Best Online Trading Platforms in Canada

Online trading platform is essential for success. For Canadian investors, there are several platforms that offer a variety of tools, resources, and features to help you navigate the stock market. Whether you’re a beginner looking for an easy-to-use interface or an experienced trader in need of advanced features

Top 3 trading platforms in Canada

Fusion Markets Canada

up to 100%
no Deposit Bonus

Start TradingStart Trading
FXCC Canada

up to 100%
no Deposit Bonus

Start TradingStart Trading
fpmarkets canada

up to 100%
no Deposit Bonus

Start TradingStart Trading

Best trading platforms Canada

Broker
Rating
Regulated
Bonus
Min. Deposit
Avg. Returns
1.
Fp Markets Canada

Canada

up to 100%

$250

90% - 100%

Review Start Trading Start Trading
2.
Fxcc Canada

Canada

up to 100%

$150

90% - 100%

Review Start Trading Start Trading
3.
Blueberry Markets in Canada

Canada

up to 100%

$250

90% - 100%

Review Start Trading Start Trading
4.
Fusion Markets Canada

Canada

up to 100%

$250

90% - 100%

Review Start Trading Start Trading

Best online trading platforms in Canada for 2024. We’ll dive into the pros, cons, and fees associated with each platform so you can find the one that best suits your trading style.

Questrade

Overview

Questrade has consistently been ranked as one of the best online trading platforms in Canada, especially for self-directed investors. It offers a wide range of assets to trade, including stocks, ETFs, options, and more. With no annual fees for accounts and low trading commissions, Questrade appeals to both beginners and seasoned traders.

Key Features

  • Commission Structure: $4.95 to $9.95 per stock trade.
  • Account Types: Registered (RRSP, TFSA) and non-registered accounts.
  • Assets: Stocks, ETFs, options, mutual funds, GICs, forex, and precious metals.
  • Tools: Advanced trading platforms like IQ Edge and Questrade Global for more experienced traders.

Pros

  • Low trading commissions.
  • No annual account maintenance fees.
  • Free ETF purchases.
  • Robust research tools for technical and fundamental analysis.

Cons

  • Data packages for real-time market data can be costly.
  • Customer service can be slow during peak times.

Best for

Intermediate to advanced traders looking for low fees and robust tools.

Wealthsimple Trade

Overview

Wealthsimple Trade is the first commission-free trading platform in Canada. It’s an excellent option for beginner investors who want to avoid the hefty fees that come with many traditional platforms. It offers simple, mobile-first trading with no commissions on stocks or ETFs.

Key Features

  • Commission Structure: Zero commissions on trades.
  • Account Types: RRSP, TFSA, and non-registered accounts.
  • Assets: Stocks and ETFs.
  • Tools: Mobile-first app with a user-friendly interface.

Pros

  • No commission fees.
  • Easy-to-use mobile app, ideal for beginners.
  • No account minimums.
  • Simple sign-up process.

Cons

  • Limited investment options (no mutual funds, options, or forex).
  • No advanced research tools or charting capabilities.
  • A 1.5% currency conversion fee on U.S. dollar trades.

Best for

Beginners or passive investors looking for commission-free trading.

Interactive Brokers Canada

Overview

Interactive Brokers is known for its advanced platform with access to international markets, making it popular among professional traders. The platform offers some of the lowest margin rates in the industry and is packed with advanced tools and research options.

Key Features

  • Commission Structure: Low commissions starting at $0.005 per share for U.S. stocks.
  • Account Types: Multiple registered and non-registered accounts.
  • Assets: Stocks, ETFs, options, forex, futures, and bonds.
  • Tools: Powerful trading platform with real-time data, research reports, and algorithmic trading capabilities.

Pros

  • Extremely low fees, especially for high-volume traders.
  • Access to global markets.
  • Advanced research tools and technical analysis capabilities.
  • Low margin rates.

