Best Investment Apps In Canada: The Read To Lead Your 2022 Assets

Are you situated in Canada? Curious about the investment options currently on the market? You’re right on track!

This article will elaborate the best investment apps in Canada, emphasizing their main features, and grade them respectively, based on:

  • Assets and trading types offer.
  • Commission and management fees.
  • Secure funds and responsible investing.

Let’s get started!

8 Best Investment Apps In Canada

Check out the table below presenting the best eight investment apps in Canada.

Rank Company Rating Features Commission Fee
1. Wealthsimple 10/10

Best Overall Investment App in Canada

  • ETF, stock, and crypto trading
  • Halal-friendly funding
  • Decent management fees (0.4%-0.5%)

None

2. Questrade 9.7/10

Best for ETFs

  • Prosperous trading offer among Canada’s investing apps
  • Free ETF trading
  • No annual fees
Free for ETFs and bond trades (for a minimum of $5,000)
3. Passiv 9.5/10 Best App for Portfolio Monitoring

  • Able to make single-click trades
  • Flexible and advanced currency handling
  • Multiple account connections are available

Free or $99 a year

4. Wealthica 9.3/10

Best for Self-Directed Investing

  • Fully-packed advanced tracking FREE version
  • Robo-Advisor additions
  • Cointracking on more than 5,000 coins

Free (Pro and Premium membership is paid)

5. CoinSmart 9/10

Best App for Crypto Trading

  • Fast withdrawal and deposits processing period
  • Transparent CoinSmart transaction and withdrawal fees
  • Multiple account funding options

0.20 % single trade/ 0.30% double trade

6. Moka 8.8/10

Best App for Micro-Investing

  • Socially Responsible Investing (SRI)
  • Effortless automated investment options
  • Round-Up To Give feature

$3.99 – $15

7. BMO InvestorLine adviceDirect 8.5/10

Best App for Guided Investing

  • Linked with the oldest major bank in Canada
  • All-in-one platform
  • Bonuses and future discounts with a Premium membership

0.75% annual fee ($10,000-$500,000); max. $3,750 annual fee ($500,000+)

8. PocketSmith 8.2/10

Best Investing App for Beginners

  • Beginner-friendly mobile app
  • Personal financing software integration
  • Cash Flow Forecast Software

Free

The choice is pretty broad, but don’t just decide yet. Take some time and go through the mini reviews (below) for each of the investment apps in the table.

The Best Investment Apps in Canada: Detailed Reviews

There are many investment apps, and deciding which is the best fit can be challenging. For that purpose, our brief yet, comprehensive reviews will help you decide which one suits you most.

1. Wealthsimple

best-investment-apps-in-canada

  • Rating: 10/10
  • Minimum Balance: None
  • Minimum Deposit: None
  • Commission Fee: None
  • Accepted Cryptocurrencies: 55+ (Bitcoin, Dogecoin, Ethereum, Litecoin, etc.).
  • Security: a registered Portfolio Manager in Canada, Gemini Trust crypto custodial coverage holder, partnered with Coincover
  • Customer Support: Phone, Helpdesk

Wealthsimple is a multi-platform investment, banking, and trading company. It operates within Canada, but its investment funds go beyond the borders since the platform operates primarily online via an app.

Furthermore, Wealthsimple doesn’t operate with hidden fees. Your only expense is the Management Expense Ratio (MER), which is 0.25% – 0.5%. This cost varies based on your investment plan.

If you invest more – the ratio goes down (check the Black pricing plan that offers a 0.4% rate).

You can choose between the following account options:

  • registered/not registered accounts,
  • personal accounts,
  • TFSA,
  • (spousal) RRSP,
  • RESP,
  • Business Invest/Saving,
  • and LIRA.

Moreover, Wealthsimple has the most profound list of crypto coins among Canadian investment apps. They offer 57 trending coins (ApeCoin, 1 inch, Avalanche, and more).

