Best Brokers Canada

Richard Montana | August 2, 2022

The Toronto Stock Exchange (TSX) is the largest exchange in Canada and one of the top stock exchanges in the world. The exchange is fully electronic with thousands of companies listed valued into the trillions. Whilst there are various exchanges registered in Canada, each one is just a little different and the TSX is the most well-known.

In terms of day trading, Canadian traders don’t have a lot of choice when it comes to choosing a broker. This is because there are certain rules and regulations that limit what the brokers who operate there can provide. The online brokerage industry in Canada is dominated by a few big players. However, if you do your research and shop around, you will find that you can open an account with some of the best trading brokers. Luckily, you have come to the right place as we have already done all of the hard work for you.

Here you will find the best Canadian brokers according to the many hours of research, testing, analysis and comparison that we have conducted across hundreds of brokers. By having all of the best brokers listed in one place, we aim to make it quick and easy for you to identify the best broker in Canada according to your own individual needs.

Top 10 Brokers Canada

In order to be included within our best brokers in Canada list, the broker should be regulated and offer top trading conditions, including tight spreads, low fees, lots of liquidity and rapid execution speeds. They should have a choice of easy to use yet powerful trading platforms and trading apps along with a wide selection of quality trading tools for comprehensive market analysis and to assist you with your daily trading activities.

Other factors that we consider to be important when choosing the best Canadian broker include the variety of account types, funding options provided, reputation within the industry, customer support and range of financial instruments available to trade online. We also like to see enough educational resources provided to help beginners learn more about trading and investing online.

That being said, we have chosen these as the best brokers for Canadians as they meet our criteria and are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). They have passed our strict broker reviews with flying colours and been awarded a top broker rating for the excellent range of trading and investing services that they provide.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

Min $100 Deposit

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

CFTC, NFA

Min $0 Deposit

1996

1:200

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.
3.

ASIC, FCA, IIROC, NBRB

Min $100 Deposit

2013

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CIMA, CFTC, FCA, FSA, IIROC, JFSA, NFA, SFC

Min $100 Deposit

2001

1:50

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, FCA, FMA, IIROC, MAS

Min $1 Deposit

1989

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
6.

ASIC, CFTC, FCA, IIROC, NFA, SFC

Min $1 Deposit

1978

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
7.

IIROC

Min $1 Deposit

1984

N/A

Trading complex instruments can come with a high risk.
8.

IIROC

Min $1,000 Deposit

1999

N/A

Trading involves financial risk and may not be appropriate for all investors.
9.

IIROC

Min $1 Deposit

2000

N/A

All investments involve risk, including loss of principal. Past performance does not guarantee future results.
10.

CIPC, FINTRAC, IIROC

Min $0 Deposit

2014

N/A

All investments involve risk, including loss of principal. Past performance does not guarantee future results.

AvaTrade

AvaTrade is a globally licensed and regulated online trading broker that offers its services in Canada through Friedberg Direct. This is a reputable Toronto-based firm that ensures all AvaTrade accounts comply with Canadian regulations.

Friedberg Direct powered by AvaTrade technology provides access to AvaTrade’s multiple trading platforms, on-the-go trading with the innovative AvaTradeGO mobile app, and dedicated 24/5 live technical support staff in 15 languages. They have solutions for manual, automated and social trading.

Opening an account with Friedberg Direct is intended to be client-friendly, simple and clients can start trading almost immediately. Friedberg Direct customer accounts are protected by the Canadian Investor Protection Fund within specified limits.

The addition of this exciting collaboration enables Canadian traders to access AvaTrade’s state-of-the-art technology on a wide array of CFDs, including metals and other commodities, stock trading, indices, currency pairs, single and large cap stocks, as well as US, Japanese and European and government bonds/treasuries and vanilla options on forex pairs. Traders also have the opportunity to trade with fixed or floating spreads and leverage.

Friedberg Direct and AvaTrade aim to provide Canadians with easy access to the financial markets and further ensure secure trading with advanced encryption technology.

