{“menuItems”:[{“label”:”Best stock app for beginners”,”anchorName”:”#best-apps”},{“label”:”Best stock trading app for beginners: Runners-up”,”anchorName”:”#best-stock-trading-app-for-beginners-runners-up”},{“label”:”Finder Stock Trading Platform Awards”,”anchorName”:”#finder-stock-trading-platform-awards”},{“label”:”How to sign up for a stock trading account”,”anchorName”:”#how-to-sign-up-for-a-stock-trading-account”},{“label”:”How to find the best stocks”,”anchorName”:”#how-to-find-the-best-stocks”},{“label”:”Frequently asked questions”,”anchorName”:”#frequently-asked-questions”}]}Investors in Canada have many brokers to choose from, but which is the best stock trading app for beginners? We compared fees, user friendliness, benefits, drawbacks and more for 16 Canadian brokers to find the best stock app for beginners. Here are the top 3 trading platforms for investors who are just getting started.Best stock app for beginners
Consider Wealthsimple if you want a simple, user-friendly platform and zero-fee stock and ETF trades. Wealthsimple is the winner for Best for Beginners and Best for Canadian Stocks in the 2022 Finder Stock Trading Platform Awards.
Best for: Beginner investors.
Pros
$0 trades and no annual account fees.
Open a USD account, enjoy zero foreign exchange fees and make instant deposits up to $5,000 with Wealthsimple Plus (costs $10/month).
Mobile app is highly rated and super easy to use.
Cons
You can only trade stocks, ETFs and cryptocurrency.
Currently only offers a handful of research tools.
Pay a 1.50% conversion fee every time you buy/sell US securities (unless you have Wealthsimple Plus).
3.9
★★★★★
Finder rating
Get $25 when you open a Wealthsimple account and fund at least $150.
Best stock trading app for beginners: Runners-up
Consider CIBC Investor’s Edge if you’re an active trader, young investor or student. Look elsewhere if you want flexible funding options, as you can only fund a CIBC Investor’s Edge account through another CIBC account.
Best for: Active traders and CIBC clients.
Pros
Buy and sell stocks, bonds, options, GICs, ETFs, mutual funds and precious metals certificates.
Active traders, young investors and students get discounted trades. No annual account fees for TFSAs and RESPs.
Offers a rich array of research tools.
Cons
You have to phone CIBC directly to access markets outside Canada and the US.
CIBC Investor’s Edge fees are low for a Big Bank, but it’s more expensive than discount brokerages.
Can only fund via other CIBC accounts. You have to call to transfer from another bank.
4
★★★★★
Finder rating
Get 100 free online stock or ETF trades and up to $3,000 cash back. Plus, young investors 18 to 24 can get free online trades and a $0 annual account fee. Conditions apply.
Consider Questrade if you want to cut down on fees and take the lead on managing your investments. Look elsewhere if you don’t have $1,000 upfront to open an account.
Best for: Self-directed investors.
Pros
Questrade charges lower trading fees than many Big Banks and private brokers.
Trade stocks, IPOs, bonds, ETFs, mutual funds, GICs, options, CFDs, forex and precious metals.
Deposit up to $3,500/day with your Canadian Visa or Interac Debit card, and start trading immediately.
Cons
You need at least $1,000 to open an account.
The minimum investment amount for bonds and GICs is $5,000.
No fractional share trading.
4.2
★★★★★
Finder rating
Get $50 in free trades when you fund your account with a minimum of $1,000.
How we chose the best stock trading apps for beginners
When picking the best trading platforms for beginners, we looked at factors that would be important to new investors like fees, ease of use, available securities, ways to trade and the availability of support. Platform features were given top consideration, followed by fees and the types of orders and assets available to clients.No single online brokerage is the best choice for everyone, so compare your options before signing up for an account. Check out our guide to the best online stock trading platforms in Canada to compare more options.
Finder Stock Trading Platform AwardsThe Finder Awards were launched to honour the best and most innovative finance products in Canada. Awards are completely unpaid and based on a data-driven methodology that seeks to fairly compare brands and products in categories like credit cards, stock trading and cryptocurrency.The Finder Stock Trading Platform Awards recognizes top brokers in Canada for self-directed investors. In 2022, 16 brokers were scrutinized across 630 data points, and winners were awarded across 10 categories.
How to sign up for a stock trading accountGetting started with any of the platforms on this list is pretty straightforward. Visit the broker’s website, and submit an online application. Exact requirements vary, but generally you’ll need to provide the following information:Name, email address, residential address and contact informationBasic employment informationBasic financial informationSocial Insurance Number (SIN)To open a stock trading account in Canada, you’ll need to be at least the age of majority in your province or territory (18 or 19 years old) and a Canadian resident. Be prepared to upload copies of valid government-issued ID — such as a driver’s license or passport — and proof of residency like a recent utility bill or bank statement.Note that some trading platforms have minimum deposit requirements, while others let you open an account without any deposit.
How to find the best stocksStock trading can be profitable when you buy low and sell high or when you receive dividend payments for stocks in your portfolio. But the best strategy for stock investing ultimately depends on your financial goals and circumstances.Do you want a steady stream of side income? Look for stocks that pay regular dividends. If you want to invest in stocks with high growth potential, keep an eye out for companies with strong revenue and market potential. Low-risk investors may be attracted to blue chip stocks, which are issued by large, established companies with a reliable financial track record.Stock picking services make it easier to narrow down which stocks you should buy. You can find expert-curated stock lists — both free and paid — from websites and companies like Ticker Nerd, The Motley Fool, Zacks and WallStreetZen.
Frequently asked questions
What is the best stock app for beginners?
According to the 2022 Finder Stock Trading Platform Awards, Wealthsimple is the best stock app for beginners, followed by CIBC Investor’s Edge and Questrade.Wealthsimple offers fee-free trades and an easy-to-use app. CIBC Investor’s Edge and Questrade are competitively priced, and both offer access to many securities and order types.
Does it cost anything to open a stock trading account?
Most trading platforms don’t charge a fee to open a stock trading account. But some have minimum deposit requirements preventing you from trading until you’ve funded your account at or above a certain amount.
Can I trade US stocks with a Canadian stock trading account?
Many Canadian trading platforms offer access to both US and Canadian stocks, but not all do. Check with your broker to find out. Be aware that you’ll likely have to pay foreign currency conversion fees when buying and selling US stocks.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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