top three online brokers for Beginners in Canada (2023)

The online brokerage industry in Canada is highly competitive, with a wide variety of options available to investors.  I have narrowed the list considerably with my top three picks for New Investors. 

 

 

Canada’s top three self-directed online brokers are Questrade, Qtrade, and for Global opportunities, I have included Interactive Brokers.

Each of these brokers offers unique features and services that make them stand out from the competition. 

What are the Top Three Online Brokers in Canada (2023)?

 1. QUESTRADE Self-Directed Investing (*****Editors Choice)

Questrade is one of Canada’s most popular online brokers, and for a good reason.

 

They have low fees or commissions on a wide range of investment products.

 

Questrade also offers a user-friendly platform that allows new investors to manage and grow their portfolios confidently.

 

Questrade provides access to research tools and educational resources to help investors make informed decisions about their investments. 

 

Questrades Customer Support is the best in the business.  

 

I use Questrade and recommend this broker to my friends. Questrade has excellent customer service, an Advanced Trading Platform, great mobile App, which are all crucial to my requirements.  They even have a 50.00 friend referral reward.  So I get 50 bucks, and so does my friend when they open a new account —a nice little bonus.   – Randal Lyon (WealthandGrowth Editor)

 

Pros

      • No account opening fees*

      • No annual RRSP or TFSA account fees*

      • Low commissions and fees*

      • Buy ETFs commission-free*

      • Extended hours: trade on U.S. markets from 7 am to 8 pm E.T.

      • Access to basic and advanced charts and tools for FREE.

      • Industry Leading Research Tools.

      • Best in Industry Customer Service. 

      • You can Open New Account and Deposit with Bank Card

      • $50.00 Friend Referral Fee

    Cons

        • High Withdrawl fee for Non-Canadian Residents.

        • Limited Account base Currencies. (A Non-issue for Canadian Currency-Based Investors)

        • The minimum Deposit for a new account is $1000.00

       

      2. QTRADE Direct Investing

      Qtrade is a top-ranked online broker in Canada that offers competitive fees, commissions, and a wide selection of investment products.  

       

      In addition, this broker provides access to advanced trading tools such as charting capabilities and technical analysis indicators.  

       

      Qtrade Investor has an intuitive interface that makes it easy for investors to navigate the platform and manage their portfolios effectively.

       

      “Both Qtrade and Questrade are excellent choices; it is just a personal preference as to which one will fit your requirements. Qtrade is very popular in Canada, so you can’t go wrong with them.” – Randal Lyon.

       

      Pros

          • Easy Account Opening.

          • They have a Simple Web-based trading platform decent for beginners and novice investors.  

          • Good Educational Resources.

          • Access to Charting and Charting Tools.

        Cons

            • High Trading Fees for Some Products.

            • Only Canadian and U.S. Markets.

            • Credit and Debit Cards are not accepted. 

            • Inconvenient to open a new account.

           

          3. INTERACTIVE BROKERS

          If you are an aspiring trader looking for a more technical solution or just looking for access to Global Markets, then Interactive Brokers has you covered. 

           

          Interactive Brokers supports Clients in over 200 countries and territories, with various choices.

           

          You can trade stocks, options, futures, currencies, bonds, funds, crypto and more on 150 global markets from a Single, unified platform. 

           

          Interactive Brokers made my top three list for beginners because they offer more choices and opportunities.

           

          You can invest and trade in 26 currencies in 150 Global Markets. If you are not a Canadian Citizen or want access to your Birth Countries Markets, look no further. 

           

          Pros

              • Competitive Trading Fees and Commission rates.

              • Fund your account and trade assets in 26 currencies.

              • Wide Selection of Financial Products.

              • Variety of excellent research tools. 

              • Access to over 150 Global Markets.

              • Access to Charting and Charting Tools.

              • Choose from Multiple trading platforms.

            Cons

                • Complex Desktop Trading System – Overkill for beginners.

                • Complex Account opening process.

                • Unstaffed Customer Service.