Online Brokers In Canada 2022 – Comparison & Reviews

With the list of options growing, finding the best online brokers in Canada is challenging. Whether you want to trade stocks, forex or futures, we explain how to do a comparison of the top providers, considering the fees, range of products, leverage and more. We’ve also ranked the leading online brokers in Canada directly below to help you get started.

Online Brokers In Canada

  1. Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4/5, Web Trader, Mobile App, Vanilla options and Social Trading. +1250 Financial Instruments, Educational content and multilanguage customer support active 24/7. 20% Welcome bonus available on allowed countries.

    Instruments
    CFD, Forex, Stocks, Crypto, Options, Commodities
    Regulator
    CBoI, ASIC, FSA, FSCA, FSB
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    $.01
    Leverage
    1:400
  2. Moneta Markets is a regulated multi-asset broker offering a leading web platform plus MT4 & MT5.

    Instruments
    Forex, CFDs, indices, shares, commodities, ETFs, cryptocurrencies
    Regulator
    ASIC, FSCA, SVGFSA
    Platforms
    MT4, MT5
    Min. Deposit
    $50
    Min. Trade
    0.01 lots
    Leverage
    Up to 1:500
  3. FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trade executions, leverage up to 1:500 and $0 commissions.

    Instruments
    Forex, Indices, Metals, Energies, Crypto
    Regulator
    CySEC
    Platforms
    MT4
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  4. Fusion Markets offers low-cost forex and CFD trading via tight spreads. Copy trading, 1:500 leverage plus multiple account types are also available.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, metals, energies
    Regulator
    ASIC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  5. BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    FSC, FSA
    Platforms
    MT4, MT5
    Min. Deposit
    100 $/€/£
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  6. Eightcap is a multi-regulated FX and CFD broker offering MT4 and MT5. The brand provides award winning trading platforms, zero commissions, free education and low spreads.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    £/€/$100
    Min. Trade
    0.01 lots
    Leverage
    1:30 - 1:500 depending on local regulation
  7. Axi

    Axi is a global online FX and CFD trading company, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it popular with beginners and seasoned traders.

    81.6% of retail investor accounts lose money when trading CFDs with this provider

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    FCA, ASIC, DFSA, FMA
    Platforms
    MT4
    Min. Deposit
    0 $/€/£
    Min. Trade
    0.01 Lots
    Leverage
    1:30 - 1:400
  8. Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.

    Instruments
    CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    CySEC, IIROC, NFA, CFTC, FCA, CIMA
    Platforms
    MT4
    Min. Deposit
    $100
    Min. Trade
    $1
    Leverage
    1:200
  9. LegacyFX is a multi-asset broker offering an MT5 download & free signals.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, stocks
    Regulator
    CySEC, FCA, VFSC, NBRB
    Platforms
    MT5
    Min. Deposit
    $500
    Min. Trade
    0.01 lots
    Leverage
    1:200
  10. Quotex offers a proprietary web platform that has digital options and trading signals.

    Instruments
    Digital Options
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $10
    Min. Trade
    $1
    Leverage
    -
  11. CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). It offers competitive spreads on a global range of assets via its Next Generation platform.

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% (April-June 2022) of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

    Instruments
    Indices and ETFs > CFDs, Spread Betting, Indices, Forex, Commodities, Stocks, ETFs, Treasuries, Custom Indices
    Regulator
    FCA, MAS, ASIC, IIROC
    Platforms
    MT4
    Min. Deposit
    £0
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  12. FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads and online CFD trading.

    Instruments
    CFDs, Forex, Indices, Commodities, Cryptocurrencies, Shares
    Regulator
    FSC
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:200
  13. Pocket Option is a global binary options broker with a sleek proprietary trading platform and competitive range of assets.

    Instruments
    Stocks, Crypto, Commodities
    Regulator
    IFMRRC
    Platforms
    MT5
    Min. Deposit
    $50
    Min. Trade
    $1
    Leverage
    -
  14. IQCent is an offshore binary options and CFD broker with 10+ payment methods and a $250 minimum deposit. Clients benefit from copy trading tools and in-depth market analysis.

