Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user guides, offers market insights, and ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavors.
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Canadians are avid investors. As we speak, 64% of adults in Canada hold one or more investment products, like stocks, mutual funds, and government bonds. Several factors have encouraged over half of the population to invest, including strong financial education and government initiatives like tax-advantaged investment accounts.
If you have yet to join the investment bandwagon, now’s the perfect time. I’ll start you off and make your journey easier by introducing you to the best investing apps in Canada. I vetted them personally and checked every crucial aspect, from licensing to user-friendliness. I’ve recommended them because, among other attributes, they are licensed and regulated by known authorities like Canada’s CIRO, the UK’s FCA, and France’s AMF.
Let’s compare our best investment apps briefly before delving deeper. I want to show you why I chose these service providers. I have listed some of the critical factors I used, from licensing and regulation to charges (commissions & spread) and money insurance.
After going through the table and isolating an app that seems like a perfect match for you, find out more about it in the review section. But read one mini-review alone. I strongly recommend checking out all of them; you might find a better alternative to what you picked earlier.
ACH, Wire transfer, Check, Wise, Bank Transfer/ SEPA, BPAY
Yes
Yes
Apps Reviews
Below, I have reviewed all 5 recommended investment apps in Canada. Read each mini-review thoroughly and note the most important pros and cons. If you find something that needs clarification, contact the app’s customer service team for more information.
1. XTB – The Best App for Low-Budget Investors
XTB is a godsend for low-budget Canadians who’d like to invest in financial products. While assessing this app, I discovered several intriguing aspects that encouraged me to recommend it to this particular group of people. First up is its low minimum investment amount. While XTB is popular as a CFD broker, recent years have seen it venture into more traditional assets
Sign up with XTB today, deposit anything from C$1, and start investing in a wide variety of financial products. I discovered over 7,000 financial instruments while exploring this platform, starting with 3,600 real stocks and 1,300+ ETFs. Available stocks are from over 14 markets, from the US to Germany and France. Available stocks include products from popular Canadian companies like Shopify Inc., Royal Bank of Canada, and Canadian National Railway Co.
Yes, you can start investing in such shares with as little as C$1 because fractional shares are available on XTB. And if you have a couple of bucks, you can stretch them out and diversify your portfolio with popular ETFs like BNKE.FR, ASI.FR, and AAKI.DE. And don’t worry about costs. As a low-budget investor, you can simply find and focus on commission-free stocks and ETFs offered by XTB.
XTB
✔User-friendly interface
✔Expert customer support services
We love XTB because it is one of the most affordable brokers out here. How so? For starters, there are no XTB minimum deposit requirements. Moreover, the broker’s users don’t have to pay additional fees while funding their accounts or cashing out. Most importantly, XTB doesn’t require traders to cover account opening, maintenance, or inactivity fees. In the table below, we’ve highlighted the fees, commissions, and costs you should take note of before committing to XTB.
Fees and Charges
Amount
Account opening and maintenance
$0
Minimum deposit
$0
Deposit fee
$0
Withdrawal fee
$0 for withdrawals above $50; $30 for withdrawals below $50
Investing commission
From 0%
Spreads
From 0.3 pips
Currency conversion fee
0.5%
Inactivity fee
$0
XTB users have unlimited access to 5,800+ financial products, ranging from forex pairs to commodities. You will be hard-pressed to find a broker with a more impressive asset portfolio than XTB. Let’s run through some of the assets we encountered while exploring and evaluating the XTB online trading platform:
Shares: Over 2,900 stocks are available on the XTB online trading platform, including popular products like Tesla, Amazon, and Intel Corp. You can start investing in them with capital as low as $10.
ETFs: As an XTB client, you can diversify your portfolio by investing in different ETFs, such as Dell Technologies, FACC AG, and PayPal Holdings PLC. The best part is such products have zero commission and a $10 minimum order requirement, which is pretty low.
Forex: Over 71 popular forex pairs are accessible to XTB users, from EUR/GBP and AUDCHF to NZD/USD, USD/CAD, and GBP/ZAR.
