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Toronto Stock Exchange

TSX brokers provide a gateway to trade on the Toronto Stock Exchange. It is the eighth largest stock exchange in the world in terms of market capitalization and one of the biggest in North America. The Toronto Stock Exchange is listed under the name TSX and is part of the TMX Group. Read on for a brief history of the TSX, key information such as opening hours and some ideas and tips to start investing on the Toronto Stock Exchange. We also rank the best brokers with access to the Toronto Stock Exchange in 2024.

Top Toronto Stock Exchange Brokers

These are the 5 best brokers for trading on the Toronto Stock Exchange:

  1. AvaTrade
  2. Pepperstone
  3. Eightcap
  4. IG
  5. Fusion Markets

#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)

Stock Exchanges

AvaTrade offers trading on 15 stock exchanges:

  • Australian Securities Exchange (ASX)
  • Borsa Italiana
  • Deutsche Boerse
  • Euronext
  • Hang Seng
  • IBEX 35
  • Japan Exchange Group
  • London Stock Exchange
  • Nasdaq
  • Russell 2000
  • SIX Swiss Exchange
  • Shanghai Stock Exchange
  • Shenzhen Stock Exchange
  • Taiwan Stock Exchange
  • Toronto Stock Exchange

Pros

  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

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 is no ECN account with raw spreads
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
Visit AvaTrade

#2 - 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)

Stock Exchanges

Pepperstone offers trading on 22 stock exchanges:

  • Australian Securities Exchange (ASX)
  • CAC 40 Index France
  • DAX GER 40 Index
  • Deutsche Boerse
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • Hong Kong Stock Exchange
  • IBEX 35
  • Japan Exchange Group
  • Korean Stock Exchange
  • London Stock Exchange
  • Nasdaq
  • New York Stock Exchange
  • Russell 2000
  • S&P 500
  • SIX Swiss Exchange
  • Shanghai Stock Exchange
  • Shenzhen Stock Exchange
  • Taiwan Stock Exchange
  • Toronto Stock Exchange

Pros

  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day 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.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • 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.
Visit Pepperstone

#3 - 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

Stock Exchanges

Eightcap offers trading on 16 stock exchanges:

  • Australian Securities Exchange (ASX)
  • CAC 40 Index France
  • DAX GER 40 Index
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • Hong Kong Stock Exchange
  • Japan Exchange Group
  • London Stock Exchange
  • Nasdaq
  • New York Stock Exchange
  • Russell 2000
  • S&P 500
  • SIX Swiss Exchange
  • Toronto Stock Exchange

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.
  • 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.
  • 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

  • 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.
  • 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.
Visit Eightcap

#4 - IG

Why We Chose IG

Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

- 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: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

Stock Exchanges

IG offers trading on 20 stock exchanges:

  • Australian Securities Exchange (ASX)
  • Bombay Stock Exchange
  • Borsa Italiana
  • Deutsche Boerse
  • Dow Jones
  • Euronext
  • Hong Kong Stock Exchange
  • IBEX 35
  • Japan Exchange Group
  • Korean Stock Exchange
  • London Stock Exchange
  • National Stock Exchange Of India
  • Russell 2000
  • S&P 500
  • SIX Swiss Exchange
  • Shanghai Stock Exchange
  • Shenzhen Stock Exchange
  • Tadawul
  • Taiwan Stock Exchange
  • Toronto Stock Exchange

Pros

  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award

Cons

  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
Visit IG

#5 - Fusion Markets

Why We Chose Fusion Markets

Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.

"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."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: ASIC, VFSC, FSA
  • Platforms: MT4, MT5, cTrader, TradingView, DupliTrade
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:500

Stock Exchanges

Fusion Markets offers trading on 14 stock exchanges:

  • Australian Securities Exchange (ASX)
  • CAC 40 Index France
  • DAX GER 40 Index
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • IBEX 35
  • Japan Exchange Group
  • London Metal Exchange
  • Nasdaq
  • New York Stock Exchange
  • S&P 500
  • Toronto Stock Exchange

Pros

  • Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
  • 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 range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.

Cons

  • Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
  • The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
  • Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
Visit Fusion Markets

How To Compare TSX Brokers

So how can you get started? You will first need to find brokers that support trading on the TSX. You will also need brokers that offer all the tools, instruments and support needed to execute your strategy. If you are investing from outside of Canada, there are some extra considerations when comparing TSX brokers.

