Best Stock Trading Apps in Canada 2024

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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Stock trading offers you the opportunity to rake in decent returns and augment your income. Here’s the best part. You can trade stocks at any time from any location using your mobile phone, courtesy of stock trading apps. But beware; scammers, fraudsters, and other unscrupulous entities have put out countless apps with the sole aim of stealing your data and hard-earned money. But don’t fret; we are here to help you find a reliable and trustworthy product.

The BrokerRaters team spend several days researching and vetting the stock trading apps available in the Great White North. We did everything from testing countless products to using user reviews on Google Play, the App Store, and Trustpilot to weed out shoddy service providers. We also used crucial factors like licensing, fees, and assets to compare innumerable service providers. After days of diligent work, our gurus identified 5 solutions that are undoubtedly the best stock trading apps Canada. 

List of the Best Stock Trading Apps

  • Interactive Brokers Overall Best Stock Trading App Canada
  • OANDA – Best Stock Trading App for Potential Investors in Canada
  • AvaTrade – Best Stock Trading App for Beginners in Canada
  • FxPro – Best Stock Trading App for Advanced Canadian Traders
  • Forex.com – Best Stock Trading App for Forex Traders in Canada
In This Guide

Canadian Stock Trading Apps: Comparison Table

We sifted through a truckload of service providers on our hunt for the best stock trading apps Canada. Was it an easy task? No. But at BrokerRaters, we remain committed to helping you find nothing but the most outstanding brokers and trading apps in Canada. Our experts toiled for days and used several predetermined factors to assess providers, including regulatory status, available tradable instruments, and trading/non-trading fees.

After many hours of research, evaluation, and comparison, our gurus picked the 5 apps recommended in this comprehensive guide. But you don’t need all 5 solutions, right? You only need to choose one service provider to avoid the unnecessary headaches that can arise from dealing with multiple apps and managing portfolios in different places. While searching for the most fitting app, please consider the same factors that guided our experts, starting with the ones outlined in the comparison table below.

Best Stock Trading App CanadaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
Interactive BrokersIIROC, ASIC, FCA, SEC, FINRA, ICS, CBH, SFC, MAS24/5IBKR Desktop, IBKR Trader Workstation (TWS), IBKR Mobile, IBKR GlobalTrader Check, wire transfer, direct bank transfer (ACH)Yes
OANDAIIROC, ASIC, B.V.I FSC, FCA, CySEC,24/5MT4, MT5, fxTrade AppCredit/debit cards, Bank/wire transfer, Skrill, NetellerYes
AvaTradeIIROC, ASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes
FxProIIROC, ASIC, FCA, FMA, CySEC, FSCA, SCB 24/5FxPro Mobile App, MT4, MT5, cTrader, FxPro WebTraderCredit/debit cards, Bank wire transfers, Neteller, Skrill, PayPalYes
Forex.comIIROC, ASIC, FCA, CFTC, CIRO, CySEC, NFA, CIMA, FSA, MAS24/5WebTrader, Mobile App, MetaTrader 4, MetaTrader 5, TradingViewCredit/debit cards, PayPal, Wire transferYes 

Apps Short Overview

The factors listed above are indispensable, no doubt. But they are not the alpha and omega to finding the best stock app Canada. If you focus exclusively on these elements and leave out fees and assets, you’d commit a deadly mistake.

High fees are your profit margin’s worst enemy, so you must prioritize trading stocks with an affordable app. Moreover, you have to find a provider that supports your favourite assets, i.e. stocks, as well as an impressive array of other financial products for portfolio diversification.

Use the tables below to compare the recommended service providers’ fees and assets and identify what could be the best stock trading app Canada for you.  

