Canada's Best Trading Platforms for 2024
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So you’ve decided to start investing and just discovered how many trading platforms there are in Canada to choose from.
You also want to consider things like trading platform fees and what assets the various brokerages will allow you to trade.
While it is easy to open an account on a trading platform and get started, there are many things to consider before diving in. For example, what are the best trading platforms for Canadians? And, what are the best trading platforms for beginners? This review of the best trading platforms in Canada provides you with all the information you need before getting started.
What are the best trading platforms in Canada?
Some of the best trading platforms in Canada are Qtrade, Wealthsimple, Questrade and XTB. Three out of these four providers are headquartered in Canada and serve millions of Canadian traders with reliable trading platforms and customer service. Let's take a look.
These four trading platforms offer Canadian investors reliability, good user experiences, customer support and multiple trading options. They are also well-regulated and can offer beginner investors the peace of mind needed when venturing into the world of investing.
Qtrade: best for traders investing in Canadian ETFs
Qtrade is a Canadian brokerage based in Vancouver, Canada, that offers competitive fees and excellent customer service. It is one of the best online trading platforms in Canada for investors investing heavily in Canadian ETFs and prioritizing low-fee ETF trading strategies.
| Key Features | Qtrade important information |
|---|---|
| Head Office | Vancouver, Canada |
| Minimum deposit | CAD $0 |
| Regulated | IIROC and CIPF member |
| Tradable assets |
|
| Trading Platforms | Qtrade Direct Investing™ Qtrade mobile platform |
| Demo account | |
| Copy trading | |
| Qtrade Customer Support |
|
| TrustPilot Reviews | 2.3/5 |
Advantages of Qtrade
- Top-tier Canadian-based and regulated brokerage
- Provide several tradeable assets including international equities
- $0 minimum deposit
- Free buying and selling of 100s of ETFs
- Offer research tools and guides for beginners
- Great user experience
Disadvantages of Qtrade
- Multiple transfer and withdrawal fees
- $25 quarterly account fees (can be waived if the account holds more than $25,000 or 2+ trades made per quarter)
Wealthsimple: the best trading platform for beginners
Wealthsimple is a Canadian trading platform and brokerage that is based in Toronto, Canada, and manages over $15 billion in assets, which makes it one of the largest online brokerages. Wealthsimple can be considered the best trading platform for beginners due to its easy-to-use platform, excellent robo-advisor services and a heavy focus on passive investment strategies.
| Key Features | Wealthsimple important information |
|---|---|
| Head Office | Toronto, Canada |
| Minimum deposit | CAD $0 |
| Regulated | IIROC and CIPF member |
| Tradable assets |
|
| Trading Platforms |
|
| Demo account | |
| Copy trading | |
| Wealthsimple Customer Support |
|
| TrustPilot Reviews | 2.5/5 |
Advantages of Wealthsimple
- Canadian-based and regulated brokerage
- Excellent robo-advisor services
- Good research tools and beginner guides
- Very user-friendly platforms and good customer experience
- No minimum account value
- RRSP/TFSA/RESP/LIRA accounts available
Disadvantages of Questrade
- Not the cheapest online brokerage in Canada
- Limited tradable assets
Questrade: the best for multiple tradeable assets
Questrade is a Canadian digital, brokerage that offers its own cutting-edge trading platforms. They are an 11x winner of Canada’s Best Managed Company award, boast of over $30 billion in assets under administration, and have over 250,000 new accounts opened annually.
| Key Features | Questrade important information |
|---|---|
| Head Office | Toronto, Canada |
| Minimum deposit | CAD $1,000.00 in order to start investing |
| Regulated | IIROC and CIPF member |
| Tradable assets |
|
| Trading Platforms |
|
| Demo account | |
| Copy trading | |
| Questrade Customer Support |
|
| TrustPilot Reviews | 1.4/5 |
Advantages of Questrade
- Canadian-based and regulated brokerage
- Multiple tradeable assets including international equities
- Good research tools and beginner guides
- Comfortable user experience
- Free to open an account
- Free TFSA/RRSP/RESP/RRIF account creation
Disadvantages of Questrade
- Multiple transfer and withdrawal fees
- Negative customer support reviews
XTB: the reliable and global trading platform
XTB is one of the largest online trading platforms and brokerages in the world. Headquartered in Warsaw, Poland, but with offices in 13 countries including London, UK, and regulated in most jurisdictions, XTB can be considered very reliable. They offer advanced trading platforms and include insurance cover for all their customers up to a value of 1M EUR in case of bankruptcy.
