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

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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: Stock Market
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