The best online trading apps in Canada provide convenient and direct access to financial markets, enabling investors to buy and sell stocks, ETFs, options, and other financial instruments to diversify their portfolios. These online discount brokerage firms do away with the necessity for intermediaries, who are frequently required when a third party trades on your behalf.
Self-directed trading allows high cost and fee savings. Continue reading to learn about Canada’s leading brokerage firms and online trading platforms (for both beginner and experienced investors).
1. Wealthsimple Trade
Wealthsimple Trade is Canada’s first stock trading application that enables commission-free stock and exchange-traded fund trading (ETFs). As a result, it is my initial recommendation for individuals new to self-directed investing. The fee savings (up to $9.99/Trade) reduce the need to conduct several small transactions and pay a high price for each stock buy.
The platform can be accessed using a web browser or a mobile application on your phone. Wealthsimple Trade is a division of Wealthsimple, Canada’s most popular online wealth manager with over $10 billion in customer assets under management.
2. Questrade
Questrade is an attractive choice for experienced and inexperienced investors alike. It was founded in 1999 and described itself as “Canada’s fastest-growing online brokerage.”
This platform gives you access to a more excellent selection of investment products and account types, including corporate investment accounts. Additionally, it is available on several other media, including a desktop program, a mobile application, and a cross-platform web interface.
3. Qtrade
Qtrade is a popular stock trading program among credit unions. While its usual trading fees are higher than those of Wealthsimple Trade, active traders receive a discount, and 100 ETFs are available for free trading.
Qtrade is accessible by computer and mobile device. Qtrade has earned a reputation for providing superior customer service throughout the years.
4. Interactive Brokers
While Interactive Brokers is not suited for inexperienced investors, it leads the industry in international trading and offers professional traders the low-cost commissions they prefer.
In our research, no online broker comes close to Interactive Brokers in terms of fees and trading tools. Professional and institutional traders from all around the world use the Trader Workstation (TWS) platform.
5. CIBC Investor Services Inc.
This bank stock trading app is a subsidiary of CIBC Investor Services Inc. Compared to other central banks’ trading platforms, such as TD and RBC, CIBC Investor’s Edge charges are more diminutive, and students receive an additional discount.
Minimum balance in account: $0
$6.95 per transaction ($5.95 for students).
All available stocks, ETFs, options, GICs, fixed income, precious metals, and mutual funds. TFSA, RRSP, RESP, RRIF, margin, corporate, and trust accounts are all available.
6. TD Direct Investing
TD Direct Investing was a pioneer in establishing a trading platform in Canada. It offers an extensive array of market research, data, and investing tools that experienced traders appreciate, including advanced order kinds.
This platform has some of the highest trading commissions in Canada. If your balance goes below $15,000, a $25 quarterly maintenance fee will be assessed. It does not offer any free ETFs.
7. Scotia iTrade
Scotia iTrade is the brokerage section of the Bank of Nova Scotia and the bank’s second online trading platform. Each Trade is charged a flat amount of $9.99.
Active traders who complete at least 150 trades every quarter pay a flat transaction fee of $4.99. Scotia iTrade offers a broad range of financial products, including stocks, exchange-traded funds, mutual funds, bonds, precious metals, and guaranteed investment certificates.
8. RBC Direct Investing
Using the Royal Bank of Canada’s online brokerage, you may access comprehensive research reports, in-depth analysis, charting, and screening tools to help you make the best investment selections.
Additional tools are provided to assist you in establishing objectives for yourself, evaluating your progress, and analyzing and rebalancing your portfolio as needed. Its informative content will assist you in establishing confidence if you are a first-time investor.
9. Passiv
Passiv is a portfolio rebalancing program that makes it simple to maintain a risk-adjusted portfolio. It syncs with your brokerage account, alerts you when your asset allocation is out of balance, and guides you through the process of rebalancing your portfolio with a single click.
Passiv offers a free (standard user) membership and a paid (Elite Member – $99/year). If you are a Questrade client, you automatically receive the Elite subscription.
10. Wealthica
Wealthica is a portfolio manager that manages all of your investment accounts in a centralized manner. It presently has over 140 financial institutions as partners, including RBC, Wealthsimple, Questrade, Tangerine, National Bank, and Desjardins.
To get started, create a free account and connect your existing ones. It also syncs your investments automatically each day and delivers a consolidated view of your investments, fees, performance, and net worth. Additionally, it can be used to track your expenses and create monthly budgets.
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