Indices: Presently, this broker offers 30+ indices, including popular instruments like AUS200, FRA, and US100. You can trade these products and magnify potential returns with flexible leverage.
Commodities: XTB offers you the opportunity to trade CFDs over 25 commodities, from cocoa and coffee to oil, gold, and gas.
2. OANDA – The Best Investment App for Trading Enthusiasts
I mix a bit of both investing and trading, and I prefer using different apps for these activities for good reasons. First and foremost, this strategy allows me to harness the full potential of top-tier apps specifically designed for either trading or investing. If you’d like to do the same, let OANDA be your go-to trading app.
I highly recommend OANDA because this app has a vast array of tradable instruments, from forex pairs, stocks, and ETFs, to options and futures. Plus, the company offers its clients the golden opportunity to minimize costs and maximize returns with rock-bottom core spreads, starting from 0.0 pips.
While trading the markets with OANDA, you’ll have ample opportunity to leverage custom charts tailored to your trading style as well as automated notifications on global market news, order expiry, price alerts, etc. The app will also give you access to 2 of the most powerful trading software today: MT4 and TradingView.
Please note that OANDA is exclusively for investors searching for an independent, powerful trading app. As a Canadian, you can only trade on OANDA. This service provider has a special platform for investors called TMS, but it’s unavailable in Canada as of March 2025.
OANDA
✔Offers a negative balance protection
✔Customizable trading platform
OANDA broker has a clear fee structure with no hidden charges. This makes it easier for you to know how much you will be paying once you make a commitment. Some of the fees to incur at OANDA include the following:
Trading and Non-Trading Charges
Details
Account Opening
$0
Management Fee
$0
Minimum Deposit Requirement
From $0, depending on your jurisdiction
Commission
From 0% on US-listed shares
Spreads
From 0.6 points
Deposits and Withdrawals
Free deposits. Withdrawal fees apply based on the payment method used
Inactivity
$10 after 12 months
Overnight Funding
Varies based on global market conditions
Currency Conversion Fee
Calculated by applying a 0.5% mark-up or mark-down
From our analysis, we discovered over 8,000 trading instruments at OANDA. The assets are spread across various classes, including forex, shares, commodities, cryptos, indices, ETFs, and more. Note that some asset availability is limited to specific regions. For instance, while the broker mostly focuses on CFD trading and spread betting, real stock investing is offered to clients within the EU. You can invest in real shares from Germany, France, Spain, and the United Kingdom.
The best element about trading at OANDA is an opportunity to apply leverage in CFD and spread betting trades. Retail traders are given favorable limits up to 30:1. In contrast, professionals get 200:1. This makes it easier for you to manage larger positions with a small capital, thus increasing your chances of earning good returns.
Here is a breakdown of the assets offered at OANDA for informed decisions:
Asset Class
Number Offered
Forex
70+ currency pairs
Shares
2200+
Indices
14+
Commodities
14+
Cryptocurrencies
30+
ETFs
40+
Bonds
6+
Disclaimer: CFD assets are complex, and carry the risk of losing money due to leverage. While many traders have earned good returns from the activity, more than 76% of retail clients lose their money. Therefore, consider whether you understand how CFD trading works and if you can afford to manage the risk of losing your money before venturing into such assets.
3. Coinbase – Best for Learning the Fundamentals of Crypto Investing
If your eyes are on digital currencies but have never interacted with these assets before, don’t go any further before educating yourself. Research and learn key concepts, such as how crypto, digital wallets, crypto wallets and volatility work. Don’t forget to study the risks of crypto investing and the best ways to mitigate them.
Coinbase is here to help you learn the fundamentals of crypto investing and trading. This crypto app has a “Learn” tab that has everything you need, from explainers on basics like what crypto means and how blockchain works to in-depth tutorials on how to buy NFTs and fan tokens. What stands out the most is you can actually earn while learning with Coinbase.