    Instruments
    CFDs, Binary Options, Forex, Stocks, Indices, Commodities, Cryptocurrencies
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $50
    Min. Trade
    $0.01
    Leverage
    1:500
  15. BitMEX offer the largest market liquidity of any cryptocurrency exchange. The platform also offers low trading costs and minimum deposit requirements.

    Instruments
    Crypto
    Regulator
    Republic of Seychelles
    Platforms
    Own
    Min. Deposit
    $0.01
    Min. Trade
    Varies upon the crypto traded and amount of leverage
    Leverage
    -
  16. EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    -
    Platforms
    MT4
    Min. Deposit
    $10
    Min. Trade
    0.01 lots
    Leverage
    Up to 1:500
  17. VT Markets is a multi-asset broker with ultra-fast trade executions, spreads from 0.0 pips, 24/5 support, and user-friendly trading platforms.

    Instruments
    Forex, commodities, cryptocurrencies, stocks, indices
    Regulator
    ASIC, FSCA, SVGFSA
    Platforms
    MT4, MT5
    Min. Deposit
    $200
    Min. Trade
    0.01 lots
    Leverage
    1:500
  18. Moomoo is an app-based stock broker that offers trading in US, Hong Kong and Chinese shares. Clients can get started with a sign-up bonus and $0 minimum deposit.

    Instruments
    Stocks, Options, ETFs, ADRs, OTCs
    Regulator
    SEC, FINRA, MAS
    Platforms
    Own
    Min. Deposit
    $0
    Min. Trade
    No minimum
    Leverage
    -
  19. SuperForex is an European-based forex and derivatives broker with currency pairs, commodities, cryptos, stocks and indices. The online broker also offers welcome bonuses and trading contests.

    Instruments
    CFD, Forex, Stocks, Crypto, Commodities
    Regulator
    IFSC
    Platforms
    MT4
    Min. Deposit
    $1
    Min. Trade
    0.01 lots
    Leverage
    1:3000
  20. Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.

    Instruments
    Cryptos, Precious Metals, US Stocks, Environmental Assets
    Regulator
    FCA, FinCEN
    Platforms
    Own
    Min. Deposit
    $0
    Min. Trade
    $1
    Leverage
    -
  21. RaceOption is a binary options and CFD platform offering trading contests and prize giveaways.

    Instruments
    Binary Options, CFDs
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $250
    Min. Trade
    $1
    Leverage
    1:100
  22. FinPros offers 400+ instruments with low fees and instant account activation.

    Instruments
    CFDs on Stocks, Indices, Forex, Commodities, & Cryptocurrencies
    Regulator
    FSA
    Platforms
    MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 Lots
    Leverage
    1:500
  23. Binary.com are the established pioneers of binary options. The choice of the advanced trader, Binary.com offer the greatest flexibility of any binary broker. They also offer Forex and CFD via the MT5 platform.

    Instruments
    CFD, Forex, Stocks, Crypto
    Regulator
    MGA, SC
    Platforms
    MT4, MT5
    Min. Deposit
    $5
    Min. Trade
    $1
    Leverage
    1:1000
  24. Rockfort Markets is a New Zealand based and regulated CFD broker. They offer competitive spreads from 0.1 pips and a large range of assets, trading platforms and educational services, with up to 1:500 leverage. Operating in a Tier 1 regulated environment, Rockfort Markets offers peace of mind and excellent customer support. All client funds are held in segregated Trust accounts. Join a large community of active traders and get a 30% First Deposit Bonus!

    Instruments
    CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    FSP, FMA
    Platforms
    MT4
    Min. Deposit
    $200
    Min. Trade
    0.01 lots
    Leverage
    1:500
  25. With ultra-low spreads, copy trading services, MetaTrader tools and 170+ trading instruments, JustMarkets has a lot to offer new clients.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures
    Regulator
    FSA, CySEC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    $1
    Min. Trade
    0.01 lots
    Leverage
    1:3000
  26. OctaFX offers commission-free multi-asset trading on MT4 & MT5 platforms with tight floating spreads. Users can also benefit from a proprietary copy trading service.

