Choosing a Canadian trading platform in 2026 is mostly about three things: commissions, FX fees on US stocks, and which registered accounts you need (TFSA, RRSP, FHSA, RESP). The seven platforms below cover essentially every Canadian retail investor's needs. We compare fees side-by-side, list which account types each one supports, then give a 200-word deep-dive on each.

At-a-glance fee table

Account type matrix

All seven platforms now support the FHSA, RRSP, TFSA, RESP, and non-registered accounts. The differences are at the edges:

Best-for personas

• "I'm brand new and just want to start" → Wealthsimple Self-Directed. Fractional shares + zero commissions + clean app.
• "Long-term TFSA/RRSP investor, mostly ETFs" → Questrade. Free ETF buys + best USD-registered accounts.
• "I trade US stocks weekly" → Interactive Brokers. Best FX rates and order routing in Canada — full stop.
• "I bank with a Big 5 and want everything in one place" → TD Direct, RBC Direct, or Scotia iTRADE. Same login, same support number.
• "I'm a credit-union member" → Qtrade. 100+ commission-free ETFs and no quarterly fee under 26.
• "I'm a newcomer with no Canadian credit history" → Wealthsimple or Questrade. Both onboard newcomers without a SIN through alternative ID. See our newcomer-friendly broker guide.

Deep-dive: each platform

Wealthsimple Self-Directed

The dominant retail platform for new Canadian investors in 2026. Zero commissions on all Canadian and US stocks and ETFs, fractional shares, mobile-first design, and integrated TFSA/RRSP/FHSA/RESP. The 1.5% currency conversion fee on USD trades is the main weakness; the Premium tier ($10/mo) gives you a USD account that eliminates this. Wealthsimple Trade is a self-directed account — you pick the securities. For a fully managed alternative, Wealthsimple Invest uses risk-based ETF portfolios at 0.4–0.5% per year. Read our full Wealthsimple 2026 review.

Questrade

The original discount broker in Canada, and fully commission-free on stocks and ETFs since early 2025. Options cost $0.99/contract, and the USD-registered RRSP avoids the 15% US dividend withholding tax. The mobile app is functional but desktop-first; the IQ Edge platform is solid for active traders. Best for someone who already knows what they want to buy. Read our Questrade 2026 review.

Interactive Brokers Canada (IBKR)

The serious-trader choice. Lowest FX conversion costs in Canada by an order of magnitude (literally — 0.002% vs the bank brokerages' ~1.5%). Access to 150+ markets, advanced order types, the best margin rates available to retail clients, and Tiered or Fixed pricing depending on volume. The TWS desktop platform has a steep learning curve; the IBKR Mobile app is functional but assumes you know what you're doing. IBKR Lite is the commission-free retail tier. Read our IBKR Canada 2026 review.

TD Direct Investing

The bank-brokerage benchmark. $9.99 flat per trade, no platform innovations to speak of, but rock-solid execution and the WebBroker platform that thousands of Canadians have used for 20+ years. The $25/quarter inactivity fee under $15,000 is annoying for small accounts but waived for active traders, students, or those with TD All-Inclusive Banking. Best if you already bank with TD and want a single sign-on for everything. Read our TD Direct 2026 review.

RBC Direct Investing

RBC's brokerage arm. Comparable to TD Direct in fees and platform quality — $9.95 commissions, $25/quarter fee under $15K (waived several ways), USD-registered accounts available. The RBC Mobile app integrates Direct Investing alongside chequing, savings, and credit cards in one view, which Big-5 customers value. Practice accounts are free for everyone, which is a nice on-ramp.

Qtrade Direct Investing

Owned by Aviso Wealth (the credit-union investment co-op). Long-running "100+ commission-free ETFs" list that includes the most popular Vanguard, iShares, and BMO funds — making it a strong choice for ETF buy-and-holders who don't want to be constrained to ETF buys only (Questrade's limitation). Credit-union members get fee waivers more easily; under-26 accounts are essentially free. Customer support consistently scores well in MoneySense and Globe and Mail rankings.

Scotia iTRADE

Scotiabank's brokerage. Functionally similar to TD and RBC: $9.99 commissions, USD-registered accounts, $25/quarter under $10K. The platform was rebuilt in 2024 and is now competitive with the others. Best fit is existing Scotiabank customers who already have an Ultimate Package waiving the inactivity fee.

Best stock trading app on mobile

Most Canadians now place trades from their phone first. The desktop experience matters less than it did five years ago. If your priority is the best stock trading app in Canada — App Store rating, fractional shares, and clean mobile UX — the ranking shifts away from the bank brokerages and toward the mobile-native platforms.

For most retail Canadians, Wealthsimple is the best mobile trading app — the combination of fractional shares, zero commissions, and biometric login means you can buy $50 of any stock in under 30 seconds. Questrade and IBKR have better depth (options chains, advanced order types, real-time Level 2 quotes) but if "open the app and buy something" is your workflow, Wealthsimple wins. The bank-brokerage apps (TD, RBC, Scotia) are usable but not where any of these platforms invest design budget.

How to choose

1. Start with the registered accounts you actually need (TFSA, RRSP, FHSA). All seven do all four, so this rarely narrows the list.
2. Estimate trades per year. Under 10 → Wealthsimple. 10–50, mostly ETFs → Questrade or Qtrade. 50+, including US stocks → IBKR.
3. Check FX exposure. If more than 30% of your portfolio is in US stocks, you need either a USD-registered account (Questrade, IBKR, TD, RBC, Scotia) or Wealthsimple Premium.
4. Check your bank. If your primary account is at a Big 5, the matching brokerage saves you a separate login and may waive fees.
5. Try one. Transfer later if needed. Account-transfer fees are typically reimbursed by the receiving brokerage.

Sources

• Canadian Investment Regulatory Organization — member firm registry.
• Canadian Investor Protection Fund — coverage details.
• Each platform's official 2026 fee schedule (linked from the platform's homepage).