Canada's Best Stock Trading App - Best Free Apps for 2023 (2023)

Kan Pepi

Updated: 11 January 2022

Sitting in Canada and thinking about trading stocks online? If so, it's also worth getting a top-notch stock app to buy and sell stocks on the go.

You can check the value of your portfolio at the click of a button and place last minute buy and sell orders.

But with so many default apps available to Canadians now, which one should you choose?

In this guide, we present the best stock trading app in Canada. In addition to reviewing the best vendors, we'll also walk you through the process of getting started with an inventory app today!

The best stock trading app in Canada

Below are the five Canadian stock trading apps that did it. Scroll down for a detailed breakdown of each provider.

1. AvaTrade- The best all-in-one stock trading app in Canada
2. Oanda- The best trading app in Canada for stock indices
3. interactive corridors- The best Canadian stocks app for experienced traders
4. divisas.com- Canada trading app with over 4500 stocks
5. CMC markets- Canada's #1 stock app for technical analysis

There are currently dozens of stock market app providers offering trading services to Canadians. This can make it difficult to know which app to use. For example, you need to consider everything from fees and tradable shares to payments and regulations.

To clear the fog, below is a selection of the best stock apps in Canada right now.

1.AvaTrade - The Best General Stock Trading App in Canada

If you're looking for the best all-in-one Canadian stock app, you've come to the right place at AvaTrade. First, AvaTrade has been active in the online and mobile trading scene since 2006.

All Canadian stock trading accounts are operated by Friedberg Direct, which means it is covered by the Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).

This ensures that you can safely trade shares. In terms of what you can trade in the app, AvaTrade offers thousands of CFD instruments. This includes forex, indices, commodities, cryptocurrencies, and of course stocks.

The stock trading department focuses primarily on the NYSE and NASDAQ. This means you can trade heavy hitters like Facebook, Netflix, Tesla, and Apple. AvaTrade is particularly popular with Canadians as it allows you to trade CFDs on shares commission-free.

Instead, all fees are built into the spread. As you are trading CFD instruments, this also means that you have access to leverage and short selling opportunities. The AvaTradeGO app is available on iOS and Android devices. You may also consider the MT4/5 mobile app, which links to your AvaTrade account.

Regardless, AvaTrade requires a very modest minimum deposit of just $100. It only takes a few minutes to open an account and you can load funds using a Canadian credit/debit card to benefit from an instant deposit. Alternatively, you can also transfer money from your bank account.

There is no guarantee that you will make money with this provider.

2.Oanda - Canada's Best Stocks App for Stock Indices

Oanda is one of the most established trading sites in the online space. The broker, which started in 1996, is now active in more than 196 countries. Although Oanda is based in the US, it is very popular with Canadian traders.

This is evidenced by the fact that the platform is licensed by the IIROC, so you can trade with confidence knowing that you are using a regulated application. Like AvaTrade, you will trade CFDs on Oanda.

Again, this is beneficial as you can choose between a long and short position on each trade and apply leverage. Regarding tradable markets, it should be noted that Oanda does not offer individual shares. Rather, you operate with indices.

This means you'll be speculating on the future value of broader markets like the Dow Jones, FTSE 100, and NASDAQ 100. On the other hand, these indices benefit from tons of liquidity and have relatively low volatility. In addition to indices, you can also trade over 70 pairs on the Oanda app.

The mobile app itself is very easy to use and can be downloaded on both iOS and Android devices. When it comes to trading rates, the Oanda app offers two different plans. One type of account allows you to trade commission-free, albeit with slightly higher spreads. This is beneficial for low level traders.

If you choose another account type, you will pay a small commission but will benefit from much lower spreads. This is ideal if you tend to trade large volumes. We liked the fact that the Oanda trading app has no minimum deposit and you can fund your account using a debit/credit card or bank transfer.

There is no guarantee that you will make money with this provider.