Fees

Best Stock Trading App CanadaMinimum Deposit RequirementCommission/ SpreadsDeposits/ WithdrawalsInactivity Fee
Interactive Brokers$0From $0.00From $10 withdrawal fees$0
OANDA$0From $0$20 withdrawal fee$10 monthly
AvaTrade$100From 0.13%Free$50 after every 3 consecutive months of inactivity
FxPro$100From $3.50 per lotFree$10 monthly
Forex.com$100From 0.0 pipsFree$15 monthly

Assets

Best Stock Trading App CanadaStocksForexCryptoCommoditiesIndicesETFsOptions
Interactive BrokersYesYesYesYesYesYesYes
OANDAYesYesYesYesYesYesNo
AvaTradeYesYesYesYesYesYesYes
FxProYesYesYesYesYesYesNo
Forex.comYesYesYesYesYesYesNo

Our Expert Opinion about Stock Trading Apps in CA

The stock trading apps listed here are authorised and regulated by ASIC in Australia and other international regulators. They also have an impressive array of assets, competitive costs, and other positive attributes. That is why our experts have ranked them the best in Canada. But before you sign up with any of our recommended service providers, read and digest our mini-reviews.

1. Interactive Brokers – Overall Best Stock Trading App Canada

With over 18,000 stocks, Interactive Brokers is our overall best stock app Canada. The app’s commendable selection of supported financial instruments caught our attention from the start. Interactive Brokers is one of a handful of exceptional service providers whose users have access to tens of thousands of stocks and shares. The assets you’ll have access to after signing up with IBKR range from Google and Amazon to Netflix and Tesla shares.

We also discovered numerous powerful trading tools that make Interactive Brokers the pack leader. The first is IBKR GlobalAnalyst, which is tailored to help you compare global stocks’ financial metrics and prices. You can use this tool to identify new investment opportunities seamlessly. The other noteworthy tool is Fractional Shares, which allows IBKR users to switch from buying a specific number of shares to specifying the amount of money they are willing to invest and getting assets that match specified resources.

When it comes to fees, Interactive Brokers is one of the most affordable apps. Downloading this solution and opening a new account doesn’t cost a penny. Furthermore, IBKR’s no minimum deposit policy makes it possible for you to start with what you can afford without compromising your budget. The app’s low commissions, which start from $0.00, also put you in a better position to minimise costs and enhance potential returns.

Interactive Brokers is ideal for both novices and experienced stock traders. If you are a beginner, visit the IBKR Campus and Traders’ Academy to learn the fundamentals and increase your odds of turning in tidy returns. If you are a pro, IBKR has everything you need to build a successful career, from advanced trading tools to powerful features and functionalities. 

Interactive Brokers

✔$0 minimum deposit requirement
✔No account inactivity fees

trustpilor logo
2,958 User Reviews
google
43,200 User Reviews
apple
9,700 User Reviews
financeraters logo
Our Rating
Total Rating:
55,858 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Users have access to thousands of stocks and shares
  • Countless diversification products, from currencies to bonds and futures
  • Low commissions starting from $0.00
  • No minimum deposit requirement
  • Zero account inactivity fee
  • Available at the App Store, Amazon, and Google Play

Cons

  • Higher withdrawal charges than its peers
  • The interface can overwhelm 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.

2. OANDA – Best Stock Trading App for Potential Investors in Canada

Suppose you are a stock trader considering investing in real stocks. In that case, we have excellent news for you. You can trade and invest in your favourite shares with the OANDA app. Over 2,200 products are supported by this service provider. Different product categories are accessible to OANDA users, including German, French, and UK shares associated with basic materials, utilities, and consumer goods.

The best thing about investing with OANDA is that you get access to no-commission US shares. As you know too well, eliminating commissions and other expenses is the key to reducing costs and enhancing potential returns. While investing in your favourite products, you can diversify your portfolio with CFDs on shares, indices, commodities, and other popular financial instruments.

Besides investable no-commission US shares, the OANDA app gives you access to hundreds of shares from other regions, from Germany to France. You can invest in select European products today and enjoy superb commissions starting from 0.15%. The available products are exquisitely sorted and filtered, making your work as a trader and investor nothing short of a breeze.

OANDA is also a superb service provider since it has no minimum deposit requirement. If your budget doesn’t support splurging from the get-go, trading and investing with this company’s magnificent app is highly advisable.

