In today’s digital world, there are many ways you can invest money to gain profit. From the old stocks to the latest EFTs, you can select any type of investment you prefer. However, paying the hefty investment fee and commission will surely impact your overall profit. Therefore, the introduction of Commission-free trading Canada brings huge benefits to the investors.
However, before getting started, there are a few things you need to know about how these platforms work and which are some of the most trusted and best platforms for free trading.
Compare Top Commission-free Brokers in Canada
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 is commission-free trading Canada?
It is free stock trading in which when you sell or buy any type of stock, you will pay a $0 commission. Commonly the trading commission can easily cost up to $9.99, but with the free trading platform, you can save some extra bucks. However, remember that there might be other trading fees you will have to pay.
What are the benefits of commission-free trading Canada?
A commonly understood benefit of commission-free trading Canada is that the trades cost no commissions. While it is beneficial, there are a lot of other benefits of going with this type of trading, and we will be discussing them below.
You can invest more
The first benefit is that you can invest more. You do not need to increase the amount that you will be investing. You will still get a higher investment. Here is how it works: normally, you invest $100, out of which $10 are commission charges. So, you buy shares worth $90 upon investing $100. With commission-free trading, you will get assets of $100 upon the investment of $100, which is more.
You will get more gains.
Like your investments in assets, your gains increase when you sell those assets. It is because you are not paying any commissions for those trades. So, when you sell a share of $100, you will get $100 in your account without worrying about commissions.
Tax calculations become easier and clearer for you
One of the best benefits here is the clear tax and income calculations. Things get simple as you get 100% of the value while buying or selling assets. You can easily calculate taxes and charges. Managing your earnings also becomes easier this way.
Best commission-free trading platforms Canada
Now that you have a good idea about commission-free trading, it is time to select your commission-free trading platform in Canada. So, the following are our top picks for the best commission-free trading Canada platforms.
TD Easy-Trade is one of the best commission-free trading platforms in Canada. It brings top-notch services, features, and trading experience for beginners through which they learn to trade. Here you do not have to worry about your trading experience of your budget because the platform will assist you in trading.
It removes several hurdles between you and the stock market with the user-friendly interface with everything present on the front. So, it is not only about the commission-free trades but also the good educational material. Trading options, market data analysis, and such features.
2. Desjardins Online Brokerage
It is one of the largest groups in Canada that provides commission-free trading opportunities to everyone. However, currently, it only lets you trade without any commission with EFTs. The user interface here is also easy to use for beginners and expert traders.
Desjardins Online Brokerage also comes with easy-to-use educational and research tools. So, analyzing the market becomes easier here. Remember that the minimum investment amount here is $1000, which may not be easy for beginners to manage.
Wealthsimple is a popular trading platform in Canada, and it provides free-of-commission trading options for stocks and EFTs. Its wide range of trading instruments and features are the reason it is among the top trading apps in Canada. With no minimum investment requirements, Wealthsimple lets you complete unlimited trades for EFTs and equities.
It is backed with cutting-edge intelligent fintech technology, and the robo-advisor can help automate the whole process. You just need to set indicators, and the platform will do everything else for you.
4. National Bank Direct Brokerage
Banks are known for their charges. However, things are a little different when we talk about the Direct Brokerage account of National Bank. You can trade US stocks, debentures, and EFTS without any trading fees. Keep in mind that there are some conditions and fees for Options trading here. It has an annual fee of $100 with no minimum requirement for stock trades. However, you can also waive those fees if your trading journey with the National Bank Direct-Brokerage account meets certain conditions.
The last one on the list is MOGO, which has been giving tough competition to the industry leaders in Canada. If you signup now, you may have to wait a while before you get on the zero-commission trading list. Once you get there, you can enjoy some of the best financial solutions in Canada. If you are looking for short-term trading opportunities, MOGO is a good option. It provides lots of tools and educational resources as well.
Best commission-free trading platforms Canada – Comparison
|Mobile App availability
|Our Rating out of 5
|Desjardins Online Brokerage
|No minimum deposit requirements
|National Bank Direct Brokerage
|Tools and resources
Is Commission-free trading Canada free?
The thing about commission-free trading Canada is that it is not free. There is one way or another how these brokerages charge you. While the trades are free, there are a lot of fees that you might be paying without even knowing, which include:
- Deposit fee
- Withdrawal fee
- Annual fee
- Inactivity fee
- Registration fee
- Platform charges
So, even when the trading itself is free, you are paying your brokerage platform in one way or another. If you want to save the most money, you must select the platform that brings a transparent fee structure. In this way, you will always know what you are paying for. Restricting those might be possible. Thus, you can save more.
Using a platform that offers Commission-free trading Canada can be ideal for first-time traders who are new in the field. It is also great for professional traders. Therefore, you have to pick the trading platform that meets your requirements best and allows you to save as much money as possible. However, it will always be beneficial to keep an eye on other fees that a platform asks for instead of blindly following the commission-free trading tactic.