6 Best Trading Platforms in Canada: Top Online Brokers

You want to pay the lowest fees possible if you are going to invest in Canada

If that is the case, you need to find the best discount broker in Canada

They are the cheapest way to invest in Canada, edging out traditional banks and robo-advisors

Not all discount brokers They are created the same way. I have been researching all the major Canadian ones. I went through all the features and wrote full-length reviews for ten different trading platforms

I have come up with my own rankings of the best discount brokers. I hope this helps you make a decision, and I have the top picks for the best Canadian trading platforms

My top choice for the best discount broker in Canada

  • The best trading platform
  • There is a free exchange traded fund purchase
  • There are no annual fees for stock trading in the US
  • There is a U.S Dollar Account
  • The most used discount broker is from Canadians

Below are the companies I picked for the second to sixth place

There is a 4-step list before choosing a discount broker

Before looking for a trading platform, figure out these things

What type of investor will you be?

  1. Buy-and-hold investor You will buy something A portfolio of investments Buy some stocks and then sit on them for a long time
  2. Active investor You move in and out of stock positions frequently. Strong research and trading tools are important to you
  3. The investor is hybrid You will be a mix of the two types of investors if you have both buy-and-hold and active investing characteristics. I mostly use a buy-and-hold strategy but have a small portion of my portfolio that I actively trade. I consider myself a hybrid investor, preferring a buy-and-hold approach

How often will you trade?

A buy-and-hold investor will not be trading a lot. If you want to know if you need a frequent trader package, you should figure out how much you will trade in a month

What types of trades will you make?

If you follow a simple buy-and-hold strategy, you may only make simple stock buys every month or quarter

If you want to do more advanced tactics like trading options, you will want to look at what trading platforms are best suited to them

What features are important to you?

Excellent reporting features will be important, but research tools might not be as important if you are a buy-and-hold investor

Premium research tools and a responsive trading platform are what you will want as an active trader

Fees will be an important thing to consider for all investors

The best discount broker has important considerations

I want to be clear about this point, before we start looking at how to choose the right company The discount brokers are not allowed to give you advice It is called Do it yourself Investing for a reason is what you can do

You have to build your own investment portfolio. You will have to learn how to handle the market on your own

If you are unsure of where to start or if discount brokers are right for you, I suggest reading my article There are a lot of investment options in Canada

There are a number of factors that can be used to choose a discount broker

It is important to look at a few key things before choosing a discount broker

  1. Fees: The game is named after it discount One of the most important factors in choosing a discount broker is having low fees. If you are a high-volume trader, overpriced fees can add up a lot. You should also be aware of account fees
  2. The platform is The platform is easy to use, and the reporting features are easy to understand, no matter how cheap a discount broker is
  3. Account types Does the trading platform have account types that you are looking for, and minimum requirements for each account? These account types include the likes of TFSA, RRSP, and RESP
  4. The U.S and International Ease of Trading If you are planning to trade outside of Canada, you should check out the foreign exchange fees, international trading and U.S dollar accounts
  5. Research tools are used Check out what research tools are available. This is important for traders who are frequent or advanced
  6. Security: Is the login covered by insurance in case of a bankruptcy?
  7. Software availability is something that is available Do you prefer trading on a computer? The reviews for all of the platforms are available
  8. Customer service is something that is provided You might run into some problems when using the platform if you don’t receive support

There are 6 best online trading platforms in Canada

Canada’s #1 discount broker is Questrade

Fees: Stock trades are $4.95 and free to buy
The score is wealth awesome: 5
There is a platform available on There are desktop, mobile and mobile devices
Research tools are used Market intelligence, IPO Centre
Security: 2 factor verification available
How to open an account Here is a link

Do you use Questrade? You are a beginner to advanced trader, need a robust desktop app, and want to trade either Canada or U.S stocks

I chose Questrade as the best overall trading platform and discount broker in Canada. The company has a variety of trading platforms for beginners to pros, and competitive fees

