The best stock trading apps in Canada simplify the process of buying, selling, and holding individual stocks in your investment portfolio.
The year 2022 was an interesting one for retail investors, with stock prices plummeting across the board after a social media-fueled trading frenzy boosted their prices and meme stocks became a thing. I don’t expect 2023 to be any different.
While I don’t encourage investors to purchase stocks on a whim, it is great to see that increased access to discount brokerages has given Canadians a choice on the securities they hold in their portfolios.
You can easily jump online to purchase a stock or ETF, and when you use a commission-free broker, you can even trade for free.
Best Stock Trading App of September 2023
Questrade is the overall best stock trading app in Canada for beginners and experienced investors.
Questrade
Trade stocks, ETFs, options, etc.
Low and competitive trading fees
Top platform for advanced traders
Get $50 trade credit with $1,000 funding
Stock Trading Platforms in Canada
Stock trading platforms in Canada are software programs you can access online to buy and sell stocks and other financial securities.
Instead of walking into a broker’s office, a stock app or brokerage account connects you directly to an online broker and real-time prices from a stock exchange,
Canadians looking to cut their investment fees can open a trading account at one of Canada’s independent discount brokerages, including:
- Questrade
- Wealthsimple
- Qtrade
- Interactive Brokers
You can also open a brokerage account at your bank, with options including;
- BMO InvestorLine
- CIBC Investor’s Edge
- TD Direct Investing
- RBC Direct Investing
- Scotia iTrade
- National Bank Direct Brokerage
- HSBC InvestDirect
Best Stock Trading Apps in Canada
Below I cover five of the best trading apps you can use in Canada, including Questrade and Wealthsimple Trade which allows you to buy stocks online for free.
I also look at their pros and cons as each has its benefits and areas where it can improve.
Lastly, I list six additional investment apps you can check out for a total of 11 investing platforms.
1. Questrade: Overall Best Stock Trading App
Questrade
On Questrade’s Website
- Fees: Buy ETFs commission-free and stocks at $0.01 per share
- Account minimum: $1,000 to start trading
- Promotions: Get $50 in free trades
Questrade is great for experienced and beginner investors alike. It is “Canada’s fastest-growing online brokerage” and has been around since 1999. It is also one of the best investing apps in Canada.
This platform gives you access to a broader selection of investment products and various accounts, including corporate investment accounts.
It is also available on multiple platforms with a desktop app, mobile app, and web interface that works on all devices.
- Account minimum: $1,000
- Trading commission: $4.95 minimum to $9.99 maximum per trade (1 cent per stock)
- Securities offered: Stocks, ETFs, options, bonds, FX, GICs, mutual funds, CFDs, and precious metals
- Accounts offered: TFSA, RRSP, RESP, RRIF, margin, corporate, trusts
- Promotion: Get $50 in free trades when you open an account and deposit at least $1,000
Questrade clients can access advanced trading tools, order types, and market data. You can also create watchlists and alerts for your favourite stocks.
Also, ETF purchases are commission-free on the platform.
Cons: You need a minimum of $1,000 to trade on Questrade.
2. Wealthsimple Trade: Best Free Stock Trading App
Wealthsimple Trade
On Wealthsimple’s Website
- Fees: $0 per trade for Stocks and ETFs
- Account minimum: $0
- Promotions: $25 bonus when you deposit $200
Wealthsimple Trade is one of only a few stock trading apps in Canada to offer commission-free trading for both stocks and ETFs. This makes it a top choice for beginners who want to try their hands at self-directed investing.
The fee savings (up to $9.99/trade) mean you won’t have to worry about making multiple small trades and paying a hefty fee each time you buy a stock.
And if you are investing small sums to buy penny stocks, this is one of the best penny stock apps in Canada.
You can use the platform on your laptop or phone via its mobile application.
Wealthsimple Trade is owned by Wealthsimple, Canada’s most popular online wealth manager, with over $15 billion in assets under management.
- Account minimum: $0
- Trading commission: $0
- Securities offered: Stocks and ETFs
- Accounts offered: TFSA, RRSP, personal non-registered
- Promotion: Get a $25 cash bonus when you deposit $200 or more in your new account
If you are interested in trading cryptocurrencies, the Wealthsimple Trade app also hosts a crypto platform you can use.
