Best Online Brokers for Beginners in Canada for 2026

Best Brokerage for Beginners Canada 2026: Ranking at a Glance

All 13 brokers ranked by our beginner score out of 5. Where two brokers share a rounded score, the higher unrounded score is listed first, then the name. The Canadian trade cost is for a 40-share online order.

Tick the features that matter to you below, such as “Fractional shares” or “FHSA”. The tool lists every broker that offers all of them, ordered by our overall broker score.

Master Comparison Table: Beginner Features

Type in the search box to filter (for example “TFSA” or “None”), or select a column heading to sort. “Not published” means we could not confirm the item on the broker’s own pages on October 22, 2026; it does not mean the feature is missing.

The 13 Brokers Ranked for Beginners

Each card explains the beginner score, what a new investor pays and which accounts are available. Eight brokers have a full WealthScale review linked from their card.

1. How We Ranked Brokers for Beginners

A different set of weights. Our beginner score assumes small amounts, often every month, in one or two registered accounts, with little borrowing or options trading. Its weights: cost 35%, account types 15%, US investing 5%, a beginner platform test 25% and safety 20%. Margin rates and options are left out. The cost sub-score uses commissions and account fees for two trading profiles, and the US sub-score uses US dollars in registered accounts and US commissions. The same sub-scores feed our overall ranking of the best online brokers, where the weights differ.

The beginner platform test. Four features earn points: fractional shares 1.5, a mobile app 1.5, DRIP 1 and no account minimum 1, for a maximum of 5. A feature counts in part (half its points) where it is only partly offered or not named, and an unpublished minimum earns 0.5.

What the score leaves out. Learning content, research and customer service are not scored, because we cannot measure them the same way at every broker from published information. A feature we could not confirm scores as absent, so a broker can move up when it publishes more. Offers are not scored. The full rubric is on our broker rating methodology page, and our advertiser disclosure explains why payment never changes a score.

2. Account Minimums: How Little You Need to Start

Most brokers ask for nothing up front. Ten of the 13 brokers either say there is no minimum or list none on the pages we checked. Wealthsimple’s Core tier starts at $1 in assets, TD Easy Trade lets you start with $1, and Qtrade says “there is no minimum deposit to begin trading”. Questrade’s and Scotia iTRADE’s minimums are not published, and TD Direct Investing’s (outside Easy Trade) is not published.

Three different minimums. A minimum to open is the amount you must deposit to start. A minimum per trade is the smallest commission charged on an order, such as Interactive Brokers’ $1 or moomoo’s CA$1.49. A balance threshold is the amount you must hold to avoid a yearly fee, such as $10,000 at CIBC, $15,000 at TD Direct Investing or $20,000 at National Bank. “No minimum to open” says nothing about the other two.

Why small amounts favour $0 brokers. On a $100 purchase, a $9.99 commission is 9.99% of the amount invested, and a $1.49 minimum is 1.49%. At a $0 broker the commission is 0%. For investors starting with $50 or $100 a month, that difference matters more than any other feature on this page.

Whole shares and cash drag. Without fractional shares, a $100 monthly deposit can only buy whole shares, and whatever is left over waits as cash, which earns nothing at several brokers. Over a year, that leftover cash can be a noticeable part of a small account. Fractional shares, covered next, solve this.

3. Fractional Shares: Buying Part of a Share

What a fractional share is. A fractional share is part of one share. If a share costs $400 and you invest $100, you own one quarter of a share and receive one quarter of its dividends. Fractional shares let you invest an exact dollar amount, spread a small sum over several holdings and reinvest every dividend in full.

Who offers them. Five of the 13 brokers publish fractional shares. Wealthsimple sells thousands of Canadian and US stocks and ETFs from $1, in real time during market hours. Questrade offers eligible Canadian and US stocks and ETFs, commission-free and in real time; its minimum is not stated. Interactive Brokers offers TSX and Cboe Canada stocks and ETFs (since August 1, 2023) and US stocks, charged on its normal schedule, so the $1 minimum applies. CIBC advertises fractional shares, with details on a separate page. TD charges $1.99 for each partial-share order, and TD Easy Trade accepts dollar-amount orders from $1. moomoo states it does not offer them.

