Investing in stocks, exchange-traded funds (ETFs), mutual funds and more can help you reach your financial goals. Online trading brokers, also known as discount brokerages, enable self-directed investors to buy and sell these assets. These platforms are regulated and, in most cases, are members of the Canadian Investor Protection Fund (CIPF).More info :theinvestorscentre.com
Choosing the best online trading broker depends on your investment goals. If you want to trade US-listed securities or other global markets, look for a broker that offers these options. If you plan to use a margin account, be aware that this feature comes with added risks. A margin account allows you to increase your buying power by borrowing money from the brokerage firm. This can result in higher profits but it also can lead to a greater loss.
Top Online Trading Brokers in Canada: Features and Comparisons
Other factors to consider when choosing an online broker include its mobile app, price transparency and customer service availability. Look for a mobile app that lets you monitor your portfolio and place trades on the go, as well as one that has easy-to-use features like a charting library and a customizable layout. Some brokers advertise fee-free trading, but this usually applies to a limited selection of assets.
This year, Questrade is the top-rated online brokerage, edging out TD Direct Investing with its $0 commission on all stock and ETF trades. InvestorLine and Qtrade Direct Investing round out the top-3, while Desjardins Online Brokerage is our choice for the best cheap online broker in Canada with its competitively priced options and complimentary digital platform experiences.
