Top 6 Best Stock Trading App Canada In 2024: Picks And Reviews

Now that more than 30 million Canadians are using smartphones, mobile apps are being produced in droves – and not just for social media, but for a variety of purposes, including trading stocks.

While many people still prefer the old-fashioned way of meeting with a financial advisor to discuss their options, more and more Canadians are choosing to manage their own finances using mobile apps. But can these stock trading apps be trusted? How can you know which ones are the best?

Here are some things to look for when choosing a trading app, as well as our top 6 picks for the best stock trading apps in Canada.

Top 6 Best Stock Trading App Canada 2024

How To Pick An Suitable Trading App In Canada?

When searching for your ideal trading app, it isn’t as simple as just Googling “best trading app.” You need to make sure that the app you’re using is compatible with both your investment goals and strategies, as well as your risk tolerance.

Here are some factors you should consider when looking for a trading app:

• Does the app allow you to trade the type of securities you want? For example, if you want to trade both stocks and EFTs, you’ll need to make sure the app supports that.
• Is the app compatible with your mobile device? Some apps might be offered on Android but not iOS and vice versa.
• What is your experience level? Beginners will want an app with a user-friendly interface and clear instructions, while more experienced investors might prefer an app with more bells and whistles.
• What are the fees associated with using the app? Some apps will charge you per trade while others will charge a monthly or annual fee.
• Does the app offer any other features that appeal to you? For example, some apps offer real-time quotes while others allow you to set up price alerts.

Then there are extra considerations that aren’t crucial but still matter – like free signup rewards, customer service availability, and the app’s overall design.

How Is The Trading Market In Canada?

So, you know how to choose an app – but is it even worth your while? Canada’s return rates have fluctuated yearly, as with any stock exchange; however, the long-term average annual return between 1960 and 2020 was 9.3%. TSX is one of the largest stock exchanges in the world, focusing on natural resources and energy.

In terms of trading, there are plenty of apps and services specific to Canada that make the process easy. And with the recent surge in online trading, there’s been an overall increase in the number of people trading stocks.

Top 6 Best Stock Trading App In Canada April 2024

Wealthsimple Invest

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If you are already a Wealthsimple customer, their Canadian stock trading app is a smooth transition from browser to mobile. You can easily access all of your portfolio information, set alerts on your stocks, and begin trading with just a few taps. 

The app’s aesthetic UI is certainly one of its major selling points. No one wants to trade using a platform that is difficult to navigate or visually unappealing. The Wealthsimple app is sleek and well-designed, which makes the process of trading less daunting for first-time investors.

• No annual fees or minimum spends
• Open RRSPs and TFSAs within the app
• Easily filter by markets and categories
• Earn 1% back on every dollar

• Large deposits take days to process
• Analytics less detailed than other apps

Wealthsimple is known for its polished aesthetic and trader-friendly features. It was the first commission-free trading platform in Canada; making trading affordable remains one of the company’s stated goals, where its competitors charge up to $10 per trade. 

The Wealthsimple Trade app came out in 2019 and has since been consolidated into Wealthsimple Invest, an all-encompassing investment and stock trading app for Wealthsimple clients.

Wealthsimple Invest has great features like:

• Instant deposits: Up to $5000 can be deposited to your trading account upfront. ‘Plus’ members can deposit up to $25,000, giving you excellent flexibility.
• Bonus returns: Get 1% from every dollar you spend and put it toward other stocks or investments.
• Real-time quotes and alerts: Know what’s happening with your stocks at all times by asking for real-time quotes. You can also set up alerts to notify you of changes or fluctuations.
• Simple views: See all of your accounts, portfolios, EFTs, and self-directed investments in one place.

QuestMobile

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On the whole, QuestMobile is considered by many Canadians to be the smoothest and most comprehensive mobile trading experience available – and it’s only getting better with each update.

QuestMobile’s true selling point, apart from its simple views and interface, is the ability to get real-time quotes on stocks and EFTs. This feature can mean the difference between making a profitable trade and missing out on an opportunity.

It’s also worth noting that QuestMobile and the Questrade online trading platform use bank-level security measures to protect your data, so you can rest assured that your information is safe

• Watchlists and news updates keep you in the loop
• View your Questwealth portfolio in seconds
• Get snap quotes in real-time on stocks and EFTs
• The learning mode helps you improve your trading

• Runs slow at times

Questrade has long been considered one of the best online brokers in Canada. With the release of their app QuestMobile in 2021, users are now able to access all of their trading data in a few convenient taps – and the reviews so far have sat comfortably within the 3-4 stars range. 