Rules to know. Wealthsimple’s fractional orders do not run in extended hours, and its fractional shares cannot be transferred to another institution, so they must be sold before you move the account. Interactive Brokers needs fractional permissions switched on before DRIP can reinvest fractionally. Questrade’s DRIP reinvests fractionally once fractional shares are enabled.

Fractional shares and DRIP together. A DRIP (dividend reinvestment plan) uses each dividend to buy more of the same holding. With whole shares only, a dividend smaller than one share’s price stays as cash; National Bank and TD reinvest full shares only. With fractional reinvestment at Questrade or Interactive Brokers, the full dividend is reinvested. Wealthsimple applies DRIP to a whole account rather than to each holding.

Not a reason on its own. If you plan to invest a few thousand dollars at a time in one or two ETFs, whole shares work well, and the leftover cash is small. Fractional shares matter most for small, frequent amounts.

4. Recurring Buys and Automatic Investing

Automatic beats remembering. A recurring buy invests a set amount on a schedule without you placing each order. Investing a fixed amount on a schedule, often called dollar-cost averaging, means you buy more units when prices are low and fewer when they are high, and it removes the temptation to wait for a better moment.

Who publishes it. Wealthsimple offers recurring investments daily, weekly, every two weeks or monthly in stocks, ETFs and crypto. In an RESP, they are funded only from cash already in the account, and they are not available in joint non-registered accounts with USD enabled. moomoo states that auto-invest is available. The other 11 brokers do not describe automatic purchases on the pages we checked. TD’s fee waiver for $100 or more a month in pre-authorized contributions shows that automatic deposits are possible there, but a deposit is not the same as a purchase: the cash still has to be invested.

Why fractional shares matter here. A recurring $100 purchase of a $40 ETF buys 2.5 units with fractional shares. Without them, it buys 2 units and leaves $20 as cash. Recurring buys work best at a broker that also sells fractions.

Cost per recurring buy. A weekly buy is 52 orders a year. At a $0 broker that costs nothing; at a $9.99 broker it costs $519.48 a year. Profile 2 in the next section prices this for all 13 brokers.

See what a regular amount can grow to with the calculator below. Enter a starting amount, a monthly contribution and an assumed rate of return, and it shows the year-by-year total. Returns are not guaranteed, and the rate you enter is only an assumption.

The full compound interest calculator page explains how compounding works and how fees reduce it.

5. Costs for Four Beginner Profiles

How we priced each profile. Each figure uses the broker’s standard published online price plus account fees, with per-share commissions priced on a 40-share order and prices quoted in US dollars added as quoted. Recurring fees include Webull’s $0.70 a month at any balance; profile 4 adds balance-based fees. Promotions, partial-share fees and pass-through fees are left out, and the notes below each table cover the main programs that change the result.

Profile 1: $500 a month into two Canadian ETFs (24 trades a year)

Programs that change it. TD Easy Trade’s 100 $0 trades and RBC GoSmart’s 50 both cover 24 trades, bringing those two to $0. CIBC Smart Start clients under 25 pay $0, and ETFs on the $0 lists at CIBC, RBC, Scotia iTRADE and TD cost nothing to buy.

Profile 2: Weekly recurring buyer (52 Canadian trades a year)

Programs that change it. TD Easy Trade still covers all 52 trades. RBC GoSmart covers 50, so 2 trades cost 2 x $9.95 = $19.90. Of the 13, only Wealthsimple publishes a weekly recurring buy, and moomoo publishes auto-invest.

Profile 3: Beginner adding US stocks (12 Canadian and 12 US trades a year)

What decides it. At the six $0 brokers without a monthly fee, adding US stocks costs nothing in commissions, and Webull’s only cost is its $8.40 account fee. Interactive Brokers charges $24.00 (24 trades at the $1 minimum) and moomoo $41.76 (12 x $1.49 + 12 x $1.99 = $17.88 + $23.88). If you want to keep US dollars in a TFSA or RRSP, add any USD account fee: none at Questrade, none listed at National Bank and Desjardins, US$15 a quarter at Qtrade and $10 a month plus tax on Wealthsimple Core.

