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Best Trading Platforms in Canada
Considering the sheer number of online trading platforms available, settling on one can be pretty tricky. That’s why we’ve selected five operators we think offer products suitable for various kinds of Canadian traders. Apart from reviewing the platforms, we’ve also included a guide to choosing the best trading platform in Canada that aligns with your specific requirements.
Before we delve deep into the best Canadian trading platforms, we’ll briefly discuss each of the companies and give an overview of the critical characteristics of their trading products and services:
Top Trading Platforms in Canada for November 2024
Qtrade Direct Investing is a Canadian online brokerage founded in 2000. Its platform has been awarded first place among top trading platforms 28 times. The trading options include stocks, ETFs, mutual funds, bonds, options, and more. Read more
- •No account minimum
- •Low conversion fee
- •An elegant and easy-to-use platform
Wealthsimple Inc. is a relatively “young” company as it was founded in 2014. Nevertheless, it has been able to garner immense popularity. This Toronto-based company’s selling point is its commission-free trading services. Wealthsimple’s CEO says the goal is to build “the world's most human financial company.” Read more
- •No commission
- •No account minimum
- •Supports fractional shares
Interactive Brokers Canada Inc. was established in 2000. The company’s registered office is in Montreal, Quebec. Barron’s magazine rated Interactive Brokers as the top online broker five years in a row. It allows customers to trade various securities, including stocks, ETFs, futures, bonds, and options. Read more
- •Low commissions
- •Low minimum account balance
- •Multiple platforms
Canadian Imperial Bank of Commerce (CIBC) is a major bank headquartered in Toronto, while CIBC Investor’s Edge is its brokerage division. The platform’s users can trade stocks, ETFs, mutual funds, and options. Read more
- •Commission-free stock and ETF trading for traders aged 18 to 24
- •No account minimum balance
- •Lower commission for active traders
Trading Platforms in Canada - Our Picks for 2024
Qtrade
Wealthsimple Trade
Interactive Brokers Canada
CIBC Investor’s Edge
Comprehensive Reviews of Canadian Online Trading Platforms
Qtrade is another viable option for those looking for a well-rounded trading platform. Let's see what it has to offer.
Platform Offers
Qtrade provides two plans - Investor and Investor Plus. The price for trading most securities using the former plan is $8.75, while those who qualify to the latter program get to trade for $6.95 per security.
The company has a web-based trading platform and mobile app. Apart from trading, the platform allows users to monitor quotes in real-time, access news and watchlists, and set up alerts to be notified whenever any changes in the market occur. Plus, Qtraders get free access to market-leading portfolio analytics tools and research.
Reasons to Select This Platform
Qtrade is another online brokerage that features elaborate educational content with articles and video tutorials. They have resources for both new and experienced traders. The user interface is quite simple and easy to navigate. What is more, Qtrade offers 115 commission-free (buy and sell) ETFs.
Reasons This Platform May Not Be for You
The commission Qtrade charges might be a bit much for some users. Also, there are only two platforms, one web-based and the other mobile. For certain users, this lack of options might be a huge minus.
The fact that its app is poorly rated on Google Play and the App Store doesn’t help the company’s case, either. Nevertheless, as you’ve seen, there are still many excellent features of the web platform.
Key Features:
- Intuitive web-based platform
- Multitude of trading options
- No minimum account balance
- 115 commission-free ETFs
- Market-leading portfolio analytics tools and research
Wealthsimple Trade is a division of Wealthsimple Inc. Other divisions include Wealthsimple Invest, Wealthsimple Cash, and Wealthsimple Tax.
Platform Offers
There are two Wealthsimple Trade platforms. One is a web-based platform, and the other is a mobile app. You can open a trade account and a crypto account.
Wealthsimple Trade offers two plans. The first one is the Basic plan, and it’s completely free. The basic plan allows you to trade commission-free and without account minimums. It also has the fractional shares feature.
The second plan is called Wealthsimple Plus, and it costs $10. This one allows you to see stock prices in real-time, as opposed to the prices from 15 minutes ago you get with the Basic plan.
Wealthsimple provides educational content which can be especially useful to beginners. These learning resources come in the form of in-depth articles, YouTube videos, and podcasts.
Reasons to Select This Operator
The most attractive aspect of Wealthsimple Trade is that it doesn’t charge a commission. However, keep in mind that there is a 1.5% conversion fee.
The Wealthsimple Trade web platform is straightforward and intuitive to use, but has fewer features than some of its competitors. That’s why this platform is suitable for beginners.
