Online Brokers In Canada 2021 – 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

Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Cryptocurrency
Yes
Regulator
CBoI, ASIC, FSB, ESMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
$1
Bonus
None
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 very tight spreads and a cutting edge platform.
Cryptocurrency
Yes
Regulator
CySEC, IIROC, NFA, CFTC, FCA, FSA, and CIMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
$1
Bonus
None
Eightcap is a multi-regulated FX & CFD broker offering the MT4 & MT5 platforms. Award winning platform, zero commission, free education and low spreads.
Cryptocurrency
Yes
Regulator
ASIC, VFSC
MT4 Integration
Yes
Min. Deposit
£/€/$100
Min. Trade
0.01 lots
Bonus
None
FXCC is a highly regulated and trustworthy MT4 trading broker.
Cryptocurrency
No
Regulator
CySEC, FCA
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
0.01 lots
Bonus
None
Fusion Markets are delivering low cost forex and CFD trading via low spreads and trading costs. Their message is - Stop paying too much to trade
Cryptocurrency
Yes
Regulator
ASIC
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
0.01 Lots
Bonus
None
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.
Cryptocurrency
Yes
Regulator
CySec, FSC, FSA
MT4 Integration
Yes
Min. Deposit
100 $/€/£
Min. Trade
0.01 Lots
Bonus
None
Axi is a global online FX and CFD trading company, trusted by 60,000+ ambitious customers in 100+ countries around the world.
72.6% of retail investor accounts lose money when trading CFDs with this provider
Cryptocurrency
Yes
Regulator
FCA, ASIC, DFSA, FMA
MT4 Integration
Yes
Min. Deposit
0 $/€/£
Min. Trade
0.01 Lots
Bonus
None
LegacyFX is a multi-asset broker offering an MT5 download & free signals.
Cryptocurrency
Yes
Regulator
CySEC, FCA, VFSC, NBRB
MT4 Integration
No
Min. Deposit
$500
Min. Trade
0.01 lots
Bonus
None
Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
Cryptocurrency
No
Regulator
FSRA, FCA, FSC, CMA
MT4 Integration
Yes
Min. Deposit
Trader Pro: $10,000 Trader: $100 
World:$20
Min. Trade
0.01 lots
Bonus
None
Global brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features.
Cryptocurrency
Yes
Regulator
CFTC, MAS, IIROC, NFA, FCA, ASIC, FFAJ, BVI
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
$0
Bonus
None
CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). They offer competitive spreads on a global range of assets via a next generation platform.
Cryptocurrency
No
Regulator
FCA, MAS, ASIC, IIROC
MT4 Integration
Yes
Min. Deposit
£ 0
Min. Trade
0.01 Lots
Bonus
None
FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads.
Cryptocurrency
Yes
Regulator
IFSC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
15% deposit bonus with Bitcoin payments
Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
Cryptocurrency
Yes
Regulator
IFMRRC
MT4 Integration
No
Min. Deposit
$50
Min. Trade
$1
Bonus
50% Deposit Bonus
NordFX offer Forex trading with specific accounts for each type of trader. Zero accounts offer spread from 0 pips, while the Crypto offers optimal cryptocurrency trading. Open account from just $10.
Cryptocurrency
Yes
Regulator
VFSC
MT4 Integration
Yes
Min. Deposit
$10
Min. Trade
$1
Bonus
None
Bit Mex Offer the largest market liquidity of any Crypto exchange. Ultra low trading costs and minimum deposit requirements. Join in 30 seconds.
Cryptocurrency
Yes
Regulator
MT4 Integration
No
Min. Deposit
0.0001 XBT
Min. Trade
0.0001 XBT
Bonus
None
EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
Cryptocurrency
Yes
Regulator
Unregulated
MT4 Integration
Yes
Min. Deposit
$10
Min. Trade
0.01 lots
Bonus
None
Coinbase is the easiest place to buy, sell, and manage your cryptocurrency portfolio.
This post contains affiliate links, and this website will be compensated if you make a purchase after clicking the links.
Cryptocurrency
Yes
Regulator
CBoI
MT4 Integration
No
Min. Deposit
0 $/€/£
Min. Trade
0.0001 XBT
Bonus
£5/$5 in BTC. Terms and Conditions Apply. See Review
Quotex offers a proprietary web platform that offers digital options and copy trading.
Cryptocurrency
Yes
Regulator
IFMRRC
MT4 Integration
No
Min. Deposit
$10
Min. Trade
$1
Bonus
Tiered deposit bonuses up to $105
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
Cryptocurrency
No
Regulator
DFSA, MAS, FCA, SFC
MT4 Integration
No
Min. Deposit
$10000
Min. Trade
Vary by asset
Bonus
None
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.
Cryptocurrency
Yes
Regulator
MGA, SC
MT4 Integration
Yes
Min. Deposit
$5
Min. Trade
$1
Bonus
None
Spectre.ai is a blockchain-based binary options broker
Cryptocurrency
Yes
Regulator
St. Vincent and the Grenadines
MT4 Integration
No
Min. Deposit
$0
Min. Trade
$1
Bonus
None
FP Markets is a multi-asset broker offering a choice of trading platforms.
Cryptocurrency
Yes
Regulator
ASIC, CySEC, ESMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
None
LiteForex Investments Limited is a regulated Forex & CFD broker offering the MT4 & MT5 trading platforms.
Cryptocurrency
Yes
Regulator
Marshall Islands
MT4 Integration
Yes
Min. Deposit
$50
Min. Trade
0.01 lots
Bonus
Rebate on payment fees
FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.
