Best online brokers in Canada for 2023 - MoneySense (2024)

If you’re looking for an online broker, this is the place—our 11th annual ranking of the best platforms in Canada, with an analysis provided bySurviscor. As any seasoned DIY investor can tell you, all discount brokers are not the same. And the reasons we choose one over another can be as nuanced as our financial goals and retirement plans. Maybe you want a seamless desktop-to-mobile experience, or you want to keep all your money and assets at the same financial institution. We understand. With 10 categories of consideration, from trading experience to the lowest fees, we cover the details that matter.

Best online brokers 2023: The top 10 firms

Here is the list of the 10 best online brokers in Canada for this year, which was derived by drilling down into the four pillars of investor experience at each firm: desktop platform, mobile platform, commissions and fees, and service availability and responsiveness. To find out more about the points, read our methodology.

Firms that ranked outside of the top 10 with 0 points scored:

• BMO InvestorLine’s pros and cons
• HSBC InvestDirect’s pros and cons
• Laurentian Bank Discount Brokerage’s pros and cons

Firms that did not make the review cut, but have evaluations by Surviscor:

• Interactive Brokers’ pros and cons
• Canaccord Genuity Direct’s pros and cons

Self-directed online investing has normalized after a few years of outsized activity spurred by house-bound investors and government stimulus payments, especially after a bad year for stocks in 2022. Account openings have now stabilized and are back to pre-COVID and pre-meme-stock-phenomenon levels. And the trend of $0 commission firms—specifically no limitations on stocks and exchange-traded funds (ETFs)—has stalled at two and a half legitimate firms. Yes, you read that last part correctly. (More on that half-firm later, where we talk about $0 commissions.)

Now, the question for Canadian online investors—or for that matter the actual online brokerage firms—is what’s the next marketing ploy to watch for? Is it something to attract new investors to the industry and in turn to the firm? Or is it something to make existing investors entertain the thought of trying a new online broker or even switching?

It seems the current marketing focus is to target Canadian investors with words like “easy” and “simple.” TD Easy Trade even put this into its brand name. And Wealthsimple Trade has been promoting its simplicity for years. Questrade is now following the same path with its QuestMobile app, alongside its original app/mobile-friendly site.

What we implore Canadian investors (especially newbies) to understand is that self-directed investing is not always “easy” or “simple” to do. This cannot be overstated. There is no platform design that can make the self-directed investing decision a cinch. Is it possible that marketers may use words that don’t speak the truth or give the full story? One would guess that everyone knows the answer to that sad question in our world today, which focuses on “information overload” rather than “information integrity.”

This is why we continue to publish an annual ranking of Canada’s best online brokers and why our list is different than others you may read. We’re not looking at just the shiny marketing objects or company-directed narratives. We tally all of the key aspects of a self-directed investing relationship with an online broker for all levels of investing experience.

Now in its 11th year, the ranking again reflects analysis provided by Surviscor, a leading Canadian research and consulting firm specializing in the customer experiences of digital and direct financial services. Customized for MoneySense to include hundreds of data points, Surviscor’s deep dive into the Canadian online brokerage marketplace is second to none.

This year’s edition looks slightly different from previous ones. We redesigned it for you, the Canadian investor, to provide a more comprehensive look at different areas of focus, so you can easily zero in on what you’d like to learn based on your needs and preferences.

We still have 10 categories of focus, and we’ve also divided the best online brokers in each category into three groups, based on results by platform experiences, investor type and firm type. In each case, we’ve used Surviscor’s existing research and ensured all of the four pillars of experience—desktop, mobile, commissions and fees, and service—are incorporated into each category. Gone are the references to separate desktop and mobile platform categories, as both are integral to the overall experience. Are you only using your laptop? Only using your phone? We didn’t think so.

And, because we know some Canadian investors prefer using the same firm they bank with while others avoid these larger firms at all costs, we added the following two new categories this year: best bank-owned online broker and best non-bank online broker.

Check the chart to see which firms in Canada raked in the most points for all categories, then read more about the top three online brokers and the best ones depending on your investing style and goals.

Top 3 online brokers in Canada

Here’s a closer look at the top three overall winners.

1. Questrade

Questrade is MoneySense’s pick for “2023 best online broker in Canada,” scoring 33 points overall and winning or tying for the top spot in five of the 10 categories. Questrade has a well-rounded offering and is focused on satisfying each investor profile with specific needs, while continuing to offer industry-leading customer contact methods and strong service responsiveness.

