Choosing the right brokerage account is one of the most important investing decisions you’ll make; especially if you’re new to investing in Canada. In fact, the fastest way to lose money isn’t picking the wrong stock. It’s choosing the wrong brokerage platform before you even start investing.
With so many brokerage accounts available in Canada, it’s easy to feel overwhelmed. This guide breaks down exactly what to consider so you can confidently choose a platform that fits your goals, experience level, and budget.
What Is a Brokerage Account?
A brokerage account is an account that allows you to buy, sell, and hold investments such as:
- Stocks
- Exchange-Traded Funds (ETFs)
- Mutual funds
Think of it as a bank account — but instead of holding cash, it holds your investments.
In Canada, different brokerages offer different account types, fee structures, and user experiences, which is why choosing the right one matters.
1. Start With Your Investment Goals
Before opening a brokerage account, get clear on why you’re investing. Usually, most people invest towards saving for a first home, building wealth for retirement or just investing small amounts to learn and get started.
Your goal determines which registered investment account you should open.
Common Canadian Investment Accounts:
- FHSA (First Home Savings Account): Ideal if you’re saving to buy your first home
- RRSP (Registered Retirement Savings Plan): Best for long-term retirement investing
- TFSA (Tax-Free Savings Account): Great for beginners and flexible investing goals
Choosing the right account type based on your goal is just as important as choosing what you invest in.
2. Understand Brokerage Fees in Canada
Fees are one of the biggest (and most overlooked) factors when choosing a brokerage account.
Depending on the platform, you may pay:
- Trading commissions when you buy or sell
- Monthly or annual account fees
- Fees for holding or trading U.S. stocks
These costs can quietly eat into your returns, especially if you’re investing smaller amounts.
For beginners, platforms with low or no trading fees often make the most sense so more of your money stays invested and compounds over time.
3. Choose a Beginner-Friendly Investing Platform
The best brokerage account is the one you’ll actually use.
If a platform is confusing or overwhelming, you’re less likely to stay consistent — and consistency matters more than complexity when it comes to investing.
Look for a brokerage that:
- Is easy to navigate
- Clearly shows your investments
- Allows automated or recurring investments
- Makes investing feel simple and approachable
A clean, beginner-friendly platform beats advanced tools you don’t understand.
4. Investing in U.S. Stocks: Currency Conversion Matters
If you plan to invest in U.S. stocks or ETFs, pay close attention to currency conversion fees.
Some Canadian brokerages:
- Charge high USD conversion fees
- Charge fees every time you trade U.S. stocks
- Charge extra just to hold foreign investments
These fees can significantly reduce your returns if you’re not careful.
Before choosing a brokerage, check how it handles:
- Currency conversion
- U.S. trading fees
- Foreign investment costs
The Brokerages I Personally Use in Canada
After researching and testing different options, I personally use Wealthsimple and Questrade, depending on my investment goals.
Wealthsimple
Wealthsimple is beginner-friendly and ideal if you’re just starting out. It offers:
- Commission-free trading on Canadian stocks and ETFs
- An easy-to-use mobile app
- Simple account setup
When you sign up using my referral link, you’ll get $25 to start investing for free.
Questrade
Questrade is a great option if you want more flexibility, especially for:
- ETF investing
- U.S. stocks
- Long-term self-directed portfolios
When you open an account using my referral link, you’ll get $50 to get started for free.
In Summary..
Choosing the best brokerage account in Canada comes down to:
- Your investment goals
- The fees you’ll pay
- How easy the platform is to use
- The type of investments you plan to make
Getting this step right makes investing simpler, cheaper, and more sustainable in the long run.
If you have any questions at all, please leave them in the comments and don’t forget to keep growing and stay glowing.