July 3, 2026 · FolioNorth

Best Canadian Brokerages for ETF Investors in 2026

An opinionated, DIY-investor guide to the best Canadian brokerages for ETF investing in 2026. Commissions have collapsed to $0 at most platforms, so the real decision is now FX cost, account types, and fit. Wealthsimple, Questrade, Qtrade, Interactive Brokers, National Bank, and the big banks compared.

brokerages ETFs Canadian investing Norbert's Gambit fees

If you are a Canadian who just wants to buy a couple of broad ETFs and get on with your life, the good news is that picking a brokerage in 2026 is easier than it has ever been. The bad news is that most "best brokerage" lists are still arguing about a number that barely matters anymore: the trading commission. Stock and ETF commissions have collapsed to $0 at nearly every independent platform, so the headline price war is over. What actually separates one broker from another now is foreign exchange cost, account coverage, and how much friction the platform puts between you and a simple monthly purchase.

This guide ranks the brokerages a buy-and-hold ETF investor should actually consider, explains the one cost that still quietly eats returns (currency conversion), and tells you which platform fits which kind of investor. It is opinionated on purpose. For neutral, verified data on the brokers we have profiled so far, see the FolioNorth brokerages hub; coverage there is still being built out and does not yet include every broker mentioned in this guide.

Buying US-listed ETFs and worried about conversion costs? Run your numbers through the Norbert's Gambit calculator to see what the cheap conversion method saves you versus your broker's built-in FX, for your exact amount.

TL;DR

Commissions are no longer the deciding factor. Wealthsimple, Questrade, Qtrade Direct Investing™, National Bank Direct Brokerage, and Desjardins Disnat all offer $0 stock and ETF trades. The big-bank brokers (TD, RBC, BMO, Scotia) charge roughly $7 to $10 per trade on standard stocks, with CIBC Investor's Edge the cheapest at $6.95, but all five also offer a commission-free ETF list, so your actual cost depends on whether your target ETF is on that broker's list.
FX is the new battleground. Converting CAD to USD costs about 1.5% at Wealthsimple and Questrade, but only a few basis points (plus a roughly $2 USD minimum) at Interactive Brokers. On a US-heavy portfolio, that gap dwarfs any commission.
Best all-around for most people: Wealthsimple. Simplest app, truly $0 trades, no account fees, and it now supports Norbert's Gambit (in beta).
Best for serious or US-heavy investors: Interactive Brokers for the lowest FX, or Questrade for a fuller traditional brokerage with dual-currency accounts.
Best bank-owned $0 option: National Bank Direct Brokerage, commission-free since 2021 with a full registered-account lineup.
All of these are CIPF members, so your account is protected up to $1 million per account category if the firm fails. That protection does not cover market losses.

What actually matters for an ETF investor

Before the rankings, here is the short list of what a couple-of-ETFs investor should weigh. Commission is near the bottom now.

FX conversion cost. If you buy US-listed ETFs (like a US-listed S&P 500 fund), the conversion spread is usually your largest recurring cost. A 1.5% spread on a $20,000 conversion is $300. The same conversion at Interactive Brokers costs a couple of dollars.
Account types. Make sure the broker offers the registered accounts you need: TFSA, RRSP, FHSA, RESP, LIRA, and non-registered. FHSA in particular is still not universal, though it has become much more common.
Account and inactivity fees. Most independents charge none. Some big-bank brokers charge an annual administration fee on registered accounts unless you hold a minimum balance (commonly $25,000) or trade often enough.
Platform friction. For a buy-and-hold investor, a clean app that lets you place a monthly ETF order without fighting the interface beats a research terminal you will never fully use.
CIPF membership. All the brokers below are members, so this is table stakes, but it is worth confirming for any platform.

Who this guide is for: Canadian DIY investors building a long-term ETF portfolio who want low costs and the right accounts. Who it is not for: active traders chasing options strategies or day-trading tools, where the priorities (data, routing, margin rates) are different.

The 2026 landscape in one paragraph

For years the story was "Questrade and Wealthsimple are cheap, the banks are expensive." That framing is now out of date on commissions. Questrade went to $0 stock and ETF trades in February 2025. Qtrade followed with free trading on all Canadian and US stocks and ETFs in late October 2025. National Bank Direct Brokerage has been commission-free since 2021. Wealthsimple and Desjardins Disnat are also $0, though Disnat is not fully fee-free: it charges a $30/quarter inactivity fee unless you meet its waiver conditions, and some registered account types carry their own admin fee below a minimum balance, so confirm the current rules before assuming $0 trades means $0 all-in. So the independents have converged on free, and even among the big banks the gap is narrowing. The cost that did not collapse is currency conversion, which is exactly why it deserves more of your attention than the commission ever did.

