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Introduction
Not all investors want a simple mobile app — some need more tools, account types, and research. While investing apps like Wealthsimple are perfect for starting out, many Canadians eventually look for online brokers that offer more flexibility and control.
Choosing the right broker matters, especially for beginners. Fees, account availability, and ease of use can make the difference between a portfolio that grows efficiently and one that gets eaten away by costs. Pick the wrong platform, and you could end up paying too much in commissions or missing out on account types like TFSAs and RRSPs.
That’s why we created this guide to the best online brokers for beginners in Canada 2025. We’ll compare the top platforms, breaking down their fees, features, and beginner-friendliness. By the end, you’ll know which broker fits your style — whether you want simplicity, low fees, or advanced tools.
Quick Comparison Table
| Broker | Best For | Accounts | Fees | Key Features |
|---|---|---|---|---|
| Questrade | Beginners ready to grow | TFSA, RRSP, Margin, Corporate | $4.95–$9.95/trade, ETFs free to buy | Low fees, great for DIY investing |
| Interactive Brokers (IBKR) | Advanced traders | Margin, Corporate, TFSA (limited) | $0.01/share (min $1) | Global markets, pro-level tools |
| TD Direct Investing | Bank clients | TFSA, RRSP, RESP, Margin | $9.99/trade | Bank integration, good research |
| RBC Direct Investing | RBC clients | TFSA, RRSP, RESP, Margin | $9.95/trade | Easy transfers, analyst research |
| CIBC Investor’s Edge | Budget-conscious | TFSA, RRSP, RESP | $6.95/trade | Lower commissions than big banks |
Questrade
Why It Stands Out
Questrade is one of Canada’s most popular online brokers. It’s especially appealing for beginners ready to grow, thanks to low trading fees and free ETF purchases.
Pros
- Free ETF purchases
- Low commissions ($4.95–$9.95 per trade)
- Multiple account types (TFSA, RRSP, margin, corporate)
- Reliable platform
Cons
- Learning curve for complete beginners
- Some fees for data packages or inactivity
Personal Note
“When I first tried Questrade, it felt overwhelming. But once I got used to it, the low ETF costs saved me money.”
Interactive Brokers (IBKR)
Why It Stands Out
IBKR is the cheapest broker on the market in terms of per-share pricing and offers access to global markets. It’s best for advanced traders who want options, futures, and professional tools.
Pros
- Ultra-low fees ($0.01/share)
- Access to 150+ global markets
- Pro-level charting and research
Cons
- Steep learning curve
- Limited TFSA and RRSP options in Canada
Personal Note
“I wouldn’t recommend IBKR unless you’re serious about trading. It’s powerful, but definitely not beginner-friendly.”
TD Direct Investing
Why It Stands Out
TD Direct Investing is a natural choice for TD bank clients who want everything in one place. It offers solid research and good customer support.
Pros
- Integrated with TD banking
- Strong research tools
- Wide account selection
Cons
- $9.99 per trade (not ideal for active traders)
- No commission-free ETFs
Personal Note
“I know TD clients who like having everything in one place, but the fees are high compared to Questrade or National Bank.”
RBC Direct Investing
Why It Stands Out
RBC Direct Investing is great for RBC customers who want easy transfers between accounts and strong analyst research.
Pros
- Smooth bank integration
- Analyst reports available
- Supports RESP accounts
Cons
- $9.95 per trade
- No free ETF trades
Personal Note
“If you’re loyal to RBC, this keeps things simple. But personally, I’d rather save on fees elsewhere.”
CIBC Investor’s Edge
Why It Stands Out
CIBC Investor’s Edge is a lower-cost alternative among the big banks, offering $6.95 per trade.
Pros
- Cheaper than most big banks
- TFSA, RRSP, and RESP options
- Reliable reputation
Cons
- Platform design is dated
- Limited advanced tools
Personal Note
“I haven’t used CIBC myself, but I’ve noticed a lot of budget-conscious investors prefer it over TD or RBC.”
How to Choose the Right Broker
When comparing online brokers, consider:
- Fees: Do you plan to trade often, or just a few times a year?
- Accounts: Make sure the broker supports TFSA, RRSP, or RESP if needed.
- Tools & Research: Do you need pro-level charts or just a simple platform?
- Bank Integration: If convenience matters, a bank-owned broker might be worth the higher fees.
Related read: Best Investing Apps in Canada 2025.
FAQs
What’s the cheapest online broker in Canada?
Interactive Brokers (IBKR) has the lowest fees, but Questrade is often cheaper for ETFs.
Can beginners use Interactive Brokers?
Technically yes, but it’s not recommended. The platform is too complex for most beginners.
Is Questrade better than Wealthsimple?
For apps, Wealthsimple is easier. For brokers, Questrade is better for scaling up.
Which bank has the lowest trading fees?
CIBC Investor’s Edge, at $6.95 per trade.
Do all brokers offer TFSA and RRSP accounts?
Most do, but some like IBKR have limited Canadian account options.
Conclusion
Apps are great for beginners, but brokers offer more depth. If you want more account types, advanced research, and lower long-term fees, an online broker is the next step.
For most beginners, Questrade is the best balance of cost and flexibility. If you’re highly advanced, Interactive Brokers offers global access and rock-bottom fees.
Ready to compare both? See our guide to the Best Investing Apps in Canada 2025 to pick the platform that fits your style.
