Is there a free trading platform in Canada?
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- Updated On:29-Nov-2022
- Replies:1
Short Answer
There is no trading platform in Canada that is completely free of costs. However, there are few that waive some of its fees and other charges. Let's find out some more details.
Detailed Answer
What is a trading platform?
A trading platform is an online account where you can buy, hold, and sell shares, ETFs, bonds, mutual funds currencies etc. You can monitor the growth of your funds, get access to research tools, real time data, news feeds and market information.
One of the important features that a trader looks before choosing an investment platform is its fees. A trading platform charges a number of fees such as account opening fees, account closing fees, annual maintenance fees, transaction costs, inactivity fees etc.
Is there a free trading platform in Canada?
We can't say that any trading platform is completely free! It might give one service for free while there may be a fee for other products and services offered.
Canadian Trading Platforms
Wealthsimple does not charge trading commissions or account opening or closing fees or account maintenance fees. However, it charges $20 for paper statements, $75 per hour for investigations, $30 Wire transfers, $45 for broker assisted phone trades etc.
Disnat does not charge any transaction costs. However, it charges account maintenance fees, fees for small account balances, NFS cheque fee, cheque withdrawal, safekeeping fees, estate account processing fee, bank transfer fee, inactivity fees etc.
National Bank Direct Brokerage account does not charge transaction costs for buying and selling shares, ETFs, bonds or mutual funds. However, it charges transaction costs on option trading, administration fees if your account balance is less than $20,000, inactivity fees, pricing for tools, document delivery fee, estate liquidation fee, estate settlement fee, custodial services fees, withdrawal fees etc.,
Are there Free Trading Platforms in Canada?
There is nothing under the sun that is completely free of cost. Although, free trading, zero fees seem like powerful marketing phrases, there will be hidden benefits such as financial and research tools, real time information, educational services, market data that you might be missing out on.
Hence, it is important to research on pricing and other features when you decide to open an account with any stock broker.
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Discussion (0)
Yes there are a number of platforms that offers commission free trading in Canada. Let's dig deeper into which are the brokerage firms offering zero commission trading to Canadian investors.
TD Direct investing is good for investors who are pro in trading and investing, those is in need of real time market data to do research and construct tailored portfolios.
You cannot open a TD Ameritrade account in Canada unless you are an American or have US citizenship. So, if you are a Canadian citizen, you cannot open account with this US stock broker.
There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.
There are various online brokerage platforms in Canada. We believe that Questrade, Scotia iTrade and CIBC investor's edge are the best alternatives to Wealthsimple.
There are several choices available to Canadians who want to invest in the stock market online. Questrade ranks higher a sone of the best stock trading site for a beginner in Canada, offering access to both the Canadian and American stock markets.
Webull is a U.S based stock broker which is also available for Canadian users. Canadian citizens can open an account with Webull.
No, Merrill Edge is not available in Canada. Currently, it offers services only in the United States of America. Let's gather some more insights, Merrill Edge alternatives in Canada for traders and investors.
Based on our analysis Wealthsimple is a good alternative to Questrade for its cost effectiveness and Qtrade is a good alternative for Questrade for its customer services and research tools.
Day trading is buying and selling shares actively within the same trading day. Disnat Direct trading platform is well suited for day traders.