Profile 4: Small RRSP ($5,000, age 35, after the first year, four Canadian trades a year, no automatic deposits)

Where the fees come from. Desjardins charges $100 a year on an RRSP under $15,000. National Bank charges $100 per account root below $20,000 for anyone over 30. CIBC charges $100 at $10,000 or less after a new client’s first year. TD Direct Investing charges $25 a quarter (4 x $25 = $100) below $15,000 without a waiver. Scotia iTRADE charges $100 on an RRSP under $25,000 with fewer than 12 trades. On a $5,000 balance, $100 is 2% a year. TD Easy Trade has no maintenance fee, and $100 a month in pre-authorized contributions waives TD Direct Investing’s fee.

6. Which Account to Open First

The account matters more than the broker. The account type decides how your money is taxed. The TFSA, FHSA and RRSP are the main registered accounts for a first investor, and every broker on this page offers the TFSA and RRSP. The general rules below come from Canada Revenue Agency publications; which one suits you depends on your income, your plans and your timeline.

TFSA. Growth and withdrawals are tax-free. The 2026 limit is $7,000, and someone eligible since 2009 who has never contributed has $109,000 of room. Room starts in the year you turn 18 (you can open one at 19 where that is the age of majority), and a withdrawal is added back to your room on January 1 of the next year. Our TFSA guide and TFSA room calculator cover the details.

FHSA. If neither you nor your spouse or partner owned and lived in a home in the current year before opening or in the previous four calendar years, an FHSA gives a deduction going in and tax-free withdrawals for a qualifying first home. The limit is $8,000 a year and $40,000 for life, room starts only when you open your first FHSA, and up to $8,000 of unused room carries forward. Opening one early starts the room clock. See our FHSA guide.

RRSP. Contributions are deductible, and withdrawals are taxed as income. The 2026 dollar limit is $33,810, and your own limit is 18% of your prior-year earned income up to that amount, plus unused room. US dividends are exempt from US withholding tax in an RRSP. Our TFSA vs RRSP comparison shows when each wins.

Pick a broker that fits your next account too. If a home purchase is likely, avoid a broker without an FHSA, since moving an account later can cost $150. Our FHSA vs TFSA page helps if you are saving for a down payment, and the best TFSA accounts and best FHSA accounts listings rank the brokers that offer each.

7. Fees Beginners Often Miss

The fee that is not on the home page. Commissions get the headlines, but a new investor is more likely to be caught by an account fee, a partial-share fee or a transfer fee. This table lists each one, where it applies on our list, and how to avoid it.

The fees add up on small accounts. A $100 fee on a $3,000 TFSA is 3.33% of the balance in one year. The same fee on $30,000 is 0.33%. That is why a beginner with a small balance should weigh account fees more heavily than an experienced investor would.

Waivers that suit beginners. National Bank waives its yearly fee for investors 30 or under, Desjardins waives its inactivity fee for ages 18 to 30, Scotia iTRADE waives its low-activity fee for clients under 26, and CIBC waives its fee for young investors with qualifying chequing and for every new client’s first year. TD waives its fee for the first six months and for $100 or more a month in pre-authorized contributions.

Cash that earns nothing. Uninvested cash earns 0% at Questrade, Qtrade, National Bank and CIBC. If your deposits sit for weeks before you invest them, a recurring buy, where your broker offers one, invests the money on a set day instead.

8. Buying US Stocks as a Beginner

You do not have to start with US stocks. A first portfolio can be built entirely from Canadian-listed ETFs, some of which hold US and international companies. If you do want US-listed shares, it helps to know what they cost before your first order.

