10 Best Trading Platforms in Canada (2024)

If you’re looking to invest your money in Canada but feel overwhelmed by the number of available trading platforms, you’re not alone. There are numerous options, each with its own benefits and downsides.

While it’s tempting to simply sign up for any platform, deposit your money, and start trading, it’s important to consider several factors before diving in. For example, what are the trading fees? What assets do they offer? Is the platform beginner-friendly?

Fortunately, I have some good news. In this blog post, we will provide a list of the 10 best trading platforms in Canada. We have carefully selected these platforms and will discuss their asset types, account fees, and investment options, including their benefits and downsides, to help you decide which platform best suits your trading needs and risk tolerance level.

 

10 Best Trading Platforms in Canada

Whether you’re interested in online investments, stocks, or cryptocurrencies, we’ve got something for everyone.  From fees, benefits, and downsides to account types, we’ll break down the key features of each platform to help you find the one that best suits your needs.

1. Wealthsimple Trade: Overall Best Trading Platform in Canada

• Account Fees: 0.40% – 0.50% management fee
• Minimum Deposit: $0
• Asset Types: Bonds, Real estate, ETFs, Gold, Mutual funds, and Currencies.

Wealthsimple Trade is the best online broker in Canada due to its popularity, low trading costs, and ease of use.

The online broker was established in March 2019 by Wealthsimple to serve as a commission-fee platform for stocks and ETFs trading. That has been the catch with Wealthsimple Trade since its inception.

Thus, you can buy and sell stocks and ETFs on Wealthsimple Trade without worrying about commission, helping you save a minimum of $10 per trade.

With no minimum requirements and low fees, virtually everyone can invest in Wealthsimple Trade for as little as $1.

On the other hand, Wealthsimple Trade has limited account options. It doesn’t currently support bonds, mutual funds, and GICs trading.

Pros

• No minimum balance
• Commission-free stocks and ETFs trading
• Advanced educational tools
• International accounts

Cons

• High management fee
• Limited account options

2. Questrade: Best Competitor Trading Platform in Canada

• Account Fees: $0
• Minimum Deposit: $1,000
• Asset Types: Stocks, Options, Bonds, ETFs, Mutual funds

Questrade is one of Canada’s best trading platforms. Established in 1999, Questrade offers a wide range of competitive investment accounts and products.

From registered and unregistered accounts, stocks, ETFs, bonds, GICs, and foreign exchange to precious metals, Questrade is your one-stop shop for all things investing.

Like Wealthsimple Trade, Questrade’s robo-advisor, Questwealth Portfolios doesn’t charge commissions on buying ETFs. However, it charges a commission on selling ETFs and trading stocks.

The major drawbacks of Questrade are its $1000 minimum investment requirement and commission on selling ETFs and stock trading.

Pros

• Low management fees
• Multiple investment accounts and products
• Active management
• Automatic portfolio rebalancing
• Ease of use

Cons

• $1000 minimum investment requirement
• Commissions on selling ETFs and trading stocks
• Limited research tools

3. BMO InvestorLine: Best Trading Platform For Personal Advice in Canada

• Account Fees: $0
• Minimum Deposit: $0
• Asset Types: Stocks, Fixed income, ETFs, Precious Metals, New issues, GIC.

BMO Investorline was established in 2000 by Canada’s fourth-largest bank by assets, Bank of Montreal.

The BMO Investorline is the best trading platform in Canada for personal advice from professional financial advisors. The brokerage has many investing tools suitable for seasoned and high-net-worth investors.

Through the adviceDirect program, BMO InvestorLine users can enjoy customised investment advice and advanced trading tools. The program helps you set up your portfolio and manage it hassle-free with all the help you need.

The BMO InvestorLine’s 5-Star program could be your best option if you make at least 15 trades quarterly. In addition to dedicated support, this program offers free data access.