Cons: It does not offer a margin account or DRIP. Access to real-time market quotes and a USD account will cost you $10 monthly.
3. Qtrade: Best Stock Trading App for Customer Support
Qtrade
On QTrade’s Website
- Fees: $8.95 per trade, commission-free on select ETFs
- Account minimum: Fees on balances under $25,000
- Promotion: Get up to $150 bonus
Qtrade is a stock trading app that’s quite popular among credit unions.
While its standard trading fees are high compared to Wealthsimple Trade, active traders get a discount, and there’s free trading on 100 ETFs.
Qtrade is available on computers and smartphones.
- Account minimum: $0
- Trading commission: $8.75/trade
- Securities offered: Stocks, ETFs, options, mutual funds, bonds, and GICs
- Accounts offered: TFSA, RRSP, RRIF, RESP, margin account
- Promotion: Get a $50 cash bonus when you deposit $1,000 or up to $150 when you deposit more in your new account
Qtrade has been well-ranked over the years for its excellent customer service, and it is a top Canadian online broker.
Cons: A $25 quarterly maintenance fee applies if your balance is less than $25,000. Also, you need to trade a minimum of $1,000 to take advantage of commission-free ETF trading.
Learn more about Qtrade in the review.
4. CIBC Investor’s Edge: Best Low Fee Bank Stock Trading App
cIBC Investor’s Edge
On CIBC’s Website
- Fees: Fees of $6.95 per trade for stocks and ETFs
- Account minimum: Fees on accounts under $10,000
- Promotions: Sometimes available
This bank stock trading app is a division of CIBC Investor Services Inc., a subsidiary of CIBC.
Compared to trading platforms offered by other big banks such as TD and RBC, CIBC Investor’s Edge fees are lower, and students get a further discount.
- Account minimum: $0
- Trading commission: $6.95/trade ($5.95 for students)
- Securities offered: Stocks, ETFs, options, GICs, fixed income, precious metals, and mutual funds
- Accounts offered: TFSA, RRSP, RESP, RRIF, margin, corporate, and trust accounts
Cons: A $100 account annual maintenance fee applies to accounts below $10,000 or $25,000 (registered/non-registered).
5. TD Direct Investing: Best Stock Trading App for Options
TD Direct Investing
On TD’s Website
- Fees: Trade stocks and ETFs at $9.99 per trade
- Account minimum: $15,000 to avoid account maintenance fees
- Promotions: Sometimes available
TD Direct Investing was one of the first trading platforms to open shop in Canada.
It offers an array of market research, data, and investment tools that experienced traders would love, including advanced order types.
- Account minimum: $0
- Trading commission: $9.99/trade
- Securities offered: Stocks, options, ETFs, mutual funds, bonds, precious metals
- Accounts offered: TFSA, RRSP, RESP, RRIF, RDSP, margin accounts
TD also recently introduced its TD Easy Trade app, which offers 50 commission-free trades each year.
Cons: the trading fees on this platform are some of the most expensive in Canada. If your balance is lower than $15,000, a $25 quarterly maintenance fee applies. It does not offer any free ETFs.
Other Top Canadian Stock Trading Apps
For insight into what is offered by other bank trading apps and Canadian investment apps, check out the ones listed below:
On BMO’s Website
- Fees: Up to $9.95, with free trades for selected ETFs.
- Account minimum: Fees apply on accounts under $15,000
- Promotions: Sometimes available
BMO InvestorLine
RBC Direct Investing
On RBC’s Website
- Fees: Fees of $9.95 per trade or $6.95 for active traders
- Account minimum: $15,000 minimum to avoid fees
- Promotions: Sometimes available
Scotia iTrade
On Scotiabank’s Website
- Fees: Up to $9.99 per trade or $4.99 for active traders
- Account minimum: Fees on accounts under $10,000
- Promotions: Sometimes available
National Bank Direct Brokerage
On National Bank’s Website
- Fees: Commission-free trading for stocks and ETFs
- Account minimum: Fees on accounts under $20,000
- Promotions: Sometimes available
HSBC InvestDirect
On HSBC’s Website
- Fees: $6.88 per trade or $4.88 for active traders
- Account minimum: Maintenance fees for accounts under $10,000
- Promotions: May be available
Interactive Brokers
On Interactive Brokers’ Website
- Fees: Range from 0.5 cents to 1 cent per share
- Account minimum: No minimum balance or inactivity fees
- Promotion: May be available
You can also look at MogoTrade.
