Best commission-free trading platforms in Canada

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Updated: December 12, 2024

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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

Fast facts
  • 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

Fast facts:
  • 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

Fast facts
  • 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)

Fast facts
  • 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

Fast facts
  • 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

  • Order flow

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    Some platforms make their money by selling your order flow to market makers. This basically means your trades may be executed at prices that aren’t quite as favourable, which could chip away at your returns over time. For example, if you place an order to buy a stock at $50, instead of getting that exact price, you may end up paying $50.05 because of how the order is routed. While a few cents here and there may not seem like much, it can add up over time, especially for active traders.

    It’s not necessarily a dealbreaker for everyone, but it’s definitely something worth keeping in mind.

  • Inactivity and account fees

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    As we said earlier, just because a platform advertises commission-free trading doesn’t mean it’s completely fee-free. Some platforms sneak in quarterly maintenance fees, inactivity charges or other account-related costs that can quietly eat into your profits. Always check the fine print so there are no surprises.

  • ECN and FX fees

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    If you’re trading on ECN networks1 or converting currencies for international trades, expect fees. These charges can add up, especially if you’re accessing additional liquidity or trading foreign stocks.

  • Options and mutual funds

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    While stock trading may be free, options and mutual funds are often another story. You’ll typically find commissions or service fees attached to these transactions. Take a moment to dig into the fee structures before diving into more specialized trades.

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:

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

  • How safe are commission-free trading apps?

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    Commission-free trading apps can be very safe if they’re regulated by IIROC and covered by CIPF. These protections ensure your investments are secure even if the platform runs into trouble. To feel extra confident, look for features like two-factor authentication and encryption.

  • Can I trade options commission-free in Canada?

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    While some platforms in Canada do offer commission-free options trading, it’s not very common. Wealthsimple Trade, for example, doesn’t currently support options trading. If options are a priority, you’ll need to explore other brokers.

  • Does Canada have commission-free trading?

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    Yes, Canada has commission-free trading platforms such as Wealthsimple Trade and MogoTrade. These services make it easy to invest in stocks and ETFs without paying commissions for trades, helping investors save money.

  • What broker does not charge commission?

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    Wealthsimple Trade is one of the leading brokers offering commission-free trades in Canada. Another option is MogoTrade, which also provides zero-commission trading for stocks and ETFs

  • Is Questrade commission-free?

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    Questrade isn’t entirely commission-free. While you can purchase ETFs without paying commissions, selling ETFs or trading stocks comes with a low fee. It’s still a cost-efficient option for many investors.

  • Which broker has zero commission?

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    Wealthsimple Trade and MogoTrade both offer zero-commission trading for stocks and ETFs. These platforms are great for investors looking to minimize fees while growing their portfolio.

  • Sources:

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    1. https://centerpointsecurities.com/what-are-ecns/

    2. https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2020.3893

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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