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With nearly every adult in Canada now owning a mobile device like a smartphone or tablet, the world of trading has become more accessible than ever. This surge in mobile adoption has sparked a wave of innovative trading apps, designed to be both user-friendly and cutting-edge. Today, traders can manage their investments seamlessly on the go, without the need for traditional desktop platforms.
In this guide, we highlight the top stock trading apps in Canada that make trading global shares a breeze, whether you’re at home or on the move. To help you get the most out of your trading journey, we’ve focused on apps that offer top-notch tools and features. With so many options available, our curated list highlights the best choices, ensuring you can trade confidently and efficiently.
In a Nutshell
- Trading stocks in Canada involves risks. Traders must always conduct thorough market research before starting your trading journey.
- There are hundreds of stock trading apps Canada. Compare the best options like the ones we have recommended here. Evaluate various elements to make a suitable choice.
- The regulatory status of a trading app in Canada is crucial to ensure the safety of your funds. Therefore, prioritize apps that are licensed and regulated by the Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA).
- Never trade stocks with funds you are not comfortable losing. Even professional traders have their bad days.
- As a beginner, start by learning how the stock market works. Use demo accounts offered by trading apps to test your skills before risking real money.
- As professionals in the online trading space, we leave no stone unturned in our research. We conduct thorough market research and test hundreds of stock trading apps before making recommendations.
- Remember, stock trading is taxable in Canada. Familiarize yourself with the tax implications before committing to a broker.
List of the Best Stock Trading Apps
- AvaTrade – Overall Best Stock Trading App in Canada
- Interactive Brokers – Best Stock Trading App For Professional Traders in Canada
- XTB – Cheapest Stock Trading App in Canada
- Saxo – Top Trading App in Canada With a Wide Range of Stocks
- Forex.com – Beginner-Friendly Stock Trading App in Canada
Compare Stock Trading Apps in Canada
Coming up with our recommendations list above was not easy. We embarked on extensive market research to identify as many stock trading apps in Canada as possible. We spent many hours testing and comparing them to shortlist the top options that met our criteria.
Our research process went further by examining user feedback on platforms like Google Play, Trustpilot, and the App Store. This helped us gain a comprehensive view of each broker’s performance based on real user experiences. By blending our detailed testing with genuine user testimonials, we ensure our recommendations are both thorough and impartial.
Check out our comparison table below to see the key features that influenced our selection of the top forex trading apps. Since each trader has unique needs, comparing these features will help you find the app that best suits your requirements.
| Best Stock Trading App CA | Licence | Support Service | Software | Payment | Demo Account |
|---|---|---|---|---|---|
| AvaTrade | FCA, CySEC, ASIC, CIRO, FSCA | 24/5 | MT4, MT5, AvaSocial, DupliTrade, AvaOptions, AvaTradeGO | Bank transfers, e-wallets, credit/debit cards | Yes |
| IBKR | FSA, FCA, ASIC, FINRA, CIRO | 24/5 | Trader Workstation, IBKR Mobile, IBKR EventTrader, IBKR GlobalTrader, IMPACT | Bank transfers, e-wallets, credit/debit cards | Yes |
| XTB | CIRO, FCA, CNMV, KNF | 24/5 | xStation 5, xStation Mobile | Credit/debit cards, e-wallets, bank transfers | Yes |
| Saxo | FSA, CIRO | 24/5 | SaxoTraderGO, SaxoTraderPRO | Bank Wire Transfer, Debit cards | Yes |
| Forex.com | FCA, CFTC, NFA, CIMA, CIRO, CySEC, FSA | 24/5 | MT4, MT5, TradingView | Bank transfer, credit/debit cards, Skrill, Neteller | Yes |
Apps Overview
As a trader, it’s crucial to choose an app that suits your stock trading needs. Our market analysis shows that many traders prioritize affordability and the availability of their preferred assets. To simplify your decision-making process amid the numerous options in Canada, we have streamlined this for you. Below are tables summarizing the fee structures and asset offerings of our recommended trading apps.
