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Claire Maumo has experience in investment banking, strategic consultancy, and journalism. She has a Bachelor’s degree in Business Management and a Master’s in finance. She has a knack for making complex concepts easy to understand. Her primary focus is on crypto, blockchain, and financial instruments. Follow her for expert insights on trading and investment.
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Investing in Canada’s financial landscape requires a diligent approach for maximum potential. Besides being well-versed in the security you plan to put your money in, dedicate your time to thorough market research. Most importantly, track your open positions to ensure everything works out as expected.
Having the best investment app will help any beginner to manoeuvre the dynamic financial market in Canada. But, how do you identify a suitable app among hundreds of options in Canada? Worry not, for we did all the research to identify beginner-friendly apps in Canada. We share our preferred options below that guarantee a secure and exciting experience. We will also shed light on additional tips that beginner investors should note before kickstarting their ventures.
List of the Best Investment Apps for Beginners
- Saxo – Overall Best for Beginners in Canada
- Interactive Brokers – Top Beginner-Friendly Investment App With Excellent Selection of Research Tools
- OANDA – Best App With no Minimum Deposit Requirement
- AvaTrade – Best Beginner-Friendly Investment App For Social Trading
- XTB – Top Beginner-Friendly Investment App With Excellent Support Service
In This Guide
Canadian Investing Apps: Comparison Table
We conducted thorough market research to identify the best investment apps for beginners in Canada. Since the research process is lengthy and overwhelming, we dedicated hundreds of hours to ensure we leave no stone unturned. We started by sampling as many CIRO-regulated trading apps as we could. We then tested them multiple times and compared them based on specific features. These include fees, security, asset offerings, platform performance, support service, and more. By doing this, we were able to shortlist a few that we believe were worthy of our next procedure.
To ensure we recommend the best of the best, our research included sampling user testimonials on Google Play, the App Store, and Trustpilot. We wanted to understand other users’ opinions, so we would not favour any provider when making recommendations.
That being said, below is a comparison table we thought was worth sharing. It contains the major features of our top beginner-friendly apps in Canada. Feel free to compare the features to select what best suits your investment needs.
| Beginner-Friendly Apps in Canada | License & Regulations | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Saxo | FCA, ASIC, FSA, MAS, CBI, SFC | 24/5 | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor | Bank Transfer, Credit/debit cards, PayPal | Yes |
| IBKR | CIRO, FCA, SEC, FINRA, ICS, CBH, ASIC, SFC, MAS | 24/5 | IBKR Desktop, IBKR Trader Workstation (TWS), IBKR Mobile, IBKR GlobalTrader | Check, wire transfer, direct bank transfer (ACH) | Yes |
| OANDA | CIRO, FCA, CFTC, ASIC, FSA | 24/5 | OANDA Platform, MT4, MT5 | Bank Transfer, Credit/debit cards, PayPal | Yes |
| AvaTrade | CBI, FMA, FCA, FSCA, CySEC, PFSA, ASIC, FSC, FSA | 24/5 | WebTrader, AvaOptions, AvaTrade App, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
| XTB | FCA, KNF, CySEC, BaFin, IFSC | 24/5 | xStation 5, MT4 | Bank Transfer, Credit/debit cards, PayPal | Yes |
Apps Short Overview
As a new investor in Canada, it is crucial to understand that having the best investment app for beginners does not guarantee profits. This means that you must make the best decisions and invest cautiously to maximize your potential and avoid future frustrations. Start by choosing an app you can afford and ensure it features your preferred investment security. This will make it easier for you to plan and budget for your activities.
To help you out, we share tables below showing overviews of the applicable charges and assets offered by our best investing apps for beginners in Canada. We hope they will be useful in making the right choice.
Fees
| Beginner-Friendly Apps | Minimum Deposit Requirement | Commission/Spreads | Deposits/Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| Saxo | C$0 | From 0.4 pips | Free | None |
| IBKR | C$0 | From 0.1 pips | Free | None |
| OANDA | C$0 | From 0.1 pips | Free | C$10 monthly |
| AvaTrade | C$100 | From 0.9 pips | Free | C$50 after every 3 months of inactivity |
| XTB | C$0 | From 0.1 pips | Free | C$10 monthly |
Our Expert Opinion about Investment Apps for First-Time Users
Let’s dive straight into the mini-reviews of our top investing apps for starters in Canada. Remember, each app you meet here has been tested and approved by our experts. Therefore, we guarantee accurate information that will help you make a suitable choice.