The picks, by investor type

Best all-around: Wealthsimple

For most Canadians building a simple ETF portfolio, Wealthsimple is the default recommendation, and it is hard to argue with. Trades are $0, there are no account or inactivity fees, and the app is the cleanest in the market. It offers the registered accounts most people need, and the whole experience is designed for someone who wants to buy and hold rather than trade.

The catch is FX. A direct US trade from a Canadian-dollar account converts at a flat 1.5%, which is fine for small amounts but expensive on a large US position. The mitigations: hold a USD account, or use Norbert's Gambit, which Wealthsimple now supports in beta (web only, for the Global X DLR/DLR.U pair). Neither is free on the Core plan. A USD trading account costs $10/month after the initial trial unless you qualify for Premium or Generation, and Wealthsimple's own Gambit requires an active USD account plus a ~$9.95-plus-tax journaling fee per conversion, so the Gambit route carries both costs, not just the smaller journal fee. We cover the full mechanics in our complete Norbert's Gambit guide, and you can read the deeper platform writeup in the Wealthsimple review.

Best for: beginners and minimalists who want $0 trades, no fees, and an app that stays out of the way.

Best for serious DIY investors: Questrade

Questrade is the closest thing to a full traditional brokerage that still prices like a discount platform. Since February 2025 its online stock and ETF trades are $0, and it kept the things that made it a long-time favourite: broad account coverage (TFSA, RRSP, FHSA, RESP, LIRA, margin), dual-currency accounts, and a workable Norbert's Gambit process for cheaper CAD/USD conversion. Direct currency conversion still runs about 1.5%, so the gambit remains relevant for larger conversions.

Best for: investors who want more account types, USD-side holdings, and a fuller platform without paying major-bank commissions.

Best for US-heavy portfolios: Interactive Brokers

If a meaningful chunk of your portfolio is in US-listed ETFs, Interactive Brokers (IBKR) is in a class of its own on the one cost that matters most. Its built-in currency conversion runs at near-interbank rates with a minimum of about $2 USD per conversion, which is a fraction of the 1.5% you pay elsewhere. On a $50,000 conversion, that is the difference between a couple of dollars and roughly $750. IBKR Canada also offers an FHSA, which not every low-cost platform does.

The trade-offs are real. Unlike the $0 platforms above, IBKR still charges commissions on stock and ETF trades: on its fixed pricing, US-listed orders run US$0.005 per share with a US$1 minimum per order, and Canadian-listed orders $0.01 per share with a $1 CAD minimum. A monthly multi-ETF buyer therefore pays a few dollars a month that Wealthsimple, Questrade, or Qtrade would not charge, so the FX savings, while usually far larger on a US-heavy portfolio, are not the full all-in cost. The platform also has a steeper learning curve than an app-first broker, and IBKR applies holds on recently deposited or converted funds before you can withdraw them, which can frustrate anyone treating it as a quick currency shop. For a long-term investor who leaves money invested, none of these are dealbreakers.

Best for: investors with large or US-heavy portfolios who will benefit most from the lowest FX cost in the market.

Best bank-owned $0 option: National Bank Direct Brokerage

National Bank Direct Brokerage (NBDB) was the first bank-owned broker to go commission-free, back in 2021, and it remains a standout for anyone who wants $0 trades with a big-bank parent behind it. It offers the full registered lineup, including FHSA, and you do not need to be a National Bank chequing customer to use it. Note that NBDB charges a $100 annual administration fee on some accounts unless you meet a waiver condition (such as an asset or activity threshold), so check the current waiver terms for your account type before assuming it is fee-free.

Best for: investors who want commission-free trading but prefer a bank-owned platform over a fintech.

Now free, still polished: Qtrade

Qtrade long had a reputation for a strong platform and research, paired with the downside of per-trade commissions and a quarterly account fee. As of late October 2025, it moved to $0 on all Canadian and US stocks and ETFs, which removes its biggest drawback. If you historically liked Qtrade's tools but balked at the cost, it is worth a fresh look. One caveat for US-ETF holders: a USD RRSP, RRIF, or TFSA account still carries a US$15/quarter fee (FHSA is excluded), so confirm the current fee and waiver rules for the specific account type you plan to hold in USD.

