Best Investment Apps in Canada 2024

Thadeus Geodfrey

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, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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Article was updated: November 17, 2024

Estimated reading time: 13 minutes

The best investment apps in Canada are rife with opportunities. Yes, financial freedom, vibrant communities of investors, and learning adventures are just a few clicks away. But watch out—cyber criminals, unscrupulous apps, and financial risks await on the road to your dream.

So, how do you find the best investing apps Canada without falling prey to these traps? Your best bet is to research beyond an app’s enticing words and designs. But this crucial homework can be hectic and time-consuming, especially if you don’t know where to get the right information.

We have your back. Our expert researchers scoured the internet to find you the best investing apps Canada for beginners, intermediate, and seasoned gurus.

List of the Best Investment Apps

• AvaTrade – Best Overall Investment App
• XTB – Best Investment App for Low-cost Trading
• OANDA – Best Investment App for Share Trading
• Forex.com – Best Investment App for Advanced Traders
• Saxo – Best Investment App for Diverse Assets

Canadian Investment Apps: Comparison Table

The above five behemoths are our best investment apps in Canada. Our research has sliced through the confusing information overload to ensure your homework is a breeze.

But what criteria did we use to separate wheat from chaff? We considered crucial predetermined factors, including licensing, customer support, range of assets, and fees.

Our work continued beyond there–we pitted the five competitors against each other to identify their unique fortes. This rigorous research birthed the following table:

Apps Short Overview

Fees and asset range are considerations you can’t overlook. Go for a platform that helps you meet your financial goal and doesn’t leak away your hard-earned money. It should also provide diversification opportunities to boost your bottom line and spread risks.

The table below gives a glance into our chosen platform’s charges and assets. Remember to check the official websites periodically to stay updated with the figures.

Fees

Assets

Our Expert Opinion about Investment Apps in CA

All the platforms we’ve listed are regulated and authorized to operate in Canada. Therefore, you can rest assured that your efforts and money are under lock and key.

We didn’t just stitch together sweet claims on the official websites. We went beyond to see what real users left in world-class platforms like Google Play, App Store, and Trustpilot.

1. AvaTrade – Best Overall Investment App

Our unbiased research ranked AvaTrade the top investment app due to its watertight security measures, competitive fees, access to popular platforms, and user-friendliness. This platform currently has a star rating of 4.6/5 aggregate score on Trustpilot.

Another forte is the broker’s competitive investment fees. It has low fixed spreads from 0.9 pips and a commission-free pricing model. And if you’re tired of dealing with withdrawal and deposit fees, here’s good news: AvaTrade doesn’t have these charges.

Download the AvaTradeGo app and hop from the desktop to your iOS or Android mobile device with ease. The app’s fluidic interface will keep you browsing for hours without stress. Remember to access industry-famous platforms like MT4 and MT5.

We realized that AvaTrade offers something more dedicated than the MT4/5. Drum rolls…welcome AvaOptions into your investment world. You can also copy-trade an experienced trader using ZuluTrade, DupliTrade, and AvaSocial. We loved these features for their magical social trading prowess and automated moves.

You might be wondering: Which investment vehicle is available on this app? We were spoilt for choice. Participate in equity markets by trading over 625 stocks from major global players like Apple, Shopify, Tesla, and Royal Bank of Canada. Access over 60 currency pairs to capitalize on worldwide currency movements. The platform provides competitive spreads on major pairs like EUR/USD, minor ones like EUR/GBP, and exotic pairs like USD/JPY.

Don’t be left behind as investors venture into the growing world of digital assets. AvaTrade provides over 20 types of cryptocurrencies, from the popular Bitcoin and Ethereum to the upcoming options like Polkadot and Solana.

You can also spread your wings and trade in commodities like gold, silver, and natural gas. Other assets include indices, bonds, ETFs, Options, and CFDs. One of us decided to trade in CFDs on shares from Facebook. Yes, you can speculate on the price of various assets in giant companies without owning the underlying asset.  

OANDA

✔Offers a negative balance protection
✔Customizable trading platform

Visit site Read review

913 User Reviews

6,120 User Reviews

19,900 User Reviews

Our Rating

Total Rating:

26,933 User Reviews

2. XTB – Best Investment App for Low-cost Trading

XTB outperformed most brokers regarding costs. First, the broker has a low barrier to entry because it doesn’t require a minimum deposit. That means any beginner or seasoned trader can enter the platform and start from the ground up.

Another juicy element is that Standard account holders don’t pay any commission for CFDs on most assets. The commission remains zero for real stock and ETF investors until you hit 100,000 Euros/month–going beyond this mark attracts only 0.2% commission. Furthermore, converting from one currency to your base currency costs just 0.5%.

