Best App For Day Trading In Canada 2024: Top 7 Picks & Reviews
Reviewed by Kristina Knight, Journalist , BA
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Day trading can be a lucrative and exciting profession, allowing you to make quick decisions based on market movements. Although it requires discipline and sound judgment, an app for day trading could help you become more successful in the markets.
As more Canadian investors see the value of mobile trading, there is an increasing demand for the best stock trading apps in Canada. Right now, there are plenty of trading platforms that provide access to the Canadian stock market. That’s why we have compiled a list of the top mobile apps to use. Let’s take a look!
What Is Day Trading?
Day trading is an investment strategy that involves buying and selling financial instruments, such as stocks, options, futures contracts, or other derivatives. The goal of day traders is to capitalize on short-term price movements in the markets. As such, professional day traders can identify opportunities quickly and act in a timely manner.
Best App For Day Trading Canada For 2024
- Questrade: Best Overall
- Qtrade: Best for Beginners
- TD Direct Investing: Best for International Stocks
- CIBC Investor’s Edge: Best Low Fees
- Wealthsimple Trade: Best No Fee
- Forex.com: Best for Forex Trading
- Interactive Brokers: Best for Experienced Traders
Things Should Know About Day Trading In Canada
Before getting started with day trading, there are a few things to take note of.
Trading Platform
A trading platform is an important tool for any day trader. It allows you to access real-time market data, place orders, and manage your portfolio. Most online brokers provide their own proprietary trading platforms, but there are also third-party solutions available.
Read more: Best Trading Platform In Canada For 2024
Trading Fees & Rules
Before you make your first day trade, it is important to understand the Canadian regulatory environment. In Canada, all trades must be reported to the Investment Industry Regulatory Organization of Canada (IIROC). This organization oversees all online brokerages in addition to enforcing strict rules and regulations that protect investors.
While there are several free stock trading apps available, some trading platforms in Canada may charge commission fees or other costs associated with your trades. Therefore, it is wise to research and compare different options before committing to one app for day trading.
Benefit Of Day Trading In Canada
Day trading offers many advantages to investors, such as:
- Low capital requirements: Day traders can get started with a small amount of money and leverage their capital to make larger trades. Many stock trading apps offer low to no minimum balance.
- Accessibility: With the right technology, day traders can access various markets from anywhere in the world and make trades at any time of the day or night.
- Faster profits: Since day trading is based on short-term price movements, it’s possible for investors to make quick profits without having to wait for long-term investments like stocks or bonds to appreciate in value over time.
Top 7 Best App For Day Trading In Canada For April 2024
Questrade
Questrade is one of Canada’s longest-running discount brokerage platforms, having been around for more than 20 years. Its relatively low fees and access to various assets and accounts make it a popular choice for day traders. The QuestMobile app also allows you to monitor real-time stock quotes and market data while on the go.
- Commision-free ETFs
- Low fees
- Wide range of assets and accounts
- $1,000 minimum investment
- $01 per share for stocks and ETFs to sell
With Questrade, you can trade in stocks, ETFs, options, bonds, and mutual funds. This Canadian day trading platform also provides margin accounts, Registered Retired Savings Plans (RRSPs), and Tax-free Savings Accounts (TFSAs).
Forex trading and contracts for differences (CFDs) are also available through a separate platform. Lastly, this is one of the few trading apps that provides access to IPOs and precious metals purchases.
When it comes to fees, Questrade stands out for its low commissions on stock trades ($4.95) as well as options contracts ($9.95 +$1 per contract). This makes it an ideal platform for active traders looking to save money on transaction costs.
In addition, the platform has an advanced mobile app which makes it easy to trade on the go. Questrade’s mobile app allows users to view real-time quotes, manage their portfolios, and set up price alerts. The app also includes a range of educational materials to help traders improve their skills and become more profitable.
Questrade is a registered investment dealer, and it is a member of the IIROC and the Canadian Investor Protection Fund (CIPF), so you can rest assured that your money is secure.