Pros

• Robust tools
• Exclusive benefits
• Multiple trading platforms

Cons

• High fees
• Not beginner-friendly
• High minimum investment
• Poor customer service

4. CIBC Investor’s Edge: Best Trading Platform in Canada for Value Option

• Account Fees: $0 or $100 annually 
• Minimum Deposit: $0
• Asset Types: Stocks, Bonds, ETFs, Mortgage-Backed Securities, Treasury Bills and Notes, High-Interest Savings Accounts from CIBC Wood Gundy

The Canadian Imperial Bank of Commerce (CIBC) Investor’s Edge is one of the best trading platforms in Canada suitable for value option trade.

Despite having less competitive offers, the CIBC Investor’s Edge is suitable for most investors due to its wide range of investment accounts and tools.

However, CIBC Investor’s Edge’s pricing makes it stand out. With a $6.95 minimum investment per trade, the brokerage has one of the lowest pricing compared to the big banks.

Students can trade as low as $5.95 per share, while active traders can trade at $4.95.

Pros

• Competitive trading fees and commissions
• Multiple investments accounts
• Discounts for students and active traders
• Free tools and educational resources

Cons

• Annual account maintenance fee
• High trading fees
• Only available for Canadian residents
• Limited funding options

5. Qtrade Direct Investing™: Best ETF Trading Platform in Canada

• Account Fees: $25 per quarter 
• Minimum Deposit: $0
• Asset Types: Stocks, ETFs, Mutual funds, Bonds, options

Formerly known as Qtrade Investor, Qtrade was established in 2001 as an online brokerage in Canada. As a division of Aviso Wealth, Qtrade Investor is ideal for trading Exchange Traded Funds (ETFs) in Canada. The online brokerage allows you to trade (buy and sell)  100+ ETFs for free. This is difficult to find.

If you open a new Qtrade account between March 5, 2024 and October 31, 2024, you will enjoy a sign-up bonus of $50 and up to $150 if you open 3 accounts.

To be eligible, you must use the promo code “OFFER2024” when signing up.

In addition to the sign-up offer, Qtrade offers up to $150 per Transfer Request when the client transfers-in $15,000 or more.

Pros

• Free ETF Trading
• Helpful educational tools
• Excellent customer service
• Easy to open an account

Cons

• Covers only Canadian and US markets
• Quarterly account fee of $15 for USD Registered Accounts (waived for Investor Plus)

6. RBC Direct Investing: Best Big Banks Trading Platform in Canada

• Account Fees: 0.50% of your portfolio value
• Minimum Deposit: $0
• Asset Types: ETFs, Mutual Funds, Options, Bonds, Treasury Bills, Debentures, and Guaranteed Investment Certificates

The Royal Bank of Canada owns the RBC Direct Investing online brokerage. RBC is Canada’s largest bank by market capitalisation. This makes RBC Direct Investing the best big bank trading in Canada.

RBC Direct Investing has the basic features of an online brokerage with a wide range of investment accounts and tools.

Beginner investors will find RBC Direct Investing suitable due to its practice account, research and educational resources.

What sets RBC Direct Investing apart from other online brokerages is its engaging community that connects investors. RBC is also one of the only online brokerages that allows you to pay trading fees with credit card reward points.

Pros

• Multiple accounts and products
• Free research tools and educational resources
• Beginner-friendly
• Transfer fee waiver
• Demo account

Cons

• High trading fee
• Quarterly maintenance fee

7. Scotia iTRADE: Best Trading Platform in Canada for Beginners

• Account Fees: $25 or $100
• Minimum Deposit: $0
• Asset Types: Stocks, Fixed Income, ETFs, Mutual Funds, Guaranteed Investment Certificates (GICs), Options, and New Issues

If you’re a beginner investor looking to get your feet wet in the industry, Scotia iTrade could be your perfect online broker.

As the online brokerage of Scotiabank, Scotia iTrade has trading tools and practice accounts, making it the best trading platform for beginners in Canada.

Furthermore, you can save up to $200 annually on administration fees if you’re 26 or younger. You can also execute ten trades free through the  Scotiabank StartRight program.

