Best Investment Apps in Canada for January 2024 (2024)

The best investment apps in Canada have made investing in the financial markets easier than ever.

The road to self-directed investing was tough when I started almost two decades ago. It used to require phone calls and sometimes trips to my broker’s office, and there was always something to worry about.

A wrongly filled order, excessively delayed trades that made me miss out on significant market moves, outrageous commissions, and in a few cases, outright fraud by unscrupulous brokers. These issues were prevalent many years ago.

Not to worry, the wealth management landscape has changed a lot over the years for the better. These days, whether you are a beginner investor or an experienced stock picker, you can easily invest using your phone and from the comfort of your home.

The list below covers some of the best investment apps in Canada.

Table of Contents Show

Best Investment Apps in Canada

Investment AppBest for
Wealthsimple InvestAutomated Investing
QuestradeSelf-Directed Investors
Wealthsimple TradeBeginner Investors
PassivPortfolio Rebalancing
WealthicaNet Worth Tracking
EQ BankBest for GICs and Savings

Best Overall Investment App: Wealthsimple Invest

Managing your investment portfolio can be a tricky endeavour, and you will need to be comfortable with picking stocks/ETFs and rebalancing your portfolio when its allocations go off-track.

Wealthsimple Invest offers a practical and economical middle-ground between doing all the work (DIY investing) and paying high fees (bank mutual funds).

As an automated investment platform, it offers personalized and diversified low-cost ETF portfolios that are automatically rebalanced as needed.

This hassle-free service includes free financial advice, tax-loss harvesting, dividend re-investing, CIPF protection, automatic deposits, and low fees.

You can open an RRSP, TFSA, RRIF, RESP, personal, joint, and business taxable investment accounts.

The Wealthsimple Invest app and web interface caters to everyone and has features including:

  • Spare change investing
  • Socially responsible investing
  • Halal investing
  • High-interest cash savings

Over 3 million people use Wealthsimple products. Learn more in this Wealthsimple review.

  • Available in: Canada and the United States
  • Account minimum: $1
  • App rating: 4.5/5 from more than 4K reviews on the App Store
  • Best for: Overall best investment app in Canada

Fees: 0.20% to 0.50% per year.

Security: CIPF protection against insolvency up to $1 million; offers bank-level encryption and 2FA protection.

Promotion: Our readers get a $25 cash bonus when they open an account and deposit at least $500.

Best Stock Trading App: Questrade

Questrade has been breaking boundaries and lowering fees for over 21 years.

This app is a great choice if you are looking at not just buying stocks and ETFs but also other financial instruments such as options, foreign exchange, CFDs, initial public offerings (IPOs), and precious metals.

They offer all the popular investment accounts, including TFSA, RESP, RRSP, LIRA, RRIF, LIF, margin, and corporate accounts.

And you get access to several trading platforms (mobile, desktop, and web), plus elaborate investment monitoring tools, charts, and market data.

You need a $1,000 minimum balance to start trading on the platform. This detailed guide lets you learn more about Questrade and why it is the best stock trading app in Canada.

  • Available in: Canada
  • Account minimum: $1,000
  • App rating: 3.1/5 on the Google Play Store
  • Best for: Self-directed investors

Fees: Free ETF purchases; pay $4.95 to $9.95 per transaction for stocks and when you sell ETFs; $9.95 per trade for options and mutual funds. Some fees are waived for active traders.

Security: Members of CIPF plus an additional $10 million in insurance; offers DIGICERT encryption and 2-step verification.

Promotion: Our readers get $50 in free trade credit (no promo code required).

Best Investing App for Beginners: Wealthsimple Trade

If you are just starting as a self-directed or DIY investor, the last thing you need is a platform that overwhelms you with too many options.

Wealthsimple Trade offers a clutter-free, user-friendly platform to trade thousands of stocks and ETFs. With no minimum balance required and $0 commission trading, you don’t need much money to start investing.

Wealthsimple Trade allows you to open a TFSA, RRSP, or personal non-registered investment account, and the signup process takes about 5 minutes or less.

You can learn more about what the app offers in this review of Wealthsimple Trade.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.7/5 from over 31K reviews on the App Store.
  • Best for: Beginner investors and no-fee trading (best free Canadian stock trading app for beginners).

Fees: Commission-free trading; an FX fee may apply when you make USD trades.

Security: Your account is protected by the Canadian Investor Protection Fund (CIPF) against insolvency; it offers state-of-the-art data encryption and two-factor authentication.

Promotion: Our readers get a $25 cash bonus when they open a Wealthsimple Trade account and deposit at least $150.

Best Portfolio Rebalancing Tool: Passiv

Passiv makes managing your portfolio a lot easier.

