What is the Best Online Stock Trading Site for a Beginner in Canada?

Short Answer

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.

Detailed Answer

Online brokers are available in a variety of flavours, from full service to deeply discounted, while some are renowned for their trading tools or research.

What is an online broker?

An online broker is a trading provider that enables its customers to open and close positions on a digital trading platform.

They make it possible for investors to trade numerous kinds of securities. For instance, investors can purchase and sell bonds, equities, mutual funds, and options.

Best Online Stock Trading Site for Beginners in Canada

For newbie Canadian investors, here are the top 3 online stock trading sites.

1. Questrade

The Toronto-based online brokerage has been functioning since 1999 and offering a plethora of financial solutions designed to assist Canadian investors in managing their own finances.

Stocks, ETFs, bonds, mutual funds, precious metals, foreign currency, GICs, options, etc. are among the wide range of investment possibilities offered by Questrade.

Questrade offers both registered and non-registered trading accounts. This makes it an ideal trading platform for customers with various investing requirements.

Additionally, Questrade provides Questrade Portfolios, a Robo-advisor service, for investors who choose a hands-off approach.

Questrade offers three desktop trading platforms and a mobile app that give investors complete control over their trading decisions.

2. Wealthsimple Trade

Wealthsimple began as one of the first and most successful Robo-advisors in Canada and has now grown to include commission-free online stock trading.

In this market, Wealthsimple Trade stands out primarily due to its cost. Wealthsimple allows you to buy and sell investments without paying any fees, in contrast to conventional trading platforms that impose costs of up to $10 each trade.

The company asserts that they can provide the service because doing trades cost them almost nothing and they are not burdened with high overhead fees like the major banks are.

Additionally, Wealthsimple Trade has no minimum investment requirements and doesn't compel you to use any of its other services.

3. Qtrade Direct Investing

Most trading platforms let you buy and sell ETFs, but what sets Qtrade apart is that they offer a list of 100 ETFs you can trade for free.

However, there are certain restrictions. For instance, you must keep the shares for a minimum of one working day.

In addition to ETFs, Qtrade provides a wide range of investment kinds for $8.75 each trade, which is slightly less expensive than most Big Banks.

Young investors (18-30) are eligible for special pricing of $7.75 per trade, while active investors (150 trades or more each quarter) pay $6.95.

Stock Trading Platform for Beginners in Canada

There are lots of trading platforms in Canada, and each has its own strengths and weaknesses. In fact, you'll discover a whole range of stock trading and investment sites and apps around. Select the best stock broker wisely based on your financial goals, fee associated with the account and your budget.

If you’re just getting started, Questrade offers registered and non-registered trading accounts for new Canadian investors. For those who want to trade for free, Wealthsimple Trade is a novel option with limited features. And those who are primarily interested in ETFs will appreciate Qtrade’s selection of commission-free ETFs.

To conclude, which is the best Canadian stock trading broker for a beginner investor is entirely based on what suits you and your financial objectives.

Tagged With: stock trading sitequestradewealthsimple tradeqtrade direct investingbest stock trading sitestock trading canadatrading site canada
Categories: Canada
Ask your query and our expert community would be happy to help
Discussion (0)
Related FAQs

Can I own US stocks in Canada?

Yes, Canadians can trade, invest and own US stocks. Grab more details on US stock market investing from Canada.

How much does the average Canadian invest in stocks?

This is a tricky question and does not have an exact answer. However, an average Canadian is likely to invest less than $2,000 in stocks. This number is not fixed and may go up or down based on an individual's earning, saving, expenses and financial gaols.

How to open TD Ameritrade Account in Canada?

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.

Is Webull available in Canada?

Webull is a U.S based stockbroker which is not available for Canadian users. Canadian citizens cannot open an account with Webull. You have to either be a citizen of the U.S or have a valid U.S Passport in order to open an account with Webull.

Can I use Robinhood in Canada?

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.

Which is the best day trading broker in Canada?

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.

What is the easiest way to buy stocks in Canada?

The easiest way to purchase stocks in Canada is to select an online stock broking platform of your choice, choose an investment account, establish an account online, fund the trading account and start buying shares.

What are best alternatives to WeBull in Canada?

Are you a fan of WeBull, a US based stock broker and looking for similar alternatives in Canada? Grab list of best stock brokers offering various products & services.

How much do you need to start a brokerage account in Canada?

No minimum amount is required to open a brokerage account in Canada. However, if the balance is less than $20,000, you will be charged $100 annually as an account fee.

What are Thinkorswim alternatives in Canada?

There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.