Its most glaring drawback is its commissions and fees structure, which barely cracks the top 10 in Surviscor’s Commissions and Fees Review. Other rankings you may read take a different approach to their reviews and may simply look at the advertised costs, but Surviscor identifies and penalizes firms for additional trade costs that can arise, including electronic communication network (ECN) fees and commissions charged to sell an ETF despite customers being able to purchase with no commissions charged.

Pros:

• Strong customer service responsiveness
• Great initial customer experience with transparency on offerings and fees, account opening experience, etc.
• The legacy mobile platform experience is similar to the online experience, which makes it easy to go between them
• A progressive firm dedicated to continually enhancing service levels
• Commitment to financial literacy

Cons:

• The new mobile platforms strategy is not good for the average investor, as the new QuestMobile is meant for new investors and Questrade Edge is too advanced
• Charges ECN fees, as well as additional transaction fees that can considerably increase commission costs above what’s advertised
• Charges commissions on ETF sell orders (buys are commission-free)
• Despite the basic price and volume alerts, it lacks account and market notifications

Are you interested in better understanding the good, the bad and the ugly about Questrade’s desktop or mobile platforms? Or how about Questrade’s service levels and the real story around its commissions and fees? Read the complete Questrade Surviscor review.

2. TD Direct Investing

TD Direct Investing, the top firm in 2022 and Canada’s largest discount brokerage firm, dropped to second place, scoring 30 points overall and winning or tying for the top spot in four of the 10 categories. TD’s continued commitment to investor education, its long-standing strength of market data and its strong traditional desktop-based investor platform make TD Direct Investing a well-rounded choice for self-directed investors in 2023.

We looked at the TD Direct Investing desktop platform experience, along with the TD Direct Investing mobile platform and the TD Easy Trade mobile app, coupled with the overall pricing, service levels and user experiences that TD Direct Investing provides. Note that TD Easy Trade, formerly the TD GoalAssist app, is a service offered under the TD Direct Investing umbrella. If you choose to take advantage of TD Easy Trade’s offer of 50 free stock trades per year, your account will be with TD Direct Investing. You’ll likely enjoy its traditional platforms more, as the TD Easy Trade platform on its own would rank poorly versus other online broker mobile-based platforms.

That said, TD Direct Investing’s overall commissions and fees across all its platforms and investor profiles are expensive, with the exception of small stock and ETF traders who make fewer than 50 trades per year. To receive discounts, however, these investors are required to place all trades via the TD Easy Trade mobile platform.

Pros:

• Initial impression is a good integration of self-directed brokerage services within the TD Bank website—a one-stop shop for banking and investing
• Well-rounded offering that can cater to investors with any level of experience
• Good depth and breadth of market data
• Commitment to investor education, including understanding its platforms
• Industry pioneer and influencer since the early days of self-directed investing

Cons:

• The marketing message around TD Easy Trade and how easy and simple it makes investing is misleading: The platform is weak, and educating users to stay on it does not promote self-growth
• The long-standing customer is paying high commissions and fees compared to those at other online brokerages
• To get the first 50 stock trades for free each year, clients must use the weaker mobile-based TD Easy Trade platform
• Customer service is spotty throughout the year; recent Surviscor stats indicate an average turnaround time of 18 hours on service enquiries

Are you interested in better understanding the good, the bad and the ugly about TD Direct Investing’s desktop and mobile platforms? Or maybe learning more about TD Direct Investing’s underwhelming service levels and where its commissions and fees rank amongst other firms? Read the complete TD Direct Investing Surviscor review.

3. Qtrade Direct Investing

Qtrade Direct Investing returns to the top three in 2023 (it held the top spot in 2020), scoring 26 points overall and winning or tying for the top spot in three of the 10 categories. The return makes sense, as Qtrade Direct Investing has always offered a well-rounded experience for investors of all sizes, coupled with a dedication to providing great service to new and existing customers.

The main drawbacks of using Qtrade Direct Investing include its commissions and fees. They tend to be on the high side, which is interesting for a below-average mobile platform. It seems that Qtrade has difficulty understanding who its target market is. Is it all investors? Or just new investors? Can it really be both? And what is its identity—Qtrade or Qtrade Direct Investing? Time will tell.

