Best Canadian Stock Brokers

Does Canadian stock trading appealing to you? Are you looking for a broker? I have put together a list of Canadian stock brokers for you. I examine the costs per trade and the bonus offered by different brokers.

Questrade
Questrade is a great online stock broker for Canadian traders. The broker is owned and operated in Canada. Questrade let you trade both Canadian and US stocks. They offer a good deal on price, infact they are the cheapest Canadian stock brokerage I have seen to date.

Update: To sweeten the deal, they currently offer a promotion where they offer you $50 in FREE commissions rebates when you open your account with the link below.

Click here to open an account with Questrade.

OptionsXpress
Unfortunately, OptionsXpress has sold their operations.  They had been a popular broker and voted “Best Online Broker” by Barrons 4 times out of  5 I recall. They had excellent support  so I think they will be sadly missed.

I recommend considering Questrade as a suitable alternative.

Interactive Brokers
This is a large discount broker that was established in late 2000. They have offices all over the world including one in Quebec. They charge $0.01 per share. They also offer other financial instruments such as forex trading, options and futures.

Scotia iTrade
Scotia iTRADE is part of the Scotiabank Group. Commissions vary depending on volume. If you make more than 150 trades in a quarter they charge $6.99 per trade, over 30 trades or over $50,000 in iTrade assets you’ll be charged $9.99. If you have less than $50,000 in iTrade account assets you’ll be paying $19.99 per trade upto 1,000 shares then 2c per share thereafter. I like this broker but I am not a fan of their unnecessarily complex fee structure. It is also not the best choice for the smaller trader in my personal view.

Penntrade
This broker offers trades at $29.95 on all trades. As a bonus every 10th trade is free. You can trade US and Canadian Equities as well as penny stocks with this Canadian stock broker. At least the commission structure is simple to understand with this broker.

Rbcdirectinvesting
This broker offers stock trades for $9.99 on accounts that that make 30-149 trades per quarter and if you make 150+ trades you get the lower rate of $6.99. Fees are massively higher at $28.95 if less than 30 trades are made.

Conclusion
If  you have looked at the various different Canadian stock brokers out there, you will know you have plenty of choice. It is important to pick a broker that has a commission structure that keeps your costs down. The best choice for you is likely to be largely dependant on the number of trades you plan to make. You want to earn returns on your money, not give your returns to the broker!