Multiple courses on Coinbase offer you the opportunity to learn about crypto and earn. A good example is the NEAR Protocol and SHPING courses. You can take either or both of them and learn the fundamentals of the NEAR blockchain and Shping shopping companion app. You’ll get paid C$3 in NEAR and C$3 in Shping. After completing your education, feel free to invest and trade with the same app. You’ll love its simple, intuitive design and supportive customer agents.
Coinbase
✔Available in over 100 countries
✔Authorized, licensed and regulated
Coinbase doesn’t have a fixed minimum deposit requirement, which should be terrific news to people working with a limited budget. Moreover, the exchange covers transaction charges on behalf of its clients, so you don’t have to worry about additional costs while topping up your Coinbase account. To make everything better, the company allows its users to send crypto to other Coinbase users free of charge.
That said, our experts discovered numerous fees and charges while researching and evaluating Coinbase. For starters, the company charges a 0.1%C Lighting Network fee as well as variable exchange fees that depend on numerous factors, including market conditions, order size, and the involved payment method. Coinbase users who require asset recovery services are also subject to network and recovery fees.
Let’s review some of the fees and charges that you might encounter while trading with Coinbase:
Fees and Charges
Details
Minimum deposit
None
Fiat deposit fees
$10 (wire), €0.15 (SEPA)
Fiat withdrawal fees
$25 (wire), £1 (SEPA)
Crypto transfer fee
None
Exchange fees
From 5bps/0bps taker/maker fees
Lightning Network fee
0.1%
Staking commission
From 25%
Coinbase supports hundreds of cryptos, from Bitcoin to popular altcoins like Ethereum and Dogecoin. If you have a favorite digital asset you’d like to trade or invest in, please check if it’s on the exchange’s supported cryptocurrencies list before signing up or committing financially. With that in mind, here’s a snapshot of popular crypto assets that Coinbase users have access to:
Bitcoin
XRP
Monero
Uniswap
Litecoin
Polygon
Polkadot
Cardano
Avalanche
4. Kraken – Best for Seasoned Crypto Investors
If you are a seasoned crypto investor, you need an app with advanced features. This is Kraken’s forte. This service provider has a multitude of excellent tools, but Kraken Pro is the best one for an investor of your calibre. Here’s what I’ve said that.
Kraken Pro has a plethora of impressive features that are ideal for advanced traders. First, it’s highly customizable and allows you to choose any module you fancy. In addition, the app’s interface is designed to make it easier for you to switch rapidly between margin trading, spot trading, staking, and more. Rest assured, you’ll be able to cater to all your trading activities seamlessly.
While trading and investing with Kraken, you can invest in multiple assets, stake them, and earn reasonable rewards up to twice a week. This is what I call making digital currencies work for you. You just sit back and watch your investments grow. You can unstake and use the assets whenever you please, so you won’t inconvenienced by any long-term commitments.
As a Kraken Pro app user, you are guaranteed deep liquidity, lower charges, and dedicated support. If you’re already signed up with the standard Kraken platform, you can upgrade to Pro right away; it’s free, easy, and quick.
Super-low maker/taker fees for high-volume traders
Top-notch support via call, live chat, and email
World-class security
Dedicated IOS and Android apps available
Cons
Fees are higher for low-volume trades
Cash Plaid deposits can’t be withdrawn for at least 7 days
Fees are a bone of contention with Kraken because while some praise the platform’s affordability, lenient fees are mostly available to pro users and high-volume traders. For instance, individuals with a 30-day trading volume can enjoysuper-low maker fees starting from 0.00%. On the other hand, the maker/taker fees for low-volume traders can go as high 0.25%/0.4%. We’ve outlined some of the fees that our gurus unearthed while evaluating Kraken in the table below.
