If you will be doing a lot of trading from your mobile device, it is important to choose a discount brokerage that has an excellent mobile application. Most Canadian discount brokerages offer a mobile app for their platforms.
A survey by Investment Executive found that 64% of discount brokerage clients do not use the mobile app offered by their firm. Of the same people surveyed, only 31% completely understood their firm’s mobile services.
Keep in mind that the best stock trading app may vary from investor to investor. Canadian discount brokerages come with their strengths and weaknesses, which will transfer over to their mobile applications.
I will take a look at the best stock trading mobile apps in Canada further below and help you to choose the best one for you.
| Image | Product Title | Features | Price |
|---|---|---|---|
Best Overall  |
| Sign Up Here | |
Best for Pros  |
| Sign Up Here |
Criteria to Consider when Choosing a Trading App
When trying to determine which trading app is best, I look at several factors:
- User reviews/ratings: how high ratings are for an app, as well as how positive reviews are on both the Apple App Store as well as the Google Play Store.
- Trading commissions: trading costs that are charged per trade and/or based on shares or options contracts.
- Account variety: the variety of account types that a brokerage has available.
- Asset class variety: how broad the range of investments offered by the brokerage is.
- Account opening minimum: whether a minimum deposit is required to open an account.
- Account Fees: fees outside of trading commissions.
8 Best Stock Trading Apps in Canada
1. Wealthsimple Trade: A Highly-Rated App with Commission-Free Trading
Wealth Awesome Score: 9/10
- User reviews & ratings: high
- Apple App Store Rating: 4.7 out of 5
- Google Play Store Rating: 4.4 out of 5
- Trading commissions: zero
- Account variety: low
- Asset class variety: low
- Account minimum: no
- Account fees: low
Do use Wealthsimple Trade if: You are looking for an excellent mobile app and value zero-commission trading of stocks and ETFs.
Do not use Wealthsimple Trade if: If you want to trade options, mutual funds, or fixed income.
Wealthsimple Trade takes the number one spot on my list since it has a very highly-rate mobile app while also offering zero-commission trading of stocks and ETFs. The mobile application is very intuitive and easy to use.
The brokerage’s mobile app has excellent ratings on both Apple’s App Store as well as the Google Play store, relative to other Canadian brokerages.
Although stock and ETF trading is commission-free, you will have to be careful with the platform’s 1.5% conversion fee when switching between Canadian dollars and US dollars.
This can be partially avoided by signing up for a Wealthsimple Trade Plus account, which allows you to hold US dollar accounts. The subscription for Wealthsimple Trade Plus costs $10 per month.
In terms of account variety, Wealthsimple Trade has very few options relative to peers. Wealthsimple Trade currently offers:
- Non-registered personal accounts
- Registered Retirement Savings Plans
- Tax-Free Savings Accounts
Wealthsimple Trade currently only allows clients to trade stocks and ETFs on Canadian and US exchanges. You will not be able to trade other asset classes or international stocks or securities.
The brokerage comes with low account fees relative to peers in Canada.
Make sure to read my Wealthsimple Trade review for a full overview of the platform.
- Save on trade commissions when trading Canadian or US stocks and ETFs
- High mobile app ratings with a simple-to-use platform
- No account minimum
- Limited types of accounts that can be opened
- Trading is restricted to only Canadian and US stocks and ETFs
- High currency exchange fees
2. Interactive Brokers: A Decently-Rated App for Seasoned Investors
Wealth Awesome Score: 8.5/10
- User reviews & ratings: medium
- Apple App Store Rating: 2.6 out of 5
- Google Play Store Rating: 4.4 out of 5
- Trading commissions: very low
- Account variety: good
- Asset class variety: good
- Account minimum: no
- Account fees: medium
Do use Interactive Brokers if: You are a seasoned investor that is looking for a low-cost, professional platform.
Do not use Interactive Brokers if: You are a newer investor looking to only trade Canadian or US stocks and ETFs.
Interactive Brokers comes in second place on my list. The platform is tailored to more seasoned traders or investors and comes with an abundance of tools and resources to help you grow your wealth.
The brokerage’s mobile app has decent ratings on both Apple’s App Store as well as the Google Play store, relative to peers.
Trading through Interactive Brokers is charged on a volume basis – $0.008 per share or unit for stocks and ETFs (with a minimum trade commission of $1 and a maximum commission of 0.5% of the trade’s value). These commissions decrease even further if trading high volumes of shares (over 300,000 shares per month).
