Fee per trade: $0 (USD trades incur a fee of 1.5% x daily corporate exchange rate)
Account opening fee: $0
Minimum initial investment: $0
Available exchanges: TSX, TSXV, NYSE, NASDAQ, NEO
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With an online broker account, you can get direct, round-the-clock access to a variety of stock exchanges in Canada (and around the world, depending on the brokerage you choose), so it’s not necessary to go through a professional broker. However, many online brokerages still provide access to professional assistance and free learning materials if you need help.
In this guide, we’ll compare the most beginner-friendly online brokerages in Canada and walk through the step-by-step process of opening your own trading account.
The information below is current as of December 1, 2020.
Fee per trade: $0 (USD trades incur a fee of 1.5% x daily corporate exchange rate)
Account opening fee: $0
Minimum initial investment: $0
Available exchanges: TSX, TSXV, NYSE, NASDAQ, NEO
Fee per trade: $4.95-$9.95 (Special pricing plans available for active traders)
Account opening fee: $0
Minimum initial investment: $1,000
Available exchanges: TSX, TSXV, CNSX, MX, NASDAQ, NYSE, NYSEAM, ARCA, OPRA, PinkSheets, OTCBB
Annual management fee: 0.5% for your first $500,000 and 0.4% for amounts over $500,000 (minimum $4.99/month, or $2.50/month for RESPs)
Account opening fee: $0
Minimum initial investment: $5,000 (no minimum investment for investments held in RESP accounts)
Investment type: Justwealth is a robo-advisor, so funds are automatically invested in 1 of 60 portfolios based on your risk tolerance, preferences and goals. Portfolios consist of Canadian and US ETFs. Funds are managed and automatically rebalanced as needed.
Monthly fee: 0.35% - 0.60%
Account opening fee: N/A
Minimum initial investment: $1,000
Investment type: CI Direct Investing (formerly WealthBar) is a robo-advisor, so funds are automatically invested based on your risk tolerance, preferences and goals. Portfolios mostly consist of Canadian ETFs with some US ETFs. Funds are managed and automatically rebalanced as needed.
Fee per trade: $9.95 + $1.25 per options contract
Account fee: $25 charged quarterly for non-registered accounts with less than $15,000. An annual fee of $100 is charged on registered accounts with less than $25,000.
Minimum initial investment: $0
Available exchanges: BMO InvestorLine Self-Directed clients have access to the TSX, NASDAQ, NYSE and other major North American exchanges
Fee per trade: $50 + commissions (Between $6.95 and $8.75) for each one-time sale. Different fees apply for swaps, credit sell outs and foreign (outside Canada and the US) depository sellouts.
Account fee: $25 per quarter (waived under certain conditions)
Minimum initial investment: $1,000
Available exchanges: TSX, TSXV, CSE, NEO, NYSE, NASDAQ, Pink Sheet and OTC
The exact process for opening a stock trading account varies depending on the trading platform you select. However, you’ll generally need to complete the following steps when signing up:
You’ll need to carefully consider your trading needs before deciding on the right online stock trading platform. Some of the issues to consider include:
It’s easier than ever to dive into stock market investing and start growing your money. There’s a growing number of brokers in Canada to choose from. The best one for you depends on the type of investment you want to make, the level of professional support you need, the fees you’re willing to pay and the flexibility you want. Check out our step-by-step guide to buying stocks online to learn more.
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