5 Best Free Investing Apps in Canada for Beginners (2026)

Investing in Canada has never been easier—or cheaper. With the rise of commission-free trading platforms, you no longer need thousands of dollars or a financial advisor to start building wealth.

But with so many investing apps available, which one is actually best for beginners?

🏆 Our #1 Pick for Beginners

Wealthsimple Trade offers the simplest interface, $0 commissions, and fractional shares. Get $25 to start.

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In this guide, I’ll compare the 5 best free investing apps in Canada for 2026, breaking down fees, features, ease of use, and who each platform is best for. By the end, you’ll know exactly which app to download.

What Makes a Great Investing App for Beginners?

Before diving into the rankings, here’s what I looked for:

✅ Commission-free trading (no fees on ETF or stock purchases) ✅ User-friendly interface (easy for first-time investors) ✅ Low or no minimum balance requirements ✅ Educational resources to help beginners learn ✅ Mobile-first design (great app experience) ✅ Account variety (TFSA, RRSP, FHSA support) ✅ Fractional shares (buy partial shares with small amounts)

Now let’s rank the top 5 platforms.

1. Wealthsimple Trade 🏆 BEST OVERALL

Best for: Beginner investors who want simplicity and zero commissions

Commissions: $0 on Canadian stocks and ETFs
Minimum Balance: $0
Fractional Shares: ✅ Yes
Account Types: TFSA, RRSP, FHSA, Personal, Crypto
Mobile App: ⭐⭐⭐⭐⭐ (5/5 - Industry-leading)

Why Wealthsimple Trade Wins for Beginners:

Wealthsimple Trade is the most beginner-friendly investing app in Canada, period. Here's why:

1. Zero Commissions on Canadian Investments

  • Buy XEQT, VEQT, or any Canadian stock/ETF with $0 fees
  • No hidden costs or account maintenance fees
  • No minimum trade size

2. Fractional Shares

This is HUGE for beginners. You can invest any dollar amount—even $10—and buy partial shares.

Example:

  • Royal Bank stock costs $150/share
  • You can buy $25 worth (0.16 shares) on Wealthsimple
  • Most competitors require you to buy full shares

3. Incredibly Simple Interface

The app is designed for first-time investors:

  • Clean, intuitive design
  • No confusing charts or jargon
  • Easy search and buy process
  • Automatic dividend reinvestment (DRIP)

4. Multiple Account Types

  • TFSA (tax-free growth)
  • RRSP (retirement savings)
  • FHSA (first home savings)
  • Personal (non-registered)
  • Crypto (Bitcoin, Ethereum, etc.)

5. Educational Resources

Wealthsimple provides beginner-friendly articles, videos, and guides to help you learn as you invest.

✅ Pros

  • Best mobile app experience in Canada
  • $0 commissions on Canadian stocks/ETFs
  • Fractional shares (invest any amount)
  • No minimum balance required
  • Super beginner-friendly interface
  • Automatic dividend reinvestment
  • TFSA, RRSP, FHSA support

❌ Cons

  • 1.5% currency conversion fee on US stocks (unless you have Premium)
  • Limited research tools for advanced investors
  • No options trading
  • Cryptocurrency selection is limited

Pricing:

Bottom Line:

If you’re a beginner who wants to buy Canadian ETFs like XEQT, Wealthsimple Trade is the clear winner. The combination of zero fees, fractional shares, and the easiest interface makes it unbeatable for new investors.

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2. Questrade

Best for: Beginners who want more control and advanced tools

Commissions: $0 on ETFs (as of Feb 2025), $4.95-$9.95 on stocks
Minimum Balance: $1,000 (or $25/quarter inactivity fee)
Fractional Shares: ❌ No
Account Types: TFSA, RRSP, RESP, FHSA, Margin, Options
Mobile App: ⭐⭐⭐⭐ (4/5 - Good but not as polished)

Why Questrade is Great (But Not Perfect) for Beginners:

Questrade used to be the go-to for cost-conscious investors, and it's still excellent—but it's more complex than Wealthsimple.

Key Features:

1. Commission-Free ETF Purchases

Since February 2025, Questrade eliminated commissions on ETF purchases (you still pay a small fee to sell, but buying is free).

2. More Advanced Tools

Questrade offers:

  • Real-time Level 1 data
  • More detailed charts and research
  • Options trading
  • Margin accounts
3. Lower Currency Conversion Fees

Questrade charges Norbert's Gambit, a workaround that lets you convert CAD to USD for ~$5 instead of 1.5%. Great if you buy US stocks.