Pros:

• Exceptional customer service options and responsiveness
• Relatively seamless to switch between mobile and desktop when opening your account
• Good depth and breadth of market data
• Young investor pricing

Cons:

• Commissions and fees are on the high side, comparatively speaking
• Canadian investors wait a long time for platform enhancements/updates
• Mobile platform is only satisfactory, with limited user resources and tools
• Its marketing message “Write your own future” could be misleading, and it suggests more than what can be delivered to most self-directed investors

Are you interested in better understanding the good, the bad and the ugly about Qtrade Direct Investing’s desktop and mobile platforms? Or maybe learning more about Qtrade Direct Investing’s service levels and where its commissions and fees rank amongst other firms? Read the complete Qtrade Direct Investing Surviscor review.

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Best online brokers by category

Surviscor’s message is always “buyer beware” for self-directed investing, as each firm attempts to get a leg up on its peers with minor points of differentiation. It’s like choosing to read an article about “five-minute abs” and there’s another one claiming you can do it in four minutes. Don’t fall for the shiny marketing messages. Do your homework and ask yourself: “Do I really believe that a firm is willing to pay for my fees and lose money just so I can be a customer?” The answer: “Probably not.”

Everything will not appeal to everybody. We know that the areas some online brokers excel at will be important to certain customers but maybe not to you. To help you find what you’re looking for, we’ve selected the best online brokers for each category and divided them into three groups: results by platform experiences, investor type and firm type. Below that, you can check out some good investing 411 info, as well as our methodology for MoneySense’s best online brokers ranking.

Results by platform experiences

• Best online brokers for user experience
• Best online brokers for account experience
• Best online brokers for trading experience
• Best online brokers for investor resources experience

Results by investor type

• Best online brokers for new investors
• Best online brokers for seasoned investors

Results by firm type

• Best $0 commission online brokers
• Best commission online brokers
• Best bank-owned online brokers
• Best non-bank online brokers

Best online brokers for user experience

The user experience category is based on 16 areas of analysis that explore the usability of online brokers’ desktop and mobile platforms, both inside and outside of their secure areas. The results are based on a measurement of features and functionality that impact investor choice, convenience and control of the overall experience.

The key measurements are onboarding experiences, service methods and availability, the design of pre-login and secure areas, login security, policies and disclaimers, and the ability of an investor to customize their experience.

1. Questrade

Questrade is the leader in overall digital user experience, scoring 48 points and leading in four of the 16 areas of analysis. Questrade provides investors with a great first impression through its account opening process, leading customization features and intuitive designs, and it excels at service interaction methods that provide choices for investors.

Not that everyone reads the policies—most don’t—but the user experience drawback at Questrade is the lack of easy access to its mobile platform policies.

Need to learn more about Questrade and its platform experiences? Surviscor’s likes and dislikes of Questrade’s digital platforms can help.

2. TD Direct Investing

TD Direct Investing is the co-runner-up in overall digital user experience, scoring 38 points and leading in four of the 16 areas of analysis. TD Direct Investing provides investors with intuitive platform designs that make the experience easy to understand, regardless of the content within each platform.

The user experience drawbacks at TD Direct Investing include the presentation of mobile platform policies and a weaker onboarding process.

Need to learn more about TD Direct Investing and its platform experiences? Surviscor’s likes and dislikes of TD Direct Investing’s digital platforms can help.

2. RBC Direct Investing

RBC Direct Investing is the co-runner-up in overall digital user experience, scoring 38 points and leading in three of the 16 areas of analysis. RBC Direct Investing boasts its banking-brokerage integrated design, which allows for continuity and usability consistencies between banking and investing.

The user experience drawbacks at RBC Direct Investing include a lack of user customization options and a weaker onboarding process.

Need to learn more about RBC Direct Investing and its platform experiences? Surviscor’s likes and dislikes of RBC Direct Investing’s digital platforms can help.

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Best online brokers for account experience

The account experience category is based on 12 areas of analysis. It explores the non-transactional-related digital account information aimed at monitoring an investment account or assisting in an investor’s decision-making process, once they’re logged in as a customer, on both the desktop and mobile platforms.

The key measurements are additional account onboarding experiences, secure-area service methods and availability, product availability, the presentation and usability of account information including holdings and trades, and the ability for customers to self-manage the experience through digital account management and notification capabilities.

1. Questrade

Questrade is the undisputed leader in overall digital account experience, scoring 40 points (15 points ahead of runner-up Scotia iTRADE). Questrade leads in three of the 12 areas of analysis, including product availability, and it provides investors with leading digital account information including balances, holdings and trades.

The account experience drawback at Questrade is the lack of desktop-based account notifications.

Need to learn more about Questrade and its platform experiences? Surviscor’s likes and dislikes of Questrade’s digital platforms can help.

