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The Best App For Day Trading in Canada That You Can Use

In this era of the internet and technology, everything has become a lot easier. The trading industry has also benefited a lot from this. If there is something that has converted trading into an industry today, then it is the internet and technology.

There are a lot of online platforms and applications available that provide the right support and features in this case. If you are also looking to place your steps in the trading industry, then you must use the best app for day trading Canada. So, here is all that you need to know in this regard.

Best Day Trading Canada Apps

Why is it important to select the right day trading applications in Canada?

Do you remember the earlier times where there were brokers? In fact, the brokers were helping the traders to buy or sell stocks. However, a major drawback of these brokers was that they were only limited to a few locations and services. in fact, this and several similar issues vanish from the world today with the help of day trading apps Canada.

Canadian day trading apps

These days trading apps Canada works as a broker, but the difference is that they are present on your computer or mobile at your convenience. However, when you are selecting the day trading apps Canada there are some important things that you need to consider.

So, here are some tips that can help you in making the right decision about selecting one of the day trading apps Canada.

  • You must check the legal licenses and certifications of that app according to the rules and regulations of your area and Canada
  • The services and the benefits that they provide
  • Trading fees and minimum requirements of the app
  • Customer support type and availability in case of an issue
  • The customer reviews and ratings for that application

So, by checking all of these things you can make the right decision about selecting the right day trading apps Canada. It will also help you stay safe from all the scams about trading.

Top 5 Canadian day trading apps Canada

The following are the best 5 applications that can be your best choice as day trading apps Canada.

1. Wealthsimple Trade

This is the app that was introduced in 2019 and it has been providing amazing services since then. Now it has more than 175000 clients including those from Canada. The app is also functional in the USA as well as the UK.

App Store Rating

4.6 Stars

The commission per equity trade

No Commission per equity trade

Minimum account balance

No minimum account balance restrictions

Trading platforms

Mobile

Security standards

Two Factor Authentication

Support options

Email and Phone

2. TD Direct Investing

This app dates back to 2012 and it is the online broker platform for the Toronto Dominion Bank.  Additionally, it is the largest bank by assets in Canada. In fact, an interesting thing about this app is that it has been renamed several times. Other than that, the backend platform has been providing trading services since 1984.

App Store Rating

4.6 Stars

The commission per equity trade

$9.99 maximum

Minimum account balance

$15000

Trading platforms

Mobile and Computer

Security standards

Two Factor Authentication

Support options

Chat and Phone

3. RBC Direct Investing

The Royal Bank of Canada is the brokerage division of this application. It is not only one of the oldest banks in Canada, but it is also the largest bank in Canada according to market capitalization. Additionally, the banks date back to the 1860 days.

App Store Rating

3.4 Stars

The commission per equity trade

$9.95 maximum

Minimum account balance

$15000

Trading platforms

Mobile and Computer

Security standards

No Two Factor Authentication

Support options

Chat, Email, and Phone

4. CIBC Investor’s Edge

This app is the online brokerage for the Canadian Imperial Bank of Commerce that dates back to 1867. In fact, the application provides some of the best online day trading opportunities for the people in Canada.

App Store Rating

3.3 Stars

The commission per equity trade

$6.95 maximum

Minimum account balance

$10000

Trading platforms

Mobile and Computer

Security standards

Two Factor Authentication

Support options

Chat, Email, and Phone

5. Qtrade Investor

The last app here on our list has been serving since 2001. It is related to a financial services company while it provides day trading services online.

App Store Rating

2.3 Stars

The commission per equity trade

$8.75 maximum

Minimum account balance

$15000

Trading platforms

Mobile and Computer

Security standards

Two Factor Authentication

Support options

Email, and Phone

Which one of these can be your best app for day trading Canada

In this case, you need to understand about selecting your best app for day trading Canada is that each of these apps will have its pros and cons. Some will be better in one way while some will be better in another way.

So, what you need to do is to go after your requirements. When you set your requirements straight and prioritize them you can make the best decisions in terms of selecting the best app for day trading Canada. In this way, the application will meet all your requirements in the best way. Hence, it will provide you with an amazing experience.

The pros and cons of going with the day trading apps Canada.

Going with the best app for day trading Canada will surely come with some benefits. However, along with these benefits, there will be some demerits as well. So, here we have listed some of them for you.

Pros

  • You can easily move your money between accounts and trading apps
  • Easy access to a large trading network
  • Trade at your convenience
  • Less fee because of fewer middlemen

Cons

  • No surety about return on investment
  • Limited services
  • Restrictions on withdrawals and minimum account balance

Hence, knowing all of these pros and cons you must select the best app for day trading Canada according to your requirements.

Verdict

When you select your best app for day trading Canada you can make good money from trading. However, with all the earnings you will enjoy the experience as it suits your requirements. So, if you are looking to start day trading in Canada then you need to select the right app for yourself carefully.