Best Trading Platform for Beginners in Canada

This Page's Content Was Last Updated: December 20, 2024

WOWA Simply Know Your Options

What You Should Know

Many trading platforms in Canada are suitable for beginners, offering a wide range of products to trade.
Some trading platforms offer a simple user interface (UI) for buying and selling assets with minimal information, while others may offer a more technical trading experience.
Some products available on trading platforms, like options, are very risky and should be avoided by beginners.

Best Trading Platforms for Beginners

Name	Costs	Account Types	Products
Interactive Brokers	Stocks/ETFs: US$0.0005 - US$0.0035 /share Options: US$0.15 - US$0.65 /contract Futures: US$0.25 - US$0.85 /contract Spot Currencies: 0.08bps - 0.20bps Bonds: 10bps	Non-Registered Accounts: Cash Account; Margin Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP); Registered Education Savings Plan (RESP);	Stocks, ETFs, Options, Futures, Spot Currencies, Bonds
moomoo	Stocks & ETFs: USD $0.0099/share min $1.99/trade; CAD $0.014/share min $1.49/trade Foreign Exchange: 0.09% + US$2/ transaction US Options: min. $1.50/ order	Non-Registered Accounts: Cash Account; Margin Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP)	Stocks, ETFs, Options
Questrade	Self-Directed Trading: Stocks: From 1¢ / share (min. $4.95 - max. $9.95) ETFs: Sell 1¢/ share (min. $4.95 - max. $9.95) Options: $9.95 + $1/ contract FX: Spreads from 0.08 pips CFDs: Spreads from 0.08 pips Mutual funds: $9.95 / trade Bonds: Min. $5,000 purchase GICs: Free (Fees may apply if withdraws early) International Equities: 1% of the trade value IPOs and New Issues: Free to buy Precious Metals: $19.95 USD / trade Questwealth Portfolio: Balance of $1,000-$99,999: 0.25% of Deposit; Balance of $100,000+: 0.20% of Deposit	Non-Registered Accounts: Cash Account; Margin Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP); Registered Education Savings Plan (RESP); First Home Savings Account (FHSA)	Stocks, ETFs, Options, IPOs, CFDs, Mutual Funds, Bonds, Forex, International Equities, Precious Metals
Wealthsimple	Core Account ($1 in Assets): $0 commission stock trading 0.5% management fees on managed investing accounts Premium Account ($100,000 in Assets): 0.4% management fees on managed investing accounts Generation Account ($500,000 in Assets): 0.2%–0.4% management fees on managed investing accounts	Non-Registered Accounts: Cash Account; Margin Account; Crypto Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP); Registered Education Savings Plan (RESP); First Home Savings Account (FHSA)	Managed Investments, Stocks, ETFs, Options, Crypto
BMO InvestorLine	$9.95 flat fee for each trade you make online + $1.25 per options contract $0.00 commissions for a selection of Canada’s most popular ETFs	Registered accounts, Non-registered accounts	Stocks, ETFs, Mutual Funds, GICs, Bonds, Options
TD Easy Trade	Stocks: $9.99/ trade; $1.99/ trade for partial shares; TD ETFs: Free;	Non-Registered Accounts: Cash Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP), First Home Savings Account (FHSA)	Individual stocks, TD Exchange-Traded Funds (TD ETFs), TD ETF Portfolios
Qtrade Direct Investing	Investor Account: Equities: $8.75; Options: $8.75 + $1.25 per contract; ETFs: $8.75 (Some Free); Mutual Funds: $8.75; Fixed income: 10bps Investor Plus Account: (150+ trades per quarter and/or $500,000+ in assets): Equities: $6.95; Options: $6.95 + $1.25 per contract; ETFs: $6.95 (Some Free); Mutual funds: $6.95; Fixed income: 10bps	Non-Registered Accounts: Cash Account; Margin Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP); Registered Education Savings Plan (RESP); First Home Savings Account (FHSA); Other Accounts: Locked-in Retirement Account (LIRA / LRSP); Retirement Income Fund (RRIF), Life Income Fund (LIF)	Stocks, ETFs, Mutual funds, Bonds, New issues, GICs, Options
National Bank Direct Brokerage	Stocks: $0 commission, no minimum required; ETFs: $0 commission, no minimum required; Options: $0 commission + $1.25/ contract (min. fee of $6.25); Exchange-Traded Debentures: $0 commission; Investment Funds: $0 commission	Non-Registered Accounts: Cash Account; Margin Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP); Registered Education Savings Plan (RESP); First Home Savings Account (FHSA)	Stocks, ETFs, Mutual funds, Bonds, GICs, Options, Exchange-traded debentures, Linked notes
Moka	Intelligent Wealth Management: $15/month	Non-Registered Accounts: Cash Account; Registered Accounts: Tax-Free Savings Account (TFSA); Registered Retirement Savings Plan (RRSP)	Stocks, ETFs