2. Scotia iTRADE

Scotia iTRADE is the runner-up in overall digital account experience, scoring 25 points and leading in two of the 12 areas of analysis, including digital management. Scotia iTRADE has launched its new platform design (and there’s more to come), and it provides investors with easy-to-understand desktop-based account information.

The account experience drawbacks at Scotia iTRADE include a lack of account notifications and weaker account information on the mobile platform than on the desktop platform.

Need to learn more about Scotia iTRADE and its platform experiences? Surviscor’s likes and dislikes of Scotia iTRADE’s digital platforms can help.

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Best online brokers for trading experience

The trading experience category is based on 24 areas of analysis and explores the various digital-based transactional areas and screens along with the supporting process and features. This includes the informational aspect of the supporting market intelligence that encompasses the complete digital order-placing and transactional experience.

The key measurements are product availability via desktop and mobile platforms (stocks, ETFs, options, bonds, global stocks and guaranteed investment certificates, a.k.a. GICs), order screen functionality and supporting features, supporting market notifications and the availability of in-depth market intelligence to support an investor’s decision needs.

1. TD Direct Investing

TD Direct Investing is the leader in overall digital trading experience, scoring 56 points and leading in two of the 24 areas of analysis. Although TD Direct Investing does not dominate in many areas, it does provide above-average experiences in most of the areas. One way TD shines is that it provides industry-leading market intelligence and depth of data, which are the basis of any superior trading experience.

The trading experience drawback at TD Direct Investing is that its transactional screen designs and process—something that runner-up Questrade excels at—is just average.

Need to learn more about TD Direct Investing and its platform experiences? Surviscor’s likes and dislikes of TD Direct Investing’s digital platforms can help.

2. Questrade

Questrade is the runner-up in overall digital trading experience, scoring 50 points and leading in five of the 24 areas of analysis, including product availability and the transactional process for trading stocks and ETFs on its digital platforms.

The trading experience drawback at Questrade is its supporting market information, which is the strength at TD Direct Investing.

Need to learn more about Questrade and its platform experiences? Surviscor’s likes and dislikes of Questrade’s digital platforms can help.

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Best online brokers for investor resources

The investor resources experience category is based on 13 areas of analysis and explores the various supporting investor resources available in both the pre-login and secure customer areas of the digital platforms.

The key measurements are the digital-based features and functionality of the investment and planning tools, interactive education, and account and market notifications available to the Canadian digital investor.

1. TD Direct Investing

TD Direct Investing is the undisputed leader in overall digital investor resources experience, scoring 50 points—that’s 21 points ahead of runner-ups National Bank Direct Brokerage and Qtrade Direct Investing. TD Direct Investing leads in three of the 13 areas of analysis, and it is within the top five in all the other areas. That’s due to TD offering a combined banking-brokerage app. You don’t necessarily need an investment account to access its investing resources and digital educational information.

There is no identifiable drawback in the investor resources experience at TD Direct Investing.

Need to learn more about TD Direct Investing and its platform experiences? Surviscor’s likes and dislikes of TD Direct Investing’s digital platforms can help.

2. National Bank Direct Brokerage*

National Bank Direct Brokerage is the co-runner-up in overall digital investor resources experience, scoring 29 pointsdespite having no top firm finishesin the13areas of analysis. National Bank Direct Brokerage provides investors with industry-leading research and fundamental information, and mobile-based screeners.

The drawbacks of the investor resources experience at National Bank Direct Brokerage are a lack of desktop-based market notifications and below-average education.

Need to learn more about National Bank Direct Brokerage and its platform experiences? Surviscor’s likes and dislikes of National Bank Direct Brokerage’s digital platforms can help.

2. Qtrade Direct Investing

Qtrade Direct Investing is the co-runner-up in overall digital investor resources experience, scoring 29 points and ranking first of the 14 areas of analysis. Qtrade Direct Investing provides investors with good research and fundamental information, digital-based education and planning resources.

There are no material drawbacks in the investor resources experience at Qtrade Direct Investing.

Need to learn more about Qtrade Direct Investing and its platform experiences? Surviscor’s likes and dislikes of Qtrade Direct Investing’s digital platforms can help.

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Best online brokers for new investors

New investors should have their hands held and be educated through their online broker. The new investor experience category is based on 48 areas of analysis. It explores the digital experiences new investors will have with an online broker, including desktop and mobile platforms, commissions and fees, and service levels. In terms of commissions and fees, the review uses Surviscor’s data for a zero-to-four-trades-per-month investor profile.

