Best Discount Brokerages in Toronto: 2024 Comparison for Canadian Investors

Choosing a discount brokerage in Toronto means balancing fees, platform quality, product access, and account minimums. Here's how the major players stack up.

Top Contenders

1. Questrade — Best Overall for Most Investors

• Commissions: $4.95/trade (stocks/ETFs), options $4.95 + $1/contract
• Minimums: $0 account minimum, no maintenance fees
• Platforms: Web (Questrade Trading), mobile app (iOS/Android), advanced (Questrade Edge)
• Products: Stocks, ETFs, options, mutual funds, bonds, GICs, precious metals
• Standout: Free ETF purchases (ECN fees only), DRIP program, RESP/TFSA/RRSP support

2. Interactive Brokers Canada — Best for Active/Professional Traders

• Commissions: $0.005/share (min $1, max 1% trade value) — tiered or fixed plans
• Minimums: $10,000 deposit, no maintenance fees
• Platform: Trader Workstation (TWS) — professional-grade, steep learning curve
• Products: Stocks, options, futures, forex, bonds, funds — 150+ markets, 33 countries
• Standout: Lowest margin rates, global access, IBKR Lite (commission-free US stocks) for qualifying accounts

3. Wealthsimple Trade — Best for Beginners & Fee-Averse

• Commissions: $0 for Canadian/US stocks & ETFs (FX spread 1.5% on USD trades)
• Minimums: $0, no fees
• Platform: Mobile-first app — clean, simple, limited charting/research
• Products: Stocks, ETFs only (no options, mutual funds, bonds)
• Standout: Fractional shares, auto-deposits, socially responsible investing portfolios

4. TD Direct Investing — Best for Bank Integration

• Commissions: $9.99/trade (stocks/ETFs), options $9.99 + $1.25/contract
• Minimums: $1,000, no maintenance fees
• Platforms: WebBroker (web), mobile app, Advanced Dashboard (active traders)
• Products: Full range including mutual funds, GICs, new issues
• Standout: Seamless TD banking integration, extensive research, investor education

5. BMO InvestorLine — Solid Bank-Broker Hybrid

• Commissions: $9.95/trade, options $9.95 + $1.25/contract
• Minimums: $3,000, no maintenance fees
• Platforms: Web, mobile, BMO InvestorLine Pro (active traders)
• Products: Stocks, ETFs, options, mutual funds, GICs, bonds
• Standout: adviceDirect (robo-advice + self-directed), 5-star Morningstar research

Decision Framework

All are IIROC/CIPF regulated. Open accounts online in 15-30 minutes. Consider holding both a primary broker (Questrade/TD) and Wealthsimple for commission-free US ETFs.