If you want to start investing and keep your ‘money on autopilot,’ this automated advisor is your perfect fit – even for a rookie in the banking and investments world.

You can learn more about this platform in our detailed Wealthsimple review.

Pros

  • Wide range of investment selection + Halal-friendly funding
  • Automated investments based on a personal portfolio
  • Decent management fees (0.4%-0.5%)

Cons

  • Possible delays with external bank account fundings

2. Questrade

best-investment-apps-in-canada

  • Rating: 9.7/10
  • Minimum Balance: $1,000
  • Minimum Deposit: $1,000
  • Commission Fee: Non-existing to low (depending on the assets).
  • Accepted Cryptocurrencies: blockchain ETFs
  • Security: 2-step verification, DIGICERT encryption; CIPF member, IIROC regulated
  • Customer Support: Phone, Live Chat, Email

Questrade is one of the oldest operating brokerages in Canada (since 1999). As such, it offers low-cost tradng with:

  • stocks,
  • ETFs,
  • bonds,
  • metals,
  • and international equities.

Unfortunately, Questrade doesn’t offer cryptocurrency trading in the classic sense. However, you can still invest in crypto through their Bitcoin ETF (BTC Fund).

To open your Questrade account, there are no initial fees. However, to start trading, you need a minimum deposit of $1,000.

And, of course, it’s convenient to know that Questrade’s customer support doesn’t give out active account info via email – to avoid hacking attacks and potential data breaches. For active account issues, there’s live chat and phone support during working hours.

Aside from the fact that you can build your portfolio, you also have a chance for guided portfolio creation. Questrade’s low commission fees and access to a fully equipped learning centre make it ideal for active investing.

Interested? Check out our in-depth Questrade review.

Pros

  • Prosperous trading offer
  • No inactivity and annual fees
  • Available research and learning base

Cons

  • No direct cryptocurrency trading

3. Passiv

best-investment-apps-in-canada

  • Rating: 9.5/10
  • Minimum Balance: None
  • Minimum Deposit: $1,000
  • Commission Fee: Free or $99 a year
  • Accepted Cryptocurrencies: Depending on the linked platform
  • Security: SSL encryption and SSH typing key security, OAuth access
  • Customer Support: N/A

This software is used to balance your portfolio and is not your classic investment app. In other words, you can link this free-for-download app with your brokerage/trading platforms.

By doing this, you can optimize and allocate your funds, goals, and strategy – within a single app.

Bitbuy, Questrade, Coinbase and Binance are some of the 24 platforms available to link at present.

Plus, their Smart Alert notifies you whenever your portfolio gets ‘distracted’ from your goals. Hence, liquidity changes and price fluctuations of foremost concern to you are quickly followed via your Passiv account.

Unfortunately, you can’t trade directly through Passiv. Also, automated trading is not an option (unless you have ‘Elite account’ credentials). However, not all’s lost.

You can still trade crypto directly connecting to Kraken or indirectly through blockchain ETFs.

Consequently, this option is perfect for advanced investors and people familiar with the market/fund management. On the other hand, if you’re looking for a robo-advisor and guided investing – skip this option.

Pros

  • Availability of multiple account connection
  • Free portfolio optimization
  • Make single-click trades

Cons

  • Limited platforms availability

4. Wealthica

best-investment-apps-in-canada

  • Rating: 9.3/10
  • Minimum Balance: None
  • Minimum Deposit: N/A
  • Commission Fee: None (Pro and Premium membership is paid)
  • Accepted Cryptocurrencies: Implemented cointracking of 5,000+ crypto coins (Bitcoin, Ethereum, Altcoin, etc.)
  • Security: SOC 2 – Type II certification, 2F authorization, read-only website data, FDATA
  • Customer Support: Live Chat, Email

Wealthica is here for all Canadians looking for personal capital in their country.

Designed primarily as an app to merge all your current assets + multiple investment accounts and portfolios — Wealthica is raising the bar of investment and tracking in Canada.

Let’s start with the fact that with over 140 institutions to be linked as APIs, you shouldn’t worry about tracking down your investment portfolio with Wealthica.

