The Best Investment Apps for Canadians 2023

investing apps canada

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Our top picks for investment apps in Canada cover everything from best apps for trading to best apps to forecast your financial future.

Once upon a time, 20 years ago, you had to pick up your phone and call your stockbroker to make a trade. Not anymore! Thanks to technology, most investment tasks today can be performed from an app on your mobile device. Investment apps in Canada are ideal for anyone wanting to make online trades. Most robo advisors and online brokerages in Canada offer apps that let you make trades and track your investments in real time. Other apps help you boost your holdings by funnelling more cash into your portfolio. Here are the best investment apps in Canada to help you invest money for your future.

Note: Due to changes in bank feeds in Canada, users have reported that their automatic connections are unreliable and will frequently disconnect. This isn’t an issue with any particular app but due to a security measure Canadian banks have put in place over the past few years.

Best Investment Apps in Canada for 2023

AppBest For
Wealthsimple InvestOverall Investing App
QuestradeFree ETF Purchases
Wealthsimple TradeNew DIY Investors
EQ BankSavings
PocketSmithFinancial Planning
Wealthsimple app

Best Overall Investing App: Wealthsimple Invest

As a FinTech leader, it’s no surprise that Wealthsimple has an exceptional investing app that’s super-sleek, easy-to-use, and iOS and Android compatible. With the Wealthsimple Invest app, you can do everything under one roof: use this Canadian investment app to open an RRSP, TFSA, RESP, or non-registered account, set up automatic deposits, and make adjustments to your portfolio. You can also access unique Wealthsimple products like Halal Investing (offering investments that comply with Islamic law), high-interest savings accounts, and socially responsible portfolios. This Canadian investment app also creates colourful charts with “deposit insights” to track your goal progress.

All things considered, Wealthsimple Invest is our top choice for the best investing app in Canada. Here’s another excellent reason to sign-up: those who open and fund their first Wealthsimple account with min. $500 will get a $25 cash bonus.

Plus, Wealthsimple Trade will reimburse an outgoing administrative transfer fee of up to $150 on investment account transfers valued at more than $5,000.

Questrade app

Best for Free ETF Purchases: Questrade

The Questrade app is an excellent tool that enables DIY investors to manage investments on the fly. After downloading the app and logging in, you can place trades in real-time at a low cost of $4.95 up to a maximum of $9.95 for stocks. All ETF purchases are free, meaning you can build an investment portfolio on a shoestring. You can also access your investment details, view your account history, or use the app to withdraw money from your Questrade account or transfer money between accounts. Questrade offers various account types, including RRSPs, TFSAs, non-registered, RESP, LIRA, RIF, Margin, and Corporate accounts, and powerful research tools like real-time quotes. This app is essential for experienced DIY investors.

Best For New DIY Investors: Wealthsimple Trade

Wealthsimple Trade

The Wealthsimple Trade app is the only app where you can buy and sell stocks and ETFs on any North American exchange for free. It’s the perfect platform for new investors who want to test the “DIY investing” waters without paying a lot in trading fees for each transaction. After installing the app and setting up your account, you can create your own portfolio and compile a watch list of stocks. Once you are ready to buy or sell, you can complete the trades on your smartphone for $0.

There’s no account minimum to open a Wealthsimple Trade account, so you can start trading with as little as $1 once you’ve linked a bank account. The app currently supports RRSP, TFSA, and non-registered accounts – but more account types may be available in the future. See our full Wealthsimple Trade review.

Now is a great time to sign up because Wealthsimple Trade is offering Young and Thrifty readers an exclusive deal: get a $25 cash bonus and $0 commission trades when you open a new Wealthsimple Trade account. All you have to do is fund at least $150.

Best for Automated Investing: Moka (formerly Mylo)

Moka (formerly Mylo) is essentially the Canadian version of Acorn, a popular app in the U.S. not available in Canada. In a nutshell, Moka takes your spare change and invests it for you. It does this by rounding up your purchases to the nearest dollar and investing the money into a portfolio of low-cost ETFs. You won’t notice the difference initially, but it won’t take long for the balance of your investment account to grow. Moka also allows you to set your investment goals and deposit additional funds to help you reach your financial dreams sooner. You’ll need to sign up for an account and link your bank accounts for Moka to work properly. Expect to pay a fee of $3 per month.

PocketSmith app

Best for Financial Planning: PocketSmith

If you’re looking for an app to help you forecast the future of your investments at varying contribution levels and rates of return, PocketSmith is an excellent app. It is extremely versatile and gives users the ability to tackle a variety of financial management tasks, like setting a budget, tracking spending, setting goals, monitoring net worth, and projecting how much you need to invest and save for the future. But the standout feature? Providing you with a look at your financial health up to 30 years into the future.