Qtrade
Qtrade is also one of the most recommended Canadian trading platforms, since it offers an array of services to both beginner and experienced day traders. Qtrade provides low-cost trading, access to thousands of markets, advanced order types and execution options, and comprehensive research tools.
- Low trading platform fees
- User-friendly interface
- Excellent customer support
- No credit card or e-wallet payment options
- No forex trading
- Only accessible in Canada
For those just starting out in day trading, Qtrade has a user-friendly interface that makes it easy to get started quickly. The trading app also offers helpful educational resources such as webinars, articles, and tutorials to learn the basics before entering the market.
If you need assistance or have questions about how to use the platform or make trades, there is a responsive customer service team available to help.
For more advanced traders, Qtrade offers access to Canadian and US markets, plus order types that can be used to take advantage of market movements. This includes options such as limit orders, stop orders, and trailing stops, so you can automate your trading strategy or get in and out of positions quickly when needed.
Qtrade also has an extensive research center that includes technical analysis tools as well as fundamental information about different asset classes which makes it easy for traders to make informed trading decisions. Moreover, Qtrade allows you to create watchlists and set price alerts, so you can easily stay up-to-date on the markets.
TD Direct Investing
TD Direct Investing is one of the more expensive options on this list of the best Canadian day trading platforms. However, it is owned by one of the most trusted banks in the country, Toronto-Dominion Bank.
This trading app provides a full suite of investment services. Whether you want to trade stocks, ETFs, mutual funds or other investments such as options and bonds, this stock trading app has you covered.
- Best for TD Bank users
- Can trade international stocks
- Impressive speeds
- High trading fees
- High quarterly account maintenance fees
TD Direct Investing has some of the highest fees among online trading platforms. The commissions are $9.99 per online equity trade ($7 for active trader pricing), and there is an additional fee of up to $1.25 per option contract. In addition, they charge a quarterly inactivity fee of $25 if you don’t make at least one trade every quarter, so it’s important to be active with your trades, or these fees can quickly add up.
The platform provides access to both Canadian stocks and international stocks, allowing traders the opportunity to diversify their portfolios. This includes major stock exchanges like NYSE, NASDAQ, and TSX Venture Exchange, as well as international indices such as S&P 500, Dow Jones, and FTSE 100.
TD Direct Investing is one of the best day trading platforms, as it was built to be fast and reliable. You can expect order execution times as low as 0.05 seconds – perfect for day traders who need to act quickly on opportunities in the market.
CIBC Investor’s Edge
CIBC Investor’s Edge is another one of the popular online trading platforms in Canada, offered by the Canadian Imperial Bank of Commerce (CIBC). It allows investors to trade stocks, mutual funds, and options, as well as access global markets.
The stock trading app offers a wide range of features for day traders, including real-time streaming quotes and charts, advanced order types, portfolio tracking tools, and integrated research from CIBC Capital Markets.
- Low trading fees
- Full range of accounts and securities
- No account minimum
- Some accounts have annual fees
- $100 annual maintenance fee
CIBC Investor’s Edge offers several features that make it attractive for day traders. First, it has some of the lowest trading fees in the industry, with no minimum balance requirement or annual fee for active accounts. This makes it ideal for people who want to maximize their profits with minimal costs.
Second, it offers a wide variety of investment options, including stocks, ETFs, mutual funds, and bonds. This gives day traders the flexibility to choose the best investments for their trading strategies.
Third, CIBC Investor’s Edge has advanced trading tools, like real-time quotes and market data analysis, that make it easier to track your investments and stay on top of trends in the stock market. This is essential for successful day trading as you need to be able to react quickly when markets move.
Wealthsimple Trade
Wealthsimple Trade is a mobile trading platform developed by Wealthsimple, a leading online financial services provider. The platform allows users to buy and sell stocks, ETFs, and options in real time with no commissions.
In addition to providing users with a powerful and convenient way to manage their investments, Wealthsimple Trade also provides valuable resources such as research tools to help them make informed decisions.
