Best 5 Day Trading Platforms in Canada 2024

Are you searching for the Best 5 Day Trading Platforms in Canada? Here we have compiled an exclusive list of some of the top performing and most popular stock brokers in Canada.

Day Trading Platforms in Canada

As a Canadian citizen, you might be looking for ways to invest and earn an extra income. Then you should know that there are different online investment opportunities for you in Canada. To invest the right way, you’d need the services of a broker or a brokerage firm. There are offline or online brokers that offer different types of services to their clients. They offer services like a day trading platform, and numerous investment options in Canada.

If you want to invest, your broker will tell you to invest in the stock exchange market in Toronto. This is partly due to how large the market is and how much you can earn from the market. Your broker will also tell you that you have access to several trading platforms within and outside Canada.

Online Brokers Offering Best Day Trading Platforms in Canada

So, let’s get a glimpse of the brokerage firms offering robust trading platforms in Canada.

1. Interactive Brokers

This firm helps those who are seriously interested in trading. Therefore, it is popular among heavy stock traders in Canada as well as international traders. Commissions for trading with this firm are low, a feature that attracts expert traders. Their trading tools and fees are one of the best in Canada.

Interactive Brokers Features & Pricing

  • The deposit fee is zero.
  • Each share costs 0.005 dollars. There is also a percentage on the maximum trade value.
  • There is no charge for stock trading.
  • The OTCCB fee for each share is 0.0035 dollars.
  • Mutual fund traders pay 14.95 dollars.
  • There is no base fee for Options trading. Neither is there a fee for ETF trades. However, traders pay 0.65 dollars per contract for Options trading.
  • Futures traders pay 0.85 dollars for each contract.
  • If a broker assists you, you’ll pay 30 dollars as trading charges.
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2. Questrade

This is one of the leading online stock brokers in Canada. They help their clients to trade in the Canadian and foreign markets.

Questrade’s clients are satisfied with their services. The clients applaud the firm for using advanced digital trading tools and technology to provide a seamless service. 

Questrade Features & Pricing

  • Questrade maximum trading cost per share is 9.95 dollars, while the minimum is 4.95 dollars.
  • Questrade trading rebate commission is 50 dollars.
  • There are no annual TFSA and RRSP charges.
  • You can register an investment account yourself.
  • The minimum account balance of Questrade traders is 1000 dollars.
  • Traders receive 50 dollars for any free trade done.
  • Questrade’s traders can trade in Options. The charges include a fee of 9.95 dollars and an additional one dollar per contract.
  • Each share costs 0.01 dollars.
  • Traders can purchase ETFs free of charge, and they can sell at 1ยข per share.
  • Traders pay 9.95 dollars for mutual funds.
  • Futures trading is not available.

Questrade Active Traders Features & Pricing

There are prices for active traders. Traders under this category are obligated to subscribe to one of its plans.

  • Stock traders can purchase shares for a fixed or variable plan. The variable plan for one share is not less than 0.01 dollars and not more than 6.95 dollars. This plan is good for traders who wish to do small trading. Those who wish to trade in large quantities should choose the fixed plan. For a fixed plan, the share price is 4.95 for each trade.
  • Options trading for active traders is of two types. For the fixed plans, the price for each contract is 4.95 dollars with an extra 0.75 dollars. For variable plans, each contract is 6.95 dollars plus an extra 0.75 dollars.
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3. Wealthsimple

Wealthsimple is one of the top and most popular Canadian stock brokers. This firm is specifically for traders who make long-term investments or for passive investors. The firm has an investment platform that proffers investment solutions to problems. Furthermore, the firm has developed a trading application with a simple user interface. Traders can go to the platform and trade themselves without any professional assistance. You can also explore Wealthsimple alternatives and learn more about how stock brokers work in Canada.

Wealthsimple Features & Pricing

  • Each trade is free of charge.
  • Offers a cash bonus of up to 25 dollars to traders.
  • No minimum deposits for traders.
  • No charges for ETF trading
  • Base charges for Options trading are zero.
  • Options trading for one contract is zero
  • There is no charge for Futures contracts.
  • There is no charge for mutual funds trading.

Also, have a look at the Best Robo Advisors in Canada

4. CIBC (Investor’s Edge)

This is the opposite of Wealthsimple. They offer services to traders who want to invest in short-term investments. Trading costs for this category are usually low and not complicated.

This online brokerage firm is well-known for its transparency and cheap trading fees.

CIBC Investor’s Edge Features & Pricing

  • The Cost of each trade is 6.95 dollars.
  • Each equity trading price is 6.95 dollars.
  • There is no minimum trade for traders.
  • The minimum account balance is zero.
  • ETF and stock price is 6.95 dollars for each trade.
  • Charges for each Options trading are 6.95 dollars and an extra fee of 1.25 dollars.
  • Charges for mutual funds trading are 6.95 dollars.
  • Zero fees for RRSP, RESP, and TFSA.
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5. Qtrade Brokers (Direct Investing)

This firm stands out among its competitors because of its trading platform. It has an easy-to-use website and provides good services to its clients. In addition, the firm has a well-developed research facility to educate people about investment. Qtrade also has high-quality tools to analyze portfolios for their clients.

Qtrade Features & Pricing

  • The cost of each trade is 8.75 dollars.
  • There is a commission discount going on which offers nearly 500 dollars for trading.
  • There is a one percent charge on mutual funds trading.
  • Options trading charges start from 6.95 dollars plus an extra 1.25 per contract. The maximum charge on options trading is 8.75 dollars plus an extra 1.25 per contract.

Note: The information given above is on “as is” basis. The benefits, fees, commission and other charges are subject to variation. Please check the respective broker’s official site for any changes thereon.

You may also like to explore Best Stock Screeners in Canada.

Stock Brokers in Canada

Canadian stockbrokers offer different plans to Canadian residents. Before you start day trading, let your broker know if you are interested in short-term trading or long-term trading. This will give your broker an idea of what to do and give you the best services.

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