The basic version is $0, but to access the best features, expect to pay up to $19.95 for the PocketSmith app, depending on the service tier you choose. The premium version gives you access to its full range of tools designed to help you handle your money. For all the details, see our in-depth PocketSmith review.

Best Personal Finance and Money Management Apps

Here are a few other personal finance and money management apps that can help you boost your account balance. For those looking to track their income and spending, check out our best budgeting apps.

Best For Automated Savings: Wealthsimple Save

On the Wealthsimple Invest app, you can also access Wealthsimple Save – a hybrid account for saving and spending. There are no fees, and you’ll get the benefit of a chequing and savings account rolled into one. You can set up direct deposit for your paycheque, pay your bills, and send Interac e-Transfers to whoever you like. To supercharge your savings, set up the Roundup and Overflow features, which add spare change to your Wealthsimple account. This app is also Apple Pay and Google Pay compatible — meaning you can buy just about everything with the wave of your phone. For all the details, see our in-depth Wealthsimple Save review.

Best for Savings App: EQ Bank

EQ Bank App

Got cash to stash? Our top choice for the best savings app is EQ Bank — a high-interest savings account that offers an everyday interest rate of 2.50%*. That’s one of the highest rates in Canada, making this a great option for squirrelling away your savings. What’s also enticing is that EQ Bank recently redesigned its mobile app and it’s pretty awesome. With the click of a few buttons, you can pay bills, transfer money, deposit cheques, set and track financial goals, and more. It also has top-notch safety features: use fingerprint authentication or facial recognition to securely access your accounts.

Additionally, there is no minimum balance requirement (though there is a maximum balance of $200,000), and it’s a savings account with no everyday banking fees. Savings Plus Account offers free Interac e-Transfers®, as well as free transfers to other EQ accounts and free bill payments.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Best for Budgeting: KOHO

KOHO is a free pre-paid, reloadable card and integrated app that gives real-time insights into your daily spending. It functions like a chequing account but with the benefits of a credit card, even letting you earn instant cash back on all your purchases. Again, this isn’t a traditional investing app, but KOHO can be used to supercharge your investment contributions.

How it works: create an account and load money into your KOHO account via Interac e-Transfer or by setting up automatic payroll deposits. Then, use your KOHO card to make purchases either in person or online. Using the KOHO app, you can analyze your spending, set savings goals, pay bills, transfer money, and check your balance. The app also has a Roundup tool that tops up your purchases by $1, $5, or $10 and applies the difference toward your savings goals.

Above all, with the free KOHO Easy version, you’ll accumulate 1% cash back on groceries, billing and services, and up to 5% cash back at partners (including OpenFarm, Chef’s plate), which you can allocate toward future investments. KOHO also has KOHO Essential and a premium version, KOHO Extra, which has an annual fee of $84 (or $9/month) but lets you earn 2% cash back on what you spend on groceries, restaurants, and transportation. It takes a little diligence, but this handy app can net you some extra moolah that you can invest.

Promo: Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account with our link or YOUNGANDTHRIFTY referral code.

Best For Rewards: Paymi

Paymi app

Paymi is an app that lets you earn cash back rewards when you shop at popular retailers. When you use the Paymi app in conjunction with your everyday spending, you’ll earn from 1% up to 30% cash back at participating retailers, including Zara, Old Navy, Mark’s, Lululemon, La Vie en Rose and Sobey’s. Although it’s not technically an investing app, you can use your earnings to maximize your investment contributions.

Using Paymi is easy. Once you download the app from the Apple or Google store, link your bank accounts, and Paymi automatically detects whether your purchases qualify you to get cash back. If they do, your cash back total is automatically calculated.

Once you have $2 in your account, you may cash out using Interac e-Transfer, or have the money deposited into your account. You can then add those funds to your investment portfolio, providing a steady stream of cash for investment contributions. Read our full Paymi review.

Final Say

Investment apps are a great way to kickstart your portfolio and take your savings to the next level. Just know that downloading an app onto your phone is just the first step. You need the diligence and the motivation to keep the momentum going. But once you get started, you’ll see how easy it is. Go for it!

Jordann Brown

Jordann Brown

Jordann Brown is a millennial money expert and personal finance blogger based in Nova Scotia, Canada. Jordann is the founder of the popular personal finance blog, My Alternate Life, and she frequently appears as an expert in Canada media.

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