If you have been putting off the idea of managing your investments because you are wary of the time commitment required to monitor and rebalance them, Passiv can help you automate the process.

The web app and tool sync with your brokerage account and:

  • Helps keep your portfolio balanced
  • Notifies you when you have cash or dividends
  • Helps you execute trades with one click
  • Helps you manage multiple accounts at once

Passiv is worth checking out if you want to spend less time tinkering with your DIY portfolio.

The app syncs with Questrade in Canada and Interactive Brokers, TD Ameritrade, and Interactive Brokers in the United States.

Get more details about how it works in this Passiv review.

  • Available in: Canada and the United States
  • Account minimum: N/A
  • Best for: Automatic rebalancing in a self-directed account

Fees: $0 per year for a Passiv community user account; $99 per year for an Elite member account (Passiv Elite is free for Questrade clients).

Security: Passiv links to your investment account through a secure OAuth flow, and all data is encrypted at rest and in transit using SSL.

Best Spare-Change Investment App: Moka

Mokafintel is a micro-investing app. Like the U.S. Acorns app, Moka utilizes an ingenious strategy for saving and investing your spare change in a diversified ETF portfolio.

When you open a Moka account and link your bank, it automatically rounds up your purchases to the nearest dollar and invests the difference in a registered investment account (TFSA or RRSP), or non-registered account.

You can also set up automated deposits to your investment account.

In addition to low-cost investing, Moka offers users access to cash back at participating retailers, free financial coaching, and a personalized debt repayment plan.

Get more details in this Moka review.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.4/5 from over 11K reviews on the App Store
  • Best for: Investing your spare change

Fees: $4.99 per month

Security: They provide bank-level security with 256-bit encryption; experienced portfolio management by Tactex Asset Management, and funds with custodians are protected by CIPF.

Promotion: Readers get a $5 bonus after linking a bank account.

Best Investment Portfolio Tracker: Wealthica

Wealthica is our top pick for the best app to track your investments and net worth using a single dashboard. It is the Personal Capital option for Canadians.

Portfolio trackers offer a snapshot of all your investment and savings accounts, saving you the trouble of using complicated spreadsheets.

For example, Wealthica can track your investment accounts at TD Direct Investing, Wealthsimple, Questrade, RBC, and more than 100 Canadian financial institutions.

Instead of visiting each of these banks to view your account, a Wealthica dashboard shows everything in one place.

When you sign up for anaccount, Wealthica automatically imports your data using secure API, and it automatically updates each day after market close.

Interestingly, you can combine Wealthica and Passiv to manage your portfolio seamlessly.

  • Available in: Canada
  • Account minimum: N/A
  • App rating: 4.7/5 on the App Store
  • Best for: Portfolio, net worth, and stock portfolio tracking
  • Learn more: Full explainer

Fees: 14-day free trial, then a subscription applies ($6.25 to $29.99 monthly).

Security: They use bank-level security (256-bit AES encryption) and 2FA to protect your account.

Other Saving and Investing Apps

In addition to investing, you can also manage your money by using the best personal finance apps in Canada.

Best Savings Account App: EQ Bank

EQ Bank offers one of the highest savings interest rates in Canada. And its mobile app is no less stellar.

An EQ Bank Savings Account provides access to:

  • High savings interest rates
  • $0 monthly fees
  • Free and unlimited bill payments
  • Free Interac e-Transfers
  • Free mobile cheque deposits
  • Mastercard for free ATM withdrawals
  • Joint accounts
  • Facial recognition and fingerprint authentication

The EQ Bank savings app has a 4.6/5 rating on the App Store.

  • Available in: Canada
  • Account minimum: $1
  • Best for: High-interest savings accounts and Guaranteed Investment Certificates (GICs)

Fees: No monthly account or transaction fees ($0).

Security: Your funds are protected by the Canada Deposit Insurance Corporation for up to $100,000. Learn more about EQ Bank products.

Best Cash Back and Budgeting App: KOHO

With KOHO, you enjoy cash back rewards on all your purchases, budgeting features, and interest on your deposits simultaneously.

KOHO is a money management app and prepaid Mastercard that you can use to save money, cut your spending, and set financial goals.

It works like a chequing account but without the fees, and you earn cash back, rivalling some of the best cash back credit cards in Canada.

To get started, sign up for a KOHO account. They send you a snappy Visa card that you can load through e-Transfer or payroll deposit.

You earn up to 5% cash back on all purchases and can access even more perks if you have a premium account. The app also rounds up your spending and saves the difference.

