|
2023 comparison grid |
BMO InvestorLine |
CG Direct |
CIBC Investor’s Edge |
CI Direct Trading |
Desjardins Online Brokerage |
HSBC InvestDirect |
Laurentian Bank Discount Brokerage |
National Bank Direct Brokerage |
Qtrade Direct Investing |
Questrade |
RBC Direct Investing |
Scotia iTRADE |
TD Direct Investing |
Wealthsimple Trade |
Interactive Brokers |
|
Minimum dollar amount to open an account |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
✔
$1,000 |
✘ |
✘ |
✘ |
✘ |
✘ |
|
Standard Stock Trading commissions for average investors |
$9.95 |
$9.99 |
$6.95 |
$0.01 per share (min. $1.99/max. $7.99) |
$0 |
$6.88 |
$9.95 |
$0 |
$8.75 |
$0.01 per share (min. $4.95/max. $9.95) |
$9.95 |
$9.99 |
$9.99 |
$0, not all stocks and ETFs are available |
$0.01 per share (max 0.5% of value/min. $1) and U.S. $0.005 per share (min. $1/max. 1% of value) |
|
ECN fee on top of the regular commission |
✔ |
✔ |
✔ |
✔
After-hours U.S. markets |
✘ |
✘ |
✘ |
✘ |
✘ |
✔ |
✘ |
✔
After-hours U.S. markets |
✔ |
✘ |
✔ |
|
Commission fees for more than 150 trades per quarter |
✘ |
✘ |
✔
$4.95 |
✔
$3.99 |
✘ |
✔
$4.88 |
✘ |
✘ |
✔
$6.95 |
✔
$0.01 per share (max. $6.95) |
✔
$6.95 |
✔
$4.99 |
✔
$7 |
✘ |
✘ |
|
Commission fees for students or young adults |
✘ |
✘ |
✔
$0 under 25 with banking (or $5.95 students older than 25) |
✘ |
✘ |
✘ |
✘ |
✘ |
✔
$7.75 (qualified 18-30 investors) |
✘ |
✘ |
✘ |
✘ |
✘ |
✘ |
|
$0 commission ETFs |
✔
80 |
✘ |
✘ |
✔
all-buys only |
✔
all |
✘ |
✘ |
✔
all |
✔
100 excluding day trading |
✔
all-buys only |
✘ |
✔
103 |
✔
Only ETFs with TD EasyTrade |
✔
Limited Not all available |
✔
Limited, no clear list |
|
Basic options trading commissions |
$9.95 + $1.25 per contract |
$1.00 per contract (min. $10) |
$6.95 + $1.25 per contract |
$7.99 + $1.25 per contract |
$1.25 per contract
(min. $8.75) |
$6.88 + $1.25 per contract |
$9.95 + $1.25 per contract |
$0 + $1.25 per contract
(min. $6.25) |
$8.75 + $1.25 per contract |
$9.95 + $1.25 per contract |
$9.95 + $1.25 per contract |
$9.99 + $1.25 per contract |
$9.99 + $1.25 per contract |
USD$2 per transaction/U.S. options only |
$1.25 per contract (min. $1.50) |
|
Annual fees for non-registered accounts |
✔
$100 |
✘ |
✔
$100 |
✔
$100 |
✘ |
✘ |
✔
$120 |
✔
$100 divided across all accounts |
✔
$100 |
✘ |
✘ |
✔
$100 |
✘ |
✘ |
✘ |
|
Annual fee for registered account |
✔
$100 |
✔
$125 |
✔
$100 |
✘ |
✘ |
✘ |
✔
$100 |
✔
$100 divided across all accounts |
✔
$100 |
✘ |
✘ |
✔
$100 |
✘ |
✘ |
✘ |
|
Min. account size required to avoid annual fee |
$25,000 registered/ $15,000 non-registered |
✘ |
$25,000 registered/$10,000 non-registered |
$5,000 across all accounts/no fees for clients 26 or younger. |
$15,000 registered/$15,000 non-registered, or 125 completed trades per year |
✘ |
2 completed trades in 6 months, or$15,000 non-registered, or $25,000 registered accounts |
$20,000 across all accounts, or younger than 30, or enrolled professional, or hold InvestCube account |
$25,000 across all accounts, or young investor, or $100 monthly $100 contribution, or minimum trades per month |
✘
$1,000 minimum account opening requirement |
$15,000 across all accounts, or 3 completed trades per quarter, or $300+ quarterly deposits and banking relationships |
Investors < 26 years old
ORRegistered $25,000 or 12 completed trades per year OR Non-Registered$10,000 or 1 completed trade per quarter |
✘ |
✘ |
✘ |
|
Inactivity fee |
✔
$25 per quarter |
✔
$20 per month |
✘ |
✔
$24.95 per quarter |
✔
$30 per month |
✔
$25 per quarter |
✘ |
✘ |
✘ |
✘ |
✘ |
✔
$25 per quarter in non-registered accounts |
✔
$25 per quarter |
✘ |
✔
$10 per month minus USD commissions |
|
How to avoid inactivity fee |
>$15,000 in account assets,
or 2 executed trades over 6 months in non-registered accounts |
✘ |
✘ |
✔
Place one $1.99 trade per quarter, or be younger than 26 |
✔
>$15,000 in account assets, or 6 executed trades over past 12 months, or a registered account |
✔
Combined assets of >=$25,000 CAD all accounts, or opened account for < 90 days, or Jade customer, or 3 executed over past quarter |
✘ |
✘ |
✘ |
✘ |
✘ |
✔
<$10,000, or 1 executed trade over 3 months, or new account, or younger than 25 |
✔
>$15,000 household assets, or 3 trades over 3 months, or new account, or TD Easy Trade accounts |
No fee |
✔
$3 for younger than 25, or > USD$100,000 account |
|
Non-customer wait for digital service enquiry |
44 hours
(37 in 2022) |
11 hours
(50 in 2022) |
80 hours
(31 in 2022) |
26 hours
(7 in 2022) |
43 hours
(28 in 2022) |
43 hours
(81 in 2022) |
23 hours
(29 in 2022) |
113 hours
(118 in 2022) |
5 hours
(5 in 2022) |
13 hours
(21 in 2022) |
13 hours
(7 in 2022) |
59 hours
(37 in 2022) |
16 hours
(26 in 2022) |
25 hours
(16 in 2022) |
12 hours
(20 in 2022) |
|
Click for more information |
BMO InvestorLine Review |
Canaccord Genuity Direct Review |
CIBC Investor’s Edge Review |
CI Direct Trading Review |
Desjardins Online Brokerage Review |
HSBC InvestDirect Review |
Laurentian Bank Discount Brokerage Review |
National Bank Direct Brokerage Review |
Qtrade Direct Investing Review |
Questrade Review |
RBC Direct Investing Review |
Scotia iTRADE Review |
TD Direct Investing Review |
Wealthsimple Trade Review |
Interactive Brokers Review |