Pros
  • Wide range of financial instruments offered
  • Great choice of intuitive trading platforms
  • Very competitive trading conditions
  • Innovative risk management tools
  • No deposit fees or withdrawal fees
  • Strong regulatory framework
  • Social platforms and copy trading
  • Free demo accounts
Cons
  • Inactivity fees
  • Could add some more instruments
  • Not the tightest spreads

OANDA

OANDA has built up a stellar reputation for their award-winning platforms, innovative trading education and transparent pricing. They offer a wide range of global CFD trading instruments, including indices, forex, commodities, metals and bonds. The innovative OANDA Trade platform can be accessed from your desktop, browser and mobile devices for trading whilst on the go. You can also take a position via the popular MetaTrader platforms that are packed with powerful trading tools for manual and automated trading.

For professional traders, they have powerful API technology lets you integrate your strategy with trading applications or build your own custom user interfaces. You can also create and test your own automated trading strategies using the brokers APIs. The account opening process is quick and easy whilst the customer support is excellent.

Pros
  • Powerful, versatile and easy to use trading platforms
  • Wide range of financial instruments across various asset classes
  • Some of the best trading conditions in the industry
  • No minimum deposit required to get started
  • FIX API connectivity
  • Easy and fully digital account opening
  • Free demo trading accounts
Cons
  • Inactivity fees
  • Products may be limited depending on your location
  • Average spreads
  • Could add some more educational videos

Fortrade

Fortrade was established in 2013 and has grown rapidly to become a leading provider of online trading solutions for individual and institutional clients. Based in the UK but also regulated to provide brokering services in Canada, Fortrade specialises in the development of trading platforms that are both technologically advanced and user-friendly.

The Fortrade trading platform offers a wide range of trading instruments covering more than 50 currencies and cryptocurrencies, nearly 250 stock CFDs, as well as dozens of indices and commodities. There is something for everyone to trade, regardless of your interests.

There main priority is to provide you with a reliable and rewarding trading environment that offers optimal conditions for increasing your trade possibilities. I think they have good conditions overall and are suitable for beginners because there is plenty of educational content available and free demo accounts.

Pros
  • Versatile trading platforms for all of your devices
  • Very competitive trading conditions
  • Quick and easy account funding options
  • Excellent range of educational content
  • Powerful tools for complex market analysis
  • Professional market news and insights
  • Free demo trading accounts
Cons
  • Could add some more non-fx instruments
  • Minimum $100 deposit is not the lowest
  • Do not provide 24/7 support
  • Inactivity fees

Forex.com

Forex.com offers a good range of forex currency pairs to trade on intuitive trading platforms for desktop, web and mobile devices. They provide you with lots of powerful tools to help you with your market analysis including professional charting and analysis software that can find customised trading signals.

If you are a beginner you can peruse a great collection of educational content and give them a try with the option of a free demo account. They are considered one of the best forex brokers and also have a generous selection of other financial instruments including stocks, indices and commodities. City Index are another trading broker under the same umbrella which further emphasises the stature of the company.

Pros
  • Great selection of currency pairs
  • Low forex trading fees
  • Robust market research and analysis tools
  • Versatile trading platforms and apps
  • Free demo trading accounts
Cons
  • Minimum $100 deposit
  • Inactivity fees
  • Limited funding methods

CMC Markets

Founded in the UK in 1989, CMC Markets has since evolved into a global leader in online trading, offering retail access to contract for differences (CFDs), equities, foreign exchange, commodities, indices and treasuries. They can provide you with the complete trading package, including industry leading trading platforms, powerful tools, useful market commentary and flexible trading conditions for all types of trading strategy.

Canadian traders can access competitive pricing on thousands of instruments with CMC Markets. You can keep your trading costs down with competitive spreads, decent commissions and low margins. They also have a global team of experts who have developed in-depth education material, ranging from weekly economic outlooks to trading skills webinars.

Pros
  • Trade 5000+ US & Canadian Shares with no commission
  • Powerful Next Generation Platform
  • Nice selection of advanced research tools
  • Educational resources for beginners
  • Very competitive CFD trading conditions
  • No minimum deposit
  • Award-winning support, 24/5
  • Free demo accounts
Cons
  • Not the cheapest stock CFD fees
  • Not the lowest spreads
  • No MetaTrader 5 platforms
  • Limited funding options
  • No 24/7 support

Interactive Brokers

Interactive Brokers provide leading online trading solutions for traders, investors and advisors, with direct global access to stocks, options, futures, currencies, bonds and funds.