Choosing the Best Trading Platform for Beginners

Many platforms offer similar products and services, but they often differ in experience and pricing structure. Depending on the way and products you trade, one platform may fit you better than the others.

Some platforms focus on a simple design tailored to people who do not want to dive deep into trading. Other trading platforms offer a sophisticated trading experience with various tools available for their users. There are platforms like interactive brokers that offer different platforms, from user-friendly to professional. A few platforms offer managed investment, where the trading happens by a dedicated team of professionals.

Best Simple Trading Platform for Beginners

Wealthsimple

Minimalistic design
Simple market and limit trading
Clear commission fees
Self-directed and managed trading available

Wealthsimple offers a minimalistic design that allows a beginner trader to see the essential information, such as an asset price and a commission. This design does not overwhelm the user and offers a straightforward trading experience. It may be suitable for people with no trading experience who do not want to trade assets actively. It also offers a simple pricing structure that allows users to understand what they pay for easily.

Best Full Trading Platform for Beginners

Interactive Brokers

Customized platform design with various trading tools
Execution of simple and complex trading strategies
Thorough and relatively inexpensive commissions
Global markets available for trading

Interactive Brokers offers a full trading experience with various tools and assets. It is one of the most comprehensive platforms available to Canadian traders. Interactive Brokers allows you to trade almost all global financial assets. Even though it is available to beginners, new traders unfamiliar with high-risk assets should not trade them. The qualifying questions during registration will help you identify what assets you should not trade due to lack of experience.

Best Managed Trading Platform for Beginners

Questrade

Simplified design, some financial information available
Simple market and limit trading available
Self-directed and managed trading available

Some platforms offer managed solutions, which means active trading happens by a professional team or by a professionally designed algorithm on behalf of the beginner investor. This is the simplest way to invest money as a beginner, but it is similar to ETFs and Mutual Funds you can buy on your own via self-directed trading platforms. Managed portfolios usually have relatively high commissions that significantly affect earnings in the long term.

Trading Fees for Trading Platforms for Beginners

One of the most important factors in choosing a platform is the cost. Most platforms have spreads or per-trade commissions. Some platforms may use other strategies to make money. For example, a platform may charge for deposits and withdrawals or offer a monthly subscription. You can find the costs for trading platforms for beginners for each asset traded in the following table.

Trading Platform	Managed Portfolio	Stocks	ETFs	Bonds ▲	Futures	Options
Interactive Brokers	-	US$0.005 /share min $1; CA$0.01/share min $1	US$0.0035 /share min $1; CA$0.01/share min $1	10bps	US$0.25 - US$0.85 /contract	US$0.15/trade - US$0.65 /contract
moomoo	-	USD $0.0099/share min $1.99/trade; CAD $0.014/share min $1.49/trade	USD $0.0099/share min $1.99/trade; CAD $0.014/share min $1.49/trade	-	-	US$0.9/contract min $1.50/trade
Questrade	0.20% - 0.25% on deposits	From 1¢ /share (min. $4.95 - max. $9.95)	Sell 1¢/share (min. $4.95 - max. $9.95)	-	-	$9.95/trade + $1/contract
Wealthsimple	0.2% - 0.5% per year	$0	$0	-	-	US$0.75/contract - US$2/contract
BMO InvestorLine	-	$9.95/trade	$0 - $9.95/trade	$9.95 /trade	-	$9.95 /trade + $1.25 /contract
TD Easy Trade	-	$9.99/trade	$9.99/trade	-	-	-
Qtrade Direct Investing	-	$6.95 - $8.75/trade	$0 - $8.75/trade	10bps	-	$8.75 + $1.25 per contract
National Bank Direct Brokerage	-	$0	$0	$0	-	$1.25/contract
Moka	$15/month	-	-	-	-	-

Disclaimer:

Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
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