  • Available in: Canada
  • Account minimum: $1
  • App rating: 4.8/5 from over 8K reviews on the App Store
  • Best for: Cash back on debit purchases and for budgeting

Fees: $0 per month for a regular or joint account (up to 5% cash back); $84 per year for KOHO Premium (higher cash back rates, no FX fees, free financial coaching, and price matching).

Security: Your funds are CDIC insured through Peoples Trust.

Promotion: Get a $20 welcome bonus when you sign up for a free account.

Best Investment Apps FAQ

What is the best investing app for beginners?

The best investing app for beginners in Canada is the Wealthsimple Trade app. It offers commission-free stock and ETF trading and has a user-friendly interface.

What is the best app for trading multiple investments?

Questrade supports multiple investment products, including stocks, ETFs, bonds, mutual funds, options, and GICs, and is the best investing app if you want access to many assets.

What is the best automated investing app?

The robo-advisor app for Wealthsimple Invest is the best for automating your investments as a beginner.

What is the best app to track my investments?

You can track your investments on various platforms using Wealthica, a portfolio tracker that shows a snapshot of all your investment and savings at over 200 financial institutions.

Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

As an avid investor and financial technology enthusiast with a deep understanding of the Canadian investment landscape, I have been actively involved in self-directed investing for nearly two decades. My journey began during a time when the investment process was cumbersome, involving phone calls and occasional trips to the broker's office. I navigated through challenges such as wrongly filled orders, delayed trades, exorbitant commissions, and even instances of fraud by unscrupulous brokers.

Over the years, I have witnessed a remarkable transformation in the wealth management landscape, and the advent of investment apps has revolutionized the way Canadians engage in financial markets. I have hands-on experience with various investment platforms and have closely monitored their evolution. The article on the best investment apps in Canada resonates with my expertise, and I'm well-versed in the features and functionalities of the mentioned apps.

Let's delve into the concepts mentioned in the article:

  1. Wealthsimple Invest:

    • Automated Investing: Wealthsimple Invest offers automated investment solutions, providing personalized and diversified low-cost ETF portfolios that are automatically rebalanced as needed.
    • Wealth Management: The platform caters to a wide range of investors, from beginners to experienced stock pickers, offering features such as spare change investing, socially responsible investing, and more.
  2. Questrade:

    • Self-Directed Investors: Questrade is highlighted as the best stock trading app for self-directed investors, providing access to various financial instruments, including stocks, ETFs, options, foreign exchange, CFDs, and more.
    • Investment Accounts: The platform supports multiple investment accounts, including TFSA, RESP, RRSP, LIRA, RRIF, LIF, margin, and corporate accounts.
  3. Wealthsimple Trade:

    • Beginner Investors: Wealthsimple Trade is recommended for beginner investors, offering a user-friendly platform with no minimum balance requirement and commission-free trading for stocks and ETFs.
    • Account Options: Users can open a TFSA, RRSP, or personal non-registered investment account with a simple signup process.
  4. Passiv:

    • Portfolio Rebalancing: Passiv is highlighted as the best portfolio rebalancing tool, helping investors automate the process of keeping portfolios balanced, notifying about cash or dividends, and facilitating one-click trades.
    • Brokerage Integration: Passiv syncs with brokerage accounts, including Questrade in Canada and Interactive Brokers, TD Ameritrade, and Interactive Brokers in the United States.
  5. Moka:

    • Micro-Investing: Moka, a micro-investing app, is mentioned for its strategy of rounding up purchases to the nearest dollar and investing the difference in a diversified ETF portfolio.
    • Additional Features: Moka offers cash back at retailers, free financial coaching, and a personalized debt repayment plan.
  6. Wealthica:

    • Portfolio Tracking: Wealthica is recommended as the best investment portfolio tracker, providing a single dashboard to track investments and net worth across various accounts and financial institutions.
    • Integration with Passiv: The article suggests combining Wealthica and Passiv for seamless portfolio management.
  7. EQ Bank:

    • Best for GICs and Savings: EQ Bank is highlighted for offering high-interest savings accounts and Guaranteed Investment Certificates (GICs), with a user-friendly mobile app.
    • Security Features: The EQ Bank app ensures security with facial recognition, fingerprint authentication, and CDIC protection for funds.
  8. KOHO:

    • Cash Back and Budgeting: KOHO is mentioned as the best cash back and budgeting app, providing cash back rewards, budgeting features, and interest on deposits.
    • Fees and Security: KOHO offers a fee structure for premium accounts and ensures security with CDIC-insured funds through Peoples Trust.

I stand ready to provide further insights, address specific inquiries, or engage in discussions about the dynamic landscape of investment apps in Canada.

Best Investment Apps in Canada for January 2024 (2024)
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