What is the all-in cost of trading at a Canadian broker?

The all-in cost combines trading commissions, the currency conversion markup on US-listed trades, and any account or inactivity fees. For investors who trade US-listed stocks or ETFs, the currency conversion cost is often larger than the commission, so comparing commission alone understates the true cost.

What is the biggest hidden cost for Canadian investors?

Currency conversion is the most common hidden cost. Most Canadian brokers charge a markup of roughly 1.5 to 1.75 percent each time you convert Canadian and US dollars to trade US-listed securities, which can far exceed the trading commission. A few brokers price conversion near the interbank rate.

Which Canadian online broker is cheapest?

It depends on your trading profile. Commission-free brokers win for frequent small trades in Canadian-listed securities, while brokers with low currency conversion costs win for those holding US-listed stocks and ETFs. This calculator ranks them for your specific mix of trades, value, and currency.

All-In Cost Calculator — Broker Guide Canada

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All-in cost calculator

Commission is only part of the picture. For anyone trading US-listed stocks or ETFs, currency conversion is often the largest cost of all. Enter your trading profile to see the true annual cost across Canadian self-directed brokers, ranked.

Last reviewed July 2026

Trades per month

Average trade value (CAD)

Share of trades in US-listed securities

50%

Drives currency conversion cost, frequently the deciding factor.

Account balance (CAD)

Used to apply each broker's fee-waiver thresholds.

How you obtain US dollars

Bulk conversion removes the per-trade FX markup but carries a one-time Norbert's Gambit or bulk-conversion cost, and may trigger a USD-account fee at some brokers.

Average price per share (CAD)

Only affects per-share commission pricing (Interactive Brokers).

Estimated annual cost, lowest first

1.Estimates only. Figures are modelled from each broker's published headline rates and are intended for comparison, not as a quote. Verify current pricing directly with each brokerage before opening an account. Affiliate relationships do not affect rankings or the math.

2.What is included. Standard stock and ETF commissions, currency conversion costs on US-listed trades, and account or inactivity fees. Excluded: ECN and regulatory pass-through fees, options and derivatives, margin interest, market-data subscriptions, and promotional offers.

3.Commissions. Applied at each broker's headline rate. US-trade commissions are shown in Canadian-dollar equivalent terms. Interactive Brokers uses per-share pricing (CAD $0.01 per share, USD $0.005 per share, minimum $1), calculated from the average price per share entered above.

4.Currency conversion. Where a broker publishes a range, a representative rate is used (banks, Qtrade and National Bank Direct Brokerage modelled at 1.75%; Desjardins at roughly 1.0%). Interactive Brokers (about 0.002%) and Moomoo (about 0.09%) include a flat per-conversion fee. "Convert each trade" applies the markup on every US-listed trade. "Hold USD or convert in bulk" removes the per-trade markup and instead applies a single bulk-conversion cost. For most brokers this is modelled as a Norbert's Gambit using the Global X US Dollar Currency ETF (DLR and DLR.U): two ETF legs at the broker's own commission rate plus a bid-ask spread of about 0.1% on the amount converted, which is estimated from your account balance and US-trade share. Wealthsimple charges a $9.95 journaling fee per gambit and National Bank Direct Brokerage charges $10, and Wealthsimple's USD-account fee still applies below the waiver threshold. Interactive Brokers and Moomoo convert at their own near-spot rates rather than a gambit.

5.Fee waivers. Account and inactivity fees are waived in the model on balance and trading-activity thresholds. Other waivers (age, registered account type, recurring contributions) may also apply and can reduce costs further.

6.Related. For the cost of currency conversion on its own, see the currency conversion cost calculator. Verified against each broker's official pricing pages. Full methodology: disclosures.