- $0 commission on ETFs and stocks
- No account minimums and monthly fees
- User-friendly interface
- Lack of account options
- Limited investment options
One of the most attractive features of this stock trading platform is its user-friendly design which makes it easy for even novice investors to get started quickly. The app’s intuitive navigation allows users to quickly find the markets they are interested in and begin trading. It also features a search bar that makes it simple to find specific stocks and ETFs, as well as helpful filters to narrow down their choices.
Wealthsimple Trade is perhaps the best day trading platform for commissions and fees because it does not charge any commissions or fees when you trade on their platform. This makes it an ideal choice for those who are new to day trading and want to start with a low-risk, cost-effective platform.
For day trades, you can take advantage of the fast execution speed and comprehensive research tools. The trading app provides real-time data on the markets, which allows users to react quickly to changing conditions.
There are also advanced charting capabilities that can help investors identify key trends in the market so they can make more informed decisions about when and where to invest their money.
Forex.com
Forex.com is an online trading platform that provides traders access to foreign exchange (Forex) markets. It offers a wide range of features and services for both novice and experienced traders who are looking to enter the Forex market.
- Offers FX pairs and CFDs
- Lots of educational tools
- Advanced trading tools
- $15 inactivity fee
- Platform maintenance needs improvement
The company’s main advantage lies in its comprehensive suite of tools, which include advanced charting, real-time data and news feeds, research reports, automated trading systems and more. Its platforms have been designed with usability in mind, so they are easy to navigate even for beginners.
In terms of trading fees, Forex.com is highly competitive when compared to other online brokers in Canada. It offers low spreads and commissions, as well as no minimum deposit requirements for opening an account.
For day traders looking to take advantage of short-term market movements, Forex.com provides a range of tools to facilitate this type of trading strategy including high leverage levels with tight spreads, advanced charting capabilities, and a range of order types.
The platform also has numerous risk management features such as guaranteed stop-loss orders, trailing stops, and automated trading systems that can help traders manage their positions more effectively.
Interactive Brokers
Interactive Brokers (IB) is the only online brokerage that provides almost all of its features in its browser version in its mobile app too. It offers a wide range of investment services, including day trading, options trading, mutual funds, fixed income investments, and more. It is more suited to experienced day traders.
- Highly technical tools
- Low commissions
- Encourages sustainable trading
- Mobile app is not user-friendly
- Not for beginners
IB offers a range of tools to help traders make informed decisions about their investments. Their Trader Workstation platform provides access to real-time news and market data, as well as powerful analytical tools such as backtesting and charting.
They also offer an API that allows customers to build custom trading systems that can be integrated into their accounts. This makes it possible for experienced traders to develop sophisticated strategies with minimal effort.
In addition, Interactive Brokers has one of the best customer service teams in the industry. They are available 24/7 by phone or email and are always willing to answer any questions or concerns traders may have.
Final Thoughts
Day trading requires the right tools to be successful, and different online stock brokers offer different features. It’s important to find the best stock trading app that suits your trading needs and preferences, whether you are a beginner or experienced investor.
Frequently Asked Questions (FAQs)
A trading account is an online platform that allows you to buy and sell securities such as stocks, bonds, ETFs, and mutual funds. You need this account to be able to trade on the stock market.
A brokerage account is an investment account held at a broker-dealer firm. It allows you to invest in the markets by buying and selling stocks, bonds, ETFs, mutual funds, options contracts etc., depending on what your broker offers.
It is the total dollar amount of each trade. This includes both the purchase cost of stocks and other securities and any associated fees (e.g., commission).
They are investment accounts that do not offer tax advantages. These accounts can hold various investments such as stocks, bonds, ETFs, mutual funds, and other securities.
Most online trading platforms require a fee to use their services. However, there are some free stock trading apps available in Canada. For example, Wealthsimple Trade offers commission-free trades and no account balances.
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+ 7 sources
Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.
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