4. RESP Accounts

Unlike Wealthsimple, Questrade supports RESPs (education savings plans).

✅ Pros

  • Commission-free ETF purchases
  • Advanced tools and research
  • Options trading available
  • Lower USD conversion fees (via Norbert's Gambit)
  • RESP accounts supported

❌ Cons

  • $1,000 minimum balance (or $25/quarter fee)
  • No fractional shares
  • More complex interface (harder for beginners)
  • Stock trades cost $4.95-$9.95
  • Less mobile-friendly than Wealthsimple

Bottom Line:

Questrade is great if you want more control and advanced features, but it’s overkill for beginners who just want to buy XEQT and forget about it. The lack of fractional shares and $1,000 minimum balance are downsides.

Who Should Choose Questrade:

New to Investing? Start Simple

Wealthsimple Trade makes it easy to buy your first ETF with zero fees and fractional shares.

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3. Qtrade Direct Investing

Best for: Beginners who want research and education

Commissions: $0 on stocks and ETFs (as of late 2025)
Minimum Balance: $1,000 (or fees apply)
Fractional Shares: ❌ No
Account Types: TFSA, RRSP, RESP, FHSA, Margin
Mobile App: ⭐⭐⭐⭐ (4/5 - Solid)

Why Qtrade Stands Out:

Qtrade (formerly Qtrade Investor) went commission-free in late 2025, making it competitive with Wealthsimple and Questrade.

Key Features:

1. Excellent Research and Education

Qtrade provides:

  • Comprehensive market research
  • Educational webinars and tutorials
  • Analyst reports
  • Detailed company fundamentals
2. Great Customer Service

Qtrade consistently ranks high for customer support—you can call and talk to real humans who help beginners.

3. Commission-Free Trading

Both stocks and ETFs trade for $0 commissions, putting it on par with Wealthsimple.

✅ Pros

  • $0 commissions on stocks and ETFs
  • Excellent research and education
  • Top-tier customer service
  • RESP and margin accounts available

❌ Cons

  • $1,000 minimum balance
  • No fractional shares
  • Interface less beginner-friendly than Wealthsimple
  • Higher USD conversion fees

Bottom Line:

Qtrade is a solid choice if you value research and education and don’t mind a slightly more complex platform. But for pure simplicity, Wealthsimple still wins.

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4. National Bank Direct Brokerage (NBDB)

Best for: Beginners who bank with National Bank

Commissions: $0 on ETFs, $6.95 on stocks
Minimum Balance: $20,000 (or $100/year fee)
Fractional Shares: ❌ No
Account Types: TFSA, RRSP, RESP, FHSA
Mobile App: ⭐⭐⭐ (3/5 - Functional but dated)

Why NBDB is Worth Considering:

National Bank's discount brokerage offers commission-free ETF trading, making it viable for beginners—but only if you're already a National Bank customer.

Key Features:

1. Commission-Free ETF Trades

Buy XEQT, VEQT, or any ETF for $0.

2. Integration with National Bank

If you bank with National Bank, transfers are instant and seamless.

3. Good for Long-Term Buy-and-Hold

If you're buying ETFs and holding forever, NBDB works fine.

✅ Pros

  • $0 commissions on ETF trades
  • Seamless integration with National Bank accounts
  • Good for buy-and-hold investors

❌ Cons

  • $20,000 minimum to avoid $100/year fee (steep!)
  • Stock trades cost $6.95
  • No fractional shares
  • Outdated mobile app
  • Only worth it if you're a National Bank customer

Bottom Line:

NBDB works if you’re a National Bank customer with $20,000+ to invest. Otherwise, Wealthsimple or Questrade are better.

5. Wealthsimple Invest (Robo-Advisor)

Best for: Completely hands-off beginners who want zero effort

Commissions: N/A (managed portfolio)
Fees: 0.5% management fee (plus ETF fees)
Minimum Balance: $0
Fractional Shares: ✅ Yes (automatic)
Account Types: TFSA, RRSP, FHSA, Personal
Mobile App: ⭐⭐⭐⭐⭐ (5/5)

Why Wealthsimple Invest is Perfect for True Beginners:

Wealthsimple Invest is a robo-advisor, meaning you don't pick investments—Wealthsimple builds and manages a portfolio for you automatically.

