TradeStation is a popular online brokerage platform that offers commission-free trading of stocks and ETFs and low trading fees for a wide range of other market securities, including cryptocurrencies.
TradeStation is also reputed for its powerful, feature-rich platform packed with advanced trading tools and comprehensive research to help DIY investors analyze the market and make informed decisions.
Due to its $0 to low trading commissions, a wide selection of tradable assets, and a high-quality trading platform, TradeStation is a top choice for active, experienced traders and cost-conscious investors.
However, TradeStation doesn’t operate in Canada, so Canadians must look for TradeStation alternatives to power their trading activities.
Is TradeStation in Canada?
Unfortunately, TradeStation is not in Canada and doesn’t offer online brokerage services in the Canadian market.
TradeStation Canada exited Canada in 2010 following legislative changes that altered what constitutes an online brokerage.
The company wasn’t willing to make changes to align its business model with the new Canadian law and decided to cut ties with Canadian traders and investors.
Due to the in-depth market analyses and advanced trading tools that TradeStation offered, many active, experienced traders were left looking for apps like TradeStation to meet their investment needs.
What is TradeStation?
TradeStation Global is a US-based stock trading platform that has been in operation since 1991. In 2011, it was acquired by Monex Group, a public company listed on the Tokyo Stock Exchange.
It offers a professional trading platform, extensive technical analysis tools, exceptional charting, sophisticated backtesting & order entry strategies, trade automation capabilities, and fast execution speed.
Traditionally, TradeStation focused on experienced, active traders and high net-worth investors. But things have been changing with the introduction of new beginner-friendly features and investment products, making it attractive to beginners and casual investors.
The award-winning stock trading platform is accessible via all devices. It offers multiple trading interfaces, including its Web Trading interface, Desktop 10 platform, and iOS and Android mobile apps, all packed with advanced trading features and charting tools.
TradeStation offers multiple accounts to meet the investment needs of different users, including Individual, Joint, IRA, Custodial, and Institutional accounts, and a wide selection of tradable assets, spanning stocks, ETFs, options, futures, mutual funds, bonds, futures options, IPOs, and cryptocurrencies.
TradeStation fees are also among the lowest in the industry, with commission-free trading for stocks & ETFs and competitive pricing for options, futures, crypto, and other listed investment products. There’s also no TradeStation minimum deposit, which helps lower entry barriers.
Best TradeStation Alternatives in Canada
Luckily, there are several apps like TradeStation that traders can use to up their stock trading game. Below is a rundown of the top 5 TradeStation alternatives in Canada.
Questrade
Questrade
Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.
Get $50 trade credit with $1,000 funding
Low and competitive trading fees
No quarterly inactivity fees
Access to advanced tools and trading data
Top platform for advanced traders
Transfer fees waived
Questrade is a Toronto-based discount brokerage platform founded in 1999 and is a top online brokerage in Canada that offers commission-free ETFs for buy orders.
The award-winning platform has been named 10X winner of the Canada Best Managed Companies. They offer basic and advanced trading interfaces to allow both beginners and experienced traders to trade and invest with low commissions.
The platform offers registered and non-registered accounts, including TFSA, RRSP, RESP, LIRA, RIF, LIF, Cash, Joint Cash, and Corporate Cash accounts.
Its wide selection of tradable assets includes stocks, ETFs, options, foreign exchange (FX), CFDs, IPOs, mutual funds, precious metals, bonds, GICs, and International Equities.
It also offers QuestWealth portfolios, a managed investing service that allows hands-off investors to achieve their investment goals with low-cost, expertly designed portfolios at a fee of 0.2% to 0.25%.
Questrade trading fees are among the lowest in Canada, starting at 1 cent/share, with a minimum fee of $4.95 and a maximum fee of $9.95. And the good thing is that Questrade doesn’t charge account transfer or maintenance fees.
Security-wise, Questrade is regulated by IIROC and is a member of CIPF, which protects your account against insolvency up to $1M. You can also have peace of mind knowing that your portfolio is further protected with an additional $10 million in private insurance.
