National Bank Direct Brokerage
- $0 commission on ETFs and stocks
- Wide range of assets, accounts and tools
- Newly designed mobile app
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Best trading platforms in Canada
Finder analyzed fees, usability and other features to find the 6 best trading platforms in Canada.
Individuals in Canada have several options when it comes to stock trading platforms. But which are the best?
That’s where we come in.
Finder compiled the six best stock trading platforms in Canada to simplify your research as you look for the trading platform that best suits your needs and investing goals.
The best stock trading platforms in Canada
How we chose the best trading platforms in Canada
The picks below are based on the results of the Finder Awards, which were launched to honour the best and most innovative finance products in Canada. Awards are completely unpaid and based on a data-driven methodology that seeks to fairly compare brands and products in categories like credit cards, stock trading and cryptocurrency.
Best trading platform in Canada: 1. Interactive Brokers
Pros
- Trade on 140+ exchanges in nearly 30 countries. Fund your account in 24 currencies.
- Offers access to stocks, ETFs, bonds, options, futures, forex, warrants and hedge funds.
- Trade on margin, make purchases and earn interest with the Interactive Brokers Prepaid Mastercard. Offers low rates, flex payments and no late fees.
Cons
- New investors may be overwhelmed by the platform’s advanced functionality and wide range of features.
- Pay a subscription fee to get real-time market data.
- Currently, you can’t trade mutual funds or crypto if you live in Canada.
Why we think it’s the best trading platform in Canada
Interactive Brokers is the winner for Best Overall Broker in the 2022 Finder Stock Trading Platform Awards, and for good reason. This low-cost, all-inclusive broker offers global market access and numerous trading platforms for traders of different experience levels — from the simple, beginner-friendly IBKR GlobalTrader to its professional-grade desktop platform, Trader Workstation. This, along with its extensive range of tradable securities and its robust research, tools and educational resources, allows users to learn, grow and evolve as traders.
Interactive Brokersapp store reviews
| Google Play app reviews | 4.6/5 stars based on over 10,600 reviews |
| Apple App Store app reviews | 4/5 stars based on over 3,200 reviews |
2. CIBC Investor’s Edge
Pros
- Buy and sell stocks, bonds, options, GICs, ETFs, mutual funds and precious metals certificates.
- Active traders, young investors and students get discounted trades. No annual account fees for TFSAs and RESPs.
- Offers a rich array of research tools.
Cons
- You have to phone CIBC directly to access markets outside Canada and the US.
- CIBC Investor’s Edge fees are low for a Big Bank, but it’s more expensive than discount brokerages.
- Can only fund via other CIBC accounts. You have to call to transfer from another bank.
Why we think it’s one of the best trading platforms in Canada
CIBC Investor’s Edge is both easy to use and packed full of useful research tools and features. Aside from stocks and ETFs, its extensive range of tradable assets also includes bonds, options, GICs, mutual funds and precious metals. If you’re an active trader, young investor or student, you’ll benefit from discounted trades.
CIBC Investor’s Edge app store reviews
| Google Play app reviews | 3.4/5 stars based on over 4,500 reviews |
| Apple App Store app reviews | 3.6/5 stars based on over 5,100 reviews |
3. CI Direct Trading
Pros
- Low commissions to trade equities and ETFs.
- Choose from a number of platform tiers to get the one that best fits your needs and skill level.
- Top-rated research tools to inform the decisions you make about your investments.
Cons
- You’ll pay an annual fee of $24.95 if you keep less than $5,000 in your account (and you’re not a student or a registered account holder).
- You’ll need to pay fees to access advanced platforms such as Powertrader Pro, EZE EMS and ITS Traderlite (usually in excess of US$250).
- You won’t be able to trade stocks in major markets outside of North America.
Why we think it’s one of the best trading platforms in Canada
CI Direct Trading is a great all-around share trading platform because it offers low fees and a long list of tradable securities. In addition to Canadian and US stocks and ETFs, get access to options, bonds, GICs, mutual funds and futures. Plus CI Direct Trading offers a demo account to sharpen your trading strategy.
CI Direct Trading app store reviews
| Google Play app reviews | No reviews |
| Apple App Store app reviews | 2.4/5 stars based on over 55 reviews |
4. Questrade
Pros
- Questrade charges lower trading fees than many Big Banks and private brokers.
- Trade stocks, IPOs, bonds, ETFs, mutual funds, GICs, options, CFDs, forex and precious metals.
- Deposit up to $3,500/day with your Canadian Visa or Interac Debit card, and start trading immediately.
Cons
- You need at least $1,000 to open an account.
- The minimum investment amount for bonds and GICs is $5,000.
- No fractional share trading.
