The financial market in Canada is thriving and provides various investment options for both businesses and individuals.
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Last Updated: Sep 23, 2023
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The rise of technology has made it easier for Canadians to invest in the stock market and trade cryptocurrencies. To do so, many often ask about the best trading platform in Canada to support their investment goals.
The most highly-rated trading platforms include Questrade, TD Ameritrade, and Interactive Brokers Canada. With many trading platforms in Canada, selecting the most suitable option can be overwhelming.
When deciding, it’s essential to consider various elements such as costs, platform interface, safety measures, support, and resource availability.
The best trading platform for one individual may not be the best for another, as everyone has different needs and preferences. Fortunately, this article has everything you should know before choosing your best Canadian trading platform.
No matter which platform you choose, do your research, understand the fees, and ensure the platform meets your investment goals.
To determine the best trading platform in Canada, it is necessary to consider certain factors:
Expert Tip: Research your specific needs and preferences when choosing a trading platform. Investing always carries some risk, so it’s essential to consider that and make informed investment decisions.
Are you seeking the best trading platform in Canada to trade on? Here is a list of different options to choose from.
Questrade is a well-known Canadian discount brokerage firm that offers an alternative to traditional bank brokerages.
TD Direct Investing is a viable option for the best trading platform in Canada. It provides customers with cutting-edge trading tools.
Wealthsimple Trade is an excellent best trading platform option. It significantly changed the Canadian market by introducing commission-free stock trades, similar to the famous American platform Robinhood.
Interactive Brokers, a viable best trading platform in Canada, is an internet-based brokerage. It is a subsidiary of the larger Interactive Brokers group.
It is the best trading platform in Canada that does not offer free commission but provides low-cost trading options for Canadian stocks.
You can begin trading at a rate of $0.008 for each share, and the minimum fee per order is $1. The highest fee charged on this best trading platform option is 1% of the entire trade value.
With volume discounts, the commission can go down to $0.0005 per share. This is cost-effective compared to the high start fees of big banks in Canada at $9.95 per trade.
The exercise and assignment fee for stock options is $0.00013 per stock sold, up to $6.49 per trade. IB’s options commission is highly competitive, ranging from $0.25 to $1.25 per contract and with low assignment fees.
For instance, the exercise and assignment options fee is $0.00013 per stock, with a maximum of $6.49 per trade.
BMO InvestorLine offers support for investors with varying degrees of experience. Like other options of the best trading platform in Canada, BMO InvestorLine allows individuals to establish self-managed accounts.
However, the distinctive feature of BMO InvestorLine is its adviceDirect program. BMO offers three online platforms:
BMO InvestorLine charges a $9.95 monthly fee plus commissions on trades.
National Bank is the best trading platform in Canada that provides the service of commission-free stock and ETF trades via its online stock brokerage platform, known as National Bank Direct Brokerage.
This platform enables clients to buy and sell Canadian and American stocks and ETFs without incurring commission fees.
The commission for options trading is $1.25 per contract. In contrast, the commission for the assignment and automatic exercise of options is a flat rate of $28.95.
There is no minimum account balance requirement, but if the account balance is below $20,000, the platform will charge an annual administration fee of $100. This fee can be avoided by having an InvestCube account or if the trader is 30 years old or younger.
Newcomers to Canada and professionals and students are exempt from the annual administration fee for the first three years.
Scotia iTRADE is an online trading platform that provides a range of investment options for investors to manage their investments. The platform is a branch of Scotiabank’s subsidiary.
Scotia iTRADE’s trading fees are comparable to other banks that offer brokerage services, costing $9.99 per stock trade and $9.99 plus $1.25 per option contract. Additionally, they provide free access to level 2 quotes for TSX securities.
Individuals under 26 years old are eligible for a waiver of the account administration fee, registered accounts incur a $30 quarterly payment, and all other accounts incur a $25 quarterly fee.
The Scotiabank StartRight program is designed for newcomers to Canada. It offers ten commission-free trades when they open a new Scotia iTRADE account with a minimum deposit of $1,000.
This is a leading online investment platform offered by CIBC. It provides options for Canadians who prefer to manage their assets. That includes individuals who wish to learn the ins and outs of investment but lack the knowledge.