OANDA

✔Offers a negative balance protection
✔Customizable trading platform

trustpilor logo
943 User Reviews
google
6,200 User Reviews
apple
20,000 User Reviews
financeraters logo
Our Rating
Total Rating:
27,143 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Supports trading and investing in thousands of shares
  • CFDs on currencies, commodities, indices, and other products are available
  • Super-friendly commissions starting from 0.00%
  • No minimum deposit requirement
  • Users have access to MT5 and TradingView

Cons

  • Higher withdrawal fees than its peers
  • Dormant accounts are subject to a $10 monthly fee

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. AvaTrade – Best Stock Trading App for Beginners in Canada

AvaTrade is hands down the best stock trading app for beginners Canada. We evaluated countless service providers and found none that offer better tools for newbies and novices. The first element that left an impression on our team is the company’s educational platform, Ava Academy. It offers free courses with over 200 top-quality lessons and quizzes related to most, if not all, of today’s popular financial instruments.

Check out Ava Academy’s stock trading courses today. You’ll find almost everything you need to build a solid foundation and take your trading career to the next level. That ranges from a guide to getting started quickly to the nuances of the most advanced stock trading techniques. But don’t stop at these courses. We strongly urge you to master the basics of trading other assets since portfolio diversification is of utmost importance to traders.

Another aspect that makes AvaTrade an outstanding app is related to social and copy trading. With this service provider, no beginner should feel pressured into making their own decisions earlier in their career. As a registered AvaTrade account holder, you can source invaluable insights from a bustling community or copy the most successful traders – the choice is yours. Either of these options will put you in a better position to make sound decisions and earn revenue while increasing your knowledge base and sharpening indispensable trading skills.

We also consider the AvaTrade app ideal for beginners since it has a simple interface, responsive support agents, and demo accounts for practising with virtual money. Download this terrific solution from the App Store or Google Play to enjoy these and many other perks.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
8,869 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
financeraters logo
Our Rating
Total Rating:
19,094 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Offers countless low-commission stocks
  • Beginner-friendly interface with no unnecessary complexities
  • Free courses with rich materials, including lessons and quizzes
  • Users have access to MT4 and MT5
  • Novices can leverage social and copy trading tools
  • Supports automated trading

Cons

  • Higher inactivity fees than its peers
  • Fewer financial instruments compared to other industry leaders

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

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

4. FxPro – Best Stock Trading App for Advanced Canadian Traders

Every seasoned stock trader needs an app with advanced features and functionalities, and that’s what FxPro offers. While exploring and testing this app, we discovered a couple of outstanding aspects. First, it has powerful TradingView charting features tailored to help traders make the best trading decisions. Its users also have access to robust account management tools and economic events that enable seasoned traders to make bold moves and trades at the most opportune moments.

FxPro users have access to thousands of global shares, including top products like Anglo American PLC, Zurin Insurance Group, Western Union Co, and more. You can use criteria like sector and industry to filter available products and zero in on your most preferred instruments. However, before doing so, note that this service provider focuses primarily on CFDs. You can trade CFDs on different shares without having to own the underlying assets.

Besides trading CFDs on shares, advanced Canadian traders can diversify their portfolios with CFDs on crypto, energy, forex pairs, and other financial instruments. Here’s more good news. FxPro has married its assets with low spreads starting from 0 pips and commissions as tight as $3.5/side.

FxPro also allows advanced traders to take their experience to the next level with MT4, cTrader, and other feature-rich accounts. In addition, the app’s users stay informed with smart trading signals, optimise security with 2FA, and stay on top of recent events with push notifications.

FxPro

✔24/7 customer support
✔Thousands of financial instruments

trustpilor logo
508 User Reviews
google
2,550 User Reviews
apple
71 User Reviews
financeraters logo
Our Rating
Total Rating:
3,129 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Users can harness the power of MT4, cTrader, and other exceptional solutions
  • Low spreads and commissions
  • 5-star customer support service
  • Trades are executed in less than 12 milliseconds
  • Traders can diversify with CFDs on indices, forex, and other assets

Cons

  • $10 monthly inactivity fee
  • Limited educational materials

Admittedly, FxPro isn’t the cheapest broker today. The company requires first-time users to make a $100 initial deposit to use a standard account, which is reasonable but can’t be termed as the lowest threshold. Also, Raw+ account holders must make an initial deposit of $500 or more. Additionally, anyone interested in the company’s Elite account offering must be ready to meet the $30k minimum deposit mandate. Please review and understand FxPro minimum deposit requirements before registering a live account.

