Best Investing Apps in Canada [2023]

For investors who are just getting started, our top pick is CIBC Investor’s Edge.

CIBC is one of the top-rated, and most trusted, financial institutions in the country. While investing on big bank platforms tends to come with higher fees, CIBC’s fees are still competitive when compared to other banks. The app also offers excellent additional resources for beginners.

The app includes typical access to tools such as trade notifications and alerts, market data and watch lists. But what makes it really stand out is the research and investment education options. Users have access to a daily newsletter which includes trade ideas, alongside insights from investment experts. There is also the CIBC Learn platform, which includes a large variety of articles and videos that break down different types of investment options, stock tips,strategies, and more.

CIBC Investor’s Edge also offers a mix of account types, including registered and non-registered accounts. Users can select from a number of investment options, including stocks, ETFs and mutual funds. As an additional bonus, the platform offers discounts to students, young investors and active traders.

Yes, CIBC Investor’s Edge does have slightly higher fees, but for beginner traders it’s still our top pick when it comes to the best investment apps in Canada. CIBC is a trusted name, there are plenty of account and investment options, and the access to education and learning really does make it a standout.

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Best investing app for people with a small amount of money: Moka

You don’t need to have a ton of money to get started with investing, and Moka is a great place to start. Moka, formerly known as Mylo, started in 2017, but was rebranded in 2020.. Moka describes itself as a goal-based savings app and works by allowing Canadians to invest spare change by rounding up their purchases. The basic Moka model costs only $3.99 per month.

So, how does that work exactly? Well, let’s say you go to Starbucks and buy your favourite coffee. Your bill total comes to $4.25. With the Moka app, your purchase will be rounded up to $5.00 even. That extra $0.75 goes into your Moka account.

This will happen with every purchase you make throughout the week. All the spare change will go into your Moka account. Then, every week on Monday, that spare change will be invested by Moka on your behalf.

Moka also offers a ‘roundup multiplier.’ This feature lets you multiply your transactions by a number from one to eight. So, if you chose five, that 0.75 cents from your coffee becomes $3.75.

If you want to accelerate your savings, you can choose to add on a recurring investment option. This will allow you to deposit a fixed amount every week, in addition to your roundups. You can also make a one-time lump sum deposit, which is called a ‘boost.’

It might not seem like much, but this type of micro-investing requires minimal effort. That spare change can add up pretty quickly, making Moka a great investing app for people who have little money to set aside.

Best investing app for active traders: Questrade

If you prefer active investing, then Questrade is your best bet.

Questrade has made a name for itself as one of the top investing apps in the country for several reasons.

The platform offers a $1,000 minimum investment with no annual fees. Perhaps the biggest standout of the investing app is that their ETFs are free to buy. This is a huge advantage for investors who don’t have a lot of cash on hand or are just starting to get into the stock market. Keep in mind, Questrade will charge trading commissions when you sell, but their fee structure is still one of the lowest options in Canada.

Aside from stocks and ETFs, investors can also purchase options such as bonds, mutual funds and precious metals. You will maintain full control over your portfolio and, if you qualify as an active trader, you can get even lower fees under the Questrade fixed and variable pricing schedule. For those wondering, active trader pricing is available to anyone who subscribes to an advanced Canadian or American market data plan, giving you extra market insights. It’s designed to offer lower pricing for frequent traders.

Thanks to ease of use, low fees and the varied investment options, the Questrade app earns its place as one of the best investing apps in Canada.

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Best investing app for automated investing: Wealthsimple

Love the idea of investing and growing your money, but don’t have the time to manage it? Or maybe you are unsure about how it all works and are intimidated by the thought of managing your investments on your own? This is where a robo advisor like Wealthsimple comes in handy.

Wealthsimple is Canada’s largest and most popular robo advisor and makes investing a breeze. The app is concise and easy to navigate, no matter your experience level, and allows you to automate your savings. Wealthsimple allows investors to “set it and forget it.”