Furthermore, those specializing in a particular field of investing, e.g. crypto – Wealthica, have implemented cointracking on more than 5.000 coins. This is possible while combining data of the most advanced crypto trading platforms (Binance, Kraken, Coinbase, and Crytopia).

Besides this, you can also count on analyses and tracking charts for any popular investing options and all existing assets.

Briefly, you can observe everything in one place, including:

  • dividends,
  • net worth,
  • stocks,
  • shares/ fractional shares,
  • ETFs,
  • and international trading goods (gas, metals).

The best thing is that the Free version embraces all the abovementioned options. However, if you’re looking for in-depth analysis, frequent alerts on price changes + access to exporting file documents (Google, Excel) – there are the Premium ($11,99/month) and Pro ($24,99/month) plans.

Pros

  • Fully-packed advanced tracking FREE version
  • Consolidation of assets and investments
  • The ability for multiple family-linked accounts

Cons

  • Only Premium account members can use the export data option

5. CoinSmart

best-investment-apps-in-canada

  • Rating: 9/10
  • Minimum Balance: It depends on the withdrawal options
  • Minimum Deposit: $10,000
  • Commission Fee: 0.20% single trade; 0.30% double trade
  • Accepted Cryptocurrencies: 16+ (Bitcoin, Ethereum, USDC, Stellar, etc.).
  • Security: Bitgo and Fireblock cold storage, 2F authentication, FINTRAC and OSC regulated, member of the anti-money laundering group TRUST
  • Customer Support: Live Chat, Phone, Submit a Ticket

The list of best-investing apps seems incomplete if CoinSmart is nowhere on it, especially since Coinsmart Canada is a crypto-trading app that beginners and advanced traders can handle.

To invest in the future, they offer the SmartPay option, which allows you to receive instant crypto payments, conversions, the latest exchange news and more.

When it comes to fees, they charge only 1% on bank wire transfers and EFTs, which definitely makes it more affordable to pay in crypto instead.

CoinSmart offers a limited number of accepted crypto coins, however, you can find notable coins in the list:

  • Dogecoin,
  • Shiba Inu,
  • Avalanche and more.

Pros

  • Advanced trading tools
  • Multiple account funding options
  • Transparent CoinSmart transaction and withdrawal fees

Cons

  • Limited crypto coin options

6. Moka

best-investment-apps-in-canada

  • Rating: 8.8/10
  • Minimum Balance: None
  • Minimum Deposit: N/A
  • Commission Fee: $3.99 -$15
  • Accepted Cryptocurrencies: Indirectly, through existing ETFs (VAB, BTCX.B, ETHX.B, etc.).
  • Security: 256-bit encryption and SSL connection, IIROC regulated, CIPF insured
  • Customer Support: Chat, Email

Going by the motto of ‘save more – spend less – invest smarter,’ the Moka App allows you to invest small amounts and watch them grow by the day. Additionally, you can choose one of three available types of investment accounts:

  • TFSA,
  • RRSP,
  • and non-registered accounts.

Of course, though your investments are automated, you still get to choose your style, from conservative to moderate and aggressive investor. With five portfolios to choose from, you can invest in seven different EFTs, building up the four central Moka funds.

Simultaneously, you get automated investments that increase your savings for just $4 a month. However, there’s the option to pay $15 a month, upgrade to Moka 360 and enter the world of cashback savings.

It’s good to know that Moka’s micro-investments are done by rounding up everyday purchases and investing what’s left.

The concept looks like this: a $23,55 purchase is rounded to $24 – the spare of $0.45 is automatically saved and invested.

