Interactive Brokers review: Is it worth it for Canadians?

Money.ca / Money.ca

By Colin Graves

🗓️

Updated: May 20, 2026

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Interactive Brokers (IBKR) Canada is a global trading platform for Canadian investors. It combines low fees with a powerful trading platform and unparalleled access to global markets and foreign currency trading. But is it too much for the average investor?

Who Interactive Brokers Canada is for

Interactive Brokers is best suited for sophisticated investors who want access to global markets, forex trading and robust trading and research tools.

With IBKR, you can trade on over 160 global markets and fund your account with 28 different foreign currencies. It offers eight trading platforms, and its flagship platform, IBKR Trader Workstation, rivals that of any brokerage in Canada. It doesn’t offer free stock and ETF trades, but its minimum fee of $1.00 per trade is pretty competitive. 

Related: Best commission-free trading platforms in Canada

Beginner investors and low-volume traders might find IBKR a bit overwhelming, and if all you want is a basic trading platform where you can buy stocks and ETFs, you’ll be better off with a simpler platform such as Wealthsimple or Questrade. Another consideration is that IBKR Canada does not support Registered Education Savings Plans (RESPs) or Locked-In Retirement Accounts (LIRAs). If you need either of those account types, you'll need to look elsewhere.

Pros and cons

Interactive Brokers Canada fees and charges

Here is a list of fees and charges you can expect from Interactive Brokers Canada. Unlike U.S. clients, Canadian users do not have access to the commission-free IBKR Lite tier; the minimum commission for both stocks and ETFs in Canada is $1.00.

Interactive Brokers trading platforms and tools

Interactive Brokers offers eight trading platforms. Here’s a closer look at a few key platforms, including the newest one, IBKR Desktop: 

Interactive Brokers account types and options

Interactive Brokers Canada supports the following personal account types: 

• Individual and joint cash trading (Non-registered)
• Trust (Informal and Formal) 
• Registered Retirement Savings Plan (RRSP) 
• Spousal RRSP 
• Tax-Free Savings Account (TFSA) 
• First Home Savings Account (FHSA) — now fully supported for Canadian residents
• Registered Retirement Income Fund (RRIF) — now fully supported

IBKR now offers more registered account types than many other Canadian brokers. Notably, Registered Education Savings Plans (RESPs) and Locked-In Retirement Accounts (LIRAs) remain unavailable — for those account types, you'll need to look at another brokerage.

Note: IB Canada places some restrictions on its RRSP account that other brokerages don't. For one, it doesn't allow any withdrawals under the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP), and you can only make withdrawals in Canadian dollars. It also places restrictions on incoming and outbound transfers. Because IBKR Canada now offers RRIF accounts, clients no longer need to transfer their funds to another institution when they turn 71 — this conversion can now be completed within the platform.

Interactive Brokers eligibility requirements

To open an RRSP, TFSA, FHSA or RRIF account with Interactive Brokers Canada, you must:

• Be a Canadian resident
• Be 18 years of age or the age of majority in your province of residence
• Have a Social Insurance Number (SIN)

Regarding RRSP accounts: You cannot contribute to a plan after December 31 of the year you turn 71. Because IBKR Canada now supports RRIF accounts, you can convert your RRSP to a RRIF within the platform rather than having to transfer your funds elsewhere.

Deposit minimums and requirements: Interactive Brokers does not have any account minimums or inactivity fees.

Additional account features: What sets Interactive Brokers apart from most, if not all, Canadian online brokers, is its access to global markets and foreign currencies. Investors can trade in over 160 global exchanges and fund their account with more than 20 currencies — no other Canadian brokerage comes close.

Interactive Brokers Canada compared

Interactive Brokers vs. Questrade

Questrade is Canada's largest independent online brokerage, and gets high marks for its low fees, specifically its commission-free ETF purchases and lack of account fees. It also offers managed portfolios through its robo-advisor, Questwealth. IB Canada charges slightly higher fees on ETF purchases, but has lower trading fees overall. The minimum commission for both stocks and ETFs is only $1.00 CAD.

Questrade is the better platform for dedicated ETF investors or beginners who don't need access to global markets or IB Canada's advanced research tools. Questrade comes out on top if you need to open a registered account (RESP, RRIF, LIRA, LIF, FHSA, etc.) as it supports all of these account types.

IB Canada is the better choice for active traders who will benefit from stock trading fees as low as $1.00 per trade, or who want access to over 160 global markets, as well as top-notch foreign currency trading. Interactive Brokers GlobalTrader app allows you to fund your account with more than 20 different currencies — with Questrade, you can only hold Canadian or U.S. currency.

Interactive Brokers vs. Wealthsimple

Wealthsimple is one of Canada's leading robo-advisor platforms, and it also offers self-directed trading, with access to over 9,000 commission-free stocks and ETFs.

Wealthsimple is designed for younger investors, with Millennials making up 85% of its customer base. Its trading platform is easy to use, but its market research tools and investment options pale in comparison to what Interactive Brokers offers. Wealthsimple only supports stock, ETF, options and margin trading. With IB Canada, you can also invest in futures, currencies and bonds across more than 160 global markets.

That said, if you're just looking for a basic trading platform with access to free stock and ETF trades, Wealthsimple is the way to go. If you're an active trader or need access to more investment options, choose Interactive Brokers.

