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The best online trading platforms in Canada

One major trend within personal finance is that consumers are rejecting traditional products and services with high fees. Instead, they are searching for self-directed investing platforms and low-fee products. This transformational shift in behavior is driving growth with do-it-yourself investing. Investors of all ability levels are looking for self-directed platforms, which allow them to take control of their finances and build wealth.

With no shortage of choices in investing platforms, it can be challenging to cut through the noise and find a platform that works best for you and your needs. We've spent the time reviewing numerous platforms and have included the three best platforms for investors in Canada.

Whether you're looking for a platform that gives you access to professional tools, options, bonds, or commission-free trading, there's a platform on the list that supports it. We extensively researched each product, and distilled the information into four main areas; Market Data and Analytics, Commissions and Fees, Available Securities, and Support for Cryptocurrencies. These attributes cover the core differences of the platforms and give an excellent overview. Look below for all the details.

Questrade

Market Data & Analyitics

Questrade offers a few different options for market data. The standard version of the product includes real-time snap quotes for stocks, and ETFs ensure you know what you'll pay for your trades. There are numerous data packages available to purchase for a monthly fee. Live streaming data is available for 19.95 per month.

Questrade offers market research, portfolio analysis, and trading dashboards. An additional option from Questrade is their proprietary Edge desktop trading platform. It gives an enormous amount of information and flexibility. This gives everyday investors access to the same quality of tools professionals use.
Learn More

Available Securities

Questrade lets you purchase stocks and ETF's across all major North American stock exchanges. Additionally, you can buy international equities directly through Questrade. Investors can purchase mutual funds and over-the-counter securities directly through the platform.

Fixed income, IPOs, new issues, commodity contracts for difference(CFDs), and precious metal certificates are directly available to purchase within the product. Questrade allows clients to trade options and derivatives.

Overall Questrade offers a breadth of investment products. No matter what products you want to invest in its likely Questrade supports it.

Crypto

Questrade does not support buying cryptocurrencies directly. ETFs which hold cryptocurrencies are avalible.

Commissions & Fees

Questrade is a discount brokerage this means the fees you pay are lower than at the big banks. Stock commissions start at 1¢ with a $4.95 minimum and $9.95 maximum. ETFs can be purchased commission-free. Foreign exchange fees to USD have a 1.45% fee. The fee is included in the total foreign exchange rate. This is far less than a retail bank exchange rate.

Commissions related to options are $9.95 + $1 per contract. GICs, Bonds, IPOs, and New Issues have a $5000 minimum purchase. International equities commissions are 1% of the trade value with a $195 minimum plus applicable exchange fees. Precious Metals have a $19.95 USD commission per trade.

A full list of fees can be found here.

The bottom line

Questrade is an exceptional choice for investors of all experience levels. It levels the playing field by allowing everyday investors access to tools and strategies used by professionals. New investors will enjoy integrated Tipranks analyst coverage and trading central data to make more informed investment decisions. More seasoned investors will enjoy the practically limitless varieties of investment products. The competitive fees and commissions charged by Questrade leave more money in your pocket that helps grow your nest egg.

Offer

Get $50 of commision free trades when you open a self-directed investing account: Questrade

Get $10,000 managed free for a year when you open a Questwealth Portfolio account: Questwealth Portfolios

Wealthsimple Trade

Market Data & Analyitics

Market data is delayed by 15 minutes. Wealthsimple trade offers limited analytics capabilities.

Wealthsimple offers a subscription of $10 per month. It provides real-time market data, US dollar accounts, instant deposits up to $5000, and unlimited price alerts.

Available Securities

Wealthsimple lets you purchase stocks and ETF's across the major North American stock exchanges (TSX, NYSE, NASDAQ, NEO, and CSE). The recently introduced select securities from the BATS Exchange.

Securities must be CDS eligible to be traded within Wealthsimple Trade. This means certain American and global securities cannot be purchased on the app.

The platform does not support purchasing bonds or fixed income securities directly. Fixed income-based ETFs are available. Options and derivatives are not supported.

Crypto

Wealthsimple offers the ability to trade cryptocurrencies* easily through the same app. A separate account is needed in order to make use of the feature.

Bitcoin and Ethereum are available for trading along with selected altcoins and tokens. You can start trading with as little as $1. The prices you pay in the app include a spread that covers the 1.5% fee from Wealthsimple and storage costs.

