Brokers With CAD Accounts
There is an increasing number of brokers with CAD accounts. These online trading accounts offer the Canadian Dollar as the base currency, cutting conversion fees and offering hassle-free access to the financial markets, especially for investors from Canada. Here, we explain how to check whether a platform offers a CAD account. We also list the best brokers with CAD accounts.
Brokers With CAD Accounts
These are the 5 best brokers that offer accounts with CAD as the base currency:
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for active forex traders with over 80 currency pairs, tight spreads, low commissions and powerful charting platforms for day traders. "
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Pros
- Up to 15% cashback rebates for active traders
- Respected and trusted broker overseen by tier-one regulators including the US SEC
- Low minimum deposit of $100
Cons
- Investment offering varies between countries
- $15 monthly inactivity fee
- No copy trading platform
#2 - Interactive Brokers
Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
"Experienced day traders seeking a regulated broker with sophisticated trading software and very low fees should look at IB. Their range of stocks also can't be beaten."
- DayTrading Review Team
- Instruments: CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
- Regulator: SEC, FCA, IIROC, SFC
- Platforms: AlgoTrader, OmniTrader, eSignal, TradingCentral
- Min. Deposit: $0
- Min. Trade: $100
- Leverage: 1:50
Pros
- Diverse payment options and account currencies
- Regulated by some of the world's most reputable bodies including in US
- Direct market access, including to the FTSE 100 index, the CAC 40 and Germany’s DAX 40
Cons
- Platform and web interface are complex and difficult for beginners to pick up
- Mediocre customer support
- The TWS platform falls short in terms of technical charting
#3 - OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
"OANDA is an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Pros
- Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
- Transparent pricing structure with no hidden charges
- US clients accepted
Cons
- Customer support not available on the weekend
#4 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
Pros
- Opening an account takes less than 5 minutes
- IG is an LSE-listed company with a transparent financial history and a great track record
- Share dealing and ISAs are available for longer term investing
Cons
- Inactivity charge
- No copy trading platform
#5 - Sage FX
SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
- DayTrading Review Team
- Instruments: Forex, indices, cryptos
- Regulator: Pending
- Platforms: TradeLocker
- Min. Deposit: $10
- Min. Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Fast withdrawal processing
- Ability to deposit and withdraw via Bitcoin
- Bonus offers and trading competitions
Cons
- Not regulated by any reputable body
- Lacks educational resources and other extra features
- Relatively narrow range of asset classes
What Is A CAD Account?
A CAD account is simply a trading account where the balance is held in the Canadian Dollar. So any deposits, withdrawals or trading activity will be processed in CAD. If you deposit funds in Euros, capital will be converted into the Canadian Dollar at the current rate.
Brokers with CAD accounts are popular with investors from Canada, offering straightforward market access, local payment solutions and zero currency conversion fees. Some platforms also offer CAD sub accounts. This means you can trade in USD, for example, while making deposits and withdrawals in CAD, offering additional flexibility.
The Canadian Dollar is the sixth-most held currency reserve and is part of the eight currencies that account for over 80% of the forex market.
Pros Of Brokers With CAD Accounts
For investors in Canada, being able to fund your trading account and withdraw profits in the same currency you use on a day-to-day basis is an obvious advantage. Brokers offering CAD accounts will also probably have deposit and withdrawal options that are fee-free and reliable.
Brokers with CAD accounts are normally regulated by reputable agencies and by removing currency conversion fees, investors benefit from improved profit margins. And in an environment where margins are slim, this can be a serious advantage, especially for active traders.
How To Check A Broker Offers A CAD Account
Many of the big players in the retail trading space offer accounts with the Canadian Dollar as the base currency. However, they’re not as popular as USD, EUR or GBP accounts, so you’ll need to check on the company website before you sign up. There is usually a section at the registration stage where you can view the base currencies offered. Alternatively, you can reach out to the broker’s customer support team or head to their FAQ section.
How To Compare Brokers With CAD Accounts
Whilst finding a platform that accepts your local currency is important, it’s also worth taking into account other considerations. Firstly, do they offer access to the assets you’re interested in, such as the USD/CAD, gold, Canadian stocks, or cryptocurrencies like Bitcoin? Also, do they offer a user-friendly mobile application, competitive spreads and any additional educational tools?
Leverage is another important factor. Margin trading can seriously bolster profits, but it also has the potential to magnify losses. Most regulated brokers cap leverage rates at 1:30. It’s worth checking that platforms offering levels beyond this are regulated by a trusted agency.
Our final top tip is to consider reviews. With so many online brokers out there today, it’s worth seeing what other traders and trusted websites have to say to help narrow your search.
Final Word On Brokers With CAD Accounts
Whilst signing up with a broker that offers CAD accounts may limit your options, for Canadian traders, it can cut trading times and complications. With fewer currency conversion fees or payment charges to factor in, there is less pressure on profits. Also, many of the best brokers with CAD accounts offer competitive trading conditions, broad market access, and low fees. See our list of top CAD platforms to get started.
FAQ
What Is A CAD Account?
A CAD account is an online trading account with the Canadian Dollar as the base currency. Any deposits, withdrawals or trading activity will be processed in CAD. This also extends to fees such as commissions and account management charges.
Can I Open A Trading Account In CAD?
Yes, many brokers offer CAD accounts. Once signed up and funded, clients can trade forex, stocks, commodities, cryptos and more. CAD accounts are popular with traders from Canada, in particular, but they may also suit active forex investors who want to manage their accounts in the same currencies that they trade.
How Do You Check A Broker Offers A CAD Account?
Brokers with CAD accounts usually list the Canadian Dollar as an option at the sign-up stage. If it’s not clear, check with the customer support team. Many of the best platforms offer live chat with minimal wait times. The FAQ section may also be able to help.
Who Is The Best Broker With A CAD Account?
There is no universal best online broker as it will depend on individual requirements, for example, what markets you want to trade, what strategies you intend to employ, and how much educational support you require. See our list of the top brokers with CAD accounts to get started.
How Do I Open A CAD Trading Account?
You can open an online trading account with the Canadian Dollar as the base currency in a few simple steps. Firstly, choose a broker that offers CAD accounts. Then sign-up on their website and follow the registration requirements. Once live, fund your account in Canadian Dollars and then take a position on your chosen market.