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In 2017, the founders of thinkorswim came together to create an easy to use platform that empowered retail investors with the educational resources and software needed to get involved in stocks, ETFs, options, and futures.
Similarly, Canadians are looking to take advantage of easy to use, low fee trading alternatives and have been using platforms such as Interactive Brokers.
- Lowest and most transparent commissions
- Large number of tradable security types
- Robust suite of research tools
- Low margin rates, from 0.75% to 1.59%
- Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
Quick Links
Is Tastyworks available in Canada?
Unfortunately, Tastyworks is not available in Canada yet, but there are plans to expand their offerings to Canada soon.
Is Tastyworks coming to Canada?
While there has been a lot of discussion on the topic over the past year, we reached out to Tastyworks in 2021 and they did confirm that they were in final stages of the regulatory approval process, expecting to launch Tastyworks Canada sometime in 2021. However, that clearly did not work out as planned. We’ll hopefully share an update from them shortly.
Alternatives for Canadians
People love Tastyworks for two main reasons:
For one, they do not charge trading fees on stocks or ETFs
Secondly, they charge very low fees on options and futures trades
Unfortunately in Canada we don’t have a platform that offers both of those features yet, but we have some very comparable platforms.
- If you are from Canada you can email them to be added to their waiting list
- Available in over 55 countries
- To launch sometime in 2021
- Competitive fixed and tiered price structures
- A preferred choice for advanced traders
- Minimal commission fees
- Low margin rates, from 0.75% to 1.59%
- Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
- Zero fees on any stocks or ETFs that you purchase
- Very easy to use on mobile and desktop platform
- Ability to purchase fractional shares
1. Interactive Brokers
IB is a global brokerage that’s been around for over 40 years.
Continuously topping the Barron’s Best Online Brokers List, 2021 saw the firm rank in the coveted number 1 spot.
While they do have a $0 commission platform in the US, IBKR Lite, that platform is unfortunately not available north of the border.
Where IB really shines is in the depth of securities you can trade including your typical stocks and ETFs along with options, futures, and much more.
The firm also offers very competitive fixed and tiered price structures.
- Lowest and most transparent commissions
- Large number of tradable security types
- Robust suite of research tools
- Low margin rates, from 0.75% to 1.59%
- Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
Those who trade high volumes every month will especially benefit from the tiered structure.
Add to that the robust set of trading tools, including the recently launched IBKR GlobalAnalyst, and advanced data streams offered, the platform has become a preferred choice for advanced traders looking to trade options while keeping their commission fees minimal.
Learn more at InteractiveBrokers.ca
2. Wealthsimple Trade
If you love the idea of paying zero fees on any stocks or ETFs that you purchase then Wealthsimple Trade may be a good option for you.
They were the first Canadian company to offer zero-commission trades, and they also have a very easy to use mobile app and desktop platform.
Wealthsimple has also recently introduced the ability to purchase fractional shares in a certain list of Canadian and US companies.
The main downside with Wealthsimple is that you can’t trade options, so if that’s something that is important to you, discount brokerages such as IBKR may be a better option for you.
| Commissions: Stocks | $0 |
| Commissions: Options | N/A |
| Commissions: ETFs | $0 |
| Account Minimum | $0 |
| USD & CAD Accounts | Yes (USD account available through Plus subscription) |
| Mobile App | Yes |
| Desktop App | Yes |
| Advanced Data Streams Available | No (Plus Subscription now offers real-time snap quotes) |
| Promotion | $50 cash bonus |
Learn more at Wealthsimple.com
For those looking to trade options, a few more options:
Brokerage Firms
Questrade is a well-known option that’s Canada’s largest discount broker. They’ve been around for over 20 years and are used by many Canadians.
Qtrade and Virtual Brokers also fall in this category, check them out if you’re looking for additional options.
Big Banks
If you prefer to keep your trading account where you bank to benefit from the ease of transferring funds, all 5 of the big banks have their own brokerages.
A few of the popular options include Scotia iTrade, TD Direct Investing and while not a big 5 bank, National Bank Direct Brokerage.
NEW: On August 23, 2021, National Bank Direct Brokerage announced it is offering $0 commission trading, so this may be a good option to check out if you’re looking for a brokerage offered by a bank.
Tastyworks Canada Expansion Plans
While we had hoped the platform would be available to Canadians by the end of 2020 that unfortunately did not happen.
Stricter Canadian banking laws, combined with the pandemic, likely created more obstacles for Tastyworksโ launch into the Canadian market.
However, itโs worth noting that Tastyworks is available in over 55 countries outside of the USA including: Germany, India, Singapore, and many more.
They also have a statement on their website which says to email them if you are from Canada and want to be added to their waiting list, which signals to us that they are still interested in expanding to Canada!
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