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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 the new era of mobile, low fee trading apps.
Popular with our readers
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 early 2021 and they did confirm that they they are in final stages of the regulatory approval process and they are expecting to launch Tastyworks Canada in Q2 of 2021!
People love Tastyworks for two main reasons:
1. They do not charge trading fees on stocks or ETFs
2. 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.
1. 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 are the only Canadian company to offer zero-commission trades, and they also have a very easy to use mobile app and desktop platform.
|USD & CAD Accounts||No|
|Advanced Data Streams Available||No|
|Promotion||$30 cash bonus|
The main downside with Wealthsimple is that you can’t trade options, so if that’s something that is important to you, feel free to continue reading to learn more about discount brokerages such as Questrade and Interactive Brokers, which have very competitive platforms for those who are interested in buying more than just stocks and ETFs.
Alternatives For Options Traders
For those looking to have the ability to trade options, there are 2 different categories of brokerages you can choose from.
1. Brokerage Firms
Canadians have a number of specific online brokerage firms they can also choose from.
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.
Interactive Brokers is a global brokerage that’s been around since 1978. They offer Canadians a robust platform paired with a competitive commission structure.
2. 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.
Commission fees are pretty much standard across the big 5, National Bank has a different commission structure so it may be a good choice for those looking for a bank brokerage as well as low fees.
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 Tastyworks’ launch into the Canadian market.
However, it’s 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!
Nonetheless, it seems like this expansion has been up in the air for months so we have reached out to our contact at Tastyworks as of January 2021 and will provide an update to our readers as soon as we hear back, so stay tuned!