Best Stock Brokers in Canada for 2021

Stock Brokers in Canada 2021
Based on 155,359 user reviews, more than 150 hours of research, and countless tests of stock brokers and platforms, we’ve created a complete trading guide to Canada. You can find the list of the best stock brokers and platforms below.

Our List of the Best Stock Brokers & Platforms in Canada:

Which is the Best Stock Broker in Canada? 

QTrade Investor
What we like

Huge selection of securities

Have won multiple awards over the years

What we don't like

Only available to Canadian customers

Complicated pricing system

Huge selection of securities

Have won multiple awards over the years

Only available to Canadian customers

Complicated pricing system

Features

Fees: Commission and fees (first 100 ETFs are commission-free)
Demo account: No
Min deposit: N/A
Assets: US, Canadian, and international securities
License: IIROC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 4.5/5
star-full star-full star-full star-empty star-empty

319 users gave the score of 3.14/5

QTrade Investor is an award-winning local stock broker in Canada. The broker has several times been crowned as the best brokerage in Canada by The Globe and Mail.

We consider QTrade Investor the best stock broker based on positive user feedback and our tests. Our research shows that the broker has all the needed securities to trade, including stocks, options, Canadian mutual funds, and more. Moreover, the broker has an easy-to-use trading platform with powerful tools.

Please note that even though QTrade Investor has quite competitive commissions, the broker’s non-trading fees are high.

Which is the Best Share and Stock Trading Platform in Canada? 

Interactive Brokers
What we like

One of the biggest online brokers in North America

Top-shelf trading software for all customers

What we don't like

Long processing time for withdrawls

High commission for small positions

One of the biggest online brokers in North America

Top-shelf trading software for all customers

Long processing time for withdrawls

High commission for small positions

Features

Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 5/5
star-full star-full star-full star-full star-empty

9,873 users gave the score of 3.82/5

Interactive Brokers (IBKR) has been the leading share and stock trading platform in Canada for more than 20 years. We consider IBKR the best share and stock trading platform as it has a great selection of stocks, options, bonds, forex pairs, and more.

The American-based broker provides traders with their easy-to-use platform, useful features, and a vast selection of trading tools. Besides, IBKR is considered absolutely safe, as it is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Unfortunately, during our research, we did come across users who were not satisfied with the customer support.

Which is the Cheapest Virtual Trading Platform in Canada? 

CMC Markets

CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.

A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

Complicated registration

High spread on stocks

Fees on many transactions

Huge selection of assets

Well-established broker

Top-notch trading platform

Complicated registration

High spread on stocks

Fees on many transactions

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

5 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

3,554 users gave the score of 4.1/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

CMC Markets is one of the first virtual trading platforms that has been operating for more than 30 years on the trading market. CMC Markets can boast with the absence of a minimum deposit, and they have no fees for most withdrawals.

If you want to use CMC Markets for free, you can open a demo account. This provides a great chance to test the platform, without the risk of losing anything, as you trade with virtual funds. It is also useful for novice traders as they can try their hand at trading and check if the broker suits their requirements.

When you use Paypal with CMC Markets, you can fund in real-time and withdrawals from your CFD stock trading account.

Moreover, CMC Markets has more than 10,000 financial instruments, 12 charts, and hundreds of drawing tools. It’s a great and cheap virtual trading platform that perfectly suits both beginners and experienced traders.

Which is the Most Popular Online Stock Broker in Canada? 

TD Direct Investing
What we like

More than 30 years of experience in Canada

Closely connected to TD Bank and TD Ameritrade

What we don't like

Only for Canadians

High commission

More than 30 years of experience in Canada

Closely connected to TD Bank and TD Ameritrade

Only for Canadians

High commission

Features

Fees: Commission and non-trading fees
Demo account: No
Min deposit: N/A
Assets: A mix of domestic and international securities
License: IIROC

star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 4.5/5
star-full star-full star-full star-full star-empty

153,240 users gave the score of 3.8/5

After hours of researching and testing different stock brokers, we can ensure you that TD Direct Investing is the most popular online stock broker among Canadian users. TD Direct Investing is TD Bank’s (one of Canada’s five largest banks) DIY investing platform.

The secret behind TD Direct Investing’s popularity is its feature-packed investing platforms, with advanced trading tools and a wide variety of securities. This, in turn, gives TD an advantage over other brokers.

