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What’s the best stock trading or investing apps out there for Canadian investors and traders? It depends. On what? Whether the platform understands your goals and needs. Investing and trading in stock markets is not a one-size-fits-all kind of deal. Investors and traders come in all shapes and sizes and risk profiles, and so do these platforms.
Some platforms emphasize account fees or lack of it while others play up their interfaces, and others talk about their research options. Below is a list of some of the best apps that can help you make better financial decisions:
7 Best Stock Trading And Investing Apps For Canadian Investors
Questrade is an app that provides you with two unique ways to invest but with lower fees. You get to have access to a pre-built portfolio, which is designed by experts to ensure that you are able to achieve your financial goals fast and smoothly, and also buy and sell investments. This app has also been ranked #1 Self-Directed Online Brokerage by J.D. Power in Investor Satisfaction. Questrade tries and keeps its costs low so investors can keep more of their money. They charge a minimum of $4.95 and a maximum of $9.95 for stock trading.
Wealthsimple Trade is an app that provides an investor with commission-free stock trading. They have a ‘no account minimum’ which indicates that you can start your account with as little as $1. This platform lets Canadians buy and sell US stocks too. You get to have access to snap quotes with real-time pricing on demand along with higher instant deposits with premium features. The app continues to develop and improve, planning to bring in features such as – notifications when there is a move in stock prices and news and regular updates on the stocks you follow. They have three different accounts available – Personal account which is the most common taxable account for any extra money you’d like to trade, TFSA account which allows you to avoid taxes on the gains that you make over time, and RRSP account which is for retirement and it lets you avoid taxes and pay them once you retire. Wealthsimple Trade doesn’t charge you any fees. However, it charges a 1.5% currency conversion fee on Canadian to US dollar conversions (and vice versa) when trading US-listed securities.
Wealthsimple Invest believes in the concept of ‘investing on autopilot.’ Thus, you get to invest in an intelligent portfolio with low-fee funds designed to ensure that you are able to meet your financial goals. You can diversify your investments by minimizing risks and maximizing rewards because they invest your money in the entire stock market with the help of Exchange Trade Funds (ETF). They help you choose your appropriate risk level, one that you are comfortable with and then help you build a custom portfolio based on your financial goals. The concept of ‘passive investing’ is backed by Nobel Prize-winning research, wherein there is tracking the market over some time with the help of a diversified portfolio. This is considered one of the most reliable ways of growing your money over a long period of time. It also has one of the best fee structures in place to help you continue investing at an affordable rate.
The app Mylo which has recently been rebranded as the Moka app is ideal for those who are clueless on how to live their retired life with adequate investment and savings in place, allowing you to pay off your debts faster in a personalized manner. It is designed to help you save cash in every month by automatically automating your savings in a convenient, simple, and seamless manner. Moka allows you to invest your change into ETFs through an automated process. Using this app also enables you to win lucrative cashback, get access to a friendly financial coach who has an answer to all your queries and also end up donating the spare change you might have to any of the 85,000 registered Canadian charities. They truly believe in the idea that ‘it’s never too early or late to invest’ and ensure that you feel the same when using the app.
Hashtag Investing is not a trading platform or an investing app but this app helps you make some of the smartest trades ever. As the site says, “We won’t over-promise, we just simply provide meaningful tools that allow DIY stock traders to make better decisions through the power of community and discovery tools.” And they live up to their words. It is a social trading network that enables traders and investors to share knowledge and profit from the collective wisdom of people.
The Interactive Brokers app is the professional’s gateway to the world’s market. They promise to provide you with low commissions and transparent financing rates which support users with the best price execution as well as stock yield enhancement programs that ensure you are able to maximize your returns and minimize costs. Their low trading costs and lowest financing costs ensure that you get to earn extra income, by investing in global stocks, options, currencies, bonds, futures, and funds from one single integrated account. You can fund your account in a variety of currencies (23 to be precise) and get access to 135 market data from 33 countries, six days a week and 24 hours a day. This app is trustworthy and its strong capital position is proof of that.
CIBC Investor’s Edge
The CIBC Investor’s Edge app can be used by paying a flat fee of just $6.95 for each online equity trade and there are no minimums involved either. You get to trade, monitor, and stay informed about stocks, get access to free research and analysis from industry leaders, choose between registered and non-registered account options, have constant access to help whenever you need it, and also get to choose from a wide selection of investment options. Through this app, you can not just build your portfolio but also expand your knowledge of stocks and trading. Also, your investment accounts and online banking stay well protected by the CIBC Digital Banking Security Guarantee. They have over 150 years of experience in serving Canadian clients so be rest assured that you’ll surely achieve all your financial goals through this app!
This Options Discord Chat is The Real Deal
While the internet is scoured with trading chat rooms, many of which even charge upwards of thousands of dollars to join, this smaller options trading discord chatroom is the real deal and actually providing valuable trade setups, education, and community without the noise and spam of the larger more expensive rooms. With a incredibly low-cost monthly fee, Options Trading Club (click here to see their reviews) requires an application to join ensuring that every member is dedicated and serious about taking their trading to the next level. If you are looking for a change in your trading strategies, then click here to apply for a membership.