Best Stock Trading App Canada

The advancement of technology has revolutionized the process of buying, selling, and holding individual stocks. Gone are the days when investors had to walk into a brokerage office and place orders through human brokers or had to do it over the phone. Today, all it takes is a stock trading app or brokerage account to connect directly to an online broker and access real-time prices from stock exchanges. This has made it much easier and more convenient for investors to trade stocks. It has also led to increased competition among brokerage firms, which has benefited investors through lower fees and commissions.

Besides that, In recent times, the stock market has experienced unprecedented volatility and price surges, driven by social media-fueled trading frenzies and the emergence of meme stocks. This has made it even more critical for investors to have access to the latest information and tools to make informed decisions about their investments. While we don't encourage investors to purchase stocks on a whim, it’s great to see that increased access to discount brokerages has given Canadians a choice on the securities they hold in their portfolios.

What Are The Best Stock Trading Apps Canada Has To Offer?

Here are the 5 best stock trading apps in Canada:

• Questrade–Best Overall
• Wealthsimple Trade–Best For Free Stock Trading
• Qtrade–Best For Younger Investors
• National Bank Direct Brokerage–Best Bank-Owned Stock App
• TD Direct Investing–Best For Trading Options

#1 Questrade–Best Overall

Questrade, established in 1999, has become one of Canada's top online brokerages and is widely regarded as one of the best investing apps in the country. It caters to experienced and beginner investors, offering a broad selection of investment products and various account options, including corporate investment accounts. With its desktop, mobile, and web interface, Questrade ensures accessibility across multiple platforms, making it convenient for users to manage their investments from any device.

Questrade is also known for its commitment to offering some of the lowest fees in the industry, allowing investors to minimize trading expenses and maximize potential returns.

Features Of Questrade

1. User-Friendly Interface: Questrade's platform is designed with a user-friendly interface, making it easy for investors of all levels to navigate, research, and execute trades confidently. it's also available for desktop, mobile, and web interfaces, ensuring investors can manage their accounts and trade seamlessly from any device.
2. Securities and Investment Accounts: Questrade provides access to various assets, including stocks, ETFs, options, and more. It also offers multiple investment accounts, catering to individual and corporate investors.
3. Trading and Transaction Fees: Questrade is known for its competitive pricing and low trading fees, including commission-free ETFs allowing investors to minimize costs associated with buying and selling securities.
4. Advanced Trading Tools: The platform offers a suite of advanced trading tools and research resources to assist investors in analyzing market trends, conducting technical analysis, and making informed investment decisions.
5. Customer Service: Questrade provides responsive and reliable customer service, ensuring users can receive assistance and support.

Pros Of Questrade

• A wide range of investment assets, including stocks, ETFs, options, mutual funds, etc.
• Real-time market data for day traders who rely on up-to-date information.
• No commissions on ETF purchases, making it a cost-effective option for investors who want to invest in ETFs without incurring additional fees.
• Advanced charting and analytical tools that enable investors to perform in-depth technical analysis, track market trends, and make informed trading decisions.

Cons Of Questrade

• Questrade requires a $1,000 minimum balance to start trading.
• Real-time market data and access to other advanced data packages may incur an additional monthly fee.

Pricing

Here is Questrade Pricing Summary:

• Stocks: $0.01 per share, $4.95–$9.95 per trade
• ETFs (Purchase): Commission-free
• ETFs (Sale): $0.01 per share, $4.95–$9.95 per trade
• Mutual funds: $9.95 per trade
• GICs and Bonds: Free with a $5,000 minimum purchase
• Precious metals: USD 19.95 per trade
• Options: $9.95 + $1 per contract

Active traders enjoy discounted prices of $4.95 + $0.75 per contract and $6.95 + $0.75 for fixed and variable pricing plans, respectively, for options.

Additional fees, such as ECN and ATS, may apply for certain transactions.

• Promotion: enjoy over $300 as a signup bonus with our Questrade offer code.

Best For

Traders of all levels–comfortable with the $1,000 minimum requirement.

