We are no longer in a world that requires too much paperwork, broker appointments, and more for a single investment. Today, thanks to investment apps, you can make investments with a click of a button.
These apps offer various options and features that help investors reach their financial goals. And while many excellent apps are available on the market, the best one will depend upon the investor’s experience, goal, need, income, and other factors.
If you are hunting for the best app to help you multiply your money, we have the 5 best Investment Apps In Canada.
Wealthsimple is one of the most popular investment apps that makes investing easy. The app is easy-to-use and gathers everything under one roof.
You do not have to worry about paperwork, trust fund, or account minimums. Also, the app offers different types of accounts like an RRSP, RESP, TFSA, automatic deposits, non-registered accounts, and more.
The app offers a variety of portfolios so investors can select the one best suited to their personality, and even the most amateur investors feel secure with the app.
It offers unique products like Halal Investing, socially responsible portfolios, and high-interest savings accounts. Also, the process is highly transparent, so you can see where your money is coming from, where it is invested, and so on.
Questrade is Canada’s fastest-growing online brokerage, a feat it has achieved with experience and low trading commissions. It is the best app for DIY investors building their ETF portfolios.
Besides low commissions, Questrade offers all ETF purchases for free. So, you can add new ETFs without paying commissions. However, on selling ETFs, Questrade charges a trading commission. The good news is, this is quite low—the lowest fee on the market.
Questrade offers many other features and account types like RRSP, RESP, LIRA, TFSAs, RIF, corporate accounts, and more. Also, you can easily withdraw or transfer money between accounts.
Moka, formerly known as Mylo, is similar to the American app Acorn. It is a micro-investing app that rounds off your purchases to the nearest dollar. It takes your spare change and invests it in a low-cost ETFs portfolio.
You can invest very small amounts through the app, so you do not have to worry about having large savings to start investing.
You can also add additional deposits from your other bank accounts to increase your investment amount. You can choose from three different accounts when setting up Moka—RRSP, TFSA, and non-registered accounts.
You can choose your portfolio from various available options and decide whether you are an aggressive, conservative, or moderate investor. Apart from these, it offers various other benefits like cashback, roundup multiplier, personalized advice from financial experts, accelerated debt repayment, and more.
4. Wealthsimple Trade
If you want to buy and sell securities actively, Wealthsimple Trade is the best app that allows you to trade as low as $1, that too, without any commission fee. It is the only no-commission brokerage available in Canada and allows buying and selling U.S. stocks.
People already using the Wealthsimple crypto or the Wealthsimple invest will understand how the app works. However, the app is easy to use, and even novice investors will find it easy and useful.
Once you have registered an account, you can develop your portfolio and create a watch list of stocks. You can then complete the trade whenever you want without having to pay any commission.
However, one major drawback is that not all the trades are available on the app, which can be frustrating for experienced investors. The app currently supports TFSA, RRSP, and non-registered accounts, but more options may be available in the future.
Wealthica is similar to Personal Capital, one of the world’s best portfolio trackers. Personal Capital was not available in Canada, so Wealthica was invented.
The best part about the app is that it merges all the accounts, assets, and portfolios. This helps you keep track of all your transactions, assets, and liabilities and get a complete idea of your net worth.
You can also add information manually, so nothing is left out. The app updates the data every day, so you always know your net worth.
Also, apart from linking accounts, it works well with the other apps we listed, such as Wealthsimple, Questrade, Moka, and more. The basic version of the app is free; however, the advanced paid versions offer many more facilities like linking your U.S. accounts, unlimited holdings portfolios, and more.
There are many amazing apps on the market that help people budget, save, and invest their money. The best app will be the one that fits your needs and provides you with the most benefit for your investment. We hope the 5 best investment apps in Canada listed in this article help you find the ideal one for you.