The Real Cost of Using a Big Bank Brokerage
Most Canadians are still trading through RBC Direct Investing, TD Direct Investing, or CIBC Investor's Edge. The banks prefer it that way. At $6.95–$9.95 per trade, 10 trades per month generates $840–$1,194 in commissions annually — before you've earned a single dollar. If you already hold a TFSA or RRSP at one of these institutions, the Wealthsimple TFSA/RRSP transfer bonus covers up to $150 in transfer-out fees — turning your switch into an immediate cash return.
Layer on the mutual fund MER problem. The average Canadian equity mutual fund carries a 2.4% MER. On a $50,000 portfolio, that's $1,200 per year drained silently — no invoice, no line item, just permanent compounding erosion. Combined, a Big Five brokerage relationship can cost you $2,000+ per year in pure fee drag. That's the math the branch advisor doesn't walk you through.
The five apps ranked below exist specifically to eliminate that friction.
Open both Wealthsimple (code XVJHLJ, $25 free) and Questrade (code 896023510497901, $50 free). Total guaranteed return: $75 CAD. That's a 20% instant return on the $250 minimum Questrade deposit — risk-free, before your first trade.
- Wealthsimple: deposit $100 minimum, bonus arrives within 7 business days
- Questrade: deposit $250 minimum for bonus, arrives within 30 days
- Use each for its structural advantage: Wealthsimple for $0-commission stocks, Questrade for free ETF purchases
The 5 Best Investing Apps in Canada (2026)
Ranked by fee structure, account coverage, regulatory standing, and actual utility for a Canadian investor building a TFSA/RRSP/FHSA portfolio in 2026.
- $0 commission on all trades (stocks, ETFs, crypto)
- $100 deposit required to claim $25 referral bonus
- TFSA, RRSP, FHSA, personal non-registered accounts
- Signup bonus: $25 CAD with code XVJHLJ ($100 external deposit within 30 days)
- CIRO regulated, CIPF member (up to $1M protection)
- Fractional shares available — buy partial positions in expensive stocks
- ETF purchases: free. Sells: $4.95 minimum
- Stocks: $4.95–$9.95/trade (Wealthsimple beats this for stock traders)
- $250 minimum deposit to qualify for $50 bonus
- TFSA, RRSP, FHSA, RESP, margin, corporate accounts
- Signup bonus: $50 CAD with code 896023510497901 (deposit $250+)
- CIRO regulated, CIPF member — operating since 1999
- $0 commissions on all trades — matches Wealthsimple's fee structure
- $0 account minimum
- Full account suite: TFSA, RRSP, FHSA, RESP, margin
- No referral bonus program — no incentive to open vs. Wealthsimple
- Best for existing National Bank customers who want to consolidate
- Free ETF trades — limited selection of TD ETFs
- $0 account minimum
- TD bank customers only — requires existing TD relationship
- TFSA and RRSP support only (no FHSA, no RESP)
- No referral bonus, limited investment universe
- $6.95–$9.95/trade — no path to $0 commissions
- Full service platform with solid research tools
- TFSA, RRSP, FHSA, RESP support
- No referral bonus — you pay to join and pay to trade
- Justified only if you're deeply embedded in the RBC ecosystem and won't switch
Platform Comparison: Fees, Accounts, and Bonuses
The numbers that actually determine your long-term returns — not the marketing copy.
| App | Trade Commission | ETF Buys | Min Deposit | Signup Bonus | TFSA / RRSP / FHSA |
|---|---|---|---|---|---|
| Wealthsimple | $0 | Free | $100 (for bonus) | $25 (XVJHLJ) | All three |
| Questrade | $4.95–$9.95 | Free | $250 | $50 (896023510497901) | All three |
| NBDB | $0 | Free | $0 | None | All three |
| TD Easy Trade | $0 (limited) | Free | $0 | None | TFSA / RRSP only |
| RBC Direct | $6.95–$9.95 | $6.95+ | $0 | None | All three |
Which App Is Right for You?
Four scenarios, four clear answers — no hedging.
- Beginner with under $10,000: Wealthsimple, no question. Deposit $100, get $25 free — that's a 25% instant return. Zero commissions, clean interface.
- ETF-focused long-term investor: Questrade. Free ETF purchases mean a couch-potato XEQT or VGRO portfolio costs you nothing to build month after month.
- Active stock trader: Wealthsimple. The $0 commission structure beats Questrade's $4.95 minimum per trade — at 20 stock trades/month that's $1,188/year saved.
- Existing Big Five customer: Switch. The math doesn't support staying. NBDB, Wealthsimple, and Questrade collectively eliminate the entire fee drag — and two of them pay you a bonus to make the move.
How to Stack Both Bonuses ($75 Total)
This takes 20 minutes. The payoff is guaranteed.
- Open Wealthsimple using code XVJHLJ. Deposit $100 into any account type (TFSA is fine). Your $25 bonus arrives within 7 business days.
- Open Questrade using code 896023510497901. Deposit $250 (minimum for bonus). Your $50 bonus arrives within 30 days.
- Deploy each account to its strength: use Wealthsimple for individual stocks (zero commissions), use Questrade for your ETF portfolio (free buys).
- Net result: $75 CAD in your pocket, two compliant investment accounts, and zero fee drag going forward.
For all 11 active Canadian referral bonuses — including Simplii Financial ($400), Tangerine ($50), and Neo Financial ($25) — see the full referral codes directory. You can also review the complete details and current bonus amounts on the Wealthsimple referral code page and the Questrade referral code page.
Frequently Asked Questions
Wealthsimple is the best investing app in Canada for most people: $0 commissions, $0 account minimum, TFSA/RRSP/FHSA support, and a $25 signup bonus (code XVJHLJ). For ETF-focused investors building index portfolios, Questrade is the strongest alternative — free ETF purchases and a $50 bonus (code 896023510497901) make it the top pick for self-directed portfolios where ETF buys dominate trading activity.
Wealthsimple charges $0 commission on all stock and ETF trades. National Bank Direct Brokerage (NBDB) also offers $0 commissions across all trades. Both support TFSA, RRSP, and FHSA accounts with no account minimums. Wealthsimple adds a $25 signup bonus (code XVJHLJ); NBDB has no referral program, which removes the only reason to choose it over Wealthsimple for new accounts.
Wealthsimple is better for beginners. Deposit $100 to trigger the $25 referral bonus — a 25% instant return. The interface is cleaner and all trades are $0 — no mental math required before placing an order. Questrade requires a $250 minimum deposit and charges $4.95–$9.95 on stock sells. Questrade's structural advantage (free ETF purchases) matters more once you're running a larger index portfolio and trading less frequently.
Yes. Wealthsimple pays $25 CAD when you open a new account and deposit $100 using code XVJHLJ. Questrade pays $50 CAD when you open a new account and deposit $250 using code 896023510497901. Opening both earns you $75 CAD in guaranteed bonuses before you make a single trade. No other Canadian investing platform currently offers a comparable referral program. These rates are verified as of May 2026.
Yes. Questrade is regulated by CIRO (Canadian Investment Regulatory Organization) and is a member of CIPF (Canadian Investor Protection Fund), which covers client assets up to $1 million per account category in the event of broker insolvency. Questrade has operated since 1999, holds client assets in segregated accounts separate from the firm's own capital, and processes over $10 billion in trades annually. For a deeper analysis, see the full Questrade safety review.