If you’re a Canadian looking to invest in 2025, one of the most important decisions you’ll make is choosing the right stockbroker. The broker you select can impact everything from how much you pay in fees to how smoothly you can buy and sell investments.
With numerous options available, it can be overwhelming to determine which platform best suits your needs. Furthermore, recent changes in Canada’s investment landscape — such as new brokers entering the market and existing ones updating their fee structures — make this choice even more crucial.
This article is here to help. I’ve researched and compared the top 4 stock brokers in Canada for 2025, based on key factors such as commissions, currency conversion fees, user experience, platform features, and account types. By the end, you’ll have a clear idea of which broker fits your investing style.
Why Choosing the Right Broker Matters
At first glance, many brokers seem similar. They all let you buy and sell stocks, ETFs, and other investments. But the differences add up — especially when it comes to hidden fees.
For example:
- Some brokers charge high commissions on every trade.
- Others offer commission-free trades but make money from currency conversion fees when you invest in U.S. markets.
- Some platforms have cutting-edge research tools, while others keep things very simple for beginners.
The right broker will save you money, provide the tools you need, and make investing stress-free. The wrong one could quietly eat into your returns.
Key Factors to Consider When Choosing a Broker in Canada
Before we dive into the top brokers, here are the main things you should look for:
- Trading Fees & Commissions – Some brokers offer $0 commissions, while others may charge up to $10 per trade.
- Currency Conversion Fees – If you plan to invest in U.S. stocks (which most Canadians do), be aware of conversion costs. A difference of 1.5% vs. 0.09% can save you hundreds or even thousands per year.
- User Experience – Beginners often prefer clean, simple apps, while advanced investors may want robust research and data.
- Platform Features – Tools such as real-time market data, robo-advisors, analyst reports, and fractional shares can make a significant difference.
- Account Types – Ensure the broker supports Canadian-registered accounts, such as TFSA, RRSP, and FHSA, if these options are important to you.
- Research & Education – Access to high-quality data and tutorials can help you make smarter investment decisions.
With those points in mind, let’s look at the top 4 Canadian brokers for 2025.
1. Wealthsimple Trade
Best for: Beginners seeking a straightforward and commission-free way to start investing.
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Wealthsimple entered the Canadian market in 2014 and quickly became one of the most recognizable names in the investing industry. Originally just a stock trading platform, Wealthsimple has expanded to offer savings accounts, debit cards, and more banking-like features.
Pros of Wealthsimple
- $0 commission trades – Buy and sell Canadian and U.S. stocks without paying a fee.
- Beginner-friendly app – Clean and simple interface, perfect for first-time investors.
- Fractional shares – Buy part of a share if you don’t have enough for the full amount.
- Robo-advisor – Pre-built investment portfolios with a 0.5% management fee (lower than mutual funds, which average 2–2.5%).
- Registered accounts available – TFSA, RRSP, FHSA, and margin accounts supported.
Cons of Wealthsimple
- Currency conversion fees (1.5%) – Every time you buy or sell U.S. stocks, you pay extra. The same applies to U.S. dividends.
- Limited research tools – Great for beginners, but advanced investors may find it lacking.
- A USD account requires a premium upgrade – either $10/month or $100,000+ in assets.
Who Should Use Wealthsimple?
If you’re new to investing, Wealthsimple is one of the easiest ways to get started. But if you plan to invest heavily in U.S. markets, the conversion fees might become a deal-breaker.
2. Moomoo
Best suited for: Cost-conscious investors and those seeking advanced research tools.
Moomoo is relatively new to Canada, having entered the market in 2023. Globally, it already has over 26 million users and a reputation for combining low costs with powerful tools.
Pros of Moomoo
- Low commissions – $1.99 per stock trade, $0.65 per options contract.
- Currency conversion advantage – Just 0.09% + $2 flat fee. Example: converting $5,000 to USD costs $6.50 with Moomoo vs. $75 with Wealthsimple.
- Hold USD directly – Avoid repeat conversion fees when trading U.S. stocks.
- Powerful research tools – Real-time data, AI-powered news, analyst ratings, and Morningstar reports included for free.
- Innovative features – Thematic investing (e.g., Bitcoin stocks, interest rate cuts), stock screeners, and dividend schedules.
- Modern app + desktop version – Fast, intuitive, and professional-grade.
- Promotions – Up to 60 days of free trades and bonuses worth as much as $2,300.
Cons of Moomoo
- FHSA not yet available – Expected in the future, but currently missing.
Who Should Use Moomoo?