We also found that the broker doesn’t charge high amounts whenever you withdraw or deposit. If you cash out $50 or more, the withdrawal fee is zero. Depositing via Skrill and Neteller attracts 2% and 1% fees, respectively, but you can evade these fees altogether by using bank transfers or credit/debit cards.

An inactivity fee is familiar in the industry since the platform has to cover expenses such as bringing you the latest data on different global markets. XTB is fairer here than platforms where the fee is high and swings into action after just a few months of inactivity. Instead, the app charges only $10/month after 12 consecutive months of account dormancy.

While XTB is popular as a CFD broker, recent years have seen it venture into more traditional assets. You can now diversify into real stock without leaving XTB’s power-packed xStation suite. Choose from over 3000 US and European assets to acquire ownership rights in economic giants like Tesla, Alphabet, and Apple.

ETF investment is another possible path within the app. Buy or sell over 400 US plus European ETFs and monitor your investment’s value at any time. A single instrument is enough to help you diversify your portfolio and earn attractive dividends. 

ETF built-in browser stood out for providing a one-click search for key ETF data. You can also buy a specific number of ETFs or specific investment amounts. Regardless of your account currency, the system will automatically exchange it for a Canadian dollar or any other currency.

XTB

✔User-friendly interface
✔Expert customer support services

Visit site Read review

1,311 User Reviews

63,900 User Reviews

8,200 User Reviews

Our Rating

Total Rating:

73,411 User Reviews

3. OANDA – Best Investment App for Share Trading

OANDA earned big points for share trading in Canada. Once you register, you are ushering in a world of over 2,200 shares from Germany, Britain, and other European countries. It also offers 1,400+ US shares if you desire to trade in shares from our neighbor.

OANDA also shines in low-commission share trading, starting from 0.5%. Furthermore, cherry-picking and purchasing the shares is a breeze. The system has filtered and sorted them into categories like hot sectors and top movers. Search your heart’s desire and start trading.

The platform is an investment arena where you can trade shares from behemoths like Pfizer, Unilever, and Microsoft. But it doesn’t stop at offering just shares alone. Unleash your moves with crypto, indices, commodities, and other instruments. You can also venture into the promising world of forex trading while enjoying competitive spreads. Yes, OANDA strives to quench your thirst for diversification.

For example, the app houses popular forex pairs, such as EUR/USD, USD/CAD, and USD/JPY. We know forex prices can shift before you even blink, especially in a volatile market. The platform surprised us with stellar speeds and reliability for this purpose. But its most impressive addition is the AI-powered listening technology. The app can listen to market sentiments and analyze financial emotions worldwide to give you an idea of market movements.

OANDA offers three platforms to choose from. Get the sleek app to trade on the go from your smartphone or tablet. You can also stick with its web-based platform if you desire a wider view. Do you desire to speculate on the markets? The popular TradingView and MT4 are there for you. But remember to test-drive this broker using their demo account before depositing real money to trade.

OANDA

✔Offers a negative balance protection
✔Customizable trading platform

Visit site Read review

913 User Reviews

6,120 User Reviews

19,900 User Reviews

Our Rating

Total Rating:

26,933 User Reviews

4. Forex.com – Best Investment App for Advanced Traders

All tools on our list fit advanced trading but Forex.com stands a notch higher. You’ll enjoy super-tight spreads starting from 0.0 pip plus commission-free trading on stocks, indices, and commodities. The low costs help you reap great profits from high volumes. Furthermore, you can choose a commission-free or raw spreads plus commission pricing model to suit your trading style.

Forex.com is also a gateway to over 2,500 stock CFDs from global movers like Amazon, Netflix, and Tesla. Go short or long with these instruments. But the platform doesn’t restrict you, the seasoned player, to stocks alone. Expand your boundaries to assets like ETFs, indices, commodities, and forex.

Amplify potential returns without having to tie up the entire value of your position–only allocate a small margin. The app will delight you with high-leverage options for this purpose. For instance, a 50:1 leverage allows you to put up $1 to control $50 of a position.

We get it—leveraging also magnifies loss if the market moves against you. But Forex.com doesn’t leave you on your own. It walks you through the meaning of leverage and how it works. Their guide also helped us understand magnified returns and losses, margin requirements, liquidation, and step margin levels.

The app’s advanced analytical features are where you need to spend a huge chunk of your time. Dive into real-time market insights and in-depth research reports to sharpen your trading. Stay up-to-date with the app’s economic calendar, market hours, and quarterly outlooks.

Grab opportunities anywhere, anytime, with the mobile trading app. This platform’s features include real-time alerts, account management, single-swipe execution, and top-quality TradingView tools. One outstanding element is the ability to tailor your watchlists to monitor events that interest you. Also, you can learn your margin requirement without the need to power on your laptop.

