Best Broker Accounts of July 2021

Ashley Jackson

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

questrade logo

$4.95

Fee Per Trade

$1000

Account Minimum

3:1

Leverage

Overview

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:

  • Democratic pricing: Regular stock trades are $0.1 per share with a minimum charge of $4.95 and a maximum of $9.95. Options trades are $9.95 per contract and no-fee ETFs purchase.

  • Questrade Advantage: Traders select between the variable or fixed pricing plan.

  • 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.

    What we like

    • Low trading fees and no-fees for ETFs purchase
    • No annual fees
    • Multiple trading platforms
    • No inactivity fees

    What we don't

    • A minimum deposit of $1000 to start trading
    • Limited research tools
    • Limited account base currencies (USD or CAD only)

    Account Fees & Information

    • Account Minimum$1000
    • Maximum Leverage3:1
    • Assisted TradeN/A
    • Termination FeeN/A
    • Outgoing TransferN/A
    • Inactivity Fee$0
    • PersonalAvailable
    • RRSPAvailable
    • TFSAAvailable
    • Partnership/JointAvailable
    • BusinessAvailable
    • RESPAvailable
    • LIRAAvailable
    • RIFAvailable
    • ManagedAvailable

    Tradable Assets & Commissions

    • Mutual FundsAvailable
    • StocksAvailable
    • BondsAvailable
    • ETFsAvailable
    • FuturesN/A
    • OptionsAvailable
    • ForexAvailable
    • CryptocurrenciesN/A
    • CFDsAvailable

    Wealthsimple Trade

    wealthsimple logo

    $0

    Fee Per Trade

    $0

    Account Minimum

    N/A

    Leverage

    Overview

    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.

    What we like

    • Zero-commission trading
    • No account minimums for opening and investing
    • CIPF protection for up to $1,000,000

    What we don't

    • Accessible through mobile only
    • Limited research tools
    • Does not support real-time quotes

    Account Fees & Information

    • Account Minimum$0
    • Maximum LeverageN/A
    • Assisted TradeN/A
    • Termination FeeN/A
    • Outgoing TransferN/A
    • Inactivity Fee$0
    • PersonalAvailable
    • RRSPAvailable
    • TFSAAvailable
    • Partnership/JointN/A
    • BusinessN/A
    • RESPN/A
    • LIRAN/A
    • RIFN/A
    • ManagedN/A

    Tradable Assets & Commissions

    • Mutual FundsN/A
    • StocksAvailable
    • BondsN/A
    • ETFsAvailable
    • FuturesN/A
    • OptionsN/A
    • ForexN/A
    • CryptocurrenciesN/A
    • CFDsN/A

    Best for CFDS

    Axi

    axi logo

    $0

    Fee Per Trade

    $0

    Account Minimum

    400:1

    Leverage

    Overview

    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.

    What we like

    • Offers a wide range of currencies to trade
    • Low forex fees and no inactivity, withdrawal, or deposit fees
    • Provides educational material

    What we don't

    • Limited research tools
    • Offers only forex and CFD trading
    • 24/5 customer service

    Account Fees & Information

    • Account Minimum$0
    • Maximum Leverage400:1
    • Assisted TradeAvailable
    • Termination FeeN/A
    • Outgoing TransferN/A
    • Inactivity Fee$0
    • PersonalAvailable
    • RRSPN/A
    • TFSAN/A
    • Partnership/JointAvailable
    • BusinessAvailable
    • RESPAvailable
    • LIRAAvailable
    • RIFAvailable
    • ManagedAvailable

    Tradable Assets & Commissions

    • Mutual FundsN/A
    • StocksN/A
    • BondsN/A
    • ETFsN/A
    • FuturesN/A
    • OptionsN/A
    • ForexAvailable
    • CryptocurrenciesAvailable
    • CFDsAvailable