3.Interactive Brokers - Best Canadian Stocks App for Experienced Traders

Interactive Brokers is a large brokerage firm founded in 1978. This trading platform is regulated in multiple jurisdictions including Canada, US, UK, Australia, and Japan.

In terms of tradable markets, the Interactive Brokers app offers virtually every type of financial instrument imaginable. This includes stocks, currencies, ETFs, bonds, options, futures, and more.

What we really like about this Canadian stocks app is that you can choose between traditional stocks and CFDs. If you choose the former, you can buy and sell shares on dozens of national and international stock exchanges. Again, if you like the sound of stock CFDs, you have access to leverage and short selling features.

When it comes to fees, the Interactive Brokers app offers very competitive fees. For example, you can trade traditional stocks from as low as $0.005 per share. This comes with a minimum of $1 and a maximum of 1% of the trade amount.

There are also higher tier plans available, giving you access to even lower stock trading fees. It should be noted that Interactive Brokers is more suitable for experienced Canadian traders. This is because the platform comes with a significant number of tools and features that can seem a bit overwhelming at times.

On the other hand, the stock trading app is actually much easier to use than the online platform. In terms of getting started, the KYC process at Interactive Brokers is a bit slow and usually takes a few days. Once set up, there is no minimum deposit. Only bank transfers are accepted, so debit/credit cards are not accepted.

There is no guarantee that you will make money with this provider.

4.Forex.com - Canada trading app with over 4500 stocks

While Forex.com is a major player on the online forex trading scene, it is strong in other asset classes as well. Notably, this trading app offers more than 4,500 stocks to trade at the click of a button.

While this covers popular stocks like Uber, Nvidia, Amazon, and Worldpay, you can also trade oodles of less-liquid companies. This allows you to diversify into multiple markets and then ensure that there is always a trading opportunity on the horizon.

In terms of fees, Forex.com allows you to trade stocks as low as 1.8 cents per share. This is very competitive, especially when you consider the tight spreads on offer. Both leverage and short selling are available, and you have multiple trading platforms to choose from.

For example, if you're looking for an easy-to-use experience, you can download Forex.com's native app. It is easy to use and compatible with iOS and Android devices. Or you can choose to trade shares on your phone using MT5. This offers much more in terms of technical indicators and research tools.

This also enables automated stock trading robots, meaning you can buy and sell shares without lifting a finger. The Forex.com app is also great for educational resources, with plenty of trading guides and explanations on offer.

For starters, there is no minimum deposit at Forex.com if you choose to make a bank transfer. You can also deposit funds via debit/credit card or PayPal, but this requires a minimum of $100. Finally, we must note that Forex.com is highly regulated, licensed in multiple jurisdictions.

80% of retail investors lose money when trading CFDs on this site.

5.CMC Markets - Canada's leading stock trading app for technical analysis

For one, performing technical analysis on a small mobile screen can be challenging. This is why most traders research stock price movements on a desktop device.

With that being said, CMC Markets is the best stock app in Canada if you also want the option to browse charts on your phone. This is because the app was built from the ground up for technical traders.

You can fully customize the trading application panel for the "t" in CMC Markets. Add to that over 35 mobile-friendly technical indicators, full order ticket functionality, and real-time charts. This ensures that you can also place buy and sell orders on the go, no matter where you are.

The CMC Markets mobile app is available on Android and iOS devices, for smartphones and tablets. When it comes to stock trading, the CMC Markets app offers over 9,400 stocks from 23 different international markets. This is a great deal and allows you to reach markets of all shapes and sizes.

Notably, this includes nearly 600 Canadian-listed stocks. What we really like is that you can trade Canadian stocks with as low as 15% margin. This allows you to trade with much more capital than you have in your CMC Markets account.

In terms of fees, it depends on the exchange you want to trade on. For example, Canadian stocks can be traded at a commission of 1 cent per share, with a minimum of 8 Canadian dollars. CMC Markets holds the all-important IIROC license, so you can trade stocks without worrying about security.

