For a new investor, the stock market may be challenging and perplexing. For this reason, we’ve compiled a list of the 10 top stock trading platforms in Canada for beginners by 2022, which you can find below.
Stocks may be bought and sold on these platforms in a matter of minutes, and they include useful training to assist new investors in understanding the stock market.
List Of 10 Best Stock Trading Platforms For Beginners In Canada
The 10 best stock trading platforms for beginners in Canada are:
1. Questrade
Questrade has been a trusted source for Canadians in business for over two decades. A variety of financial products have been made available by the Toronto-based online brokerage since it opened its doors in 1999 to let Canadian clients manage their own money.
Questrade offers a wide range of investment alternatives, such as stocks, ETFs, bonds, mutual funds, precious metals, foreign currency, GICs, and options.
In addition to registered and non-registered accounts, Questrade provides investors with various trading options.
Discount brokerage Questrade now offers some of the lowest trading costs on the market. A minimum fee of $4.99 is required for Canadians to trade shares at 1 penny per share.
2. Wealthsimple Trade
tSince its inception as one of Canada’s earliest and most successful Robo-advisors, Wealthsimple has grown to include commission-free stock trading online.
The price structure of Wealthsimple Trade is unique in this market.
Compared to other trading platforms, Wealthsimple doesn’t charge a fee to acquire and sell investments. The firm claims to be able to provide this service because they don’t have to pay massive overhead fees like the big banks and because they can execute deals for nearly nothing.
Wealthsimple Trade, on the other hand, does not need you to utilize any of their other products and does not have a minimum investment. Only the ETFs impose fees, and any US exchange charges an additional premium of 1.5 percent.
In case you’re wondering, WealthSimple Trade has almost as few pricing features as it does. Stocks and ETFs can only be traded if they are listed on a few exchanges and eligible for the Canadian Depository for Securities on this platform. Disney is a good example of a stock that isn’t offered on WealthSimple Trade.
3. BMO Investorline
Investors of all skill levels can benefit from the resources provided by BMO Investorline. Most Canadian investors prefer to utilize a self-directed account, which allows them to invest in various financial instruments and take advantage of tax shelters like an RRSP or a Tax-Free Savings Account (TFSA).
BMO Investorline’s advice direct program, on the other hand, sets it different. It costs $50,000 to get started, but consumers gain access to tailored guidance that blends the best of the financial adviser experience with digital tools for an annual charge that starts at $750 per year.
A licensed financial adviser is available to advise direct advice customers 24 hours a day, seven days a week, through phone or email, if they need help setting up their portfolio.
With advice direct, users don’t have to worry about paying for each transaction; instead, a monthly allocation of 30 trades is included in their yearly subscription cost.
BMO Investorline’s 5 Star program, which provides free access to sophisticated data, specialized assistance, and discounts on account fees and features, will be expanded to include more active traders making at least 15 transactions each quarter.
4. Scotia iTrade
Scotia iTrade, one of Canada’s greatest trading platforms, is a terrific place for new investors to start since it provides a wealth of resources. Scotiabank’s StartRight program for new Canadians features 10 free transactions for investors under the age of 26 and a savings of up to $200 per year in administrative costs.
With Scotia iTrade, you may establish a practice account before you’ve even opened an account to practice online trading risk-free.
You’ll pay $9.99 for each Trade after establishing a legitimate Scotia iTrade account. New users who deposit more than $5,000 in an account are eligible for $25 in cash back or 10 free trades.
Gold and Platinum memberships are available to investors who have invested more than $250,000 and $1 million in Scotia iTrade’s iClub. In addition to priority service, account holders are exempt from administrative fees and receive preferential pricing for their trades.
5. CIBC Investor’s Edge
There is no doubt that the characteristics of the CIBC Investor’s Edge are capable of meeting the needs of most investors despite its appearance. You may watch your portfolio and study stocks, receive alerts and notifications, and access your registered accounts via a mobile app.
Pricing is where CIBC Investor’s Edge shines. Trades begin at the cost of $6.95. (the lowest among the Big Five banks). Anyone under 24 can open a CIBC SmartTM Account and Trade for free.
Students over 25 pay $5.95 for trades, and active Trader Pricing is $4.95 per transaction for high-volume traders. Pay attention to the tiny print, which indicates that transaction fees in the United States will be paid in US dollars.
Support options at CIBC Investor’s Edge include online chat, telephone, and email for those who require it. In addition, a dedicated 1-800 number provides Mandarin and Cantonese services.
6. TD Direct Investing
In addition to being Canada’s largest online brokerage, TD Direct Investments offers some of the most powerful trading tools available today. TD Direct Investing’s web and mobile tools, which include a customized dashboard, sophisticated order types, and basic market research, should satisfy the majority of traders and investors. Each Trade costs $9.99 at this level.
