There are several options available to Canadians looking to invest in the stock market. Online stock apps come in different forms and offer various features, prices, etc.
So far, financial technology companies have made trading swift and easy by developing programs that simplify financial planning, investing, trading and budgeting. These apps have come to replace traditional brokers.
Online Brokers in Canada
Online brokers serve as an intermediary between you and your stock by linking you to the stock market. What an online broker does when you purchase and sell stock shares is to route your order to a market center for fulfillment.
Your brokerage account is where all the shares of the companies you own are held until you decide to sell them. Since the world is rapidly adapting to technology, most people seem to be ready to adopt the trend of trading online using phones, windows, etc.
A stock investing app can offer the following functions:
- Automatically invest at a low cost.
- Tracks your annual worth
- Budgeting
- Maximizes your returns
- Rebalance investment portfolio
- Earn cashback
Stock apps must be licensed as securities brokers in Canada to service Canadian successfully. You must consider the following factors like watch lists, security setting, fees, tradable stocks, etc., when picking a stock app.
The best stock apps depend on the features you are looking for and your investment style.
Five best Canadian stock apps
- Questrade
- Wealthsimple
- Qtrade Investor
- AvaTrade
- Interactive Brokers
1. Questrade
Questrade is one of the best online stock brokers for Canadians. Users can conveniently trade not only Canadian stock but also the US stock market.
This platform is prominent for its no annual account fees and its leading discount brokerage. It provides a transparent pricing plan with commission-free ETF trades.
Discounts are available for active traders and have two pricing plans for trading stocks, options, and ETFs. It has comprehensive tools that are compatible with desktop and web.
Features of Questrade
- Market Intelligence tool
- Intraday Trader tool
- Investment options
- No minimum deposit
- Robo-advisor service
- Automated portfolio builder
- Automated investing
- Customizable portfolio
Availability
- Web
- iOS
- Android
Tradable Security
- Stock
- ETF
- Fund
- Bond
- Options
- Forex
- CFD
Pros of Questrade
- No fees charged for tax-free savings accounts (TFSA)
- Easy-to-use website and mobile app
- Affordable trading fees
- No fees charged for registered retirement savings plans (RRSP)
Cons of Questrade
- Limited research offerings
- Inactivity fee
- Subscription required to streel real-time quotes
2. WealthSimple
The Wealthsimple app is one of the most prominent investment apps available on the Apple store and Google play store. It is also one of Canada’s most popular Robo-advisor.
It was launched in 2014, and since then, it has grown to become one of the go-to apps for trading. It has an easy-to-use interface that allows users to add funds, track asset allocation, performance, etc.
The app offers a platform where people can invest funds. It is customizable and features a low-fee ETF. It is also secured and safe to use. You can set up a TouchID or use a 4-digit passcode for iOS and a lock pattern for Andriod.
Features of Wealthsimple
- Customizable
- Access to financial planners
- Human advisor option
- Automatic rebalancing
- Tax strategy
- Investment asset protection
- Automatic dividend re-investing
- Customer support
- Low-cost management fees
- Spare-change investing functionality
- Access to high-interest savings
Availability
- Web
- iOS
- Android
Tradable Security
- Stocks
- ETFs
Pros of Wealthsimple
- Access to human advisors
- Free portfolio review
- Investment options
- No account minimum
- Easy to use
- Excellent interface
Cons of Wealthsimple
- Pricey account management fees
- Limited personal finance tools
3. Qtrade Investor
Founded in 2000 and regulated by the Investment Industry Regulatory Organization of Canada, Qtrade Investor is an online brokerage service based in Vancouver, Canada. It features a web interface and a Qtrade app you can use to trade on Android and iOS devices. Trading on Qtrade is safe and secured as it offers high-level investor protection and is managed by a top-tier regulator.
Features of Qtrade Investor
- Independent research tools
- Portfolio simulator
- Mobile trading platforms
- Low commissions
- Portfolio creator
- Zero withdrawal fee
- Demo account
- Portfolio score
Availability
- Web
- iOS
- Android
Tradable Security
- Stock
- ETF
- Fund
- Bond
- Options
Pros of Qtrade Investor
- Easy-to-use
- Transfer fee reimbursement
- Unlimited products and account types
- Access to portfolio management tools
- Excellent customer service and support
- Low trading fees
Cons of Qtrade Investor
- It does not accept credit/debit cards and e-wallets payments.
- Obsolete web and mobile platform
- Pricey trading commission
- Glitchy platform
- It requires qualification for the fee 100 ETFs
- No sign-up bonus for new subscribers
4. AvaTrade
AvaTrade is one of the best all-around stock apps in Canada. It was founded in 2006 and has been thriving ever since then. This platform offers a wide variety of tradable tools with financial registration across six provinces on five continents. Avatrade is user-friendly, as newbies can find their way around it. It features a low account opening fee.
Setting up an account takes a couple of minutes. You can easily add funds with a Canadian credit/debit card to benefit from an instant deposit. Alternatively, you can use the transfer method – forward the funds from your bank account.
Features of AvaTrade
- No commission trading
- Investment products
- Watchlist
- Demo trading account
- Customer support
- Trading tools
- Social trading and copy trading
- Flexible deposit and withdrawal options
- Unlimited account types
- Daily market commentary
Availability
- Web
- iOS
- Android
Tradable Security
- Forex
- Indices
- Bonds
- Stocks
- ETFs
- Options
- Commodities
Pros of AvaTrade
- Unlimited financial tool supported
- It provides excellent market insight
- Free deposit and withdrawal options
- Unlimited integrated trading platform
- Low account minimums
- User-friendly research and educational tools
- Swift and easy account opening
- Regulated in several provinces
Cons of AvaTrade
- Pricey inactivity fee
5. Interactive Brokers
Interactive Brokers is an advanced trading platform with a large selection of tradable securities, including foreign stocks. It features low per-share pricing and low margin rates. Also, it has provided fractional share trading for several years. It is an exceptional platform for intermediate investors and experienced traders.
You can trade stocks, forex, ETFs, bonds, options, futures, among many others. It also offers commission-free trades of stocks and ETFs. It comes with an optional trading feature that allows you to choose from traditional equities or CFDs.
You can purchase and sell stocks from various domestic and international exchanges using traditional equities. While for CFDs, you’ll have access to leverage and short-sell capabilities.
Features of Interactive Brokers
- Stock loans programs
- Portfolio margining
- Account applications
- Interest on cash
- Funding and Asset transfers
- Security
- Low commissions
- Educational tools
- Investment selection
- Account management
- Fractional shares
- Portfolio analysis
- Customer service and support
Availability
- Web
- iOS
- Android
Tradable securities
- Stocks
- Fractional shares
- Bonds
- Mutual funds
- ETFs
- Options
- Futures
- Forex
- Metals
Pros of Interactive Brokers
- Unlimited investment range
- Discount on marginal rates
- Quality research and investment tools
- Order router
- Zero transaction fee on mutual funds
Cons of Interactive Brokers
- Glitchy website
- Smart order router not available for IBKR Lite users
- Inactivity fees for small accounts
How to choose an Excellent Canadian Brokerage Online
When purchasing or selling shares of stocks as a Canadian, it is advisable to use a regulated online broker. Canada has two significant regulators in the Investment industry. They are:
Other things to keep in mind when choosing a brokerage include:
- Your account type
- Available trading options
- Fees
- Education, research, and analysis
- Does the broker offer commission-free ETFs?
- Device compatibility
- Assets compatibility with your broker
- Always read the terms and conditions.
- Any added benefits
- Regulations
- Service flexibility
- Payment method
- Tradable stock
- User experience
- Customer service
- Account security