Also, you will enjoy ten free trades for every $5,000 investment or up to $25 cash back when you fund your account with more than $5,000.

Pros

• Perfect for experienced and active traders.
• Demo account
• Discount/commission for active traders and wealthy investors up to $100
• Trading tools

Cons

• High trading commissions
• Quarterly low activity fee
• Beginner-friendly

8. Interactive Brokers Canada: Best Trading Platform for Advanced Traders in Canada

• Account Fees: 0.50% of your portfolio value
• Minimum Deposit: $0
• Asset Types: ETFs, Mutual Funds, Options, Bonds, Treasury Bills, Debentures, and Guaranteed Investment Certificates

Interactive Brokers Canada could be your best trading platform if you’re an advanced trader in Canada.

Trading high-volume assets can be costly in Canada. But with Interactive Brokers Canada, you will save more on trading high-volume assets.

Furthermore, Interactive Brokers Canada is ideal for options trading in Canada due to its low fees.

With robust tools, Interactive Brokers Canada can also be your best trading platform in Canada if you are a swing or day trader looking to trade high volume.

Interactive Brokers Canada also has low foreign currency exchange rates making it a suitable forex trading platform in Canada.

Pros

• Extremely low fee for foreign currency conversion
• Advanced trading features
• Education packages

Cons

• Not beginner-friendly
• Complex registration process
• Poor customer service response
• Complex desktop trading platform

9. Desjardins Online Brokerage: Best Value Option Trading Platform for High Volume Traders in Canada

• Account Fees: $30 inactivity fee
• Minimum Deposit: $1000
• Asset Types: Canadian and U.S. Equities, Options, Structured Notes, New Issues, Mutual Funds, Bonds, TBills

Desjardins Online Brokerage is Canada’s best value options trading platform for high-volume trades.

If you’re 18-30, you can enjoy five free transactions on Desjardins Online Brokerage, plus zero minimum investment for registered accounts and zero inactivity fees.

The online brokerage is also considered one of Canada’s best brokerages for French-language options. However, this doesn’t affect the experience of English speakers in any way.

Pros

• Free commissions on stocks and ETFs
• Annual free training events
• Multiple trading accounts and products
• Favourable pricing for active traders

Cons

• Quarterly inactivity fee
• Minimum deposit requirement($1,000)

10. TD Direct Investing: Best Technology Trading Platform in Canada

• Account Fees: $25 per quarter
• Minimum Deposit: $0
• Asset Types: ETFs, Mutual Funds, Options, and Guaranteed Investment Certificates

TD Direct Investing is the online brokerage platform of TD Bank, the second-largest Canadian bank by assets.

TD Direct Investing could be your perfect match if you’re looking for a robust trading platform with an intuitive interface and sophisticated order types.

Active traders can enjoy a customisable dashboard with advanced market research and streaming data on TD Direct Investing.

If you’re an active trader and invest in the US option, you can enjoy power tools through TD Direct Investing’s thinkorswim dashboard when you invest $25,000 or more.

Pros

• Flexible trading platforms
• Learning Centre
• Robust tools

Cons

• High fees
• Few funding options

How We Choose The Best Trading Platform in Canada

Choosing the above online brokerages was not by mistake. Traditionally, we consider key factors that affect investment returns when reviewing the best online brokerages. 

In this case, we considered the financial history of the brokerage, tools, accounts, pricing per trade and cost to determine the above best trading platforms in Canada. 

We summarised the profile of each trading platform by highlighting its pros and cons, making it easy to make a choice. 

Overall, you can’t make a wrong choice with any of the above online brokers in Canada.

How Do Trading Platforms Work?

Trading platforms serve as a medium between you and markets. A trading platform is an all-in-one dashboard for tracking and trading your investment.

Upon creating an account, you will fund it to invest in stocks, ETFs, bonds, GIC mutual funds or other assets.