Fees
| Best Stock Trading App CA | Fees | Minimum Deposit Requirement | Transaction | Inactivity |
|---|---|---|---|---|
| AvaTrade | From 0.13% | C$300 | Free | C$50 quarterly |
| Interactive Brokers | From C$0.0005 per share | C$0 | Free | None |
| XTB | From 0.1 pips | C$0 | Free | C$10 monthly |
| Saxo | From C$1 commissions | C$0 | Free | None |
| Forex.com | From 0.0 pips | C$100 | Free | C$15 monthly |
Assets
| Best Stock Trading App CA | Forex | Stocks | Commodities | Cryptocurrencies | ETFs | Options |
|---|---|---|---|---|---|---|
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes |
| Interactive Brokers | Yes | Yes | Yes | Yes | Yes | Yes |
| XTB | Yes | Yes | Yes | Yes | Yes | No |
| Saxo | Yes | Yes | Yes | Yes | Yes | Yes |
| Forex.com | Yes | Yes | Yes | No | Yes | No |
Our Opinion about Canadian Stock Trading Apps
Before recommending the best brokers and trading apps, we conduct extensive tests and comparisons. To help you understand the features of each stock trading app, we have provided brief overviews of Canadian stock trading apps below based on our hands-on experience.
1. AvaTrade – Overall Best Stock Trading App in Canada
AvaTrade is an excellent choice for stock trading in Canada. Our analysis shows that its AvaTradeGO app is among the most highly rated by users. We tested it and were impressed by its user-friendly interface and reliable support service team, which operates 24/5. Additionally, the app offers valuable educational resources and demo account, making it ideal for new stock traders navigating the market.
AvaTradeGO provides access to over 1,000 stocks listed on major exchanges such as the NYSE and LSE. Besides stocks, users can diversify their portfolios with additional assets like forex, commodities, cryptocurrencies, and more. Furthermore, AvaTradeGO supports the MT4, MT5, and AvaOptions trading platforms, which are known for hosting quality resources. AvaTradeGO also offers automated trading options, including social and copy trading, making it a preferred choice for Canadian stock traders.
✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform
Pros
- A user-friendly and modern design stock trading platform
- Features social and copy trading
- Quality trading tools on its advanced MT4 and MT5 platforms
- Reliable and responsive support service team
Cons
- Charges a $50 quarterly inactivity fee should your trading account stay dormant for over three months
- A high minimum deposit requirement of C$ 300 for Canadian clients
AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.
Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.
On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.
It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.
2. Interactive Brokers – Best Stock Trading App For Professional Traders in Canada
Interactive Brokers (IBKR) has been around for over four decades, making it a trusted option amongst Canadian stock traders. Our experience with the brokers’ IBKR Mobile app was seamless, but we discovered it is more suitable for professional traders. However, Tthis doesn’t mean newbies can’t use IBKR, as it hosts quality learning tools on its IBKR Campus and a user-friendly platform on its GlobalTrader app.
The IBKR Mobile app offers advanced trading tools, including 100+ order types, a news feed, and more. It offers access to more than 10,000 stocks from over 90 global markets. Additionally, users can enjoy low commissions on its IB SmartRouting platform and margin rates from as little as USD 5.83% to USD 6.83%. The app has zero minimum deposit requirement, and you can use it for portfolio diversification across other asset classes.
✔Accepts clients in over 200 countries globally
✔Powerful trading platforms
Pros
- Allows users to buy and sell global stocks, even in fractions
- Low stock trading commissions
- Quality trading tools on its powerful IBKR Mobile platform
- Offers traders an opportunity to earn interest of up to USD 4.83% on their instantly available cash.
- Plenty of learning materials on its IBKR Campus platform
Cons
- Its support service team response rate can be improved
- Newbies might find the desktop platform challenging to navigate
We find IBKR to be one of the most affordable brokers in the financial landscape. For starters, the broker has no minimum deposit requirement. This makes it easier for traders to start trading or investing with any amount they can afford.
Additionally, trading US-listed stocks and ETFs is commission-free on its IBKR Lite account. Other trading assets also attract low commissions, thus making the broker an option for low-budget traders. For accounts with a net asset value of at least $100,000, IBKR allows you to earn interest of up to 4.83% on cash balances.
When it comes to Interactive Brokers margin rates, they are among the lowest. We compared it to others and discovered that its lowest tier has a rate of 6.83% at IBKR PRO and 7.83% at IBKR Lite. Transactions with this broker are also free. Moreover, you will not incur any inactivity fee should your account remain dormant. However, it is essential to stay active if you want to quickly become an independent and successful investor.