CIBC Investor-Edge is affordable prices. Trades are priced at $6.95 each, the lowest among major banks. The Active Trader Pricing program offers high-volume traders a $4.95 per transaction rate.
Additionally, young investors can trade for free, and students over 25 can receive a reduced rate of $5.95 per trade.
Desjardins’ online brokerage offers various platforms suited for multiple types of investors. For beginner investors, they provide the Disnat Classic platform, which is user-friendly and easy to navigate.
The Disnat Direct platform is suitable for traders who trade frequently. The first 29 trades in a month cost between $4.95 and $6.95, depending on the value and quantity of shares.
Any additional trades are priced at a low fee of $0.75. The platform also offers up-to-date market data.
Qtrade is one of the options for the best trading platform in Canada that provides trading platforms for individuals and businesses. It offers two leading trading platforms: Qtrade Investor and Qtrade Pro.
Qtrade charges a flat fee of $8.75 for stock trading and an additional $1.25 per contract for options. The company only offers trading of Canadian and US stocks and ETFs from exchanges such as the TSX, NYSE, and NASDAQ.
However, 100 ETFs, including iShares, Vanguard, Horizons, and Desjardins, can be traded without commission fees.
Young investors between 18 and 30 can receive a commission discount by setting up a deposit of $50 with Qtrade.
That offers a reduced commission fee of $7.75 and no account minimums or administration fees. To take advantage of that, you must hold the eligible ETFs for at least one business day.
The Royal Bank of Canada (RBC) offers an online investment service called RBC Direct Investing. It is a trading platform based in Canada and provides a wide range of services to Canadian investors.
The platform offers access to a large selection of Canadian and US stocks, exchange-traded funds (ETFs), mutual funds, bonds, and GICs.
RBC charges a flat fee of $9.95 for each online trade. The platform also offers a discount of $0.75 per trade for users who make 30 or more trades per quarter.
RBC Direct Investing offers to cover transfer fees of up to $200 for transfers of $15,000 or more. However, the commission for options assignments and exercises is very high at $35 plus $1.75 per contract, with a minimum commission of $43.
Additionally, RBC Direct Investing provides free Level 2 quotes for TSX-listed stocks and ETFs. Free Level, 2 quotes for Canadian Securities Exchange and NASDAQ stocks and ETFs are also available for active traders.
HSBC InvestDirect is a good option for the best trading platform in Canada that offers brokerage services at a discount. It gives users access to different markets, accounts, and investment products.
It is a subsidiary of HSBC Securities (Canada) Inc., by HSBC Canada, the seventh-largest Canadian bank based on asset size.
HSBC InvestDirect’s trading fees for stocks, ETFs, and options are average but not as competitive as Wealthsimple Trade’s fees.
The platform’s trading fees range from $6.88 to $6.88 + $1.25. Clients with HSBC chequing accounts receive a 5% to 10% discount on telephone trading rates.
To conduct trade over the telephone, you must pay at least $43 in commission. HSBC InvestDirect offers over 4,000 commission-free mutual funds.
Still, a 1% fee (minimum $40) applies if the fund is sold within 90 days of purchase. The cost of managing mutual funds remains the same, while the platform’s fees for trading in international markets vary.
Recommendation: For the most up-to-date fees, especially international trading, check the website for details.
TD Ameritrade is an online brokerage firm that offers a trading platform for investors to buy and sell securities.
It is also considered the best trading platform in Canada because it offers features to assist in making well-informed trade decisions.
TD Ameritrade charges $0 for stock and ETF trades but has a flat-rate fee of $6.95 for penny stocks. Most mutual funds cost $49.95 to buy and $0 to sell, with exceptions costing $74.95.
NTF funds have no commission charge but may be charged a short-term redemption fee of $49.99 if possessed for three months or less before selling it. Options trades cost $0.65 per contract.
Bitbuy qualifies as the best trading platform in Canada because it allows Canadians to buy and sell cryptocurrencies and other digital assets.
Bitbuy’s trading fees vary based on your account type and the type of trade you are making.