Qtrade is also worth a specific look for Norbert's Gambit: unlike Wealthsimple and standard Questrade accounts, it charges nothing to journal shares between your CAD and USD accounts, so the gambit itself is free (Questrade Plus clients also journal for free, so Qtrade's edge there is specifically against Wealthsimple and non-Plus Questrade accounts). In a non-registered USD account, there is no quarterly fee either, so the gambit is genuinely $0, at any frequency. In a registered account (RRSP, RRIF, TFSA), the $15/quarter fee still applies, but the free journaling can offset it once you are converting roughly eight or more times a year, making Qtrade a strong pick for frequent US-ETF buyers. It is strongest of all for Investor Plus clients ($500,000+ in assets, or 150+ trades in the prior quarter): the quarterly fee is waived outright, so the gambit costs nothing at all, in any account type, at any frequency. Our Norbert's Gambit guide walks through the full breakeven math.

Best for: investors who value research and a polished interface, and especially frequent US-ETF buyers using a non-registered account or an Investor Plus tier, where Norbert's Gambit is completely free.

Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc.

The big-bank brokers: TD, RBC, BMO, Scotia, CIBC

If you already bank with one of the big five and value having everything under one login, the bank brokerages are serviceable, just not the cheapest. As of mid-2026:

CIBC Investor's Edge charges $6.95 per trade for standard stocks, the cheapest big-bank rate, but also offers commission-free trading on a list of 180+ ETFs. Watch for a $100 annual fee if your total balance is $10,000 or under (FHSA, new-client, and youth/student accounts are typically exempt).
TD Direct Investing charges $9.99 ($7.00 for active traders at 150+ trades per quarter) for stocks, though its Select ETF list trades at $0 for any client, and it now offers an FHSA. Watch for a $25 quarterly maintenance fee on small accounts: the $15,000 asset test applies to your householded TD Direct Investing accounts, not your overall TD bank balances, and TD lists separate waivers (an FHSA-only household among them), so check the current waiver conditions before assuming the fee applies.
RBC Direct Investing charges $9.95, and its commission-free list of 50+ ETFs is available to all accounts, not just GoSmart. GoSmart itself is a separate mobile-first account for new investors, limited to CAD-denominated TFSA, FHSA, and RRSP accounts, that includes 50 free stock and ETF trades per year; those free trades do not extend to the full-suite account, so choose based on the account types you need.
BMO InvestorLine charges $9.95 but offers commission-free trading on a list of 100+ ETFs. Watch for a $100 annual fee on many registered accounts under $25,000 ($50 for RESP) and a $25 quarterly fee on small non-registered accounts.
Scotia iTRADE charges $9.99 ($4.99 active) and has a 200+ commission-free ETF list, but watch for a $100 annual fee on RRSP/RRIF/LIRA/LIF accounts unless you hold about $25,000 in combined assets; TFSA has no annual fee, and RESP carries a smaller $25 fee with its own waiver threshold. A separate low-activity fee also applies quarterly to non-registered accounts below Scotia's balance/trade threshold, and commission-free ETF trades do not count toward that trade-based waiver.

The free-ETF lists at TD, RBC, CIBC, BMO, and Scotia are genuinely useful if the ETFs you want are on them, because you can run a $0-commission buy-and-hold strategy while keeping everything inside your bank. Just confirm your target ETF qualifies and watch the account-maintenance fees called out above.

Best for: investors who place a high value on having investments alongside their everyday banking, and who either trade rarely or stick to a free-ETF list.

FX and Norbert's Gambit: the cost worth learning

The single most important number for a US-ETF investor is the conversion spread, and it varies enormously: roughly 1.5% at Wealthsimple and Questrade, up to about 1.5% to 2% at the bank brokers on smaller conversions, and a few basis points at Interactive Brokers. That bank-broker range is for typical retail-sized amounts; several banks (CIBC and BMO among them) tier the spread down toward roughly 0.9% or lower at $25,000 and up, so a large single conversion at a bank broker can cost less than the flat 1.5% you would pay at Wealthsimple or Questrade, even though it is still more than IBKR or a Gambit. If your broker charges a percentage to convert, Norbert's Gambit is the standard workaround. It converts currency by buying a dual-listed ETF in one currency, journaling it to the other, and selling it, which sidesteps the percentage spread for a small fixed cost.

The gambit shines on four- and five-figure conversions and is overkill on small ones. Our Norbert's Gambit guide walks through the exact steps at Wealthsimple, Questrade, and Qtrade, and the Norbert's Gambit calculator covers all three plus Interactive Brokers; if your broker is not on that list, the general mechanism in the guide still applies, but confirm the specifics with your platform. If you would rather avoid the whole exercise, that is an argument for either holding Canadian-listed ETFs or using Interactive Brokers, where direct conversion is already cheap.

