Best CFD Trading Platforms and Brokers in Canada
CFD brokers in Canada are a popular option with local traders. Investors can access thousands of financial instruments through CFD platforms within one of the safest regulatory environments in the world. This page will list the best CFD brokers in Canada, as well as explaining what to look for in Canadian CFD platforms, including fees, regulatory status, market access and more.
Top 10 CFD Brokers In Canada
These are the 10 best CFD brokers for traders in Canada:
-
1
AvaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$3000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
3
FOREX.comUp to $20,000 in cash back
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
4
FXCC100% First Deposit Bonus Up To $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500CySECCFDs, Forex, Indices, Commodities, CryptoMT4Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, BoletoUSD, EUR, GBP -
5
Fusion Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500ASIC, VFSC, FSACFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, cTrader, TradingView, DupliTradeVisa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCashUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6
DNA Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
7
InstaForexChoose between: Club Bonus, 30 %, 55 % and 100 % bonusesAll investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage. You should not engage in trading these instruments unless you fully understand the nature of the transactions you are entering into, and the true extent of your exposure. These types of investments may be suitable for some investors, but they are not for everyone.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)1:1000BVI FSCCurrencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFuturesMT4, MT5Skrill, Mastercard, Visa, Neteller, Wire Transfer, Przelewy24, Giropay, Rapid TransferUSD, EUR, GBP, PLN, CZK -
8
BlackBull Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500FMA, FSAForex, CFDs, stocks, indices, energies, metals, commodities, cryptosMT4, MT5, cTrader, TradingView, AutoChartistNeteller, Skrill, Visa, UnionPay, FasaPay, Mastercard, Credit Card, Bitcoin Payments, Debit Card, BoletoUSD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD -
9
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
10
LiteFinanceRebate on payment fees
$500.01 Lots1:500 (Crypto 1:50)CySECForex, CFDs, indices, shares, commodities, cryptocurrenciesMT4, MT5Visa, WebMoney, Mastercard, Perfect Money, Bitcoin Payments, M-Pesa, Alipay, Swift, Ethereum PaymentsUSD, EUR
Here is a summary of why we recommend these brokers:
- AvaTrade - AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. You can speculate on underlying assets in the broker’s feature-rich web and mobile platforms with market-leading research tools to help discover opportunities.
- Eightcap - Eightcap offers a wide range of trading options with 800+ CFDs across stocks, indices, bonds, commodities, and cryptocurrencies (depending on location), with leverage up to 1:30/1:500. It excels in its tools, notably the AI-enabled economic calendar covering 25+ countries with impact filters (high, medium, low). However, its commodities offering, particularly in softs like cotton and wheat, as well as the limited precious metal and energy assets, is its weakest area.
- FOREX.com - With the ability to take both long and short positions on 5,500+ CFDs across forex, stocks, indices, commodities, and cryptocurrencies, FOREX.com excels. Its exclusive Web Trader platform offers an excellent trading experience, equipped with over 80 technical indicators and average execution speeds of just 20 milliseconds, ensuring an optimal environment for serious day traders.
- FXCC - FXCC offers a narrow range of CFDs beyond forex with a limited selection of metals, energies, indices and cryptos. However, it stands out with its high leverage up to 1:500, which will serve experienced day traders looking to maximize their buying power while speculating on rising and falling prices.
- Fusion Markets - You can go long or short on a range of CFDs covering forex, commodities, shares, indices and cryptos. High leverage up to 1:500 is available for experienced traders in some locations, whilst beginners will appreciate access to micro-lots. There are no restrictions on short-term trading strategies using CFDs.
- DNA Markets - DNA Markets offers a recently enhanced suite of 800+ CFDs covering stocks, indices, forex, commodities and cryptos, providing opportunities to speculate on rising and falling prices. There are no restrictions on strategies with leverage up to 1:30 (Australia) or 1:500 (rest of world).
- InstaForex - You can trade CFDs across a range of diverse markets with flexible account types and leverage up to 1:1000. With access to both MT4 and MT5, day traders can execute multiple short-term CFD trading strategies using the dozens of pre-integrated technical indicators and graphical objects.
- BlackBull Markets - BlackBull Markets CFDs are offered on forex, stocks, indices, commodities and cryptos with tight spreads and high leverage. The ECN accounts offer fast execution and low slippage, and the broker provides traders with plenty of extra tools and features plus 24/7 customer support.
- CMC Markets - CMC lets you trade CFDs on 12,000+ assets across currencies, indices, commodities, shares, ETFs and treasuries. Spreads are relatively tight, there are no hidden fees and the industry-leading MetaTrader 4 platform is also supported for leveraged trading. Year after year, CMC shines as one of the best CFD brokers in the market.
