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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.
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 sometime in 2021!
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.
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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.
Those who trade high volumes every month will especially benefit from the tiered structure.
Add to that the robust set of trading tools 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.
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.
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For those looking to trade options, a few more options:
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.
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 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!