In terms of account variety, Interactive Brokers offers a good account selection. The platform offers
- Non-registered accounts
- Trust accounts
- Tax-Free Savings Accounts
- Registered Retirement Savings Plans
- Spousal RRSPs
Interactive Brokers offers a vast range of investments that are accessible through its platform. These include, but are not limited to:
- Stocks
- ETFs
- Options
- Futures
- Warrants
- Fixed Income
- Mutual Funds
- Structured Products
- Currencies
The brokerage comes with fairly average account fees relative to other discount brokerage peers in Canada.
Be sure to take a look at my Interactive Brokers review for a full overview of the platform.
- Low trading commissions
- Platform tailored for professional investors and traders
- Wide variety of asset classes
- No account opening minimum
- May be intimidating for newer investors
- Mobile app reviews are fairly average
- Average account fees
3. Desjardins Online Brokerage
Wealth Awesome Score: 8/10
- User reviews & ratings: medium
- Apple App Store Rating: 2.9 out of 5
- Google Play Store Rating: no reviews
- Trading commissions: zero for stocks, ETFs, and most mutual funds, average for other investments
- Account variety: good
- Asset class variety: good
- Account minimum: $1,000
- Account fees: medium
Do use Desjardins Online Brokerage if: You are looking for a decently-rated mobile app and value zero-commission trading of stocks, ETFs, and mutual funds.
Do not use Interactive Brokers if: You are looking to trade options or can’t meet the $1,000 account opening minimum
Desjardins Online Brokerage is a close third on my list, having a decently-rated mobile app while also offering commission-free trading for stocks, ETFs, and mutual funds. The brokerage’s mobile application is intuitive and quick to pick up for new investors.
The brokerage’s mobile app does not have any ratings on the Google Play Store and has an average rating on the Apple App Store.
Although the brokerage offers commission-free trading for stocks, ETFs, and mutual funds, make sure to be aware of the various fees that the platform charges. These include inactivity fees, as well as hefty administration fees for registered accounts, unless certain conditions are met.
Desjardins Online Brokerage has excellent account-type support, allowing clients to open most account types available in Canada.
The platform also supports the trading of most investment types, including:
- Canadian and US stocks
- North American options
- Structured notes
- IPOs
- Mutual funds
- Fixed income
- GICs
Desjardins Online Brokerage comes with slightly above-average general account fees.
I provide a Desjardins Online Broker review for full coverage of the platform and its features.
- Zero-commission trading of stocks, ETFs, and mutual funds
- Great account and investment asset class support
- Decently-rated mobile application
- Account opening minimum of $1,000
- Various account fees and administrative fees
- Lack of competitiveness for options trading
4. Questrade
Wealth Awesome Score: 7.5/10
- User reviews & ratings: low
- Apple App Store Rating: 1.7 out of 5
- Google Play Store Rating: 2.1 out of 5
- Trading commissions: below average
- Account variety: good
- Asset class variety: good
- Account minimum: $1,000
- Account fees: medium
Coming in fourth place is Questrade, a popular non-bank brokerage in Canada offering below-average trading commissions. The brokerage’s mobile application is simple to use but has received fairly poor reviews and has had periods of downtime during difficult market conditions in the past.
Questrade’s mobile app has a lot of downloads, ratings, and reviews on both the Google Play store as well as Apple’s App Store.
Questrade offers below-market trading commissions across most investment asset classes. Signing up for an advanced market data package reduces these trade commissions further, making the platform extremely price-competitive.
Questrade has great account support, allowing investors to open most Canadian account types.
The platform supports the trading of almost all major investment asset classes:
- Stocks
- ETFs
- Options
- Foreign exchange
- IPOs
- Fixed income
- Precious metals
Questrade comes with fairly average overall account and administrative fees.
My Questrade review covers the platform in much more detail – be sure to take a look.
5. Qtrade
Wealth Awesome Score: 7/10
- User reviews & ratings: low
- Apple App Store Rating: 1.6 out of 5
- Google Play Store Rating: no reviews
- Trading commissions: below average
- Account variety: good
- Asset class variety: good
- Account minimum: no
- Account fees: low
Another great discount brokerage to consider using in Canada is Qtrade. Qtrade’s mobile application has fairly low reviews, but the platform offers investors below-market trading commissions, the ability to trade over 100 ETFs and mutual funds without commissions, as well as a large number of resources and tools.
Qtrade’s mobile app has low ratings on the Apple app store and no reviews on the Google Play store.
Qtrade also offers below-market trading commissions with the ability to decrease commissions further if you are an active trader (or have over $500,000 in assets with the platform).