There are three main account types depending on the amount of money you wish to invest.

These are: Wealthsimple Basic, which you can open with as little as $1 Wealthsimple Black, which requires a minimum of $100,000 Wealthsimple Generation, which requires at least $500,000.

Wealthsimple offers socially responsible investing and Halal investing for investors who want to feel good about their investment decisions. There are also U.S dollar accounts. You can also take advantage of additional features like “roundup” or “overflow”, which will allow you to channel extra money into your investment accounts. Not familiar with the “overflow” feature? First you set the amount you want to keep in your account and, once a month, any money that exceeds that amount is automatically deposited into your Wealthsimple investing or high-interest savings account.

The Wealthsimple app is streamlined and offers easy options for all experience levels, earning it a spot on this list as the best investing app for automated investing.

Best investing app for self-directed investing: Qtrade

While some investors love the idea of automated investing, others enjoy the DIY style of self-directed investing. If this sounds like you, then consider Qtrade.

Qtrade is ideal for both passive and active investors and offers a range of different account types. Fees for Qtrade are on the higher side when compared to some of the other investing apps on this list.; However, there is no minimum investment requirement and they offer discounted opportunities. Active traders who make 150+ trades per quarter and/or individuals who invest at least $500,000 in the Investor Plus Program will receive special discounts.

A few stand-out features that earns Qtrade a spot on this list include their lower rates for young investors aged 18-30, commission free trading on more than 100 ETFs with no minimums, and the ability to trade in Canadian or US dollars without having to pay currency exchange fees. We also love that there is a 30-day free trial.

Managing your own portfolio has several benefits, such as being able to save on fees and maximize your returns. That being said, self-directed investing can also be challenging. However, if you are keen on the DIY method then Qtrade is our pick for the best app for self-directed investing.

Best investing app for alternative investments: Bitbuy

If your investing interest leads you toward cryptocurrency and ETFs, then the best investing app for you is Bitbuy.

Bitbuy was founded in 2016 and has quickly become the top investing app for cryptocurrency in Canada. It allows investors to get started with only $50 and buy and sell top cryptocurrencies, including Bitcoin, Ethereum andDogecoin. Fees are competitive in comparison to other cryptocurrency platforms, and individuals who are looking to trade $20,000 or more have access to premium rates, as well as their own personal account manager.

One of the biggest draws for this investing app is that it is for everyone. Those new to investing and cryptocurrency can get started with Bitbuy Express Trade, which allows you to place your trades with a single click. For the more experienced investors, try the Pro Trade platform, which offers access to multiple order types and advanced charting.

Alternative investing is still relatively new to the finance world, but if you’re looking for an easy-to-use platform with competitive fees then Bitbuy is the best investing app to get you started.

Roboadvisor FAQ

What is an investment app?

An investment app is a mobile application that allows you to save and invest your money. The apps tend to be more self-directed than traditional outlets, such as a financial planner. However, apps will typically charge less fees. You can automate your investing with a robo advisor or do it yourself with a self-directed platform like Qtrade. Investing apps make investing easier and more accessible to everyday Canadians.

Are investing apps safe?

Legitimate investment apps, like those listed above, are just as safe as your bank. The apps and web systems use multiple layers of security and many have options for two-factor authentication. Of course, part of that safety also depends on you. You need to ensure that you keep your login credentials and personal details private and be mindful of the devices that you log in on. But overall, yes,investing apps are safe.

How do I use an investing app?

Using an investing app is pretty straight-forward and easy. To start with, you will need to download the app to your phone. The vast majority of investing apps have both Android and iOS options. Once you download the app, create your account and follow the prompts to start investing. Each app is different so some might take a while to get used to, but there are often YouTube videos or articles to help should you need any clarification. You can also always get in touch with the app’s support team if need be.

Can you use multiple investing apps?

Absolutely! Using multiple investing apps can actually be very helpful depending on your investing goals and the timelines associated with them.