Looking to start investing in Canada? The best free stock and ETF trading platforms can help you save on pesky investment fees.
Also known as zero-commission trading, this guide covers 5 free stock trading apps that don’t charge a commission (or that have low fees) when you place orders to buy or sell stocks.
Using these brokerages saves up to $10 per trade, which can add up over time to increases in investment returns.
Read on to learn about the top zero-commission trading platforms in Canada and what they offer.
Best Free Stock Trading Apps
The top free trading platforms are:
- Wealthsimple Trade
- Questrade
- Desjardins Online Brokerage
- National Bank Direct Brokerage
- TD Easy Trade
1. Wealthsimple Trade
When Wealthsimple Trade launched a few years ago, it was Canada’s first free stock trading app. Since then, other banks and credit unions have introduced their versions of zero-commission trading or lowered their trading fees.
You can trade stocks, ETFs, options, and even crypto using the platform. Fractional share trading is available for large-cap stocks with hefty prices (e.g., Apple, Shopify, Tesla, Facebook, etc.). Thus, you can buy small portions of stocks without shelling out thousands of dollars each time.
You can open multiple registered (RRSP, TFSA, FHSA, etc.) and non-registered investment accounts, and there are no account minimums.
If you are not confident with self-directed trading or want professionals to manage your investment portfolio, you can use the company’s robo-advisor platform, Wealthsimple Invest, and pay significantly lower fees than your bank’s mutual funds.
Wealthsimple also offers a free savings/chequing account on the same app, making it an all-in-one location for your banking.
Fees: There are no trading commissions or account maintenance fees. However, a currency exchange fee applies when you buy USD-denominated stocks. To avoid FX fees, you can upgrade to Wealthsimple Trade Plus.
Offer: Get a $25 cash bonus when you open an account and fund it.
Wealthsimple Trade
Trade stocks and ETFs commission-free
Excellent trading platform for beginners
$25 welcome cash bonus with $150+ deposit
Transfer fees waived up to $150
Open multiple accounts – RRSP, FHSA, TFSA, LIRA, margin, etc.
Access to many other products in one place
2. Questrade
Questrade is one of the best discount brokerage platforms in Canada. It was established in 1999 and has over $30 billion in assets under management.
Investment products on Questrade include stocks, ETFs, options, FX, bonds, GICs, mutual funds, and precious metals.
You can open several accounts, including TFSA, RRSP, RESP, LRSP, LIRA, LIF, RRIF, margin, and more.
Questrade is on this list since it allows you to purchase US and Canadian stocks and ETFs for free, and it has all the tools and products you will generally need in one place.
Fees: Stocks and ETFs can be traded commission-free. Options trades are $0.99 per contract.
There are no inactivity fees; however, admin fees may apply to account transfers, wire transfers, certified cheques, etc.
Offer: Our readers get a $50 reward after depositing at least $250.
Questrade
Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.
Get a $50 bonus with $250 funding (use referral code: SAVVY50)
Commission-free trading for stocks/ETFs
No quarterly inactivity fees
Access to advanced tools and trading data
Top platform for advanced traders
Transfer fees waived
3. Desjardins Online Brokerage
Desjardins Online Brokerage (Disnat) is the only credit-union-owned free stock trading platform on this list.
It offers stocks, ETFs, options, mutual funds, bonds, treasury bills, new issues, and more.
You can use Disnat to invest in registered accounts (RRSP, TFSA, RRIF, LIRA, LIF, RESP, and non-registered accounts (Cash and Margin).
Fees: On the fees front, Disnat waives trading commissions when buying or selling stocks and ETFs.
There is a minimum fee of $8.75 per options transaction and $50 per trade for fixed-income securities.
Also, you can expect to pay a $30 quarterly inactivity fee if your account is less than $15,000 and you do not qualify for a waiver.
Other admin fees include account transfer fees, cheque withdrawals, etc.
Cons: Options trading is not commission-free. There is a $30 quarterly inactivity fee for small accounts.
Learn more in this detailed Disnat review.
4. National Bank Direct Brokerage
National Bank Direct Brokerage is a division of National Bank, one of the largest banks in Canada. It was one of the first bank-owned brokerages to offer free online stock trading.
This zero-commission trading platform can be used to buy and sell stocks, ETFs, options, mutual funds, bonds, and GICs.
And you can invest these products in various accounts, including TFSA, RRSP, RESP, and taxable investment accounts (personal and corporate).
Fees: No trading commissions when you buy stocks and ETFs. For options trading, there is a minimum fee of $6.25 per trade.
There is a $100 annual account administration fee if your account balance is lower than $20,000, and you do not qualify to waive it.
Other fees apply when you withdraw funds from registered accounts, transfer accounts to another financial institution, and more.
Cons: $100 account inactivity fee if you have a small account. Also, it does not have a dedicated trading app.
Learn more in this National Bank Direct Brokerage review.
5. TD Easy Trade
Even the big banks are jumping on the free-trading app wagon, with TD recently introducing TD Easy Trade, a trading app “designed for beginners”.
This platform offers 50 commission-free stock trades per year and has no account minimum. You can also buy and sell TD ETFs commission-free.
