14 Best Trading Platform In Canada (February, 2024) - Comparewise

14 Best Trading Platform in Canada (February, 2024)

The financial market in Canada is thriving and provides various investment options for both businesses and individuals.

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Last Updated: Feb 23, 2024

Compare 10 Best Trading Platform

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#1 Choice
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Questrade

$4.95
Per Stock Trade
940
Satisfaction Rating
  • Real-time market data
  • Commission-free ETFs
  • Advanced security features
Pros & Cons
Extra Details

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Popular
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TD Direct Investing

$9.99
Per Stock Trade
920
Satisfaction Rating
  • Mobile trading app
  • Up-to-the-minute news and market data
  • Integration with TD Ameritrade accounts
Pros & Cons
Extra Details

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Best Value
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Wealthsimple Trade

$0
Stock and ETF Trades
815
Satisfaction Rating
  • Trades free of transaction commissions
  • Suitable for beginner and passive investors
  • No minimum investments required
Pros & Cons
Extra Details

Start trading with IBKR today - Claim this offer

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Interactive Brokers

$9.95
Per Stock Trade
910
Satisfaction Rating
  • Affordable fees and commissions
  • Mobile trading app for on-the-go trading
  • No penalties for inactivity
Pros & Cons
Extra Details

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BMO InvestorLine

$9.95
Monthly Fee
770
Satisfaction Rating
  • Self-directed platform
  • No minimum account balance requirement
  • Per-trade commission
Pros & Cons
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National Bank Direct Brokerage

$0
Stocks and ETFs
615
Satisfaction Rating
  • Commission-free stock and ETF trades
  • No minimum account balance requirement
  • Options with a commission of $1.25/contract
Pros & Cons
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Scotia iTRADE

$9.99
Per Stock Trade
710
Satisfaction Rating
  • Well known and trusted company
  • Offers a variety of investment products
  • Commission-free trades on over 100 ETFs
Pros & Cons
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Young investors ages 18 to 24 can trade stocks and ETFs online, all for free* - Claim this offer

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CIBC Investor's Edge

$6.95
Per Trade
860
Satisfaction Rating
  • Flat fee online equity trade
  • Students & active traders get a discount
  • Access free tools, research, and advice
Pros & Cons
Extra Details
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Desjardins Online Brokerage

$4.95–$6.95
Per Trade
680
Satisfaction Rating
  • Offers abundant resources for informed investor decisions
  • Integration with other Desjardins products, such as banking and credit cards
  • Provides competitive pricing
Pros & Cons
Extra Details

Limited time - Get up to $2,000 cashback when you sign up and fund a Qtrade account - Claim this offer

$8.75
Per Trade
915
Satisfaction Rating
  • User-friendly interface, customizable dashboards
  • Offers Canadian and US stocks and ETFs
  • Invest and save with a variety of accounts
Pros & Cons
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14 Best Trading Platform in Canada (February, 2024)

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.

How to choose the best trading platform in Canada

To determine the best trading platform in Canada, it is necessary to consider certain factors:

  • Regulation and security: Ensure the platform is regulated by Canadian securities regulatory bodies. The platform should also have strong security measures to protect your financial information and trades. These considerations include the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA).
  • Another factor to consider is the fees, which involve comparing the costs and other related services across various platforms. Choose a platform with reasonable prices that align with your trading frequency and volume.
  • User experience: Consider the platform’s user interface, ease of use, and the tools available to help you make informed trading decisions.
  • Asset selection: Check the range of assets the platform offers, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Select a platform that allows you to trade the assets of your choice.
  • Mobile trading: Consider the availability of a mobile app for trading on the go, its user experience, and its features.
  • Research and education: Check the platform’s quality and availability of research and educational resources. Select a trading platform that offers access to relevant information and resources for making intelligent decisions regarding your trades.
  • Customer support: Look for a platform with responsive and helpful customer support available through various phone, email, and live chat channels.

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.

best trading platform in canada comparewise

Best trading platform in Canada

Are you seeking the best trading platform in Canada to trade on? Here is a list of different options to choose from.

