How to choose a broker in Canada

Updated October 10, 2026 · StockSignalCheck

A brokerage account is where you buy and hold stocks and ETFs. Canadian online brokers have become much cheaper and easier to use in recent years, but they still differ in fees, account types and features. This guide covers what to compare, so you can choose one that fits how you invest.

StockSignalCheck doesn't recommend any particular brokerage. Fees and features change often, so check each broker's current pricing page before opening an account.

1. Make sure it's regulated and protected

In Canada, investment dealers are regulated by the Canadian Investment Regulatory Organization (CIRO). Member firms are covered by the Canadian Investor Protection Fund (CIPF), which protects your assets, within limits, if the firm itself becomes insolvent. CIPF doesn't protect you from investment losses. You can check a firm's membership on the CIRO and CIPF websites.

2. Check the account types you need

Make sure the broker offers every account you plan to use:

TFSA and RRSP (see TFSA vs RRSP)
FHSA if you're saving for a first home (see FHSA explained)
Non-registered (taxable) accounts
RESP, spousal RRSP, or corporate accounts if relevant

Keeping accounts at one broker makes life simpler, but it's not essential.

3. Compare trading costs

Commissions: many brokers now offer commission-free trades on stocks and ETFs; others charge a flat fee per trade.
Account fees: some charge annual or inactivity fees, especially on small balances.
Other fees: transferring out, paper statements, or premium features.

If you'll invest small amounts every month, per-trade commissions matter a lot. If you trade rarely, they matter less.

4. Look closely at currency costs

For buying US stocks, the currency conversion fee is often the biggest cost, and it's easy to miss because it's built into the exchange rate. Check:

the conversion fee or spread, usually shown as a percentage,
whether you can hold US dollars in your TFSA, RRSP and other accounts, so you don't convert back and forth, and
whether the broker supports Norbert's Gambit for cheaper conversions.

Our guide on buying US stocks from Canada explains why this matters.

5. Consider what you'll actually use

Fractional shares let you invest small amounts in expensive stocks.
Automatic recurring purchases make regular investing easier.
Research and charting tools vary a lot. Some investors use a separate free research site and keep the broker for trading.
Mobile app vs desktop: try both if you can.
Customer service: how easy is it to reach a person when something goes wrong?

6. Moving an existing account

If you're switching brokers, use a direct transfer rather than withdrawing and re-depositing, especially for TFSAs and RRSPs. Withdrawing from an RRSP is taxable, and TFSA withdrawals don't give room back until the next year. Many brokers will reimburse the transfer-out fee charged by your old broker, sometimes above a minimum balance.

Common mistakes

Choosing on sign-up bonuses alone. Ongoing costs usually matter more.
Ignoring currency fees if you plan to own US stocks.
Opening the wrong account type, such as a non-registered account when you meant a TFSA.
Cashing out to switch brokers instead of transferring.

Keep learning

TFSA vs RRSP for stocksHow each account is taxed, how withdrawals work, and how US dividends are treated.How to buy US stocks from CanadaCurrency conversion, USD accounts, cross-listed shares and withholding tax.FHSA explainedWho qualifies, how much you can contribute, and what happens if you never buy.Norbert's Gambit, step by stepConvert CAD to USD for a few dollars instead of a percentage fee.

Research a stock →Browse stock pages

This guide is for education only. It isn't personalized financial, investment or tax advice, and nothing here is a recommendation to buy or sell any security. Investing involves risk, including the possible loss of your money.