The year 2022 brought about significant shifts in the world of stock trading, with notable events like the meme stock craze and the impact of social media on stock prices. As we step into 2023, the landscape for Canadian investors remains dynamic and accessible. The availability of discount brokerages has empowered Canadians with options to diversify and manage their investment portfolios.
Gone are the days of visiting a physical broker’s office. Today, stock trading apps and online brokerage accounts connect investors directly to stock exchanges, offering real-time pricing and trading capabilities. To help you navigate this evolving landscape, we’ve compiled a list of the 11 best stock trading apps in Canada for 2023.
Questrade stands out as the top choice for both beginners and experienced investors. Established in 1999, Questrade has earned its reputation as “Canada’s fastest-growing online brokerage.” It offers a wide range of investment products and account types, including corporate investment accounts.
Wealthsimple Trade is a standout choice for those looking to trade stocks and ETFs commission-free. It’s particularly appealing to beginners seeking a straightforward self-directed investing experience. Owned by Wealthsimple, Canada’s leading online wealth manager, it manages over $15 billion in assets.
Qtrade is a preferred choice, especially among credit unions. While its standard trading fees are relatively higher compared to Wealthsimple Trade, active traders can benefit from discounts and commission-free trading on select ETFs.
CIBC Investor’s Edge, a subsidiary of CIBC Investor Services Inc., is an excellent choice for those looking for cost-effective stock trading within a bank’s framework. Its fees are notably lower compared to other major banks like TD and RBC.
TD Direct Investing, one of Canada’s pioneering trading platforms, offers a robust suite of market research, data, and investment tools, making it a preferred choice for experienced traders, particularly those trading options.
When selecting a stock trading app, consider factors such as mobile app usability, fees and commissions, available investment products, supported account types, trading tools, customer service, account minimums, and security measures.
All listed stock trading firms are members of IIROC and CIPF, offering investor protection up to $1 million in case of insolvency. While these apps provide robust security measures, it’s essential to set strong passwords and enable 2-factor authentication for added safety.
For portfolio tracking and management, consider using apps like Passiv and Wealthica, which offer features like portfolio rebalancing and consolidation of investment accounts.
To buy stocks in Canada, open a brokerage account, link your bank account, transfer funds, research stocks, place orders, and manage your investments. You can choose to hold stocks for the long term or engage in day trading.
In conclusion, the Canadian stock trading landscape offers a diverse range of options to cater to different investor needs. Evaluate your preferences and requirements to choose the stock trading app that best aligns with your investment goals in 2023.