Pros & Cons of Questrade
Pros
- Commission-free ETFs for buy orders
- Offers basic and advanced trading platforms
- Multiple investment accounts
- A wide selection of investment products
- No account maintenance fees
- CIPF and private insurance
Cons
- Doesn’t support crypto trading
- A minimum investment of $1,000
Qtrade
Qtrade
Up to $150 sign-up bonus
Trade stocks, ETFs, options, bonds, etc.
Excellent platform for newbies and seasoned investors
Competitive trading fees
Excellent customer service
Qtrade is an award-winning trading platform in Canada that has been ranked the #1 online broker for 3 years and allows users to access and invest in 100+ commission-free ETFs and other products.
It is owned by Aviso Wealth, a top wealth management firm in Canada with more than $95 billion in assets under management.
The platform offers a web-based trading platform packed with powerful trading features and tools to enable traders to research, screen, and trade stocks and other marketable securities, and the Qtrade mobile to trade and monitor your portfolio on the go.
Users can open and invest with registered accounts, including TFSA, RESP, RRIF, LIRA, LRSP, LIF, and RRSP. The platform also offers Margin and Cash accounts, including individual, joint, trust, investment club, estates, religious organizations, and societies.
Top investment products on the platform include stocks, ETFs, bonds, mutual funds, GICs, and new issues.
Qtrade fees stand at $8.75 for regular traders and $6.95 for active traders making 150+ trades per quarter or investing $500,000+.
Pros & Cons of Qtrade
Pros
- Welcome bonus
- Access 100+ commission-free ETFs
- A beginner-friendly platform
- Multiple account types
- Several investment products
Cons
- Regular fees are somehow high
- Charges account maintenance fees
- A myriad of admin fees
- Doesn’t offer crypto
Wealthsimple Trade
Wealthsimple Trade
Trade stocks, ETFs, and options
Excellent trading platform for beginners
Deposit $150+ to get a $25 cash bonus
Transfer fees waived up to $150
Wealthsimple Trade is a reputed stock trading platform in Canada that offers commission-free trading and is a top TradeStation alternative for users looking to invest in stocks and crypto in one place.
The platform offers a simple, secure web-based interface and mobile app with basic features and is great for beginners and cost-conscious buy-and-hold investors.
Wealthsimple Trade offers three investment accounts, including TFSA, RRSP, and taxable personal accounts, and allows users to invest in stocks, ETFs, and cryptocurrencies.
There are no Wealthsimple Trade trading fees, but you’ll incur an in-build spread fee of up to 2% on crypto trades.
Wealthsimple Basic users also face an FX fee of 1.5% when trading US stocks, which can be slashed by upgrading to Wealthsimple Plus at $10/month.
There’s also Wealthsimple Managed Investing, a Robo Advisor that allows hands-off investors to minimize risk and invest with expertly managed portfolios of low-cost ETFs at a fee of 0.4%-0.5%.
To ensure top security, Wealthsimple Trade protects your account via 2FA, data encryption, and CIPF insurance.
Plus, your account is held with Wealthsimple Investment Inc., a custodial broker backed by $380M in investment from some of the world’s top financial institutions.
Pros & Cons of Wealthsimple Trade
Pros
- A simple, easy-to-use platform
- Offers fractional shares
- Trade stocks and crypto in one place
- Offers commission-free trading
Cons
- Doesn’t offer advanced trading features/charting
- Limited account types and investment products
- Expensive crypto spreads
CIBC Investor’s Edge
CIBC Investor’s Edge is among the best Canadian trading platforms that are operated by CIBC Investors Securities, which is part of the Canadian Imperial Bank of Commerce (CIBC).
It offers an easy-to-use online trading platform packed with basic and advanced trading features, including research tools, stock screeners, technical analysis resources, advanced order types, and advanced charting tools.
The online brokerage is a top TradeStation alternative due to its wide selection of investment products and multiple account types, giving users a lot of choices.
Users can open registered and locked-in accounts to save and invest for the future, including TFSA, RRSP, RRIF, RESP, LIRA, LRSP, PRIF, and RRIF. It also offers non-registered and non-personal accounts, including Cash, Margin, Formal Trusts, Corporate/Partnership, Estate, and Investment clubs.