    Instruments
    Forex, CFDs, indices, commodities, cryptocurrencies
    Regulator
    SVGFSA, CySEC
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:500 (Global), 1:30 (EU)
  27. Spectre.ai is a blockchain-based binary options broker

    Instruments
    Shares, Reverse Futures, Crypto, Forex, Commodities, Binary options, EPIC
    Regulator
    St. Vincent and the Grenadines
    Platforms
    Own
    Min. Deposit
    $0
    Min. Trade
    $1
    Leverage
    1:40
  28. Binance is one of the leading online crypto exchanges offering Bitcoin.

    Instruments
    Cryptos
    Regulator
    FCA
    Platforms
    AlgoTrader
    Min. Deposit
    $0
    Min. Trade
    $10
    Leverage
    -
  29. Speculate on traditional and emerging financial markets via MT4, MT5 and cTrader. FXPrimus is multi-regulated and offers leverage up to 1:1000 alongside monthly promotions.

    Instruments
    CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    CYSEC, MIFID, ICF, FCA, BaFin, VFSC
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $15
    Min. Trade
    0.01 lots
    Leverage
    1:1000
  30. FP Markets is a multi-asset broker offering a choice of trading platforms.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, CySEC, ESMA
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:500

How To Choose Online Brokers In Canada

A brokerage is your gateway to the financial markets, whether that’s trading Bitcoin or investing in the Toronto Stock Exchange (TSX).

Arguably, a reliable broker should be regulated by the Investment Industry Regulatory Organization of Canada (IIROC). This will provide Canadian traders with additional protections, but we’ll cover that later on.

With a huge disparity in instruments and prices, finding online brokers in Canada that will meet your needs requires a careful approach. Below are the key factors to consider when comparing options.

Best online brokers in Canada

Fees

Online brokers in Canada use different pricing structures. Most providers charge a spread (a mark up between the quote price and the market price) and/or a commission (a fixed fee per transaction). If you’re a day trader making a large volume of trades, costs can add up, so it’s important to compare spreads on the USD/CAD, for example.

Online brokers in Canada may also charge additional fees. These can include account maintenance fees, inactivity fees or currency conversion fees if they don’t offer CAD as a base currency. Overnight charges in addition to deposit and withdrawal fees may also apply.

Finally, it’s worth highlighting that some brokers require a minimum account balance. For example, Questrade requires a $1,000 initial deposit while some online brokers in Canada have a zero balance requirement which may suit beginners. Note, discounts on fees may be offered if you opt for an account with a larger deposit requirement.

Markets

The best online brokers in Canada offer access to a generous range of markets. So it’s worth checking they offer trading on the Canadian Securities Exchange and the Montreal Exchange, for example, or the USD/CAD, EUR/CAD and GBP/CAD forex pairs. There’s also a growing number of brokers offering leveraged trading on crypto and equity markets.

Tools

Another important consideration is the trading platform offered. You should be able to access platforms that align with your skill level. For example, the industry-leading MT4 offers a range of intuitive tools suitable for beginners. However, an advanced forex trader is likely to benefit from the additional features offered by MT5.

Some online brokers in Canada also offer their own proprietary platform for a more bespoke feel. Additional copy trading features and automated trading tools may also form part of your strategy. Other useful extras to look out for include economic calendars, live news streams and user-friendly mobile applications.

Regulation

The Canadian financial markets are regulated by 15 different bodies. The two major agencies are the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC). The 13 remaining entities are provincial and territorial regulators, which the CSA oversees. These include the British Columbia Securities Commission (BCSC) and the Ontario Securities Commission (OSC). Top online brokers in Canada should hold a license with the IIROC.

IIROC broker regulator

Choosing a regulated broker is highly recommended. Licensing conditions help prevent fraud, ensure transparency and protect client funds from unscrupulous providers. The risks of trading with an unregulated broker can include illegal market activities, obscure pricing, withdrawal restrictions, plus hidden terms and conditions.

Customer Support

The top online brokers in Canada offer responsive support should you encounter any account or technical issues. The best providers also offer telephone support and a live chat channel that operates during standard trading hours.

