Free Stock Trading in Canada: 5 Best Free Trading Platforms 2024 (2024)

Looking to start investing in Canada? The best free stock trading platforms can help you save on pesky investment fees.

Also known as zero-commission trading, this guide covers 5 free stock trading appsthat don’t charge a commission when you place orders to buy or sell stocks.

Using these brokerages saves up to $10 per trade, which can add up over time to increases in investment returns.

Read on to learn about the top zero-commission trading platforms in Canada and what they offer.

Table of Contents Show

Best Free Stock Trading Apps

The top free trading platforms are:

  • Wealthsimple Trade – overall best free stock trading app
  • Desjardins Online Brokerage
  • National Bank Direct Brokerage
  • TD Easy Trade
  • MogoTrade

1. Wealthsimple Trade – Overall Best Free Stock Trading App

Wealthsimple Trade was the first free stock trading app in Canada when it launched a few years back.

Since then, we have seen other banks and credit unions introduce their versions of zero-commission trading or lower their trading fees.

Simply put, Wealthsimple Trade is the best stock trading app for beginners. You can use the platform to trade stocks, ETFs, and even crypto.

For those large-cap stocks with hefty prices (e.g. Apple, Shopify, Tesla, Facebook, etc.), fractional share tradingis available, so you can buy small portions of stocks without having to shell out thousands of dollars each time.

You can open both registered (RRSP and TFSA) and non-registered investment accounts. And there are no account minimums to worry about either.

If you are not confident with self-directed trading or want professionals to manage your investment portfolio, you can use the company’s robo-advisor platform, Wealthsimple Invest, and pay significantlylower fees than your bank’s mutual funds.

Fees:There are no trading commissions or account maintenance fees. When you buy USD-denominated stocks, a currency exchange fee applies.

You can avoid paying FX fees by upgrading to Wealthsimple Trade Plus, a $10 monthly subscription that includes USD accounts, unlimited price alerts, real-time data, and instant deposits up to $5,000.

Cons: Wealthsimple Trade does not offer options trading. Also, the market data on the free account is delayed by 15 minutes.

Wealthsimple Trade

Free Stock Trading in Canada: 5 Best Free Trading Platforms 2024 (1)

Trade stocks and ETFs for free

Great trading platform for beginners

$25 cash bonus when you deposit $200+

Transfer fees waived up to $150

Rating

VISIT WealthsimpleRead review

2. Desjardins Online Brokerage

Desjardins Online Brokerage (Disnat) is the only credit-union-owned free stock trading platform on this list.

It offers stocks, ETFs, options, mutual funds, bonds, treasury bills, new issues, and more.

You can use Disnat to invest in registered accounts (RRSP, TFSA, RRIF, LIRA, LIF, RESP, and non-registered accounts (Cash and Margin).

Fees:On the fees front, Disnat waives trading commissions when buying or selling stocks and ETFs.

There is a minimum fee of $8.75 per options transaction and $50 per trade for fixed-income securities.

Also, you can expect to pay a $30 quarterly inactivity fee if your account is less than $15,000 and you do not qualify for a waiver.

Other admin fees include account transfer fees, cheque withdrawals, etc.

Cons: Options trading is not commission-free. There is a $30 quarterly inactivity fee for small accounts.

Learn more in this detailed Disnat review.

3. National Bank Direct Brokerage

National Bank Direct Brokerage is a division of National Bank, one of the largest banks in Canada. It was one of the first bank-owned brokerages to offer free online stock trading.

This zero-commission trading platform can be used to buy and sell stocks, ETFs, options, mutual funds, bonds, and GICs.

And you can invest these products in various accounts, including TFSA, RRSP, RESP, and taxable investment accounts (personal and corporate).

Fees:No trading commissions when you buy stocks and ETFs. For options trading, there is a minimum fee of $6.25 per trade.

There is a $100 annual account administration fee if your account balance is lower than $20,000, and you do not qualify to waive it.

Other fees apply when you withdraw funds from registered accounts, transfer accounts to another financial institution, and more.

Cons: $100 account inactivity fee if you have a small account. Also, it does not have a dedicated trading app.

Learn more in this National Bank Direct Brokerage review.

4. TD Easy Trade

Even the big banks are jumping on the free-trading app wagon, with TD recently introducing TD Easy Trade, a trading app “designed for beginners”.

This platform offers 50 commission-free stock trades per year and has no account minimum. You can also buy and sell TD ETFs commission-free.