Methodology:
Savvy New Canadians ranks the best stock trading apps in Canada based on their mobile application and ratings, user-friendly interface, securities and investment accounts offered, trading and transaction fees, access to advanced trading tools, customer service, account minimum, and other features. While these stock trading platforms are some of the best on the market, you should compare what they offer and their pros and cons. Visit the company’s websites using the links to read their current terms and conditions before applying.
11 Best Stock Trading Apps in Canada Compared
| Platform | Securities | Accounts | Trading Fee | Learn More |
| Questrade | Stocks, ETFs, options, bonds, mutual funds, GICs, FX, precious metals, | RRSP, TFSA, RESP, RRIF, LIF, LIRA, non-registered (personal cash, margin, corporate, investment clubs, partnerships, etc.) | $0.01/share ($4.95 min./trade); $0 for ETF purchases | Visit Questrade |
| Wealthsimple Trade | Stocks and ETFs | RRSP, TFSA, personal cash | $0 ($10 monthly fee to save on USD trades and access real-time quotes) | Visit |
| Qtrade | Stocks, ETFs, options, mutual funds, GICs | TFSA, RRSP, RESP, RRIF, personal and corporate margin accounts | $8.75/trade | Visit |
| CIBC Investor’s Edge | Stocks, ETFs, options, bonds, GICs | TFSA, RRSP, RESP, RRIF, personal and corporate margin accounts | $6.95/trade | Read review |
| TD Direct Investing | Stocks, ETFs, options, GICs, etc. | TFSA, RRSP, RDSP, RESP, RRIF, personal and corporate margin accounts | $9.99/trade | Read review |
| BMO InvestorLine | stocks, ETFs, mutual funds, options, and fixed-income assets | RRSP, TFSA, RESP, RRIF, personal and corporate accounts | $9.95/trade | Read review |
| RBC Direct Investing | Stocks, ETFs, options, GICs, bonds, etc. | RRSP, RESP, TFSA, RRIF, personal cash and corporate margin accounts | $9.95/trade | Read review |
| Scotia iTrade | ETFs, bonds, options, GICs. etc. | Non-registered and registered accounts like RRSP, TFSA, RESP, etc. | $9.99/trade | Read review |
| National Bank Direct Brokerage | Stocks, ETFs, mutual funds, bonds, and GICs | RRSP, TFSA, RESP, and other reg & non-reg accounts | Commission-free for stocks & ETFs; $100 annual fee for balances below $20,000 | Read review |
| HSBC InvestDirect | Stocks, ETFs, options, bonds, and GICs | Main registered & non-registered accounts | $6.88/trade | Read review |
| Interactive Brokers | Stocks, ETF, options, bonds, futures, currencies | Main registered & non-registered accounts | 0.5 cents to 1 cent per share | Read review |
How To Choose The Best Stock Trading App
When choosing a stock trading app or platform, you want to ensure they meet these basic requirements, depending on your needs.
Mobile app: The platform should offer user-friendly mobile apps for iPhone and Android. Check the user reviews on the App Stores to see what others are saying. In addition, they should be accessible using a web interface, when you need to use a laptop for better viewability or to use advanced trading tools.
Fees and commissions: Trading fees cut into your portfolio returns over time. You should consider how much you will be paying per transaction when placing trades, as well as administrative and other fees that apply. Watch out for inactivity fees that penalize you when you have a smaller account or trade infrequently. The top stock trading apps on this list give you a break on fees or waive trading commissions altogether.
Investment products: There are so many securities you can invest in apart from stocks. If you buy ETFs, bonds, mutual funds, GICs, options, precious metals, etc., ensure the trading platform offers them. Otherwise, you may need to open multiple trading accounts to access your preferred securities.
Investment accounts: Some trading apps only support popular registered accounts like RRSPs and TFSAs and personal non-registered accounts. And may not support other accounts like LIRA, LIF, RRIF, RESP, or corporate investments. Ensure your preferred accounts are supported.