Pros

  • Accelerate debt repayment features
  • Automated investing portfolio creation
  • Receive cashback from your favorite stores

Cons

  • Only ETFs trading is available

7. BMO InvestorLine (adviseDirect)

best-investment-apps-in-canada

  • Rating: 8.5/10
  • Minimum balance: $10,000
  • Minimum Deposit: $500
  • Commission Fee: None
  • Accepted Cryptocurrencies: It doesn’t accept/ invest into (virtual) cryptocoins – currently
  • Security: 128-bit encryption (the most powerful one in North America), adjustment of ‘time-out’ settings, 2-step verification, IIROC and CIPF reimbursed for up to $1 million
  • Customer Support: Live Chat, Email, Phone, Virtual Meeting

BMO adviceDirect is an online hybrid platform where you can invest funds from your existing bank account under the supervision and advice of human, financial advisors. But, the app isn’t completely AI-free.

For instance, you’re automatically notified through their adapted smart alerts on changes regarding your portfolio interests.

When discussing account options

  • TFSA,
  • RRSP, RESP,
  • LIRA, LRSP,
  • LIF, LRIF,
  • and RRIF, you can also sign-up for an unregistered account via the online app.

And regarding the BMO Investorline interest rates – they’re covered yearly and tied with your account’s fund and investment portfolio.

However, as a customer protection policy, they have a maximum yearly rate of $3.750.

Pros

  • Personalized advice options
  • All-in-one platform (for trading and investment)
  • Bonuses and future discounts with a Premium membership

Cons

  • High trading fees and annual rates

8. PocketSmith

  • Rating: 8.2/10
  • Minimum Balance: None
  • Minimum Deposit: Undisclosed
  • Commission Fee: None
  • Accepted Cryptocurrencies: It doesn’t accept or invest in crypto coins currently.
  • Security: IIROC and CIPF reimbursed for up to $1 million, TLC cipher suites, 2F authorization
  • Customer Support: Phone

This global leader in personal financing forecasts was initially designed as an app to craft the best resources for your personal budget; now, it’s also available on mobile.

Because importing transactions, bank account balances, and live feeds with ongoing financial transaction details from 70+ banks in Canada is also what you’ll experience with this platform.

All these combined allow an in-depth insight into forecasting your future investment. Compared to other apps that allow trading, PocketSmith Canada gives you the all-in-one financial prognosis within a single free app on your mobile.

While you can’t make direct investments in ETFs and crypto – you can connect such an app with PocketSmith, and get free advice on your investments.

However, if you want to upgrade your investing strategy, you can purchase a PocketSmith Premium plan ($9.95/month) or PocketSmith Super plan ($19.95/month) and invest more on other platforms or your bank.

Pros

  • Free management of various currency accounts
  • Beginner-friendly mobile app
  • Multiple budget creation for different expenses

Cons

  • Trading isn’t available

What Are Investment Apps?

Investment apps are mobile applications that allow users to invest in stocks, ETFs, and other securities. Some of them offer commission-free trading, saving investors a lot of money, some don’t, but they’re definitely becoming increasingly popular lately.

How Do Investment Apps Work?

For starters, you open an account with the (desired) app, get verified, and then use it to invest in stocks, bonds, crypto, or other securities.

The app will provide information on where to invest your money and how much you should invest. And best of all, you can do everything from the comfort of your home.

What To Look For In An Investment App?

When it comes to investing your hard-earned money, ensure you’re doing it in a way that’s safe and ideal for your unique financial goals.

But with so many investment apps out there competing for your attention, it can be difficult to know where to start.

So, what are the best features? Check them out.

Interface

When it comes to investment apps – usability is key.

A good investment app offers a clean and intuitive interface that makes it easy to find the information you’re looking for. Some of the better apps also provide various customization options to tailor the experience to your needs.

Beginner-Friendly or Advanced?

It’s simple. Seasoned users prefer a more advanced trading app. But if you’re a rookie crypto trader – it’s important to look for a beginner-friendly app that offers features and guidance to help you grow as an investor.

Look for the following features:

  • educational resources
  • simplified investment options
  • ability to set up automatic contributions

This way you can make sure that the app can actually help you achieve your financial goals.

Investment Options

When talking about investment options, it’s best to look for an app that provides a vast number of opportunities (stocks, fractional shares, cryptos).