#2 Wealthsimple Trade–Best For Free Stock Trading

Wealthsimple Trade was launched in 2018 by Wealthsimple, a leading online wealth management company. Founded in 2014, Wealthsimple has rapidly gained recognition and popularity within the Canadian financial industry. With its innovative approach to investing and commitment to providing accessible and user-friendly investment solutions, it has grown to manage over $15 billion in assets.

It was introduced as an extension of Wealthsimple's services, specifically targeting the needs of self-directed investors. By offering commission-free trading for stocks and ETFs, Wealthsimple Trade disrupted the traditional brokerage model. It attracted a significant user base, particularly among beginners looking to explore the world of investing.

As part of the Wealthsimple ecosystem, Wealthsimple Trade benefits from the expertise and reputation of its parent company. Wealthsimple's strong presence in the financial industry, commitment to innovation, and customer-centric approach has contributed to the success and growth of Wealthsimple Trade as a reliable and trusted stock trading app in Canada.

Feature Of Wealthsimple Trade

1. Commission-Free Trading: You can buy and sell thousands of stocks and ETFs without incurring trading commissions.
2. Fractional Shares: Wealthsimple allows you to buy expensive stocks through fractional shares with as little as $1.
3. Registered and Non-Registered Accounts: Wealthsimple Trade supports registered accounts such as RRSP, TFSA, and personal non-registered accounts, providing options for different investment preferences.
4. Cryptocurrency Trading: The Wealthsimple Trade app also allows investors to trade cryptocurrencies, expanding the range of investment options.
5. Access to Other Financial Products: Wealthsimple Trade provides additional financial products, including a robo-advisor, tax-filing software, savings accounts, and a prepaid card, offering a comprehensive financial ecosystem.

Pros Of Wealthsimple Trade

• No account minimums or inactivity Fees.
• Unlimited price alerts to help investors track the markets.
• You can access extra perks for a monthly fee of $10, including no FX fees on US trades and real-time data.
• A user-friendly interface that allows beginners to monitor their investments without being overwhelmed.

Cons Of Wealthsimple Trade

• Limited investment options because they primarily focus on stocks and ETFs. Even though they offer cryptocurrency, they do not provide options, mutual funds, and bonds.
• 15-minute delayed market data. To access real-time data, you must subscribe to Wealthsimple Trade Plus for an additional monthly fee of $10.
• A 1.5% currency conversion fee for trading US stocks. To waive this fee, you need Trade Plus.

Pricing

Wealthsimple Trade offers commission-free trading–$0 per trade for stocks and ETFs.

However, there are some fees for certain transactions. For example, USD trades have a 1.5% currency conversion fee.

Wealthsimple Trade also offers a premium subscription service called Wealthsimple Trade Plus for a monthly fee of $10. Trade Plus provides access to additional perks, including no foreign exchange fees on US trades and real-time market data.

• Promotion: Get a $50+ bonus when you sign up using our Wealthsimple Trade referral code.

Best For

Wealthsimple Trade is best for beginners and individuals looking for a free stock trading app in Canada.

#3 Qtrade–Best For Younger Investors

The next on our list of Canada's best stock trading apps is Qtrade. It's a division of Credential Qtrade Securities Inc. and a part of Aviso Wealth, which has more than $95 billion of assets under its management.

While it may not provide zero-commission trading like some other platforms, Qtrade offers competitive commission fees, powerful tools for both new and experienced investors, and the added advantage of free ETF trades for a wide selection of over 105 ETFs.

With its user-friendly web interface and convenient mobile app available on Android and iOS devices, Qtrade ensures accessibility and convenience for investors seeking a robust online brokerage experience.