QuestMobile uses biometric login for a simple yet secure entry to your account. Its smooth interface mimics the browser aesthetics of Questrade, but with mobile-optimized UI; you can view all of your accounts from a single screen and receive convenient alerts on your watchlist items.

QuestMobile’s highlight features include:

• Learning mode: Beginner traders may find it hard to understand analytics and trading terms, and active traders still need assistance from time to time. QuestMobile has a dedicated learning mode with highlights and definitions so you can learn on the go.
• Snap quotes: Get quotes on the stocks and EFTs you want in real-time, so you can make informed decisions about your trades.
• Watchlists and notifications: Stay up to date with the latest news by adding stocks to your watchlist. You can also set up notifications for when specific conditions are met, such as price changes or volume increases.

MogoTrade

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It’s rare to find a no-fee commission free trades app; however, MogoTrade pulls it off while still being one of the best Canadian stock trading apps. Simply pay below-average FX fees of 0.75%. 

While the app is still being rolled out and some features are not yet available to all users, the app’s design and focus on sustainability make it one to watch.

• Specializes in stocks and EFTs
• Real-time data on stocks
• Zero commissions and trading fees
• Green investing ethos

• Not available in Quebec
• Limited research tools

The trading world can get repetitive at times, but MogoTrade breaks up the monotony with its cutting-edge design and forward-thinking green initiative. Trading with MogoTrade puts money toward replanting Canadian rainforests – an appealing prospect for many sustainable-minded investors. 

MogoTrade only supports stock and EFT trading, which can be limiting for some Canadian investors; however, it stands out as a top Canadian stock trading app.

MogoTrade’s stand-out features include:

• Free stock trading app: Pay zero commission on all trades, forever. The app has no brokerage account fees and there is only a 0.75% FX fee.
• Identity fraud protection: As a Mogo member, you’ll get free fraud protection and will be notified immediately if there’s any activity on your credit file.
• Live-stream prices: Watch your stocks rise and fall in the moment with real-time data.
• Sustainable investing: Trees are planted in the Canadian rainforest as more stocks are traded. The company hit its 1 million tree milestone in April 2022.

Qtrade Direct Investing

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It isn’t uncommon for new traders to use this stock trading app, as Qtrade is known for its simplicity. If you are a more experienced trader, however, you may grow frustrated at this app’s lack of in-depth analysis.

There are also reports of unexpected admin fees both while you are using the app and after you close your account, which is troublesome. Qtrade is a decent app for beginners but may not be suitable for more experienced and active traders.

• Low trading fees
• Fast customer service
• Simple layout
• Links with Credit Union

• Lacks in-depth views
• Unexpected admin fees

The Qtrade stock trading app is generally known for its simple design and high security. It’s a basic app compared to other more complex ones on this list, making it ideal for beginner investors; quickly view your stocks and their performance, and get real-time quotes on them. You can also set up price alerts. The Qtrade app is available for both iOS and Android devices.

Its stand-out features include:

• Research and ratings: Get high-quality information about the stocks you’re interested in.
• Simple dashboard: See vital information like market value, top equity movers, and portfolio allocation, all in one place.
• Watchlists: Follow the stocks you’re interested in and get real-time quotes on them.
• Convenient transfers: Easily transfer money to and from your Qtrade account.

Interactive Brokers

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It is said that the IBKR stock trading app is almost identical to the browser version, which is a positive in some ways but also a negative; you’re getting the full set of features, but the number of navigation points can be overwhelming, laggy, and confusing.

That’s why this stock trading app is most loved by experienced and active traders who know their way around the market and don’t struggle with added complexity.

• Technical tools for advanced trading
• Ideal for global and international traders
• Low commission compared to others
• Encourages sustainable trading

• ??Not the best for beginners
• The app can feel clunky

To the experienced investor, Interactive Brokers is a well-known and loved stock trading app for its in-depth analytics and breadth of investment options. Users can trade across 150 markets for options, futures, stocks, crypto, and more. 

While beginners may find this app intimidating, it is a solid top-tier app for those who have been around the investment block and know what they are looking for.

IBKR app’s standout features include:

• SmartRouting? technology: This tool dynamically finds the best prices and re-routes your order for optimal fill prices.
• Real-time scanners and alerts: Get live updates on market conditions so you can make informed decisions.
• In-depth market analysis and research: Stay on top of the market with extensive news, analysis, and data.
• IBot: Find the information you need by asking IBKR’s AI bot for specific stocks. For instance, “Find top US energy stocks with price below 10”

CIBC Mobile Wealth

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Something to note about CIBC Investor’s Edge is that young investors (18 to 24 years old) receive free trades on stocks and EFTs. That’s why we’ve identified it as the best choice for beginners and students; the interface is straightforward and young people trade for free.
While CIBC is not known for its customer service, it does offer a wide range of trading options including stocks, options, mutual funds, and ETFs. For those already familiar with CIBC’s online banking system, this app will be very straightforward to use.