3. XTB – Cheapest Stock Trading App in Canada
Traders who are cautious of their expenditures and looking for the cheapest stock trading apps should try XTB. Besides not having a minimum deposit requirement, expect no transaction charges whatsoever. We had a seamless trading experience with this app and explored over 3,600 stocks from 16 global exchanges commission-free. Traders who are mindful of their expenses and seeking the most cost-effective stock trading app in Canada should consider XTB. Our experience with this app was seamless, and it offers access to over 3,600 stocks from 16 global exchanges without any commission. Additionally, the app has a responsive and reliable support service team available five days a week.
Besides stocks, this best stock app Canada supports additional securities, including forex, commodities, cryptos, and more, for portfolio diversification. Plus, its xStation 5 and xStation Mobile platforms are equipped with powerful tools for market analysis and skills development. We also like its XTB Academy platform, which provides extensive learning resources for beginners. Lastly, the app offers interest on uninvested funds with rates up to 4.2% for EUR balances and 5% for USD.
✔No minimum deposit requirement
✔Customer support available 24/5
Pros
- No minimum deposit requirement
- Commission-free stock trading with low spreads
- Free deposits and withdrawals
- Quality learning and market analysis tools
Cons
- You can only trade stocks as CFDs
- No third-party platforms like the MT4 and MT5
If you plan to open an XTB account and fund it, here’s some good news: XTB doesn’t charge any deposit fees. Moreover, you can use payment methods like bank transfers, PayPal, Skrill, and credit/debit cards. Furthermore, you can start trading with any amount within your budget since no XTB minimum deposit requirements exist. But note that if you fund your account with a digital wallet like Skrill or Neteller, you may incur some charges.
That said, there are several fees you may encounter while using the XTB online trading platform. Let’s begin with currency conversion charges. If you trade any instrument valued in a currency different from your account’s base currency, you will incur a 0.5% conversion fee. But that’s during weekdays. On weekends, the commission can go as high as 0.8%.
Regarding withdrawals, XTB charges nothing for basic transactions above $50. But those below $50 can attract an additional commission. Additionally, if your account stays dormant for over 12 months and you don’t make any cash deposits for the last 90 days, XTB will levy a $10 monthly inactivity fee. The fee will stop taking effect automatically when you start trading again.
Also, while trading on margin, you may have to pay overnight financing charges. These charges cover the costs of rolling your position to the next day. The exact fee you’ll pay at any given moment will depend on the market you are trading.
4. Saxo – Top Trading App in Canada With a Wide Range of Stocks
We are impressed by Saxo’s SaxoTraderGO’s vast selection of stocks for traders and investors. The platform offers access to over 23,500 stocks from more than 50 global markets. You can buy stocks for as low as C$1 since the app has no minimum deposit requirement. Moreover, you can invest in fractional shares in companies that you like, but whose individual stock is expensive. And the best part is that Saxo offers users an opportunity to earn interest on loans they lend to other market participants.
Besides stocks, this app hosts additional securities for portfolio diversification. You will benefit from its advanced technical and fundamental market analysis tools, which can help you create solid trading strategies. For beginners, Saxo offers numerous learning resources and a virtually funded demo account to practice and build confidence. Additional platforms, such as SaxoTraderPro and SaxoInvestor, offer even more features to explore.
✔Reasonable commissions and spreads
✔Easy account registration process
Pros
- Allow Canadian traders to buy, sell, and trade stocks as CFDs
- Quality learning and market research tools
- No minimum deposit requirement for Canadian traders
- A wide range of stocks and additional securities to explore
Cons
- Stock trading fee is higher compared to its peers
- No third-party platforms like the MT4 and MT5
We love Saxo because not only is this broker popular, but it also prioritizes transparency. The official trading site outlines every fee or cost you might incur while trading with it. Here’s a summary.
Saxo charges commissions on some assets. Investing in mutual funds is commission-free. However, financial instruments like stocks, futures, and ETFs attract commissions starting from $1. Others, like listed options and bonds, have commissions starting from $0.75 and $0.05%, respectively.
If you trade an asset in a currency different from your account’s base denomination, Saxo will charge you currency conversion fees. The good news is this fee doesn’t apply to marginal collateral and can never exceed +/- 0.25%.
Saxo also charges financing rates on margin products. Suppose you get funding from this broker and use it to open a position in a margin product and hold it overnight. Saxo will levy financing charges, which will factor in commercial product markup or markdown and this broker’s bid or offer financing rates.
As an investor, you may also incur annual custody fees if your account holds stock, bond, or ETF/ETC positions. The exact will vary depending on your account. Classic, Platinum, and VIP accounts attract up to 0.15%, 0.12%, and 0.09%, respectively.