1. Questrade

Questrade is a well-known Canadian discount brokerage firm that offers an alternative to traditional bank brokerages.

Questrade Features

  • Real-time market data: Questrade provides users with real-time market data and quotes, including level 2 data and charts, to make informed trading decisions.
  • The platform provides users with advanced trading tools, including custom watchlists, options chains, and interactive charts. These tools are designed to assist users in analyzing the market and making trades.
  • Mobile trading: Questrade offers a mobile trading app that allows users to access the platform from their smartphones or tablets. The feature will enable users to trade and remain informed about market changes while on the move.
  • Commission-free ETFs: Questrade allows trading exchange-traded funds (ETFs) without charging a commission fee. This could save investors money on trading fees.
  • Investment options: Questrade offers trading options, bonds, and mutual funds, allowing users to diversify their investment portfolios.
  • Customizable: The platform allows users to set up their trading environment to suit their needs and preferences.
  • Advanced security features: Questrade uses encryption and two-factor authentication to protect users’ financial and personal data.
  • Customer support: Questrade offers round-the-clock customer support to assist users with any queries or concerns regarding the platform.

Questrade Pros

  • Trading fees are affordable.
  • No requirement for a minimum account balance.
  • Access to a variety of investment options.
  • User-friendly platform with an attractive design.
  • Advanced charting tools are available.
  • Provides real-time market data.
  • Mobile trading app for on-the-go trading.

Questrade Cons

  • Limited customer support options
  • Advanced trading tools for experienced traders are insufficient.
  • Very high-margin interest rates

Questrade Pricing

  • $4.95 per stock trade
  • Options trading starts at $9.95 + $1 per contract.
  • Questrade has a fee of 1.45% for converting between Canadian and US Dollars, but you do that just once. That is because Questrade enables you to keep US Dollars after the conversion.

2. TD Direct Investing

TD Direct Investing is a viable option for the best trading platform in Canada. It provides customers with cutting-edge trading tools.

TD Direct Investing Features

  • The platform offers advanced tools for charting and technical analysis.
  • Up-to-the-minute news and market data.
  • Customizable watchlists.
  • Option trading capabilities.
  • Mobile trading app.
  • Access to multiple global exchanges.
  • Integration with TD Ameritrade accounts.
  • Direct access to research reports.
  • Margin trading capabilities.
  • Flexible account management options.
  • User-friendly interface and navigation.
  • Comprehensive customer support services.

TD Direct Investing Pros

  • Bank integration for seamless transfers.
  • This best trading platform in Canada offers a diverse selection of investment opportunities.
  • Provides access to sophisticated trading tools and resources.
  • Mobile trading app for on-the-go trading.
  • Provisions for educational resources and market analysis.
  • Ideal for individuals who already have banking relationships with TD Bank.

TD Direct Investing Cons

  • Higher trading fees compared to other Canadian trading platforms.
  • Limited support options.
  • Fewer funding options and limited borrowing power.

TD Direct Investing Pricing

  • $9.99 per stock trade.
  • Options trading starts at $9.99 + $1.25 per contract.
  • Customers who make 30 or more transactions every three months are usually qualified for advanced dashboard features.
  • Those who complete 150 or more trades during the same period are entitled to $7.00 per trade.

3. Wealthsimple Trade

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.

Wealthsimple Trade Features

  • The platform is an online brokerage for self-directed trading in Canada and the US major markets.
  • Trades are free of transaction commissions.
  • There are no requirements for minimum investments or balances.
  • The platform is suitable for beginner to intermediate investors and passive investors.
  • The platform simplifies complex investment processes and makes them more understandable.
  • This best trading platform in Canada offers cost-effective financing options.

Wealthsimple Trade Pros

  • Easy to start stock trading at as low as $1.
  • No-commission trading for stocks and ETFs.
  • Wide range of investment options.
  • User-friendly platform.
  • Mobile trading app for on-the-go trading.
  • Suitable for individuals who are not actively involved in investment decisions or those with limited experience.
  • Streamlined and made investment processes more understandable.
  • Provides affordable financial choices.