What does “new investor” really mean? To online brokerage firms, it means opportunity. It’s the golden ticket, as brokers covet this customer segment more than any other. Why does it mean so much to them? Because it represents new money and the opportunity to grow their “share of wallet” through other products and services—not just self-directed investments.

To us, a new investor is a rookie, a newbie, or an impressionable investor with little to no experience who has a desire to try, not gamble with, self-directed investing. If this definition sounds like you, then consider yourself a new investor and listen closely to the message we are preaching. We have done the work at the in-depth levels of analysis you deserve.

The takeaway is to shy away from the shiny marketing messages meant to lure you in. Concentrate on online brokers that provide value through learning opportunities and lots of information, and focus less on cost since you won’t be trading a lot.

If you want to read between the lines of Canadian self-directed investing and consumer banking messages, consider visiting Surviscor’s Between The Lines blog, where each brokerage and banking article represents an objective, non-sponsored, non-paid, factual review highlighting day-to-day personal finance experiences.

1. TD Direct Investing

TD Direct Investing is the best online broker choice for new investors, scoring 108 points. It should be immediately noted that this result is not based on the TD Easy Trade platform but rather on the combination of using the traditional TD Direct Investing digital platforms and using the scaled-down TD Easy Trade platform to receive the first 50 stock trades for free.

TD Direct Investing provides new investors with good overall user experiences, investment and planning resources, non-customer interaction methods and industry-leading market information and intelligence.

The main drawbacks for new investors at TD Direct Investing are its 18-hour average service interaction response times, and the requirement to use the TD Easy Trade platform to receive the first 50 stock trades for free each year.

Would you like more information on TD Direct Investing’s investor experiences and how they may impact you as a newer investor? Surviscor’s likes and dislikes of TD Direct Investing’s investor experiences can help.

2. Questrade

Questrade is our next-best online broker choice for new investors, scoring 105 points. As is the case with the best firm, the new mobile platform, QuestMobile, is not the reason Questrade scored well, as we would prefer that new investors use the traditional digital desktop and mobile platforms. Questrade provides new investors with strong account opening and account information experiences and good service interaction methods (methods of communication) and interaction responsiveness (how long it will take for someone to get back to you).

The main drawbacks for newbies at Questrade are its commission structure and potential hidden fees, its market data costs and a lack of investment planning resources for new investors.

Would you like more information on Questrade’s investor experiences and how they may impact you as a newer investor? Surviscor’s likes and dislikes of Questrade’s investor experiences can help.

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Best online brokers for seasoned investors

Seasoned investors make decisions based on facts and data. That is why the seasoned investors category is based on 49 areas of analysis and explores the digital experiences that seasoned investors will have with an online broker, including desktop and mobile platforms, commissions and fees, and service levels. In terms of commissions and fees, the review uses Surviscor’s data for two investor profiles: five to nine trades per month and 10 to 33 trades per month.

What does the term “seasoned investor” really mean? To brokerage firms, it means a steady investor who trades relatively regularly, providing them with a consistent pattern of income streams that are tightly in sync with the level of activity in the stock market. So why does it seem like seasoned investors mean less to brokers than new investors? Because they do, or at least appear to, when all the focus is on new platforms and new pricing to attract the newbies. The scary observation is that many firms feel these seasoned investors will never leave, and thus they lose focus.

To us, a seasoned investor is one who understands self-directed investing and how to essentially navigate their own path through the ebbs and flows of market conditions. Seasoned does not equate to success, but it does equate to more educated decision-making, a discipline that helps keep the lights on at most firms. If a new investor is called a rookie or newbie, then a seasoned investor could be called the forgotten or ignored investor.

The message here is that you have many online brokers to choose from, and you should exploit each and every available opportunity while holding your existing firm to the highest of standards.

1. Questrade

Questrade is our best online broker choice for seasoned investors, scoring 119 points. We go on about Questrade’s hidden fees. But, if you are a seasoned investor, you are probably used to navigating through optimal commission scenarios and reducing or eliminating the market data costs that arise at a few firms.

The beauty of Questrade for a seasoned investor is the abundance of choice and differentiating products that allows a self-directed investor to grow into more advanced products and platforms when they are ready, or willing, to do so.

Would you like more information on Questrade’s investor experiences and how they can help you as a seasoned investor? Surviscor’s likes and dislikes of Questrade’s investor experiences can help.