Another neat feature of Wealthsimple Trade is that it offers fractional shares. This allows traders who don’t have enough money to buy full stocks to purchase them partially.
Reasons This Platform May Not Be for You
With Wealthsimple Trade, you can only trade stocks, ETFs, and cryptocurrencies. Therefore, if you wish to trade options, mutual bonds, or forex, for instance, consider a different platform. Also, the platform has limited features compared to its competition.
Another notable downside is the fact that there is a 15-minute delay on the stock prices displayed on the platform. If you wish to overcome this, this trading platform charges $10 a month for the Wealthsimple Plus plan.
Furthermore, because it’s so beginner-friendly, the mobile app lacks features like stock screeners, and the ability to customize charts.
Key Benefits:
- Commission-free trading
- Detailed learning resources
- Beginner-friendly web-platform and mobile app
- Trade cryptocurrencies
Interactive Brokers Canada is a part of the Interactive Brokers Group. It offers various trading options to Canadian traders; let’s take a closer look at what they are.
Platform Offers
When it comes to this trading platform’s cost, there are two Interactive Brokers plans: IBKR Lite and IBKR Pro. The price ranges for these two plans can be tiered or fixed. In the case of tiered pricing, the commission varies according to the type of security and volume.
For instance, in terms of shares, the pricing is fixed for IBKR Lite, while for IBKR Pro, it can be fixed or tiered. The tiered commission for a monthly volume of 300,000 or less is $0.008, while the fixed price is $0.01. In addition, there is a conversion fee of 1.5% to 1.99%.
With an Interactive Brokers trading account, you can trade stocks, futures, options, bonds, CFDs, warrants, cryptocurrencies, mutual funds, combinations, structured products, CFDs, physical metals, US spot gold, hedge funds, and inter-commodity spreads.
The company offers six platforms in total. These include Client Portal, Trader Workstation, IBKR Mobile, IBKR GlobalTrader, IMPACT, and IBKR APIs.
IBKR Mobile, IBKR GlobalTrader, and IMPACT are mobile apps. The last two have received outstanding ratings by both Android and iOS users.
Client portal is Interactive Brokers’ elegant web-based platform from which users can trade, monitor their performance, and customize charts. Trader Workstation is downloadable desktop software with an array of advanced options.
It’s highly customizable, and allows users to create multiple watchlists, giving them real-time access to news and analyst research.
Reasons to Select This Operator
The major reasons for choosing to open an account with this operator are its many platforms and ability to trade various securities. The web and desktop platforms are user-friendly and easy to navigate.
Its wide range of research tools contains analyst ratings, financial data, and news articles. In addition, the company has competitive commission rates, and the minimum balance is relatively low. They used to charge an inactivity fee, but it has been eliminated.
Reasons This Platform May Not Be for You
While the web and desktop platforms and two mobile apps truly deliver, IBKR Mobile is another story. There are many dissatisfied users. Some of them noted that, despite its professional look, the app is very glitchy. Also, the commission charging system can be confusing for users. Before deciding whether this platform is for you, you may read our comprehensive Interactive Brokers review.
Key Benefits:
- Wide selection of securities to trade
- Multiple platforms suitable for various users
- Lower commissions
CIBC Investor’s Edge is a Canadian broker that represents the trading branch of CIBC. It offers perks for young investors, so they are the ones who would benefit the most from this platform.
Platform Offers
CIBC Investor’s Edge has special pricing for different traders. Those aged 18 to 24 are referred to as young investors and aren’t charged a commission for stocks and ETFs. Active investors, that is, those executing at least 150 trades per quarter, are required to pay $4.95 per trade for stocks and ETFs and $6.95 for mutual funds.
Students over 25 who own CIBC Smart for students are charged $5.95 per trade for stocks and ETFs, and the same amount as the others for mutual funds. Regular investors, who don’t belong to any of these groups are charged $6.95 per trade, and an additional $1.25 per contract on options.
The CIBC Investor’s Edge platform gives users real-time access to market data. The research tools are there to help users make informed trading decisions. There are also screening tools which allow the users to filter through the vast number of securities. The platform also features technical analysis resources and advanced charting tools.
Reasons to Select This Operator
This platform is easy to navigate. All of the main options are featured on the top of the screen. When you hover over them, you get access to more advanced options.
As mentioned, young traders aged from 18 to 24 can look forward to trading stocks and ETFs without paying commission. Also, there are discounts for students over 25 and active traders.
