Interactive Brokers Canada Review 2026: Cheapest FX, Global Access
TL;DR
Interactive Brokers Canada is the cheapest brokerage on two things that matter most to scale: CAD/USD conversion (~0.03% margin) and per-share commissions for active traders. The trade-off is a steeper learning curve and no free-ETF list. Best for investors moving five figures or more in USD per year.
What IBKR Canada is
Interactive Brokers Canada Inc. is the Canadian arm of the global Interactive Brokers Group, registered with CIRO and a member of CIPF. It's known internationally for the lowest cost FX in retail brokerage and access to over 150 global exchanges from a single account.
Fees at a glance
| Equity commission (Tiered) | $0.005/share, min $1.00, max 0.5% of trade value (Tiered) |
| ETF (no special tier) | Same as equity (no special ETF tier) |
| Options | From $1.25/contract |
| FX margin | ~0.03% (interbank + small spread) — best in class |
| Account minimum | None |
| USD registered | Yes |
| Investor protection | CIPF up to $1M |
The FX edge
On a $20,000 CAD→USD conversion to buy US-listed ETFs, the FX cost difference is roughly:
- Wealthsimple Trade (standard): ~$300
- Questrade auto-conversion: ~$300
- TD Direct Investing: ~$300
- Interactive Brokers Canada: ~$6
That single decision saves nearly $300 every time you convert. For investors building US-dollar positions, this is the largest hidden cost in Canadian retail brokerage — and IBKR is the only one to mostly eliminate it without using Norbert's Gambit.
Pros
- Cheapest CAD/USD conversion on the Canadian market
- Access to 150+ global exchanges from one account
- Lowest commissions for active and high-volume traders
Cons
- Trader Workstation has a steep learning curve
- No commission-free ETF list
- Inactivity-related fees historically apply (review current schedule)
Who it's best for
- Investors converting more than $5,000 CAD/USD per year.
- Active traders placing 50+ trades per month.
- Investors wanting access to European, Asian, or Australian markets in one account.
Who should look elsewhere
- Beginners — the platform learning curve is real. Start with Wealthsimple Trade.
- Pure ETF buy-and-hold investors — Questrade's free ETF buys are simpler and cheaper.
Sources
Not investment advice. IBKR fee schedules change — verify on interactivebrokers.com before opening an account. We do not accept referral commissions. Last reviewed: April 18, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 18, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 18, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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