investing platforms for beginners in Canada

The 5 Best Investing Platforms for Beginners in Canada!

Introduction

When it comes to investing for beginners, platforms in Canada offer several options for beginners that provide an easy way to get started. Investing can be intimidating, which is why so many people avoid it altogether. These investing sites for beginners provide user-friendly interfaces, educational resources, and many investment options to help kickstart their investment journey. We will highlight the top 5 investment platforms in Canada that are ideal for beginners, enabling them to unlock their financial potential.

Why Investing is Important

In 2023, we have seen the cost of living rising rapidly, and even if you have the best high-interest savings account for your short-term goals, you need to do something more to fund your long-term goals, including your retirement goals. Investing can exponentially grow your money – much faster than savings, and while all investing carries risk, you should still be considering investing, even as a beginner. 

Choosing the Right Investing Sites For Beginners

Choosing the right beginner-friendly investment platform in Canada is important for you. If you decide on a platform that is too complex or doesn’t fit with your style and preferences, you are less likely to use it, hindering your ability to invest regularly. The best platform for you is one that makes you feel comfortable, provides you with investing options that make sense for you, and isn’t confusing or overwhelming. 

This list should help you determine which of the best stock trading platforms in Canada are right for you.

What do the best stock trading platforms in Canada offer?

Here are some of the key things you should be looking for when it comes to investing sites for beginners. 

  • Low fees
  • Easy-to-understand platform
  • Range of investment accounts
  • Range of investment options
  • Range of investment styles ( DIY and Robo Advisor Options) based on your interests
  • Available on your preferred platforms (web vs mobile)
  • Low or no minimums to begin investing
  • Bonuses or sign-up benefits are a plus
Investing Sites for beginners canada

Investing Platforms for Beginners in Canada

In no particular order, lets dive into our list of the best investing platforms for beginners in Canada.

Wealthsimple

Wealthsimple is a popular investment platform in Canada that offers a seamless user experience and a variety of investment options. With its intuitive interface and low fees, Wealthsimple is an excellent choice for investing for beginners in Canada. 

Overview

Wealthsimple offers both Robo Advisor and DIY investing options for beginners. True to its name, its investing platform and user interface are extremely simple and easy to learn – even for beginner investors. Wealthsimple offers various account options: RRSP, TFSA, RESP, FSHA, Spousal RRSP, LIRA, RRIF, Corporate investment, Crypto and Non-Registered accounts. True to its name, they really make investing for beginners simple. 

Pros

  • Simple and easy-to-use platform
  • DIY (Wealthsimple Trade) and Robo Advisor (Managed Investing) Options
  • Fractional shares in the DIY account allow you to buy as much of a stock as you can afford. 
  • Commission-free trades for DIY accounts
  • Low fees for Robo Advisor accounts (Classic Portfolio has a Management Expense Ratio of 0.12% and a Management Fee of 0.50%)
  • Start investing with just $1

Cons

  • Limited account analytics & options
  • Higher foreign exchange rates than other platforms (1.5%)
  • Starting to introduce complex investing options not suited for beginners (Options, Stock lending, etc)

Wealthsimple Bonus Offers

Questrade

Overview

Questrade is another top investment platform for beginners in Canada. It offers a range of investment products, including stocks, bonds, mutual funds, and ETFs. Questrade’s low fees and educational resources make it an attractive option for beginners. They also offer DIY accounts or Robo Advisor (Questwealth Portfolios) options. At Questrade, you can open a TFSA, RRSP, RESP, FHSA, or personal account.

Pros

  • Clean and simplified web app
  • Strong tools and analytics
  • Large education section of their website to get you comfortable with the platform 

Cons

  • Clunky User Interface
  • The platform may be overwhelming for absolute beginners
  • Trading fees: $.01 per share ($4.95 min / $9.95 max)
  • Minimum $1000 Needed to start investing

Questrade Bonus Offers

TD Easy Trade

Overview

TD has several different trading platforms available in Canada. TD Easy Trade is geared toward younger and newer investors and facilitates stock investing for beginners in Canada.  They offer TFSA, RRSP, and personal (taxable) Investment accounts. There is no robo-advisor option, only DIY accounts.

Pros

  • Online learning tools & live online classes for new investors to learn the platform. 
  • 50 commission-free stock trades per year
  •  no account fees

Cons

  • You can trade almost any stock, but only TD ETF’s. This means you are missing out on various low-cost and popular ETFs managed by other providers, such as Vanguard and Ishares that some of the other investing platforms for beginners offer
Investing for beginners Canada

Moka

Overview

Moka rounds up your purchases and invests the difference.  For people who feel they don’t have enough money to invest, without even realizing it, you will begin to build an investment portfolio with your spare change. 

Pros

  • Low flat rate: $15 per month.
  • Save for short or long-term goals.
  • Invested in specific S&P 500 Tracking ETF’s
  • Invests 100% in equities for the best long-term growth

Cons

  • No DIY option with Moka alone – they do have a partnership with MogoTrade if you want DIY options and can conduct your own investment research. 

Start Investing with Moka Today

Qtrade Direct Investing

Overview

Qtrade Direct Investing has consistently ranked among the best stock trading platforms in Canada. They recently won  Surviscor’s Best Online Brokerage Desktop Experience for Canadian Investors.  If you are interested in DIY investing, it’s a great option. For most investors, trading fees on Qtrade $8.75 for stock and mutual fund trades, with free trades on 100+ ETFs. Invest in an RSP, RIF, RESP TFSA, FHSA and Taxable account (Cash or Margin).

Pros

  • Consistently ranked among the top investment platforms in Canada
  • Helpful investor education to help beginners learn to invest, including step-by-step video demonstrations for beginner investors.
  • Enhanced Mobile application (iOS and Android)
  • Ability to stack up promotional signup bonuses and cash-back offers
  • Commission free ETF program: 100+ ETF’s which are free to buy and sell, no minimums
  • Discounted trading fees for younger investors (18-30 years old)

Cons

  • With an advanced platform, it can be overwhelming for beginners. But Qtrade has a clean user interface that makes it easy to understand
  • $25 / quarter Administrative fee -Waived if any of the following apply: it is less than one quarter since account opening, you have $25,000 or more in assets, completed 2 commissioned trades in the last quarter, completed 8 commissioned trades in the last 12 months, set up a $100/mo recurring deposit, qualify for the Young Investor offer

Qtrade Bonus Offers

Conclusion

In conclusion, these are the five best investment platforms for beginners in Canada, each offering unique features and benefits. Whether you’re new to investing or looking to explore different investment options, these platforms can help you unlock your financial potential. So, which is the best trading platform for beginners? My preference is Wealthsimple, but there is no one-size-fits-all solution. So pick the one that speaks to you! 

Final Thoughts

We have discussed several suitable options regardless of your investment style preference. You could go totally hands-off with an app, somewhere in the middle with a robo advisor, or totally hands-on with one of the DIY investment options.  Whether you prefer a simple app, a Robo Advisor, or the opportunity to try your hand at DIY investing, these investing platforms for beginners in Canada can help you reach your goals quickly! 

What are you waiting for? With these investing sites for beginners in Canada, you will be able to start investing, building your wealth, and accelerating your path to financial freedom!

Increasing your financial literacy is an essential step to becoming comfortable investing; next, open an account with one of these investing platforms for beginners in Canada to get started! 

Choose from among the best investing platforms for beginners in Canada to launch your financial journey.

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