- LiteFinance - CFDs are available on a breadth of assets including stocks, ETFs, indices, commodities and cryptocurrencies with both zero-commission and low-commission, tight spread accounts available. LiteFinance also offers high leverage of up to 1:500, providing significant trading opportunities.
Best CFD Trading Platforms and Brokers in Canada Comparison
| Broker | CFD Leverage | Minimum Deposit | Minimum Trade | Regulators |
|---|---|---|---|---|
|
|
1:30 (Retail) 1:400 (Pro) | $300 | 0.01 Lots | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM |
|
|
1:500 | $100 | 0.01 Lots | ASIC, FCA, CySEC, SCB, CNMV |
|
|
1:50 | $100 | 0.01 Lots | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
|
|
1:500 | $0 | 0.01 Lots | CySEC |
|
|
1:500 | $0 | 0.01 Lots | ASIC, VFSC, FSA |
|
|
1:500 | $100 | 0.01 Lots | ASIC |
|
|
1:1000 | $1 | 0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica) | BVI FSC |
|
|
1:500 | $0 | 0.01 Lots | FMA, FSA |
|
|
1:30 (Retail), 1:500 (Pro) | $0 | 0.01 Lots | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
|
|
1:500 (Crypto 1:50) | $50 | 0.01 Lots | CySEC |
AvaTrade
"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."
AvaTrade Quick Facts
| FTSE Spread | 0.5 |
|---|---|
| GBPUSD Spread | 1.5 |
| Stocks Spread | 0.13 |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- 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
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- 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
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
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."
Christian Harris, Reviewer
Eightcap Quick Facts
| FTSE Spread | 1.2 |
|---|---|
| GBPUSD Spread | 0.1 |
| Stocks Spread | 0.03 (Apple Inc) |
| Leverage | 1:500 |
| Regulator | ASIC, FCA, CySEC, SCB, CNMV |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- 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.
- 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.
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.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | Up to $20,000 in cash back |
|---|---|
| FTSE Spread | 1.0 |
| GBPUSD Spread | 1.3 |
| Stocks Spread | 0.14 |
| Leverage | 1:50 |
| Regulator | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
FXCC
"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "
FXCC Quick Facts
| Bonus Offer | 100% First Deposit Bonus Up To $2000 |
|---|---|
| FTSE Spread | Variable |
| GBPUSD Spread | 1.0 |
| Stocks Spread | NA |
| Leverage | 1:500 |
| Regulator | CySEC |
| Platforms | MT4 |
| Account Currencies | USD, EUR, GBP |
Pros
- The free education section, including the 'Traders Corner' blog, offers a large selection of materials that will serve all experience levels
- There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
- There are no restrictions on short-term trading strategies like day trading and scalping
Cons
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
Fusion Markets
"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."
Fusion Markets Quick Facts
| FTSE Spread | 1.0 |
|---|---|
| GBPUSD Spread | 0.13 |
| Stocks Spread | 0.01 (Apple Inc) |
| Leverage | 1:500 |
| Regulator | ASIC, VFSC, FSA |
| Platforms | MT4, MT5, cTrader, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Fusion Markets is set up to support algo traders with a sponsored VPS solution and a 25% discount if you opt for the NYC Servers VPS for MT4 or cTrader.
- The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
- Average execution speeds of around 37 milliseconds are noticeably faster than many rivals and can help day traders secure optimal prices in fast-moving markets.
Cons
- Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
- The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
DNA Markets Quick Facts
| FTSE Spread | 1.7 |
|---|---|
| GBPUSD Spread | 1.0 |
| Stocks Spread | 1.0 cent + $0.02 per share, per side (Apple) |
| Leverage | 1:500 |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- The broker provides 24/5 customer support with response times of <2 minutes during testing
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
Cons
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
InstaForex
"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
InstaForex Quick Facts
| Bonus Offer | Choose between: Club Bonus, 30 %, 55 % and 100 % bonuses |
|---|---|
| FTSE Spread | Fixed |
| GBPUSD Spread | Av. Floating 0.6 pips |
| Stocks Spread | Commissions as low as 0.1% |
| Leverage | 1:1000 |
| Regulator | BVI FSC |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR, GBP, PLN, CZK |
Pros
- InstaForex has a strong industry reputation, with a 14+ year history and serving millions of clients
- InstaForex delivers a superb day trading environment, with the powerful MT4 and MT5 platforms offering dozens of technical analysis tools, automation capabilities and multiple order types
- The broker is a particularly good pick for serious forex traders, with over 100 currency pairs, tight spreads from 0.0 pips and a market-leading selection of curated forex market resources
Cons
- Market coverage and account conditions vary between entities.