Features Of Qtrade

1. A wide variety of investment assets, including stocks, mutual funds, ETFs, bonds, and GICs.
2. Access to registered and non-registered accounts, such as TFSAs, RRSPs, and Margin trading.
3. A highly-rated mobile app, ensuring convenience and flexibility.
4. Commission-free trading on over 105 Canadian and US-listed ETFs.
5. Advanced investing tools like Morningstar research reports and a built-in stock screener.
6. Portfolio Simulator to practice trades before investing real money.
7. Young investors aged 18-30 who contribute at least $50 monthly receive a $1 discount per trade and waived quarterly administration fees.
8. A portfolio creator tool that analyzes your goals and helps create a diversified ETF portfolio tailored to your needs and risk tolerance.

Pros Of Qtrade

• No minimum balance requirement.
• Responsive customer support through email, live chat, and phone.
• Active traders( those that make 150 or more trades per quarter) qualify for discounts.
• Lower commission fees compared to most big bank brokerages.
• Advanced traders can take advantage of Qtrade's options trading feature, allowing them to participate in more complex investment strategies.

Cons Of Qtrade

• Higher fees than discount brokerages such as Wealthsimple and Questrade.
• The $25 quarterly maintenance fees for balances below $25,000 can be a drawback for investors who maintain lower balances.

Pricing

Here is the pricing information for Qtrade:

Asset	Standard Fee	Active Traders
Stocks	$8.75/trade	$6.95/trade
ETFs	$8.75/trade (some free)	$6.95/trade
Mutual funds	Free	Free
Options	$8.75 + $1.25/contract	$6.95 + $1.25/contract
Fixed income	$1 per $1,000 of face value ($24.99 min; $250 max)	$1 per $1,000 of face value ($24.99 min; $250 max)

• Promotion: Receive a $150 bonus when you sign up with our Qtrade referral code

Best For

Qtrade is best for experienced traders, particularly young investors, seeking a Canadian discount brokerage with lower commission fees than big banks but not necessarily zero-commission brokerages.

#4 National Bank Direct Brokerage–Best Bank-Owned Stock App

Next on our list is National Bank Direct Brokerage, a division of National Bank Financial Inc. and part of National Bank–one of Canada's largest commercial banks.

Recently, in a move to compete with other online discount brokerages like Questrade, Wealthsimple Trade, Qtrade, and the big-five bank brokerages, NBDC became the first bank-owned brokerage in Canada to eliminate trading commissions on stock and ETF trades.

This move makes it a cost-effective choice for investors of all levels.

Features Of NBCD

1. Diverse Investment Assets: NBDC offers a wide range of investment assets, including stocks, ETFs, mutual funds, and GICs, giving investors the flexibility to build a diversified portfolio.
2. Registered and Non-Registered Accounts: NBDC provides a full range of registered accounts, such as RRSPs and TFSAs, as well as non-registered accounts, catering to different investment needs and goals.
3. Transfer Fee Coverage: NBDC offers up to $150 in coverage for transfer fees from another institution, making it convenient for investors to switch their accounts.
4. Commission-Free Mutual Funds: NBDC offers commission-free trading for mutual funds, allowing investors to invest in these funds without incurring additional fees.
5. Commission-Free Trading for Stocks and ETFs: NBDC also offers commission-free trading for stocks and ETFs, providing cost-effective options for investors to buy and sell these securities.

Pro Of NBCD

• Wide range of account options, including TFSA, RRSP, RESP, RRIF, LIF, LIRA, LRSP, and business entity accounts, catering to various investment and savings needs.
• Extensive range of investing tools, educational resources, and market analysis.
• It's backed by a reputable big bank.

Cons Of NBCD

• Though reasonable, their fees are still higher than other discount brokerages on our list.
• Balances below $20,000 are subject to high annual maintenance fees ($100).

Pricing

Here is a summary of National Bank Direct Brokerage Trading Fees:

• Stocks/ETFs: $0 per trade
• Options: $1.25 per contract (minimum $6.25 per trade, maximum $19.95 for transactions under $2,000)
• Mutual funds: Commission-free with a management expense ratio (MER) and a minimum purchase of $1,000.
• Exchange-Traded Debentures: $0 per trade.
• Account Administration Fee: $100 annually for account balances below $20,000 or not meeting qualifying requirements(30 years old or younger and conducting at least 5 stock, ETF, or options trades, among other conditions).
• Phone orders for stocks, ETFs, or mutual funds have a minimum commission of $44.95.

