TradeZero is now available to Canadians, having entered the Canadian market in February 2022.
TradeZero is a New-York based brokerage firm with a focus on day trading that offers commission-free trading.
While TradeZero is now available, there are also several alternatives for Canadian traders.
Alternatives to TradeZero for Canadians
Interactive Brokers is a great platform for professional traders looking for access to analytical tools and global access to various assets.
- Interactive Brokers offers access to an extensive set of markets and products to invest in
- Low commissions, especially for high-frequency traders
- The sheer number of functions to choose from on the Interactive Brokers’ platform can be overwhelming
Wealthsimple Trade is a platform that is looking to simplify trading for everyday investors by offering a simple and easy-to-use platform.
- Unlimited, zero-commission trades on Canadian stocks and ETFs
- User friendly interface on their app and desktop platform
- Through simplifying their platform, Wealthsimple Trade sacrificed some features such as variety of account types
As a discount brokerage firm, Questrade is a great choice for traders looking to avoid high fees charged by big banks.
- Low trading commissions
- Updated mobile app and desktop platform are intuitive and easy to use
- A subscription is required to be able to stream real-time quotes and the research offerings are limited
Interactive Brokers is a great platform for advanced traders and amateurs alike.
It has a variety of products that can help active traders conduct research, and have also expanded their offerings and services to make the platform more inviting for less advanced traders.
While some may only use the trading platform to invest in shares of companies, Interactive Brokers also offers access to a wide variety of asset classes.
They also offer the option to hold multiple account types such as RRSP (Registered Retirement Savings Plan) and TFSA (Tax-Free Savings Account).
The global coverage of Interactive Brokers and access to a multitude of assets is a very valuable feature.
This allows investors to trade not only stocks and ETFs, but also fixed income products and precious metals in over 135 markets across the globe.
Wealthsimple Trade has opened up opportunities for retail investors to participate in the market with their $0 commission offering.
Wealthsimple Trade provides users with clear and simple to understand information on their portfolio to help them better understand their financial goals and risk tolerance.
Aligning with their mission, there is no minimum balance needed to start out, which means investors can start investing with just a small amount.
The user interface of the apps and browser platform is simple but sometimes lack features, which is a negative for traders looking for more advanced trading strategies.
Questrade is a platform that is a great alternative to TradeZero for investing and trading.
It’s best for Canadian citizens and residents who wish to avoid high commissions and fees on investments such as stocks, mutual funds, precious metals, and forex.
The web-based platform is easy to use, as is the downloadable app.
Additionally, the trading fees are also low compared to other Canadian brokers, ranging from from $4.95 to $9.95 for stock trades.
Questrade also offers quite a few useful tools for investors to conduct technical and fundamental analysis.
Active traders can take advantage of lower commissions and additional tools.
What Is TradeZero?
TradeZero is a Bahamas registered brokerage firm that offers four different trading platforms (ZeroMobile, ZeroPro, ZeroFree, and ZeroWeb) for amateur and advanced traders alike.
It has tight security protocols to ensure the safety of its users and exceptional customer support with live chat options.
The platform is great for traders who value transparency, as the company makes its fee structure very clear.
Depending on the stock, commissions can range from zero to $0.005 per share.
While the company does have international operations outside of the United States, services are currently not available in Canada.
Frequently Asked Questions
- Is TradeZero available in Canada?
Yes, TradeZero is available in Canada. TradeZero introduced their offering to the Canadian market in February 2022.
- Are TradeZero accounts insured?
TradeZero is insured through Lloyds of London and Bahamas First General, which has an excellent (A) rating by AM Best, a global insurance rating agency.