How It Works:

  1. You answer a few questions about your goals and risk tolerance
  2. Wealthsimple builds a custom ETF portfolio (stocks + bonds)
  3. It automatically rebalances and reinvests dividends
  4. You never have to pick stocks or manage anything

Key Features:

  • Fully automated portfolio management
  • Automatic rebalancing to maintain your target allocation
  • Dividend reinvestment
  • Socially responsible portfolios available (ESG options)
  • Human advisor support (Premium plan)

Fees:

  • 0.5% management fee (plus ~0.20% underlying ETF fees)
  • Total cost: ~0.70% annually

✅ Pros

  • Zero effort - completely automated
  • No investing knowledge needed
  • Automatic rebalancing
  • Socially responsible options
  • Great for beginners intimidated by DIY investing

❌ Cons

  • Higher fees than DIY (0.70% vs. 0.20% for XEQT)
  • Less control over specific investments
  • Not ideal for cost-conscious investors

Bottom Line:

Wealthsimple Invest is perfect if you want zero involvement. But if you’re willing to spend 5 minutes buying XEQT yourself, you’ll save 0.5% annually in fees—which compounds to hundreds of thousands over decades.

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Side-by-Side Comparison

| Platform | Commissions | Fractional Shares | Minimum Balance | Best For | Beginner-Friendly | |----------|-------------|-------------------|-----------------|----------|-------------------| | **Wealthsimple Trade** | $0 (CAD stocks/ETFs) | ✅ Yes | $0 | Beginners, mobile-first | ⭐⭐⭐⭐⭐ | | **Questrade** | $0 (ETFs only) | ❌ No | $1,000 | Advanced beginners | ⭐⭐⭐⭐ | | **Qtrade** | $0 (stocks & ETFs) | ❌ No | $1,000 | Research-focused | ⭐⭐⭐⭐ | | **NBDB** | $0 (ETFs only) | ❌ No | $20,000 | National Bank customers | ⭐⭐⭐ | | **Wealthsimple Invest** | 0.5% management fee | ✅ Yes (auto) | $0 | Hands-off investors | ⭐⭐⭐⭐⭐ |

How to Choose the Right App for You

Choose Wealthsimple Trade if:

Choose Questrade if:

Choose Qtrade if:

Choose NBDB if:

Choose Wealthsimple Invest if:

Our Final Verdict: Wealthsimple Trade Wins

For 95% of beginners, Wealthsimple Trade is the best investing app in Canada.

Here’s why:

✅ Zero commissions on Canadian ETFs and stocks ✅ Fractional shares let you invest any amount ✅ No minimum balance - start with $10 if you want ✅ Best mobile app - clean, simple, intuitive ✅ Multiple account types - TFSA, RRSP, FHSA ✅ Perfect for XEQT investors - buy and hold with $0 fees

The only reason to choose a competitor:

But if you’re a beginner who wants to buy XEQT and build wealth the simple way, Wealthsimple Trade is unbeatable.

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Frequently Asked Questions

Is Wealthsimple safe?

Yes. Wealthsimple is a registered investment dealer with IIROC and CIPF, meaning your investments are protected up to $1 million. Your cash is also protected separately.

Can I buy XEQT on all these platforms?

Yes. All five platforms support buying XEQT and other Canadian ETFs. Wealthsimple, Qtrade, and NBDB offer $0 commissions. Questrade charges $0 to buy but ~$5 to sell.

Do I need to pay taxes on gains in these apps?

Only if you’re using a Personal (non-registered) account. TFSA, RRSP, and FHSA accounts are tax-advantaged, so gains grow tax-free (TFSA) or tax-deferred (RRSP).

What’s better: Wealthsimple Trade or Wealthsimple Invest?

Wealthsimple Trade is better if you want to pick your own investments (like XEQT) and pay ultra-low fees (0.20%). Wealthsimple Invest is better if you want completely hands-off management, but you’ll pay higher fees (0.70%).

Can I transfer my investments from another platform?

Yes. All platforms support account transfers. Wealthsimple will even cover transfer fees up to $150 if you’re moving your account.

The Bottom Line

The best investing app for Canadian beginners in 2026 is Wealthsimple Trade. It combines zero commissions, fractional shares, an intuitive interface, and no minimum balance—making it the easiest way to start investing.

For most beginners, the path to wealth is simple:

  1. Open a Wealthsimple Trade account
  2. Fund your TFSA
  3. Buy XEQT
  4. Set up automatic contributions
  5. Hold for decades

Don’t overthink it. Download the app, get started, and let compound growth do the work.

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Disclosure: This post contains referral links. I may receive compensation if you sign up through these links, but this doesn’t affect my honest assessment. Wealthsimple Trade is genuinely the best choice for most beginner investors in Canada.

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