The stock trading app landscape in Canada has been transformed by commission-free trading. Wealthsimple offers $0 trades on every stock and ETF, fractional shares from $1, and the cleanest mobile app in the country — it’s the right choice for most Canadians. For active traders who need real-time data, global market access, and professional-grade tools, Interactive Brokers is unmatched. Big bank platforms still charge $9.95 per trade, which adds up fast and is increasingly hard to justify unless you specifically need their banking integration.
Best Stock Trading Apps Ranked
| Rank | App | Best For | Commission | Mobile App Rating |
|---|---|---|---|---|
| 1 | Wealthsimple | Best overall | $0 | 4.7/5 |
| 2 | Interactive Brokers | Active/advanced traders | $0.01/share (min $1) | 4.3/5 |
| 3 | Questrade | ETF investors + moderate traders | $4.95–$9.95 (stocks), $0 (ETF buys) | 3.8/5 |
| 4 | TD Direct Investing | Bank integration | $9.99 | 4.0/5 |
| 5 | BMO InvestorLine | Bank integration | $9.95 | 3.7/5 |
| 6 | Qtrade | Full-service discount | $8.75 | 3.5/5 |
| 7 | RBC Direct Investing | RBC clients | $9.95 | 3.5/5 |
#1: Wealthsimple — Best Overall Stock Trading App
| Feature | Details |
|---|---|
| Commissions | $0 on all stock and ETF trades |
| Markets | TSX, NYSE, NASDAQ + crypto |
| Fractional shares | Yes (buy as little as $1 of any stock) |
| Options trading | Yes |
| USD account | Yes (Premium plan, $3/month) |
| Real-time quotes | Yes |
| Research | Basic (company info, analyst consensus) |
| Order types | Market, limit, stop-limit |
| Account minimum | $0 |
| Best for | Beginners, passive investors, dividend investors |
Why it wins: Zero commissions, fractional shares, and the best mobile app design in Canada. Combined with banking (cash account), tax filing, and crypto — Wealthsimple is the most complete platform.
Wealthsimple Pros and Cons
| Pros | Cons |
|---|---|
| $0 commissions on all trades | 1.5% FX fee on US trades (free plan) |
| Fractional shares from $1 | Limited research and charting tools |
| Best-in-class mobile app | No margin account |
| Crypto + stocks in one app | No access to international exchanges |
| TFSA, RRSP, FHSA, RESP all available | No advanced order types (trailing stop, etc.) |
#2: Interactive Brokers — Best for Active Traders
| Feature | Details |
|---|---|
| Commissions | $0.01/share (min $1 per trade) |
| Markets | 150+ markets in 33 countries |
| Fractional shares | Yes (US stocks) |
| Options trading | Yes (advanced) |
| USD account | Yes (native, no FX fee for USD-funded) |
| Real-time quotes | Yes (with Trader Workstation) |
| Research | Extensive (Morningstar, Refinitiv, fundamental scanners) |
| Order types | All types including algorithmic |
| Account minimum | $0 |
| Best for | Active traders, options traders, international investors |
Interactive Brokers Pros and Cons
| Pros | Cons |
|---|---|
| Lowest cost for high-volume traders | Complex interface for beginners |
| Access to 150+ global exchanges | Trader Workstation has steep learning curve |
| Best margin rates in Canada | Customer service can be slow |
| Advanced tools and research | Mobile app less polished than Wealthsimple |
| Forex at spot rates | Account statements are difficult to read |
#3: Questrade — Best for ETF Investors
| Feature | Details |
|---|---|
| Commissions | $0 ETF buys, $4.95–$9.95 stocks |
| Markets | TSX, NYSE, NASDAQ |
| Fractional shares | No |
| Options trading | Yes ($9.95 + $1/contract) |
| USD account | Yes (free) |
| Real-time quotes | Yes (with data package subscription) |
| Research | Good (Morningstar reports included) |
| Order types | Standard + trailing stop |
| Account minimum | $1,000 |
| Best for | ETF buy-and-hold investors |
Cost Comparison: 10 Stock Trades Per Month
Commissions are the most obvious cost, but currency conversion fees matter just as much for anyone buying US stocks. Wealthsimple charges 1.5% on USD trades (waived with Premium at $3/month), while Interactive Brokers offers near-spot FX rates. On a $10,000 USD purchase, that’s $150 at Wealthsimple vs. under $2 at IBKR. If you trade US stocks frequently, IBKR saves thousands over time.
| App | Monthly Cost (Canadian Stocks) | Monthly Cost (US Stocks) | Annual Cost |
|---|---|---|---|
| Wealthsimple | $0 | $0 (+ FX fee if applicable) | $0–$36 (Premium) |
| Interactive Brokers | ~$10 ($1/trade min) | ~$10 | ~$240 |
| Questrade | $49.50–$99.50 | $49.50–$99.50 | $594–$1,194 |
| TD Direct | $99.90 | $99.90 | $1,198.80 |
| BMO InvestorLine | $99.50 | $99.50 | $1,194 |
Feature Comparison for Stock Traders
| Feature | Wealthsimple | IBKR | Questrade | Big Banks |
|---|---|---|---|---|
| Real-time quotes | ✅ Free | ✅ Free | ⚠️ Paid add-on | ⚠️ Varies |
| After-hours trading | ❌ | ✅ | ❌ | ❌ |
| Short selling | ❌ | ✅ | ✅ | ✅ |
| IPO access | ❌ | ✅ | ❌ | ✅ (some) |
| Stock screener | Basic | Advanced | Moderate | Moderate |
| Chart analysis | Basic | Professional | Good | Moderate |
| News feed | Basic | Extensive | Good | Good |
| DRIP | ✅ | ✅ | ✅ | ✅ |
| Automatic deposits | ✅ | ❌ | ✅ | ✅ |
Best App by Trading Style
| Trading Style | Best App | Why |
|---|---|---|
| Buy and hold (monthly purchases) | Wealthsimple | $0 fees, automatic deposits, fractional shares |
| Dividend investing | Wealthsimple | $0 commissions, free DRIP |
| Day trading | Interactive Brokers | Lowest commissions, best tools, real-time data |
| Swing trading (weekly) | Interactive Brokers or Wealthsimple | Depends on volume |
| Options trading | Interactive Brokers | Lowest options fees, best execution |
| US stock focus | Interactive Brokers | Best FX rates, no conversion fee |
| Penny stocks | Interactive Brokers | Low per-share cost, access to OTC |
How to Open a Stock Trading Account
| Step | Action |
|---|---|
| 1 | Choose your app and download it |
| 2 | Enter personal information (name, address, SIN, employment) |
| 3 | Verify identity (photo ID + selfie, or bank verification) |
| 4 | Choose account type (TFSA recommended for beginners) |
| 5 | Fund your account (e-Transfer, bank link, or wire) |
| 6 | Start trading |
| Typical Timeline | App |
|---|---|
| 5 minutes to open | Wealthsimple |
| 10–15 minutes to open | Questrade, IBKR |
| 15–30 minutes to open | Bank platforms (may require branch visit) |
The Bottom Line
Wealthsimple for buy-and-hold investors and beginners, Interactive Brokers for active traders and heavy US stock buyers. Questrade sits in the middle with free ETF buys but charges for stock trades. Bank platforms are expensive and only worth considering if tight banking integration matters to you.