What a US trade costs. Seven brokers charge $0 commission on online US stock and ETF trades: Wealthsimple, Questrade, Qtrade, Desjardins, National Bank, BMO and Webull. Interactive Brokers charges USD 0.005 a share with a USD 1 minimum and moomoo a US$1.99 minimum, while CIBC charges $6.95, RBC $9.95, and TD and Scotia iTRADE $9.99 a trade.

Holding US dollars. Questrade lets a TFSA or RRSP hold US dollars at no extra cost. National Bank and Desjardins offer USD registered accounts with no fee listed. Wealthsimple’s USD account costs $10 a month plus tax on its Core tier and is included from $100,000 in assets. Our best brokers for US stocks ranking puts these differences at 40% of the score.

US withholding tax. US dividends paid to a Canadian resident are taxed at 15% when your broker has your Form W-8BEN on file, and 30% without it, so please complete it when the broker asks. In an RRSP, RRIF, LIRA or LIF, US dividends are exempt under the Canada-US tax treaty. In a TFSA, FHSA or RESP, the 15% is withheld and cannot be recovered. Our guide to US stocks in a TFSA shows the effect.

Run your own numbers. Profile 3 above prices a beginner who adds one US trade a month. To add up what your broker and funds cost each year, use our investment fee calculator, and read our step-by-step guide on how to buy US stocks in Canada.

9. Apps, Platforms and Learning Tools

One app or several platforms. One app that does everything is simpler for a beginner. Some brokers offer exactly that; others split basic and advanced tools across several platforms. The table lists the platforms and tools each broker names on its own pages.

Simple and advanced side by side. TD offers TD Easy Trade as a separate mobile and tablet app beside its full platforms, and RBC offers GoSmart, a mobile-first service, beside RBC Direct Investing. Interactive Brokers and Desjardins offer an advanced platform (Trader Workstation, Disnat Direct) beside a mobile app. If a broker has several platforms, start with the mobile or basic web version and move up only when you need to.

Where to learn the basics. Our investing for beginners hub covers what to learn first, in order. Start with how to invest in Canada, then the account guides for the TFSA, FHSA and RRSP. Learning how an account is taxed will save you more than any app feature.

10. Safety and Regulation

Safety counts for 20% here. We give safety more weight in the beginner score than in the overall score, because a new investor is less likely to spot a problem with a firm. Every one of the 13 brokers is on the Canadian Investor Protection Fund (CIPF) member list, and CIPF member firms are regulated by the Canadian Investment Regulatory Organization (CIRO).

What CIPF covers. If a member firm becomes insolvent, CIPF covers missing cash and securities up to $1,000,000 for all your general accounts combined (cash, margin, TFSA and FHSA), a separate $1,000,000 for RRSPs, RRIFs and LIFs, and a separate $1,000,000 for RESPs. It does not cover a fall in market value, unsuitable advice or crypto assets. Wealthsimple and Webull both state that crypto held through them is not CIPF-protected.

Reading the scores. A 5.0 means the broker states CIRO and CIPF membership and belongs to a bank or cooperative group. A 3.5 does not mean a broker is unsafe: Questrade, Inc. is a CIPF member, and the lower score reflects only that a CIRO statement was not on the pages we checked.

Your part. CIPF does not cover losses from someone else logging into your account. Please use the strongest login security your broker offers and never share a one-time code. Wealthsimple reimburses passkey users for direct losses from unauthorized activity. Our page on whether Wealthsimple is safe explains how CIPF and CDIC apply to its accounts.

11. Self-Directed Broker or Robo-Advisor

Two ways to start. With a self-directed broker, you choose and buy every investment yourself and pay no management fee. With a robo-advisor, you answer questions about your goals and risk, and the service picks, buys and rebalances a portfolio of funds for a yearly fee. Both hold your money in the same registered accounts.

What the fee buys. On $10,000, a robo-advisor costs $37 to $83 a year in the table above. A self-directed investor at a $0 broker pays no management fee, only the costs of the funds chosen and any account fees. The robo fee pays for portfolio selection, rebalancing and, at three of these four services, access to advice. The yearly cost uses each service’s highest published fund cost for its core portfolios, as our robo-advisor score does.