Wealthsimple Trade Cons

  • The financial tools of this platform are limited.
  • Not the best Canadian trading platform for frequent traders.
  • Not suitable for experienced and active traders who require a comprehensive mobile app with various features.

Wealthsimple Trade Pricing

  • Free stock and ETF trades.
  • Options trading starts at $1 per contract.
best trading platform in canada comparewise

4. Interactive Brokers

Interactive Brokers, a viable best trading platform in Canada, is an internet-based brokerage. It is a subsidiary of the larger Interactive Brokers group.

Interactive Brokers Features

  • This platform allows users to access a diverse range of markets.
  • The fees and commissions charged are affordable.
  • You can open accounts in 23 different currencies.
  • Easy currency exchange
  • Offers various registered accounts in Canada
  • Users can trade various investment options, such as stocks, options, indices, forex, mutual funds, and hedge funds.
  • Low margin rates
  • No minimum account balance or inactivity fees
  • There are no minimum account balance requirements or penalties for inactivity.
  • A program for reinvesting dividends is available.
  • Commission-free trades for Canadian stocks

Interactive Brokers Pros

  • Wide range of market options.
  • Advanced trading tools and resources.
  • Mobile trading app for on-the-go trading.
  • Low fees and commissions.
  • Dividend reinvestment program.
  • Earning interest on cash margin balance.
  • Simple currency exchange.
  • Option to register an account.
  • No minimum balance or inactivity fees.
  • Ability to make interest through share lending.

Interactive Brokers Cons

  • Doesn’t operate without charging fees.
  • Proprietary to pro traders.
  • Does not cater to novice traders.
  • Limited customer support options.

Interactive Brokers Pricing

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.

5. BMO InvestorLine

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:

  1. BMO InvestorLine Self-Directed
  2. InvestorLine adviceDirect
  3. BMO SmartFolio

BMO InvestorLine Self-Directed Features

  • Self-directed platform
  • No minimum account balance requirement
  • Per-trade commission

InvestorLine adviceDirect Features

  • Personalized advice is available.
  • A minimum account balance of $10,000 is required.
  • An annual percentage fee of 0.75% is charged.

BMO SmartFolio Features

  • Access to only ETFs
  • A minimum account balance of $1,000 is required.

BMO InvestorLine Pros

  • User-friendly platform
  • Good research tools
  • Affordable pricing

BMO InvestorLine Cons

  • Limited customization options.
  • Limited educational resources compared to other platforms.

BMO InvestorLine Pricing

BMO InvestorLine charges a $9.95 monthly fee plus commissions on trades.

6. National Bank Direct Brokerage

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.

National Bank Direct Brokerage Features

  • Commission-free stock and ETF trades through National Bank Direct Brokerage
  • Trading options with a commission of $1.25 per contract
  • A flat commission of $28.95 for options assignment and automatic exercise
  • No minimum account balance requirement
  • An annual administration fee of $100 for accounts with less than a $20,000 balance.
  • Waived annual administration fees for young traders, newcomers to Canada, professionals, and students.
  • InvestCube – a robo-advisor with a $10,000 minimum balance and annual rebalancing fee of 0.3% to 0.5%.
  • Free Level 1 quote for more than ten trades per month, free Level 2 quotes for more than 40 trades per month.
  • The amount of money owed on the account determines the interest rates on margin accounts. In other words, the higher the debit balance, the higher the interest rate.

National Bank Direct Brokerage Pros

  • Commission-free stock and ETF trades.
  • Low commission for trading options.
  • Waived annual administration fee for select groups.
  • InvestCube option for automatic portfolio rebalancing.
  • Access to free quotes with higher trading frequency.
  • Lower interest rates for high debit balance in margin accounts.

National Bank Direct Brokerage Cons

  • Annual administration fee for accounts with less than $20,000 balance.
  • Higher interest rates for low debit balance in margin accounts.
  • Limited customization options.
  • Limited educational resources compared to other platforms.