Pros
  • Trading on cutting edge platforms across multiple devices
  • Access 90+ stock exchanges in the US, Canada, Europe and Asia
  • $0 commissions and low-cost investing options
  • Excellent range of high-quality trading tools are provided
  • Research and analysis from reputable third-party firms
  • Comprehensive trader education including a dedicated traders academy
  • Practice trading with virtual funds in a simulated environment
  • Wide range of available account types
  • 24/5 customer support
Cons
  • Limited payment options
  • Customer support response time
  • Prolonged account opening process
  • Inactivity fees apply
  • May be overwhelming for the absolute beginner
  • The pricing schedule is quite complex

TD Direct Investing

TD Direct Investing is a Canadian brokerage offering powerful and versatile platforms for traders and investors to access various markets along with a good variety of educational materials.

Pros
  • Professional platforms that are packed with excellent tools
  • Good range of instruments for investing and trading
  • Learning centre with lots of educational content
  • Detailed market research to help inspire ideas
  • Fast and easy account opening process
  • Minimum deposit is just $1
  • Good customer service
Cons
  • Do not provide forex or cryptos
  • Wire transfer funding only
  • Not the cheapest fees compared to some brokers

Questrade

Questrade serves Canadian investors with a good range of financial products alongside flexible platforms and account types. You can choose between self-directed investing or get a pre-built portfolio to help you achieve your financial goals.

Pros
  • Good range of trading products
  • Self-directed investing and pre-built portfolios
  • Fewer fees and transparent pricing
  • Low commissions
  • Buy ETFs commission free
  • Free to transfer your account
  • No account opening fees
  • No inactivity fees
Cons
  • Minimum of $1,000 to start investing
  • Limited payment methods
  • Inactivity fees

Qtrade

Qtrade deliver the right tools and educational resources to anyone wanting to take control of their investments. The platform and accompanying client support empower traders and investors to make informed decisions based on in-depth market research and analysis.

Pros
  • Easy to use and informative trading platform
  • Great range of financial instruments across different asset classes
  • Competitive trading conditions including reasonable fees
  • Excellent selection of market research tools for analysis
  • Learning materials to educate beginners
  • Dedicated customer support team to help you
  • Low minimum deposit to get started
  • Free 30-day trial
Cons
  • Limited account funding options
  • Options fees are quite high
  • Margin rates are average
  • Inactivity fees apply

Wealthsimple

Wealthsimple provide modern ways to invest, trade, save, spend and file your taxes. They have a range of smart financial tools and expert advice to help you do more with your money.

Pros
  • Good range of modern and intuitive apps for managing your funds
  • Generous selection of Stocks, ETFs and Cryptos
  • Free portfolio analysis with access to professional advisors for bespoke advice
  • Socially responsible investment options
  • No account minimums required
  • No additional fees
Cons
  • Quite high account management fees
  • Limited tools for detailed market analysis
  • Could offer more account funding options
  • Stocks, ETFs and Cryptos only

Choosing a Canadian Broker

The largest and most widely held companies in the country are listed on the TSX and come from various economic sectors including finance, energy, technology, real estate, mining, oil and gas and retail. The TSX isn’t limited to trading shares. ETFs, income trusts and closed-end funds and structured notes are also listed on the exchange.

The most important factor for us to consider when choosing the best Canadian brokers was that the brokers are regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC) to provide online trading services to traders in Canada. We then conducted many hours of thorough research and analysis into the quality of the brokers services. From there, we were able to collate what we consider to be amongst the most important factors to consider when choosing the best brokers and allocated them an unbiased broker rating based on our findings.

Regulation

We believe that it is of upmost importance that a broker providing services to traders in Canada is regulated and authorised to provide such services. Using a regulated broker helps to give traders peace of mind that they are using a broker which is subject to strict rules and regulations put in place to help protect investors. It is worth mentioning that there are some non-Canadian forex brokers that still solicit clients located within Canada. There are also Canadian brokers who offer online trading services to clients located in some countries outside of the Canada. In this instance, it would be a considered a wise idea to ensure that the broker in question has the relevant regulation within the jurisdiction that they operate from.

If a broker is licensed and regulated, they should be provided with a registration number as proof that they are registered. This number is usually located on the brokers website, near the footer where they state who they are regulated by. You should check on the relevant regulators website to validate the current status of the broker registration to ensure that it is valid and up to date. It has been known for some scam brokers to fake regulation, some even going as far to clone another brokers website. When you are looking up the registration number, you should find details of the broker including their website, contact details and if they have any cases brought against them.