Recommendation: Always review the terms and conditions of any trading platform before opening an account with the best trading platform in Canada. Additionally, there may be additional fees for depositing and withdrawing funds, so carefully examine them before making a trade.
Trading platforms connect to the servers of financial institutions and brokerage firms to execute trades on behalf of clients.
The platform processes the trades and manages the transactions, ensuring that the orders are processed quickly and accurately.
The best trading platform Canada options provide real-time data on the prices of various financial instruments, allowing the individual to make informed decisions about when to buy or sell.
To use a trading platform, an individual must first open an account with a brokerage firm or financial institution. The individual must then deposit funds into the account, which you can use to buy and sell securities.
Once the individual decides to place an order, they can use the trading platform to specify the trade details, including the type of instrument being traded, the quantity, and the price.
The platform will then transmit the order to the brokerage firm or financial institution, which will execute the trade on the individual’s behalf.
Signing up for any best trading platform in Canada is a straightforward process that typically involves the following steps:
Recommendation: It is essential to consider the fees associated with each best trading platform Canada and understand the risks involved. Before signing up for a trading platform, it may be a good idea to seek the advice of a financial professional.
Various trading platforms are available in Canada, each with advantages and disadvantages. When choosing the best trading platform Canada, it is essential to weigh the pros, cons, and features you require.
You must also be aware of the cost involved, as the fees and commissions vary from platform to platform. Considering these factors, you can pick the best Canadian trading platform that meets your needs.
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CIBC Investor's Edge is the best trading platform in Canada that provides a special rate for students. Still, the eligibility criteria for this rate are stringent. The students who want to take advantage of this rate need to have a linked bank account in active use. An alternative option for students would be Desjardins Online Brokerage's Brokerage promotion. This promotion targets investors who are 30 years of age or younger and offers free trades and lower fees.
Some of the best online trading platforms include Questrade, TD Direct Investing, BMO InvestorLine, RBC Direct Investing, and Wealthsimple Trade. However, your preferred platform for trading depends on your requirements.
The most user-friendly platform for trading in Canada can vary based on individual preferences. Some traders may prefer a platform with a simple and intuitive interface. In contrast, others may choose a platform with more advanced trading tools. It is best to try a few platforms and determine the most comfortable and user-friendly.
Yes, some platforms offer commission-free trading in Canada, such as Wealthsimple and Questrade. However, it's important to note that other fees may be associated with these platforms, such as currency exchange fees or account inactivity fees.
All the options of the best trading platform Canada are required to follow strict security measures to protect their client's funds. These measures typically include secure servers, encrypted communication, two-factor authentication, and secure passwords. Recommendation: When investing, it's essential to consider the chance of losing some or all your money. The Canadian Deposit Insurance Corporation does not back stocks, bonds, and mutual funds. Before investing, we recommend you thoroughly research and consider all factors.
Most online trading platforms offer real-time market data and news, including stock quotes, charting tools, and financial news updates. Some platforms provide access to market data and information from leading financial institutions and media outlets.
To determine the best fit for your investment needs and goals, consider your investment style, the types of investments you want to make, your risk tolerance, and the fees associated with each platform. Reading reviews and comparing features to better understand each platform's capabilities is also a good idea. You may also want to consider seeking the advice of a financial advisor to help you make an informed decision.
Yes, day trading is allowed in Canada. However, it must be noted that day trading can be a high-risk investment strategy requiring significant time and attention. Recommendation: Before engaging in day trading, it's essential to understand the risks involved and have a solid understanding of market mechanics and technical analysis. Additionally, you must be fully aware of the rules and regulations set by the Investment Industry Regulatory Organization of Canada (IIROC) and comply with these rules in your trading activities.
For new traders in Canada, choosing an easy-to-understand and use trading platform is vital. For this reason, Questrade and Wealthsimple Trade are considered two of the top choices for novice traders. Wealthsimple Trade offers uncomplicated, no-fee trading, while Questrade offers low commission rates and a wide range of services.
Accessing commission-free trading services through some trading platforms, such as Wealthsimple Trade, is possible. Nevertheless, it is vital to know that they will charge a conversion fee of 1.5%. This fee is applied when converting funds from one currency to another. So, while the platform may not charge a commission for trading, some fees are still involved in the investing process.
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