My short version: Wealthsimple is the easiest all-round choice for many long-term investors; Questrade is strong for account variety and USD flexibility; Interactive Brokers (IBKR) is strongest for advanced/global investors and low-cost FX; National Bank Direct Brokerage (NBDB) is the standout bank-owned $0-commission brokerage; Qtrade is now much more competitive after moving to $0 commissions; Webull is attractive for active mobile traders and market data; and moomoo stands out for research-heavy trading tools but still charges per-share/platform fees.
2026 comparison at a glance
| Broker | CA / US stocks & ETFs | USD / FX | Options | Main account types | Best for | Main drawback |
|---|---|---|---|---|---|---|
| Wealthsimple | $0 commission | 1.5% standard FX on smaller conversions; USD account free for Premium/Generation, $10/mo Core | $0 contract fee on eligible equity/ETF options; some index-option fees | TFSA, RRSP, FHSA, RESP, non-registered, margin | Beginners, recurring investing, fractional shares, simple app | FX can be expensive for frequent CAD↔USD users |
| Questrade | $0 commission | 1.5% standard conversion; hold USD; journaling/Norbert's Gambit supported | US equity options $0 contract fee; CA/US index options have contract fees | TFSA, RRSP, FHSA, RESP, cash, margin and more | Flexible DIY investors, registered accounts, USD holders | More complex than the simplest mobile-first apps |
| Interactive Brokers | Low per-share commissions; CA min. about C$1/order, US tiered min. US$0.35 | Very low spot-FX pricing; auto-conversion also inexpensive | US options generally US$0.15–$0.65/contract, minimums apply | Individual/joint, RRSP, TFSA, FHSA, RRIF, margin | Advanced traders, global markets, USD-heavy portfolios | Learning curve; not commission-free for Canadian residents |
| National Bank Direct Brokerage | $0 commission | CAD/USD accounts and currency conversion; verify current FX spread | $0 base + $1.25/contract, $6.25 minimum | Broad registered and non-registered lineup | Investors wanting bank ownership + $0 stock/ETF trades | Less app-centric than digital-first rivals; some admin/service fees |
| Qtrade Direct Investing | $0 commission | USD accounts; some USD registered-account fees unless waived | $0 base + $0.75/contract | Cash, TFSA, RRSP, FHSA, margin and more | Research, support, traditional brokerage depth at $0 stock fees | Some account/service fees remain |
| moomoo Canada | CA C$0.0149/share, C$1.49 min.; US US$0.0099/share, US$1.99 min. | No separate currency-exchange fee advertised; conversion spread may apply | Low-cost US options; verify current contract schedule | Cash, margin, TFSA, RRSP, spousal RRSP | Charts, screeners, Level 2, active research-heavy traders | Not $0 stock/ETF trading; narrower registered-account lineup |
| Webull Canada | $0 commission | USD and CAD trading; review current conversion/margin costs | US$0.99/contract after current 90-day promotional period | Cash, margin, TFSA, RRSP | Active mobile/desktop traders, charting, paper trading, market data | Smaller Canadian account/product lineup than established full-service brokers |
The biggest brokerage changes in 2026
Which investing app is best for different Canadians?
Best for a first-time investor: Wealthsimple
The app is simple, fractional shares and recurring investments reduce friction, and $0 stock/ETF commissions make small purchases practical. The trade-off is that frequent U.S.-dollar conversion can become expensive.
Best for a flexible long-term DIY investor: Questrade
Its broad account lineup, ability to hold USD, journaling support and increasingly competitive options pricing make it a strong middle ground between a simple app and an advanced broker.
Best for advanced/global trading: Interactive Brokers
IBKR is the strongest choice here for access to global markets, advanced order types, low margin rates and low-cost currency conversion. It is less beginner-friendly and still charges trading commissions.
Best bank-owned low-cost broker: National Bank Direct Brokerage
NBDB combines a Canadian bank-owned brokerage with $0 online Canadian and U.S. stock/ETF commissions, plus research from Morningstar, Trading Central and OptionsPlay.
Best traditional brokerage with strong support: Qtrade
With $0 equity/ETF commissions, independent research and a strong service reputation, Qtrade is much more compelling than when it charged standard equity commissions.
Best for technical-analysis-heavy app users: Webull or moomoo
Both emphasize charts, indicators, screeners, market data and active-trading workflows. Webull currently has the lower headline stock commission; moomoo offers a dense research experience and low per-share pricing.
Fees are no longer the whole story
When several brokers charge $0 to buy and sell Canadian and U.S. stocks and ETFs, the expensive part can move somewhere else. I would compare at least five items before opening an account: currency conversion, account fees, option exercise/assignment fees, transfer-out fees and the cost of market-data packages.
For a Canadian buying only Canadian-listed ETFs, those secondary charges may barely matter. For someone actively buying U.S. stocks, trading options or moving large CAD/USD amounts, they can matter more than the advertised stock commission.
U.S. investing: IBKR has the clearest cost advantage for frequent currency conversion
Interactive Brokers charges low per-share trading commissions rather than $0, but its foreign-exchange pricing is far below the common 1.5% retail conversion fee charged by some Canadian brokers. That can make IBKR cheaper overall for a portfolio that frequently moves between CAD and USD.
Questrade is another practical USD choice because it supports dual-currency balances and journaling. Wealthsimple becomes more attractive for U.S. investing at higher asset tiers because Premium and Generation include USD accounts, while Core users otherwise pay a monthly USD-account fee.
What about safety?
All seven brokers discussed here operate through regulated Canadian investment dealers and/or Canadian-regulated brokerage entities. When comparing brokers, do not treat a slicker app or an older bank brand as a substitute for checking the dealer's current CIRO registration, CIPF membership, account agreement and product-specific risks. CIPF protection is about dealer insolvency; it does not protect you from normal investment losses.
My 2026 ranking by use case
| Use case | First choice | Runner-up | Why |
|---|---|---|---|
| Simple long-term ETF investing | Wealthsimple | Questrade | Both are $0 commission; Wealthsimple is simpler, Questrade has more account depth. |
| Frequent USD / global investing | Interactive Brokers | Questrade | IBKR's FX and global-market access are hard to match. |
| Bank-owned platform | NBDB | — | It is the major-bank brokerage in this group with $0 online stock/ETF commissions across the board. |
| Research + client support | Qtrade | NBDB | Both combine research tools with a more traditional brokerage service model. |
| Mobile active trading / charts | Webull | moomoo | Both prioritize technical tools, data and fast mobile/desktop workflows. |
| Options at low headline cost | Wealthsimple / Questrade | IBKR | 2026 pricing changes made options far cheaper at the digital brokers; strategy and exercise fees still matter. |
Current BestReferral pages
BestReferral currently has dedicated offer pages for Wealthsimple and Questrade. The other brokers are included editorially in this comparison; inclusion does not mean BestReferral has an affiliate relationship with them.
Bottom line
There is no single best investing app for every Canadian. The 2026 fee changes have made the market much more competitive, which is good for investors. If I wanted the simplest experience, I would start with Wealthsimple. If I needed broad registered accounts and USD flexibility, I would look hard at Questrade. If I were an advanced or globally focused trader, IBKR would be my first comparison. If I wanted a bank-owned brokerage without standard stock commissions, NBDB would be the obvious one to investigate.