If you open an account with an offshore broker, check it’s free to ring the telephone support number if you’re based in Canada.

Leverage

Online brokers in Canada are typically regulated by the IIROC, who cap leverage levels for retail forex traders at 1:50. Higher leverage levels are normally found on CAD pairs while rates decrease on less liquid pairs.

Canadian traders can also open accounts with global brokers to access higher leverage but the level of regulatory protection will fall.

Demo Account

An excellent way to test online brokers in Canada is to make use of a free demo account. Most of the top providers offer a paper trading account where you can explore different trading tools, refine strategies and get a feel for the broker’s services. You can then upgrade to a real-money account when you’re ready.

Best online brokers in Canada

Security

Ensure you choose a broker with strong security measures in place. The broker’s website should be SSL encrypted and client funds should be held in segregated bank accounts. It’s also worth utilising 2FA at the login stage if it’s offered.

Over 170 online brokers in Canada also offer an additional layer of protection through the Canadian Investor Protection Fund (CIPF). Insurance up to 1 million CAD is available to clients should the broker go bankrupt. Note, the CIPF does not compensate clients who lose money while trading or through fraud.

Transparency

With a number of scam brokers targeting traders from Canada, it’s important to open an account with a reputable provider. As well as regulatory oversight, look for brokers that with a transparent website. Platforms with limited information or those that make it difficult to find pricing information may not be reputable. The top online brokers in Canada operate intuitive websites and make key information readily available.

Trading Taxes In Canada

It’s important to be aware of your tax obligations before you start trading.

If you buy a security and sell it at a profit, this is called realised capital gains. In Canada, 50% of realised capital gains are taxable. Canadians are not taxed on unrealised capital gains, which are investments that have not been sold yet. Therefore, capital gains tax will vary depending on the amount of profit you make on securities. It’s also worth pointing out that capital losses can offset capital gains, reducing the overall tax you owe. In fact, capital losses can be carried 3 years back or forward.

Investments registered with Registered Retirement Savings Plan (RRSP), Registered Retirement Plan (RPP) or Registered Education Savings Plan (RESP) are not affected by any capital gains tax or losses.

For full-time day traders, profits and losses are treated as business income, not capital. Therefore, 100% of profits are taxed at the respective tax rate.

It may be worth consulting a local tax advisor to understand your obligations to ensure you don’t fall foul of any legal requirements

Final Word; Online Brokers In Canada

With a long list of online brokers in Canada available, it’s important to do your research before you open an account. Consider your requirements, from strategy needs and fees to available assets and regulatory status. You can use our rankings table above to get started.

FAQ

What Is The Best Online Broker In Canada In 2021?

The top-rated online trading brokers in Canada vary depending on individual needs. With that said, Questrade is widely regarded as a top contender. It’s regulated by the IIROC and offers its own powerful trading terminals, available on both desktop and mobile. See our list of the top 5 and more leading online brokers in Canada.

Can You Get Commission Free Online Brokers In Canada?

Yes, some brokers offer commission-free trading. This means clients do not pay a fixed charge on each transaction. Commission-free trading can be offered as a one-off promotion or on an ongoing basis. Questrade is a popular online broker in Canada that offers commission-free trading.

Who Regulates Online Brokers In Canada?

Whilst 15 regulators oversee the financial markets in Canada, there are two chief bodies; the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC). The rest are provincial and territorial regulators. The best online brokers in Canada hold a license with the IIROC.

What Happens If My Canadian Broker Goes Bankrupt?

Brokers may provide an additional layer of protection by signing up to the Canadian Investor Protection Fund (CIPF). Should the company go under, clients are protected up to the tune of 1 million CAD. However, it’s important to note that the CIPF does not protect against individual losses or fraud.

What Are The Best Forex And Stock Brokers In Canada?

The best forex and stock brokers in Canada often picking up positive reviews include CMC Markets, Interactive Brokers, Forex.com, AvaTrade and Saxo Bank. However, the right broker for you will depend on your individual needs. See our list of the top online brokers in Canada for more ideas.