Fees and Charges
Details
Maker/taker fees
From 0.00%/0.10%
Margin trading fees
Between 0.01% and 0.02%
Rollover fee
Up to 0.02% (per 4 hours)
Instant buy fees
Yes
Account inactivity fees
No
Minimum deposit requirement
0.00001 BTC
As mentioned, Kraken supports a plethora of cryptocurrencies, from popular names like Bitcoin (BTC) and Ethereum (ETH) to less popular crypto like Astar (ASTR) and the likes. The exchange supports over 280 cryptocurrencies with approximately 100 crypto-to-crypto trading pairs. It also supports NFTs in 5 networks, from Ethereum and Base to Polygon, Solana, Arbitrum, and Optimism. That said, here are some of the most notable cryptocurrencies available in Kraken:
Bitcoin (BTC)
Ethereum (ETH)
Solana (SOL)
Dogecoin (DOGE)
Cardano (ADA)
Cosmos (ATOM)
Dash (DASH)
Dymension (DYM)
5. Interactive Brokers – Best Investment App for RSP and TFSA
Interactive Brokers is one of a select few investing apps in Canada that offer Retirement Savings Plan (RSP) accounts and Tax-Free Savings Accounts (TFSAs). If you are 18 or 19 and above, depending on your province, you can open a regular or spousal RSP and start saving for your sunset years. You won’t pay any maintenance fees, and you’ll have direct access to your nest egg as soon as you hit 71.
You can also open a TFSA and save money without incurring any taxes. Your savings can go towards various purposes, from covering unexpected medical bills and home repairs to bolstering your retirement nest egg and purchasing your first home. The best thing about saving in a TFSA is you can withdraw your money whenever you please, and your money won’t be taxed.
While saving money with an RSP or a TFSA, feel free to sample the financial products offered by Interactive Brokers. There are thousands of stocks, currency pairs, bonds, and other securities that you can trade and invest in at your discretion. If you are new to these activities, visit IBKR’s Education section and master the fundamentals before proceeding.
Low spreads from 0.08 pips and commissions from 0%
No minimum deposit requirement
Dedicated Android and IOS apps available
Cash balances earn interest
Cons
No support for third-party trading software
Can be overwhelming to newbies
After conducting thorough research and extensive assesments, we can confidently categorize Interactive Brokers as one of the most affordable service providers out here. As we’ve already mentioned, this company has no minimum deposit requirement. Plus, it allows traders to fund their accounts with payment methods like ACH and wire transfer at no additional cost. We also highly recommend IBKR because, unlike other brokers, it doesn’t require traders to pay inactivity fees for dormant accounts.
Here’s an overview of the Interactive Brokers fees and charges our team unearthed during our evaluation and exploration:
Type
Fee
Account opening and maintenance
$0
Deposit
$0
Withdrawal
Yes
Inactivity
$0
Overnight charges
Yes
Currency conversion
0,5%
Tens of thousands of instruments are available on Interactive Brokers, which is one of the reasons we highly recommend this service provider. You should have an easy time finding your favorite assets and diversifying your portfolio on IBKR. Here’s a brief rundown of the assets we discovered while researching and assessing this terrific broker:
Stocks: IBKR offers thousands of stocks, and they come with juicy commissions starting from $0.
ETFs: With an IBKR account, you can trade different ETFs around the clock and enjoy low commissions starting from $0.
Options: Many options are available on the IBKR trading platform, and the best part is they come with commissions as low as $0.15 per contract.
Futures: IBKR offers its users access to futures on a broad selection of asset classes, from cryptocurrencies and metals to agriculture, energy, and interest rates. The contracts come with tight commissions starting at $0.25 per contract.
Currencies: While trading with IBKR, you can access over 100 currency pairs with spreads as sharp as 0.1 pips. Popular pairs range from GBP/USD and EUR/USD to USD/JPY and USD/CAD.
US spot gold: IBKR allows US spot gold enthusiasts to trade their favorite asset and enjoy low, transparent commissions. The best part is that with this broker, you can leverage efficient pricing in low quantities starting from 1 ounce.
Bonds: This broker gives traders unmatched access to a humongous selection of 1 million+ global bonds. These products have low commissions and zero built-in spreads or mark-ups.