TD Direct Investing’s comprehensive dashboard, which includes live market data and extensive market analysis, is perfect for traders who want to stay on top of their investments.
It is free for consumers who trade 30 or more times a quarter, and customers who trade 150 times a quarter get preferential pricing of $7.00 per Trade.
TD Direct Investing’s thinkorswim dashboard is also available to active US options traders with investments of $25,000 or more.
7. RBC Direct Investing
RBC Direct Investing is an online brokerage with no distinct advantages or disadvantages as far as trading platforms go. No discernible features, good or bad, are apparent.
There are no surprises here.
All registered accounts are available, as are tools and research, and both browser and mobile apps are available for quick trading with RBC Direct Investing. For newcomers, there are tutorials and a practice account to help them get up to speed with the platform.
There’s nothing special about RBC Direct Investing’s price structure, either. Trades cost $9.95, which is standard for most Big Five banks. To qualify for preferential pricing, active traders who make 150 or more trades each quarter get $6.95 per Trade, charged in the currency of their investment.
Only the RBC Direct Investing community and the possibility to pay trading costs with RBC Rewards points make this service stand out.
8. Qtrade Direct Investing
Mutual fund-like ETFs are called Exchange Traded Funds (ETF). Investors can diversify their portfolios by choosing funds rather than picking individual equities that contain a wide range of investments.
On the other hand, ETFs are designed to track an entire market or category without the need for constant human involvement, unlike mutual funds, which are actively managed. ETFs have been a hallmark of Robo advisers since they cost less than mutual funds.
What sets Qtrade distinct from other trading platforms is that they have a list of 100 ETFs that you may trade for free. There are, however, certain restrictions, and holding the shares for one business day is a good illustration.
Additionally, Qtrade offers a wide range of investment options for only $8.75 each Trade, making it an affordable alternative to the Big Banks. Young investors (18-30 years old) pay $7.75 for each Trade, whereas investors who make 150 or more trades every quarter pay $6.95.
9. Desjardins Online Brokerage
For most investors, an easy-to-use platform called Disnat Classic is available through Desjardins Online Brokerage. Trades cost $6.95, and real-time market data is included in the price of the service.
There is no minimum investment for registered accounts like RRSPs under the Broker@ge 18-30 special offer, which includes five free transactions, no inactivity fees, and no minimum investment.
They promote the Disnat Direct platform for aggressive traders because of its low prices. Depending on the share value and amount, Disnat Direct customers pay between $4.95 and $6.95 for their first 29 transactions per month, then just $0.75 (yep, seventy-five cents) for each different Trade. Non-trading clients are paid monthly for access to quotes and market data.
In addition to being the greatest alternative available in French, Desjardins Online Brokerage stands out as the top in the industry.
As is customary at Desjardins, the product was translated directly from French into the English language. Native English speakers will pick up small errors in the translation, but they aren’t significant enough to detract from the overall experience.
10. Interactive Brokers
Thomas Peterffy, a Hungarian-born millionaire, launched the Canadian office of Interactive Brokers, a discount brokerage business located in Greenwich, Connecticut.
Because of its minimal trading fees, Interactive Brokers has long been a favorite of serious investors.
Each Trade is subject to a “flat rate” commission of $0.01 per share, with a minimum charge of $1.00.
Read Also:
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FAQ
What Is The Safest Trading Platform For Beginners?
TD Ameritrade is our top pick for new investors because of its excellent resources for learning about investing. TD Ameritrade’s ease of use and comprehensive training resources make it an attractive option for beginning investors.
Which Trading Is Best For Beginners?
Even individuals with full-time jobs can swing Trade and still make a lot of money, making swing trading the ideal trading strategy for those just starting.
Which Investing App Is Best For Beginners In Canada?
The finest Canadian online broker for newcomers is Questrade. Questrade is not only simple to use, but it also has some of the lowest costs around. Questrade charges equities traders $.01 per share, with a minimum of $4.95 and a maximum of $9.95 per Trade, for residents of Canada.
How Do Beginners Buy Stocks?
To make stock purchases as simple as possible, go through an online stockbroker. To buy stock online, go to the broker’s website and log in with the credentials you created when you started your account. Stockbrokers and direct stock purchases are two more options.
Which Stock Broker Is Best For Beginner?
TD Ameritrade is our top pick for new investors because of its excellent resources for learning about investing. TD Ameritrade’s ease of use and comprehensive training resources make it an attractive option for beginning investors.
Conclusion
The ten greatest stock trading platforms now available have been analyzed in this guide so that you may trade in stocks with confidence in 2022.
eToro has emerged as the finest overall service provider due to its free trading of thousands of US and foreign listed shares.
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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