How to Choose One?
There are a number of different investment platforms in Canada, each with their own unique features. In this blog, we will go over some of the top investment platforms in Canada and how to choose one. We'll look at Canadian Banks and Online Brokerage Platforms, their features, and what makes them unique. So, whether you are just starting out with investing or you are looking for a new platform to try, read on for the best investment platforms to put your hard earned money to work for you!
Online Investment Broker
If you are looking for lower trading fees, online brokerage platforms are a great option. With similar investing options as the big Canadian banks, these online platforms typically offer Self Directed investing (chose your own stocks or ETFs) as well as Robo-advisors(Investments are chosen for you). These newer type of investment platforms have been growing in popularity in recent years. Robo-advisors use algorithms to create and manage your portfolio which can be a cost-effective option for those who want to invest but don't have the time or knowledge to do it themselves. The key to investing your savings is to start today!
Online Investment Brokerage Platforms
-With Wealthsimple Trade you get commission-free purchases on Canadian (CAD) stocks and ETFs.
--USD denominated stocks and ETFs however are charged a 1.50% currency conversion fee.
-Robo-Advisor for 0.50%.
-With Questrade you can by stocks at commission costs between $4.95 and $9.95 per trade
-Buy ETFs (Exchange Traded funds) commission-free.
-Robo-Advisor for 0.25%.
-With Interactive Brokers, you get a platform made for advanced traders.
-Commission per share instead of commission per trade like most other platforms.
-Interactive Brokers has pro version tiered pricing of $0.0005 to $0.005 per share (by volume).
Canadian Banks
If you are looking for a simple and straightforward way to invest, then a bank is a good option. Most Canadian banks offer self direct investing options, robo-advisors, and personal investment advisor service. This can be a good option if you want to invest in a well-known and trusted institution and keep all your finances in a single platform (checking accounts, savings accounts, TFSA, RRSP, etc). Some of the top Canadian banks with direct investing options include RBC, TD, and Scotiabank. Below is a list of Canadian banks along with their trading platforms, link to their website, and commission per trade. If you just want to get started on investing quickly, call your bank today and open one of these direct investing accounts to start saving!
Canadian Bank Self-Directed Investing Platforms
RBC Royal Bank of Canada
-RBC Direct investing platform
-$9.95 per trade
TD Toronto Dominion
-TD Direct Investing platform
-$9.95 per trade
BMO Bank of Montreal
-BMO Investorline platform
-$9.95 per trade
Scotiabank Bank of Nova Scotia
-Scotia iTrade platform
-$9.99 per trade
NBC National Bank of Canada
-National Bank Direct Brokerage platform
-$0 per trade
CIBC Canadian Imperial Bank of Commerce
-CIBC Investor's Edge platform
-$6.95 per trade
To Sum it up
When selecting the best platform for Investing, it is wise to first consider how much money you can realistically put in. Will you be able to add funds Weekly? Bi-weekly? Monthly? Or occasionally on rainy days? These answers make a big difference in selecting the best platform for your investing needs. The commission fees and exchange rates affect your investment portfolio's performance so choose wisely. For those of you who are still mulling over a decision in which platform to use, we suggest simply getting started. The sooner you open up your investment account, the sooner you will reach your savings goals. Start with even $25 dollars and add to your investment with each paycheck, you'll thank yourself later!
And as always...Don't Gamble...Use Gramble!
Statement: Please note that we do have sponsored links on this page for compensation.
