US Stock Trading Costs for Canadian Residents

What does your broker charge
to trade US stocks?

Interactive Brokers’ Clients Receive Significant
Savings vs. Other Brokers

Comparison of US Stock Trading Costs for Canadian Residents

The comparison to other providers is based on the rates published on their websites as of September 12, 2024 for deals in US stocks. Deals in U.S. listed ETFs and U.S. dollar-traded Canadian ETFs not considered. Providers' account types used for this illustration are what we consider default standard tier. 1

See Notes and Disclaimers for complete information.

  Total Trade Cost with Currency Conversion2,3 Advertised Rates
Broker 50 shares
CAD 2,000		 100 shares
CAD 5,000		 200 shares
CAD 10,000		 US Stock
Commission		 FX Conversion
Fee4,5
Interactive Brokers USD 2.527 USD 2.707 USD 3.407 USD 0.00356 USD 2.006
WealthSimple USD 23.588 USD 58.958 USD 117.908 USD 0.00 1.50%
Questrade USD 28.539 USD 63.909 USD 122.859 USD 4.9511 1.50%12
BMO Investorline USD 35.1010 USD 72.8310 USD 135.7110 USD 9.95 1.60%13
CIBC Investors's Edge
CI Direct Trading
Desjardins Online Brokerage
National Bank Direct Brokerage
Qtrade Investor
RBC Direct Investing
Scotia iTrade
TD Direct Investing
Cannot be determined because we have not been able to locate the foreign exchange conversion fee on the pricing pages of the public website of these providers.
USD 6.95 Not Published16
USD 1.99 Not Published16
USD 0.0014 Not Published16
USD 0.0015 Not Published16
USD 8.75 Not Published16
USD 9.95 Not Published16
USD 9.99 Not Published16
USD 9.99 Not Published16

  1. The comparison is based on our understanding of the other providers’ published rates available on their websites as of September 12, 2024. The comparison is also based on the quantity of shares comprising the trade sizes in the three scenarios displayed above. WARNING - The comparison of brokerage fees that are set under different pricing models may vary based on the quantity of shares comprising the trade and in some cases, a fixed or “per-trade” fee pricing model (as used by other providers) can, in fact, be more competitive that Interactive Brokers’ variable or “per-share” pricing model which is more competitive when the trade size is comprised of a smaller quantity of shares. For example, our commission on a trade size of USD 20 000 will be USD 1.75, when the trade is for 500 shares at USD 40 but will be USD 17.50 when the trade is for 5000 shares at USD 4.00 ([0.0035 x 500 shares = USD 1.75] and [0.0035 x 5000 shares = USD 17.50]).
  2. "Total Trade Cost with Currency Conversion" considers stock execution commission (when applicable) and fx conversion fee charged by the providers. In case of IBKR, we have additionally included regulatory, clearing and exchange fees that are passed through to the client on a transactional basis.
  3. Assuming account initially funded with, and holding, Canadian currency (CAD). This table shows three different trade sizes using different quantity of shares traded on a U.S. market. For comparison purposes, "Total Trade Cost with Currency Conversion" is indicated in USD. The USD/CAD FX exchange rate used in the comparison table is 1.2722, which conversely represents a rate of 0.7860 CAD/USD (used for calculation purposes).
  4. This conversion fee is the revenue earned by the broker on each currency conversion transaction. It is an additional fee to the commission or other fees applicable to the stock transaction. For the purpose of this presentation the foreign exchange conversion fee is expressed as a percentage of the total value of the currency being converted. For the other providers in this table, this fee is typically included in the total foreign exchange rate applied to the conversion without charging a separate transaction-based “commission”. Although the total foreign exchange rate applied to the conversion is usually disclosed to clients at the time of the currency conversion transaction, the conversion fee applied to the conversion is rarely disclosed separately to the client. In the interest of providing a transparent pricing structure, IBKR does not mark up its FX quotes and therefore does not include a conversion fee in the total foreign exchange rate applied to the conversion. Instead IBKR passes through the prices that it receives from the global interbank market and charges a separate FX “commission” which is clearly disclosed to clients at the time of the currency conversion.
  5. Some firms may not allow you to hold U.S. dollars in your brokerage account and will subject you to forced currency conversion fees on each transaction.
  6. IBKR tiered stock commissions of USD 0.0035 per share (minimum of USD 0.35). Other providers' stock commissions are usually set at a dollar amount per trade basis. IBKR’s FX “commission” of USD 2.00 per order (0.20 basis point x trade value, with a minimum of USD 2.00 per order). Note- One basis point = 1/100 of 1%, so 0.20 basis point = 0.002%
  7. IBKR Total Trade Cost with Currency Conversion = IBKR Tiered Stock Commissions + Exchange, Regulatory, Clearing Fees + FX "Commission".
    USD 2.52 = 0.35 + 0.17 + 2.00; USD 2.70 = 0.35 + 0.35 + 2.00; USD 3.40 = 0.70 + 0.70 + 2.00
  8. Wealthsimple Total Trade Cost with Currency Conversion = Zero Stock Commission + FX Conversion Fee.
    USD 23.58 = 0.00 + (CAD 2000 x 0.7860 x 0.0150); USD 58.95 = 0.00 + (CAD 5000 x 0.7860 x 0.0150); USD 117.90 = 0.00 + (CAD 10,000 x 0.7860 x 0.0150)
  9. Questrade Total Trade Cost with Currency Conversion = Stock Commission + FX Conversion Fee.
    USD 28.53 = 4.95 + (CAD 2000 x 0.7860 x 0.0150); USD 63.90= 4.95 + (CAD 5000 x 0.7860 x 0.0150); USD 122.85 = 4.95 + (CAD 10,000 x 0.7860 x 0.0150)
  10. BMO Investorline Total Trade Cost with Currency Conversion = Stock Commission + FX Conversion Fee.
    USD 35.10 = 9.95 + (CAD 2000 x 0.7860 x 0.0160); USD 72.83 = 9.95 + (CAD 5000 x 0.7860 x 0.0160); USD 135.71 = 9.95 + (CAD 10,000 x 0.7860 x 0.0160)
  11. Exchange and ECN fees may apply.
  12. As published on https://www.questrade.com/pricing/self-directed-commissions-plans-fees#fees
  13. For transaction size less than $25,000 CAD.
  14. The Securities and Exchange Commission (SEC) charges a fee for every executed sell order on any American exchange. Desjardins Online Brokerage reserves the right to limit the number of intra-session trades on the same security.
  15. Trades must have been made through National Bank Discount Brokerage's electronic solutions.
  16. We have not been able to locate on the pricing pages of the public website of these providers the foreign exchange conversion fee component of the foreign exchange conversion rate applied to a specific currency conversion transaction.

When you invest, your capital is at risk. The value of your portfolio can go down as well as up, and you may get back less than you invest.

Interactive Brokers Canada Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and Member - Canadian Investor Protection Fund. Know Your Advisor: View the CIRO AdvisorReport. Trading of securities and derivatives may involve a high degree of risk and investors should be prepared for the risk of losing their entire investment and losing further amounts. Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. Interactive Brokers Canada Inc. is an order execution-only dealer and does not provide investment advice or recommendations regarding the purchase or sale of any securities or derivatives. Our registered office is located at 1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6, Canada.


Know Your Advisor: View the CIRO AdvisorReport