Trading tools: The downside of a free stock trading platform is that it may not offer advanced trading tools, research, or charts. For the best combination of fees and available tools, Questrade is the best option. If you need real-time stock market quotes and technical and fundamental information to support your trades, check that the platform provides it.
Customer service: Can you access customer support easily? Confirm that you can reach a customer agent to ask questions by email, chat, and phone.
Account minimum: Most trading apps allow you to begin trading with $1,000 or less, so this is no longer an issue like it used to be.
Security: What security measures are in place to protect your account? Trading apps with 2-factor authentication (2FA) and bank-level encryption are better. Confirm that the financial institution is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). CIPF membership means your assets are protected against firm insolvency by up to $1 million.
Are Stock Trading Apps Safe?
All the stock trading firms on this list are members of IIROC and are required to meet high industry standards. They are also CIPF members, so you are protected to a limited extent (up to $1 million) if the investment firm becomes bankrupt.
Using a stock app comes with risks that your information could leak and your account accessed by unauthorized individuals. Therefore, you should take precautions, such as setting strong passwords and enabling 2FA.
Best Stock Tracking Apps
As a self-directed investor, you may find it easier to stay on top of your investments by combining your portfolio with one of these stock tracking apps below.
Passiv
Passiv is a rebalancing software that makes it easy to keep your portfolio in line with your risk tolerance.
It syncs with your brokerage account, identifies when your asset allocation is off-target and helps you rebalance your portfolio with one click.
Passiv offers a free account (community user) and a premium account (Elite Member – $99/year). If you are a Questrade client, you get the Elite subscription for free.
Passiv is currently able to sync with investment accounts on Questrade, Interactive Brokers, Ameritrade, Alpaca, and Tradier.
You can learn more about the platform in this review.
Wealthica
Wealthica is a portfolio tracker that consolidates all your investment accounts in one place.
As of this writing, it works with over 200 financial institutions, including RBC, Wealthsimple, Questrade, Tangerine, National Bank, Desjardins, and more.
To get started, create a free account and link your accounts.
Wealthica syncs your holdings daily and gives you a snapshot of your investments, fees, performance, and net worth in one place. You can also use it to track your expenses and create monthly budgets.
Wealthica users can extend their account using several add-ons, including:
- Export and Sync to Google Sheets
- Export and Sync to Excel
- Wealthscope plugin, a tool that helps with portfolio rebalancing, evaluation, comparisons, and retirement planning
Wealthica is available as a free or premium plan.
I cover its offerings in more detail in this Wealthica review.
How To Buy Stocks in Canada
To buy stocks in Canada, you will need to open a brokerage account at one of Canada’s discount broker firms. This can be a registered or non-registered account, depending on your needs.
Link a bank account to your brokerage account and transfer funds, so you can place orders for your preferred stocks and other assets.
Research stocks by checking their fundamental (financial) and technical information. When you have decided on the stocks to buy, you can place various types of orders. The most common trade types are market and limit orders.
After buying a stock, you can choose to hold on to it long-term while enjoying dividend payments and unrealized capital gains as it increases in price. If you are day trading, you may hold onto stocks for less than a day before selling them.
Stock Trading Apps FAQs
Questrade and Wealthsimpe Trade offer free ETF purchases, so you can buy ETFs such as VGRO, XBAL, and VEQT without paying trading commissions. With Wealthsimple Trade, you can also buy stocks online for free in Canada.
Questrade and TD Direct Investing offer advanced trading tools, charting, and order types. You can also pay for Level 2 data and access stock screeners. While TD has a $9.99 flat fee, you pay a minimum of $4.95 per trade on Questrade, and ETF purchases are free.
After you have identified the brokerage firm that meets your needs, proceed to visit their website and create an account. You will need to provide your personal details, Social Insurance Number (SIN), a copy of your government-issued ID, and some financial details. When your brokerage is set up, link your bank account to add funds, and you can start trading stocks.
I consider Wealthsimple Trade to be the best broker for beginners. It has a user-friendly stock trading app, no trading fees, and you can start investing with as little as $1.
If you are looking to day trade stocks, the best day trading app in Canada is Questrade, followed by TD Direct Investing.
The overall best Canadian stock trading platform is Questrade. For beginners, the best Canadian stock trading app is Wealthsimple Trade.
Thank you