One potential drawback for more casual retail investors is the fact that Questrade only allows you to trade if you have at least $1,000 deposited in your account. Commission is charged when customers sell ETFs, however, and it’s also applied to transactions involving stocks, options, mutual funds and everything else. Questrade is Canada’s largest independent discount broker, and offers no-commission purchases of ETFs. dollar conversions necessary for the trade of U.S.-listed securities.Īs Canadian versions of Robinhood go, Wealthsimple Trade is the closest to being a one-to-one alternative. The platform pays for its Canadian trades with local deposits, and makes money from fees charged on the Canadian-U.S. (It does allow cyptocurrency trading, though.)Īnd unlike Robinhood, which makes money from its trade orders, Wealthsimple’s no-commission trades act as a loss leader. Wealthsimple doesn’t charge commission on Canadian trades and doesn’t require a minimum balance.īut Wealthsimple Trade doesn’t allow trading of options, bonds, mutual funds. Like Robinhood, Wealthsimple Trade is an investing app for trading stocks and ETFs on Canadian and U.S. Wealthsimple Trade is Canada’s only no-commission trading platform, but there are some differences between it and Robinhood. ![]() For that there’s automatic investing services called robo-advisors, which often boast low fees.īut these platforms all differ from Robinhood, as well as some other Canadian options, in that most don’t offer full no-commission trading - though some come close. But being self-directed means these companies can’t legally advise you on your investing. Canada’s big banks all have their own self-directed trading platforms and related apps, such as BMO InvestorLine, CIBC Investor’s Edge, RBC Direct Investing, Scotia iTRADE and TD Direct Investing, to name a few.
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