Account types on TD Easy Trade are limited to TFSA, RRSP, and individual cash accounts, which is a far cry from the offerings on the more robust TD Direct Investing platform.

Fees: Clients get 50 free stock trades per year. After that, they pay $9.99 per trade. FX fees may apply to trades involving a different currency (e.g. USD).

While there are no account maintenance fees, these admin fees may come into play depending on your transactions:

  • Account transfers to another financial institution: $150
  • RRSP withdrawal fees: $100 (full) or $25 (partial)
  • Wire payments: $17.50 (incoming)
  • Wire payments (outgoing):$30 – $80

Cons: Commission-free stock trading is limited to 50 trades. You pay $9.99 per trade after. It also has limited investment products, with only stocks, TD ETFs, and some ADRs.

Learn more in this TD Direct Investing review.

5. MogoTrade

MogoTrade is the latest free stock trading platform in Canada.

It is owned by Mogo, a financial technology company that offers personal loans, bitcoin trading, online wealth management, free credit scores, and a prepaid Visa card.

MogoTrade is currently in beta, and while you can use it for free live-streaming data, active stock trading is not yet available.

MogoTrade accounts include RRSP, TFSA, and personal non-registered investment accounts.

Fees:There are no trading commissions for stock and ETF trading.

Cons:Does not offer margin accounts, and investment products are limited to stocks and ETFs. Also, the platform is not yet fully functional.

Learn more about MogoTrade.

Free Stock Trading in Canada: 5 Best Free Trading Platforms 2024 (2)

Other Free Trading Platforms in Canada

In addition to the free stock trading options listed above, the following trading platforms offer zero-commission ETF trading.

Questrade

Questrade is the best discount brokerage platform in Canada. It was established in 1999 and has over $30 billion in assets under management.

Investment products on Questrade include stocks, ETFs, options, FX, bonds, GICs, mutual funds, and precious metals.

You can open several accounts, including TFSA, RRSP, RESP, LRSP, LIRA, LIF, RRIF, margin, and more.

Fees:ETF purchases are free; when you trade stocks (or sell ETFs), you pay 1 cent per share ($4.95 minimum & $9.95 maximum per trade). Options trades are $9.95 + $1 per contract.

There are no inactivity fees; however, admin fees apply to account transfers, wire transfers, certified cheques, etc.

Offer: Our readers get a $50 trade credit after depositing at least $1,000.

Questrade

Free Stock Trading in Canada: 5 Best Free Trading Platforms 2024 (3)

Trade stocks, ETFs, options, etc.

Low and competitive trading fees

Top platform for advanced traders

Get $50 trade credit with $1,000 funding

Rating

visit questradeRead review

Qtrade

Qtrade is a top trading platform offering multiple investment securities (stock, ETFs, mutual funds, options, bonds, and accounts (registered and non-registered).

It also offers a free practice stock trading trial account for 30 days.

Fee: 100+ ETFs can be bought and sold for free; For all other ETFs and stocks, you pay $8.75 per trade. Options cost $8.75 + $1.25 per contract.

There is a $25 quarterly inactivity fee for account balances less than $25,000.

Other admin fees also apply, i.e. account transfer fees, cheque requests, account deregistration, and more.

Offer: Our readers get a $50 sign-up bonus after depositing at least $1,000.

How Free Stock Trading Works

Free stock trading in Canada is also referred to as zero-commission trading. It means you pay $0 commissions when you buy or sell stocks using the platform.

Stock trading commissions can generally cost up to $9.99 per trade, and this is why it was a big deal when the first free trading platform was launched in Canada.

Free stock trading does not mean the absence of all trading fees.

For example, some platforms have no fees when you trade stocks, but they may charge fees on options trades.

Also, you should look out for administrative, inactivity, and upgrade fees.

Best Free Stock Trading Apps

BrokerageTrading commissionsAccount minimumProductsBest for
Wealthsimple Trade$0 for stocks and ETFs$0Stocks & ETFs; cryptoOverall best
Disnat$0 for stocks/ETFs; $8.75 minimum for options$0 ($30 quarterly fee if balance <$15k)Stocks, ETFs, options, bonds, mutual fundsTrading tools
National Bank Direct Brokerage$0 for stocks/ETFs; $6.25 minimum for options$0 ($100 annual fee if balance <$20k)Stocks, ETFs, options, bonds, mutual funds, GICsMultiple products
TD Easy Trade50 free stock trades; $9.99/trade after$0Stocks, TD ETFs, ADRsBeginners (for trading stocks only)
MogoTrade$0 for stocks and ETFs$0Stocks & ETFsGreen investing

How To Choose A Free Stock Trading Platform

When choosing an online trading platform, you should consider the following:

Investment products: Does the platform offer the investment product you plan to trade? You want easy access to the financial instruments you are interested in (such as stocks, ETFs, or options).

