The Best Online Investing Platforms in the USA, Canada, and UK (2024)
Online investing has revolutionized the way individuals access financial markets, making it easier than ever to start building wealth. Whether you’re in the USA, Canada, or the UK, there are a variety of platforms available that cater to different types of investors, from beginners to seasoned professionals.
In this article, we’ll explore the best online investing platforms in the USA, Canada, and UK for 2024. We’ll review their features, fees, and tools to help you make an informed decision when choosing an investment platform that fits your financial goals.
Best Online Investing Platforms in the USA (2024)
In the USA, online investing platforms are abundant, offering a range of features for all types of investors. Whether you’re looking for low fees, easy-to-use interfaces, or advanced trading tools, here are the top options for 2024.
1. Charles Schwab
- Best For: Comprehensive investing and retirement accounts
- Fees: $0 commission on stocks and ETFs; $0 account minimum
- Features:
- Intuitive app and desktop platform
- Wide range of investment options (stocks, ETFs, mutual funds, bonds, options)
- Excellent research tools and education resources
- Fractional shares available for stocks and ETFs
Why it’s great:
Charles Schwab has long been a leader in the investing space due to its low-cost trading and comprehensive offerings. For new investors, its research tools and education center make it easy to learn about the stock market, while advanced traders benefit from its robust trading platform. Schwab also offers no-fee mutual funds and retirement accounts, making it a versatile choice for long-term investing.
2. Fidelity Investments
- Best For: Low-cost mutual funds and retirement accounts
- Fees: $0 commission on stocks, ETFs, and options; $0 account minimum
- Features:
- Advanced trading tools (Active Trader Pro)
- Over 3,500 no-fee mutual funds
- Access to educational resources for beginners
- Robo-advisor services for automated investing
Why it’s great:
Fidelity is well-known for offering low-cost index funds and no-transaction-fee mutual funds, which is great for those who want to build a diversified portfolio without paying hefty fees. The platform’s Robo-advisor service makes it perfect for beginners who prefer automated investing. Fidelity also boasts top-tier customer support, educational content, and advanced tools for experienced traders.
3. Robinhood
- Best For: Commission-free trading for beginner investors
- Fees: $0 commission on stocks, options, and ETFs; $5/month for Robinhood Gold (premium features)
- Features:
- User-friendly app and interface
- Fractional shares for stocks and ETFs
- Cryptocurrency trading (Bitcoin, Ethereum, and more)
- Cash management features
Why it’s great:
Robinhood is the go-to platform for beginner investors looking for commission-free trades in stocks, ETFs, options, and even cryptocurrencies. Its sleek mobile app and easy-to-navigate interface make it accessible for new investors, while the ability to invest in fractional shares means you don’t need a large amount of capital to start investing.
Pro Tip:
Be cautious of Robinhood’s premium subscription (Robinhood Gold). It offers margin trading and more advanced features, but it can come with risks, especially for new traders.
Best Online Investing Platforms in Canada (2024)
Canada’s investing scene is growing rapidly, and several online platforms now offer competitive fees, powerful tools, and ease of use for Canadian investors. Here are the top platforms to consider in 2024.
1. Questrade
- Best For: Low-cost trading and self-directed investing
- Fees: $0 commissions on ETFs; $4.95–$9.95 for stocks; low fee for options
- Features:
- No annual account fees
- Offers RRSP and TFSA accounts
- Access to advanced tools like Questrade IQ Edge
- Automated investing through Questwealth Portfolios
Why it’s great:
Questrade is a favorite for self-directed investors who want to trade with low fees. It’s especially appealing to investors who want to invest in ETFs without paying commissions. Additionally, Questrade offers a robust mobile app and a range of account types, including RRSPs, TFSAs, and non-registered accounts. Investors who want a hands-off approach can also take advantage of Questrade’s automated portfolios.
2. WealthSimple Trade
- Best For: Beginner investors looking for a simple platform
- Fees: $0 commission on stocks and ETFs; no minimum balance
- Features:
- Fractional shares for US stocks
- No account fees or minimums
- Ability to trade US stocks in Canadian dollars
- WealthSimple Invest for automated portfolio management
Why it’s great:
WealthSimple Trade is perfect for beginners looking for a simple, low-fee platform to get started. It offers commission-free trading and easy access to US and Canadian stocks and ETFs. With fractional shares, you can invest in expensive stocks without breaking the bank. For those who prefer a hands-off approach, WealthSimple Invest offers automated investing with no minimum investment required.
