Questrade claims the top spot in this years edition of our online broker rankings. Heres everything you need to choose the broker thats right for you.

Canadians have never had more options when it comes to managing their investments, from full-service brokerages and financial advisors, with their often hefty fees, to an emerging crop ofrobo-advisorsoffering hands-off, low-cost portfolios. However, many investors want the best of both worldslow fees and access to a full range of investmentsand they prefer to take personal control of where their money goes. For these investors, online brokers remain the best choice. But, among the dozen or so firms serving Canadians, which is the best online broker in Canada for your investing style and needs?

For the seventh year in a row MoneySense has teamed up with Glenn LaCoste, the founder ofSurviscor, a firm that analyzes banking and brokerages across North America, to bring you the most definitive ranking of the Best Online Brokers in Canada for 2019. Surviscors depth of analysis is unmatched, and has been customized specifically for MoneySense, examining hundreds of experience criteria that go far beyond just price, including customer experience data, various product offerings and mobile capabilities.

Online brokers, or discount brokers as theyre also called, operate like traditional brokers, allowing investors to trade everything from stocks, bonds, options and mutual funds, to ETFs and GICs. Unlike traditional brokers, they put investors in the drivers seat and allow them to buy and sell investments on a do-it-yourself basis for a fraction of traditional commissions.

Boiled down, LaCoste says, all the online brokers can do the same thingthat is, provide quotes, and allow you to buy and sell stocks. Several go above and beyond, though, and thats what sets them apart.

Go here for our full comparison tool of all 13 online brokersto see how they stack up.

* Lower-value options available. See fullonline broker comparison toolfor details.

Heres a closer look at the top three overall winners.

Youve no doubt seen their cheeky ads on TV and across the web. Under the tagline Its time to ask tough questions about your money, the ads feature customers grilling their financial advisors about the low returns and high fees on their accounts before ultimately announcing theyre switching toQuestrade*. And the ads appear to be working. Questrade is the fastest-growing online broker in Canada and this year theyre number one in our best broker ranking, bumping Qtrade Investor out of the top spot. This is an online broker that continues to invest and innovate at a time when many of its rivals have stagnated.

Customization: Questrade gives customers the tools to tailor their trading experience as they want it, such as letting users set quick entry values to speed up transactions like market, quantity, type of order and price as well as durations and triggers, while also allowing customers to set some default information for transactionssuch as which market to place the trade onto speed up orders

Customer service has improved over the last year, while no other broker makes it easier to reach a person when you need to

Needs improvement:Questrade doesnt have the depth of research available to customers that some other online brokers do

Last years winner, Qtrade, has faced some distractions over the past year as it became part of Aviso Wealth, a wealth management company owned by Desjardins Group, five provincial credit unions Centrals and the Cumis Group. However, despite what was happening behind the scenes, Qtrade continued to innovate, and remains near the front of the pack in our 2019 ranking. While it may not lead in most categories, Qtrade does things well across the board and adapts fast to new advances in the industry.

Qtrade scores highest in user experience, with a seamless account opening process

Even if they dont score highest in every category, scores consistently well in all categories

Needs improvement:Their fee structure is decent, but not impressively low

TD Direct Investing has improved a lot in the past several years, distinguishing itself from the other bank-owned brokers. Many of its innovations draw inspiration from its operations in the U.S., where TD owns and operates the discount broker giant TD Ameritrade, such as its market intelligence offerings like stock market heat maps, how they display market information screens and the data they display.

Data, data, data. TD Direct Investing offers the richest access to market data and makes it easy to slice and dice it

TD Direct Investing has superior global trading capabilities for those investors looking to expand their portfolios beyond Canada

Needs improvement:Its commissions are higher than those of our top two picks, sitting at the average-to-high end

Some online brokers excel in areas that may be important to certain customers. Explore each category below:

Over time, fees and commissions can put a serious dent in an investors returns, or even turn gains into losses. Online brokers came along as an alternative to expensive traditional brokers with their high fees, and today most online brokers charge between $5 and $10 per trade, a far cry from the $80 to $150 per trade that full-service brokers once charged their clients. But when it comes to fees, Surviscors LaCoste urges buyer beware. What you think is the cheapest isnt always the cheapest, he says. For one, the lowest advertised price doesnt necessarily apply to all orders. In fact a lowest advertised price may only apply to 5% of the public. Secondly, traders need to be aware of what are called ECN fees. These are tiny yet confounding fees from electronic communication networks and exchanges that get passed on to traders in certain types of transactions over and above stated commissions. You can read more about ECN fees and how to avoid themhere.  Surviscor takes into account commissions on U.S. and Canadian orders, options,ECN fees and general account fees.

The discount broker scene could see a commission shake-up in the near future. In March 2019 the robo-advisor WealthSimple launched WealthSimple Trade, a zero-commission stock-trading platform. WealthSimple isnt included in this years ranking as it still lacks many of the basic features common at other online brokers, such as RRSP and TFSA accounts. But according to WealthSimple, more than 130,000 people signed up for access to the pre-launch version of its Trade app, so its clearly popular, and a price war could be on the horizon.

Interactive Brokers is a new entrant to the ranking this year. The firm stands apart from the crowd with its ultra-low trading commissions of just a penny a share, or a minimum of $1 per transaction. They also offer the cheapest commissions for options traders.