Who each suits. A robo-advisor may suit someone who does not want to choose investments or who knows they would trade on emotion. A self-directed broker may suit someone willing to learn, who wants lower ongoing costs and full control. Some investors start with a robo-advisor and move to a self-directed account later; Wealthsimple and Questrade each offer both. Our best robo-advisors ranking explains how these four are scored.

12. How to Choose the Easiest Investing Platform in Canada

The easiest investing platform in Canada for you is the one that fits how you will invest and costs nothing you do not need. Work through these steps.

1. Pick your first account. TFSA for flexible, tax-free savings; FHSA if you may buy a first home; RRSP if your income is high enough that the deduction matters. Confirm the broker offers it, and the one you will need next.
2. Decide how you will put money in. Small amounts every week or month work best with $0 commissions, fractional shares and recurring buys. Larger, occasional deposits work at any $0 broker.
3. Check fees at your balance and age. Below $10,000 to $20,000, several brokers charge $100 a year. If you are 30 or under, check the age waivers at National Bank, Desjardins, Scotia iTRADE and CIBC.
4. Decide whether you will buy US shares. If yes, compare US commissions and USD account fees in section 8. If not, you can skip them.
5. Look at the app, not the brochure. One clear app is easier than four platforms. If a broker offers a simple app beside an advanced one, start with the simple one.
6. Confirm the protection. All 13 brokers here are CIPF members. If you look at a firm outside this list, please ask it which dealer holds your account and confirm that dealer is a CIPF member before you send money.

The short version. On our beginner score, Wealthsimple leads for small, regular amounts with fractional shares and recurring buys; Interactive Brokers, second, suits those comfortable with a more detailed platform; Questrade, third, suits beginners who will hold US shares in a TFSA or RRSP. These are rankings by published criteria, not advice for your situation. Before you open an account, the full Wealthsimple review and our Wealthsimple vs Questrade comparison cover the top choices in depth.

13. Opening a Beginner Investing App and Placing Your First Trade

Opening an account online takes a few steps. The order below works at any broker on this page.

1. Gather what you need. Your Social Insurance Number, government photo ID, home address, employer details and a Canadian bank account.
2. Open the account. Choose the account type (for example, TFSA), then answer the questions about your income, goals and investing knowledge. Brokers ask these to meet their regulatory duties.
3. Fund it. Link your bank account and make a deposit, or start a transfer from another institution. For a registered account at another institution, start the transfer at the new broker so it moves directly.
4. Complete Form W-8BEN if you will buy US shares. It lets the broker apply the 15% treaty rate to US dividends instead of 30%.
5. Place your first order. Search for the stock or ETF, enter the amount or number of shares, and choose the order type. A limit order sets the highest price you will pay; a market order fills at the current price. At Wealthsimple, orders outside regular hours must be limit orders.
6. Set up DRIP and recurring buys. Turn on dividend reinvestment if your broker offers it, and schedule a recurring buy if available, so new money and dividends are invested without extra steps.
7. Check the confirmation and keep a record. Read the trade confirmation for any fees, and note every TFSA, FHSA and RRSP contribution, because your room is one combined limit across every institution where you hold that type of account.

Start small, then scale. Placing one small order first lets you see the confirmation, the fees and how the app works before you move larger sums. Our guide on how to transfer an investment account covers moving an existing TFSA or RRSP.

14. Common Beginner Mistakes

Re-contributing a TFSA withdrawal too soon. A TFSA withdrawal is added back to your room on January 1 of the next year, not right away. Putting it back in the same year can create an excess, taxed at 1% a month. Please check your room before you re-contribute.

Trading too often in a TFSA. $0 commissions make frequent trading easy, but the Canada Revenue Agency can treat frequent trading inside a TFSA as carrying on a business, and that income can be taxed.

What You Need and What You Get

8 Strategies for Your First Year of Investing

Illustrative Example: $250 a Month in a TFSA

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

Read Sharad’s profile and verify his credentials

Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

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