Reasons This Platform May Not Be for You
Users have reported that this broker has poor customer service. One user reported that they had to wait for three hours on the phone to talk to the agents. Others claimed they couldn’t get through at all. Therefore, if you’re a beginner, and know that you’ll need assistance from customer support agents, this may not be the platform for you.
Key Features:
- Benefits for young traders
- Intuitive platform
- Competitive commission
Selecting the Best Canadian Trading Platform According to Your Needs
Canadians have tons of online trading options, but this abundance can make it challenging to choose among them. However, by keeping a few key factors in mind, you can narrow down your selection and find the best Canadian trading platform for your needs.
List the Features You Need
The first step is to make a list of features you need from your trading platform. This could include things like cryptocurrency trading and a well-functioning mobile app.
Check the Available Platforms
It’s advisable to determine what kind of platforms you need in advance, and then look for companies that offer them. There are three types of trading platforms: Web-based, desktop, and mobile.
Web-Based Trading Platforms
Web-based trading platforms are accessed directly from the web browser without downloading trading software. These platforms are typically easy to use and provide a basic range of necessary features.
Desktop Trading Platforms
Desktop trading platforms are designed to be installed on a user's computer. These platforms usually offer more features than web-based platforms.
Mobile Trading Platforms
Mobile trading platforms are designed for smartphones and tablets. These platforms typically offer a limited set of features, but can be more convenient to use than desktop or web-based platforms, as the users can easily access them on the go.
Contact Customer Support
When comparing different trading platforms for investors, be sure to find out how responsive and helpful their customer support team is. You can contact them and ask any questions you have before signing up. That way, you can determine whether the company you selected is a good fit, or you should look elsewhere.
Read User Reviews
One of the best ways to get a realistic opinion of a trading platform is to read online reviews. There are many different review sites, but be sure to pick websites that aren’t affiliated with the chosen company and read a variety of them to get a well-rounded view.
Our Methodology for Evaluating Canadian Trading Platforms
Our reviews of online brokers in Canada were based on meticulous research. We considered how user-friendly the platforms are, what you can trade, the pricing, and the availability and quality of customer service.
User-Friendliness
When it comes to evaluating any kind of online platform, user experience is paramount. The platform should be easy to use, but still feature all the necessary options. In addition to examining the intuitiveness of the web and desktop platforms of the selected companies, we also took a look at their mobile apps. Our goal was to establish whether these Canadian trading apps are well-optimized and include the same features their desktop counterparts do.
Trading Options
Another key factor in our trading platform assessment was what securities you can trade. For instance, if you’re looking for online stock trading in Canada, you won’t have to search for long, but if you wish to trade forex, you’ll have to do more research, as not as many online brokerages offer this option.
Commissions and Fees
Usually, trading platforms charge commission according to the security the user wishes to trade. There are also additional expenses, such as conversion fees. We took all these into account when evaluating the platforms.
Educational Content
Another contributor we considered when searching for an adequate trading platform in Canada is the educational content offered. Good platforms will offer a variety of resources to help you learn about trading, understand the markets, and develop your own strategy. If you’re new to trading, quality resources are an invaluable asset. Even if you’re more experienced, it’s always good to brush up on your knowledge and keep up with the latest market developments.
Customer Support
When choosing an online trading platform, it’s important to consider the quality of customer service, because users may need assistance with using the platform or have questions about their account.
A good customer service representative will be able to provide the user with the help they need in a timely manner. If they are unresponsive or unable to resolve the issue, it may be best to choose another online trading platform.
The Best Canadian Online Trading Platforms - Comprehensive Reviews
In this guide, we'll walk you through the pros and cons of each trading platform in our selection, so that you can make an informed decision about which is the best fit for your needs. Whether you're a beginner or an experienced trader, there's something for everyone here.
FAQ
What is the best Canadian online broker?
Top Canadian online brokers include Questrade, Wealthsimple Trade, and Interactive Brokers Canada.
Is Wealthsimple like Robinhood?
Yes, Wealthsimple is quite similar to Robinhood. However, while Wealthsimple caters to Canadians, Robinhood is a US company. They both offer commission-free trading.
What is the best stock trading website for beginners in Canada?
The best trading platform in Canada for beginners varies according to individual requirements. However, generally speaking, platforms that are very easy to use are suitable for novice traders. One such platform is Wealthsimple Trade, which has a very streamlined interface and abundant educational content in the form of articles, videos, and podcasts.