If you’re a new investor the world of online stock trading can seem daunting—but it doesn’t have to be that way. Many stock trading platforms and apps are designed specifically for beginners, making it quick and easy for anyone to start buying and selling stocks. In this guide, we’ll show you how to find the best trading platform in Canada for beginners, and compare six popular stock trading apps for new investors to help you find the right platform for you.
Summary of the best trading platforms in Canada for beginners
From trading commissions to educational resources and research tools, there are lots of key features to look for when choosing a trading platform. Check out the table below for a quick rundown of what some of the best trading platforms in Canada for beginners have to offer.
$9.95 ($6.95 if you place 150+ trades per quarter, GoSmart clients get 50 free stock/ETF trades per year)
What is a stock trading platform?
A stock trading platform is an online system that allows you to buy and sell stocks. This software connects you with financial markets in Canada and around the world, allowing you to trade stocks, bonds, commodities and a whole lot more.
Stock trading platforms are offered by brokers and by financial institutions like the Big Five banks. As well as the ability to execute trades, they also offer all the information you need to inform your trading decisions, like real-time market price data, the latest market news, and stock research and analysis.
And while some platforms offer advanced charting tools and order types for experienced traders, the best stock trading platforms for beginners tend to keep things simple. They offer user-friendly online and mobile trading interfaces, low or no trading commissions, and educational resources to help you learn more about trading.
What is the best trading platform in Canada for beginners?
CIBC Investor’s Edge is the overall best trading platform in Canada for beginners. It combines user-friendly online and mobile trading with competitive fees and plenty of research tools to help you choose stocks. And with fee discounts for young investors, it’s worth a look if you’re just starting your investing journey.
But the best stock trading app for beginners can vary from one person to the next. The right platform for you is the one that you find the easiest to use, that provides access to the markets and assets you want to trade, and that offers the lowest fees for the type of trading you do.
That’s why it’s important to compare a range of stock trading platforms for deciding where to open an account.
How to choose the best trading platform as a beginner
Choosing the best stock trading app for beginners can be a confusing task. To help make your choice easier, look for the following features when comparing platforms.
Low fees
The best trading platform for beginners will offer low or no commissions on stock and ETF trades. Learn more about how to save on fees in our guide to commission-free stock trading.
You’ll also need to check whether there are any other platform fees to worry about, such as:
If you want real-time market data to see up-to-date stock prices, will you need to pay a subscription fee?
Is there a quarterly or annual account maintenance fee? (This can sometimes be waived if you meet a minimum balance requirement.)
If you’re trading on international markets, what currency conversion fees apply?
Ease of use
The right platform for you will be simple and straightforward to use. One way to test this out is to sign up for a paper trading or practice account — this lets you try out the features and user-friendliness of a platform before committing any real money.
You can also read customer reviews on sites like Trustpilot, Google Play and the App Store to make sure a broker offers user-friendly online and mobile trading.
Available markets
If you just want to trade Canadian and US stocks and ETFs, most brokerage platforms have got you covered. But if you also want to trade on international markets, or trade other assets like options and mutual funds, you’ll need to shop around to find a trading platform that meets your needs.
Research and analysis
Look for a beginner-friendly trading platform that offers access to market research and stock screening tools to help you choose your investments. Many platforms also offer access to analysis and stock recommendations from reputable third-party providers — check whether these are available for free or if you’ll have to pay an additional fee.
Account types
The most basic type of trading account is a cash account where you can deposit funds and start buying and selling stocks. But many trading platforms also provide registered accounts like TFSAs, RRSPs, FHSAs and RESPs that offer various tax benefits.
And if self-directed investing isn’t for you, some platforms also offer access to a range of managed investment portfolios. They take the hassle out of choosing your investments, but management fees apply.
Customer support
If you ever have a problem with a trade, how can you contact customer support? Check which communication channels are available and during which hours support is provided.
Educational resources
The best beginner trading platform will also provide you with lots of resources to help expand your trading knowledge. Look for free explainer articles, how-to videos and webinars that you can use to become a smarter investor.
How to sign up for stock trading apps for beginners
Ready to create a stock trading account? Here’s what you need to do.
Step 1: Compare stock trading platforms
Compare online stock brokers to find the right trading platform for your needs. Look for a platform that offers low fees, access to the markets you want to trade and a user-friendly interface. You might also want to look for the best brokerage signup bonuses to sweeten the deal when you sign up for an account.
