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Best online trading platforms in Canada
If you're looking for the best trading platforms in Canada, you're not alone. A growing number of investors are switching to self-directed online brokerages and trading platforms. By empowering investors to manage their own portfolios, online brokerages have exploded in popularity.
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Are all online trading platforms equal?
Online brokerages let you trade a wide variety of equities, Exchange-Traded Funds (ETFs), mutual funds and more with your trading account. However, they are not all equal. Each platform has its own pros and cons. That's why it’s a good idea to think about your needs as an investor to find the best trading platform for you. On this page, you will find information that can help you compare some of the popular discount brokerages in Canada.
Listed in alphabetical order:
BMO InvestorLine
A self-directed service offered by Bank of Montreal (BMO). It was launched in 1988 and moved online in 2000.
CIBC Investor’s Edge
CIBC Investor’s Edge is the discount brokerage arm of CIBC. CIBC started building its brokerage business, by acquiring a majority stake in Wood, Gundy & Co. in 1988, then picking up Merrill Lynch & Company’s Canadian retail brokerage business in 2001.
Questrade
Questrade is a Canadian online brokerage, which was founded in 1999 by Edward Kholodenko with three partners.
RBC Direct Investing
RBC Direct Investing is the brokerage arm of RBC, or Royal Bank of Canada. It is one of the oldest banks in Canada.
Scotia iTRADE
Scotia iTRADE is Scotiabank’s online brokerage. In 2007, Scotiabank acquired the boutique brokerage TradeFreedom Securities Inc., and ETrade Canada in 2008, increasing its scale in the Canadian online investing market.
TD Direct Investing
TD Direct Investing is the Canadian online brokerage offering of "TD Bank Group (TD)". It was first launched as TD Green Line Investor Services in 1984 and launched WebBroker in 1996 - Canada's first online brokerage platform.
TD Easy Trade™
TD Easy Trade™ is the evolution of TD GoalAssist™, a mobile based app offered by TD Direct Investing that previously launched in October 2020.
Wealthsimple
Wealthsimple Inc. is a Canadian online investment management service. It was founded in September 2014 by Michael Katchen and is based in Toronto.
Identifying the best online trading platform for you
There are a number of factors that can help you find an online brokerage that's aligned with your goals. Here are a few attributes that you may use to compare.
Pricing: Each platform has its own pricing structure. Think about your investment strategy as you go through the section below.
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BMO Investor Line |
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CIBC Investor's Edge |
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Questrade |
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RBC Direct Investing |
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Scotia iTrade |
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TD Direct Investing |
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TD Easy TradeTM |
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Wealthsimple |
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Education and Support: A platform is only as good as the support it offers, and education is crucial for investors who are just getting started.
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Brokerage |
Education |
Support |
BMO Investor Line |
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CIBC Investor's Edge |
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QuesTrade |
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RBC Direct Investing |
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Scotia iTrade |
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TD Direct Investing |
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TD Easy TradeTM |
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Wealthsimple |
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Trading Platforms: This is the interface you interact with. Good platforms offer robust features yet remain easy to navigate. Here's what the various platforms offer on desktop and mobile.
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Brokerage |
Mobile App |
Trading Platforms |
Advanced Platform for active traders |
BMO Investor Line self-directed |
The BMO Invest app lets you:
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BMO Investorline lets you:
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BMO Active Trader provides access to:
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CIBC Investor's Edge |
CIBC Mobile Wealth lets you:
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CIBC Investor's Edge lets you:
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CIBC Investor's Edge provides access to:
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Questrade |
Quest Mobile lets you:
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Questrade Trading lets you:
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Questrade Edge provides access to
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RBC Direct Investing |
RBC Mobile App lets you:
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RBC Direct Investing lets you:
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RBC Direct Investing's active trader program allows you to access:
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Scotia iTrade |
ITrade App lets you:
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Scotia Online lets you:
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Scotia iTrade FlightDesk provides access to:
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TD Direct Investing |
TD App lets you:
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WebBroker lets you:
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Advanced Dashboard provides access to:
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TD Easy TradeTM |
TD Easy TradeTM app lets you:
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Wealthsimple |
Wealthsimple Trade app lets you:
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Wealthsimple trade lets you:
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Wealthsimple Trade Plus provides access to:
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Account types offered: This is yet another factor to consider when trying to identify the online brokerage that is best for you. Does the platform offer registered and non-registered accounts? Are there any other account types that could be a good fit for you?
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Brokerage |
Registered accounts |
Non- Registered accounts |
Locked in |
Corporate and non-personal |
USD Accounts |
BMO Investor Line |
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CIBC Investor's Edge |
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Questrade |
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RBC Direct Investing |
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Scotia iTrade |
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TD Direct Investing |
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TD Easy TradeTM |
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Wealthsimple |
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Securities Offered: The term securities refer to the financial instruments or investment types that you can buy and sell. This is another important parameter as it lets you bring diversification to your portfolio. Here's the list of securities you can trade in across different brokerages.
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Brokerage |
Securities |
BMO Investor Line |
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CIBC Investor's Edge |
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Questrade |
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RBC Direct Investing |
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Scotia iTrade |
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TD Direct Investing |
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TD Easy Trade |
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Wealthsimple |
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Market data and research tools: When investing in a company, it is essential to know about the company's history and its growth prospects. Having access to reliable and timely market data can help you make informed decisions and grow your portfolio over the long term. Research tools, on other hand, can help you track and screen the companies as per your investment criteria. Here are some of the research reports and tools offered by the different brokerages in Canada.
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Brokerage |
Research report |
Tools |
BMO Investor Line |
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CIBC Investor's Edge |
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Questrade |
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RBC Direct Investing |
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Scotia iTrade |
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TD Direct Investing |
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TD Easy TradeTM |
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Wealthsimple |
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On a final note
With a growing number of online trading platforms out there, you have so many options to choose from. When you compare the online brokers listed above, think about the features and offerings that are important to you.
The information contained herein has been provided by TD Direct Investing and is for information purposes only. The information has been drawn from sources believed to be reliable and last updated in May 2023.
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