TD WebBroker wins overall. BMO wins for ETFs. RBC wins for loyalists.
The three biggest Canadian bank brokers charge basically the same ($9.95). The difference is platform, free ETF list, and active-trader rates. We ran all three side-by-side.
★ QUICK VERDICT ★
One sentence each
RBC DIRECTBest for RBC customers
If you already bank with RBC, the loyalty + integration wins. Otherwise pick TD or BMO.
TD DIRECTBest overall platform
WebBroker is the gold standard among big-bank brokers. Free Argus + Refinitiv research.
BMO INVESTORLINEBest free ETF list
80+ commission-free ETFs (BMO + Vanguard + iShares). Active rate kicks in fastest at 75 trades/qtr.
★ HEAD-TO-HEAD ★
6 metrics that decide
METRIC
RBC
TD
BMO
WINNER
Stock trades
$9.95
$9.99
$9.95
TIE
Active trader rate
$6.95 (150+ trades)
$7.00 (150+)
$3.95 (75+)
BMO
Free ETFs
RBC iShares only
~50 select TD ETFs
80+ (BMO + Vanguard + iShares)
BMO
Account minimum
$0
$0
$0
TIE
Inactivity fee
$25/qtr (under $15k)
$25/qtr (under $15k)
$25/qtr (under $15k)
TIE
Trading platform
Web + RBC Direct app
WebBroker + Advanced Dashboard
AdviceDirect + 5-Star
TD
★ FULL FEATURE MATRIX ★
Everything compared
FEATURE
RBC
TD
BMO
Stocks, ETFs, options
✓
✓
✓
USD accounts
✓
✓
✓
TFSA / RRSP / FHSA
✓
✓
✓
After-hours trading
Limited
✓ Full
Limited
Real-time L2 quotes
Paid
Free for active
Paid
Mobile app rating
4.4 stars
4.5 stars
4.2 stars
Research providers
RBC Capital · Morningstar
TD Research · Argus · Refinitiv
BMO Capital · Morningstar
Options commission
$9.95 + $1.25/contract
$9.99 + $1.25/contract
$9.95 + $1.25/contract
Bank linkage
✓ RBC online banking
✓ EasyWeb
✓ BMO Online Banking
Branch support
1,200+ RBC branches
1,100+ TD branches
900+ BMO branches
★ VERDICT BY USE CASE ★
Who wins for you
TD CUSTOMERTD DIRECT
WebBroker is the best big-bank platform · seamless with EasyWeb · top research access.
ETF-FOCUSED INVESTORBMO INVESTORLINE
BMO's 80+ free ETF list is widest (BMO + Vanguard + iShares). Others curate narrower.
ACTIVE TRADERBMO INVESTORLINE
Active rate of $3.95 kicks in at 75 trades/quarter (vs 150 at RBC/TD). Saves big.
TD includes Argus + Refinitiv access free for active accounts. Best free research suite.
BEGINNER · BIG-BANK PREFTD DIRECT
WebBroker has the gentlest learning curve. RBC + BMO platforms feel older.
★ PROS & CONS · ALL 3 ★
The honest list
RBC DIRECT
PROS
✓ Best for existing RBC customers (rewards link)
✓ Strong customer service via 1,200 branches
✓ RBC Capital research included
✓ Solid mobile app
CONS
✗ Free ETFs limited to RBC iShares
✗ $25/qtr inactivity if under $15k
✗ Web platform looks dated
✗ Active rate requires 150+ trades/qtr
TD DIRECT
PROS
✓ WebBroker is the best big-bank platform
✓ Argus + Refinitiv research FREE
✓ Largest active-trader community
✓ Best for cross-border (USD seamless)
CONS
✗ Highest stock commission ($9.99 vs $9.95)
✗ Inactivity fee under $15k
✗ No fractional shares
✗ WebBroker mobile less polished than Wealthsimple
BMO INVESTORLINE
PROS
✓ Widest free ETF list (80+ funds)
✓ Active rate kicks in fastest (75/qtr)
✓ AdviceDirect adds guided portfolio option
✓ Strong for ESG / sustainable investing
CONS
✗ Smaller branch network
✗ Platform less polished than TD WebBroker
✗ Research depth weaker than TD
✗ No fractional shares
★ OUR PICK ★
The 3-way verdict
TD DIRECT wins overall. BMO wins on ETFs. RBC wins on loyalty.
If you have no preference, pick TD — WebBroker is the best big-bank platform period, and the free Argus + Refinitiv research is unmatched. If you're an ETF-only investor, BMO's 80+ free list is meaningful. If you're already RBC for chequing and mortgages, the integration alone justifies staying.