7 Best AI Investing Apps & Software In Canada 2023: Ranked & Reviewed
All products recommended by Bizreport are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Best for Large Portfolios
As technology continues to advance at a rapid-fire pace and the stock market becomes increasingly volatile, artificial intelligence (AI) has become a common tool among high-frequency traders. The technology is being leveraged in various ways to help specialties, long term investors, and beginners.
You may be wondering – Is an AI stock trading bot a good idea? There are many reputable apps that do in fact provide excellent value and service. We review the top investment apps that use AI to trade stocks, providing you an analysis of their pros, cons, and features.
7 Best AI Investing App & Software In Canada 2023
- Trade Ideas: Best Overall
- Acorns: Most Educational
- Charles schwab: Best for Large Portfolios
- Betterment: All Around Performance
- TrendSpider: Best High Volume
- VectorVest: Best Data
- Wealthbase: Creativity Award
What Is a Stock Market AI Investing App?
Artificial intelligence is a tool that helps investors make better portfolio selections by applying artificial intelligence algorithms. These algorithms are programs that learn using big data sets, which are analyzed to predict future performance in stocks. Ai driven trading apps can help investors forecast the market, make data driven decisions, and mitigate against risk. They often have lower trading fees since it’s automated.
How AI Investing Apps & Ai Stock Trading Software Work?
Investing software uses artificial intelligence to identify investment possibilities based on huge amounts of data. Machine learning analyzes thousands of data points and makes recommendations on the basis of what they learn in the marketplace. Artificial intelligence (AI) investing provides an effective tool for the analysis, identification and execution of investment transactions. Artificial intelligence has become the primary method of making investment decisions.
Best AI Investing Apps & Software March 2023
Read Trade Ideas Reviews
With powerful Ai software and a simple setup – Trade Ideas is an excellent all around choice for an AI investing application. Their “Holly” AI advising system is our choice as Best Overall Ai trading app.
- Excellent stock scanning
- Easy to use
- Provides comprehensive service for day traders
- Not mobile optimized
Trade Ideas is a powerful and user-friendly investing app that utilizes artificial intelligence in order to provide users with the best possible investment advice. It’s designed for everyone from beginners to experts, so it’s perfect for anyone who wants to be involved in the stock market. The premium version of the app unlocks an artificial intelligence advisor program called Holly, which can help you manage your risk and keep track of your portfolio. With features like charting, stock scanning, real-time alerts, and risk analysis, Trade Ideas is a unique and helpful way to invest in your future, leveraging powerful machine learning to scan and advise.
Read Acorns Reviews
Acorns is a financial services company that wants to make investing accessible to all. The name Acorns comes from their product’s ability to take “acorns” of your money and invest it, eventually growing into a large oak tree. This micro investing platform is popular for younger investors and teaches investing and saving habits well. We find it to be the Most Educational app.
- Top class micro investing system
- Beautiful design and intuitive user experience
- Educational content encourages healthy savings habits
- AI features re designed for basic functions only
- Not designed for day traders or large portfolios
Acorns is an attractive app with user-friendly UI and UX. It uses AI to help you save by identifying your expenses, and it includes educational material to teach you about compound interests, financial planning, and much more—all while making it easy for you to invest spare change. Their investment app takes the spare change left over when you’re spending on things like coffee or groceries, adding it up and giving you the option to invest it on your next transaction. Acorns does not have the most powerful AI, and isn’t able to help short term trading or make sophisticated predictions but that is not its aim. It’s perfect for younger investors who want to start saving, investing, and learning.
Read Charles Schwab Reviews
Charles Schwab is one of the most well-known names in the brokerage business. You can take advantage of their intelligent investing services in order to use AI to mitigate risk and automate profit maximizing strategy. With power and experience, Charles Schwab is the Best for Large Portfolios.
- Long history
- Robo advising
- Powerful AI
- $5,000 minimum for robo advising is a barrier for many
Schwab Intelligent Advisory is a new service that uses artificial intelligence to help manage your portfolio. The platform consists of robo advisors for goal planning, tax management, and asset allocation services. The platform uses computer algorithms to track your assets and make recommendations. For example, the program uses automated tax harvesting to sell at the most opportune times to minimize tax bills. Schwab brings value on the opposite end of the spectrum from the previously mentioned Acorns – Charles Schwab is a top choice if you have a larger and more complex portfolio to manage.
Read Betterment Review
Perhaps Betterment isn’t the absolute best at any one aspect – but the app works well for just about any investor and is an excellent service. Since Betterment does a bit of everything, we select this app as the Overall Performer Award.