I have been using Questrade for over a decade and have had great experiences. The reports are easy to understand and free

The The plan for the dividend reinvestment It is easy to set up and saves me a lot of time

You can open a U.S dollar account at Questrade without paying any fees, and you only need to pay the foreign exchange conversion fees once

Everyone with Questrade has something to offer. If you trade more frequently, you can get more advanced trading packages that come with better research tools and a cheaper per trade rate

The Pros

  • It’s ideal for passive investors
  • The minimum investment is $1,000
  • Market research tools are available
  • US stock trading has no fees
  • The platform is easy to use and customer service is great
  • You can get instant funding with a Visa Debit card

Cons

  • The mobile app has low ratings
  • Fees on certain trades

The Interactive Brokers Canada review is the best choice for advanced traders

Fees: Pricing is tiered
The score is wealth awesome4.5 / 5
There is a platform available on The desktop,iOS andAndroid are available
Research tools are used The data from Morningstar

Do you use Interactive Brokers? You have over $100,000 to invest, are a frequent trader or want to trade international stocks Outside of North America

Don’t use Interactive Brokers if you’re not sure You have a small amount to invest

I have an advanced trader pick. It has the cheapest trades for high-volume traders

The company has the lowest fees for options in Canada, so if you are looking for the best options trading platform in Canada, the company is the one for you

If you are a day trader looking to trade large quantities, Interactive Brokers has the best day trading platform in Canada with the most robust tools, but beware, it is also one of the most complicated

The foreign currency exchange rates in Canada are very low, and Interactive Brokers has the best platform for trading foreign currency

IB has gotten rid of the inactivity fees for smaller accounts to better compete with other brokers

Beginners and those with less than $100,000 to invest should not invest in Interactive Brokers

The pros are:

  • There are advanced trading features
  • Very low conversion fees for foreign currency
  • It’s best for international traders and high volume traders
  • Trader education packages for traders

The cons are:

  • The process to open an account was complicated
  • A complex trading platform
  • Customer service response is not ideal
  • Not good for beginners

Wealthsimple Trade Review: the best mobile trading platform

Fees: Stock trades and an exchange traded fund
The score is wealth awesome: 4.5 / 5
There is a platform available on There are desktop, mobile and mobile devices
Research tools are used None
How to open an account Here is a link

If you do, use Wealthsimple Trade You only want to buy and sell Canadian dollars

If you don’t use Wealthsimple Trade, you should not You want to trade heavily or have advanced trades like options

Wealthsimple Trade is a mobile app that gives investors access to commission-free stock and exchange traded funds. It is the best platform for investors in Canada

Wealthsimple Trade is the first company in Canada to offer commission-free trading on all Canadian stock and ETFs

I would give Wealthsimple Trade a higher score, but it is not good for trading U.S stocks, that is the big negative for the platform. This is because of something Every single trade You will be hit with a 1.5% currency conversion fee if you buy a U.S stock

You can hold the U.S dollars in a separate account at Questrade, where the currency conversion fee-only happens once

If you are following a passive buy-and-hold strategy A portfolio of investments If the transactions are all Canadian, it will be free to make them on Wealthsimple Trade

Wealthsimple Trade is the best trading platform for you if you only want to trade Canadian stocks and ETFs

The pros are:

  • Both buy and sell-side trades are commission-free
  • All trades are free for Canadian stocks and ETFs
  • Simple to sign up
  • Set your own schedule
  • It is easy to use and looks great

The cons are:

  • Can’t buy bonds, international equities, or GICs
  • Currency fees are steep if you trade U.S stocks
  • There aren’t any available to trade

Virtual Brokers review: Most trading platform options

Fees: Free stock purchases, Stocks
The score is wealth awesome4.3 / 5
There is a platform available on There are desktop, mobile and mobile devices
Research tools are used The Advanced Portfolio Planner is at the Research Center

Virtual Brokers is a bit of an under-estimation, but after looking at all the options I thought it was worthy of the number four spot. Stock trades are cheap and purchases of mutual fund are free

