Best Investment Apps in Canada in September 2022

The best investment apps in Canada have made investing in the financial markets easier than ever.

The road to self-directed investing was tough when I first started out almost two decades ago. It used to require calls and sometimes trips to my broker’s office and there was always something to worry about.

A wrongly filled order, excessively delayed trades that made me miss out on significant market moves, outrageous commissions, and in a few cases outright fraud by unscrupulous brokers. These issues were prevalent many years ago.

Not to worry, the wealth management landscape has changed a lot over the years for the better. These days, whether you are a newbie investor or an experienced stock picker, you can easily invest using your phone and from the comfort of your home.

The list below covers some of the best investment apps in Canada.

Best Investment Apps for Canadians

Investment AppBest for
Wealthsimple InvestOverall Best Investment App
QuestradeSelf-Directed Investors
Wealthsimple TradeBeginner Investors
PassivPortfolio Rebalancing
WealthicaNet Worth Tracking

Best Overall Investment App: Wealthsimple Invest

Managing your own investment portfolio can be a tricky endeavour and you will need to be comfortable with picking stocks/ETFs and rebalancing your portfolio when its allocations go off-track.

Wealthsimple Invest offers a practical and economical middle-ground between doing all the work (DIY investing) and paying high fees (bank mutual funds).

They offer personalized and diversified low-cost ETF portfolios that are automatically rebalanced as needed.

This hassle-free service also includes free financial advice, tax-loss harvesting, dividend re-investing, CIPF protection, automatic deposits, and low fees.

You can open an RRSP, TFSA, RRIF, RESP; personal, joint, and business taxable investment accounts.

The Wealthsimple Invest app and web interface caters to basically everyone and has features including:

Over 1 million people use Wealthsimple products. Learn more in this Wealthsimple review.

  • Available in: Canada and the United States
  • Account minimum: $1
  • App rating: 4.5/5 from more than 4K reviews on the App Store
  • Best for: Overall best investment app in Canada

Fees: 0.40% to 0.50% per year.

Security: CIPF protection against insolvency up to $1 million; offers bank-level encryption, and 2FA protection.

Promotion: Our readers get a $25 cash bonus when they open an account and deposit at least $500.

Open a Wealthsimple Invest Account

Best Stock Trading App: Questrade

Questrade has been breaking boundaries and lowering fees for over 21 years.

This app is a great choice if you are looking to not just buy stocks and ETFs, but also other financial instruments such as options, foreign exchange, CFDs, initial public offerings (IPOs), and precious metals.

They offer all the popular investment accounts including TFSA, RESP, RRSP, LIRA, RRIF, LIF, margin, and corporate accounts.

And, you get access to several trading platforms (mobile, desktop, and web), plus elaborate investment monitoring tools, charts, and market data.

To start trading on the platform, you need a $1,000 minimum balance. You can learn more about Questradeand why it is the best stock trading app in Canada in this review.

  • Available in: Canada
  • Account minimum: $1,000
  • App rating: 3.1/5 on the Google Play Store
  • Best for: Self-directed investors

Fees: Free ETF purchases; pay $4.95 to $9.95 per transaction for stocks and when you sell ETFs; $9.95 per trade for options and mutual funds. Some fees are waived for active traders.

Security: Members of CIPF plus an additional $10 million in insurance; offers DIGICERT encryption and 2-step verification.

Promotion: Our readers get $50 in free trade credit (no promo code required).

Get $50 in Free Trades with Questrade

Best Investment App for Beginners: Wealthsimple Trade

If you are just starting out as a self-directed or DIY investor, the last thing you need is a platform that overwhelms you with too many options.

Wealthsimple Trade offers a clutter-free, user-friendly platform to trade thousands of stocks and ETFs. With no minimum balance required and $0 commission trading, you don’t need a whole lot of money to start investing.

Wealthsimple Trade allows you to open a TFSA, RRSP, or personal non-registered investment account, and the signup process takes about 5 minutes or less.

You can learn more about what the app offers in this review of Wealthsimple Trade.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.7/5 from over 31K reviews on the App Store.
  • Best for: Beginner investors and no-fee trading (best Canadian stock trading app for beginners).

Fees: Commission-free trading; an FX fee may apply when you make USD trades.

Security: Your account is protected by the Canadian Investor Protection Fund (CIPF) against insolvency; offers state-of-the-art data encryption, and two-factor authentication.

Promotion: Our readers get a $25 cash bonus when they open a Wealthsimple Trade account and deposit at least $150.

Open a Wealthsimple Trade Account

Best Spare-Change Investment App: Moka

Moka (formerly Mylo) is Canada’s fully-dedicated micro-investing app.

Similar to the U.S. Acorns app, Moka utilizes an ingenious strategy for saving and investing your spare change in a diversified ETF portfolio.

When you open a Moka account and link your bank, it automatically rounds up your purchases to the nearest dollar and invests the difference in a TFSA, RRSP, or non-registered account.

You can also set up automated deposits to your investment account.

In addition to low-cost investing, Moka offers its users access to cash back at participating retailers, free financial coaching, and a personalized debt repayment plan.