Investment accounts: Depending on your investment goals, you may want access to registered accounts (RRSP, TFSA, RESP, etc.) and non-registered taxable accounts (personal or business).

Fees:In addition to trading fees. Watch out for account inactivity fees that apply when your balance is below a threshold.

Trading tools: Free stock trading could mean limited access to trading and analysis tools. If you plan to day trade, live streaming data is important.

Find out about the available (and free) educational resources, market data packages, charting, etc.

Security: Is the brokerage registered as a member of the Canadian Investor Protection Fund (CIPF)? And the Investment Industry Regulatory Organization of Canada (IIROC)? CIPF membership means your assets are protected up to $1 million against insolvency.

What security measures does it have in place to protect your account – encryption, 2FA, etc.?

Minimum deposits: If you plan on investing small amounts, a no-minimum balance broker is preferable.

Order types: Beginners may be fine with basic order types like market, limit, and stop orders. Experienced traders may want access to advanced order types.

Customer service: Read user reviews about the quality of customer support provided by the trading platform. Can you easily reach someone by phone if required?

Mobile App:Plan to trade on the go? You should choose a free stock trading platform that is easily accessible on all devices. Look at the ratings for their mobile app on the App Store and Google Play.

What is The Best Free Trading Platform?

The overall best free stock trading app in Canada is Wealthsimple Trade.

For trading tools and options, the best free trading platform is Disnat.

For green investing, the top free trading platform is MogoTrade.

Related

  • Best Canadian Dividend Stocks
  • Best Energy ETFs in Canada
  • Best Silver ETFs
  • Best Canadian Bank ETFs

Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

As an avid investor and enthusiast in the realm of stock trading and investment platforms, I've delved deep into the nuances of various brokerage services, including those catering to the Canadian market. Let's dissect the concepts covered in the article you provided:

  1. Zero-Commission Trading: This refers to the practice of trading stocks or other securities without incurring fees or commissions per trade. The article highlights several platforms offering zero-commission trading, which can significantly reduce costs for investors over time.

  2. Wealthsimple Trade: This platform stands out as the pioneer of free stock trading in Canada. It allows users to trade stocks, ETFs, and even cryptocurrencies without paying commissions. Notably, it offers fractional share trading, enabling investors to purchase small portions of high-priced stocks.

  3. Desjardins Online Brokerage: Another player in the zero-commission trading space, Desjardins Online Brokerage offers a wide range of investment options, including stocks, ETFs, options, mutual funds, bonds, and more. However, it imposes certain fees for options trading and account inactivity.

  4. National Bank Direct Brokerage: This brokerage, affiliated with one of Canada's major banks, provides commission-free trading for stocks and ETFs. However, it imposes an annual account administration fee for balances below a certain threshold.

  5. TD Easy Trade: TD's foray into commission-free trading offers a limited number of free trades per year, after which a fee is charged per trade. It primarily caters to beginners and offers a simplified trading experience compared to its comprehensive TD Direct Investing platform.

  6. MogoTrade: A newcomer to the scene, MogoTrade offers commission-free trading for stocks and ETFs, although it's currently in beta and lacks some functionalities compared to established platforms.

  7. Questrade and Qtrade: These platforms, while not highlighted in detail in the article, also offer zero-commission trading for ETFs, with varying fee structures for other securities. Questrade, in particular, is lauded for its comprehensive range of investment products and account types.

  8. Factors to Consider When Choosing a Trading Platform: The article emphasizes the importance of considering various factors when selecting a trading platform, such as available investment products, account types, fees (including inactivity fees), trading tools, security measures, minimum deposits, order types, customer service quality, and mobile app accessibility.

  9. Editorial Disclaimer: It's crucial to note the disclaimer provided at the end of the article, which underscores that the information presented is for informational purposes only and does not constitute personalized investment advice. Investors are encouraged to conduct their own research and exercise caution before making investment decisions.

By breaking down these concepts, we gain a comprehensive understanding of the landscape of free stock trading platforms in Canada and the factors to consider when choosing the most suitable option for individual investment goals and preferences.

Free Stock Trading in Canada: 5 Best Free Trading Platforms 2024 (2024)
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