Best investment apps in Canada

Wealthsimple is one of the most popular investment apps in the Canadian fintech space, and it’s no secret why. They offer a simple and beautiful user interface that makes even the most nervous novice investors feel at ease when reviewing their portfolios.

There is no minimum to open an account, and they offer a variety of portfolios to suit every investor’s personality. Plus, they'll reimburse an outgoing administrative transfer fee of up to $150 on investment account transfers valued at more than $5,000.

Related: How to transfer brokerages

Wealthsimple is also ultra-transparent in how their portfolios are allocated, where your dividends are coming from, and what trades they’re making on your behalf. You can see a complete history of where and how every penny has been invested simply by clicking on “Account Activity.”

Walthsimple's managed investing charges 0.50% on anything under $100,000 invested. However, once you cross that hard-to-reach threshold, they drop that rate to 0.40% and you can watch that compound interest go to work.

Questrade is far and away the best choice for DIY investors building their own ETF portfolio. This discount broker is a market leader for their low trading commissions on stocks, but they take it one step further by making ETFs free to buy.

For new investors or those that simply don’t have a lot of capital to get started in the stock market, this is a game-changer.

You can build your ETF portfolio with as little as one share at a time, with no commissions to add new ETFs to your portfolio. When it comes time to sell, however, Questrade will charge trading commissions. Ideally, you're not selling until retirement anyway (or if you're pivoting to a new investment strategy).

Even when selling ETFs, their low fee structure means you’re still paying some of the lowest fees on the market.

And some of Questrade’s best features are free. Instant Deposit lets Visa Debit cardholders instantly transfer up to $3,500 (or up to your bank account’s max daily transfer limit) into your Questrade account. That allows you to capitalize on fast-moving market opportunities that you might otherwise miss if your access to funds is delayed.

You've heard it before: save more, spend less, invest the rest. Moka, formerly Mylo, started as a round-up tool but are now a full managed investment solution with an interesting idea.

They consistently invest in the S&P 500 — which averages an annual 10% return over 65 years thus beating professional money managers. They help you invest 100% in equities for the best long-term growth, unlike other platforms.

The app is easy to use and encourages you to stay on track for long term success while also providing education to make you a smarter investor.

Bonus: Each investment contributes to CO2 removal and forest restoration. Talk about sustainable investments.

They charge a low flat rate fee of $7 per month, regardless of your investment size. Think of it like a "fee only" advisor, instead of taking 1% which over 20 years could cost you more than $60,000. The S&P 500 exchange-traded funds they invest in have a genuinely low 0.09% fee (which does get passed onto you).

Qtrade Direct Investing™ is a top-tier Canadian investment platform designed to empower both beginner and seasoned investors. Young investors aged 18 to 30 enjoy reduced trading commissions, while high-volume traders can access elite perks through the Investor Plus program.

With a wide range of financial instruments including commission-free ETFs, stocks, mutual funds, and options, Qtrade delivers a flexible and robust experience. It’s not just the low fees that set Qtrade apart — its user-friendly platform, award-winning customer service, and cutting-edge educational resources make it a go-to for anyone serious about growing their portfolio.

Plus, it’s backed by Aviso Wealth, a trusted financial giant in Canada.

The platform’s advanced portfolio management tools and Morningstar research empower you to make informed decisions, giving you the edge needed to outperform the market. Its mobile app is just as powerful as its web platform, making trading on the go a breeze.

But here’s the real game-changer: Qtrade’s sign-up bonuses and fee waivers make it one of the best investment deals in Canada. By offering up to $150 in rebates and zero account fees with regular deposits, it rewards smart, consistent investors. The seamless sign-up process, combined with exceptional features, ensures that you’re not only starting on the right foot but are also well-positioned for long-term success.

SPECIAL OFFER: Get a cash bonus of up to 5%

Open a Qtrade Account using the code SUMMERBONUS2024 by November 30, 2024.

Fund your account with at least $5,000 in net new funds by December 31, 2024.

Hold your funds in the account until April 30, 2025.

Receive your cashback on or around May 31, 2025.

PLUS: New clients can get an additional $100 sign-up bonus when you add at least $1,000 to your account and free trades for the rest of the year.

If you’re looking to actively buy and sell individual securities, Wealthsimple self-directed investing will let you do that without any trading commissions. It costs a big fat $0 to buy or sell stocks on this platform; Wealthsimple is the only no-commission brokerage available to Canadians.