• A seamless experience for CIBC clients
• Low trading fees
• Wide range of trading options
• High user ratings

• Fees associated with low-balance accounts
• Poor customer service

CIBC is one of the largest banks in Canada, and its CIBC Investor’s Edge trading platform is popular among existing clients. The CIBC Mobile Wealth app hosts both your CIBC account info and your CIBC Investor’s Edge details in one handy spot.
This is a logical choice for those wanting to invest within a banking environment; it’s also on the lower-priced end of the full-service online brokerage spectrum.

The highlight features of CIBC Mobile Wealth include:

• Automatic deposits: If you are a CIBC client, you can set up automatic deposits from your CIBC bank account into your CIBC Investor’s Edge account on the Mobile Wealth app.
• Competitive rates: Where a standard trade price sits at around $9.95, CIBC Investor’s Edge charges $6.95 per trade. It is a free stock trading app for young people.
• Extensive research: The app provides access to over 50 data columns, as well as high-quality research.

What to Consider to Using a Trading App In Canada?

As you can see, there are many excellent stock trading apps out there for trading – but that does not automatically mean you should use one. It’s best to properly think about your needs and objectives before using a trading app. 

For instance:

• Do you need to check your stocks on the go? If you only log on once a month to check on your progress, the in-browser versions of most trading platforms will suffice.
• How much money do you want to trade with? Some stock trading apps have a minimum account balance as high as $5,000.
• Are you a beginner or an expert trader? Novice investors may find the feature set and chatrooms of more advanced trading platforms overwhelming. 
• What asset types do you want to trade? If you’re only interested in stocks, there’s no need to sign up for a platform that also supports options, futures, and Forex trading.
• What’s your budget? Trading platforms make their money by charging trading fees – usually a commission on each trade, or a monthly/annual subscription fee.

Once you’ve considered these factors, you’re ready to start looking for the best stock trading apps in Canada for your needs.

How to Buy Stocks in Canada?

It can be daunting to figure out how to buy stocks in Canada, especially if you’re new to the game. But with the right trading app and instructions, you can be up and running in no time.

Step 1: Registration

Before you can start trading, you need to set up an account with a Canadian broker. You will be asked for some personal information, like your name, address, email, and phone number. The broker will also ask for your Social Insurance Number (SIN).

Most brokers will require you to open up an account with a minimum deposit, which can be anywhere from $100 to $1,000. 

Step 2: Demo Account

Once you have registered for an account, you will be given the option to set up a demo account. A demo account is a great way to test out the trading platform and get a feel for how it works without risking any real money. 

Step 3: Link Bank Account and Transfer Funds

Now it’s time to link your bank account to your brokerage account so you can start transferring funds. Depending on the broker, this process can be done online or over the phone. 

Step 4: Create a Watchlist

A watchlist is a list of stocks that you are interested in buying. You can add stocks to your watchlist manually or you can set up alerts so that you will be notified when the stock reaches a certain price. 

Step 5: Choose a Stock from the Watchlist and Make a Purchase

Wait until the stock price is at a level that you are comfortable with and then make your purchase. When you are ready to buy, you will need to enter the ticker symbol, the number of shares you want to buy, and your order type. 

There are two types of orders: market orders and limit orders. A market order is an order to buy or sell stocks at the current market price. A limit order is an order to buy or sell a stock at a specific price. 

It’s important to monitor your portfolio so you can make adjustments as needed. You will want to keep an eye on the stock price and the volume (the number of shares traded). 

Final Thoughts

Ready to start trading stocks in Canada? With the right trading app, you can start buying and selling stocks quickly and easily.

The best stock trading apps will offer a user-friendly platform, a wide range of features, and helpful customer support. And don’t forget to take advantage of demo accounts so you can practice before putting any real money on the line.

As of this posting, our top pick for the best stock trading app in Canada in 2022 is QuestMobile, closely followed by Wealthsimple. Both stock trading apps offer a great user experience, and a wide range of features, and are suitable for beginner and active traders alike.

While some apps didn’t make our top 6 list – like TD Direct Investing, or RBC Direct Investing – these apps still deserve special mention for their great client reviews and overall effectiveness.

Frequently Asked Questions (FAQs)