The company has six different trading platforms, with free to paid options, and are available on both desktop and mobile apps. Beginners to advanced traders will find a platform option that is suited for them

The research tools will give advanced traders plenty of information to make their next trades

There is a fee for any U.S dollar accounts. If it is smaller, it will eat into your returns, but if it is larger, it will not matter. If you don’t trade U.S stocks, this won’t matter

The pros are:

  • Free purchases of securities
  • Competitive trading fees
  • mutual fund trading is free
  • Excellent research tools
  • There are a wide range of trading platforms

The cons are:

  • The fee for US dollar accounts is fifteen dollars per quarter

Qtrade review

Fees: For stocks and exchange traded funds, it’s $8.25
The score is wealth awesome4.2 / 5
There is a platform available on There are desktop, mobile and mobile devices
Research tools are used The trading platform is being reported on by analysts

I would choose one word to describe Qtrade average It doesn’t have the best fees, research tools, or customer service, but it does have the worst ones

I wanted to know what the company did that was better than all of its competitors. I couldn’t answer the question with Qtrade

It is not a great choice for trading U.S stocks because of the $15 quarterly account fee

Qtrade doesn’t do anything wrong, but it doesn’t have that killer feature or selling point that makes you notice

The pros are:

  • Excellent customer service
  • It is easy to open an account
  • Useful educational tools

The cons are:

  • Only the US and Canadian markets are covered
  • The account fee is a quarterly fee

The big bank choice is the topic of the direct investing review

Fees: The price is $9.99 per trade
The score is wealth awesome3.8 / 5
There is a platform available on There are desktop, mobile and mobile devices
Research tools are used Market and Research Center

I invest in the direct investing program of the company big bank Pick your platform. Some people need a recognizable brand name to feel secure when investing

It pairs a robust trading platform with world-class research and customer support

Like many big bank The high fees of the products where the falls flat is what makes them so popular. It will be more expensive than other options at $9.99 per trade and without free trades

If you already have a bank account with the same company, this might be an ok option for you

The pros are:

  • Online broker
  • Has different platforms
  • Markets and research center are offered
  • There is a learning center

The cons are:

  • Fees are high compared to competitors
  • There are limited funding options
  • No free trades
  • Series A mutual funds are the only ones that cost that much

How to make an exchange traded fund portfolio with a discount broker

There are a couple ways to make it The portfolio is made up of funds Here is a quick summary of what you can do

Easy way

Purchase a single all-in-one portfolio that is suited to your risk tolerance and investment goals VGRO Or VBALThat is all. You don’t need to worry about buying multiple ETFs. The MER will be around 0.20%

The harder way is still pretty easy

A mix of equity and bond funds is what you’ll get with multiple ETFs. If you have $10,000 to invest and you want to make a similar portfolio to VGRO, you could buy something like this

  1. 40% US equity fund
  2. 20% Canadian equity fund
  3. 10% International equity fund
  4. 20% Bond fund

The approach will be cheaper with the MER being around 0.07. The all-in-one solution is more time consuming than the portfolio rebalanced downside

My number one choice is either approach The person is called the questrade, It has a full desktop trading platform and free purchases of exchange traded funds

Financial Advisors vs online broker

If you are unsure of who to go with, check out this table


Conclusion

After a lot of research, I have come to the conclusion that Questrade is the best discount broker and trading platform in Canada. I have looked at changing my investments from Questrade over the past eight years, but haven’t done so because it is such a great platform

I would probably switch to Interactive Brokers if I ever started trading heavily. Wealthsimple Trade is a great choice if I wanted to only hold Canadian stocks. For now, I think Questrade is the best option

Do your research and find out what’s best for you

You can open a account with Questrade

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  1. Excellent article. Thanks for making it easy to choose!


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  2. I am on a roll. A business owner is not a WFG agent. They can’t take their clients with them when they quit the WFG. That was 2 points that I didn’t like


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    • I was unaware of that. It is good information to have


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