There is no trading platform in Canada that is completely free of costs. However, there are few that waive some of its fees and other charges. Let’s find out some more details.
What is a trading platform?
A trading platform is an online account where you can buy, hold, and sell shares, ETFs, bonds, mutual funds currencies etc. You can monitor the growth of your funds, get access to research tools, real time data, news feeds and market information.
One of the important features that a trader looks before choosing an investment platform is its fees. A trading platform charges a number of fees such as account opening fees, account closing fees, annual maintenance fees, transaction costs, inactivity fees etc.
Is there a free trading platform in Canada?
We can’t say that any trading platform is completely free! It might give one service for free while there may be a fee for other products and services offered.
Canadian Trading Platforms
Wealthsimple does not charge trading commissions or account opening or closing fees or account maintenance fees. However, it charges $20 for paper statements, $75 per hour for investigations, $30 Wire transfers, $45 for broker assisted phone trades etc.
Disnat does not charge any transaction costs. However, it charges account maintenance fees, fees for small account balances, NFS cheque fee, cheque withdrawal, safekeeping fees, estate account processing fee, bank transfer fee, inactivity fees etc.
National Bank Direct Brokerage account does not charge transaction costs for buying and selling shares, ETFs, bonds or mutual funds. However, it charges transaction costs on option trading, administration fees if your account balance is less than $20,000, inactivity fees, pricing for tools, document delivery fee, estate liquidation fee, estate settlement fee, custodial services fees, withdrawal fees etc.,
Are there Free Trading Platforms in Canada?
There is nothing under the sun that is completely free of cost. Although, free trading, zero fees seem like powerful marketing phrases, there will be hidden benefits such as financial and research tools, real time information, educational services, market data that you might be missing out on.
Hence, it is important to research on pricing and other features when you decide to open an account with any stock broker.