Best For

National Bank Direct Brokerage is an ideal choice for existing National Bank customers and experienced investors who value the security and reliability of a big bank but still want to save on cost.

#5 TD Direct Investing–Best For Trading Options

Lastly, we have TD Direct Investing–one of Canada's largest investment platforms with a rich history dating back to 1984.

It was Canada's first bank-owned self-directed brokerage and has continuously evolved its offerings. For example, in 1996, it introduced Web Broker, the first online platform of its kind. In 2006 and 2009, it launched the “Active Trader” and “Thinkorswim” platforms, respectively, offering advanced trading capabilities. In 2011, TD Direct Investing unveiled its TD investment app, available on the App Store and Google Play, providing convenient access to trading and investment services.

That said, TD Direct Investing has the highest commission fees than other discount brokerages on our list (and probably overall). However, it offers comprehensive market research, data, and investment tools that favour experienced traders.

Features Of TD Direct

1. TD Direct offers a wide range of investment assets, including stocks, ETFs, mutual funds, options, and fixed-income assets.
2. Provides registered and non-registered account options, such as RRSP, TFSA, and RESPs.
3. Margin accounts are available for experienced traders to trade options and derivatives.
4. Accessible trading and portfolio monitoring through TD's highly-rated mobile app.
5. Active traders can access Level II data and powerful charting features via the “thinkorswim” platform.
6. Access to TD's Household Program, which let you waive maintenance fee using the combined asset of your household.
7. Other features include dividend reinvestment plans (DRIP) and pre-authorized purchases for mutual funds.

Pros Of TD Direct

• Access to comprehensive investing platforms equipped with advanced trading tools (e.g. “thinkorswim”) and extensive investment education resources.
• Reliable customer service support throughout the weekdays.
• Reimbursement of transfer fees, up to $150, for account transfers exceeding $25,000.
• Full access to both Canadian and US markets.
• Access to advanced charting and analytical tools available through.
• Lower commission fees for active traders.

Cons Of TD Direct

• The standard trading fee of $9.99 for stocks is relatively high compared to other online brokerages. For example, Questrade offers trades starting at $4.95, and Wealthsimple Trade has no trading commissions.
• Maintaining a high minimum account balance ($15,000) is necessary to avoid maintenance fees ($25 per quarter).
• TD Direct Investing focuses on self-directed accounts and does not offer robo-investing options for less-active traders.

Pricing

The table below summarizes TD Direct investing trading fees.

Trading Type	Standard Plan	Active Plan
Stocks	$9.99 per trade	$7.00 per trade
Options	$9.99 per trade + $1.25/contract	$7.00 per trade + $1.25/contract
Telephone Trades	Minimum $43 fee	Minimum $35 fee

Other Fees:

Commissions for bonds, GICs, and term deposits are included in quoted prices (minimum purchase amount may apply).

No commissions for buying or selling mutual funds. A short-term redemption fee applies if held for less than 30 days.

Gold bullion trades: $30 + $1/oz (USD)

Silver bullion trades: $30 + $0.10/oz (USD)

If your account balance is less than $15,000, you pay a $25 maintenance fee per quarter. By meeting specific criteria, you can waive this fee through TD's Household Program. Please review our TD Direct Investing review to see these criteria.

Best For

Experienced options traders seeking margin accounts for trading options and derivatives.

Other Top Canadian Stock Trading Apps

#6 Interactive Brokers

Interactive Brokers is a full brokerage platform that offers a wide range of assets, including stocks, ETFs, mutual funds, and options. They have low commission fees ranging from 0.5 cents to 1 cent per share of Canadian equities.

There is no minimum balance or inactivity fees, and they offer a desktop app, a mobile app, and a web-based platform. However, the platform can be challenging to use, and they provide free delayed market data. Real-time data comes at an additional cost.