National Bank Direct Brokerage Pricing

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.

best trading platform in Canada comparewise

7. Scotia iTRADE

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 Features

  • Offers a variety of investment products, including equities, ETFs, mutual funds, options, GICs, bonds, and IPOs.
  • Commission-free trades on over 100 ETFs if held for at least one business day.
  • A wide variety of ETFs is available for commission-free trades, including index, sector, dividend, fixed income, and commodity ETFs.

Scotia iTRADE Pros

  • Commission-free trades on a wide range of ETFs can lead to cost savings for the investor.
  • Offers diverse investment products for different investment strategies and goals.

Scotia iTRADE Cons

  • Commission structure for other investment products may not be as competitive as other online brokerages.
  • Commission-free trades only apply to a specific list of ETFs and may not cover all the desired ETFs.

Scotia iTRADE Pricing

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.

8. CIBC Investor’s Edge

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’s Edge Features

  • CIBC Investors Edge offers affordable investment options and does not charge an annual account fee.
  • The platform has a broad range of investment options, including stocks, ETFs, mutual funds, and bonds.
  • Advanced trading tools: CIBC Investors Edge offers advanced trading tools and charting capabilities, enabling traders to make informed investment decisions.
  • Access to research and market insights: The platform provides market research and insights, including analyst ratings and stock recommendations.
  • Mobile trading: CIBC Investors Edge offers a mobile app allowing traders to manage their investments.
  • Easy account management: The platform provides an easy-to-use interface for account management, including deposit and withdrawal options.
  • Customer support: CIBC Investors Edge offers 24/7 customer support, assisting traders whenever needed.
  • Automated investment strategies: The platform offers a range of automated investment strategies, including dollar-cost averaging and target date portfolios.
  • Education resources: CIBC Investors Edge provides a wealth of educational resources, including online courses and articles, to help traders make informed investment decisions.
  • Integration with CIBC banking: The platform integrates with CIBC banking, allowing traders to quickly transfer funds between their investment and banking accounts.
  • Reduced fees for executing trades.
  • Commission-free trading for inexperienced investors
  • Availability of technical analysis insights from Trading Central

CIBC Investor’s Edge Pros

  • Modest transaction charges.
  • No limit on the minimum investment.
  • A variety of account options.
  • Reduced rates or absence of annual fees for specific traders.

CIBC Investor’s Edge Cons

  • The seemingly small trading fees accumulate with multiple trades.
  • Some account types incur yearly fees.

CIBC Investor’s Edge Pricing

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.

9. Desjardins Online Brokerage

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.

Desjardins Online Brokerage Features

  • User-friendly Platform: Desjardins Online Brokerage offers an intuitive and user-friendly platform that is easy to navigate for beginners and experienced traders.
  • Competitive Pricing: Desjardins Online Brokerage provides competitive pricing with low fees and commissions comparable to other discount brokerage platforms.
  • To build your investment portfolio, you can choose from various investment options, such as stocks, mutual funds, bonds, and GICs.
  • Research and Education: Desjardins Online Brokerage offers a wealth of research and educational resources to help investors make informed decisions. These resources include news, analysis, charts, and research reports.
  • The Desjardins Online Brokerage mobile app allows investors to manage their accounts and trade on the go, making it a convenient option.
  • Responsive Customer Support: it has a responsive customer support team available to answer any questions or concerns investors may have.
  • It features integration with other Desjardins products, such as banking and credit cards, making it a convenient option for customers.

Desjardins Online Brokerage Pros

  • All important account categories are accessible.
  • Ideal for individuals who utilize Desjardins for banking services.
  • No fees for trading in ETFs, stocks, or mutual funds.
  • Excellent customer support.
  • Investors can access an extensive selection of investment options, including stocks, bonds, ETFs, and mutual funds.
  • Offers both self-directed and managed portfolios.
  • Mobile trading app available.

Desjardins Online Brokerage Cons

  • Quarterly fees for account inactivity.
  • No educational tools or resources.
  • The platform and mobile application are outdated and need improvement.