2. Qtrade Direct Investing

Qtrade Direct Investing is our next-best online broker choice for seasonedinvestors, scoring 113 points. Some experts may say this is an odd choice, but we are basing this evaluation on Qtrade’s legacy platforms and ignoring the identity crisis we spoke about earlier.

The bottom line for Qtrade Direct Investing—we’ve been saying it for 10 years now: It has a well-rounded offering that can cater to each investor profile. The question is, where is it going, and will that statement hold true in the years to come?

Would you like more information on Qtrade Direct Investing’s investor experiences and how they can help you as a seasoned investor? Surviscor’s likes and dislikes of Qtrade Direct Investing’s investor experiences can help.

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Best $0 commission online brokers

Want no commission fees? The best $0 commission online brokers category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop, mobile, commissions and fees, and service levels) through the review of 69 individual experiences. In terms of commissions and fees, the review uses Surviscor’s data for a zero-to-four-trades-per-month investor profile.

Let’s address the elephant in the room right away: TD Easy Trade is not a $0 commission online broker. Why not? First off, it’s a sub-brand of TD Direct Investing and really a name to identify its reduced-commission, mobile-based platform, which only provides 50 free stock trades per year and free in-house-only ETF trades. No matter what the TD marketing folks and paid bloggers and writers say, know that it is not a $0 online broker. At best, this is a limited offering due to the platform use requirement and more of an ongoing promotion for the parent TD Direct Investing, one that could end at any time. What happens when an investor reaches the 51st trade? It’s time to pay.

As mentioned earlier, the $0 commission trend has stalled, as many firms have chosen not to follow the no-money, loss-leader path. Surviscor identifies only two and a half firms in this category. And even that evaluation can be weak, as all of the firms charge commissions for options and build in commissions if an investor trades bonds or GICs. For now, these firms are given the title due to the $0 commissions on stock and ETF purchases and sales, despite all of them offering options at a commission. Wealthsimple Trade is in customer beta.

So, if TD Easy Trade is a $0 imposter, are you wondering who the “half” firm is? Well, it’s the pioneer and industry disruptor Wealthsimple Trade, based on the fact that it does not provide all North American stocks or ETFs as everyone else does.

The Canadian bank-owned firms attempt to drive the $0 ETF commissions message, but the reality is that there are small-print caveats to consider. For example, Scotia iTRADE limits the number of available $0 commission ETFs. TD Direct Investing only allows in-house products. And BMO InvestorLine offers a hybrid of both in-house products and a select number of third-party $0 ETFs. Of course, it’s important to understand that the lowest price is not always best when it comes to fees. You should also consider what you’re getting for your money.

1. National Bank Direct Brokerage*

National Bank Direct Brokerage is our choice for best $0 commission online broker for 2023, scoring 33 points. The $0 criteria speaks to its unrestricted availability and unlimited transactions of North American stocks and ETFs for $0, but the complementary digital platform experiences are what sets National Bank Direct Brokerage apart—it has not totally fallen prey to the “provide less for $0” trend. Time will tell with the new releases of its mobile platforms.

Are you unsure about what National Bank Direct Brokerage can offer you for its low, low, low commissions? Surviscor’s likes and dislikes of National Bank Direct Brokerage’s investor experiences can help.

2. Desjardins Online Brokerage

Desjardins Online Brokerage, the last firm to fully enter the $0 commissions arena, is our next-best online broker choice, scoring 26 points. Canadian investors can expect $0 commissions with no restrictions for stock and ETF transactions, as with its Quebec-based counterpart. And they are provided with a full investor experience. Although Desjardins Online Brokerage could improve its digital platforms and investor usage experience, the good news is that it provides a solid offering for $0 and also has competitive options commissions and account administration fees.

Are you unsure about what Desjardins Online Brokerage can offer you for its low, low, low commissions? Surviscor’s likes and dislikes of Desjardins Online Brokerage’s investor experiences can help.

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Best commission online brokers

You get what you pay for—at least, that’s what you hope. The best commission online brokers category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop, mobile, commissions and fees, and service levels) through the review of 75 individual experiences.

What is a commission online broker? It’s a firm that charges commissions, with exceptions or limitations, for trading stocks or ETFs. In terms of commissions and fees, the review uses Surviscor’s data for two investor profiles: five to nine trades per month and 10 to 33 trades per month.

The investors who use these firms are loyal—they aren’t tempted by $0 commissions. Instead, they take a value-driven approach, meaning they appreciate and are willing to pay for solid research and quotes, and they look at the total cost of trades based on the information they get from the firm. Even if you are a conservative or passive investor, paying a few extra dollars (or pennies!) per trade may be worth it if the service includes access to free education, analyst recommendations, and tools and resources, such as unlimited real-time quotes and depth of data.