5. Saxo – Best Investment App for Diverse Assets

Saxo managed to steal a spot in our highly competitive race to the top due to its diverse assets. It boasts over 1.2 million users worldwide and over 23,500 stocks from different places, including New York and Hong Kong. Furthermore, the app has a low barrier to entry—start trading US stocks with even $1.

Bonds are other instruments through which you can turn a profit. Saxo throws over 5,900 government and corporate bonds on your way to success. Want to leverage your investment to boost your profiteering game? Saxo welcomes you. It will also guide you through the journey with its immense educational materials, including live market updates, webinars, and expert insights.

Saxo hasn’t forgotten ETF traders in Canada. It’s a powerhouse of over 7,000 ETFs from economic engines like tech and health. An investment of as little as $1 can help you purchase US ETFs and start your money-making adventure.

Do you desire to trade on forex? Saxo offers access to over 185 forex pairs from just 0.6 pips. Trade exotics, Crypto, major, minor, and spot metals at competitive entry prices and enjoy reducing rates as your trading gains momentum. We loved how the in-built Trade Signals and cutting-edge risk management helped us along the way.

Crypto investment is another profit-making way on this app. It’s an all-in-one platform for your crypto wallet, recovery seeds, and cold storage. Leverage your crypto to take advantage of fast price changes. Remember to diversify your game with other available assets, such as commodities. Thanks to the robust security, you can also be a long-term investor without worrying about losing your investment.

Saxo is a top choice for potential investors with a limited budget. Bid farewell to the high minimum deposit requirements that most brokers impose on new traders. Furthermore, it provides rock-bottom commissions plus zero inactivity and transaction charges.

Investing in Canada

Canada is ripe with investment opportunities. Thanks to the numerous investment platforms on the internet, you can also spread your wings and venture into assets across the border. But ensure your chosen platform is authorized to operate within the country by CIRO, CSA, or other top-tier regulatory bodies.

Before we forget, online investors should be at least 18 or 19 years old, depending on their region:

• Eighteen years old: Alberta, Ontario, Saskatchewan, Quebec, Manitoba, and Prince Edward Island.
• 19 years old: Yukon, Newfoundland and Labrador, New Brunswick, Nunavut, Nova Scotia, and British Columbia

If your child desires to invest, they can only do so under a custodial or trust account you manage.

The Canada Revenue Agency taxes investment earnings, including interest, dividends, and 50% of the capital gains. However, you can enjoy tax-advantaged accounts like the Tax-Free Savings Account (TFSA).

How to Start Investing in Canada?

Now that you know some of Canada’s legal investment requirements, it’s time to make money! Let’s briefly walk through solid steps toward your dream:

How to Choose the Best Investment App in CA

We know that investment apps are screaming for your attention on Google Play or App Store. But do your due diligence beyond just reading their enticing copy. Conduct an unbiased research on each of them based on the following crucial factors:

Investment Risks for Canadian Traders

You must be aware of the risks that haunt investments in Canada. Don’t overlook anything that could suddenly swoop in and take away your profits or personal details on your way to success. Some of the risks investors frequently encounter include:

1. Market risks

Highly volatile markets like forex or cryptocurrencies experience rapid price fluctuations. Regulatory changes may also negatively impact your investment strategies. Liquidity risk is another culprit–where reduced asset volume slows your ability to invest in an asset at your preferred price.

2. Platform failure

A platform technology may fail or become a cybercrime target. The provider may also fail to fulfill its financial obligations due to bankruptcy. If the platform lacks investor protection, such instances are a recipe for huge losses.

3. Behavioral risks

Emotions like fear, frustration, and excitement are enemies of long-term success. They can easily cloud your decision-making ability. The result is often risks such as overtrading, herd mentality, loss aversion, overconfidence, confirmation bias, and fear of missing out.

Pros & Cons of Investing with an Investment Platform

Before grabbing an app, weigh the investment pros against the cons. Here are some of them:

Pros:

• Access to diverse investment instruments
• Access to advanced trading tools, feature
• Licensed and regulated by top authorities in Canada and beyond
• Low trading costs and competitive spreads
• In-depth educational resources
• You can invest and manage your portfolio anywhere in Canada or across the border

Cons:

• Online platforms can be a target for cyber thieves and scammers
• You may encounter high trading and non-trading fees
• Complex interfaces may overwhelm new beginners

Conclusion

The best investment apps Canada are all you need to make money online. Newbies, intermediate traders, and seasoned investors can access world-class features and start investing wherever they are.

But don’t rush. Consider the app’s strengths and weaknesses across diverse areas, including regulations, fees, and customer support. Also, watch out for pitfalls that can put your journey to an end.

We recommend you absorb expert insights and do your own research before choosing any provider. Don’t forget to follow industry-best security standards for a secure investment adventure.

Thadeus Geodfrey

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, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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