Step 2: Fill out an online application
You can apply for a trading account by filling out an online application with the following information:
Your name, address and date of birth
Your email address and phone number
Your SIN
Details of your income, assets and net worth
Step 3: Verify your identity
You’ll need to provide a government-issued form of photo ID, such as a driver’s licence or passport, to verify your identity. You’ll typically be asked to upload a photo of your ID document.
Step 4: Deposit funds
Now it’s time to transfer money from your bank account to your trading account. Depending on the broker you choose, you may be able to send funds via e-Transfer, direct deposit, debit card, wire transfer or bill payment.
Step 5: Start trading
Once your funds have cleared, you can start trading. Research the stocks and ETFs you want to trade, and use the trading platform’s stock screener to identify potential investments.
How much money do I need to begin on a trading platform?
You don’t need to be super-rich to start trading stocks. In fact, you don’t need much money at all. Most brokers have no minimum deposit requirement, so the days of needing thousands to start trading are long gone.
Many stock trading platforms also allow you to buy and sell fractional shares. This allows you to buy a portion of a high-priced stock, such as a quarter or half a share. So if you want to invest in a stock priced at $500 but you only have $100 to invest, you can do so.
Check the table below for the minimum deposit requirements for some of the best trading platforms for beginners.
Trading platform
Minimum deposit to start trading
Account fee
CIBC Investor’s Edge
$0
$100 annual fee if you have $10,000 or less
$0 if the total market balance of all your accounts is greater than $10,000
Interactive Brokers
$0
$0
Moomoo
$0
$0
Questrade
$0
$0
RBC Direct Investing
$0
$0
Wealthsimple
$0
$0
Should I start with a paper or demo trading account?
If you’re not ready to risk any real money just yet, many stock trading platforms offer what are known as paper trading accounts. Also referred to as practice or demo accounts, these accounts offer all the features of a regular trading account but with one key difference: you trade with fake money.
So instead of risking any of your hard-earned cash straight away, you get the chance to practise trading strategies and learn how the platform works first. The trades are executed just as they would be in the real world — you use the same interface to place trades and the value of the stock you “buy” moves up and down in line with the market.
Paper trading accounts can be a great way to learn the basics before risking any money. The downsides are that you won’t make any money from your trades, and you might make different trading decisions than you would if you were trading with real cash.
Yes, online stock trading platforms are safe — provided that you choose a reputable and regulated broker. Choose a stock trading platform that is regulated by the Canadian Investment Regulatory Organization (CIRO). If the broker is also a member of the Canadian Investor Protection Fund (CIPF), you’ll also be protected if the investment company becomes insolvent.
Of course, you’ll also need to be aware of the risks involved in trading stocks and ETFs. Markets can be volatile and there is a risk of losing the money you invest, so make sure you understand exactly what you’re getting yourself into before you start trading.
What are the best types of trades for beginners?
As a new investor, it’s generally recommended that you keep things simple. Rather than complicated assets and strategies, such as forex trading or day trading, you might want to start by investing in stocks and ETFs with the aim of long-term price growth. This is a lower-risk approach and a simple way to wrap your head around the basics of investing.
As you go you will learn how to place buy and sell orders, how to monitor the performance of your investments, and get a feel for how financial markets work. And as you gain more knowledge and experience, you can develop and refine a trading strategy that suits your investment goals.
Bottom line
Stock trading seems daunting and a little overwhelming at first, but getting started is a lot easier than you might think. The best trading platforms in Canada for beginners offer user-friendly interfaces, low fees and educational resources to help you boost your investing knowledge. Compare a range of providers to find the stock trading platform that’s right for you.
FAQs about the best trading platforms for beginners in Canada
You need a brokerage or trading account to buy and sell stocks on an exchange. There may sometimes be exceptions to this, such as if you buy shares directly from a company through its Initial Public Offering (IPO), but most investors will need to open an account with an online broker.
No, Robinhood is not available in Canada and is designed to be used by US residents only. Check out our guide to Robinhood alternatives for similar platforms in Canada.
Yes. Most online brokerages also offer mobile apps that you can use to place trades, check the latest market data and monitor your investments. These apps are free to download from Google Play and the App Store.
Yes, you can start trading stocks with $100 — or potentially even less. Most trading platforms don't have any minimum balance requirements, and many also support fractional share trading to make high-priced stocks available to a wider range of investors.
To start trading stocks as a beginner, you'll need to create an account with an online stock trading platform or app. Once you've created an account, you can deposit money from your bank account and place your first trade.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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