Unfortunately, the marketing message at commission online brokers mimics the messages of $0 commission online brokers. The difference is that commission online brokers speak of reduced fees and typically the lowest fee charged. However, those reduced fees do come at a different cost. It could be missing functionality (like on TD Easy Trade), or potential hidden costs (like ETF fees that can double or triple the stated commission fees), or inflated foreign exchange rates for U.S.-dollar trading in Canadian currency accounts, or platform costs for better data, or even reduced service coverage. We could go on and on, but our point is made, right?

1. Questrade

Questrade is our choice for best commission online broker for 2023, scoring 156 points. As mentioned earlier, and many times, Questrade’s ECN fees and market data costs can become troublesome. If you have chosen to use a commission broker, you will simply need to review your trading patterns and figure out how to avoid the fees and choose the market data packages that make sense for you.

In this tightly contested race, Questrade gets the nod over TD Direct Investing due to the latter’s glaring shortcomings in commissions, service responsiveness and account experiences. Otherwise, the two firms can see-saw back and forth on areas of greatness and concern.

Would you like more information on Questrade’s individual investor experiences to better understand the whole picture of what you are paying for? Surviscor’s likes and dislikes of Questrade’s investor experiences can help.

2. TD Direct Investing

TD Direct Investing is our next-best commission online broker choice, scoring 153 points in a tight race. You can’t go wrong with TD Direct Investing, and if you are willing to play the TD Easy Trade use-for-trading-only game with them—taking advantage of the zero to 50 free stock trades per year—your cost per trade should decrease exponentially.

TD Direct Investing provides good investor experiences across its traditional digital platforms, and it has enough resources to allow clients to grow into self-directed investors.

Would you like more information on TD Direct Investing’s individual investor experiences to better understand the whole picture of what you are paying for? Surviscor’s likes and dislikes of TD Direct Investing’s investor experiences can help.

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Best bank-owned online brokers

Want to invest at a bank? The best bank-owned online brokers category is based on 14 major buckets of analysis derived from the four main Surviscor pillars of experience (desktop, mobile, commissions and fees, and service levels)through the review of 93 individual experiences at nine firms. The ranking considers the full spectrum of investor profiles, according to the adapted MoneySense version.

Let’s face it, the majority of Canadians love and trust banks, sometimes blindly. It is unclear if the loyalty stems from familiarity, tradition or simply a lack of trust in any firm that is known as independent from the well-known big banks. In many respects, Canadians are very aware that most bank-owned firms tend to cost more, but having their financial assets in one place outweighs the additional expense.

It should be noted that the proposed Royal Bank takeover of HSBC Canada, set for late 2023, likely means that HSBC InvestDirect customers will move to RBC Direct Investing or have the opportunity to search for another firm. In either case, HSBC InvestDirect customers should welcome the deal from the perspective of digital platforms and service, as the broker has been plagued by a lack of progress and poor management vision. However, there will be substantial increases in commissions and fees.

1. TD Direct Investing

TD Direct Investing is our undisputed choice for best bank-owned online broker for 2023, scoring 158 points, which is 50 points better than National Bank Direct Brokerage. There is not much more to say about TD Direct Investing, as we have already dug into the details on the firm’s profile above. One thing is crystal clear: TD Direct Investing is dominating the other bank-owned firms in the self-directed online brokerage arena.

The TD Direct Investing overview goes like this:

• Good user experience across traditional platforms
• Great market intelligence data
• Poor service responsiveness
• Great educational resources
• Investor-limiting rules to receive 50 free stock trades per year
• Sub-brand TD Easy Trade is not a $0 commission firm
• An online broker for all investor profiles

There, you have it.

Learn more about TD Direct Investing and Surviscor’s likes and dislikes.

2. National Bank Direct Brokerage*

National Bank Direct Brokerage is our next-best bank-owned online broker for 2023, scoring 108 points. Let’s be clear that National Bank Direct Brokerage’s move to unrestricted $0 stock and ETF commissions is what largely separates it from the next bank-owned firm, RBC Direct Investing.

The National Bank Direct Brokerage overview goes like this:

• Free stock purchases for all available North American shares
• Free stock sales
• Free ETF purchases for all available North American issuers
• Free ETF sales
• Poor service responsiveness
• Good investor resources
• Free and you get things

Did we mention that there are a lot of “free” things at National Bank Direct Brokerage? OK, you get the point.

