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:
Brokers With CAD Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
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- | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | Visit |
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$0 | Forex, Crypto | OANDA Trade, MT4, TradingView, AutoChartist | Visit |
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$0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | Visit |
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$200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade | Visit |
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$100 | CFDs, Forex, Stocks, Indices, Commodities | MT4, MT5, TradingView | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | Visit |
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$100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | Visit |
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$100 | CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Visit |
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$0 | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos | MT4, MT5, cTrader, TradingView, AutoChartist | Visit |
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$50 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds | ProTrader, MT4, MT5, TradingView, DupliTrade | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, cTrader, TradingView, DupliTrade | Visit |
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€100 | CFDs, Forex, Stocks, Cryptos, Commodities | MT4, MT5, TradingView | Visit |
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$200 | CFDs, forex, indices, shares, energies, metals, cryptocurrencies | MT4, MT5, AutoChartist, TradingCentral | Visit |
#1 - AvaTrade
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
Cons
- Traders from the US are not accepted
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
#2 - OANDA US
Why We Chose 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 for short-term traders, alongside flexible contract sizes and automated trade executions.
"OANDA remains 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: OANDA Trade, MT4, TradingView, AutoChartist
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:50
Pros
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- Beginners can get started easily with $0 minimum initial deposit
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
#3 - Pepperstone
Why We Chose Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
#4 - IC Markets
Why We Chose IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit: $200
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Pros
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
#5 - Eightcap
Why We Chose Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities
- Regulator: ASIC, FCA, xCySEC, SCB
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
Pros
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
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.