Best For: High-volume and active traders looking for a wide range of assets and competitive commission fees.

#7 Scotia iTrade

Scotia iTrade is a full-service big-bank brokerage that offers a variety of investment options, including stocks, ETFs, mutual funds, bonds, options, and GICs. They have a highly-rated mobile app and provide access to sustainable and ESG investing tools. Scotia iTrade offers commission-free trading for over 100 select ETFs and provides various investing tools and market analysis resources. Their referral program rewards participants up to $100 or 50 free trades. However, Scotia iTrade charges higher commission fees than discount brokerages and quarterly maintenance fees for balances under $10,000.

Best For: Investors who prefer a big-bank brokerage with a wide selection of assets, access to sustainable investing tools, and a strong mobile app.

#8 BMO InvestorLine

BMO InvestorLine is a full-service brokerage offering a wide range of investment assets, including stocks, ETFs, mutual funds, options, and fixed-income assets. They also provide various registered and non-registered accounts, including TFSAs, RRSPs, and RESPs.

Their flat commission fee of $9.95 per trade plus $1.25 per contract for options is higher than the industry's standard, although they provide zero-commission fees for select Canadian ETFs and mutual funds.

Their highly-rated mobile app allows for convenient investment tracking, and you can reach their customer support through phone, virtual live chat, and video call options.

They offer the BMO SmartFolio Robo-investing service with fees ranging from 0.4% to 0.7%.

Although they have no minimum account balance, quarterly maintenance fees may apply to balances under $15,000 unless you make a minimum number of commissionable trades within six months.

Best For: Investors who prefer a full-service brokerage with a wide range of investment options, access to Robo-investing, and a highly-rated mobile app.

Comparison of Top Stock Trading Apps in Canada

Platform	Securities	Accounts	Trading Fee	Learn More
Questrade	Stocks, ETFs, options, bonds, mutual funds, GICs, FX, metals	RRSP, TFSA, RESP, RRIF, LIF, LIRA, non-registered	$0.01/share ($4.95 min./trade); $0 for ETFs	Learn more
Wealthsimple Trade	Stocks and ETFs	RRSP, TFSA, personal cash	$0 ($10 monthly fee for USD trades)	Learn more
Qtrade	Stocks, ETFs, options, mutual funds, GICs	TFSA, RRSP, RESP, RRIF, personal and corporate margin	$8.75/trade	Learn more
National Bank Direct Brokerage	Stocks, ETFs, mutual funds, bonds, GICs	RRSP, TFSA, RESP, and other registered & non-registered	Commission-free for stocks & ETFs; $100 annual fee for balances below $20,000	Learn more
TD Direct Investing	Stocks, ETFs, options, GICs, etc.	TFSA, RRSP, RDSP, RESP, RRIF, personal and corporate margin	$9.99/trade	Learn more
Interactive Brokers	Stocks, ETFs, options, bonds, futures, currencies	Main registered & non-registered accounts	0.5 cents to 1 cent per share	Learn more
Scotia iTrade	ETFs, bonds, options, GICs, etc.	Non-registered and registered accounts	$9.99/trade	Learn more

 

What Are Stock Trading Apps?

A stock trading app is a mobile and web application that enables users to buy and sell stocks and other securities. These apps typically offer a range of features, including real-time market data, news updates, analysis tools, account management capabilities, and the ability to place automated or limit orders.

While most stock trading apps operate as brokerages and charge commissions or fees per trade, free or low-cost options are available. These apps provide investors with convenient access to the financial markets and empower them to manage their investment portfolios from anywhere.

How Do I Choose The Best Stock Trading App?