If you open a Classic Saxo account, expect to pay $50 whenever you request online reports to be emailed to you. On the other hand, as a Classic or Platinum account holder, you can pay $200 and add an instrument to your platform.
But here’s some good news: online deposits and withdrawals are free on the Saxo trading platform. Furthermore, this broker charges zero inactivity fees and has no minimum deposit requirement.
5. Forex.com – Beginner-Friendly Stock Trading App in Canada
Forex.com’s trading app is user-friendly and easily navigable, making it an ideal choice for beginners. We were also impressed by its fast trade execution speed, which allows users to quickly enter and exit trades. Another highlight is its low minimum deposit requirement of C$100. Additionally, the transactions on the platform are also free on the multiple channels it supports.
With Forex.com, you’ll have access to over 2,500 global stocks, including major names like Tesla, Apple, Amazon, and Nvidia. While the app doesn’t charge commissions on stock trades, it does apply spreads. Users can also take advantage of advanced trading platforms like MT5 and TradingView, which offer a range of indicators, chart types, and timeframes. Additionally, Forex.com provides reliable support through phone, email, and live chat.
✔Zero fees for card deposits and card withdrawals
✔A broad range of trading platforms, including MT4 and 5
Pros
- Hosts a virtually funded demo account for beginners to get started with
- Quality learning materials on its Academy platform
- Low minimum deposit requirement for Canadian traders
- Advanced trading platforms, including TradingView and the MT5
Cons
- You can only trade stocks as CFDs
- Limited stock offerings compared to its peers like Saxo and IBKR
The best decision you can take as a trader is to join a platform with friendly, transparent fees. Luckily, Forex.com values transparency and cost-friendliness. We tested this broker using Standard and RAW Spread accounts. Here’s what we found out.
First, you must fund your account before trading live with this broker. When doing that, keep in mind that Forex.com’s minimum deposit is $100. Therefore, your first deposit should be $100 or higher. But don’t worry about deposit charges. Forex.com charges zero fees for incoming deposits from bank transfers and debit cards.
The other costs and charges you will incur while trading with Forex.com depend on your preferred account. The costs associated with standard accounts are included in the bid/ask spread. A Standard account’s spreads start from 0.8 pips. Additionally, this account will only require you to pay commissions if you invest in equities. But the good news is that Standard account owners can earn cash rebates on cryptos, equities, FX, and other assets.
If you go with a Forex.com Raw Spread account, you will enjoy commissions as low as $5 per $100k you trade. This account also allows you to lower your trading costs with cash rebates of up to $50 for every $1 million you trade. Furthermore, with it, you can trade FX majors and enjoy tight spreads starting from 0.0.
Commissions and rebates aside, Forex.com levies rollover fees for positions held overnight. The exact rollover rates vary depending on factors like the prevailing market conditions. Furthermore, this broker requires dormant account owners to cover a $15 monthly inactivity fee. The last fee kicks in after an account has remained inactive for 12 months.
Online Trading in Canada
The Canadian online trading space has grown significantly, driven by advances in technology that have made mobile trading more accessible. As a result, many brokerage firms are entering the market, expanding the choices available to traders. Canadians can now trade stocks, forex, commodities, cryptos, ETFs, and more, all from the comfort of their homes.
The financial industry in Canada is regulated by the Canadian Securities Administrators (CSA), which ensures that brokerage firms follow strict regulations and provide high-quality services.
Additionally, some brokers are also regulated by the Canadian Investment Regulatory Organization (CIRO). CIRO regulates investment and mutual fund dealers and all kinds of securities trading activities in Canada. It also ensures investors enjoy protection through the Canadian Investor Protection Fund (CIPF), which provides up to CAD 1 million coverage.
When it comes to stock trading and investment in the region, investors and traders can access both local and international exchanges via brokerage firms like the ones we have recommended in this trading guide. For instance, you can trade global stocks listed on the NYSE, NASDAQ, LSE, and more. You can trade shares of over 1,500 companies listed on the Toronto Stock Exchange (TSX) and explore global stocks listed on major exchanges such as the NYSE, NASDAQ, and LSE.
Another benefit of online trading in Canada is that you can trade using both the local currency CAD as well as other global currencies. However, it’s important to be aware that profits from trading are subject to taxation, regardless of whether they come from stocks, forex, commodities, or other sources. The Canada Revenue Agency (CRA) administers these taxes, which vary depending on the type of investment income earned, such as capital gains, bond interest, or dividends.