Account types and CIPF protection

Confirm the broker offers every account you plan to open before you commit, especially the FHSA, which is available at Wealthsimple, Questrade, NBDB, IBKR, TD, RBC, and others, but is worth verifying for your specific platform. All of the brokerages in this guide are members of the Canadian Investor Protection Fund (CIPF), which protects client property up to $1 million if the firm becomes insolvent. That coverage is grouped into a few account categories, not one per account: your cash/margin, TFSA, and FHSA accounts are combined into a single general-accounts category (so a large TFSA and a large taxable account at the same broker share one $1 million limit), while RRSPs/RRIFs/LIFs and RESPs each get their own separate $1 million category. CIPF does not protect you from market losses, only from the failure of the firm holding your assets.

Don't let a transfer bonus pick your broker

Several brokers run cash promotions for incoming account transfers, and a few hundred dollars is nice, but it should never be the whole decision. A platform you will hold for decades matters far more than a one-time bonus. That said, if two brokers are otherwise tied for you, a transfer promo is a reasonable tiebreaker. Some brokers will reimburse the transfer-out fee from your old institution, but usually only above a minimum transfer size (for example, $25k at Wealthsimple and TD, $15k at Qtrade), and others, including BMO, CIBC, and IBKR, offer no such reimbursement at all, so check the fine print before assuming it applies to you. We track the current offers, ranked by net bonus after fees, on the transfer offers page.

Bottom line

For most Canadian ETF investors, open a Wealthsimple account, set up an automatic monthly purchase of a broad ETF, and stop thinking about it. It is free, fee-free, and simple. If you hold a lot of US-listed ETFs, Interactive Brokers will save you the most through its near-interbank FX, at the cost of a steeper interface and small per-order commissions. If you want a fuller traditional brokerage with dual-currency accounts, Questrade is the pick. And if you specifically want a bank-owned platform with $0 trades, National Bank Direct Brokerage is the one to beat. The big-bank brokers are fine if you value one-login convenience, but you will usually pay more for it.

Whatever you choose, the costs that compound are FX and ongoing fees, not the commission. Get those right and the rest is just discipline. For the neutral, verified-data view of the brokers we have profiled so far, start at the brokerages hub.

A note on independence: the brokerage links in this guide go to our own reviews, our own tools, or official broker pages. If FolioNorth ever earns a commission from a link, we say so right beside that link, and it never affects our rankings or recommendations. See our disclosure for how we handle this. Fees and features change often, so always confirm the current details on the broker's own pricing page before you open an account.

Frequently asked questions

What is the best brokerage for ETFs in Canada in 2026?+

For most people, Wealthsimple is the best all-around choice: $0 stock and ETF trades, no account fees, and the simplest app. If you hold a lot of US-listed ETFs, Interactive Brokers saves the most through near-interbank currency conversion. Questrade is the best fuller traditional brokerage, and National Bank Direct Brokerage is the best bank-owned $0 option. The right pick depends on how much US exposure you hold and how much platform you want.

Do Canadian brokerages still charge commissions on ETFs?+

Most independents no longer do. Wealthsimple, Questrade (since February 2025), Qtrade (since October 2025), National Bank Direct Brokerage (since 2021), and Desjardins Disnat all offer $0 stock and ETF trades. Among the big banks, CIBC Investor's Edge is cheapest at $6.95, while TD, RBC, BMO, and Scotia charge roughly $9.95 to $9.99 on standard stocks and ETFs; those rates are the non-eligible-ETF rate, though, since all five big-bank brokers (including CIBC) also offer their own commission-free ETF list, so your actual cost depends on whether your target ETF is on that broker's list.

Which brokerage has the cheapest currency conversion?+

Interactive Brokers, by a wide margin. Its built-in conversion runs near interbank rates with a minimum of about $2 USD. Wealthsimple and Questrade charge about 1.5% on a direct conversion, and the bank brokers are in a similar 1.5% to 2% range on typical retail-sized conversions, though some (CIBC, BMO) tier that spread down toward roughly 0.9% or lower at $25,000 and up. On large CAD/USD conversions, you can also use Norbert's Gambit to avoid the percentage spread for a small fixed fee.

Is my money safe at a discount brokerage?+

The brokerages in this guide are all CIPF members, which protects client property up to $1 million per account category if the firm becomes insolvent. That is separate from market risk: CIPF does not cover investment losses, only the failure of the firm holding your assets. Spreading assets across multiple firms is rarely necessary for amounts under the coverage limits.

Should I pick a brokerage based on its transfer bonus?+

No. A transfer cash bonus is a one-time perk, while the platform, fees, and FX cost affect you for as long as you hold the account. Choose the broker that fits your portfolio first, then treat a promo as a tiebreaker. Some brokers reimburse transfer-out fees from your old institution above a minimum transfer size, but not all do, so verify the terms. We rank current offers by net value on the transfer offers page.