There is no guarantee that you will make money with this provider.

How to choose the best stock trading app for you

Now that you have a selection of stock market apps to choose from, you're ready to start your trading adventures. That said, it's also worth doing your own research to make sure the default app you choose meets your needs.

To steer you in the right direction, below is a list of metrics to consider in your search for the best Canadian stock app.

regulation

First of all, you should spend some time researching how secure the stock app in question is. This is because you are depositing your own funds into the app and therefore you need to be 100% sure that your capital is safe. The best way to do this is to see what licenses the broker has.

In an ideal world, your best stock trading app of choice would be licensed by the IIROC. This means that the platform is regulated in Canada and must meet a number of licensing requirements.

For example:

• All IIROC brokers and trading applications are required to perform KYC checks on new clients. This means you must upload a copy of your government-issued ID before you can withdraw your money.
• If your chosen equity application is licensed by the IIROC and becomes insolvent, you will benefit from an investor protection program. This is currently CAD$1 million.
• The IIROC stock solicitation must clearly explain the risks involved in trading. This is particularly the case when trading leveraged products such as CFDs on shares.

As you may have noticed, the best Canadian stock apps that we have discussed on this page are licensed by various regulatory bodies. These include companies like FCA from Great Britain and ASIC from Australia. That way, when choosing a multi-regulated stock trading app, you know the provider is legitimate.

user experience

Make no mistake: if you're an experienced stock trader wanting to do advanced technical analysis, it's much easier to do it on a standard desktop trading platform. With that in mind, there may come a time when you want to ditch your desktop device and find a stock trading opportunity.

Therefore, it is imperative that the Canadian stock trading app you choose offers a seamless user experience. For example, it should be easy to load the app and find the selected marketplace. It should also be easy to research stock prices and eventually place buy and sell orders.

That's why it's always a good idea to start with a demo account, if your stock trading app of choice offers one. These demo accounts often reflect actual market conditions, thus providing a 360-degree view of whether or not the Canadian stock market app in question is a good fit for your financial goals.

tradable shares

There are big differences between the types of stocks you can trade depending on which app you choose. For example, some Canadian stock market apps offer thousands of tradable stock markets. This could include major exchanges in the US, Canada and the UK, along with less liquid markets in South Africa and India.

At the other end of the spectrum, some trading apps offer a stock field with skins and bonuses. In other words, you may have access to a handful of stock markets at best. Therefore, before opening an account, you should check which stocks you can trade through the app.

In addition to the supported markets and exchanges, you should also consider whether to buy traditional shares or trade CFDs. Note that the latter offers leverage and shorting opportunities, but you do not own the underlying shares.

Prices

The best Canadian stock apps allow you to trade cheaply. Trading fees can and do vary, not only in price but also in how the fee is charged. For example, some stock apps in Canada allow you to trade commission-free. This means that your trading fees are built into the spread.

In other cases, the chosen trading app may charge a variable commission multiplied by your bet. There are also Canadian stock apps that charge a flat fee. For example, CMC Markets charges $0.01 per share when trading Canadian stocks.

In addition to commissions and spreads, you should refer to the fee schedule to see what other fees may apply. For example, some stock apps in Canada charge a fee when you deposit and/or withdraw funds. Most apps also charge an inactivity fee for inactive accounts, which usually kicks in after 12 months.

Business tools and resources

Once you've crossed off the basics of regulation, tradable markets, and fees, you should examine what tools and features your stock app of choice offers.

This may include:

• Enjoy:If the stock app you choose offers CFD instruments, you should have access to leverage. If so, check what limits you can get.
• property shares:If you want to buy and sell traditional stocks through your stock app of choice, make sure it supports fractional ownership. That means you can buy a fraction of a share, which means you don't have to spend more than $3,000 to invest in Amazon!
• Requests:Action requests tell the selected application what operation you want to perform. While all stock trading apps offer buy/sell and limit/market orders, you'll also want access to stop loss and take profit orders. It would also be nice if the stock app offered stop-loss and guaranteed stop-loss orders for more flexibility.
• Automated trading:If you are interested in automated trading, please check if it is supported or not. AvaTrade offers a mirror trading service that allows you to copy one of their successful traders head to head.

