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The Best Stock Trading Apps in Canada for 2024
The average Canadian spends at least four hours on their smartphone. Thus, it makes sense that various stock trading apps allow investors to use that time for trading on the go. If this sounds like your kind of arrangement, you’re in luck: We’ve compiled a list of notable stock apps in Canada to help you find one that suits you.
Top Stock Trading Apps in Canada for November 2024
Qtrade
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Qtrade
- Get up to $2,000 cashback. Conditions apply.
- Free ETF trading for select assets
- 17 years in business
Wealthsimple Trade
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Wealthsimple Trade
- The first Canadian online brokerage to offer commission-free services
- Two million users
- Free and paid plan
CIBC Investor’s Edge
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
CIBC Investor’s Edge
- CIBC is one of the Big Five Banks of Canada
- The company’s headquarters are in Toronto
- Offers written and video learning resources for novices and expert traders
TD Direct Investing
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TD Direct Investing
- Division of The Toronto-Dominion Bank
- 50 commission-free trades per year
- Real-time in-app quotes
RBC Direct Investing
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
RBC Direct Investing
- Online brokerage owned by the RBC Royal Bank
- Has a maintenance fee
- Mobile app is also a banking app
Best Canadian Stock Trading Apps - 2024 Picks:
Qtrade
CIBC Investor’s Edge
Wealthsimple Trade
TD Direct Investing
RBC Direct Investing
How You Can Choose the Best Stock Trading App in Canada
It can be tough to decide which app is right for you, especially with so many options on offer. Do your research with certain critical factors in mind, such as commissions, the account minimum, and the user interface. Our guide will help you settle on one app that best suits your needs.
Commissions and Fees
Some brokerages will charge a flat fee per trade, while others will charge a variable commission based on specific trade value. Therefore, you’ll have to put all the costs together to compare the total price of each trade between apps.
Account Minimum
When opening a brokerage account, which is necessary to use Canadian stock trading apps, there will usually be a minimum deposit required to get started. On the plus side, some brokerages have no account minimums, while others set them as high as $5,000. Make sure your brokerage of choice has an account minimum you can afford to maintain.
User Interface and Features
Ease-of-use is essential: After all, no one wants to handle money through a confusing app. In addition, it should have all the features you need to first research the market and then execute trades. These are fixed, deal-breaking criteria for the success of every Canadian stock trading app.
Promotional Offers
Some brokerages provide promotional offers for new customers. These offers can include free trades, cash bonuses, and other perks. You should check for promotional offers when deciding what stock trading app to select, as some may have more attractive bonuses than others.
Reviews
Finally, consult customer reviews of the stock trading apps you are thinking about. Check the ratings on Google Play and the App Store, but don’t be afraid to do some additional Googling, just in case. Reading the reviews can give you a good idea of what to expect from the app and help you make a more informed decision.
Our Methodology for Evaluating Canadian Stock Trading Apps
Our reviews on Canadian stock trading apps were based on extensive research. The aspects we considered when making our choice of apps to review included user-friendliness, available features, pricing, and security.
User-Friendliness
Certainly, for an app to be worth trying out, it should be easy to use. Apps with an intuitive interface should make finding the information and tools you need hassle-free. After all, their whole point is to save you time and frustration when you're trying to trade or track your portfolio.
Available Features
The best stock trading apps offer a variety of features such as real-time quotes, charts, and analysis tools. Of course, additional perks like trailing stop and market orders are appreciated, as are easy-access learning resources.
Price-to-Value Ratio
Traders work with different budgets, so what may be expensive for one trader is the height of affordability for another. That’s why we took into account all the commissions and fees these trading apps charge. We also made sure you get good value for the price you pay: Even an extremely smooth app won’t be worth much if it has too few features.
Security
Finally, we checked how secure each app is. The users entrust the app with sensitive financial information and certainly don't want that data to fall into the wrong hands. We looked into what kind of encryption the best stock trading software in Canada uses and whether multi-factor authentication was available to everyone.
FAQ
What is the best stock trading app for beginners?
When it comes to stock trading apps for beginners, there is no one-size-fits-all solution. What works for one person may not be the best fit for another. However, there are a few apps that are well-suited for beginner investors. One of these is Wealthsimple Trade. This app is designed to be user-friendly and accessible for people with all levels of experience. It offers commission-free trading, which is ideal for those just starting out. As an app that makes stock trading easy and affordable, Wealthsimple Trade is a great option.
What is the best Canadian stock trading app?
There are several exceptional apps for stock trading in Canada. They include Wealthsimple Trade, Questrade, and CIBC Investor’s Edge.
What's the best free stock trading app in Canada?
Wealthsimple Trade is among the excellent commission-free stock apps for Canada. There is also no account minimum for opening an account and trading. However, you should keep in mind that there is a conversion fee of 1.5%