Once your account is set up, you start investing in a wide selection of investment products, including stocks, ETFs, options, mutual funds, fixed-income investments, structured notes, GICs, precious metals, and IPOs.
CIBC Investor’s fees are also reasonable, standing at $6.95 per trade for regular investors, $5.95 for students, and $4.95 for active traders making more than 150 trades per quarter.
Safety-wise, the platform is regulated by IIROC and is a member of CIPF, which protects your portfolio against insolvency up to $1M. And you can sleep tight at night knowing that you’re investing with a broker owned by a big bank that has stood the test of time.
Read my full review of CIBC Investor’s Edge here.
Pros & Cons of CIBC Investor’s Edge
Pros
- A variety of accounts to choose from
- A wide selection of investment products
- An easy-to-use online trading platform
- Owned by a big bank
Cons
- No commission-free ETFs
- Doesn’t support cryptocurrencies
- Charges account maintenance fees
TD Direct Investing
TD Direct Investing is one of the best Canadian trading platforms catering to beginners and advanced traders. It is owned and operated by the Toronto Dominion Bank and has been in operation for over 30 years.
The stock trading platform has been ranked #1 broker for Market Data by MoneySense for 8 years in a row and offers basic and advanced web-based trading interfaces, including the WebBroker interface, Advanced Dashboard, ThinkorSwim platform, and the TD Easy Trade mobile app.
Users can invest with registered or non-registered accounts, including TFSA, RRSP, LIRA, RESP, RRIF, RDSP, LIF, Margin, and Cash accounts. Top tradable assets on the platform include stocks, EFTs, options, Fixed Income investments, and GICs.
Where TD Direct Investing drops the ball is that it doesn’t offer commission-free ETFs, and its fees are among the highest in Canada. Standard fees stand at $9.99 per trade, with a discounted fee of $7 for active traders.
You’ll also incur an account maintenance fee of $25 per quarter if your account balance falls to $15,000 or less.
Read my full review of TD Direct Investing here.
Pros & Cons of TD Direct Investing
Pros
- Multiple account types
- Several investing products
- Offers basic and advanced trading platforms
- Owned by a big bank that has stood the test of time
Cons
- High fees
- Doesn’t offer crypto or commission-free ETFs
- Charges account maintenance fees and multiple admin fees.
What To Look for in a Trading Platform
There are several things to look for when choosing a TradeStation alternative in Canada, including:
- Supported investment accounts and products
- Trading fee charged
- Account maintenance and other admin fees
- Availability in your country or region
- Trading platforms and charting tools
- Whether it offers mobile stock trading apps
Pros of TradeStation
- Offers commission-free stocks and ETFs
- Low fees for options, futures, crypto, and other listed products
- Offers web, desktop, and mobile trading interfaces
- Advanced trading features, charting tools, and order types
- A wide selection of investment products, including crypto
Cons of TradeStation
- Not great for beginners
- Fee-free trading comes with some conditions
- Not available in Canada
Trading Platforms Like TradeStation: Conclusion
There’s no denying that TradeStation is a powerful, low-cost trading platform that allows active, experienced investors to own their trading game.
However, it’s not available in Canada. Thus, Canadians have to use other trading apps like TradeStation, including Questrade, Wealthsimple Trade, Qtrade, and others like TD Direct Investing and CIBC Investor’s Edge offer comparable features and investment products.
FAQs
No TradeStation is not available in Canada. The online brokerage stopped operating in the Canadian market in 2010.
No, Canadians cannot trade on TradeStation because it doesn’t offer its online trading services in the Canadian market.
Yes, TradeStation is a legit US-based online brokerage registered with the SEC and licensed by the CFTC. It is also a member of FINRA, NFA, and SIPC.
No mention of National Bank Direct???
Zero commission stock trading.
A half decent (better than CIBC} platform for active traders.
The two money managers I put money with use NB.
Most platforms are basic in charting and technical indicators. Canadians are at the mercy of the government which does not allow wealth growth through advance platforms. Too bad you do not mention the political side of the introduction of better services offered by platforms in the states.