Interactive Brokers vs. Moomoo

Moomoo is a global investing app that expanded into Canada in 2023 and shares some core similarities with Interactive Brokers. However, unlike IB Canada’s newly expanded lineup, Moomoo's registered options are strictly limited to TFSAs and RRSPs. Its minimum Canadian stock and ETF trading fees are also slightly higher than Interactive Brokers’ ($1.49 CAD/trade vs. $1.00/trade). Fortunately, both platforms provide a free paper trading account, a rare feature many Canadian online brokers don't offer.

Moomoo is the better platform for mobile-first traders and options enthusiasts who want professional-grade analytics and market depth without a subscription fee. However, Moomoo is more limited when it comes to long-term tax planning, as it strictly offers TFSAs and RRSPs for registered accounts.

Interactive Brokers is the better choice for comprehensive investors who need expanded registered options—like the FHSA or RRIF—or who want to diversify globally. While Moomoo is heavily optimized for North American stocks and options, IBKR provides unmatched institutional access to over 160 global exchanges and allows you to seamlessly trade and hold more than 20 foreign currencies.

Interactive Brokers contact information, customer service and support

• 📞 Phone: Customers can contact Interactive Brokers by telephone at 1-877-745-4222, between 8:00 am and 5:30 pm ET, Monday to Friday.
• 📧 Email: IBKR does not support inbound emails. However, you can submit an inquiry via its Message Centre within the Client Portal. A dedicated onboarding email address — [email protected] — also exists specifically for submitting documents such as bank statements during account setup. These are separate functions; the Message Centre handles support and the onboarding email handles document submission.
• 💬 Chat: Live online chat is available to existing IBKR clients. To access, log in to the Client Portal and select “Support.”

It’s difficult to gauge IBKRs service levels, partly because many of the comments in forums such as Reddit pertain to the US brokerage. One frustration people have is that general customer service inquiries must go through the online Message Centre rather than direct email, due to security and spam concerns (according to the company).

Telephone support hours (8 am to 5:30 pm ET) are also shorter than other brokerages. For example, TD Direct Investing offers telephone support between 7 am and 10 pm ET, and Scotia iTrade takes calls from 8 am to 8 pm ET. 

What I like and don’t like about Interactive Brokers

Interactive Brokers is a truly global trading platform, offering access to well over 160 global markets and extensive forex trading capabilities. Furthermore, it boasts powerful trading platforms and low trading fees. The problem is that, while IBKR caters to global investors, it misses the mark in some key areas for Canadian investors.

For starters, a major drawback is that it still does not support RESPs or LIRAs. While the addition of FHSA and RRIF accounts is a significant improvement for Canadian investors, families saving for a child's education or those with locked-in pension funds will still need to look elsewhere. In addition, its RRSP account places tight restrictions on Home Buyers' Plan (HBP) and Lifelong Learning Plan (LLP) withdrawals.

Finally, while it does offer a Canadian-specific website with a .ca domain, you still have to filter through piles of information pertaining to other countries, including pricing and fees. Other Canadian-only brokerages offer a much cleaner and simpler experience.

Interactive Brokers refer a friend program

Interactive Brokers Canada participates in the global Refer a Friend program, and Canadian residents can take part — but with an important local distinction.

For the referring Canadian client: If you refer a friend who opens and funds an IBKR account, you can earn a $200 USD referral bonus.

Once referred, your friend must deposit at least $10,000 USD (or the CAD equivalent) within 30 days of opening their account and maintain the balance for one full year before IBKR will pay out your $200 USD bonus. 

Note: You cannot refer family members who live at the same exact physical address as you.

For the newly referred Canadian client: Due to Canadian regulatory restrictions, new Canadian applicants who sign up through a referral link are not eligible to receive the welcome shares (up to $1,000 USD in IBKR stock) that are available to referred clients in other countries. 

Bottom line: The promotional ecosystem does exist for Canadians — but it is one-sided. Existing Canadian clients can earn real money by referring others, however, the people they refer do not receive the welcome stock bonus.

How to open an Interactive Brokers account in Canada

You can open an Interactive Brokers account by following these six steps: 

1. 1 To get started, go to the Interactive Brokers website and select "Open An Account." You can use any IBKR domain and select Canada as your country of residence.
   
2. 2 IBKR will require a copy of a chequing or savings account statement dated within six months. It must include your name and address, bank name, your account number and the statement date. The preferred method is to upload documents directly within the Client Portal during registration; you may also be prompted to scan and email or fax the statement.
3. 3 You can fund your account by sending a wire or setting up an electronic funds transfer. You can also set up IBKR as a payee in your online banking bill payment system.
4. 4 Interactive Brokers will review your application for approval once it's completed and your bank statement has been received.
5. 5 You'll be notified by email with an approval decision once your application has been reviewed. This process typically takes 48 business day hours.
6. 6 Once your account has been approved and funds received, you will be able to place trades.

For support, you can contact an IBKR representative at 1-877-745-4222 from 8 am to 5:30 pm ET, Monday to Friday.

FAQs

Disclaimer: Terms and Conditions apply. Visit Wealthsimple via our Apply Now button for up-to-date terms and conditions.

Colin Graves Freelance Writer

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

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