However, if a certain trading area is your specialty, like margin or crypto trading, look for an app specializing in that field.

Low-Cost Commissions and Fees

While some of them have a commission fee or even a monthly price, the business model of most apps is usually commission free, or up to 1% commission on your trades and investments.

However, they differ when it comes to specifics, so make sure to do your research.

Promotions

Many investment apps offer promotions to new users, which are an excellent way to get started. Additionally, promotions give you a bonus when you deposit money into your account, or they may offer better interest rates on certain types of investments.

What’s more, sometimes they also waive fees or offer other benefits, which is significant for regular users with larger assets in their portfolio.

Research Tools

Research tools and analysis reports can be of great assistance.

Research tools let you see how an app performs over time, what kinds of investments it offers, and how fees + other charges might impact your returns. Whereas analysis reports provide in-depth looks at the app’s features (risks and potential rewards).

Overall, these two resources give you a much better idea of whether an investment app is right for you.

Social Trading

Social trading lets you see what other users are buying/selling and then make your own investment decisions accordingly.

This is beneficial because it allows you to get an idea of what investments are popular among your peers and learn from their investment strategies.

Additional Services

Additional services typically depend on the nature of the investment app. For instance, if it’s supported by an existing bank in the background, it’ll probably offer more services to go with the investment app you’re using.

However, some apps aren’t correlated with a bank and still offer

  • additional money,
  • stock-lending services,
  • portfolio optimization,
  • budget management options,
  • cashback cards, etc.

Whatever you’re looking for in these additional service features – ensure it doesn’t completely overshadow your original need for using the app.

Customer Support Services

While options like making an email inquiry, live chat, and chatbots are regular, it’s preferable to be on the lookout for direct phone support.

Security

Each company has its regulations and policies. For example, the majority of best apps for investing in Canada are regulated by FINTEC, they’re CPIF members, and are IIROC regulated.

Make sure to check for these types of accreditations.

What’s The Difference Between Investment Apps And Stock Trading Apps?

If you’re looking to start investing, it’s better to understand the difference between investment apps and stock trading apps.

How Are Investment Apps Different Than Stock Trading Apps?

To begin with, both apps offer users the ability to buy and sell stocks and other securities. But there are some key differences to be aware of:

  • Investment apps tend to have a more limited selection of stocks and other trading assets. For instance, they typically don’t allow you to trade on margin or short selling. Moreover, they usually have lower fees than stock trading apps and a more straightforward user-interface.
  • On the other hand, stock trading apps have a more comprehensive range of assets you can trade. Also, they typically allow for more complex trades, like margin and OTC trading.

Note: Stock trading apps tend to charge higher fees than investment apps.

Finally, choosing the right app is entirely defined by your

  • assets,
  • trading style,
  • and competency.

Therefore, if you’re a beginner, go for investment apps — they offer guided and simple app interface options. But, a stock trading app will be a better fit if you’re more experienced or want more flexibility while trading.

Final Words

Undoubtedly, investment apps offer many advantages. They’re convenient, easy to use, and let you start investing with very little money.

We hope we have provided you with all the essentials to start your journey towards bigger financial stability, especially now that we’ve covered the 8 best Canadian investment apps

FAQ

What is the most trusted investment app?

Each investment app that is FINTRAC and CIPF regulated can be trusted.

What is the best investment app for beginners?

An easy interface, a free version, and no minimum deposit – are the three main features of an app that are best suited to a beginner’s level.

How can I invest money in Canada?

Some of the most popular investment options in Canada at the moment include:

  • Annuites
  • Canada Savings Bond
  • Exchange Traded Fund
  • Guaranteed Investment Certificate
  • Bonds
  • Mutual funds
  • Segregated funds
  • Stocks
  • Treasury bills
Where can I find investment apps?

Google Play and the App Store are the most common places to find and download investment apps in Canada. However, starting an investment fund with your bank is also available.

ABOUT AUTHOR

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.

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