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