When it comes to spreads and commissions, FxPro has juicy offerings. Everyone who opts for Raw+ or Elite gets the opportunity to enjoy sharp spreads starting from 0 pips. The numbers are higher for Standard Account owners, with the lowest spreads starting from 1.2 pips.

We have some good news for those worried about transaction fees inflating costs. FxPro doesn’t charge additional deposit or withdrawal fees. However, you may have to cover charges inflicted by financial institutions, depending on your preferred funding method.
Here’s an overview of the FxPro broker fees and charges:

Fees and Charges Amount
Minimum deposit $100
Spreads From 0 pips
Transaction fees $0
Currency conversion fee Yes

Over 2,100 assets are available on the FxPro broker platform. They range from forex pairs and energy to indices, metals, and futures. Check if this service provider supports your favorite assets before signing Up. Here’s an overview of the supported product list to help you out:

  • Forex: 70+ tradable pairs are available on the FxPro trading platform, ranging from CAD/JPY and EUR/GBP to GBP/CHF, GBP/CAD, and USD/JPY. Every category, from major to minor and exotic FX pairs, is available here.
  • Shares: With FxPro, you can trade CFDs on global shares like ALCOA CORP, Western Union Co, and Zoetis Inc. You can start trading shares from different regions, including the EU, UK, and the US.
  • Metals: If you want to trade CFDs on precious metals, FxPro is the place to be. Different products like aluminum, lead, and copper are offered here.
  • Futures: FxPro clients have access to CFD futures on agricultural commodities like wheat, energy products like natural gas, and indices. Popular products range from Cocoa U24 and Coffee Z24 to Gas U24.
  • Energy: CFDs on spot energy products like natural gas, Brent oil, and WTI are offered to FxPro users. You can trade these instruments or use them to diversify your portfolio.
  • Indices: After signing up with FxPro, you’ll get access to CFDs on myriad indices, from the Nikkei 225 Index to the Dow Jones Industrial Average and spot indices like the Australia 200 Spot Index and the China H Shares Spot Index.
  • Crypto: FxPro offers you the opportunity to trade CFDs on Bitcoin, Doge, Ether, and many other crypto assets. If you are a cryptocurrency enthusiast and want to profit from cryptos without owning the underlying crypto assets, consider trading cryptocurrency CFDs with this terrific broker.

5. Forex.com – Best Stock Trading App for Forex Traders in Canada

Many stock traders and investors like diversifying with forex products due to their ineffable liquidity. With that in mind, if you’d like to include currency pairs in your portfolio as a stock trader, sign up with Forex.com for the best experience.

Founded in 1999, Forex.com is used by over a million traders for the right reasons. For starters, this service provider gives its users access to thousands of financial instruments, from FX pairs and shares to stocks, crypto, and commodities. All you have to do is sign up to leverage the opportunities arising from having access to a broad range of products.

The Forex.com app supports over 80 tradable forex pairs. They range from CAD/CHF and AUD/CAD to CAD/JPY, EUR/USD, and USD/JPY. Many of the available instruments have low spreads starting from 0.0 pips. This boon comes with RAW spread accounts, so compare available options before getting started.

Forex pairs aside, Forex.com users have the golden opportunity to trade over 5,500 global stocks and shares. That includes thousands of headline UK and US brands like Amazon, Tesla, and Nvidia. However, like many of its peers, Forex.com supports stock trading with CFDs.

