Stock investment is the best way to earn passive income. Investing in stocks helps you to retire as a millionaire. Before investing in stocks, you must know about stock and trading apps. 

There are a few trading apps in Canada that allow you to invest in stocks with or without commissions. You can buy, sell and hold stocks online through trading apps in Canada. 

Today, we discuss the best Canadian stock trading apps in 2023. Every stock trading app has pros and cons in its own way. 

6 Best Canadian Stock Trading Apps in 2023

There are four different independent brokers in Canada who provide the stock trading apps that are mentioned below: 

• Wealthsimple 
• Questrade
• Qtrade 
• Interactive Brokers (IBKR) 

In Canada, you can also open a broker account in different banks. However, brokerage account in banks needs more money to invest and have high commission. 

Here are the banks that allow opening a broker account with them. 

• TD Direct Investing 
• Scotia itrade
• BMO Investor line 
• CIBC Investor Edge
• RB Direct Investing

1. Wealthsimple

Pros: 

• Zero Commission fees on buying and selling stocks or ETFs in the app
• There are no minimum account requirements for investing
• You can get a referral bonus of $5 to $3000 if you refer this app to your friends or family
• You can open a Personal account, TFSA, and RRSP accounts 
• You can use the unlimited price alerts for any stocks 
• One of the Simple trading apps to use in Canada
• You can also trade the coins and cryptocurrencies in the Wealthsimple app
• Wealthsimple is the best trading for beginners 
• You have to pay a $10 fee monthly for real-time data, and free USD conversion
• You can use this app on a phone and laptop

Cons: 

• There is 15 minutes delay in market data for the basic account in Wealthsimple 
• There is a 1.5% conversation rate for USD stocks from CAD to USD dollar

2. Questrade 

Pros: 

• Real-time and accurate data about the stocks on Questrade 
• You can trade stocks, ETFs, mutual funds, GICs, bonds, and options
• There is a $4.95 commission fee for each stock that you buy or sell stocks. So, a $9.99 USD commission fee for each trade is required to complete it. 
• Accounts offered in Questrade: TFSA, RRSP, Margin, Corporate, RESP, RRIF, and trusts
• There are desktop and mobile apps available to use
• Before and after-hours market opportunities available. You can do the trades in the pre-market (two hours early) and after-hour (two hours after) market
• Best trading app for long-term investment 
• There is no commission for ETF purchases
• Highly advanced and technical tools available 
• You can get a $50 referral bonus if you sign up with the referral code

Cons:

• The minimum deposit account requirement is $1000
• High commission rate
• Advanced tools are paid and expensive 

3. Qtrade 

Pros: 

• The trading commission is $8.75 per trade including buy and sell
• You can trade stocks, ETFs, mutual funds, GICs, and bonds
• Accounts offered: TFSA, RRSP, RRIF, and margin account
• There is no commission on the US and over 105 Canadian ETFs
• Technically tools available 
• Customer support team available to help you by email or phone
• Fewer commission fees on stocks trading
• You can build the portfolio in the Qtrade with the help of the portfolio creator
• Qtrade has Great Customer Service 

Cons: 

• There is a high maintenance fee for those accounts that have a balance of less than $25,000
• No option for live chat with customer support 
• Technical tools are paid
• You need to trade $1000 minimum to get the commission-free ETFs

4. Interactive Brokers (IBKR)

Pros: 

• There is a fee range from 0.5 cents to 1 cent per share
• There is no minimum account balance fee for maintenance 
• You can trade mutual funds, stocks, bonds, options, and GICs
• IBKR APIs available help to you build custom trading options
• IBKR apps are available for mobile, and desktop 
• You can earn the interest on cash that you have not invested in your account 

Cons: 

• IBKR platform is very complicated. It is hard for beginners to do trading in this app
• There is no zero commission fee on Canadian ETFs
• IBKR app is built for advanced traders 
• You need to pay the fee for real-time data

5. TD Direct Investing

Pros: 

• There is a $9.99 fee per trade in stocks and ETFs
• No minimum account deposit requirements 
• You can trade stocks, bonds, options, GICs, and mutual funds 
• Accounts offered: TFSA, RRSP, RESPs, Margin, and personal accounts 
• Two stages of accounts are offered: 
• Standard Trading: $9.99 per trade
• Active Trading: $7.00 per trade
• Technically and analytical tools available via thinkorswim

Cons: 

• High commission fee for standard traders
• The minimum account balance is $15,000 is required to avoid the maintenance fee

6. CIBC Investor-Edge 

Pros: 

• There is a $6.95 fee per trade in stocks and ETFs
• Lowest commission fee than the other banks or brokers 
• You can trade stocks, mutual funds, ETFs, precious metals and GICs
• Discounts are available for students and people under the age of 25
• Accounts offered: TFSA, RRSP, personal account, and RESPs
• If you are an active investor then there is a $4.95 fee per trade
• Analytical and technical tools are available for trading
• No minimum account deposit required

Cons: 

• You need to pay the maintenance fee on an account under $10,000

Overall, Questrade is the best stock trading app in Canada. You can use Questrade to do online trading. It has good customer service and a highly-rated app.