1. Saxo – Overall Best for Beginners in Canada
If you are looking for a platform with diverse resources, consider Saxo. This platform is user-friendly, has a modern design, and is customisable. This means that you can invest with Saxo for a longer period while advancing your skills. We also like that this platform has a fast trade execution speed, whether you are using a desktop or mobile device. You can get started with any amount you can afford since it has no minimum deposit requirement. A C$100,000 virtually funded demo account is also offered to test the platform’s performance and gauge your skill level before starting to risk real funds.
SAXO hosts numerous trading tools on its SaxoTraderPro, SaxoInvestor, and SaxoTraderGO platforms. From technical indicators to margin trading, this platform has everything for every user. We discovered over 71,000 assets to explore not only as CFDs but also buying and taking full ownership. These include stocks, forex, ETFs, bonds, and more. With Saxo, expect no inactivity fee and low trading charges.
Pros & Cons
Pros
- Charges low trading fees with commissions from C$1 on US-listed stocks
- No minimum deposit requirement
- No inactivity fee
- Plenty of learning and research materials
- Allows you to invest in global stocks and take full ownership
Cons
- Its demo account is only available for 20 days after activation
- There are no third-party platforms like the MT4/5
2. Interactive Brokers – Top Beginner-Friendly Investment App With Excellent Selection of Research Tools
If you are a new Canadian investor looking for a reliable platform with diverse research resources, then you should consider Interactive Brokers (IBKR). According to our analysis, there are vast market analysis tools on its multiple hosted platforms. These include 90+ order types, comprehensive reposting, event calendars, news feeds, and more. Additionally, IBKR has no minimum deposit requirement, allowing advanced traders to easily get started. Its low commissions also allow you to manage multiple positions without worrying about overspending.
There are over 10,000 securities at IBKR to trade and diversify your portfolio with. Besides the desktop platforms, we like its user-friendly IBKR GlobalTrader app, which we believe any new trader will find useful. The best part is that IBKR offers an amazing Free Trial account for testing it out with before deciding whether it is worth your commitment. And when it comes to learning resources, rest assured of a comprehensive supply that will keep you engaged long-term.
Interactive Brokers
✔$0 minimum deposit requirement
✔No account inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- It has no minimum deposit requirement
- Hosts multiple platforms, including Trader Workstation, IBKR Desktop, IBKR Mobile, and IBKR GlobalTrader, with quality trading tools
- Features IBKR APIs, which allows you to automate your activities and create your own custom trading solutions
- Lists over 10,000 securities, including forex, stocks, ETFs, futures, mutual funds, and more
Cons
- There are no third-party platforms like the MT4/5
- Many users find its desktop platform a challenging one for newbies to use
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% |
3. OANDA – Best App With no Minimum Deposit Requirement
If you are looking for the best trading platform for beginners with no minimum deposit requirement, OANDA is a good choice. According to our analysis, users can get started with any amount of capital they can afford. The best part is that there are no transaction costs when making deposits or withdrawals. This makes it easier for newbies to start investing in various instruments without worrying about risking a lot of money. With OANDA, you will invest in a range of popular CFD instruments, including forex, indices, commodities, bonds, and more.
Note that this platform has a variety of trading accounts to choose from based on your skill level. Besides the demo account offering risk-free opportunities, there are the standard and Elite Trader program accounts, each with its unique features. Plus, we discovered a variety of trading platforms, including TradingView, MT4, Web, and OANDA Mobile. With these platforms, rest assured of a range of sophisticated analysis tools, automated trading, and APIs. Another unique feature worth noting at OANDA is its welcome bonus for newbies, which currently stands at up to C$13,650 for forex CFD trades.
OANDA
✔Offers a negative balance protection
✔Customizable trading platform
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- A user-friendly and modern-design platform
- Quality learning and research materials
- Various account types and platforms to choose from
Cons
- Its trading fees are higher compared to most of its peers
- You can only trade the assets as CFDs
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 |
4. AvaTrade – Best Beginner-Friendly Investment App For Social Trading
We find AvaTrade to be our top option for newbies in Canada, primarily due to its user-friendly and highly customisable platform. We had an exceptional experience with AvaTrade, and all positions were seamlessly executed on both desktop and mobile devices. Moreover, the majority of users recommend it to newbies, especially when it comes to learning resource availability and support services. We also like its robust security measures, which ensure users’ trading account remains safe from unauthorized access.