* Cryptocurrency investments are not protected by the Canadian Investor Protection Fund, CDIC, or any other investor protection insurance.

Commissions & Fees

Wealthsimple offers $0 Commissions & Fees on equity and ETF trades placed in the app. This makes trading on Canadian exchanges completely free for users. For securities listed on US-based exchanges a currency conversion fee of 1.5% applies.

Within the basic version of the product there is no way to hold funds in USD within the basic version of the app. Every time you buy or sell on a US exchange, you must pay the 1.5% foreign exchange fee.

Wealthsimple is still a great choice for a low-cost investing platform. It is seriously competitive from a cost perspective compared to other platforms offered by bigger banks.

The bottom line

Wealthsimple is a great choice overall. It was the first low-cost investment platform available for Canadians. The platform provides the ability to trade securities on Canadian exchanges completely free of commissions and fees. It does an excellent job at leveling the playing field. It makes buying and selling cryptocurrencies easy. Foreign exchange fees are competitive compared to big banks making it a good choice for new and seasoned investors primarily focused on trading North American equities and ETF's.

Offer

Get two free stocks when you open a Wealthsimple trade account using the following link: Wealthsimple Trade

RBC Direct Investing

Market Data & Analyitics

RBC Direct Investing offers real-time prices for securities trading on the major North American exchanges.

There are numerous analytic tools provided by RBC Direct Investing portfolio analyzers, Morningstar research, analyst coverage, and Trading Central data that allow you to make informed investment decisions within the product. Level 2 quotes ensure you have information on the real-time movement of prices.

Addtionally, a trading dashboard is available for you to watch your portfolio dynamically over the trading day. Orders are placed directly in the trading dashboard or through the traditional order entry page.

RBC Direct Investing offers practice accounts that let you practice using the platform and try new trading strategies risk-free.

Available Securities

RBC Direct Investing lets you purchase stocks and ETF's across all major North American stock exchanges (TSX, NYSE, NASDAQ, NEO, CSE, and BATS). Investors can purchase mutual funds and over the counter securities directly through the platform.

ADR securities are available allowing investors to add global exposure to their portfolio

Fixed income and gold/silver certificates are directly available to purchase within the product. Additionally, RBC Direct Investing allows clients to trade options and derivatives.

Overall RBC offers a plethora of investment products and allows investors to diversify widely based on their risk tolerance.

Crypto

RBC Direct Investing does not support buying cryptocurrencies directly. ETFs which hold cryptocurrencies are avalible.

Commissions & Fees

RBC Direct Investing charges a flat rate of $9.95 per trade or $6.95 per trade if you make more than 150 trades per quarter for orders placed through the mobile app, or web app. Orders placed through an investment services representative have a minimum commission of $43.
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Foreign exchange fees are equivalent to the RBC posted retail rate. Being a big bank, RBC charges more fees than other platforms on the list. A maintenance fee of $25 per quarter applies to clients with less than $15,000 in assets. Other fees include; Cheque requests, wire transfers, statement replacement, share transfers, estate account processing fees.

A full list of fees can be found here.

The bottom line

Market data, analyst coverage, and analytic tools offered by RBC Direct Investing all support you in making informed investment decisions. This comes at the cost of higher fees compared to other platforms. A wide variety of securities are available making this an ideal platform for day-traders and investors who want the flexibility to build a portfolio with a collection of different equities, derivatives, fixed income, and precious metal certificates. Overall, RBC is a great choice for investors of all ability levels. New investors will find the market data and analyst coverage essential to build confidence. More experienced investors will enjoy the ability to trade options.

Offer

Recieve 100 commission free trades to use within 2 years when you open a new account: RBC Direct Investing

Promo Code: WCF01 Expires: March 31, 2022

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Simply put, we believe in finance for all; whether you are just starting or have built a substantial nest egg, there is always room to broaden yourself and learn more.

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Questrade

Market Data & Analyitics

Available Securities

Crypto

Commissions & Fees

Wealthsimple Trade

Market Data & Analyitics

Available Securities

Crypto

Commissions & Fees

RBC Direct Investing

Market Data & Analyitics

Available Securities

Crypto

Commissions & Fees

Who We Are

Finance for all

Accuracy

Privacy focused

Valuable insights and opinions