Best Trading Platform in Canada for 2023

Financial advisors vs the best trading platform Canada

Before online trading became a reality, anyone who wanted to invest in financial assets had to hire a financial advisor to recommend viable assets. They also had to deal directly with a stockbroker, but all this changed with the introduction of online trading.

There is nothing wrong with hiring a financial advisor, as big time investors still do. However, using the best trading platform Canada makes the job easier as you can enter and exit the market at will. Secondly, online traders have access to hundreds of assets and currencies rather than being limited to just a few.

To help you choose the best trading platform, we review the top-performing brands in Canada.

Best online trading platform in Canada

Before we do a quick rundown of these platforms, you need to understand that each has its strengths and weaknesses. A platform unsuitable for a newbie trader may be the best option for a master trader. So before you decide on whether a platform is ideal, you should consider more than a few factors.

Here is our review of trading platforms to consider for your online trades.

Questrade – best overall

This platform was established in 1999 to provide investors with a wide array of services. Questrade is a self-help platform that provides traders with all the tools required to manage their investments, such as precious metals, forex, ETFs, cryptocurrencies, and so much more. Many Canadians trust them because they are licensed and offer users safe and secure trading opportunities.

The Toronto-based company has registered and non-registered accounts and charges one of the lowest fees in the country, with a minimum commission of $4.99. Aside from their online platform, they also offer financial advisory services such as robo advisor for those who want a hand-off investment approach.

Wealthsimple – best for free trading

Another brand many consider the best trading platform Canada is Wealthsimple. This brand started as a successful robo advisory arm before expanding into commission-free online trading. Their prices are very low, with new account holders charged as low as $10 per trade. This platform allows traders to sell and buy stocks for free, meaning that traders can execute trades for almost nothing.

Furthermore, they don’t have to pay huge overhead costs either. Wealthsimple doesn’t have a minimum investment amount and only charges rates on the ETFs you trade. But note that you can only trade ETFs and stocks that meet set criteria, so you cannot trade assets like bonds or mutual funds.

BMO Investorline – best for all levels

BMO Investorline has tools for different types of trading professionals, from beginners to advanced traders. You can open different accounts like TFSA (Tax Free Savings Account) or RRSP (Registered Retirement Savings Plan). Their rates are charged at a flat fee of $9.95 without a minimum tradable amount.

They also offer robo advisory services called an advice direct program which entails a minimum investment amount of $50,000 with an annual commission charge of $750. Subscribers to this plan enjoy digital tools and all kinds of support services to help them make the right trading decisions.

Scotia iTrade – best for newbies

Scotia iTrade is a Canadian online trading platform ideal for beginners making their first market moves. It has many tools to make online trading easier for young investors 26 years and under and allows them to save commission fees of up to $200. New Canadians can also participate in a special program called the StartRight program, which allows them to place up to 10 trades for free.

They have free resources to help beginners perfect their skills and make better decisions. Account opening costs $9.99.

CIBC Investor – best for mobile app

Another brand we believe deserves a place on the list of best trading platforms in Canada is CIBC. They may not be as big as some competitors, but they hold their own in the competitive industry. Their mobile app is one of the best in the industry because it has tools to track portfolio performance with just a few clicks.

Their platform also has tools for market research, and account holders receive alerts and notifications directly to their registered mobile numbers and emails.

Their pricing is also one of the lowest in the market at $6.95 for every trade. Students between 18 and 24 also enjoy a free CIBC Smart account. Those above 25 years enjoy a discount of just $5.95 per trade.

If you are looking for the best trading platform Canada, any of these five platforms will serve you well. They offer access to a wide range of assets and charge very low fees per trade. We recommend you do your due diligence before you pick any of them.

Best Trading Platform Canada FAQs

Are all trading platforms in Canada licensed?

Most of them are, but there are a few unlicensed ones. Avoid trading with unlicensed platforms.

How do I know if a platform is licensed?

This is easy. Just navigate to their About US page. Platforms display their licenses there. You can also scroll to the bottom of their Homepage to look for it.

Can a trading platform have more than one license?

Yes, it can if the broker holds more than one license. Multi-licensed brokers are safer and more reputable, so we recommend them.

What features should I look for when selecting the best trading platform Canada?

When picking the best trading platform Canada, look for platforms that are

• Licensed
• Low trading fees
• Easy to use tools
• Transparent pricing
• Quality customer service