Get more details in this Moka review.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.4/5 from over 11K reviews on the App Store
  • Best for: Investing your spare change

Fees: $3 per month

Security: They provide bank-level security with 256-bit encryption; experienced portfolio management by Tactex Asset Management; and funds with custodians are protected by CIPF.

Promotion: Readers get a $5 welcome bonus after linking a bank account.

Invest with Moka

Best Portfolio Rebalancing Tool: Passiv

Passiv makes managing your portfolio a lot easier.

If you have been putting off the idea of managing your investments because you are wary of the time commitment required to monitor and rebalance it, Passiv can help you automate the process.

The web app and tool syncs with your brokerage account and:

  • Helps keep your portfolio balanced
  • Notifies you when you have cash or dividends
  • Helps you execute trades with one click
  • Helps you manage multiple accounts at once

Passiv is worth checking out if you want to spend less time tinkering with your DIY portfolio.

The app currently syncs with Questrade in Canada, and, Interactive Brokers, TD Ameritrade, and Interactive Brokers in the United States.

Get more details about how it works in this Passiv review.

  • Available in: Canada and the United States
  • Account minimum: N/A
  • Best for: Automatic rebalancing in a self-directed account

Fees: $0 per year for a Passiv community user account; $99 per year for an Elite member account (Passiv Elite is free for Questrade clients).

Security: Passiv links to your investment account through a secure OAuth flow and all data is encrypted at rest and in transit using SSL.

Rebalance with Passiv

Best Investment Portfolio Tracker: Wealthica

Wealthica helps you to track your investments and net worth using a single dashboard. It is the Personal Capital option for Canadians.

Portfolio trackers offer a snapshot of all your investment and savings accounts, saving you the trouble of using complicated spreadsheets.

For example, Wealthica can track your investment accounts at TD Direct Investing, Wealthsimple, Questrade, RBC, and more than 100 Canadian financial institutions.

Instead of visiting each of these banks to view your account, a Wealthica dashboard shows everything in one place.

When you sign up for a free account, Wealthica automatically imports your data using secure API and it automatically updates each day after market close.

Interestingly, you can now combine both Wealthica and Passiv to seamlessly manage your portfolio.

  • Available in: Canada
  • Account minimum: N/A
  • App rating: 4.7/5 on the App Store
  • Best for: Portfolio, net worth, and stock portfolio tracking

Fees: $0 per month; Paid add-ons are available.

Security: They use bank-level security (256-bit AES encryption) and 2FA to protect your account.

Track your Net Worth with Wealthica

Bonus: Best Personal Finance Apps

In addition to investing, you can also manage your money by making use of the best personal finance apps in Canada.

Best Savings Account App: EQ Bank

EQ Bank is known to offer one of the highest savings interest rates in Canada. And, their mobile app is no less stellar.

An EQ Bank Savings Account provides access to:

  • High savings interest rates
  • $0 monthly fees
  • Free and unlimited bill payments
  • Free Interac e-Transfers
  • Free mobile cheque deposits
  • Joint accounts
  • Facial recognition and fingerprint authentication

The EQ Bank savings app has a 4.6/5 rating on the App Store.

  • Available in: Canada
  • Account minimum: $1
  • Best for: High-interest savings accounts

Fees: No monthly account or transaction fees ($0).

Security: Your funds are protected by the Canada Deposit Insurance Corporation up to $100,000.

Save with EQ Bank

Best Cash Back and Budgeting App: KOHO

With KOHO, you enjoy cash back rewards on all your purchases and budgeting features at the same time.

KOHO is a money management app and prepaid Visa card that you can use to save money, cut your spending, and set financial goals.

It works like a chequing account but without the fees, and you earn cash back rivaling some of the best cash back credit cards in Canada.

To get started, sign up for a KOHO account. They send you a snappy Visa card that you can load through e-Transfer or payroll deposit.

You get 0.50% cash back on all purchases and up to 2% cash back if you have a premium account. The app also rounds up your spending and saves the difference.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.8/5 from over 8K reviews on the App Store
  • Best for: Cash back on debit purchases and for budgeting

Fees: $0 per month for a regular or joint account (0.50% cash back); $84 per year for KOHO Premium (up to 2% cash back, no FX fees, free financial coaching, and price matching).

Security: Your funds are CDIC insured through Peoples Trust.

Promotion: Get a $20 welcome bonus when you sign up for a free account.

Get KOHO ($20 Bonus)

Top Investment Offers This month

Get $50 in FREE trades or invest $10,000 FREE for 1 year

Offers self-directed and professionally managed portfolios.

No trading commissions on ETF purchases.

Low fees to buy stocks starting at $4.95 per transaction.

Free transfers from other banks and $0 inactivity fees.

Overall best crypto exchange in Canada + $50 bonus

Top crypto trading platform for beginners and advanced traders.

Low trading fees at 0.20% and multiple fiat currencies supported.

Trade 16 popular cryptocurrencies.

$50 instant bonus when you deposit $200.

Get a cash bonus and FREE stock and ETF trades ($175 value)

Best commission-free stock and ETF trading platform in Canada.

$0 trading commissions to trade thousands of stocks and ETFs.

$25 bonus when you deposit $150 or more in your account.

Up to $150 transfer fees waived when you transfer eligible assets from other brokerages.

Retirement 101 eBook - 3D


Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.