Best Canadian Online Stock Broker
Online brokers offer self-managed investors a trading platform to buy and sell financial assets, including shares, exchange-traded funds (ETFs), options, foreign exchange, bonds and mutual funds. Read on to learn more about the best online trading platforms in Canada that you can choose for both novice and experienced investors. The most expensive broker in our test, TD Direct Investing, offers investors via its web broker-enhanced dashboard platform a variety of trading tools and research.
Online brokers allow self-managed investors to select, buy and trade assets such as shares, bonds and exchange-traded funds (ETFs) independently without the guidance or support of an advisor or trading agent. As a result, do-it-yourself investors, often referred to as discount brokers, can save fees and commissions that they would pay to a full-service broker. In addition, online brokers cut out the middleman for trading fees and don’t take professional commissions so that you can save the difference.
It is the only brokerage platform in Canada that offers fee-free stock trading. Wealthsimple Trade topped our list of best brokers for the robustness of its offering, which includes a versatile trading platform, low trading fees, multiple investment accounts, market data packages, investment products and insurance coverage.
RBC Direct Investing offers reasonable fees and no account fees with solid trading capabilities for pension investors and international traders. It is an investment division of Royal Bank of Canada and uses a flat commission structure, so you pay $10 per share trading on top of a quarterly account management fee of $25.
QTrade, an online brokerage, focuses on providing Canadians with a dynamic investment experience. QTrade Direct Investing is a well-known investment broker and offers an easy-to-use online platform and mobile trading platform. CIBC Investor-Edge is an online broker that allows you to trade various investments through its online trading platforms.
A trading platform is an online account that allows you to sell or buy shares or other assets for a fee or commission. Many online brokers in Canada deserve to hear from you if you are interested in stock trading or have a trading account.
There are dozens of legitimate online brokers in Canada offering the same basic DIY investing and trading services, but the platforms, fees and access to investment information are different. To help you choose the best online broker for your needs, we have compared the most important online brokers operating in Canada. Services for residents of Canada: Online brokers are licensed securities brokers in Canada who maintain a physical online presence.
For Canadian residents, Questrade is the best online broker for the Canadian stock market and the US stock market. We have listed the best online brokers available for Canadian residents wishing to trade stocks in Canada and the United States.
Each online broker in our review is matched with an interactive broker, fees and trading tools. Interactive brokers are not suitable for casual investors, but they lead the industry in international trading and have lower commission costs than professional traders.
Interactive Brokers has the best foreign exchange trading platform in Canada for foreign exchange traders, especially when foreign exchange rates are low. For traders with workstations, the TWS platform is used by professional and institutional traders around the world. Finally, if you are a day trader who wants to trade in large quantities, Interactive Broker has some of the best day-tracing platforms in Canada with the most robust tools, but be aware that they are also the most complicated.
Wealthsimple Trade is the answer to Robinhood in the United States, a mobile app that gives investors access to commission-free stock and ETF trading options. It is also a mobile platform in Canada that is suitable for certain types of investors. Wealthsimple Trade applies to everyone, but if your attitude is that fewer fees are better and you do not mind trading with your smartphone, it’s a good choice for a discount broker.
Wealthsimple Trade Trading Fees: Wealthsimple Trade is the only discount brokerage company in Canada that is commission-free and offers access to a large selection of Canadian and US stock and ETFs for personal TFSA and RRSP accounts. All trades are unlimited, and there is no minimum deposit, making it the cheapest online broker in Canada. However, investors must trade in US dollars to trade UK-listed securities, and Wealthsimple only supports CA deposits, meaning you must pay a 15% fee on US shares and ETF trades.
If you want to invest in Canada, you will, of course, want to pay the lowest possible fees. Self-managed trading can help you save a lot of money on commissions and fees. The best discount broker in Canada is also known as an online trading platform, which is a cheaper way to invest in Canada and has an advantage over traditional banks and robot advisers.
Investors will have to pay an exchange rate fee to trade US dollar-denominated shares at the company’s $15 price, but that is not uncommon for Canadian brokers.
Remember that Wealthsimple allows trading in most US stocks but is not fully covered, so if you are planning a large UK equity portfolio, this may not be the best option.
Share dealing fees are at the higher end of the scale than the cost of buying and selling investment funds, but it is easier to avoid account fees than rival brokers. However, overpriced fees can add up over a long period, especially if you are a high-volume trader.