Investment Industry Regulatory Organization of Canada (IIROC)

The Investment Industry Regulatory Organization of Canada is the national self-regulatory organisation which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. IIROC was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc. (RS).

IIROC operates under Recognition Orders from the Canadian Securities Administrators (CSA), which is the umbrella for Canada’s provincial and territorial securities regulators. IIROC is subject to CSA oversight and regular operational reviews. The organisation sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and registered representatives.

Trading Platforms

The best Canadian brokers should have a variety of different trading platforms for multiple devices including desktop, web and mobile trading apps. The brokers trading platforms should be user friendly, with plenty of trading tools and advanced functionality for all types of trading strategies.

Trading Instruments

The brokers should provide Canadian traders with a wide range of trading instruments across multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs and Futures. The more choice that the broker has, the easier it would be to expand your portfolio in the future, should you wish to do so.

Spreads

When you place a trade position with a broker, you will usually need to pay the spread which is the difference between the bid and ask prices at the time of executing your order. In general, the lower the spreads, the cheaper the trading costs can be and the better the prices you may have your trade executed at. Although, this can also be dependent on other factors such as the brokers liquidity, slippage and execution model.

Commission

Many Canadian brokers will charge a small commission fee for each trade that you place with them. The lower the commission fee per trade, the lower your overall trading costs can be in the long term. Some trading strategies actually depend on low commissions. Thus, the best Canadian brokers should have the most competitive commissions.

Fees

In addition to the spreads and commissions that brokers may charge, there can be additional fees. These include overnight swap fees, funding fees, platform fees, trading tool fees, educational resource fees, etc. Any other fees charged by the broker should be competitive and transparent to the trader. If you are looking to save as much as possible on your trading costs, you can take a look at our best discount brokers.

Execution Speeds

The execution speed can determine the price your order will be executed at. Instant execution should mean that the order is placed as close to your desired price as possible. The best Canadian brokers should have rapid execution speeds with minimal slippage so that traders get the best available prices more often than not. Some trading strategies such as scalping are dependent on reliable execution speeds.

Liquidity Providers

The best brokers in Canada should have top liquidity providers (LPs) with deep liquidity pools so that they can offer competitive bid/ask prices along with reliable trade execution speeds.

Trading Tools

Whilst the trading platforms offered by brokers will usually have more than enough trading tools for the average trader, there are some brokers who offer additional trading tools such as economic calendars, trading calculators, market analysis, trading signals and more. The best brokers in Canada will usually offer some additional trading tools to support traders with their daily trading activities.

Educational Resources

Educational resources can help traders to improve their trading skills and knowledge. They also encourage informed trading. The best brokers will usually offer clients a range of free educational materials such as tutorial videos, trading guides, eBooks, trading glossary, FAQs, webinars and seminars. If you are new to trading and need as much guidance as possible, you might want to explore our best brokers for beginners.

Account Types

Trading brokers can have a variety of different account types that are designed to cater to the differing needs of clients. The accounts can vary according to the minimum deposit required, leverage offered, execution type, spreads, commissions, instruments, additional services and more.

The best Canadian brokers should have a selection of account types for different experience levels and trading strategies. Demo accounts can be useful to practice trading online with virtual funds whilst Islamic accounts that comply with Sharia law support Muslim traders.

Account Funding Options

In order to trade online, you will need to be able to deposit and withdraw funds to and from your trading broker account. Brokers can offer a range of different account deposit and withdrawal methods. This will often include bank transfers, credit/debit card and online payment processors such as Skrill, Neteller and PayPal. The best brokers in Canada should have a variety of convenient funding options. It is worth considering the time taken and any fees involved for processing funds.

Customer Support

Most Canadian brokers can be reached via telephone, email and live chat. It is worth ensuring that the broker can be reached in a way that is convenient for your needs. The brokers customer support team should be prompt, polite and efficient in their responses to all clients general and technical questions. You may wish to consider if there is any different between your time zone and the brokers support hours, as this could have an impact on response times.

Conclusion

Whilst this article covers what we consider to be amongst the most important things to consider when choosing a broker in Canada, it can differ depending on your individual preferences. Thus, it is important that you choose a broker that meets your needs and use this information only for educational purposes and not as advice. Take your time to research brokers and conduct your own due diligence. You can even test a broker with a free demo account to see if they are suitable before making a commitment. Please feel free to use our broker comparison tool if you are looking for some further inspiration to help you choose a broker.

About the Author

Avatar photo

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.