Investing in the stock market can be quite intimidating, especially if you’re a beginner. However, with the rise of technology and mobile applications, trading stocks has become more accessible and convenient. With dozens of trading apps available in Canada, it can be challenging to choose the best one that suits your needs.
In this article, we’ll discuss the best stock trading apps in Canada, their features, pros and cons, and some essential criteria to consider when selecting a trading app.
Criteria to Consider When Selecting a Stock Trading App
Before we dive into the best stock trading apps in Canada, let’s first look at some essential criteria to consider when selecting a trading app.
Fees and Commissions
One of the most crucial factors to consider when selecting a stock trading app is the fees and commissions. Most trading apps charge a commission fee for every trade you make, while others charge a flat fee. It’s essential to compare the fees charged by different apps to determine the most affordable one that fits your budget.
User Interface and Experience
The user interface and experience of a trading app can significantly impact your trading experience. A good trading app should have a user-friendly interface, easy navigation, and intuitive design. It should also provide real-time updates and notifications to keep you informed of the market trends.
Investment Options
Different trading apps offer various investment options. Some trading apps allow you to trade in stocks, bonds, ETFs, and mutual funds, while others specialize in specific investment types. It’s essential to choose a trading app that offers the investment options that align with your investment goals.
Customer Support
In case of any issues or queries, it’s essential to have reliable customer support. A good trading app should provide prompt and efficient customer support through various channels such as phone, email, or live chat.
Best Stock Trading Apps in Canada
1. Wealthsimple Trade
Wealthsimple Trade is a commission-free trading app that allows you to trade in stocks and ETFs. It has a user-friendly interface and provides real-time updates and notifications. The app also offers a practice account for beginners to learn the ropes of trading. However, Wealthsimple Trade doesn’t offer much investment options, and the customer support is limited to email only.
| Pros | Cons |
|---|---|
| Commission-free trading | Limited investment options |
| User-friendly interface | Limited customer support |
2. Questrade
Questrade is a popular trading app that offers commission-free ETF purchases and low trading fees. It provides a wide range of investment options such as stocks, bonds, ETFs, mutual funds, and options. Questrade also offers a practice account for beginners and has an excellent customer support team that provides live chat, phone, and email support. However, its user interface can be overwhelming for beginners, and it charges a high inactivity fee for accounts with less than CAD 5,000.
| Pros | Cons |
|---|---|
| Commission-free ETF purchases | Overwhelming user interface |
| Wide range of investment options | High inactivity fee |
3. TD Direct Investing
TD Direct Investing is a trading app that offers a wide range of investment options such as stocks, bonds, ETFs, mutual funds, and options. It provides real-time market updates, advanced charting tools, and a customizable dashboard. TD Direct Investing also has an excellent customer support team that offers live chat, phone, and email support. However, its trading fees are higher compared to other trading apps, and it doesn’t offer commission-free trades.
| Pros | Cons |
|---|---|
| Wide range of investment options | Higher trading fees |
| Real-time market updates | No commission-free trades |
4. Interactive Brokers
Interactive Brokers is a trading app that offers a wide range of investment options, including stocks, bonds, options, and futures. It provides advanced trading tools, real-time market data, and customizable dashboards. Interactive Brokers also offers low trading fees, making it an attractive option for active traders. However, its user interface can be overwhelming for beginners, and it charges a monthly inactivity fee for accounts with less than USD 100,000.
| Pros | Cons |
|---|---|
| Wide range of investment options | Overwhelming user interface |
| Low trading fees | Monthly inactivity fee |
Conclusion
Choosing the best stock trading app in Canada can be challenging, but it’s essential to consider your investment goals, budget, and trading experience. The trading apps mentioned above offer a wide range of investment options, low trading fees, and reliable customer support. It’s crucial to conduct thorough research and compare the features and fees of different trading apps before making a final decision.