All TSX investment activities happen online. You can find companies that work directly with the TSX by looking at the official website, where you can identify registration numbers. If you cannot find your TSX broker of choice, do not panic, many brokerages around the world allow you to trade on the TSX.

Here are the key things to consider when comparing Toronto Stock Exchange brokers:

History

The Toronto Stock Exchange was officially created in the mid-1800s and incorporated in 1878 under the name Toronto Stock Exchange or TSE. Besides a three-month break during World War I, it has operated continuously since then. The Toronto Stock Exchange abandoned its trading floor in 1997, becoming a platform for electronic investing. In 2002, the abbreviation TSE was changed to TSX, as it remains today.

On the TSX centre, you can trade shares of listed companies and derivative products like options or futures. The section of the TSX that deals with smaller stocks is called TSX Venture and operates similarly to the Toronto Stock Exchange.

Recently, the TSX group has launched TSX Alpha, which works with fixed-income products like treasury and corporate bonds and acts as an alternative trading system.

Companies Listed On The TSX

Canadian stocks have a market capitalization of about USD 3.16 trillion, which accounts for 4% of the world’s market capitalization. In 2020, there were over 1,500 companies issuing shares on the TSX, many focusing on energy, materials and financial services. These include Suncor, an oil refinery that manages pipelines across the world, Barrick Gold, one of the world’s largest gold mining companies, and the Royal Bank of Canada. You can look up the symbols for each company at TSX brokers.

On the Toronto Stock Exchange, you can trade stocks for companies known around the world, like Blackberry, as well as small-cap stocks via the TSX Venture. You can also invest in bonds, exchange-traded funds (ETFs) and commodities. Check whether TSX brokers offer your instrument of choice before opening a live account.

When investing in TSX products, the tick size increment is measured in Canadian dollars (CAD) or cents. Stocks generally trade in one-cent tick size increments, while currencies have tick sizes in pips. The board lot sizes for TSX and TSX Venture are 100 for stocks priced at $1.00 and over, 500 for stocks priced at $0.10 to $0.99, and 1,000 for stocks priced under $0.10

TSX Opening Hours

TSX opening hours for 2024 are similar to other stock exchanges. The exchange is open for continuous trading from 09:30 to 16:00 Eastern Time (this corresponds to 07:30-14:00 in Mountain Time, 06:30 – 13:00 PST or 21:30 – 04:00 in Asian trading hours).

The TSX has a premarket investing period (early trading) from 07:00 – 09:30 ET, where orders can be entered but will not be executed until the market opens. You can also trade after hours (extended trading) on the Toronto Stock Exchange in the last session between 16:15 and 17:00 ET, though liquidity will be limited and prices will be less transparent. You can check the TSX website for after-hour quotes. Note, not all TSX brokers will offer this.

The TSX opening hours apply to all assets, including futures, stocks like BB and indices like the S&P. TSX Venture has the same market hours as TSX. However, TSX Alpha opening hours are slightly different – you can trade continuously from 08:00 to 17:00 ET, with an aftermarket session from 17:00 – 17:30 ET.

TSX Holidays

All three parts of the stock exchange close on weekends and some Canadian and US national holidays. The TSX market opening hours are reduced on Christmas Eve (24/12), closing at 13:00 ET, but remain unchanged on New Year’s Eve (31/12). Non-trading days on TSX include the Canadian and US Thanksgiving days and Canada Day.

If you are unsure or want to ask “is the TSX trading on Monday”, for example, check the Toronto Stock Exchange market opening schedule and calendar for more info on 2024 operating days, key dates and to see if TSX and other exchanges in the TMX group are trading today. TSX brokers will also reflect market closure dates, including public holidays, within their calendars.

TMX Halts

TMX sometimes implements short pauses, with each known as a trading halt or suspension. These can happen for the whole market or just particular stocks and can affect the TSX, TSX Venture or both. The Toronto Stock Exchange implements investment halts when important news that could significantly alter prices are about to be released to the public, giving investors time to reflect before executing any positions. This will be reflected across all TSX brokers.

The TSX trading halt rules also state that a stock can be suspended if there are fast unexplained fluctuations in price. If trading on the TSX is stopped or halted today, you will receive a notification via your broker before it starts and another before the halt has ended. Very rarely, TMX exchanges will close trading early due to technical problems.