Why we think it’s one of the best trading platforms in Canada
Questrade stands out from the competition for its favorable trading fees, which are lower than many big banks and private brokers. It offers low stock and ETF trade fees, an impressive list of investment options and account types and user-friendly web and mobile platforms. Those looking to fine tune their trading strategies can use the Questrade practice account, which provides virtual currency for trading and access to the platform’s full suite of features.
Questrade app store reviews
| Google Play app reviews | 2.1/5 stars based on over 2,700 reviews |
| Apple App Store app reviews | 1.3/5 stars based on over 60 reviews |
5. Desjardins Online Brokerage
Pros
- No commissions on stocks, ETFs and mutual funds.
- Helpful educational resources and training events.
- Free research tools.
Cons
- $1,000 minimum to open an account.
- $30 quarterly inactivity fee.
- No fractional shares.
Why we think it’s one of the best trading platforms in Canada
Among the best trading platforms in Canada is Desjardins Online Brokerage, which offers commission-free stock, ETF and mutual fund trades. All this on a user-friendly platform that’s rich with educational resources and free research and analysis tools.
Desjardins Online Brokerageapp store reviews
| Google Play app reviews | No reviews |
| Apple App Store app reviews | 4.6/5 stars based on over 1,100 reviews |
6. Scotia iTRADE
Pros
- Wide range of accounts and tradable assets.
- Active trader discount of $4.99 (instead of $9.99) for Canadian and US stocks if you make 150+ trades per quarter.
- Quarterly inactivity fee and RSP account administration fee waived for investors 26 years old and under.
Cons
- Higher fees compared to discount brokers.
- No fractional share trading available.
- High minimum balance required to get account fee waived.
Why we think it’s one of the best trading platforms in Canada
Scotia iTRADE’s user-friendly platform offers an impressive collection of research tools and investment options, as well as a practice account to help you hone your investing and trading skills. For traders 26 years old and under, Scotia iTRADE waives its $25 inactivity fee and $100 RSP account administration fee.
Scotia iTRADE app store reviews
| Google Play app reviews | 4/5 stars based on over 469,000 reviews |
| Apple App Store app reviews | 4.2/5 stars based on over 4.1 million reviews |
What should you look for when choosing the best trading platforms in Canada?
Finder’s picks for the best trading platforms in Canada is meant to provide you with a starting point for finding the right broker for you. That said, it’s important to consider your personal preference and individual investing goals too.
Consider the following factors when comparing your options:
Fees
From trading fees to miscellaneous fees, it’s important to understand the cost to trade and invest. Consider which investment products you plan to trade and the fees that apply, but also be mindful of any back-end fees such as inactivity fees or transfer fees that can also eat into any profit you make.
Tradable assets
There’s no sense in opening an account with a broker that doesn’t offer the assets you want to trade. Stocks and ETFs are standard, but what if you want to expand into options, mutual funds or crypto?
Account types
The type of account in which you want to invest plays an important role in achieving your investing goals. Nontaxable accounts such as retirement accounts provide tax incentives to investors, while taxable accounts don’t have contribution limits.
Research and data tools
In-house research and tools simplify investing, as you don’t have to venture elsewhere to make an informed decision about an investment. If you’re a passive index investor, extensive research and analysis tools may not matter all that much. Active stock pickers may feel otherwise.
Mobile app reviews
Mobile trading is more popular than ever, allowing you to trade and invest from anywhere. Check out what current or previous customers have to say about the functionality of the platform.
Signup bonus
While it may not make sense to choose a broker solely based on whether or not they offer a signup bonus, a new customer incentive such as a free stock may be enough to help you choose one broker over another if all else is equal.
What is the best trading platform in Canada?
The best trading platform in Canada based on Finder’s data-driven awards methodology is Interactive Brokers, for it offers numerous trading platforms and investment options, low fees, and access to global markets, among other benefits.
CIBC Investor’s Edge, CI Direct Trading, Questrade, Desjardins Online Brokerage and Scotia iTrade also topped the list by offering things like low or competitive fees, ample investment options and in-depth resources and tools to help beginners start off on the right foot.
Related How to buy stocks online
What are the pros and cons of the best trading platforms in Canada?
Before you get signup with an online broker, consider these features and drawbacks:
Pros
- Low or competitive fees. The best trading platforms keep the costs of trading reasonable.
- Variety of investment options. Most leading trading platforms offer an extensive list of tradable assets.
- Supporting resources. From practice accounts to educational content to research and analysis tools, the best stock trading platforms tend to provide resources to help support you as a trader.
Cons
- Personal preference is important. While the best trading platforms check the most boxes in terms of features, it also comes down to which platform feels right for you.
What Matt thinks about trading platforms in Canada
The best trading platforms are the ones that offer a combination of low fees, numerous investment options, a modern trading platform and plentiful resources that help you learn and grow as a trader. But at the end of the day, personal preference matters too.
— Matt Miczulski, Editor
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