How to Start with an Investment App
The exact steps you’ll follow when it’s time to dive in will depend on the type of investment you’ve chosen. That said, let’s boil down the entire process to 5 common steps:
Step 1: Download your chosen investment app
Step 2: Register
Step 3: Verify your identity and address
Step 4: Deposit funds
Step 5: Choose your preferred assets and invest
Visit your chosen app provider’s official site and search for official download links. You will be directed to the App Store or Google Play, depending on your device. Download the app from your respective official store and install it on your device.
I insist you use the links provided on your preferred service provider’s official site because the internet is populated with many malicious apps. If you fall for them, you will encounter many issues, from stolen data to financial losses.
After installing your chosen investment app, open it and find the registration button. Clicking it should bring forth a form that will require filling out. Don’t worry; it’s not a complicated process. I’ve registered with many over the years, and the only information I needed was standard details like my official name as it appears on my government-issued ID, a valid email address, and my date of birth. Expect the same.
While registering, your service provider will also ask you to set a password. Malicious actors may target your app because it has valuable data and funds. Deter them and keep everything under lock and key with a strong password.
Sharing valid and accurate information during registration is crucial because your service provider will ask you to complete verification. First, you’ll need to upload a document that proves you are who you claim to be. You may even be asked to take a selfie while holding your identification document.
Furthermore, you’ll be requested to verify your address. You’ll need to share an official document with your name and address clearly displayed, like a bank statement. The provider will tell you what you can use to verify both your address and identity.
Wait for your registration and verification requests to be approved. The process can take anywhere from a couple of minutes to hours, depending on the service provider’s mandates and how busy the company’s team is. You’ll be notified when everything is all set; afterwards, you can top up your account.
Open your app and go to the deposit section. Choose the best funding option for you, specify the amount you want to deposit, and authorize the transaction. Wait for your request to be processed.
Once your funds are available, you can dive into investing and whatever else you please. Research every asset’s current stance and potential before adding it to your portfolio to ensure you secure maximum returns. Don’t invest in one asset because you might lose your entire capital if the market moves against you. Diversify with as many investment products as possible.
While investing and engaging in any other activities, remember to pay your taxes diligently. If you don’t know which and how much taxes you’ll need to pay as an investor, please visit the Canada Revenue Agency’s official website and educate yourself.
How We Test
Before recommending the best investment apps in Canada, we researched and tested a multitude of options. Our team followed a tailored process that was extremely thorough. It enabled us to test and evaluate everything from each app’s regulatory status and ease of use to available investment options and online reputation. We picked service providers that performed the best in each category and overall.
Having said that, great apps like those we’ve recommended are just tools that can help you take your first step to building a financially secure future. To actually get there, you must observe smart and responsible practices like working with clear financial goals, managing your risk exposure at all times, and learning non-stop.
Bottom Line
Pick an investment app from this guide and start investing in a variety of assets, from shares and ETFs to cryptocurrencies and precious metals. If you remain committed and make sound decisions, your wealth will grow over time, and you might attain financial freedom sooner than you think.
Before you jump in, set clear investment goals. Define exactly what you want to achieve, like saving for a comfortable retirement, your first home, or opening a business. Clear goals will help you stay focused and disciplined no matter what comes your way. Investing without specific goals is inadvisable because it makes you more likely to make emotion-fueled decisions and give up prematurely.
Thadeus Geodfrey
Have you been privileged to get trading insider information? But who doesn’t want that unfair advantage? Meet your insider source, Thadeus Geodfrey. He provides insider information on anything trading. But the information he shares is not the kind that would get you in trouble with regulators. Thadeus writes on trade and investment.
With more than a decade of experience, Thadeus has an eagle eye for spotting opportunities and risks. If he tells you a specific broker isn’t to be trusted, you better believe him. He has been swimming in these trading waters long enough to spot scam brokers from afar. Thadeus’s priority is your safety as an investor or trader.
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After reading the article, I’ve decided to go with AvaTrade. Thank you!