Cons

  • Complex platform that might be overwhelming for beginners.
  • Monthly inactivity fees (waived with certain conditions).

Best for

Experienced traders and those looking for international market access.

TD Direct Investing

Overview

TD Direct Investing is one of Canada’s largest online brokerages, backed by the stability of TD Bank. It offers an excellent platform for beginners and experienced traders alike, with strong research tools, a wide range of tradable assets, and excellent customer service.

Key Features

  • Commission Structure: $9.99 per trade for stocks and ETFs.
  • Account Types: Registered and non-registered accounts.
  • Assets: Stocks, ETFs, mutual funds, bonds, GICs, options, and IPOs.
  • Tools: Advanced research tools, TD GoalAssist for goal-based investing, and a user-friendly app.

Pros

  • Wide range of investment products.
  • Strong research and educational resources.
  • Backed by TD Bank, offering added security.
  • Excellent customer service.

Cons

  • Higher commission fees compared to some other platforms.
  • No free ETF purchases.

Best for

Investors who value research tools and are willing to pay a premium for better customer service and security.

National Bank Direct Brokerage (NBDB)

Overview

National Bank Direct Brokerage offers commission-free trading on stocks and ETFs, making it one of the few Canadian banks to offer such a feature. This makes it highly attractive for cost-conscious investors who also want access to a bank-backed trading platform.

Key Features

  • Commission Structure: Zero commissions on stocks and ETFs.
  • Account Types: Registered and non-registered accounts.
  • Assets: Stocks, ETFs, mutual funds, options, bonds, and more.
  • Tools: A range of market research tools and a straightforward online platform.

Pros

  • No commissions on stock and ETF trades.
  • Backed by a major Canadian bank.
  • Access to a wide range of assets.

Cons

  • Less advanced trading platform compared to Questrade or Interactive Brokers.
  • Fewer research and analytical tools.

Best for

Cost-conscious investors who prefer bank-backed platforms.

CIBC Investor’s Edge

Overview

CIBC Investor’s Edge is another solid choice for investors looking for a reputable, bank-backed trading platform with competitive fees. With a flat $6.95 per trade, it’s cheaper than many other traditional brokers but still offers the security of a big bank.

Key Features

  • Commission Structure: $6.95 per trade for stocks and ETFs.
  • Account Types: Registered and non-registered accounts.
  • Assets: Stocks, ETFs, options, mutual funds, GICs, and bonds.
  • Tools: A user-friendly platform with access to in-depth research and educational materials.

Pros

  • Low commissions for a bank-backed platform.
  • Access to research from Morningstar and Thomson Reuters.
  • Secure and reliable platform backed by CIBC.

Cons

  • Limited advanced trading features for more active traders.
  • No free ETF purchases.

Best for

Investors looking for a reliable, low-cost, bank-backed platform.

(FAQs) about Online Trading Platforms in Canada

1. What is the best online trading platform for beginners in Canada?

The best platform for beginners is typically Wealthsimple Trade, as it offers commission-free trades and an easy-to-use mobile app. It’s ideal for those new to investing who want a simple, low-cost way to start trading stocks and ETFs.

2. What trading platforms in Canada offer commission-free trades?

Several platforms now offer commission-free trading in Canada, including:

  • Wealthsimple Trade (completely free for stocks and ETFs).
  • National Bank Direct Brokerage (zero commissions on stocks and ETFs).

3. Which platform is best for day trading in Canada?

For day trading, platforms that offer advanced tools, real-time data, and low fees are crucial. Questrade and Interactive Brokers are two of the best platforms for active day traders due to their low commissions, robust tools, and real-time data offerings.

4. Are there any online trading platforms that offer access to international markets?

Yes, Interactive Brokers Canada is one of the best options for accessing global markets. It allows you to trade stocks, options, and other securities in markets around the world at very low fees.

