Canada has a good market for online trading as IIROC has good regulatory services. With many trading platforms, the Canadian citizens get a lot of options to trade across several different platforms. While there are many trading platforms, it is important to select one of the best trading platforms Canada. Here we will compare the top 8 trading platforms so that you can easily select the best one.
Best Canadian Trading Platforms
CAD 150 Deposit
|Visit Site FXCC Canada|
CAD 200 Deposit
|Visit Site BlackBull Markets Canada|
CAD 150 Deposit
|Visit Site Easy Markets Canada|
CAD 150 Deposit
|Visit Site Avatrade Canada|
CAD 150 Deposit
|Visit Site FXChoice Canada|
What are the 8 best trading platforms Canada options?
With hundreds of trading platforms claiming to be the best, it can be hard for you to select one. So, with our comparison, you can take a deeper look into the value each platform brings for you. Doing so will make it easier for you to select one of the best trading platforms in Canada.
1. BMO Investorline
BMO Investorline is one of the best trading platforms Canada that invites all sorts of investors. You can open different types of accounts, including:
- RRSP(Registered Retirement Savings Plan)
- TFSA(Tax-free Savings Account)
While opening your account, you can opt for a self-dedicated account. BMO Investorline is one of the best trading platforms with digital tools and advisory services. However, it needs a minimum investment of %50,000 and an annual starting fee of $740 for you to get personalized services. Here you also get notifications and computer-generated alerts for better investment options.
2. CIBC Investor’s Edge
With CIBS Investor’s Edge, you can have an immersive trading experience with a better insight into performance, research, alerts, and your portfolio. The trading here is cheaper than many other options starting at just $6.95 per trade, which reduces to $5.95 for students over 25 years of age. Students between 18 and 24 can enjoy it free with a smart Account. CIBS Investor’s Edge ensures to maintain the best experience with good customer service with the following options:
- Phone call
3. Interactive Brokers
A platform that may not be the best choice for beginners, but it offers amazing tools for professional traders. If you are an expert, you will love the trading fees and trading tools Interactive Brokers provides. Its trading fee is $0.005 per share, a minimum of $1 per trade or 0.5% of the maximum trade value. It allows you to trade in more than 150 global markets from a single platform.
4. Qtrade Direct Investing
Another one of the best trading platforms Canada is Qtrade Direct Investing. Here you can diversify your trading portfolio by choosing specific funds. These are less costly than mutual funds, and the good part about this platform is its robo-advisor service that brings the best assistance for you to make all trades.
Here you can trade 100 EFTs for free, and for other investment types, there is an $8.75 trade fee. If you are an active investor making more than 150 trades quarterly, that fee reduces to $6.95.
Questrade brings 20 years of business history in serving Canadian customers. It is an online brokerage firm that provides a t wide array of financial products so investors and brokers from Canada can trade. The investment options here include:
- Foreign Exchange
So, it is suitable for investors with all investment requirements. Coming towards the trading share, it costs a minimum commission of 1 cent per share, which can be $4.99. Questrade provides amazing trading options with its intelligent advisor services and mobile application for trading on the go.
6. Scotia iTrade
Scotia iTrade brings a lot of tools for investors to start their trading journey. If you are 26 years old or less, you can save on the annual administration fee of $100. The good part about Scotia iTrade is that everyone gets educational tools and resources and a practice demo account.
The trades here cost $9.99 each, and there are some cash back options like $20 cash back or 10 free trades when you invest more than $5000 in your account. Scotia iTrade also provides premium and Gold membership services to investors with investments over $250000.
7. TD Direct Investing
It is the largest online broker in Canada, with some of the best software services in the Canadian market. The mobile app here comes with a customizable dashboard to keep things on the front you need the most. Some of your options here are:
- Market data streaming
- Advanced market research
- Trading options
Each trade here costs $9.99 while you get access to many market research tools.
If you are looking for a free and helpful trading experience, then you must try Wealthsimple. It is the first and most successful personal advisory trading platform for Canadians. Today, Wealthsimple offers a commission-free trading experience. Wealthsimple is attractive for all investors because there are no minimum investment requirements.
Remember that you have to pay a 1.5% premium fee on any US exchange, which also charges a fee on the EFTs. With a lot of goodies, there is also a catch about the platform, mainly a smaller number of stock trading options and EFTs trading only.
8 Best trading platforms Canada – Comparison Table
|Broker||IIROC Regulated||Best for||Our Rating out of 5|
|BMO Investorline||Yes||Personal assistance||4.1|
|CIBC Investor’s Edge||Yes||Value and Transparency||4.0|
|Interactive Brokers||No||Professional experience||4.4|
|Qtrade Direct Investing||Yes||EFTs||4.6|
|Questrade||Yes||Good Overall experience||4.5|
|TD Direct Investing||Yes||Diversity in trading tools||4.3|
Now you can easily check what a trading platform is best known for. Our ratings out of 5 also give a better idea about the experience you can expect. Lastly, if you want the best peace of mind and reliable experience, then make sure to select a trading platform that comes under IIROC regulations.
Going for one of the best trading platforms Canada means you will have a good experience no matter what option you trade. Whether you are a beginner or a professional, always check the value you are getting from that trading platform and how well that platform fulfills your requirements. Doing so will ensure a smooth trading journey for you.