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Profitable investing requires you to use brokers that align with your investment goals. For new investors, selecting the best investors that fit your needs can mean the difference between an exciting new income stream and frustrating disappointment.
While there are no guarantees to return on investments, set yourself up for success by selecting a broker that understands your needs. Factors to consider when choosing a broker include commissions, account minimums and fees, your trading style, and tech needs.
Compare some of the best brokers below.
Questrade is a Canadian-based online brokerage that allows residents to trade in Canadian and U.S. stock markets. It provides trading in stocks, bonds, options ETFs, mutual funds, CFDs, Forex, GICs, international equities, access to IPOs, and precious metal purchases.
Questrade has no annual fees and provides two pricing plans for trading. These include:
| Instrument | Variable Plan | Fixed Plan |
|---|---|---|
| Stocks | $0.01 per share, with a $0.01 minimum and $6.95 maximum | A flat rate of $4.95 per trade |
| Options | Cost is $6.95 plus $0.75 per contract | $4.95 plus $0.75 per contract |
| ETF | Buy for free and sell for $0.01 minimum and $6.95 maximum | Buy for free and sell for $4.95 per trade |
Questrade provides a mobile app and two primary trading platforms: IQ Web (browser-based) and IQ Edge (desktop-based). It also has two main research tools include Market Intelligence and Intraday Trader.
Wealthsimple Trade is a self-directed investing platform that allows you to sell and buy stocks and ETFs on Canada and U.S. exchanges. It restricts you to ETFs and stocks listed on the NYSE, NASDAQ, TSX or TSX-V exchanges.
Wealthsimple Trade is a zero-commission trading platform that offers you an opportunity to save on fees and maximize returns. It has a $0 fee for opening or closing an account, withdrawing funds, electronic statements and inactive accounts. There is transfer fees reimbursement for transfers larger than $5,000. On the downside, there is a $20 charge for a paper account statement and a base conversion fee of 1.5% when you make USD trades.
It is only accessible with a mobile app. The app is available on iOS and Android and has an intuitive and user-friendly interface. You can also access your account via a desktop web interface. Accounts are CIPF protected for up to $1,000,000.
Axi offers Forex and CDFs trading only. While Forex includes over 61 different currencies, 80+ currency pairings, and 140+ cross pairs, CFDs have stocks, futures, crypto, commodities, metals (gold and silver trading), indices, and oil. It offers zero-commission trading on a Standard Account, and it charges a $7 round trip commission for the Pro Account but spreads start from 0.0 pips.
Trading is done through the MT4 platform, popular for its functionality, ease-of-use, and automated trading, making it ideal for traders at all levels. Axi offers a wide range of educational materials available through an education tab. Also, it has multilingual 24/5 customer support.