| Key Features | XTB important information |
|---|---|
| Head Office | Warsaw, Poland, but has offices in 13 countries including London, UK. |
| Minimum deposit | CAD $0 |
| Regulated | FCA, KNF, AMF, BaFin, CNMB, CNV, ASF, CySEC |
| Tradable assets |
|
| Trading Platforms |
|
| Demo account | |
| Copy trading | |
| Wealthsimple Customer Support |
|
| TrustPilot Reviews | 3.8/5 |
Advantages of XTB
- One of the best brokers in the world
- Regulated by numerous financial authorities worldwide
- Great trading platforms
- Highly competitive fees
- Well rated on TrustPilot
- Good research tools and guides
Disadvantages of XTB
- Some tools only available to professional clients
- No weekend customer support
What is an online trading platform?
An online trading platform is a software program that provides users with access to financial markets where they can buy and sell financial assets over a network. These trading platforms are often owned, developed or leased by financial intermediaries known as brokerages such as Qtrade, Questrade and Wealthsimple.
While all trading platforms have a similar function, they often differ when it comes to specifics. For example, some trading platforms provide users with in-depth analytical tools that may be more suitable for the experienced investor, while trading platforms for beginners focus on ease of use.
How to choose your trading platform?
In order to choose a trading platform that best suits your needs you will have to consider various variables along with your investment objectives. For example, day traders will likely want to pick a trading platform that provides significant analytical tools and up-to-date news, while also having low trading fees. A beginner investor, on the other hand, should prioritize a trading platform that focuses on user experience and provides investing tutorials.
When choosing a trading platform you should carefully consider the following features in order to know what to look for in the best online trading platforms.
- Safety and regulation: One of the most common reasons why people lose money when investing online is because they use unregulated brokerages and trading platforms. To ensure that you stay safe online you should always ensure that the trading platform provider and brokerage are regulated in your jurisdiction or in major financial territories.
- Costs and transparent fee structures: Before choosing a trading platform you will want to identify how much it will cost you to use the software. Brokerages can charge account fees, commissions, spread fees and various termination or withdrawal fees. While you can never get away from paying these fees, you should consider how much you are willing to be charged. More important than low-cost trading platforms, are trading platforms with a transparent fee structure.
- Tools and features: Trading platforms can be either very basic or incredibly advanced. Several trading platforms even have a built-in interface which can change depending on if the user is an advanced investor or a beginner. Trading platforms for advanced investors often have numerous analytical tools that can help day traders make investment decisions.
- Tutorials and trading guides: The best trading platforms for beginners will come with a host of investing tutorials and guides. Therefore, new investors should seek out brokerages such as Wealthsimple that provide the information needed for beginners to start trading.
- Tradable assets: Some trading platforms provide users access to multiple asset classes while others may have limited trading availability. If you are wanting to trade in multiple assets spread around the world, it is important to confirm that the trading platform can provide users access to multiple financial markets.
What are the best stock trading platforms?
The best stock trading platforms in Canada are provided by brokerages that focus heavily on equities, indices and ETFs. Qtrade and XTB offer the best stock trading platforms to Canadians with XTB providing global access to traders and Qtrade focusing mainly on North American stocks.
Stock trading is when an investor buys and sells shares of companies in order to make a profit. Stock traders can hold on to an open investment for varying lengths of time depending on their strategy, with the likes of day traders buying and selling stocks multiple times a day to capitalize on small market swings.
What are the best forex trading platforms?
Questrade and XTB offer the best forex trading platforms in Canada. Questrade provides users with access to 110+ currency pairs and is an 11x winner of Canada’s Best Managed Company award. They strive to offer a simpler forex trading experience and have over 250,000 new accounts opened annually.
Forex is one of the most traded assets in the world and forex trading is a highly skilled practice. Forex investors take advantage of high leverage and minor market changes to make profits. Due to this, forex trading platforms have to be reliable, accurate and safe.