5. What platform is best for trading U.S. stocks in Canada?

Questrade and Interactive Brokers are excellent platforms for trading U.S. stocks. Both platforms offer competitive currency conversion rates, access to U.S. stock exchanges, and low commissions on U.S. trades.

6. Do Canadian trading platforms charge fees for using U.S. dollars?

Most Canadian trading platforms charge a currency conversion fee for U.S. trades. For instance, Wealthsimple Trade charges a 1.5% currency conversion fee on U.S. stock purchases and sales. However, platforms like Questrade allow you to hold U.S. dollars in your account, minimizing conversion fees on repeated trades.

7. Which online trading platform offers the best research and analytical tools?

Questrade and TD Direct Investing are known for their strong research and analytical tools. These platforms offer advanced charting, technical analysis, and access to in-depth market reports, making them ideal for more experienced investors.

8. Are bank-backed platforms like TD Direct Investing or CIBC Investor’s Edge safe?

Yes, bank-backed platforms such as TD Direct Investing and CIBC Investor’s Edge are considered very safe due to their strong financial backing, regulation, and security measures. These platforms are backed by some of Canada’s largest and most trusted financial institutions.

9. What is the minimum amount required to start trading on these platforms?

The minimum amount varies depending on the platform:

  • Wealthsimple Trade: No minimum deposit is required to open an account.
  • Questrade: There is a minimum deposit of $1,000 for margin accounts, but no minimum for registered accounts like RRSPs or TFSAs.
  • Interactive Brokers: No minimum for Canadian accounts, but they have inactivity fees if you don’t meet certain activity thresholds.

10. What is the cheapest online trading platform in Canada?

For commission-free trades, Wealthsimple Trade and National Bank Direct Brokerage are the cheapest options. If you’re willing to pay for extra features and tools, Questrade is also highly competitive with low trading fees.

11. Do online trading platforms in Canada offer tax-advantaged accounts like RRSPs and TFSAs?

Yes, most major trading platforms in Canada, including Questrade, Wealthsimple Trade, TD Direct Investing, and CIBC Investor’s Edge, offer tax-advantaged accounts such as RRSPs (Registered Retirement Savings Plans) and TFSAs (Tax-Free Savings Accounts).

12. How do I transfer my investments to a new platform?

Most online trading platforms in Canada offer an account transfer service. To transfer investments, you’ll need to initiate a request through your new platform, and they will handle the process with your old provider. Some platforms even offer incentives like covering transfer fees.

13. What types of investments can I trade on these platforms?

You can trade a wide variety of assets depending on the platform. These include:

  • Stocks and ETFs (common across all platforms).
  • Mutual Funds (available on platforms like Questrade and TD Direct Investing).
  • Options (available on platforms like Questrade, TD Direct Investing, and Interactive Brokers).
  • Bonds, GICs, and Precious Metals (available on more comprehensive platforms like Questrade and TD Direct Investing).

14. Do these platforms offer mobile apps for trading on the go?

Yes, most of the top online trading platforms in Canada offer mobile apps:

  • Wealthsimple Trade is known for its mobile-first approach, making it easy to trade on the go.
  • Questrade and TD Direct Investing also offer robust mobile apps with real-time data and trading features.

15. Is there any risk to using an online trading platform?

Yes, as with any investment, trading on online platforms involves risk, especially if you are trading volatile assets like stocks or options. It’s important to understand your risk tolerance, educate yourself on the investments you’re making, and utilize any available tools to make informed decisions.

Conclusion: Which Online Trading Platform is Right for You?

Choosing the right online trading platform in Canada depends on your needs as an investor. If you’re a beginner looking for simplicity and no commissions, Wealthsimple Trade or National Bank Direct Brokerage might be the best options. For intermediate or advanced traders who need access to more complex tools and global markets, Questrade and Interactive Brokers offer a wealth of features at competitive prices. Meanwhile, TD Direct Investing and CIBC Investor’s Edge provide the reliability of a big bank with strong research tools, though they come at a higher price.