Best stock app for beginners

Investors in Canada have many brokers to choose from, but which is the best stock trading app for beginners? We compared fees, user friendliness, benefits, drawbacks and more for 16 Canadian brokers to find the best stock app for beginners. Here are the top 3 trading platforms for investors who are just getting started.

Best stock app for beginners

Wealthsimple Trade

Consider Wealthsimple if you want a simple, user-friendly platform and zero-fee stock and ETF trades. Wealthsimple is the winner for Best for Beginners and Best for Canadian Stocks in the 2022 Finder Stock Trading Platform Awards.

Best for: Beginner investors.

Pros

• $0 trades and no annual account fees.
• Open a USD account, enjoy zero foreign exchange fees and make instant deposits up to $5,000 with Wealthsimple Plus (costs $10/month).
• Mobile app is highly rated and super easy to use.

Cons

• You can only trade stocks, ETFs and cryptocurrency.
• Currently only offers a handful of research tools.
• Pay a 1.50% conversion fee every time you buy/sell US securities (unless you have Wealthsimple Plus).

3.9

★★★★★

Finder rating

Go to site

Stock Trading Fee

$0

Min. Deposit

$0

Signup Offer

Get $25 when you open a Wealthsimple account and fund at least $150.

Best stock trading app for beginners: Runners-up

CIBC Investor's Edge

Consider CIBC Investor's Edge if you're an active trader, young investor or student. Look elsewhere if you want flexible funding options, as you can only fund a CIBC Investor's Edge account through another CIBC account.

Best for: Active traders and CIBC clients.

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.

4

★★★★★

Finder rating

Go to site

Stock Trading Fee

$4.95–$6.95

Min. Deposit

$0

Signup Offer

Get 100 free online stock or ETo 24F trades and up to $3,000 cash back. Plus, young investors 18 t can get free online trades and a $0 annual account fee. Conditions apply.

Questrade

Consider Questrade if you want to cut down on fees and take the lead on managing your investments. Look elsewhere if you don't have $1,000 upfront to open an account.

Best for: Self-directed investors.

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.

4.2

★★★★★

Finder rating

Go to site

Stock Trading Fee

$4.95 - $9.95

Min. Deposit

$1,000

Signup Offer

Get $50 in free trades when you fund your account with a minimum of $1,000.

How we chose the best stock trading apps for beginners

The Finder Awards 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.

The Finder Stock Trading Platform Awards recognizes top brokers in Canada for self-directed investors. In 2022, 16 brokers were scrutinized across 630 data points, and winners were awarded across 10 categories.

How to sign up for a stock trading account

Getting started with any of the platforms on this list is pretty straightforward. Visit the broker’s website, and submit an online application. Exact requirements vary, but generally you’ll need to provide the following information:

• Name, email address, residential address and contact information
• Basic employment information
• Basic financial information
• Social Insurance Number (SIN)

To open a stock trading account in Canada, you’ll need to be at least the age of majority in your province or territory (18 or 19 years old) and a Canadian resident. Be prepared to upload copies of valid government-issued ID — such as a driver’s license or passport — and proof of residency like a recent utility bill or bank statement.

Note that some trading platforms have minimum deposit requirements, while others let you open an account without any deposit.

Frequently asked questions

• What is the best stock app for beginners?

  According to the 2022 Finder Stock Trading Platform Awards, Wealthsimple is the best stock app for beginners, followed by CIBC Investor's Edge and Questrade.

  Wealthsimple offers fee-free trades and an easy-to-use app. CIBC Investor's Edge and Questrade are competitively priced, and both offer access to many securities and order types.

• Does it cost anything to open a stock trading account?

  Most trading platforms don't charge a fee to open a stock trading account. But some have minimum deposit requirements preventing you from trading until you've funded your account at or above a certain amount.

• Can I trade US stocks with a Canadian stock trading account?

  Many Canadian trading platforms offer access to both US and Canadian stocks, but not all do. Check with your broker to find out. Be aware that you'll likely have to pay foreign currency conversion fees when buying and selling US stocks.

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