Pros & Cons

Pros

  • Impressive range of products, from forex pairs to CFDs on thousands of shares
  • Tight commissions and spreads starting from 0.0 pips
  • App users can also trade CFDs on indices, crypto, and other financial instruments
  • Supports trading with TradingView, MT4, and MT5
  • Comes with robust charting and analysis tools
  • It can be downloaded at no cost from the App Store and Google Play

Cons

  • $15 monthly inactivity fee
  • Canadians have to pay a $40 internal wire withdrawal fee

Stock Trading in Canada

stock trading in canada

Stock trading is a legal venture accessible to Canadians aged 18 and above. IIROC oversees all brokers, dealers, and trading activity in this region. That said, each province and territory has its own securities regulators. These entities recently teamed up to form an umbrella organization known as the Canadian Securities Administrators.

Since traders are required to pay tax in the Great White North, every Canadian trader should research and understand taxation laws from the get-go. To protect your data and assets from cybercriminals, restrict all your trading activities to apps and brokers with proper licensing and authorization.

What is a Stock Trading App?

A stock trading app is an IOS or Android application that allows you to buy and sell stocks. Most stock trading apps also give users access to other tradable financial instruments, from forex pairs and bonds to commodities, indices, and digital currencies. Download your trading apps from credible official sites like Google Play and the App Store to ensure you get genuine apps free of malware and other issues.

Mobile Trading and Stock Trading Apps

Dedicated stock trading apps make mobile trading possible. With an excellent mobile trading app, you can trade stocks anywhere, at any time. The best solutions have every feature pivotal to stock traders, from place order functionalities to market data monitoring tools and educational resources for new signees.

How to Choose the Best Stock Trading App in CA

With innumerable stock trading apps accepting Canadians, finding the most suitable app for you can be difficult. But you can’t and shouldn’t sign up with the first service provider that crosses your path. We highly advise against doing that since some of the available stock trading platforms have shoddy entities, including scammers, running things behind the curtains. You should exercise sufficient caution and vet every app based on these factors before signing up:

Licensing and regulation
Security and safety
Ease of use
Fees and commissions
Features and functionalities
Reputation and track record

Before using any app, ensure it’s regulated and authorised by a respected Canadian authority. The ideal product should also adhere to rules and standards set by authorities like ASIC, the FCA, and CySEC. Avoid apps with no apparent signs of proper licensing and regulation at all costs.

Check if your preferred trading app has all the right security features and protocols before signing up. It should show an unwavering dedication to ensuring your data and assets are safe. Also, research the app’s history of getting hacked and falling prey to other security issues.

An app with an intuitive, user-friendly interface can make your life easier, especially if you’re a beginner. That is why you should assess every product’s ease of use before committing. Additionally, check if your chosen app is optimised for mobile users.

Check every app’s fees, spreads, and commissions to prevent enormous costs from catching you unawares and compromising your returns. You should also vet every indispensable element, from account maintenance and deposit charges to inactivity fees and stock trading commissions.

If you have select tools you can’t trade without, look for an app that offers them. Otherwise, you should evaluate every service provider’s range and quality of supported tools before making serious commitments.

To avoid getting ripped off by scammers or losing invaluable data to malicious entities, assess the reputation of the company behind every stock trading app you choose. Use independent and credible sites like Google Play, the App Store, and Trustpilot.

Pros & Cons of Stock Trading with App

Below is a recap of the pros and cons of using stock trading apps Canada. Please review these elements and use them to verify if trading stocks with an app is a good move on your part.

Pros:

  • With apps, traders can trade stocks and other financial instruments from anywhere, anytime.
  • Most of the best apps offer guides, tutorials, and other educational materials indispensable to beginners.
  • You can access most outstanding stock trading apps from an IOS or Android device.
  • Most stock trading apps have an intuitive, user-friendly interface.
  • Multiple respected authorities regulate the best stock trading apps, including IIROC.

Cons:

  • Some apps focus too much on simplicity and sacrifice advanced features crucial to experienced traders.
  • Since apps are easily accessible from anywhere, they can fuel overtrading and the arising consequences.

Conclusion

With one of the best stock trading apps, any Canadian can trade and earn decent returns. But profiting from stock trading isn’t as easy as it sounds. It requires ample knowledge, discipline, and well-honed skills. If you are new to the stock trading universe, work on educating yourself, master self-discipline, and practice with a virtual account first. Don’t risk your hard-earned money until you’re confident in your ability to earn consistent returns. 

author image
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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