Understanding The Market

To maximize your profits, it is important to track the evolution of TSX stocks. Consider looking at the following:

Strategies

These are some examples of strategies you can use at TSX brokers:

Day Trading

Day trading involves opening and closing positions within the same day. You must keep in mind the TSX market opening hours, including early and extended sessions. Note that there is a rule in the US that requires you to have a balance of at least $25,000 for what they call ‘pattern trading’. There is no minimum in Canada but, if you are investing on the TSX from the US or with US stocks, this may be required. The best stocks for day trading on the TSX are those that have strong daily price fluctuations.

Swing Trading

In swing trading, you hold a position for days or weeks until the trend changes and you reverse your position. This style is often based on technical analysis, so ensure you find TSX brokers with a wide range of tools. The best stocks for swing trading on the TSX will present medium-term trends.

News Trading

News announcements can strongly influence price movements on the Toronto Stock Exchange. Stay tuned into the news by looking at economic calendars and getting live notifications from TSX brokers so you can make a move before the rest of the market does.

Auto Investing

You can use bots or algorithmic software to trade automatically at brokers with access to the TSX. These programs will execute trades according to rules you have defined, allowing you to profit from market movements even when you are not looking, though be sure you manage your risk accordingly.

Using TSX Brokers Abroad

Trading on the TSX is carried out in the local currency, the Canadian Dollar (CAD). If you are investing with TSX brokers from abroad, you may need to convert your currency to Canadian Dollars before you begin, which might entail a conversion fee.

The best TSX brokers will provide competitive exchange rate fees, or provide this service free of charge for all international traders.

There is one exception to this: interlisted stocks. These are listed both on the TSX trading centre and a US-based exchange, like NASDAQ. The major advantage of interlisted stocks is that they can be bought with US Dollars. Over 180 TSX stocks can be traded in USD and over 75% of the S&P/TSX 60 stocks are interlisted.

Final Word On TSX Brokers

The Toronto Stock Exchange has some exciting companies and a solid performance record. You can trade the TSX from most North American brokerages, so compare TSX brokers thoroughly in terms of platforms, fees and other factors to find the best one for you. Remember to check the TSX opening hours and holidays, including how they convert to your time zone, and watch out for any investing halts. A solid strategy and robust risk mitigation steps are key to profitability when investing on the Toronto Stock Exchange.

If you are keen to get started, check out our recommended list of top TSX brokers.

FAQs

Is It A Good Idea To Trade On The Toronto Stock Exchange?

The Toronto Stock Exchange (TSX) trading centre is the eighth largest stock exchange in the world and one of the biggest in terms of mining and energy companies. It has a solid performance record and list well-known companies, both of which make it a good exchange to trade via online TSX brokers. You will need to trade with Canadian Dollars, which may require conversion fees, but you can also trade interlisted stocks in USD. Look out for brokers with access to the Toronto Stock Exchange that offer cheap or free currency conversion fees.

What Are The Best Stocks To Trade At TSX Brokers?

Some well-known companies are listed on the TSX, including Blackberry, Suncor, Barrick Gold and the Royal Bank of Canada. The best stocks to trade via TSX brokers will depend on your strategy – you might want to consider day, swing or penny stock trading.

Which Are The Best TSX Brokers?

Many Canadian and international brokers allow you to trade on the Toronto Stock Exchange but you will need to do some research to find the one that is best for you. Compare each broker’s fees, platforms and assets to make sense of the competition. Interactive Brokers and AvaTrade are some of the best-rated stockbrokers in Canada.

What Are The TSX Market Opening Hours?

The TSX is open for trading from 09:30 to 16:00 Eastern Time every day, except weekends and holidays. Early hours investing is allowed from 07:00 – 09:30 ET and extended trading occurs between 16:15 and 17:00 ET. Check your broker’s published calendar including market closures and upcoming public holiday dates.

Can I Trade On TSX Using USD?

The only valid currency on the TSX trading centre is the Canadian Dollar. However, some stocks on the TSX are interlisted, which means they are also available on a US exchange and can be traded with USD. TSX brokers may permit free currency conversions if you are an international day trader.

Can I Access TSX Reports?

Yes – the Toronto Stock Exchange publishes daily reports, statistics and data with the latest information about the market. You can also access insider reports through the exchange. The best TSX brokers will provide key financial metrics and exchange updates too.

Where Can I Find Out More About TSX Trading?

The exchange’s official website offers a wealth of information on all things TSX. Here, you can find out about insider and NCIB rules, daily trading volume and alternative trading systems. You can also login to the TMX simulator.