Best commission-free trading platforms in Canada

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.

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!