- The broker’s various entities are regulated different, traders must be aware which entity they are joining.
- The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
BlackBull Markets
"BlackBull Markets will suit traders of all experience levels with a growing suite of thousands of tradable instruments, tight spreads and the familiar MetaTrader platforms."
Tobias Robinson, Reviewer
BlackBull Markets Quick Facts
| FTSE Spread | 10.4 |
|---|---|
| GBPUSD Spread | 0.8 |
| Stocks Spread | Variable |
| Leverage | 1:500 |
| Regulator | FMA, FSA |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD |
Pros
- Huge range of 26,000+ instruments, with recent additions to its Asia Pacific indices
- CopyTrader, ZuluTrade, HokoCloud and Myfxbook copy trading
- Superb range of platforms including TradingView Pro
Cons
- US traders not accepted
- Withdrawal fees with some methods
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| FTSE Spread | 1 pt |
|---|---|
| GBPUSD Spread | 0.9 |
| Stocks Spread | 0.02 |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
Cons
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
LiteFinance
"LiteFinance will suit traders seeking high leverage on forex, stocks, commodities, indices and cryptocurrencies. The social trading system will also suit newer investors looking to learn from seasoned traders."
LiteFinance Quick Facts
| Bonus Offer | Rebate on payment fees |
|---|---|
| FTSE Spread | 0.8 |
| GBPUSD Spread | 0.8 |
| Stocks Spread | Variable |
| Leverage | 1:500 (Crypto 1:50) |
| Regulator | CySEC |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR |
Pros
- Automated trading via APIs
- High leverage available up to 1:500
- Decent suite of extra tools and features including a VPS
Cons
- Does not accept US traders
- Not overseen by any top-tier regulator
- Some complaints online about difficulties withdrawing funds
What Is A CFD?
A Contract For Difference (CFD) is a type of derivative investment that allows traders to benefit from market fluctuations without owning the underlying asset. They are an agreement between an investor and a CFD broker to pay the difference between the initial and closing price of a position.
CFDs have been available to Canadian retail investors since October 2009, though there has been a recent rise in the number of CFD brokers operating in the country.
This popularity has been driven by the straightforward, low-cost access to markets provided by CFD brokers in Canada. Traders are given exposure to the full value of an asset without having to put up the whole amount or own the underlying asset.
How CFD Brokers In Canada Work
Most Canadian CFD brokers offer a free, user-friendly platform that provides clients with a long list of assets, plus the ability to carry out market analysis and execute orders. Some of the most useful functions, which are generally offered by the best CFD brokers in Canada are a range of order types and a good selection of charts, indicators and automated trading tools.
The leading CFD brokers in Canada offer access to thousands of financial instruments. These might include forex pairs with the CAD, cryptocurrencies like Bitcoin, stock indices, commodities, individual shares and treasury bonds.
How To Compare CFD Brokers In Canada
Finding the best Canadian CFD broker is a subjective journey, as everyone has different requirements and goals. Some important things to look for when choosing a CFD platform based in Canada or overseas include:
Fees
Most CFD brokers in Canada make money through spreads, so for you to break even, your chosen security will need to rise by at least the spread amount. It then follows that lower spreads will provide you with more earning potential. CFD brokers in Canada can offer spreads as low as 0.2 pips on major currency pairs like EUR/USD.
There may also be other charges, such as trading fees, minimum deposits, withdrawal fees or commissions. Users should aim to consider all costs from initial deposit through to withdrawal when comparing the fee structures of different brokers.
Leverage
CFD brokers in Canada are popular because traders can access high exposure levels through leveraged trading. For instance, leverage of 1:30 on the USD/CAD means you can multiply your buying power and results (profits and losses) 30x.
Maximum leverage levels at Canadian regulated brokers are typically lower than offshore firms which may offer leverage of 1:1000 and upwards, seriously amplifying the risk of large losses. Still, risk management is essential for all investors trading with leverage.
Market Access
CFD brokers in Canada offer a wide range of CFD instruments. Be sure to opt for a broker that gives access to the markets you are interested in. The best CFD brokers in Canada will allow CFD trading on forex pairs such as EUR/USD and GBP/USD, cryptocurrencies, stock indices, commodities, shares, treasury bonds and more.
Canadian Regulation
The top CFD brokers in Canada operate under strict local regulation by the Canadian Investment Regulatory Organization (CIRO) – a ‘green-tier’ regulator in line with our Trust Rating.