XTB has among the most advanced and reliable forex trading platforms and offers high leverage and competitive fees for forex traders.
What are the best day trading platforms?
Questrade among the best day trading platforms in Canada due to its commission-free ETF trading and discounts on offer to active day traders.
Day trading is when an investor buys and sells an asset on the same day. Usually, a day trader will purchase an asset at the beginning of the day and sell it before the market closes with the hope of making lots of small profit.
Since day traders open and close multiple positions on any given day, they usually require a low-cost trading platform that offers reliability and specialized analytical tools. The best day trading platform in Canada will depend on the day trader's style. XTB’s xStation trading platform is excellent for day traders as it boasts reliability alongside a vast array of trading tools and features.
What are the best CFD trading platforms?
XTB and Questrade are among the best CFD trading platforms in Canada. Questrade offers low CFD spreads and competitive commissions on stock CFD trading, while XTB is one of the largest stock exchange-listed CFD brokers in the world. Both provide traders with excellent CFD trading platforms and investment options.
Contract for difference, referred to as CFD, is a growing type of investment where experienced traders enter into an arrangement with their brokerage to buy and sell an asset without owning the underlying asset. CFD traders trade in the price movement and the difference in value between the purchase and sale of the asset is settled in cash.
What are the best crypto trading platforms?
Wealthsimple Crypto is one of the best cryptocurrency trading platforms in Canada and offers users a simple platform where they can buy over 50 types of coins. Wealthsimple Crypto also has a mobile app which allows users to stay on top of trades while on the go. It is far from the only platform though. Bitbuy, Coinsmart, Coinbase are other favourites.
Crypto trading refers to the buying and selling of cryptocurrencies and tokens such as Bitcoin, Ethereum and BNB. Similar to forex, crypto trading platforms allow investors to speculate on the price movement of cryptocurrency pairs in order to make a profit. Brokerages that offer crypto trading usually do this through CFDs.
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What are the best trading platforms for beginners?
Questrade offers the best trading platform for beginners in Canada. Their platform is easy to use and allows users to open a demo account before investing real money. In addition to having comprehensive beginner guides, Questrade also offers competitive fees and a good amount of tradable assets.
Canadians wanting to invest find that they have many options regarding online brokerages and trading platforms. From low-cost discount brokers to technologically advanced trading platforms, it can be daunting to riffle through all the pros and cons as a first-time trader. However, as a beginner, you will not necessarily need access to global markets or the cheapest trading platform.
What are trading platform fees?
Investors pay trading platform fees in order to use the trading software and gain access to financial markets. These trading platform fees come in a variety of forms and can vary greatly between brokerages. However, since the introduction of low-cost discount brokers, most trading platform fees have decreased drastically.
The most common trading platform fees include:
| Fee | About |
|---|---|
| Spreads | Every asset on a trading platform will have a buy and sell price. The difference between these prices is known as the spread and it is the fee that the brokerage charges for a trade. The smaller the gap between the buy and sell price, the lower the trading fee. |
| Commissions | Commissions are fees that are charged to traders when either entering into or exiting trades. It will often be charged as a percentage although many online trading platforms now offer zero-commission trading on most asset classes. |
| Transaction fee | The transaction fee is charged to the client for entering into a trade and can be levied as a percentage, price per share or at a flat rate. Transaction fees are often capped so as to not discourage larger trades from taking place. |
| Administration fee | Administration fees are charged by brokerages when offering extra services to users. They can range from fees taken upon withdrawal of funds or when providing account reports. |
| Inactive fee | Inactive fees are levied on accounts with little to no trading activity and have largely replaced annual account fees. |
| Account registration fee: | Account registration fees are charged when Canadians arrange to open RRSP, TFSA, RESP and LIRA with their online broker. |
What trading platform has the lowest fees in Canada?
Questrade and Wealthsimple Trade are among the lowest trading platform fees in Canada.
Questrade has extremely low commissions and minimal overall costs. They also offer free ETF investing for long-term investors which makes them one of the best low-fee online brokers.
Wealthsimple Trade also provides one of the cheapest trading platforms in Canada, allowing investors to purchase stocks and ETFs for $0. If you’re in the market for a commission-free trading platform, then Wealthsimple is the best option.
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