Choosing the right trading brokerage platform in Canada is essential for investors at all levels. Canadian brokers offer diverse features, access to multiple stock exchanges, and various tools. This article covers popular platforms like Questrade, Wealthsimple Trade, TD Direct Investing, Interactive Brokers, CIBC Investor’s Edge, RBC Direct Investing, and now Scotiabank iTRADE. We’ll detail supported exchanges, platform features, and pros and cons, so you can choose the best option for your trading needs.
Overview of Major Canadian Brokerage Platforms
| Platform | Commissions | Account Types | Features | Best For |
|---|---|---|---|---|
| Questrade | $4.95 – $9.95 (stocks) | RRSP, TFSA, Margin, RESP, FX | Advanced tools, low fees, global access | Active traders, global diversification |
| Wealthsimple Trade | Commission-free (Canadian & U.S. stocks) | TFSA, RRSP, Personal | Simple, mobile-focused, low cost | Beginners, low-cost investing |
| TD Direct Investing | $9.99 (stocks) | TFSA, RRSP, RESP, Margin, and more | Robust research, wide exchange access | Intermediate to advanced investors |
| Interactive Brokers | $0.0035/share, min. $1 per trade | TFSA, RRSP, Margin | Extensive global markets, low fees | Experienced traders, global access |
| CIBC Investor’s Edge | $6.95 (stocks) | RRSP, TFSA, RESP, Margin, and more | Lower fees, reliable tools | North American-focused investors |
| RBC Direct Investing | $9.95 (stocks) | TFSA, RRSP, Margin, RESP | Solid research tools, bank integration | RBC clients, advanced traders |
| Scotiabank iTRADE | $9.99 (stocks) | TFSA, RRSP, RESP, Margin, and more | Good research tools, bank integration | Scotiabank clients, new to intermediate traders |
In-Depth Platform Analysis
Here’s a detailed breakdown of the features, pros, and cons of each platform.
1. Questrade
Questrade offers affordable commissions and global market access, making it a go-to choice for active traders.
Pros:
- Low fees and no account maintenance fees.
- Supports Canadian, U.S., and international markets.
- Advanced research and trading tools.
Cons:
- Platform can be overwhelming for beginners.
- Limited customer support options.
2. Wealthsimple Trade
Known for commission-free trading, Wealthsimple Trade is Canada’s simplest platform, ideal for beginners and passive investors.
Pros:
- No commission on Canadian and U.S. trades.
- User-friendly mobile and web platforms.
- Fractional shares available.
Cons:
- Limited to Canadian and U.S. markets only.
- Basic tools and limited research resources.
3. TD Direct Investing
TD Direct Investing provides access to Canadian, U.S., and several global exchanges. The platform is well-suited for experienced traders looking for in-depth research tools.
Pros:
- Comprehensive research and educational resources.
- Integration with TD banking accounts.
- Access to Canadian, U.S., and international markets.
Cons:
- Higher trading fees.
- Interface may be complex for new users.
4. Interactive Brokers
Interactive Brokers is popular among advanced traders for its extensive access to global markets and sophisticated trading tools.
Pros:
- Access to over 135 markets worldwide.
- Low trading fees, especially for high-volume traders.
- Advanced trading and charting tools.
Cons:
- Complexity and learning curve.
- Minimum balance requirements for some accounts.
5. CIBC Investor’s Edge
CIBC Investor’s Edge is an economical option with reliable tools, primarily focused on Canadian and U.S. markets.
Pros:
- Low commissions compared to other Canadian banks.
- Access to Canadian, U.S., and ADRs for limited international exposure.
- Easy integration with CIBC banking.
Cons:
- Basic platform compared to others.
- Limited access to international markets.
6. RBC Direct Investing
RBC Direct Investing integrates seamlessly with RBC banking services and offers robust research tools.
Pros:
- Access to Canadian, U.S., and some international markets.
- Comprehensive research and analysis tools.
- Convenient for RBC clients.
Cons:
- Higher commissions.
- Limited support for smaller international markets.
7. Scotiabank iTRADE
Scotiabank iTRADE is a solid choice for Scotiabank customers who want banking and investing in one place. iTRADE provides access to Canadian and U.S. markets and offers some of the best educational resources for beginners.
Supported Exchanges:
- Canadian: TSX, TSXV, CSE.
- U.S.: NYSE, NASDAQ, AMEX.
Pros:
- No annual fee for registered accounts.
- Comprehensive research and educational resources.
- Good integration with Scotiabank banking.
Cons:
- Higher trading fees at $9.99 per stock trade.
- Limited access to international markets beyond North America.
Stock Exchanges Supported by Major Trading Platforms
Here’s a quick comparison of the stock exchanges each platform supports:
| Platform | Canadian Exchanges | US Exchanges | International Exchanges |
|---|---|---|---|
| Questrade | TSX, TSXV, CSE, NEO | NYSE, NASDAQ, AMEX | LSE, FWB, HKEX, Euronext, and others |
| Wealthsimple Trade | TSX, TSXV, CSE | NYSE, NASDAQ | None |
| TD Direct Investing | TSX, TSXV, CSE, NEO | NYSE, NASDAQ, AMEX | LSE, HKEX, Tokyo, and other global exchanges |
| Interactive Brokers | TSX, TSXV, CSE | NYSE, NASDAQ, AMEX, CME, ICE | Access to over 135 international markets |
| CIBC Investor’s Edge | TSX, TSXV, CSE | NYSE, NASDAQ, AMEX | Limited; some international ADRs |
| RBC Direct Investing | TSX, TSXV, CSE, NEO | NYSE, NASDAQ, AMEX | LSE, some additional international ADRs |
| Scotiabank iTRADE | TSX, TSXV, CSE | NYSE, NASDAQ, AMEX | Limited international exposure |
Final Thoughts
Each trading platform in Canada offers unique benefits, from low-cost options to extensive market access and integrated banking services. Here’s a summary:
- For International Markets: Interactive Brokers and Questrade provide the broadest international reach.
- For Beginners: Wealthsimple Trade is straightforward and commission-free.
- For Comprehensive Research: TD Direct Investing and Scotiabank iTRADE offer solid research resources.
- For Banking Integration: CIBC Investor’s Edge, RBC Direct Investing, and Scotiabank iTRADE seamlessly connect with their respective banks.