Desjardins Online Brokerage Pricing

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.

10. Qtrade

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 Features

  • User-friendly interface with customizable dashboards and detailed account information.
  • Qtrade Investor is designed for investors looking for a simple, user-friendly platform to invest in various financial products.
  • Qtrade Pro is a more advanced trading platform for experienced investors, offering cutting-edge tools, analytics, and trading options.
  • Offers Canadian and US stocks and ETFs, which Include TSX, NYSE, and NASDAQ.
  • Sophisticated trading tools, including technical analysis and charting tools, market data and news, and market scanners.
  • Mobile trading via the iOS and Android app.
  • 24/7 support through email, phone, and online chat.

Qtrade Pros

  • User-friendly interface and trading tools.
  • Mobile trading is available.
  • 24/7 support.
  • 100 ETFs that you can trade commission-free.
  • Wide range of stocks and ETFs available for trade.
  • Commission-free trades on 100 ETFs.

Qtrade Cons

  • Limited to Canadian and US stocks and ETFs.
  • Commission-free ETF trades require holding eligible ETFs for at least one business day.
  • No futures trading is available.
  • Higher fees for some investment options.

Qtrade Pricing

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.

11. RBC Direct Investing

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 Direct Investing Features

  • Online trading: Users can access the platform through the RBC Direct Investing website or the RBC Mobile app. They can place trades, view their portfolio, and access market information.
  • Investment options: The platform offers various investment alternatives such as Canadian and US stocks, mutual funds, ETFs, bonds, and GICs to users.
  • Market data and news: The platform provides real-time market data and information to help users make informed investment decisions.
  • Research and educational resources: RBC Direct Investing provides various resources to help users make informed investment decisions.

RBC Direct Investing Pros

  • User-friendly interface.
  • A diverse selection of investment opportunities.
  • Real-time market data.
  • Research and educational resources.

RBC Direct Investing Cons

  • Limited international investment options.
  • Limited platform customization.

RBC Direct Investing Pricing

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.

12. HSBC InvestDirect

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 Features

  • Online trading: HSBC InvestDirect provides users a secure and convenient way to trade stocks, exchange-traded funds (ETFs), and online options.
  • Real-time market data: The platform offers users up-to-the-minute market data and insights to support them in making well-informed trading choices.
  • Easy account management: HSBC InvestDirect allows users to manage their accounts online, including the ability to deposit and withdraw funds, view account statements, and monitor their portfolios.
  • Mobile trading: Users can use the mobile app for iOS and Android devices to trade and manage their accounts while on the go.
  • Investment research and tools: HSBC InvestDirect provides users various investment research and resources, including stock and ETF screeners, market news and analysis, and market data and charts.
  • Access to experienced advisors: The platform allows users to speak with professional investment advisors for advice on their trades and investments.
  • Competitive pricing: HSBC InvestDirect offers competitive pricing on trades, with low commission fees and no annual account fees.

HSBC InvestDirect Pros

  • Easy to use.
  • Comprehensive research tools.
  • Low trading fees.
  • Wide range of investment products.

HSBC InvestDirect Cons

  • Slow order execution reports by some users.
  • High account minimums.
  • Limited customization options.

HSBC InvestDirect Pricing

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.

best trading platform canada

13. TD Ameritrade

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 Features

  • Offers an online brokerage platform for buying and selling securities.
  • The platform offers diverse investment options for trading, including stocks, bonds, mutual funds, ETFs, options, futures, and forex.
  • Web-based platform accessible through any browser.
  • The mobile app is available for smartphones and tablets.
  • Real-time quotes and charts.
  • Customizable watchlists.
  • Technical analysis tools.
  • News and research resources.
  • Educational materials.
  • Trading simulator for practicing trading strategies.
  • Offers a variety of account types (e.g., individual brokerage, joint, retirement, education savings).
  • Offers a variety of account features and services (e.g., margin trading, automated investing, 24/7 customer support).

