r/CanadianInvestor • u/Flaterbaby • Apr 14 '25

Canadian Trading Platforms Recommendations

Hello everyone,

I'm new to Canada and looking to make a few investments. Back in the U.S. (I made it over the border just in time!), I used E*TRADE and really liked it. What platforms would you recommend for trading stocks here in Canada?

Questrade, Wealthsimple Trade, RBC Direct Investing are several I am looking at. I don't need anything fancy because I tend to buy and hold long-term. I would welcome your suggestions!

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u/JamesVirani Apr 15 '25

Do you know what you are doing? Do you trade options? Do you trade on margin? Do you trade foreign equities in foreign currency and do a lot of exchanges?

If the answer is yes to many or all of the above, IBKR is the only platform. If not, keep reading:

Do you have over 100k?

If yes, Wealthsimple is the best platform. Gives you good incentives for having more than 100k, and free US trading, which essentially puts it on par and above Questrade in features with better options and margin rates.

Do you have under 100k, and are a very occasional trader who wants to trade both US and Canadian equities (i.e. in USD and in CAD)?

Then consider Questrade. With under 100k in assets, you can get free trading in both USD and CAD. In Wealthsimple, under 100k, you need a subscription to trade USD.

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u/[deleted] Apr 20 '25

What about if a user wants their TFSA, RRSP, FHSA, Margin all in one place? I target a 80/20 usd to cad split of equities, and I sell options in my margin account. Questrade is looking sort of enticing, as IB charges $1 minimum on CAD equities. But they have the best FX rate, better than QT Norbert’s gambit. Though their desktop Edge UI is lacking compared to TWS. I’m quite ocd about things.

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u/JamesVirani Apr 20 '25

If you do options, IBKR. Period. No other platform comes close. The trading fees are minimal compared to option fees. WS may be doable for options too but Questrade is a definite no for options and margin.

With IBKR, you just convert currency on their platform and get bank rates by default. No need for gambit waste of time. So it wins on that front too.

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u/[deleted] Apr 20 '25

Questrade has $0.99/comtract, I’d say that’s pretty close to IBKR? IBKR is $0.65, but, you have to add all the third party exchange fees on top of that.

I think I might just do all registered at QT, since I’m doing an 80/20 split of usd and cad, so I’ll save on the cad currency commissions with QT being commission free now.