Moomoo works well for both beginners and advanced investors. Beginners enjoy a seamless app experience, while more experienced investors benefit from advanced research tools and ultra-low conversion fees.
3. Questrade
Best suited for: Intermediate to advanced investors seeking flexibility.
Questrade has been serving Canadian investors since 1999. Long known for its competitive fees, it made a big move in 2025 by offering commission-free trades.
Pros of Questrade
- Commission-free trades – Effective as of February 2025.
- Supports USD accounts – Avoid repeat conversions when trading in U.S. dollars.
- Advanced features – Robo-advisors, fractional shares, and dividend reinvestment plans (DRIPs).
- Registered accounts available – TFSA, RRSP, FHSA, and margin accounts.
- Lower management fees – Robo-advisor fees are lower than Wealthsimple’s.
Cons of Questrade
- Currency conversion fees (1.5%) – Unless you use Norbert’s Gambit.
- Norbert’s Gambit is time-consuming – it reduces conversion fees to approximately $10, but the process takes 4–5 business days.
- The mobile app isn’t great – the desktop platform works better.
Real-World Example: Norbert’s Gambit
Let’s say you want to convert $10,000 to U.S. dollars.
- Wealthsimple or Questrade direct conversion: ~$150 in fees.
- Norbert’s Gambit: A flat fee of approximately $10.
- The savings are enormous, but you need patience and some know-how.
Who Should Use Questrade?
Questrade is ideal for investors who want low-cost trades and are willing to put in extra effort to save money on conversions.
4. RBC Direct Investing
Best for: Loyal RBC clients who value convenience over cost.
RBC is one of Canada’s largest banks, and its Direct Investing platform integrates neatly with other RBC banking services. However, it’s not the cheapest option on this list.
Pros of RBC Direct Investing
- Research and reports – Strong analyst coverage and market data.
- Supports multiple accounts, including TFSA, RRSP, FHSA, and margin accounts.
- Convenience – Easy if you already bank with RBC.
Cons of RBC Direct Investing
- High commissions – Around $10 per trade.
- Currency conversion fees (1–2%) – More expensive than most competitors.
- No USD accounts in TFSA/RRSP – You’ll always pay conversion fees in registered accounts.
- Clunky interface – Less intuitive compared to newer brokers.
Who Should Use RBC Direct Investing?
If you already bank with RBC and value having all your finances in one place, RBC Direct Investing might be worth it. Otherwise, most investors will find cheaper and more user-friendly options elsewhere.
Comparing the 4 Brokers
| Broker | Commission Fees | Conversion Fees | USD Accounts | Best For |
|---|---|---|---|---|
| Wealthsimple | $0 | 1.5% | Yes (premium) | Beginners |
| Moomoo | $1.99 per trade | 0.09% + $2 | Yes | All-around, low costs |
| Questrade | $0 | 1.5% (or $10 w/ Norbert’s Gambit) | Yes | Advanced investors |
| RBC Direct | $10 per trade | 1–2% | No (for TFSA/RRSP) | RBC customers |
Final Thoughts
Choosing the best stockbroker in Canada depends on your goals, budget, and investing style:
- Wealthsimple: Best for beginners.
- Moomoo: Best overall balance of low fees + powerful tools.
- Questrade: Best for advanced investors using strategies like Norbert’s Gambit.
- RBC Direct Investing: Ideal for existing RBC clients seeking convenience.
No matter which broker you choose, the most crucial step is just to get started. Every year you wait is a year your money could have been growing.
Disclaimer
This blog post is for educational purposes only and does not constitute financial or investment advice. The information provided reflects general market data and personal opinion. Always do your own research or consult with a licensed financial advisor before making investment decisions.
Disclosure: This post contains affiliate links. If you sign up through any of the affiliate links on this site, I may earn a commission at no extra cost to you.
FAQs About Canadian Stock Brokers
1. Can I buy U.S. stocks with a Canadian broker?
Yes. Most Canadian brokers allow U.S. stock trading, but be aware of potential currency conversion fees.
2. What’s the cheapest way to trade U.S. stocks in Canada?
Currently, Moomoo offers the lowest conversion fees. For larger sums, Questrade, combined with Norbert’s Gambit, can be the most cost-effective option.
3. Is Wealthsimple suitable for serious investors?
It’s excellent for beginners but lacks advanced research tools. Intermediate and advanced investors often prefer Moomoo or Questrade.
4. Can I hold USD in a TFSA or RRSP?
Some brokers allow this (like Questrade and Moomoo). Others, like RBC, do not.
5. Do all brokers offer fractional shares?
Not all. Wealthsimple and Questrade do, which is great if you’re investing smaller amounts.