Choosing the best stock trading app requires considering several factors. Here's a summary of the key points:

1. User-Friendly Interface: Look for an intuitive and customizable app with an easy-to-handle interface to add or delete features like graphs or specific securities.
2. Fees and Commissions: Consider free or low-commission apps and examine the additional features they offer to ensure they meet your needs.
3. Account Minimums: Choose an app that doesn't require a minimum deposit to start trading or maintains low account balances to avoid inactivity or maintenance fees.
4. Types of Securities: Evaluate the range of securities the app offers, including stocks, ETFs, bonds, mutual funds, and cryptocurrencies, to ensure it aligns with your investment goals.
5. Research Tools: Look for apps that provide access to data, market news, and research tools to support informed decision-making.
6. Types of Trades: Understand the available types of trades, such as market orders, limit orders, and stop orders, and choose the app that best suits your trading preferences and needs.
7. User Reviews: Read user reviews to gain insights into the app's performance, reliability, and user experience. They can help you identify common issues and practical solutions.
8. Security: Ensure the app is supported and enlisted by reputable regulatory bodies such as CIPF and IIROC to prioritize security and investor protection.
9. Customer Support: Look for an app that provides reliable customer support through various channels, such as phone, email, or live chat. Responsive and helpful customer service can be crucial when encountering issues or having questions.
10. Integration with Other Financial Services: Consider whether the app integrates with other financial services or tools that you use, such as banking apps or portfolio trackers. This integration can streamline your overall financial management.
11. Extra Features: Consider other features like real-time quotes, advanced charting tools, and bonuses for specific categories (e.g., students and seniors) that can provide valuable information and advantages.

In Summary

When ready to trade stocks in Canada, finding the right trading app for a seamless experience is crucial. It would help if you looked for apps with a user-friendly interface, a diverse set of features based on your needs, and reliable customer support. Using demo accounts to practice trading without risking real money is also wise.

Our top recommendations for Canada's best stock trading app are Questrade and Wealthsimple Trade. These apps offer excellent user experiences, low fees, and a wide range of features and cater to beginners and experienced traders alike.

Although apps like BMO InvestorLine and Interactive Brokers did not make our top 5 list, they still deserve recognition for their positive client reviews and overall effectiveness.

Stock Trading Apps In Canada FAQs

Are stock trading apps safe?

Yes, stock trading apps are safe if you choose reputable and regulated platforms. The stock trading firms in our list adhere to industry standards and offer limited protection through organizations like IIROC(Investment Industry Regulatory Organization of Canada) and CIPF (Canadian Investor Protection Fund). They also have cutting-edge technologies such as data encryption and multifactor authentication to safeguard data against data breaches. However, stock trading carries inherent risks, including market volatility and the potential for investment loss, so it's crucial to be informed and make well-informed decisions.

What is the best stock trading app for beginners?

The best stock trading app for beginners is Wealthsimple Trade. It has a user-friendly interface ideal for beginners, commission-free trades, and no minimum balance requirement, allowing you to start trading with as little as $1.

How do I trade my first stock?

To trade your first stock, you will need a brokerage account. The best stock trading app for beginners is Wealthsimple Trade. Follow these general steps:

1. Open an account with Wealthsimple Trade by providing personal information and completing any required verification process.
2. Fund your account with your desired amount of money.
3. Research to select the stock you want to buy. You can check our list of the best stock to buy in Canada.
4. Determine the number of shares you wish to purchase and your purchase price. Wealthsimple provides fractional shares–you can invest as low as $1.
5. Place an order through the Wealthsimple Trade app, specifying the stock, quantity, and type of order (such as a market order or limit order).
6. Monitor your trade and make any necessary adjustments. Learn about stock tracking apps such as Capital and Wealthsimple Trade.
7. When you decide to sell, repeat the process by selecting the stock, quantity, and price you want to sell.

How can I buy and sell stock in Canada without a broker?

There is no direct way to trade stock in Canada without the assistance of a broker. However, self-directed trading platforms like Wealthsimple Trade, Questrade, and Qtrade, among others, allow you to have more control and make your own investment decisions while still utilizing the services of a broker. These platforms offer user-friendly interfaces and tools to help you manage your investments effectively.

Do I need a license to start trading stocks in Canada?

No, individual investors in Canada do not require a specific license to trade stocks. Only brokerage companies and platforms are required by law to obtain a permit to provide brokerage services.