for the stock or ETF you want, set your order details (like market or limit orders) and execute your trade. And just like that, you’re officially in the market!
Diversification2 is all about not putting all your eggs in one basket. By spreading your investments across different assets, you can lower your risk and keep things balanced. Low-cost ETFs are a fantastic way to do this — they give you instant diversification across sectors, geographies or asset classes without much hassle.
With just one ETF, you can invest in hundreds of companies, making it one of the easiest and most cost-effective ways to build a solid, balanced portfolio. Whether you’re a beginner or just looking to keep things simple, ETFs are a great option to consider.
Want to feel more confident in DIY trading? The right resources can make all the difference. Here are some awesome platform-specific guides and deep dives to help you get up to speed:
- Qtrade vs. Questrade | A battle of discount brokerages: A head-to-head comparison of two of Canada’s top platforms to help you figure out which one’s the best fit for your investing style.
- Qtrade review: Everything you need to know about Qtrade, from its features to fees, so you can decide if it’s the right platform for you.
- Best brokerage account promotions in Canada: Get the scoop on the latest promotions and sign-up bonuses to maximize value when choosing your brokerage.
- Wealthsimple vs. Questrade: A deep dive into these two popular platforms so you can see how they stack up and find the one that aligns with your goals.
- Investing for beginners in Canada: Your complete guide: New to investing altogether? This guide covers all the basics to help you start building a strong, confident foundation.
These resources will give you the knowledge and tools you need to crush your DIY investing journey. Whether you’re just starting out or leveling up your strategy, they’ve got you covered!
Why commission-free trading is gaining popularity in Canada
Commission-free trading is transforming the investment game in Canada, breaking down barriers that once kept many people on the sidelines.
By eliminating the hefty fees traditionally attached to stock and ETF trades, these platforms are opening doors for everyday Canadians — especially new and younger investors — who can now explore the market without being deterred by high upfront costs.
Platforms such as Questrade and Wealthsimple have been driving this shift, challenging the old-school, fee-heavy brokerages and reshaping how Canadians think about investing. Their bold move to drop commission fees sparked a ripple effect across the industry, forcing the big players to re-evaluate their offerings.
The result? More options for investors and a more competitive, customer-focused landscape.
The benefits of commission-free trading are clear: Skipping $5 to $10 per trade allows investors to keep more money in their portfolios, with savings compounding over time.
However, it’s important to note that "commission-free" doesn’t always mean cost-free. Charges, such as foreign exchange fees or premiums for advanced features, can still apply. This shift has made investing, not only more affordable, but also more approachable for Canadians eager to take control of their financial futures.
Up next, we’ll explore the top commission-free trading platforms in Canada, and how they compare, to help you find the best fit for your needs.
FAQs
Noel Moffatt is a Canadian fintech expert with a passion for simplifying personal finance. Based in St. John’s, NL, he draws on his background in finance, SEO, and writing to deliver clear explanations and actionable advice. Noel is dedicated to equipping readers with the knowledge and tools they need to make informed financial decisions, striving to make personal finance more accessible and understandable through his in-depth articles and reviews.
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