Trading platforms don’t hold investments. Investment dealers do so. However, trading platforms partner with investment dealers to hold your investment insured by the Canadian Investor Protection Fund (CIPF).

Every trading platform is registered with a regulator supervised by the Investment Industry Regulatory Organization of Canada (IIROC).

How to Choose the Best Trading Platform in Canada For Your Needs

While you can’t make a wrong choice with any of the above trading platforms in Canada, choosing the perfect one can save you costs.

Unfortunately, narrowing your selection amidst the above-competing options can be challenging. But you don’t have to worry. Here are five factors to consider when choosing the best trading platform in Canada.

• Investing Accounts: Choose the right investment account based on your objectives. Not all trading platforms offer the same accounts, so evaluate them before registering. Understand the requirements to avoid disqualification from investing.
• Fees: Fees impact investment returns. Assess a trading platform’s fees before deciding. Low-fee platforms suit all investors. High-fee ones are only suitable for high-net-worth investors. Consider overall trading fees regardless of the trading volume.
• Security: Security is crucial for successful investing. Look for it in a trading platform. Check for regulation by IIROC and CIPF membership. IIROC membership ensures up to $1,000,000 of investment insurance by CIPF.
• Features: Choose a trading platform with the necessary features for your investment objective and experience. Look for research and educational tools, demo accounts, and others. Having the right tools will ease your investment process.
• Reviews: Read user reviews on trading platforms to learn from other investors’ experiences. Check unbiased third-party review platforms like Trustpilot and BBB. Consider the annual ranking of online brokerages by Globe and Mail for authority recommendations. Learning from others is the best way to choose a trading platform in Canada.

Alternatives to Online Brokers in Canada

Online brokers are not the only trading platforms in Canada. They’re only the contemporary alternative to traditional trading platforms like financial advisors, portfolio managers and stockbrokers.

If online brokers don’t fit your investment need, here are two major alternatives:

• Robo-Advisor: Robo-advisors are online brokers with automated investment management. You provide your financial info, risk tolerance, and investment objective, and the robo-advisor matches you with a portfolio. Robo-advisors offer diversified exposure to markets and sectors. They automatically rebalance your portfolio as per market changes. Choose the best robo-advisor for lower risk and higher profits.
• Financial Advisor: Choose a financial advisor if you prefer human touch over robots. Robo-advisors save time and costs but lack the human touch. However, human advisors sell expensive, actively managed funds. Robo-advisors are cheaper and better at portfolio management with less error-prone algorithms. Choose wisely, as one mistake by a human advisor can ruin your investment.

Final Thoughts on the Best Trading Platform in Canada

Online trading platforms have become a popular alternative for Canadians looking to invest their money. With numerous benefits like lower fees, increased control, and convenience, online trading platforms have opened up a world of possibilities for the modern investor. 

Whether you’re an experienced trader or just starting, there are several online brokers to choose from, each with its own unique features and benefits. 

Ultimately, finding the best trading platform for your needs comes from personal preference, investment goals, and risk tolerance. 

By comparing the options and considering your needs, you can find the right online trading platform to help you reach your investment goals.

FAQs on Best Trading Platform in Canada

Which Trading Platform is Best in Canada?

Wealthsimple is the overall best trading platform in Canada best of its zero commission on trading stocks and ETFs.

What is the Best Free Trading Platform in Canada?

Wealthsimple is Canada’s best free trading platform, as you can trade stocks and ETFs without any commission.

Is it Better to Invest With a Bank or a Broker in Canada?

Banks have high trading fees compared to discount online brokers in Canada. Besides convenience, banks have less advantage over brokers when investing in Canada.

Is Forex Trading Legal in Canada?

Yes. Forex trading is legal in Canada and regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and local regulators.

Is Day Trading Illegal in Canada?

No. Day trading is legal in Canada once regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Which Broker is Best for Day Trading in Canada?

Questrade is Canada’s best day trading platform due to its low fees and selection of trading accounts and products.