When you are planning about finances for the future, you should keep in mind investing your money somehow. Good investment results in exponential profit, especially over time.
There are many ways to invest your money. You can approach any financial advisor, use the most expensive technology as a quarterly advisor, or seek offers at your bank branch. These are great options if you rely on brokers’ advice to make your investment decisions.
There are many stock trading platforms in Canada for investors; each has a different experience. They are usually distinct in quality, trading costs (commonly called commissions), and many other factors.
Each has its strengths and weaknesses. Any trading platform that is right for someone else may not be the best for you.
If you are just starting, or are wondering if there is a better option for you, here is a collection of Canada’s best online trading platforms.
For those people who want to make investments on their own and make and carry out their plans, the best trading platforms in Canada are listed below:
BMO InvestorLine:
BMO Investorline provides platforms to investors at all levels. Most Canadian investors will want to open a self-regulating account, which allows them to purchase all types of investments and use tax-free accounts such as a Registered Retirement Savings PLAN (RRSP) and a Tax-Free Savings Account (TFSA). The trade costs $9.95, and there is no minimum account.
What makes BMO Investorline different, however, is its advisory system direct. With a small investment of $50,000 and an annual fee of $750, customers access personal advice from the best and most experienced financial advisor with digital tools. AdviceDirect customers receive assistance in setting up their portfolios and continuously monitoring their accounts with computer-generated warnings and recommendations. They have unlimited access to advice from licensed financial advisors over the phone. And instead of paying for each trade, AdultDirect customers receive a small monthly allowance of 30 transactions included with their annual fee.
Many active traders who make at least 15 trades per quarter will also be enrolled in BMO Investorline’s Star program, offering free access to advanced data, dedicated support, and savings on other payments and account features.
TD Direct Investing:
TD Direct Investing is Canada’s largest online trading company and offers strong trading software in the market. Many retailers and investors will be delighted with the web and TD Direct Investing mobile apps that provide a custom dashboard, advanced order types, and access to primary market research. Deals at this level are priced at $9.99 each.
For emerging traders, TD Direct Investing offers a fully customizable dashboard, which includes market data distribution and advanced market research. Improved dashboard features are generally free for customers who trade 30+ trades per quarter, and customers making 150 or more merchants per quarter earn a preferred price of $7.00 per trade.
Also, active US options traders who have invested $25,000 or more can access TD Direct Investing’s Thinkorswim dashboard with investment power tools in US markets.
CIBC Investor’s Edge:
While CIBC Investor’s Edge does not look as strong as it competes with Big Five Banks, its features are familiar to most investors. There is a mobile app, tools for tracking your portfolio and doing research, alerts, notifications, access to registered accounts, and various investment options.
Where CIBC Investor’s Edge makes its marker prices, the trade has a starting price of $6.95 per trade (the lowest among the Big Five banks). Students with a CIBC Smart ™ student account get trading for $5.95. And high-value traders can sign up for $4.95 Active Trading Prices per trade. Note that US trading is charged in US dollars.
CIBC Investor’s Edge offers a wide range of support options, including customer service via online chat, phone, and email, for those who need it. Support is also provided in Mandarin and Cantonese by special numbers 1-800.
Scotia iTrade:
One of the best trading platforms in Canada, Scotia Trade is an excellent choice for beginner investors, offering many features to get you started. Young investors aged 26 and under can save up to $200 a year on management fees and new Canadians can participate in the ScotiabankStartRight program, which includes 10 free trades. All members have access to educational programs and resources, and before you start, Scotia iTrade allows you to open an account to try online trading without risk.
Once you have opened a real Scotia iTrade account, trading costs $9.99 each. New members who support an account with more than $5,000 can get up to $25 refunds or 10 free trades per $5,000 invested.
For experienced investors, Scotia Trade offers membership to iClub Gold and Platinum to those who invest more than $250,000 and $1-million, respectively. Account-holders receive valuable service, discontinued administration fees, and preferred trading prices.
Qtrade Direct Investing:
Exchange-Traded Funds (ETFs) are a similar type of joint venture. They contain a variety of single-investment investments that allow you to split your portfolio by choosing funds instead of picking up each stock. Unlike mutual funds, ETFs are designed to follow all markets and categories with minimal human intervention. ETFs cost less than shared funds, and become the basis for Robo advisors.
Many trading platforms allow you to buy and sell ETFs, but what makes Qtrade unique is that it offers a list of 100 ETFs that you can trade for free. However, there are exceptions. For example, you need to hold the stock for at least one business day.
In addition to ETFs, Qtrade offers multiple types of investments for $8.75 per trade – slightly reducing the Central Banks. Special prices of $7.75 per trade are available for young investors aged 18-30, and active investors who make 150 trades per quarter or more pay $6.95.
Desjardins Online Brokerage:
Desjardins Online Brokerage, the best trading platform, offers a program called Disnat Classic that is instinctive and easy to use. Trades have a very suitable price of about $6.95, including real-time market data. Young investors of age 18-30 can take advantage of the Brokerage 18-30 special offer, which provides for 5 free trades, inactivity fees of zero, and investment for registered accounts like RRSPs is also free.
Clients using Disnat Direct deposit of about $4.95-$6.95 for their first 29 trades of the month, relying on share value and number, and just $0.75 (yes, seventy-five cents) for every additional trade in the month. Market prices are charged monthly for clients who don’t fulfill a monthly minimum number of trades.
Desjardins Online Brokerage also has the remarkable value of being the best French-language choice. According to Desjardins form, the English version of the product has been translated from French. English speakers observe minor oddities in the translation, but not huge.
Wealthsimple Trade:
Wealthsimple Trade is offered by Wealthsimple Investments Inc. (“WSII”), a registered investment broker in each province and region of Canada. WSII is a member of the famous Investment Industry Regulatory Organization of Canada. The CIPF protects customer accounts held at WSII within certain limits in the event of WSII default. A manual describing the type and limitations of coverage is available on request or at CIPF. Wealthsimple is not a member of IIROC and is not a member of CIPF.
Wealthsimple is an app created by Toronto-based investment manager Wealthsimple. It was released as Wealthsimple Trade in March 2019. It offers unlimited free trading and no account limit, which quickly divided the market. Since its inception in 2014, Wealthsimple, led by CEO Mike Katchen and a majority of Power Financial executives, has expanded its base to 175,000 customers across Canada, the United States, and the UK.
How do trading platforms work?
Trading forums connect you to markets entirely online. After opening an account, you can deposit money and use it to purchase investments such as stocks, bonds, ETFs, mutual funds, and GICs. Your trading platform keeps track of all your investments, keeps you up-to-date on your value, and allows you to sell.
Behind the scenes, the trading platform works with companies called investment brokers who represent you for real investments. All companies in the series are registered with their regulators, regulated by the Investment Industry Regulatory Organization of Canada (IIROC), and protected your investments by the Canadian Investor Protection Fund (CIPF).