When it comes to trading charges, this platform imposes one of the lowest fees in the industry. This is perfect for any new Canadian trader, as they get to explore the financial space with a small capital. Additionally, the platform’s minimum deposit requirement is C$100. Compared to its peers, the amount is low and favourable to all types of traders. AvaTrade also streamlines user activity through its social trading feature. Advanced trading resources are also offered through its MT4 and MT5 platforms. You can test it out via its demo account to decide whether it fits your trading requirements.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Pros & Cons
Fees
Trading Assets
Pros
- Low minimum deposit requirement for Canadian clients
- Free deposits and withdrawals
- Excellent selection of learning materials
- A user-friendly and customisable trading platform
Cons
- You can only trade the assets as CFDs
- Limited asset offerings compared to its peers
Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.
That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.
Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:
| Fees and Charges | Amount |
|---|---|
| Spreads | From 0.9 pips |
| Administration fee | $100 |
| Inactivity fee | $50 |
| Overnight premium | Yes |
5. XTB – Top Beginner-Friendly Investment App With Excellent Support Service
While there are numerous cheap trading platforms for Canadian newbies, XTB takes the lead in this category. From our analysis, we like that it has no minimum deposit requirement, making it easier for any user to get started. Moreover, this platform imposes no transaction fees for deposits and withdrawals. Trading charges are also low, with commissions from 0% on stocks and ETFs. And while there is a C$10 monthly inactivity fee, it kicks in after 12 months, which, in our opinion, is a long period compared to platforms like AvaTrade that impose this fee after only three months.
Besides being affordable, XTB lists over 6,200 CFD instruments across multiple classes. These include forex, shares, commodities, indices, and more. When it comes to learning tools, expect numerous options, most of which are available free of charge. On top of that, XTB hosts quality trading tools for market analysis. Its award-winning xStation 5 and xStation Mobile platforms ensure you are comfortable enough to face the challenges that await you in the financial space. And the best part is that users are given an opportunity to earn up to 5% interest on their uninvested funds and manage their positions with risk management controls like stop-loss and take-profit orders.
XTB
✔User-friendly interface
✔Expert customer support services
Pros & Cons
Fees
Trading Assets
Pros
- Hosts diverse asset classes for portfolio diversification
- Low trading fees with commissions from 0%
- Free deposits and withdrawals
- Hosts a virtually funded demo account and plenty of learning materials for newbies
Cons
- No third-party platforms like the MT4/5
- Has an inactivity fee of C$10 monthly after one year of the account’s dormancy
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 |
Investing for Beginners in Canada
As a new investor in Canada, you need proper guidance to kickstart your ventures on a good note. Above, we share some of the best apps that will maximize your experience and potential. Plus, these apps ensure you effectively manage your activities anytime, anywhere. All you have to do is make a suitable choice to avoid future inconveniences.
Note that the investment apps we recommended above are hosted by CIRO-regulated brokerage firms. The Canadian Investment Regulatory Organization (CIRO) strives to maintain the integrity of Canada’s financial landscape. This means that such apps guarantee maximum safety and offer the best conditions for an exciting experience.
Overall, investing for beginners in Canada can be an exciting and lucrative activity. However, there are risks involved that, if not effectively managed, can lead to losses. We advise any new investor to start by learning how the market works before investing their hard-earned money. Take advantage of a provider’s demo account to familiarize yourself with the market and gauge your skill level. And when you are ready to take the plunge, risk a small amount. Then, increase the capital as you become more familiar and confident in your skills.
What Should You Know Before Start Investing
Before you start investing, there are various things you need to know so you can make the right decisions. Here are some basic investing concepts we thought were worth sharing.
- Have a Budget
Establishing a clear budget is essential before you invest. Decide how much money you can afford to allocate without affecting your financial stability. This will ensure you’re only investing what you can afford to lose.
- Understand Investment Options
Familiarize yourself with different types of investments such as stocks, bonds, mutual funds, ETFs, and real estate. Each has its own risk, return potential, and time horizon, so choosing the right one based on your financial goals is crucial.
- Consider Portfolio Diversification
Spreading your investments across multiple asset classes reduces risk. A diversified portfolio helps cushion against market volatility, ensuring that losses in one area can be offset by gains in another.
- Apply the Right Strategies
Successful investing requires the use of well-thought-out strategies such as dollar-cost averaging, long-term holding, or value investing. Pick a strategy that aligns with your financial goals, risk tolerance, and time horizon.