Questrade has the second-cheapest equity commissions, with a $4.95 minimum and a maximum of  $9.95, at rate of 1 per share

User experience is a critical category, says LaCoste. Anything that makes an experience better and faster and at the users discretion will always make things better from our perspective, he says. The category encompasses 13 criteria that cover the full range of experiences investors have with online brokers, from ease of customization and design, to account information and management to order placement (including equity, ETF, options, mutual funds, bonds, global equities and alternative orders) to navigation and user protection.

As noted above, Qtrade does well in every broad category we looked at. Even though the broker may not come in first place in every category, Qtrade has no glaring holes in its offering. And Qtrade has developed a reputation for quickly adopting the best features from other online brokers.

BMO InvestorLine scores well in this category because of its notifications and alerts and planning tools.

As described above in the best overall brokers category, when it comes to the experience of placing orders, no broker makes it easier.

At a time of market turbulence, exchange-traded funds remain incredibly popular with Canadian investors; last year, $21 billion flowed into ETFs. These baskets of securities are similar to mutual funds, and range from broad market trackers, like index ETFs, to flavour-of-the-month niche sectors like cannabis ETFs or Esports ETFs (yes, thats a thing). But unlike mutual funds, they generally come with much lower management fees, and are bought and sold like stocks. (By the way, if youre looking to research which ETFs are right for you, start with the2019 guide to the best ETFs, as picked by our panel of experts.)

While robo-advisors allow investors to easily choose portfolios of ETFs, they charge additional fees on top of the ETF management fees (MERs). With some online brokers, on the other hand, investors can avoid paying commissions on ETF trades altogether, making them a cheaper alternative.

Avoiding commission fees is definitely important, but its not the only thing, as youll see below where we present the top three online brokers for ETFs.

National Bank Direct Brokerage stands apart from other online brokers when it comes to ETFs. Thats partly because they have an in-house research team of ETF analysts, but also because they have eliminated commissions for buying and selling all ETFs, the only firm to do so for both sides of a trade. There is a catchthe commissions are waived only on orders of 100 ETF units or more. Thats not such a problem if you were to buy, say, Canadas most popular ETF, the iShares S&P/TSX 60 Index ETF, which has hovered in the low-$20 range for the last year. But for ETFs trading at $100 or more per unit, the total trade cost climbs into five digits, which is probably more than young investors just starting out will have available.

Of all the online brokers we looked at, Qtrade is often near the top in each category, but not quite number one. Thats the case with ETFs as well. Qtrade doesnt charge a commission to buy or sell units, but this only applies to 100 eligible ETFs, and you may find that some of the most popular ETFs youre looking for arent on the list. Qtrade does well in other areas, such as by producing ETF reports and providing investors with product watch lists to keep them informed.

The tools and research that Canadas online brokers provide to do-it-yourself investors has never been better, and continues to improve. Access to timely market research data is critical, and that is one of the metrics Surviscor considered when grading the brokers. Points were also awarded for the brokerages that make it easiest to get quotes fast, and that offer market information, charting features, technical analysis, equity research, portfolio, market notifications and screening tools.

TD Direct Investing has held the top spot in this category for many years. They offer best-in-class market information, providing up-to-date snapshots of market movers and the ability to screen those results easily. Investors can visualize how stocks compare to industry peers in terms of fundamentals, and TD offers extensive screening tools with many criteria to chose from. Bonus: TD Direct Investing offers good market notifications and alerts.

Qtrade excels in this category because they do well at charting and general quote features, says Surviscors Glenn LaCoste. Qtrade also offers very good technical analysis tools.

Having access to your portfolio on the go is critical; but needing a separate app on your phone to do that no longer is. This category isnt about who made a better app, its about who has the best mobile experience, says LaCoste. Ideally, an online brokerage website should give you all the same access to tools and analysis on your mobile device as you do on your desktop, but unfortunately for now that is hardly ever the case.

This is the first year Interactive Brokers have been included in the rankings. Designed for advisors the retail platform for Interactive Brokers is geared at very active traders. And while other online brokers skimp on features when it comes to the mobile versions of their websites, Interactive Brokers offers all the advantages of the platform they built for professions but on mobile. What you get online is what you get on the mobile, says LaCoste.

Questrade offers a mobile app, but they also have a well-designed responsive website that adjusts to any mobile screen and works across all devices.

This category can be summed up with a question: Which online broker makes it easiest to get set up and start trading? Surviscor looked at things like the onboarding experience for first-time customers, and how intuitive the platforms are.

Questrade gets it. This broker has long been ahead of the curve when it comes to the application process for new accounts. While some brokers still require hand-written signatures and an in-person visit to a branchwhere salespeople can pitch you on high-fee funds and other products that will transfer more dollars from your pockets to theirseverything is digital with Questrade.

TD Direct Investing stands apart for the educational resources it offers first-time DIY investors, with webinars and online interactive masterclasses geared to all levels of investors.

Hands down, Questrade offers the most options for its customers and potential customers to reach its representatives, and had the quickest average response time to boot, at 10 hours.

You can find detailed reviews of each of the 13 firms on the Surviscor site: just click on the highlighted firms name. This list is presented in alphabetical order:

The survey methodology is based onMoneySense-specific categories based on Surviscors latest mobile and online reviews. There are seven main categories reviewed, with 43 separate criteria, with industry rankings in each based on Surviscor data. Customer service data was logged over a 12 month period ending April 2019.

TheMoneySenseresults are based on a 5-point rating system that awards 5 points to the first-place finisher in a  category, 4 points for second, 3 points for third, 2 points for fourth, and 1 point for fifth place.

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