- Intuitive interface
- Excellent tax features
- Crypto’s volatility
- Not designed for large portfolios
Betterment is a financial management app designed for easy access to automated investing. It offers a smooth and intuitive user interface, and its proprietary artificial intelligence (AI) technology generates investments based on your user profile. Based on exchange-traded funds and cryptocurrency, the AI features include dividend reinvestment, recurring deposits, portfolio rebalancing, tax loss harvesting, and tax coordination. You can start Betterment with small investments, yet it still works well as your portfolio grows. You can also arrange human advising on an as needed basis. Experienced investors with large portfolios can unlock additional premium services so no one really outgrows the app.
Read TrendSpider Reviews
If you are looking for a fast powerful day trading solution, Trend Spider is the top choice in the field. This software provides exceptionally fast and powerful scanning and transactions. This competitor is the best Best for High Volume.
- Top of class scanning
- Lightning fast AI
- Superior technical analysis
- Effectiveness is limited fo day pattern trading
TrendSpider is a software that uses artificial intelligence to analyze market conditions and gain a competitive edge on your investments. This software can be used by very active and aggressive traders to make precise timing trades. Trendspider works by analyzing historical data to find optimal times to buy and sell. Trendspider’s platform offers excellent visualization, strategy testing, and superior charting. It can also deploy your own stock trading bots with quick speed. This is tailor made for high volume day trading.
Read VectorVest Reviews
This platform attempts to use a large data set and powerful algorithms to then simplify and automate investing. With a vast amount of stocks and funds analyzed and decades of information analyzed – we award VectorVest the Best Data Award.
- Large data set
- Powerful mathematical foundations
- Able to simplify complex forecasting
- Customer support is not always responsive
When you need to make investment decisions, there’s no substitute for actual data. The VectorVest app has a top notch scanning system that takes in data from over 18,000 funds and stocks and analyzes it along with stock historic performance, true value, and future forecast. It then presents the information in a format that lets you make decisions. This app lies in the middle ground between passive investing and pattern trading. It’s the best choice for an investor who wants data driven recommendations that allow them to be active investors but not day traders.
Read Wealthbase Reviews
If you like fantasy sports, you’ll love Wealthbase. It’s a lot like competing in an online sports league, except the sport is investing in stocks. This can be very fun and is quite a unique idea. We give them our nod as the Most Creative app. However, this is not an option at all for actual investing.
- Intriguing idea
- Community building
- Not really investing
- Some clients drop off the app once the novelty wears off
The Wealth Base app is a fantasy stock trading game which allows users to create a player avatar, make trades on a virtual stock exchange, and earn points based on their performance. Users are ranked against each other in order to see how well they are doing in comparison to other players, and can win prizes. It’s just like a fantasy sports league. The app also includes many features which allow players to interact with each other through groups and posts, adding an extra social element which keeps players engaged. We think this is creative and intriguing – but it’s more of a side activity rather than an investing app.
Reason Use AI For Trading In Stock Market
Artificial Intelligence has redefined investing by simplifying the process of wealth creation. Ai is able to make decisions made from lightning fast mathematical calculations, predefined algorithms, and learning from large data sets – all out of reach for humans. Additionally, AI can analyze real time changes in the market and make lightning fast trades. Ai uses only data to make decisions and is not prone to human error based on emotion, fatigue, wishful thinking, or fear. Although Ai can be helpful, keep in mind that trading stocks always involves financial risk.
Who Needs AI Stock Trading Software?
Many applications provide AI trading applications for existing or prospective clients. These apps are general retail investment platform designed to leverage high powered machine learning for ordinary investors. The various software options serve different clientele. Whereas apps such as Acorn specialize in micro saving and investing for new comers and young people, others like Trend Spider are for day traders, and yet others are for everything in between.
Can AI Guarantee Future Investment Success?
You probably already know that there is no such thing as guaranteed success in any stock trading strategies. Artificial intelligence is only as good as the data set, programming, and algorithms which drive it, so all systems are capable of flaws. Additionally, unpredictable new trends or events can make even the most powerful AI make failed stock picks. However, excellent AI is able to minimize risk mathematically and is thus a good risk management tool.
Artificial intelligence can help many retail stock investors. This includes college students trying to get started with investing, experienced day pattern traders, and long term investors. In many ways, AI now rules the market. Through our research, we have clearly determined that the key to success with AI investing is to find the product that matches your personal needs and financial goals. Thus, use the information in this review to find the service that will help you take your next investing steps. For today, we find that Trade Ideas, Acorns, and Charles Schwab are the best choices – but all the options provide good value.
Frequently Asked Questions (FAQs)
Artificial intelligence is a form of machine learning where computer systems are trained with large data sets. Programs aimed at the stock market use this AI to analyze and forecast stock prices and to balance client portfolios.
AI is capable of performing more and faster calculations than people and it avoids emotion, fatigue, and other human drawbacks. However, AI is only as good as the programming and datasets used, so it is never flawless. Ai also cannot always predict future events, so no trading stocks is guaranteed to succeed.
Quantalytics investment advisors