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.
Wealthsimple is an online brokerage account that offers both robot-advisory and manual trading. You can open a Tax-Free savings account, Registered Retirement Savings Plan, Registered Educational Savings Plan, LIRA, cash account etc., with Wealthsimple. You can also open an account in your personal name, joint name or a corporate name.
Questrade is one of the best alternatives of Wealthsimple as it offers both self-directed trading and default portfolios just like Wealthsimple does. It charges commissions on equity trading between $4.95 and $9.95. However, it is free of cost to purchase ETFs with Questrade. You can open TFSA, RESP, RRSP, margin accounts, LIRA, cash accounts etc., You get access to socially responsible investing and ETF portfolios. You need to have a minimum balance of $1,000. Similar to Wealthsimple, the platform does not charge account opening, closing or inactivity fees. You can trade in the web, desktop, laptop and in your mobile. The platform is also well known for its real time market data, notifications, news, technical analysis, charting and trading tools that are better than the ones offered by Wealthsimple.
If you are mainly looking for a self-trading platform that relates to big five banks, you can go for CIBC. The bank is a part of one of the big 5 banks of Canada – Canadian Imperial Bank of Commerce. You can open TFSA, RRSP, RESP, RRIF, LIRA, LRSP, LRIF, PRIF, margin account and cash account with CIBC. In addition to this, you can open non-personal accounts such as a corporate account, partnership account, investment club account, a formal trust account and an estate account. It offers research tools, screening, technical analysis and advanced charts. You can own fractional shares and keep $0 balance, just like in Wealthsimple. Although you can buy free ETFs, for other transactions you need to pay between $1.99 to $7.99 based on your transaction amount.
If you want to have all your funds in one place, you can opt for Scotia itrade as you can borrow, save, invest and trade within this single platform. On using Scotia iTrade your funds will be under the secure roof of a bank. You can integrate your bank account and trading account to get a complete picture of your investments. Additionally, you have the option to pay your monthly bills using your trading account. It offers real-time information, news, technical analysis, charting, notifications etc.. You can have non-registered accounts denominated in CAD and USD, TFSA, RRSP, RESP, locked in accounts, cash and margin accounts. Similarly, you can open an account in your name, joint names, business name, informal trust, investment club, trust, estate, or a Canadian Controlled private corporation.
Thus, a number of online brokerage platforms are emerging in Canada that exhibit healthy competition in the industry.
No, TradeStation is currently not available in Canada. Checkout which TradeStation alternatives you have to meet your financial objectives.
The big six banks in Canada is a term used to describe the top banks. This list includes the Royal Bank of Canada, Toronto Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada (NBC).
Based on our analysis, Questrade seems to be the best day trading broker in Canada. It offers a dedicated intra day trader tool which enables you to be well-informed about the markets.
No, Zacks Trade is not available in Canada. Let's explore the list of countries where Zacks Trade platforms offers its services.
No, Ally Invest is currently unavailable in Canada. Let's gather useful information on the history, presence and other details of investment platform Ally Invest.
No, you cannot use Robinhood in Canada. Only United States citizens, US permanent residents or those with a valid United States visa can sign up for a Robinhood account.
Yes, Canadians can trade, invest and own US stocks. Grab more details on US stock market investing from Canada.
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.
We compared top three Forex brokers in Canada, based on various factors like its regulator, commission, pip, minimum deposit, etc. We believe that Ava Trade is the best Forex broker in Canada.
Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.