Cryptocurrency
Yes
Regulator
FCA, ASIC
MT4 Integration
Yes
Min. Deposit
$300
Min. Trade
0.01 lots
Bonus
$10 no deposit bonus (non-UK traders)
Hantec Markets is a multi-regulated online FX broker offering MT4 and a tailored service providing huge flexibility to suit any trader.
Cryptocurrency
No
Regulator
FCA, ASIC, FSC, FMA, FSA, CGSE, JSC
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
0.01 lots
Bonus
None
Infinox is a UK-based broker offering MT4 trading with tight spreads.
Cryptocurrency
No
Regulator
FCA
MT4 Integration
Yes
Min. Deposit
£1
Min. Trade
0.01 lots
Bonus
None
Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.
Cryptocurrency
Yes
Regulator
FMA
MT4 Integration
Yes
Min. Deposit
$200
Min. Trade
0.01 lots
Bonus
20%
Fortrade is a multi-asset broker offering a simple live account with advanced tools.
Cryptocurrency
Yes
Regulator
FCA, ASIC, CySEC, NBRB, IIROC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
None
StormGain provides an online crypto trading platform & cloud mining tool.
Cryptocurrency
Yes
Regulator
None
MT4 Integration
No
Min. Deposit
50 USDT
Min. Trade
10 USDT
Bonus
Deposit bonus up to 20%
AdroFX is a regulated, global broker offering forex, CFD and crypto trading with MT4 access and attractive welcome bonuses.
Cryptocurrency
Yes
Regulator
FSA, BSSLA
MT4 Integration
Yes
Min. Deposit
$25
Min. Trade
0.01 lot
Bonus
100% deposit bonus
OKEx is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.
Cryptocurrency
Yes
Regulator
None
MT4 Integration
No
Min. Deposit
10 USDT
Min. Trade
Variable
Bonus
$10 in BTC
Core Spreads offers CFD trading and spread betting across several asset classes on two top-tier platforms.
Cryptocurrency
No
Regulator
FCA
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
0.01 lots
Bonus
None
Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.
Cryptocurrency
Yes
Regulator
None
MT4 Integration
No
Min. Deposit
$10,000
Min. Trade
$10
Bonus
None
Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
Cryptocurrency
Yes
Regulator
None
MT4 Integration
No
Min. Deposit
From 0.005 BTC
Min. Trade
10 USD
Bonus
None
Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
Cryptocurrency
Yes
Regulator
FCA, FinCEN, FINTRAC, AUSTRAC, FSA
MT4 Integration
No
Min. Deposit
0.0001 XBT
Min. Trade
0.0002 XBT
Bonus
None
Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
Cryptocurrency
Yes
Regulator
FCA
MT4 Integration
No
Min. Deposit
$0
Min. Trade
0.00001 BTC
Bonus
None
LMFX offers online forex and stock trading with low fees and high leverage.
Cryptocurrency
No
Regulator
None
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
100% deposit bonus up to $30,000
TP Global FX offers a long list of popular financial assets with spreads from 0.1 pips. With a focus on innovation and transparency, they are a growing brand.
Cryptocurrency
Yes
Regulator
SVG FSA, NFA, CAMA Nigeria
MT4 Integration
Yes
Min. Deposit
$200
Min. Trade
0.01 lots
Bonus
Seasonal Bonuses
Global Prime is a multi-regulated trading broker offering 100+ markets.
Cryptocurrency
Yes
Regulator
ASIC, VFSC, FSA
MT4 Integration
Yes
Min. Deposit
AUD $200
Min. Trade
0.01 lots
Bonus
None
Binance is one of the leading online crypto exchanges offering Bitcoin.
Cryptocurrency
Yes
Regulator
FCA
MT4 Integration
No
Min. Deposit
$0
Min. Trade
$10
Bonus
None
Trade on the financial markets with low cost, leveraged products at HYCM.
Cryptocurrency
No
Regulator
FCA, DFSA, CIMA, CySEC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
10% deposit bonus up to $5,000
OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
Cryptocurrency
Yes
Regulator
CySEC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Bonus
50% deposit bonus
BlackBull Markets offers forex and CFD trading on the MT4 & MT5 platforms.
Cryptocurrency
No
Regulator
FMA, FSA
MT4 Integration
Yes
Min. Deposit
$200
Min. Trade
0.01 lots
Bonus
None
LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
Cryptocurrency
No
Regulator
None
MT4 Integration
Yes
Min. Deposit
$20
Min. Trade
0.01 lots
Bonus
100% deposit bonus up to $20,000
Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.
Cryptocurrency
Yes
Regulator
Cyprus Securities and Exchange Commission (CySEC) and Seychelles Financial Services Authority (SFSA)
MT4 Integration
Yes
Min. Deposit
$50
Min. Trade
0.01 lots
Bonus
$50 no deposit bonus
Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
Cryptocurrency
Yes
Regulator
HCMC
MT4 Integration
Yes
Min. Deposit
$1 to $300 (Broker choice dependent)
Min. Trade
$1
Bonus
None
Coinmama aim to make entering the crypto market as easy as possible, offering BTC,ETH,LTC,ADA,BCH and XTZ
Cryptocurrency
Yes
Regulator
MT4 Integration
No
Min. Deposit
€/£/$100
Min. Trade
€/£/$100
Bonus
None
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.
Cryptocurrency
Yes
Regulator
SEC, FCA, IIROC, SFC
MT4 Integration
No
Min. Deposit
$10000
Min. Trade
$100
Bonus
None
AGEA is a regulated forex & CFD broker offering multiple trading platforms and account types.
Cryptocurrency
Yes
Regulator
Commission for Capital Markets
MT4 Integration
Yes
Min. Deposit
$1
Min. Trade
0.01 lots
Bonus
$5 no deposit bonus
Show All Brokers ⇩

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.