BMO InvestorLineįounded in 1817, the Bank of Montreal is the fourth-largest Canadian bank by assets. Since its 2014 founding, Wealthsimple, led by CEO Mike Katchen and majority held by Power Financial, has expanded its base to 175,000 clients across Canada, the United States, and the UK. It debuted as Wealthsimple Trade in March 2019, offering unlimited commission-free trades and no account minimums, which immediately set it apart in the market. Wealthsimple is the app created by Toronto-based investment manager Wealthsimple. Here is a little more info on the trading platforms we’ve analyzed in the above chart: 1. The history of online trading platforms in Canada The account minimum listed is the required balance to avoid inactivity fees on non-registered accounts. The rating mentioned is the average rate. Yes, but only if it’s one of Canada’s most popular ETFsĪpple App Store ratings are scored by users. To make things a little easier, we’ve broken down some of the key differences between seven of the most popular trading platforms in Canada and put them in this handy chart. Unfortunately it also can make for a tough selection process. Today, Canadians have more than a dozen online trading platforms to choose from, a fact that makes this a great time for consumers because there’s unprecedented competition bringing trading prices down.
Since then, there’s been a slow but steady trickle of online trading platforms - and now, every single one of Canada’s “big six” brick-and-mortar banks have launched self-directed trading platforms and accompanying mobile apps. Online stock brokers were first introduced in Canada in 1996 when TD Bank unveiled WebBroker, the country’s first online brokerage platform. Overview and pricing of Canadian trading platforms To complete your homework, we recommend visiting their sites to continue your research. That’s why we always do our best to be fair and provide complete and accurate information, even on our competitors.
Although we think the service we provide at Wealthsimple is excellent, your trust is important to us. We’ve included key features, account types, and pricing. To help you pick the best online broker for your needs, below we’ll compare some of the main online brokerages that operate in Canada. Account fees - including possible maintenance fees or management fees - and the interface might be important to some, while others might value desktop trading and a wide variety of stocks to choose from. Which trading platform is the best? Probably the one that meets your specific needs and goals. There are many online brokers available in Canada that might merit a look from you if you’re interested in stock trading through a trading account. The official legal definition of a broker is “any person engaged in the business of effecting transactions in securities for the account of others in exchange for a fee or commission,” but when it comes to trading platforms, computers are “persons” too. Today, however, most stock purchases and sales are executed not by humans, but by computers. There are a few of those old codgers left on Bay Street, remnants of the old “full service” brokerages, complete with a pricy financial advisor, that might charge you hundreds to make a single stock trade. If you watch a lot of old movies you might be under the impression that a stockbroker is someone who spends all their life shouting “Sell! Sell! Sell!” into a telephone while anxiously scanning a stock market ticker.
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