Based on our analysis, Questrade seems to be the best day trading broker in Canada. It offers a dedicated intra day trader tool which enables you to be well-informed about the markets.
What is day trading?
Day trading means purchasing shares on a particular day and selling the same share on the same day. This is done to make most of the definite price movements that happen on a single day. Day traders are generally those who are experts in the market and those who have enough time to spend on the stock exchange.
There are a number of brokers that allow day trading in Canada. Let’s find out which one is the best and why.
Which is the best day trading broker in Canada?
Questrade is one of the oldest and is the best day trading platform in Canada. It was incorporated in 1999 where you can trade in shares, bonds, exchange traded funds, mutual funds, forex and CFDs. The minimum that you need to retain within the platform is $1,000 and a new account holder gets $50 in free trades.
What Questrade has to offer?
Within Questrade there are four different platforms one can use,
1. Questrade Trading:
This can be used in desktops or laptops. You get charts, alerts, performance data, news, real time quotes and you can create a watchlist of your preferred financial instruments.
2. Questrade Mobile:
These days mobile phones are easy to carry and an effective trading app within your palms is a great way to be effective in day trading.
3. Questrade Edge:
This is ultra-modern and elaborate. You can customize this trading platform based on your needs and you can trade on your own terms. Within this platform, you get ratings of shares and smart scores that help you take swift decisions.
4. Questrade:
Global is dedicated for foreign exchange and CFDs. Daily trading is mostly done with Forex and shares. Have a dedicated platform for forex, and is accommodating for day traders.
Why is Questrade best for Day trading?
Questrade offers a tool called Intraday Trader powered by Recognia, that is well known for its technical analysis of shares. This tool has features that are specifically helpful for day traders. It is available across all the four platforms mentioned above.
- You can customize your platform by inputting your needs and preferences. The tool picks it up, does a complete market analysis of your watchlist.
- When one of your targets in your watchlist comes to a desired trading price, it sends out immediate notification.
- It offers various technical analysis tools such as bar charts, candlestick, moving averages, gaps, classic patterns etc.,
- It offers extensive educational tools and materials.
Alternative Day Trading Platforms in Canada
- You can choose CIBC Investor’s Edge Platform if you want your funds to be backed by one of the big five banks.
- You may choose Wealthsimple Trade, if you are not keen on market information and rather prefer a cheap platform.
- In Qtrade, those active day traders who make more than 150 trades in a particular quarter get special discounts.
Day trading and Canadian Day Trading Brokers
There are numerous broking platforms in Canada where you can do active day trading. However, it is important to note that day trading is one of the riskiest activities, where you can lose all your money.
_Did we miss an important day trading platform here? Do you have any preferences when it comes to opting the best day trading broker? If you wish to add any Canadian brokerage houses offering day trading and other services, do comment and share your feedback.