Which Canadian Online Brokerage is Best?

Choosing the right platform can make a massive difference in your returns over time—especially when factoring in FX conversion rates, option fees, and trading tools. Here’s a breakdown of how Canada’s top 4 discount brokerages stack up:

🟢 1. Wealthsimple: Best for Passive Investors & CAD Stocks
The Good: Zero-commission trading on Canadian stocks and ETFs, ultra-clean UI, automatic DRIP, fractional shares, and instant high-interest cash accounts.
The Catch: 1.5% foreign exchange (FX) fee on U.S. trades unless you pay for a USD account plan. Basic charting tools and limited advanced order types.
Best For: Buy-and-hold Canadian ETF/stock investors and beginners looking for simplicity.

🔵 2. Questrade: Best All-Rounder & Long-Term Wealth Building
The Good: $0 commission stock/ETF trades, wide range of account types (TFSA, RRSP, FHSA, RESP, Corporate), and full support for Norbert’s Gambit for low-cost CAD/USD conversion.
The Catch: Option contract costs add up ($0.99/contract) and the platform desktop setup is slightly more complex than modern fintech apps.
Best For: Multi-account portfolio managers and long-term investors looking to hold USD assets without high conversion fees.

🟠 3. Moomoo Canada: Best for Active Traders & Low-Cost FX
The Good: Free real-time Level 2 market data, robust technical charting, pre/post-market trading, very low options commissions ($0.65/contract), and ultra-competitive currency exchange fees (~0.09%).
The Catch: Does not support fractional shares or registered accounts beyond basic TFSA/RRSPs.
Best For: Active traders, swing traders, and options enthusiasts looking for institutional-style charting tools.

🟡 4. Webull Canada: Best for Mobile-First Technical Analysis
The Good: Slick mobile app interface, low-cost options contracts ($0.99/contract), extended trading hours, and customizable stock screeners.
The Catch: Charges a small flat trade commission on equities (~$2.99) unlike $0-commission competitors, and limited registered account support compared to legacy platforms.
Best For: Active mobile traders who want technical indicators and screeners on the go.

💡 Quick Verdict

Dipping your toes in or buying CAD ETFs? Go with Wealthsimple.
Building a diversified USD/CAD portfolio with TFSA/FHSA/RRSP? Stick with Questrade.
Trading U.S. options or active swing trading? Moomoo or Webull lead the pack on tools and pricing

💬 Which brokerage are you currently using, or are you considering making a switch? Drop your favorite platform in the comments! 👇

⚖️ Affiliate Disclaimer: Full disclosure: Some links on tradecompare.ca are affiliate links. If you sign up or open an account through tradecompare.ca, I may receive a commission at no additional cost to you.

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12 Comments

Raj @double_oh · 4d

I'm using Wealthsimple but it seems like all the review sites only talk about the default tier.
If you have the assets available for the Premium or Generation tiers things get a lot more competitive.

For example: The Catch: 1.5% foreign exchange (FX) fee on U.S. trades unless you pay for a USD account plan.
- This goes away as they waive the charge for the USD account plan.
- Also they introduced Norbert's Gambit using DLR/U at a $10 fee.

For me, it's a one stop shop for my (business and personal) banking, and investing needs.
I have tonnes invested in US stocks and have not had any issues.

Even the credit card is quite good for international travel since they waive the 2.5% conversion fee most other cards charge and you get 2% back in interest.

Sorry, maybe I'm a bit of a fan-boy. Haha!

Jody @jodzy · 4d

I'm using Wealthsimple for the bulk of my portfolio and I love it. I have a smaller portfolio on Questrade as well. I like Wealthsimple more overall but I like the research analysis and Analyst ratings and insight per stock on QT better. If Wealthsimple beefed up that capability I think it would be a clear winner overall as I truly believe they value the best interest of their customers the most.

Sunny Dee@powerlunchmoney · 4d

I’m thinking about opening a WealthSimple account more for the perks than trading. I don’t know how investors trade without Level 2 market depth. Thanks for the comparison.

Jenny @penjen · 4d

I moved most of my stocks from IBKR and QT to WS. No regrets but I noticed I trade a lot more due to no fees which is becoming a problem 😂. I get lots of perks from WS and cashback for my account transfers.

QT just announced, they will charge no fees for options too. They are trying to retain their customers.

Jody @jodzy · 4d

Great post btw

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