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Best Investment Apps in Canada
If you're looking for a bit of help managing your finances, you're in luck. There are a number of great apps available that can make it easy to keep track of your money and make the most of your investments. Here's a look at some of the most useful investment apps in Canada.
Top Investment Apps in Canada for November 2024
Moka
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Moka
- Automatic round-up investing system
- Fully managed diversified portfolios
- Personalized financial advice with Moka 360
Wealthsimple Invest
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Wealthsimple Invest
- Automatic rebalancing, contributions, and dividend reinvestment
- Tax-loss harvesting
- One-click trades
Wealthica
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Wealthica
- Real-time net worth, asset, and liability tracking
- Excellent features for those investing in cryptocurrencies
- Bonus features through Wealthica “power-ups”
Passiv
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Passiv
- Multi-account portfolios
- Goal tracking
- Account cash management
Best Investment Apps in Canada for 2024:
Moka - Best for reinvesting spare change
Wealthsimple Invest - Best for robo-advisor investing
Wealthica - Best for comprehensive portfolio tracking
Passiv - Best for portfolio rebalancing
A Short Guide to Investment Apps
Before you can decide which app to go for, you should first have a better understanding of what investment applications are for and how they work. To keep things simple, we can split apps that help investors into three broad categories: automated investment apps, self-directed investment apps, and portfolio trackers.
Automated Investment Apps
The simplest type of app and one most well-suited for beginner investors, these are sometimes also called robo-advisors. These apps help investors by considering their individual investment goals and risk tolerance and using automated algorithms to help make the best investments.
They can sometimes be mixed with the services of live financial advisors. Still, the main point is that all (or most) investment processes, including tax-loss harvesting, are handled for the user automatically. One example on our list would be Wealthsimple Invest.
Self-Directed Investment Apps
If you’re a more advanced investor and would like to find a stock investment app that offers a more hands-on experience, this category of apps is perfect for you.
This approach provides unmatched flexibility but also comes with more risks, as you’ll be solely responsible for everything from investment planning and research to rebalancing and tax-loss harvesting. A good example would be Wealthsimple Trade or Questrade.
Portfolio Trackers
This last category of Canadian trading apps is very different from the previous two. While both automated and self-directed investment apps primarily focus on the actual investment process, portfolio trackers are more interested in investment, risk, and portfolio management.
The best feature of these apps is the ability to put all your different account types (bank, investment, trading) into one easily digestible feed that essentially shows you your net worth and gives you an overall picture of your financial health and assets. Good examples of such apps on our list are Wealthica and Passiv.
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How We Evaluate Investing App in Canada
There are a lot of fintech apps out there, so it can be hard to know which one is right for you by just skimming over their website. Below are the things we look for when assessing each investing app.
Price & Fees
There are a few different types of investment apps in Canada, each with its own costs and fees. Some apps may be free to use, while others may charge a monthly or annual subscription fee.
You may also have to deal with per-trade fees, which can add up if you're an active investor, or minimum deposits for investing. In this roundup, we compare the costs and fees of each app so you can get a better idea of how much it will cost you.
App Features
You need to ensure that the app you choose offers the investment options you're looking for. As we’ll explain in more detail later, investing apps in Canada come in many forms, and depending on what you’re looking for, you’ll want to check out certain specific products.
For example, some apps allow direct investments, while others, like Moka, make automated investments for you.
Some will allow you to create different account types (like RRSP, TFSA, or RESP) for direct investments, while others will simply help manage and track your existing portfolio or create a new one.
Availability & Ease of Use
Some trading apps in Canada are more user-friendly than others. If you're not comfortable using an application, or it makes the act of trading and monitoring your investments too complicated, it's best to look for alternatives.
By the same token, you’ll want to ensure that your app of choice is available on your operating system. In our roundup, we review the overall usability of each app and mention which operating systems it supports.
Security, Insurance & Regulation
When you're dealing with money, security and insurance are essential. We reviewed each app’s security options, such as two-factor authentication, biometrics, and encryption protocols.
Not all apps allow for direct investments, but if they do, you need to know whether they have means of insuring user funds. As part of our review, we also look into the fund insurance of select products and determine whether and how the funds are insured.
Another factor we looked into is regulatory compliance. Any Canadian stock app that allows users to invest directly through it should be regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Customer Service
If you have any problems with the app, you'll want to be able to get help from customer support promptly. In our reviews, we look at the availability of the customer service team (24/7 or on a specified timetable) and take note of the methods you can use to contact the customer support team (email, phone, live chat, etc.)
FAQ
What is an investment app?
This type of app helps people invest or manage and follow the performance of their investments. These apps can also provide tips on investing and allow users to set up alerts to track changes on the market. Check out our guide above for more details.
Do investing apps really work?
Yes, absolutely. That said, there are many options on the market, so it’s essential to do your research and have a clear idea of what you need before settling on one. Consider what you want to achieve with your investments, how much risk you’re willing to take on, and what fees you’re comfortable paying.
Does Canada have an app like Robinhood?
There is no exact equivalent to Robinhood in Canada, but there are a few options for investors who want to trade stocks and other securities online without paying commissions. One option is Questrade, and another one is Wealthsimple Trade. Check out our reviews above for more information.
Which app is the best app for investment?
The answer to this question really depends on your particular needs. Some apps offer low trading fees, while others may focus on having a wider range of trading options or better analytics to help investors. There are many investment apps in Canada to choose from, so check out our reviews above and think about what works best for you.
What is the easiest investment app for beginners?
Due to its overall simplicity, we’d say that the best option for beginners is Wealthsimple Trade. That said, all of the options on our list have some beginner-friendly features, and some others have low trading fees, making them good alternatives.