One of Qtrade’s key strengths is its excellent customer support.
Qtrade offers decent account support, allowing you to open most of the different Canadian investment account types. The brokerage also allows for the trading of most investment asset classes.
The brokerage comes with below-average account fees relative to other Canadian discount brokerages.
I have also put together a Qtrade review that offers additional insights into the platform.
6. CIBC Investor’s Edge
Wealth Awesome Score: 6.5/10
- User reviews & ratings: medium
- Apple App Store Rating: 3.6 out of 5
- Google Play Store Rating: 3.3 out of 5
- Trading commissions: average
- Account variety: good
- Asset class variety: good
- Account minimum: no
- Account fees: average
When it comes to major bank discount brokerages, these platforms tend to be uncompetitive when compared to independent brokerages. This is because banks are able to direct a significant amount of prospects to their brokerage and do not necessarily have to be cost leaders.
CIBC Investor’s Edge is the discount brokerage of CIBC bank. CIBC’s mobile app (CIBC Mobile Wealth) has fairly average reviews on both the Apple App Store as well as the Google Play store. The brokerage charges lower trade commissions than most major bank discount brokerages.
CIBC Investor’s Edge’s trading commissions decrease even further if you are placing more than 150 trades per quarter. The platform has excellent account support and allows for the trading of most investment asset classes.
The brokerage’s fees are fairly average and in line with the fees charged by other major bank brokerages.
I thoroughly cover the platform in my CIBC Investor’s Edge review.
7. Scotia iTrade
Wealth Awesome Score: 6.5/10
- User reviews & ratings: high
- Apple App Store Rating: 4.2 out of 5
- Google Play Store Rating: 2.8 out of 5
- Trading commissions: high
- Account variety: good
- Asset class variety: good
- Account minimum: no
- Account fees: average
Scotiabank’s iTrade platform is another decent choice to consider as a trading app.
The brokerage’s mobile application is rated very high on the Apple App Store (where the majority of the reviews are) but lower on the Google Play store (fewer reviews).
Scotia iTrade’s trading commissions are high unless you are considered an active trader, placing more than 150 trades per quarter. The platform supports most Canadian investment account types as well as a wide range of investment asset classes.
8. BMO InvestorLine
Wealth Awesome Score: 6/10
- User reviews & ratings: average
- Apple App Store Rating: 1.6 out of 5
- Google Play Store Rating: 3.8 out of 5
- Trading commissions: high
- Account variety: good
- Asset class variety: good
- Account minimum: no
- Account fees: average
The last stock trading app on my list is offered by BMO. BMO InvestorLine is the bank’s discount brokerage, allowing you to manage your investments.
BMO InvestorLine has fairly average reviews when looking at both the Apple App Store and the Google Play store (averaged between the two).
The brokerage charges some of the highest trading commissions in Canada, without discounted rates for frequent traders. The platform supports most Canadian investment account types as well as a wide range of investment asset classes.
Frequently Asked Questions
Which Stock App is best for Beginners in Canada?
Most stock applications are fairly intuitive to use and should not be too daunting for beginner investors. The only exception here is Interactive Brokers’ application, which is designed to appeal to more seasoned investors or traders.
Can Canadians use Robinhood?
Robinhood is not currently available in Canada. Wealthsimple Trade is a similar alternative to Robinhood that Canadians are able to access.
How can I Trade Stocks for Free in Canada?
Commission-free stock trading is becoming more common among discount brokerages. Brokerages that allow you to trade stocks for free in Canada include Wealthsimple Trade, Desjardins Online Brokerage, and National Bank Direct Brokerage.
Conclusion
When taking into account my list of criteria for the best stock trading app in Canada, Wealthsimple Trade comes out on top as the best platform for most Canadian investors.
If you are a more seasoned investor that is looking to invest in or trade a wide variety of investment asset classes, Interactive Brokers is a close second place.
Most of the major bank discount brokerages fall short in terms of features (sometimes as well as in terms of ratings and reviews), making them difficult to recommend as top stock trading applications.
If you are a newer investor, be sure to read my guide on how to start investing in Canada.
In the Desjardins Section, you state
“Do not use Interactive Brokers if: You are looking to trade options or can’t meet the $1,000 account opening minimum”
The reference to Interactive Brokers appears to be an error.
Which brokerage (desktop or modile app) offers the lowest commissions for trading bonds? The $25 commission for bond trades on Scotia is high relative to the intested paid.
Thank you,
Martin Forbes
Hey Martin, thanks i fixed the typo. Check out Questrade, their website states commission free bond trades.