Learn more about National Bank Direct Brokerage and Surviscor’s likes and dislikes.

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Best non-bank online brokers

And then there are Canadian investors who do not want to use a bank as their online broker. The best non-bank online brokers category is based on the same in-depth analysis of areas of focus as the bank-owned category. There are six non-bank-owned online brokers; however, our review focuses on four because the other two cater more to traditional hyperactive day traders. Investors are lured to non-bank-owned firms by constant marketing, a perception of lower fees and, in many cases, a lack of trust around the Canadian banking firms.

When these firms opened up, they tried to differentiate themselves with lower costs, but they failed to offer the same level of investor experiences as bank-owned firms. Then the pendulum swung as these self-directed online brokers became the innovators, or disruptors, and pushed the investor experience envelope using a more active-trader approach to platform design and, in some cases, pricing.

The result was great for Canadian investors. Not only did the non-bank online brokers change the landscape of self-directed discount brokerage experiences, but they provided more choices for investors and made the bank-owned firms more accountable, which in turn improved the overall experience at the progressive bank-owned firms.

1. Questrade

Questrade is our choice for best non-bank online broker for 2023, scoring 156 points. Like the bank-owned rankings, there is not much more to say about Questrade that hasn’t already been said. The Questrade overview goes like this:

• Great service
• Multiple platforms
• Good account information experience
• Potential significant hidden fees
• Market data fees

It’s an online broker that works for all investor profiles.

Learn more about Questrade and Surviscor’s likes and dislikes.

2. Qtrade Direct Investing

Qtrade Direct Investing is our next-best non-bank online broker choice for 2023, scoring 136 points. Following the overview logic above, the Qtrade Direct Investing overview goes like this:

• Great service
• Good multi-platform account opening process
• Older but informative platform designs
• Good transactional processes
• It’s a good online broker, but at times it seems to be running down the path of only marketing to young investors, even though its success has been based on the everyday investor

Another online broker for all Canadian investor profiles.

Learn more about Qtrade Direct Investing and Surviscor’s likes and dislikes.

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Comparing Canada’s best online brokerages ►►

To view all the data in the table, slide the columns right/left/up/down using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

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Online brokerage fast facts and FAQs

by MoneySense Editors

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See the full comparison tool of the best 15 online brokers in Canada to see how they stack up.

More Surviscor resources

Looking for more information? Surviscor provides exclusive and curated information with you, the investor, in mind. Here are some valuable links to consider:

Surviscor’s site offers unbiased analysis of Canadian online brokers based on facts, not influenced by marketing campaigns and paid reviews. There you will also see in-depth analysis of the four major investor experiences, helping investors to quickly decide on the online brokers that will work best for their goals and interests. Surviscor’s firm reviews provide a more comprehensive review of each Canadian online brokerage firm, including rankings and scores for fees, service levels and both digital platforms (desktop and mobile).

Powered by Surviscor’s extensive research, scorChoice–Find your own #1 is the only tool of its kind in Canada. It allows an investor to produce a personalized scorecard of the top firms that suit the desired experience criteria. The beauty of the tool is that it can be useful for novice investors to quickly gain insight on the firms that could satisfy their initial needs. And seasoned investors can use it to not only validate current relationships but also gain insight into firms that may provide a better solution.

Surviscor’s blog, Between the Lines, provides a deep dive into Surviscor’s annual brokerage and Canadian banking reviews.

See past “Best online brokers” 2022 rankings.

Methodology

Surviscor representatives completed a features and functionality questionnaire of nearly 8,000 questions for each firm in the review, covering both desktop and mobile platforms, while performing hundreds of typical investor tasks on each individual digital platform. Surviscor also analyzed the firms’ commissions and fees across five trade-related investor profiles and reviewed 146 service interactions over a 12-month period ending on Feb. 28, 2023. Each firm was assigned a score based on its ranking within the 10 sections of our review (5 points for first place; 4 for second; 3 for third; 2 for fourth; and 1 for fifth), and the overall score represents the sum of the awarded sections.

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Glenn LaCoste, president and CEO of Surviscor Group, is considered a leading Canadian spokesperson and analyst in the online and mobile brokerage and banking industries in Canada. He has more than 30 years of experience in financial services and has been actively involved in Canadian financial services ratings and ranking reviews since 2003. LaCoste is often quoted in Canadian financial services articles, and he provides professional insight on brokerages and banking as an occasional television guest on the Business News Network (BNN).

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