FORTUNLY'S GUIDE
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Best Trading Platforms in Canada

Written By
I. Mitic
Updated
September 17,2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

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:

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Top Trading Platforms in Canada for March 2024

OVERVIEW

Qtrade Direct Investing is a Canadian online brokerage company 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 Review

  • No account minimum
  • Low conversion fee
  • An elegant and easy-to-use platform
Bonus up to $150
On Official Website
COMMISSION:
Starting at $0 (for select ETFs)
CONVERSION FEE:
1-1.9%
PLANS:
Investor, Investor Plus
ACCOUNT MIN. BALANCE:
$0
SECURITIES:
Stocks, ETFs, mutual funds, bonds, options, new issues, GICs
OVERVIEW

Questrade, Inc. is a registered online broker from Canada. It was founded in 1999 and is headquartered in Toronto. The company describes itself as one of the fastest-growing brokerages in Canada. It offers five trading platforms that allow its users to trade stocks, ETFs, forex, options, and much more. Read Review

  • Five intuitive and simple-to-use trading platforms
  • Wide range of trading options
  • Commission-free ETF purchases
Learn More
On Official Website
COMMISSION:
1¢ per share; ETFs $0; options $9.95 + $1 per contract
CONVERSION FEE:
1.45%
PLANS:
Regular and active traders
ACCOUNT MIN. BALANCE:
$1,000
SECURITIES:
Stocks, ETFs, forex, CFD, options, mutual funds, int. equities, bonds
OVERVIEW

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 Review

  • No commission
  • No account minimum
  • Supports fractional shares
Learn More
On Official Website
COMMISSION:
$0
CONVERSION FEE:
1.5%
PLANS:
Wealthsimple Basic, Wealthsimple Plus
ACCOUNT MIN. BALANCE:
$0
SECURITIES:
Stocks, ETFs, cryptocurrencies
OVERVIEW

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 Review

  • Low commissions
  • Low minimum account balance
  • Multiple platforms
Learn More
On Official Website
COMMISSION:
Starting at $0.003 per share
CONVERSION FEE:
1.5% to 1.99%
PLANS:
IBKR Lite, IBKR Pro
ACCOUNT MIN. BALANCE:
$100
SECURITIES:
Stocks, options (incl. futures options), futures, spot currencies, cryptocurrencies, warrants, combinations, bonds, mutual funds, structured products, CFDs, physical metals, US spot gold, hedge funds, inter-commodity spreads
OVERVIEW

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 Review

  • Commission-free stock and ETF trading for traders aged 18 to 24
  • No account minimum balance
  • Lower commission for active traders
Learn More
On Official Website
COMMISSION:
$6.95 for regular investors
CONVERSION FEE:
1.5% - 1.99%
PLANS:
Regular investor, active investor, young investor, student investor
ACCOUNT MIN. BALANCE:
$0
SECURITIES:
Stocks, ETFs, options, mutual funds
Quick Breakdown

Trading Platforms in Canada - Our Picks for 2024

  • Qtrade

  • Questrade

  • Wealthsimple Trade

  • Interactive Brokers Canada

  • CIBC Investor’s Edge

Comprehensive Reviews of Canadian Online Trading Platforms

Qtrade

Qtrade Logo Bonus up to $150

On Official Website

COMMISSION:
Starting at $0 (for select ETFs)
CONVERSION FEE:
1-1.9%
PLANS:
Investor and Investor Plus
ACCOUNT MINIMUM BALANCE:
$0

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 for those wishing to trade online in Canada - 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 Canadian stock market 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
+ Show more

Questrade

Questrade Logo Learn More

On Official Website

COMMISSION:
1¢ per share; $0 for ETFs; $9.95 for options + $1 per contract
CONVERSION FEE:
1.45%
PLANS:
Regular and active traders
ACCOUNT MINIMUM BALANCE:
$1,000

Questrade has found itself at the top of many lists of the best trading platforms in Canada. We will take a look at what makes this platform great, but also touch on the downsides.

Platform Offers

Questrade has two kinds of platforms - all-in-one and advanced trading platforms. All-in-one platforms, which include Questrade Trading and QuestMobile are suitable for most users. Questrade Trading is a web-based platform that features neat and simple graphs, built-in learning material, research tools, and of course, trading options. 

For traders who require more advanced features, there are the advanced trading platforms, namely Questrade Edge, Questrade Global, and the Questrade app. Questrade Edge is available for desktop download, and gives users access to analyst ratings, news, and research tools. The Smart Score feature also features a history of a stock’s performance, among other information.

Reasons to Select This Operator

Questrade has a lot to offer users, especially regarding what securities they can trade, as there are various options, from the usual stocks and ETFs, to mutual funds and bonds. You can buy ETFs without paying commission, too.

A major perk of this company is the five platforms you can choose from, with each app suited to a specific experience level. All in all, Questrade’s platforms are feature-rich and will likely satisfy many traders.

Reasons This Platform May Not Be for You

While there are many advantages of using the Questrade platforms for trading securities, one disadvantage is the $1,000 account minimum balance for trading. Although there is no such minimum for opening an account, you won’t be able to trade unless you deposit the minimum amount first. Some people may not mind, but this can be too much for novice traders. 

In addition, the two mobile apps have received mediocre reviews, so if you plan on trading via mobile frequently, you may want to consider another platform. For more detail about this platform, you can check out our full Questrade review.

Key Features:

  • Elegant and feature-rich platforms
  • Comprehensive educational content
  • Commission-free ETF purchasing
+ Show more
Read Full Review

Wealthsimple Trade

Wealthsimple Trade Logo Learn More

On Official Website

COMMISSION:
$0
CONVERSION FEE:
1.5%
PLANS:
Wealthsimple Basic and Wealthsimple Plus
ACCOUNT MINIMUM BALANCE:
$0

Wealthsimple Trade is a division of Wealthsimple Inc. Other divisions include Wealthsimple Invest, Wealthsimple Cash, and Wealthsimple Tax. We will focus on Wealthsimple Trade, as we’re reviewing trading platforms.

Platform Offers

There are two Wealthsimple Trade platforms. One is a web-based platform, and the other is a Canadian trading 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
+ Show more

Interactive Brokers Canada

Interactive Brokers Canada Logo Learn More

On Official Website

COMMISSION:
Starting at $0.003 per share
CONVERSION FEE:
1.5% to 1.99%
PLANS:
IBKR Lite and IBKR Pro
ACCOUNT MINIMUM BALANCE:
$100

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 a Canadian brokerage 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
+ Show more

CIBC Investor’s Edge

CIBC Investor’s Edge Logo Learn More

On Official Website

COMMISSION:
$6.95 for regular investors
CONVERSION FEE:
1.5% - 1.99%
PLANS:
Regular investor, active investor, young investor, student investor
ACCOUNT MINIMUM BALANCE:
$0

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. There are also offers for other traders. Let’s see what they are and who this platform is for.

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 for trading in Canada 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 stock broker from Canada 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
+ Show more

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.

Evaluation Criteria

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.