Best Day Trading Platform In Canada For 2024

Brenna Major
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Reviewed by Kristina Knight, Journalist , BA
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Etoro

eToro

Best Overall

4.5 stars - votes

interactive broker

Interactive Brokers

Best Stock Information

4.1 stars - votes

fidelity

Fidelity

Best for Beginners

4 stars - votes
day trading

Day trading can be risky but rewarding, and when you’re first getting into this “hobby” it can be overwhelming to find that there are tons of apps providing a trading platform for day traders. How do you choose the best one? We’ve reviewed the best of the best day trading apps to help you pick the best one for your needs.

What Is Day Trading?

Day trading involves quickly buying and selling investments (trading during the day). It involves many risks and therefore the possibility of many rewards. The goal of day trading is buying an investment, watching it rise, and selling it to make a profit before the stock market closes for the day.

Benefits & Drawbacks of Day Trading

As we mentioned before, day trading can be quite risky. Many use borrowed money to put in quick trades, so it might cause you to go into debt. You also might lose money on your investments and wind up with less than you started the day with. This type of investment is more like gambling than investing since it’s so short-term.

Top 7 Best Day Trading Platforms In Canada 2024

Top 7 Best Day Trading Platforms In Canada February 2024

day trading

Etoro

eToro’s best feature, in our opinion, is their support for pattern day traders. They offer investment ideas from their users to assist the pattern day trader with choices and investments. Pattern day trading involves education, commitment, habits, and risk. To do it right you’ll need ideas from other day traders, and a platform that supports your pattern day trading account.

  • Pattern day trader options
  • Share and get investment ideas
  • No commission for day trading
  • $10 account minimum
  • Educational materials available
  • Global support isn’t great

eToro also has an account minimum of only $10, and they offer relevant educational resources for the pattern day trader or the occasional day trader. We have noticed through their reviews that the support to their global customers isn’t always reliable and available.

Interactive Brokers

Interactive Brokers

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Read Interactive Brokers Reviews

Interactive Brokers are a popular stock trading company that offers day traders an excellent platform for stock and ETF trades as well as other investments. We love their IB SmartRouting feature, which day traders can use to vet possible day trades to see if they’d be recommended by experts. 

  • No commissions on stocks or ETFs
  • “IB SmartRouting” is an intuitive program to help day traders choose the right investments
  • Desktop and mobile trading are available
  • Great for advanced traders
  • Several tiers of features are available
  • Low-interest rates for borrowing
  • Free version available
  • Some research features have a la carte pricing

Along with this awesome feature, Interactive Brokers has a desktop platform as well as mobile, and they have several tiers of pricing and features available. Their free version provides a lot of insight into day trading and the risks or benefits of investments you’re considering, but some customers have complained that they notice some research features cost extra.

Fidelity

fidelity

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Read Fidelity Reviews

Fidelity is our favorite trading platform for day trading beginners. Their services include several different views, so the trading novice can understand the dashboard just as well as a pro. We love that this allows anyone and everyone to try their hand at day trading.

  • No commission for stocks, options, and ETFs
  • No minimum account balance
  • No fees to use their services
  • Great for beginners
  • Benzinga’s newswire included news updates
  • 5 layouts available for different trading backgrounds
  • Can trade in after market hours
  • Cloud-based
  • Some after-market trading is not reliable
  • Some users report frequent bugs

ActiveTraderPro is Fidelity’s day trading platform, and it includes real-time news updates pertinent to your investments, after-market day trading, and cloud-based day trading software. For those new to making day trades, their services might just be the best option. We will note that some users reported frequent bugs and less than-optimal aftermarket options trades.

E*TRADE

E*TRADE

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Read E*TRADE Reviews

Opening a new investment account with E-Trade gets customers an awesome perk: $600. We haven’t found a deal like this with many other trading accounts, but make sure you reach the account minimum to get the deal.  Many investment accounts have an account minimum, but most don’t offer a sign-on deal like this. 

  • Company information and insight provided
  • No setup fees
  • No commissions on options, mutual funds, and ETFs
  • Quick account opening
  • $600 for opening and funding a qualified trading account
  • Some customers say the screen is crowded
  • Customers complain that trades and withdrawals take too long

On top of this sign-on deal, we love that E-Trade gives insight into each investment you’d like to make, and they have comparable low trading costs. Their day trading app is great for beginner and experienced traders alike, but some customers say that their services can be slow. 

TradeStation

Tradestation

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Read TradeStation Reviews

Our favorite feature offered by TradeStation is their day trading strategy simulation. This allows users to practice trading without any of the risks typically involved in making a day trade. Trading simulation can really change the game for day trading stocks and options – it allows day traders to test the waters (and the trading platforms) involved so they can make informed decisions when they start using day trading platforms for real.  

  • Trading simulator offered for trading practice
  • Desktop, mobile, and web platforms are available
  • Design, test, and enact trading strategies
  • FuturesPlus program for futures trading
  • Customer support doesn’t have great reviews

In addition to simulations, TradeStation also boasts several different trading platforms and a program designed specifically for trading futures. On the other hand, customers aren’t always happy with the support they receive from TradeStation.

