4 Top Tools for Canadian Investors

Investing was once an exclusive activity, only accessible for those that could pay hefty brokerage fees. Now, with the continual rise and improvement of investment technology, investing is something accessible to absolutely everyone – anytime, anywhere

In this article, we’ll be taking a look at the four best tools for Canadian investors, covering a range of different investment strategies and forms. No matter if you’re a complete beginner to investing or have been doing so for years, this list will discuss everything you need to know.

We’ll be breaking down the top 4 tools for Canadian investors, covering:

  • Questrade – Best for General Investing
  • Passiv – Best for Portfolio Management
  • Timechain – Best for Flexible and Diverse Investing
  • Moka – Best for Automatic Investing

Without any further hesitation, let’s break down these top four tools for Canadian investors!

Timechain – Best for Flexible and Diverse Investing

Founded in 2019, this financial service application has made an incredible splash in only a short amount of time. Specializing in both traditional forms of investment as well as decentralized finance services, the main draw of Timechain is the incredible financial flexibility that this investment ecosystem offers.

The logic behind this application is to reduce the time it takes to manage your finances, saving its client-base both money and time compared to other brokerages. If you’re looking to leverage your digital assets, then Timechain provides easy methods of doing so. With all of your investments in one easy-to-use wallet, you can see a detailed transaction history in one location.

On top of this, it offers its users accelerated pathways of trading. Instead of waiting for trades to clear, Timechain allows its users to execute trades or swap cryptocurrencies with just the click of a button. You’ll even be able to send dollars directly to your friends and family by using the app, Timechain covering traditional financial management features. 

Additionally, as alternative currencies and digital assets like NFTs continue to grow in popularity, the app also provides an accessible method of managing and trading these digital assets.

If you’re looking to keep all of your investments in one application, no matter their form, then Timechain is for you.

Key Takeaways:

  • Regulatory compliance with Fintrac and AMF
  • Ability to generate interest on holding crypto in a Timechain wallet
  • Offers all traditional financial services as well as DeFi services
  • Launched the largest decentralized cryptocurrency aggregator in Canada

Questrade – Best for General Investing

With over 22 years of experience in the Canadian market and over $30 billion worth of assets in administration, it’s no surprise that Questrade makes this list. Being one of the most well-known trading platforms in Canada, this brokerage offers competitive rates and flexible investment options.

Alongside ETFs and stocks, you can also diversify your portfolio into precious metals, IPOs, and CFDs by using this application. What’s more, the multi-platform design allows you to access your finances on the go. You’ll be able to log into your Questrade account from the mobile app, desktop, or through the web.

While Questrade does offer a range of low fees for investing and completely free ETF investments, one thing to note is that you must start with a lower limit of $1,000. Apart from that, Questrade is a fantastic tool for Canadian investors of any level.

Key Takeaways:

  • Great for general use
  • Diverse investments
  • Low fees
  • Accessible app and website

Passiv – Best for Portfolio Management

The Passiv application provides a management system for your entire portfolio, directly syncing to some of the largest brokerages across Canada and the United States. For example, this app can connect to your Questrade portfolio and provides an additional range of features that will help you make the most of your money.

Once connected, Passiv will run an in-depth analysis on your current portfolio, calculating which assets are comparatively underweight. These calculations will help you create a more balanced portfolio, ensuring that your money is as stable as possible for the long run. 

As suggested by its name, the Passiv app also offers automation for your investments. Instead of spending hours researching the best stock picks right now, you’ll be able to assign certain industry weights that you want to achieve. From there, Passiv will execute trades on an ongoing basis, buying at the right times to keep your portfolio balanced.

You’ll also get a notification when you receive a dividend or when a payment is going to be executed. With the ability to sync multiple different investment accounts to Passiv, this app gives you an insight into your complete financial story.

Key Takeaways:

  • Efficient and automatic portfolio management 
  • Syncs to the largest Canadian investment brokerages 
  • Smart notifications keep you in the loop about your finances
  • Free forever tier helps anyone start managing their portfolio

Moka – Best for Automatic Investing

If you’re not sure where, to begin with investments, then Moka is the application for you. Instead of having to research investments and decide how much you want to invest, Moka makes investing a part of your daily life.

Whenever you make a payment, Moka will round the amount up to the nearest dollar. The amount rounded up will then be deposited into a low-cost ETF. Although this only happens a few pennies at a time, over months or even years, the amount you have invested will automatically grow, increasing your returns without you having to lift a finger.

Automatic investments mean that you’ll never have to worry about investing again, with the whole process taken care of for you. Moka also provides a financial coach system, where you can directly ask money-related questions and get an answer from a certified expert.

Key Takeaways:

  • Automatic investing for those that don’t know where to invest
  • Invests small amounts that build up over time
  • Can set investment goals and get advice on how to achieve them
  • It only costs $1 a month

Final Thoughts

With these four tools, Canadian investors can make the most of their finances, investing with ease and making sure that every single dollar counts. Depending on your personal investment goals and strategies, one of these tools may make more sense for you. 

No matter what investment strategy you go for, these companies will give you the tools you need to make a difference to your finances.