Education, research and analysis.

If you plan to trade stocks without doing any research, you might as well flip a coin. So, check what research and analysis tools your stock app of choice supports. In an ideal world, the app gives you access to financial news in real time.

You should also have access to many technical indicators. Still, they must be mobile-friendly so that you can run your analysis directly from the app. We're also fans of price alerts, which send a notification to your phone when a stock hits a certain target.

When it comes to education, this is an important metric to measure if you are just starting out in the world of stock trading. For example, it is very useful if the application offers guides and explanations of important business terms. In this way, you can become a better stock trader over time.

device compatibility

The stock apps for Android and iOS are designed specifically for each operating system. This means that the user experience on one type of device may differ from another. For example, we've already found Canadian standard apps that work great on Android but not so great on iOS.

Again, the only sure way to test this is to first open a demo account with the stock trading app. Alternatively, you can read the respective Google Play or App Store reviews to gauge the general sentiment.

Note: If you are looking specifically for the best stock apps for iPhone or stock apps for Android, most brokers cover both areas. However, this is not always the case, so be sure to check it out.

Payment methods

There is nothing worse than going through the registration process with a broker and finding out that your chosen payment method is not supported. We found that the best stock apps in Canada also offer a variety of funding options.

For example, AvaTrade allows you to deposit funds with a Canadian debit/credit card, which means the funds are credited to your account instantly. Forex.com also offers PayPal, which is great for fans of electronic wallets. Some apps even support Google and Apple Pay, which is also a convenient way to deposit/withdraw funds.

In the vast majority of cases, you also have the option of transferring money from your Canadian bank account. While this is quite convenient, it's important to remember that bank transfers usually take a few days to clear from stock investing apps.

On top of that, you should also check what deposit/withdrawal fees apply, if any. Finally, check how long it takes for the Stocks app to process withdrawal requests. In an ideal world, the app provider should take no more than 24-48 hours.

Customer service

The best Canadian stock apps offer top-notch customer service. This should include the ability to speak to a support agent in real time via live chat or over the phone. If it's an email-only service, you'll wait hours or even days for a response.

In terms of working hours, the best stock market apps in Canada run 24/7 to mirror traditional stock markets. If this is not offered, you should ensure that the default application supports it during normal Canadian business hours, especially if you are abroad.

How to download the best stock app and start trading

If you're eager to start trading now but need a little guidance getting ready, let AvaTrade guide you through the process now. Regulated by the IIROC, this excellent stock trading app offers commission trading and requires a minimum deposit of just $100.

This is what you should do:

Verdict of the best stock trading app

Australian stock trading apps are essential for anyone looking to invest in the financial markets. Of course, you can't do in-depth technical analysis on a small screen, but all other account features are easily accessible.

For example, the best stock trading apps allow you to buy and sell stocks, review your open positions, use fundamental research educational tools, and deposit/withdraw funds.

If you're looking for a secure and affordable Australian stock trading app, ASIC-regulated eToro gives you access to 17 international exchanges. All stock transactions are commission free and the minimum investment per order is just $50.

You can start using eToro right away by clicking the link below!

AvaTrade - The Best General Stock Trading App in Canada

Your capital is at risk when trading CFDs

frequent questions

Kan Pepi

Kan Pepi

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Kane Pepi is a British researcher and writer specializing in finance, financial crime, and blockchain technology. Kane now lives in Malta and writes for various online platforms. In particular, Kane knows how to explain complex financial topics in a friendly way. Kane has also written for pages likeReview, ocolorful fool,DentroBitcoins,blockonomy,Lernanleihen, zDie Malta Association of Compliance Officers.

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