TD Ameritrade

TD Ameritrade

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Read TD Ameritrade Reviews

TD Ameritrade’s platform is called “thinkorswim,” and it’s definitely one of the best platforms out there. We love their thorough analysis of each potential investment you might consider, so day traders can make well-informed decisions that are in line with their trading strategy. The only complaint we could find about their trading platform is that active traders wish that more news sources could be included in their real-time information lineup.

  • Web, desktop, and mobile apps available
  • Chat and phone support are available 24/7
  • Trade all major assets
  • An excellent and thorough analysis of potential investments
  • Offers a “paper trading” or simulation version to practice day trading
  • No fees to trade stocks and ETFs
  • 0$ commission and no fees to use the platform
  • No other news streaming platforms integrated or hints available

On top of this incredible information available in their platform for day trading, Ameritrade has a mobile, web, and desktop platform available. They also offer the option to simulate trades to see if they might indeed be a good idea (no guarantee, you might lose money regardless).

Charles Schwab

Charles Schwab

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Read Charles Schwab Reviews

Charles Schwab comes highly recommended for their technical analysis tools. Day traders can rest assured that their day trading tools are top-of-the-line, and active day traders can use these tools to make the most informed day trade possible. 

  • Tools to help keep your day trading compliant
  • StreetSmart Edge offered advanced trading analytics
  • Trade & Probability calculator helps you to simulate and identify potential risks and payoffs
  • Robo advisory services are available
  • Built-in stock screener information
  • Trade stocks, treasuries, and ETFs without fee
  • Great customer service
  • Their services are better suited for long-term investing

On top of the analytics, Schwab has stock screening information, robo advisors, great customer service, and a top-notch probability calculator to help you make the most informed day trade. It’s one of the best online brokers, to begin with, and as a broker for day trading, we love Charles Schwab.

How To Choose The Best Brokers for Day Trading

Online brokers are all the rage right now since it’s now possible to put in a trade and have it done on the same trading day from your couch. The best brokers at this point are household names, and they’ve come to be trusted by their customers over the years. A good online broker should have registration with major financial institutions like the SEC (Securities and Exchange Commission). They should also provide customer support for their customers involved in active trading. We’ve also found that the best trading platforms have transparency and helpful trading tools available to their users. 

Final Thoughts

In the end, day traders lose money at some point or another. There is risk in making a day trade, and you should proceed with caution. However, it can be quite lucrative. Some day traders learn how to read the market and capitalize on low prices to make their investments count. It is helpful to think of day trading as an art to learn, and as risky as gambling. If you’re just getting started with investing, we don’t recommend starting day trading. But if you’ve had your hand in investments for a while now, you might want to try this form of investing.

If you want to get into day trading, having a great trader workstation platform can make all the difference in your success. Consider these 7 options and weigh them before deciding which trading platform you should go with.

Frequently Asked Questions (FAQs)

What are exchange-traded funds?

ETFs are like mutual funds in that they might include many different investments. Sometimes, they represent a certain sector or commodity.

What are penny stocks?

Penny stocks are typically stocks that cost under $5 to invest in.

What is margin trading?

Trading with a margin account means that you have borrowed money for trading.

What is short selling?

Short selling is selling an investment that you don’t actually own, hoping to be able to buy it at a lower price than you sold it in the near future.

What is the best day trading app?

In our experience, any of these 7-day trading brokers offer applications that stand out above the rest.

What is price volatility?

Volatility is just the movement of different stocks. So a more volatile stock would have more movement, and less assumed predictability and stability.

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ABOUT THE AUTHOR

Brenna Major
Brenna Major, BA
Business Content Writer & Editor
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Brenna is a finance editor who enjoys writing about entrepreneurial opportunities and personal finance tips. She graduated from Liberty University with a bachelor's degree in business and now helps small businesses market their products as a digital marketing consultant.

ABOUT THE REVIEWER

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
linkedin
Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.

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  2. Stock Market | Investor.gov. www.investor.gov. Accessed February 10, 2023. https://www.investor.gov/introduction-investing/investing-basics/glossary/stock-market
  3. SEC. SEC.gov | HOME. Sec.gov. Published February 5, 2017. Accessed February 10, 2023. https://www.sec.gov/
  4. Exchange-Traded Fund (ETF) | Investor.gov. www.investor.gov. Accessed February 10, 2023. https://www.investor.gov/introduction-investing/investing-basics/glossary/exchange-traded-fund-etf
  5. thinkorswim Trading Platform Suite | TD Ameritrade. www.tdameritrade.com. Accessed February 10, 2023. https://www.tdameritrade.com/tools-and-platforms/thinkorswim.html
  6. Day Traders | Interactive Brokers LLC. www.interactivebrokers.com. Accessed February 10, 2023. https://www.interactivebrokers.com/en/accounts/day-traders-landing.php

     

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