The Wealthsimple platform is simple and user-friendly, making it easy to navigate.

It’s important to note that more detailed security data or access to precise charting tools is limited. Likewise, not all securities are available for trading on Wealthsimple, which means you might not be able to find all the stocks you want to trade.

As a result, more advanced investors might be frustrated with this platform’s lack of functionality. Nevertheless, Wealthsimple is an excellent choice for new to beginner investors or those that don’t need fancy charting tools.

BMO has a long history of serving Canadian investors, and their offering just got better with BMO InvestorLine adviceDirect. If you’re looking for a blended investing approach that enables the freedom of self-directed investing, plus expert advice, this is it.

BMO InvestorLine adviceDirect provides investment advice and guidance but still leaves you in charge of your trades. The service monitors your portfolio 24/7 and alerts you when things get out of balance. You’ll even get personalized buy and sell recommendations based on your investor profile and risk tolerance. Finally, you can reach a financial advisor by telephone at any time to get personalized investment advice.

You’ll be charged a flat fee or percent management fee for BMO InvestorLine adviceDirect based on how much you have invested.

The minimum balance to get started is $10,000, and you will pay 0.75% on billable assets to a maximum of $3,750 annually. This fee includes all trading commissions up to a trading limit based on your portfolio size, after which you will be charged $7.95 per trade.

This option is great for new and experienced investors that want complete control of their investment decisions, but are also looking for the confidence that comes with expert advice.

If you want an automated investing experience for the lowest fees possible, then the Questwealth Portfolios (provided by Questrade) are the most affordable option on the market. Questwealth Portfolios charge half of what competitors do at only 0.25% in management fees on $250 to $100,000. Once you cross that $100,000 threshold, the management fee drops to 0.20%.

You’ll select a Questwealth portfolio based on your risk tolerance, and they’ll take care of the rest. The Questwealth portfolios automate the investing experience for you and handle everything from tax-loss harvesting to rebalancing to re-investing dividends.

New customers who invest with Questwealth with our exclusive link get their first $10,000 investment managed free for a year.

While the Questwealth dashboard doesn’t look as pretty as competitors, the same information is there. You can readily see your portfolio allocation and performance, and view a history of dividends received and how they’ve been reinvested.

CIBC Investor's Edge stands out as a compelling choice for both seasoned and novice investors, especially for those already banking with CIBC. Its top features include competitive pricing, with trades ranging from $4.95 to $6.95, and an exceptional offer of free trading for investors under 25.

This pricing structure positions it favorably against competitors like Wealthsimple, which offers free trades but lacks certain advanced options available with Investor's Edge. Moreover, CIBC's platform provides extensive research tools and a variety of account types, including TFSAs, RRSPs and FHSAs, making it a versatile option for diverse investment needs.

While its foreign exchange fees for US stocks are a consideration, the seamless integration with CIBC banking services and the advanced trading tools available make it a solid choice, particularly for CIBC banking customers. The platform's user-friendly interface and educational resources further enhance its appeal to new investors.

If you're seeking a comprehensive and competitively priced trading platform backed by a major bank's reliability, CIBC Investor's Edge is worth considering.

If you're tiptoeing into the investment world or you're already striding confidently, this app is a game changer. First off, TD Easy Trade hands you commission-free trades each year. That’s right, keep those extra bucks in your pocket! This is a big deal compared to others where every trade chips away at your wallet.

Where TD Easy Trade really shines is in its educational resources, providing extensive materials to help users make informed investment decisions. This emphasis on education is a unique aspect that not all competitors offer. However, it's worth noting that TD Easy Trade might lack some of the advanced trading features found in apps like Questrade or Wealthsimple, and its focus is mainly on stocks and ETFs, which could be limiting for those seeking a wider range of investment options.

Now, navigating an investment app can sometimes feel like solving a Rubik's Cube, right? But with TD Easy Trade, it's as easy as scrolling through your favorite social media feed. They've made it super user-friendly, which is a breath of fresh air, especially for you investing newbies.

And here's the cherry on top - their educational resources are like having a mini finance course at your fingertips. This isn't just a 'throw your money in and hope for the best' kind of deal. You get to learn and grow your investment smarts, which, let's be honest, not all platforms bother to offer.

Sure, if you're looking for super advanced tools, TD Easy Trade might feel a bit basic, and it’s more stocks and ETFs-centric. But hey, simplicity has its own charm, doesn't it?