Opening an account with a CIRO-regulated broker automatically provides membership to the Canadian Investor Protection Fund (CIPF), which offers traders impressive levels of protection. This includes cover against broker insolvency with reimbursements up to 1 million CAD.
If you open an account with a broker based elsewhere, check that they’re licensed by a reputable overseas agency, such as the Financial Conduct Authority (FCA). This will help you avoid any online scams.
Bonuses
It is common for CFD brokers to offer referral scheme rewards, through which users can typically earn around $250 by referring customers who open CFD accounts. The tight regulation in Canada does limit promotions and bonuses that CFD brokers can offer, so be wary of those with deals that seem too good to be true.
Accounts
The best CFD brokers in Canada offer a variety of account types that cater to traders of differing needs. When choosing a platform, be sure to make a thorough comparison to pick the account type best suited to your requirements. Common characteristics that vary are minimum deposits and lot sizes, spreads and available instruments.
Platforms
MetaTrader 4 (MT4), MetaTrader 5 (MT5), and NinjaTrader are the most popular platforms offered by Canadian CFD brokers. Mobile apps and web trader options are also widely available. Different platforms may also be better suited to your needs, depending on your trading style and frequency. Compare features like technical analysis tools and automated trading options when deciding which is the best broker for you.
Mobile Apps
CFD positions are often held over short timeframes, sometimes only a few hours. A mobile app will allow you to take advantage of short-term market fluctuations as you will always have your platform to hand.
The best CFD brokers in Canada have developed their own applications that replicate the functionality of traditional desktop platforms, and most will offer MT4 and MT5 mobile apps that can be downloaded alongside proprietary software.
Tools
Traders should keep an eye out for Canadian CFD brokers that offer a range of advanced tools, such as customizable indicators and algorithmic trading features. These tools will help you improve your investing techniques and understanding of the markets. The top platforms also offer extensive tutorials and educational materials, which are a great way for beginners to improve their strategies.
Customer Support
Should you run into any problems or have an important question, you’ll want to be with a Canadian CFD broker that has active customer support. The best CFD brokers in Canada offer 24/5 live chat as well as email, telephone and fax contact options. User reviews on sites like Trustpilot are a great way to gauge the reputation of a broker’s customer service.
Deposits & Withdrawals
The top CFD brokers in Canada allow users to make payments and deposits through a variety of means. These will typically include credit/debit cards, bank transfers, PayPal and e-wallets like Skrill or Neteller.
Find a platform that allows straightforward withdrawal options, ideally with low fees. The ease with which you can deposit and withdraw will improve your overall experience and lower transfer charges will maximize your profit margins.
Taxes
If you are using a CFD broker in Canada, you may be subject to Canadian tax rules. Depending on how you complete your tax return and other factors, your profits will either come under capital gain tax or business income tax. If you are reporting your profits as business income tax, you will be able to deduct any losses.
Consult a local tax advisor to get tailored information about reporting your profits.
Final Word
As well as offering access to a wide variety of markets and securities, CFD brokers in Canada are highly regulated, which means they are among the safest in the world. The strict regulation affords users impressive protection of up to 1 million CAD. However, you may still be opening yourself up to risks if you intend to use high leverage rates for your strategies.
Each provider will offer different fees, market access, platforms and more, so make a thorough comparison of our list of the best CFD brokers in Canada to find the platform that’s right for you.
FAQs
What Is The Best CFD Broker In Canada?
When choosing the top CFD broker in Canada it is important to consider factors such as fees, market access, customer support and available platforms. We have compiled a list of the best CFD brokers in Canada here.
Is It Legal To Have A CFD Broker In Canada?
Yes, CFD brokers are legal in Canada but they must be registered with the Canadian Investment Regulatory Organization (CIRO). The CIRO has a list of the registered brokers on its website. Alternatively, you can open a CFD account with an offshore platform, though this carries greater risks.
What Are The Advantages Of Having A CFD Broker In Canada?
The regulatory environment in Canada is relatively secure. Clients of CFD brokers in Canada are protected up to 1 million CAD under the Canadian Investor Protection Fund (CIPF). However, strict leverage limitations are in place that may cause difficulties for margin trading strategies.
Do I Pay Tax If I Have A CFD Broker In Canada?
If you make a profit with a CFD broker in Canada, you may have to pay capital gains or business income tax. This must be paid before the end of the tax year on December 31st. You should speak to a local tax advisor for more information.
What Assets Can You Trade With A CFD Broker In Canada?
CFD brokers in Canada offer traders a wide variety of assets to speculate on. These will typically include forex pairs such as USD/CAD and EUR/CAD, cryptocurrencies like Bitcoin, stock indices, commodities, shares and bonds.