Account types on TD Easy Trade are limited to TFSA, RRSP, and individual cash accounts, which is a far cry from the offerings on the more robust TD Direct Investing platform.
Fees: Clients get 50 free stock trades per year. After that, they pay $9.99 per trade. FX fees may apply to trades involving a different currency (e.g. USD).
While there are no account maintenance fees, these admin fees may come into play depending on your transactions:
- Account transfers to another financial institution: $150
- RRSP withdrawal fees: $100 (full) or $25 (partial)
- Wire payments: $17.50 (incoming)
- Wire payments (outgoing): $30 – $80
Cons: Commission-free stock trading is limited to 50 trades. You pay $9.99 per trade after. It also has limited investment products, with only stocks, TD ETFs, and some ADRs.
Learn more in this TD Direct Investing review.
Other Free Trading Platforms in Canada
In addition to the free stock trading options listed above, the following trading platforms offer zero-commission ETF trading.
Qtrade
Qtrade is a top trading platform offering multiple investment securities (stock, ETFs, mutual funds, options, bonds, and accounts (registered and non-registered).
It also offers a free practice stock trading trial account for 30 days.
Fee: 100+ ETFs can be bought and sold for free; For all other ETFs and stocks, you pay $8.75 per trade. Options cost $8.75 + $1.25 per contract.
There is a $25 quarterly inactivity fee for account balances less than $25,000.
Other admin fees also apply, i.e. account transfer fees, cheque requests, account deregistration, and more.
Offer: Our readers get a $50 sign-up bonus after depositing at least $1,000.
How Free Stock Trading Works
Free stock trading in Canada is also referred to as zero-commission trading. It means you pay $0 commissions when you buy or sell stocks using the platform.
Stock trading commissions can generally cost up to $9.99 per trade, and this is why it was a big deal when the first free trading platform was launched in Canada.
Free stock trading does not mean the absence of all trading fees.
For example, some platforms have no fees when you trade stocks, but they may charge fees on options trades.
Also, you should look out for administrative, inactivity, and upgrade fees.
Best Free Stock Trading Apps
| Brokerage | Trading commissions | Account minimum | Products | Best for |
| Questrade | $0 for ETF purchases; $4.95 min for stocks | $1000 | Stocks, ETFs, options, bonds, FX, mutual funds, GICs | Overall |
| Wealthsimple Trade | $0 for stocks and ETFs; $10 monthly fee for USD accounts | $0 | Stocks & ETFs; crypto | Free stock trades |
| Disnat | $0 for stocks/ETFs; $8.75 minimum for options | $0 ($30 quarterly fee if balance <$15k) | Stocks, ETFs, options, bonds, mutual funds | Trading tools |
| National Bank Direct Brokerage | $0 for stocks/ETFs; $6.25 minimum for options | $0 ($100 annual fee if balance <$20k) | Stocks, ETFs, options, bonds, mutual funds, GICs | Multiple products |
| TD Easy Trade | 50 free stock trades; $9.99/trade after | $0 | Stocks, TD ETFs, ADRs | Beginners (for trading stocks only) |
How To Choose A Free Stock Trading Platform
When choosing an online trading platform, you should consider the following:
Investment products: Does the platform offer the investment product you plan to trade? You want easy access to the financial instruments you are interested in (such as stocks, ETFs, or options).
Investment accounts: Depending on your investment goals, you may want access to registered accounts (RRSP, TFSA, RESP, etc.) and non-registered taxable accounts (personal or business).
Fees: In addition to trading fees. Watch out for account inactivity fees that apply when your balance is below a threshold.
Trading tools: Free stock trading could mean limited access to trading and analysis tools. If you plan to day trade, live streaming data is important.
Find out about the available (and free) educational resources, market data packages, charting, etc.
Security: Is the brokerage registered as a member of the Canadian Investor Protection Fund (CIPF)? And the Investment Industry Regulatory Organization of Canada (IIROC)? CIPF membership means your assets are protected up to $1 million against insolvency.
What security measures does it have in place to protect your account – encryption, 2FA, etc.?
Minimum deposits: If you plan on investing small amounts, a no-minimum balance broker is preferable.
Order types: Beginners may be fine with basic order types like market, limit, and stop orders. Experienced traders may want access to advanced order types.
Customer service: Read user reviews about the quality of customer support provided by the trading platform. Can you easily reach someone by phone if required?
Mobile App: Plan to trade on the go? You should choose a free stock trading platform that is easily accessible on all devices. Look at the ratings for their mobile app on the App Store and Google Play.
What is The Best Free Trading Platform?
Wealthsimple Trade is the best free stock trading app in Canada. For access to a broader range of investment products, consider Questrade, which offers free ETF purchases.
The best free trading platforms for trading tools and options are Questrade and Disnat.
Related
DISNAT continues to be a solid discount brokerage. No trading fees, no journaling fees for Norton’s Gambit, excellent customer service, educational seminars at no cost, and great Morningstar research and tools, all of which is also available in their app. It’s not a slick service, but it’s lowest cost and feature-rich.