TD Ameritrade Pros

  • A robust platform for active traders.
  • Comprehensive services for all account types.
  • Supports futures and forex trading.

TD Ameritrade Cons

  • Lack of fractional shares
  • Trading is limited to securities listed on US and Canadian exchanges.

TD Ameritrade Pricing

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.

14. Bitbuy

Bitbuy qualifies as the best trading platform in Canada because it allows Canadians to buy and sell cryptocurrencies and other digital assets.

Bitbuy Features

  • User-friendly interface: Bitbuy is one option for the best trading platform in Canada, as it is designed for users of all levels.
  • Wide range of assets: Bitbuy offers a wide range of assets, including cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as stocks, ETFs, and other assets.
  • Fast and secure transactions: Bitbuy uses cutting-edge security measures to protect user funds and ensures fast and secure transactions.
  • High liquidity: Bitbuy provides users with high liquidity, allowing them to buy and sell assets quickly and at a fair market price.
  • Competitive fees: Bitbuy charges low costs compared to other Canadian trading platforms, making it a cost-effective option for those looking to trade digital assets.
  • Bitbuy supports multiple payment methods.
  • 24/7 customer support: Bitbuy offers 24/7 customer support via phone, email, and live chat.
  • Advanced trading tools: Bitbuy provides users with advanced trading resources.
  • Mobile trading app: Bitbuy also offers a mobile trading app, allowing users to trade on the go, whether at home or on the go.
  • Regulated: Bitbuy is regulated by the financial body FINTRAC, providing users with peace of mind knowing their funds are secure.

Bitbuy Pros

  • Easy-to-use platform.
  • Wide range of cryptocurrencies.
  • Bitbuy has low trading fees.
  • Bitbuy takes security very seriously.
  • Regulated by Canadian laws.

Bitbuy Cons

  • Limited payment methods.
  • Bitbuy’s customer support is only available during limited hours.
  • Bitbuy has a limited range of features.
  • Limited geographic availability.

Bitbuy Pricing

Bitbuy’s trading fees vary based on your account type and the type of trade you are making.

  • For Express Trade, the most basic type of account, the fee is 0.50% for both buys and sells.
  • For Pro Trade, the next level up, the fee is 0.40% for buys and 0.30% for sells.
  • For Institutions, which is the highest level of account, the fee is 0.20% for buys and 0.10% for sells.

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.

How do trading platforms work?

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.

How to sign up for a trading platform in Canada

Signing up for any best trading platform in Canada is a straightforward process that typically involves the following steps:

  1. Choose a broker: The first step in signing up for a trading platform in Canada is to choose a broker. Many brokerage firms in Canada provide trading platforms, including traditional financial institutions and online-only brokers. Consider factors such as fees, the types of investments offered, and the level of customer support when choosing a broker.
  2. Open an account: Once you have chosen a broker, you must open an account. You can usually do this online through the broker’s website. You will be asked to provide personal and financial information, including your name, address, employment information, and investment goals.
  3. Fund the account: After opening the account, you will need to fund it. Traders can usually do this by depositing your bank account or credit card.
  4. Complete the registration process: The broker will complete a verification process to ensure you are eligible to trade. That may include a background check and a review of your financial information. Once the verification process is complete, you will be given access to the trading platform.
  5. Start trading: Once you can access the platform, you can start researching and trading financial instruments, such as stocks, bonds, commodities, and currencies. You can place orders and monitor your investments through the platform.

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.

Best trading platform in Canada final thoughts

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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FAQs about the best trading platform

What’s the best Canadian trading platform for students?

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.

What are the best online trading platforms in Canada?

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.

What is the most user-friendly platform for trading in Canada?

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.

Are there any platforms that offer commission-free trading in Canada?

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.

What security measures do these platforms have in place to protect my funds?

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.

Do these platforms offer real-time market data and news?

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.

How do I determine which platform best fits my investment needs and goals?

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.

Is day trading allowed in Canada?

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.

What is the best trading platform in Canada for beginners?

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.

Is any Canadian trading platform free?

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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