How to Choose the Right Stock App in Canada
You now know that having the best stock trading app Canada can enhance your trading experience, how do you identify the right app? What factors should you consider while conducting research? Find out below.
First and foremost, check the regulatory status and security measures of a stock trading app in Canada. While there are many legitimate apps, there are also fraudulent ones. Ensuring the app is regulated helps you avoid scams. The best app are hosted by brokers licensed and regulated by the Canadian Investment Regulatory Organization (CIRO) or the Canadian Securities Administrators (CSA).
Besides the regulatory status, check the encryption technology being used by the app. Ensure it uses robust security measures like two-factor authentication, face ID, passcodes, and more to protect your data and transactions.
The best stock trading app in Canada should provide access to a broad range of stocks and other assets. It should support various trading instruments such as CFDs, ETFs and allow you to purchase stocks directly. Having additional asset classes like forex, commodities, and others should be a plus. A wide variety of asset classes will enable you to diversify your portfolio and manage different types of investments and trades without having to switch between multiple apps.
The app should be user-friendly and efficient, regardless of your trading experience. It should provide a seamless experience with fast trade execution on both Android and iOS devices. Look for an app that offers helpful features like comprehensive market research and educational materials. If you’re new to trading, check if the app includes a demo account. A demo account allows you to practice and get comfortable with the platform without risking real money before moving on to live trading.
Choose a stock trading app that fits your budget to help you manage your trading costs effectively. Examine the app’s trading and non-trading fees, including minimum deposit requirements, spreads/commissions, transaction charges, financing costs, and others. Make sure to check for any hidden charges that could impact your trading expenses.
Whether you’re an experienced trader or just starting out, having reliable customer support is crucial. Choose an app with a responsive and knowledgeable support team. Check if the support is available around the clock or during business hours and ensure they offer practical assistance through various channels like live chat, phone, and email. Good customer support can help resolve issues quickly and keep your trading experience smooth.
Check user reviews on platforms like Google Play, the App Store, and Trustpilot to gauge other traders’ experiences with the app you’re considering. User testimonials can provide valuable insights into the app’s strengths and weaknesses, helping you make a well-informed decision about whether to proceed with it.
How To Register an Account with a Stock App in Canada
Registering an account with a stock trading app in Canada is straightforward and does not require guidance. As experienced professionals, we’ve outlined the simple steps below to help you get started with ease.
The best trading apps like the ones we recommend here, are hosted by brokers with websites. Therefore, visit the site and understand the app’s terms of service and features. You should then go to Google Play or the App Store to download the stock trading app on your Android or iOS mobile device.
You can register your stock trading account either through the broker’s mobile app or the website. We recommend using the website for this step due to its larger interface, which simplifies the process. Click the “Register” or “Sign Up” button and complete the form with your personal information, such as your name, email address, date of birth, location, and preferred currency. You should also create a strong username and password for an extra layer of security to your account.
To keep the online trading platform safe, your broker will require you to verify your identity. You’ll need to provide copies of personal documents, including a government-issued ID (such as a passport or driver’s license) and a recent utility bill or bank statement to confirm your residential address.
Once your broker fully activates your account, sign in to your trading app with your login credentials. Then, make a deposit per your broker’s minimum deposit requirement. The apps we have recommended above support multiple payment methods, including credit/debit cards, e-wallets, and bank transfers. Choose the method that is most convenient for you to ensure a smooth transaction.
Once your deposit is confirmed, you can start exploring the app’s trading options. Browse through the available stocks and other assets to find those that best fit your investment strategy. Conduct thorough market research to develop solid trading strategies. It’s important that you restrict yourself to trading only those instruments that you understand. Be sure to apply risk management tools such as stop-loss or take-profit orders to protect your investments. Beginners should start with the app’s demo account to practice and assess their skills before moving on to live trading.
Conclusion
The best stock trading apps Canada should offer an engaging and enriching experience that maximizes your chances of success in trading. As a beginner, it is crucial to trade with a user-friendly app with unlimited learning resources and a supportive customer care team. Do not rush into stock trading without fully understanding the stock market and the specific companies you are looking to invest in.
Additionally, start with a small amount of capital as the stock market can be unpredictable, and asset prices can change unexpectedly. Most importantly, secure your trades with stop-loss and take-profit orders to mitigate massive losses in case a trade doesn’t work out as expected. By being patient learning from your experiences, you’ll gradually improve your skills and become a more confident and independent trader.