- Remain Disciplined
Emotional decision-making can negatively impact your investments. Stick to your investment plan even during market fluctuations, avoiding panic-selling or impulsive buying, which can lead to losses.
- Understand Tax Implications
Different investments may be taxed differently. Understand how capital gains, dividends, or interest income can affect your tax liability, and explore tax-efficient investment strategies to maximize your returns.
- Conduct Through Market Research
Informed decisions come from staying up-to-date on market trends, company performance, and economic indicators. Researching potential investments will help you make informed choices and avoid unnecessary risks.
How to Choose the Best Investing App for Beginners
As mentioned earlier, choosing the best app for Canadian beginner investors guarantees your funds’ security and maximizes your experience. Below, we share the essential factors to consider when identifying the best app for investing in Canada.
Licenses/Regulations
Available Market Assets
Trading Tools
Trading Platform
Fees
User Testimonials
Support Service
The first thing you must do when looking for a suitable investing app is to know its regulatory status. Therefore, consider an app licensed and regulated by Canada’s Canadian Investment Regulatory Organization (CIRO). Regulation not only signifies adherence to stringent standards but also offers protection for your funds. Plus, selecting a licensed and regulated app ensures you do not fall victim to scammers who have dominated the online financial space.
Assess the number and diversity of market assets available for investment on an app. A comprehensive selection encompassing stocks, bonds, ETFs, commodities, and forex pairs allows for greater flexibility in crafting a well-rounded and diversified portfolio tailored to your investment objectives.
Analyze the availability of trading tools and features provided by the app you are considering. Look for real-time market data, advanced charting tools, technical indicators, and comprehensive research resources. These tools empower you to conduct a thorough analysis, make informed decisions, and execute trades precisely and confidently.
The best beginner-friendly investment apps in Canada should be user-friendly with intuitive navigation to streamline your trading experience. That app’s trading platform should also have a fast trade execution speed and host quality learning resources for skills development. It is also crucial to settle for an app with a demo account, especially if it requires a high minimum deposit. This way, you can test it and gauge your skill level without risking your hard-earned money.
Pay close attention to the app’s fee structure, including commissions, spreads, and other associated charges. Compare fee schedules across different investment apps to ensure they fit your budget without compromising the quality of services. Plus, confirm the non-trading charges such as minimum deposit requirement, transaction costs, inactivity fees, and more.
Seek authentic user testimonials and reviews from fellow investors with firsthand experience with the app. Honest feedback provides valuable insights into the platform’s reliability, performance, customer service, and overall user satisfaction, aiding you in making an informed decision.
Most investors overlook this element, but it is as important as others we mentioned here. The best investment app in Canada should have a very responsive customer support service. This makes it easier for you to contact them and be assured of relevant solutions to any arising concerns or challenges. The support team should also be accessible via multiple communication channels, including email, live chat, and phone.
Risks to Consider Before Investing Money
The financial market offers numerous opportunities to new investors while also carrying risks. Understanding these risks will help you diligently approach online investing and make the best decisions. These include:
- Volatility Risk
The financial market is volatile, meaning that asset prices can frequently fluctuate due to specific market conditions. Frequent price fluctuations can make it challenging for investors to make accurate predictions and identify the best entry and exit points. Ultimately, they will incur losses.
- Liquidity Risk
Investing in illiquid assets may make it challenging for you to make sales, especially during periods of market stress. You may end up making sales at a loss. However, understand that such assets can also bring you good profits should the markets favor you.
- Cash Management Risk
It is crucial to learn how to manage your hard-earned cash to avoid putting yourself at risk. Many investors base their decisions on emotions like fear, excitement, or greed. This leads them to spend more money even without a solid strategy, which only increases the chances of incurring losses.
- Leverage Risk
When applying leverage in an investment, you are literally managing a larger position with a small capital. While this strategy can magnify returns, losses will be massive. Therefore, understand what leverage means before applying it. Plus, do not manage very large positions that can leave you with huge debts. Only invest with funds you are comfortable losing.
Conclusion
As experienced investors, we must admit that kickstarting online investing in Canada requires a diligent approach. Our guide above lists the top investment apps that can help you effectively venture in various securities. The best element about these apps is that they also have web-based portals, which give you the flexibility to alternate between desktop and mobile investing. However, note that they offer a range of services and user experiences, so you will have to identify one that fits your needs. And to maximize your potential, stick to our tips above on investing money in Canada for beginners, and be open to learning from your losses.
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