3. TD Direct Investing
- Best For: Advanced investors and those seeking comprehensive tools
- Fees: $9.99 per trade; discounts available for frequent traders
- Features:
- Advanced trading platform (WebBroker)
- Access to TD research and market analysis
- RRSP, TFSA, and RESP accounts available
- Educational resources and guidance for beginner investors
Why it’s great:
TD Direct Investing is an excellent option for those who want access to advanced trading tools and market research. Its WebBroker platform is powerful and customizable, perfect for active traders. TD also offers a range of investment accounts, including RRSPs, TFSAs, and RESPs. While the fees are slightly higher compared to other platforms, the breadth of tools, resources, and customer service makes it a top choice for seasoned investors.
Best Online Investing Platforms in the UK (2024)
The UK’s online investing scene has exploded in recent years, with several platforms offering low-cost options and a range of features for investors. Here are the best platforms for UK-based investors in 2024.
1. Hargreaves Lansdown
- Best For: Experienced investors and retirement planning
- Fees: £11.95 per trade for stocks and ETFs; discounts available for frequent traders
- Features:
- Wide selection of investment options (stocks, ETFs, mutual funds)
- Retirement planning tools (SIPPs, ISAs, etc.)
- Excellent research tools and investment insights
- Robo-advisor service for beginners
Why it’s great:
Hargreaves Lansdown is the UK’s largest investment service provider, known for its wide selection of investment options and excellent customer service. It offers a robust platform for experienced traders while providing educational tools and retirement planning services for newcomers. If you’re looking for a platform to manage your SIPP or ISA, Hargreaves Lansdown is one of the best.
2. Interactive Investor
- Best For: Investors looking for low-cost, flat-fee pricing
- Fees: £9.99 per month flat fee; free trading for a limited number of trades per month
- Features:
- No commission on stocks after paying the monthly fee
- Wide range of investment options, including stocks, ETFs, and investment trusts
- Investment tools and research
- Retirement accounts (SIPPs, ISAs)
Why it’s great:
Interactive Investor is great for investors who want to avoid per-trade commissions and prefer a flat-fee structure. For those who trade frequently, it can be very cost-effective. The platform offers research tools, stock screeners, and investment trusts, making it a top choice for more experienced investors who need to access a broad array of investment options.
3. Freetrade
- Best For: Commission-free trading and simple investing
- Fees: £0 commission for standard trades; £9.99/month for Freetrade Plus (premium features)
- Features:
- Commission-free trading for stocks and ETFs
- Ability to trade in US, UK, and European stocks
- Fractional shares for popular stocks
- ISA accounts available
Why it’s great:
Freetrade is an excellent platform for investors who want commission-free trades with an easy-to-use app. With access to a broad range of stocks and ETFs from different regions, you can easily build a diversified portfolio. For those who want to invest in popular, high-priced stocks, Freetrade’s fractional shares make it possible to invest smaller amounts.
Conclusion: Which Platform Is Right For You?
The best online investing platform for you depends on your investment goals, experience level, and the types of assets you plan to invest in. Here’s a quick recap of the top platforms:
- USA: Charles Schwab for comprehensive tools, Fidelity for retirement accounts, Robinhood for beginners.
- Canada: Questrade for low-cost trading, WealthSimple Trade for simplicity, TD Direct Investing for advanced traders.
- UK: Hargreaves Lansdown for retirement planning, Interactive Investor for flat-fee trading, Freetrade for commission-free investing.
By considering your needs and comparing the features of each platform, you can make an informed decision and start your investing journey in 2024 with confidence.
FAQs
Q1: Do these platforms offer mobile apps?
Yes, most of the platforms listed, including Charles Schwab, Questrade, and Freetrade, offer mobile apps for on-the-go investing.
Q2: Are these platforms safe to use?
All of these platforms are regulated in their respective countries, ensuring they meet the necessary security standards. Make sure to enable two-factor authentication for added security.
Q3: How can I minimize fees when investing online?
To minimize fees, consider platforms with commission-free trading, and take advantage of free ETFs or no-fee mutual funds if available.