Take into account that TD Direct Investing has quite high commissions and non-trading fees.

Which is the Best Stock Broker for Beginners in Canada? 

Oanda

Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.

What we like

Their unparalleled global reach

5 different platforms

What we don't like

High fees and commission

A limited selection of assets in some jurisdictions

Their unparalleled global reach

5 different platforms

High fees and commission

A limited selection of assets in some jurisdictions

Features

Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 3.7/5
star-full star-full star-full star-half star-empty

17,437 users gave the score of 3.56/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

In our opinion, Oanda is the best stock broker for beginners in Canada. The broker has a free demo account you can use to study the trading market. You can’t make any profit with a demo account, but it is useful for beginners to develop their trading skills and not lose anything while trading with virtual funds.

Moreover, the broker has a great selection of educational materials for traders, who can choose suitable resources: webinars, books, videos, or even written materials. It’s an excellent opportunity for beginners to develop their skills and never stand still.

Oanda also has a clear design and user-friendly platform, so it’s easy to familiarise yourself with it and start trading.

Which is the Best CFD Stock Broker in Canada? 

CMC Markets

CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.

A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

Complicated registration

High spread on stocks

Fees on many transactions

Huge selection of assets

Well-established broker

Top-notch trading platform

Complicated registration

High spread on stocks

Fees on many transactions

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

5 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

3,554 users gave the score of 4.1/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

CMC Markets is considered the best well-established CFD stock broker for users with different skill levels.

CMC Markets has about 10 thousand CFDs on offer. CMC also has price projection and pattern recognition tools, making its platform convenient for analysing the market. Besides, if you get tired of trading stocks, you can easily choose another market that CMC Markets supports.

You should pay attention to the fact that CMC Markets has quite high spreads on stocks and charges commissions on share CFDs.

Which is the Best Free Stock Trading Platform in Canada? 

Interactive Brokers
What we like

One of the biggest online brokers in North America

Top-shelf trading software for all customers

What we don't like

Long processing time for withdrawls

High commission for small positions

One of the biggest online brokers in North America

Top-shelf trading software for all customers

Long processing time for withdrawls

High commission for small positions

Features

Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 5/5
star-full star-full star-full star-full star-empty

9,873 users gave the score of 3.82/5

Interactive Brokers is the best stock trading platform in Canada for experienced users. It offers a large variety of instruments to trade, which ensures more exciting opportunities.

If you want to trade using IBKR for free, choose their free trial account. It’s the best way to familiarise yourself with trading, without the risk of losing money, as you trade with virtual funds. You can’t make a profit with the IBKR trial version, but it’s a great opportunity to compare their commissions, margins, and low financing charges with the other brokers.

Unfortunately, IBKR has a long processing time for withdrawals.

Guide for Traders in Canada  

The main thing traders need to consider before they start trading is the broker’s license and Canadian trading regulations.

The Canadian market is considered one of the safest in the West due to its strict trading regulations. It also means that it’s much harder for a broker to get a license.

Canada’s main regulatory bodies are the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA). IIROC is responsible for regulating the investment and trading market around the country, and CSA controls the order on the Canadian trading market in the provinces, protecting investors and enforcing securities law.

It is important to know that every province has its own regulators. For example, if a resident of Ontario wants to start trading, they need to contact their local securities regulator – Ontario Securities Commission(OSC). They will then give them all the information about the taxes and trading regulations in their province.

How to Choose the Best Stock Broker

suitable trading platforms  tests and reviews of trading platformslicense of trading platforms

As mentioned above, safety is the most crucial factor you need to consider when choosing a stock broker. But there are other important points to take into consideration:

trading platforms 2021

1. Suitable Platform

Of course, when choosing the trading platform, you need to ensure that it allows you to develop your skills. Different educational materials and a variety of tools and instruments allow you to develop your skills and improve your strategies.

Reviews of trading platforms 2021

2. Tests and Reviews

We advise traders to consider experts’ recommendations in the financial sector, such as our team of experts. We deeply analyse every detail, spending countless hours checking and testing each trading platform.

license of trading platforms in canada

3. License

Before registering an account on the broker’s platform, ensure that they have a license. Each broker should have a license and be regulated by IIROC and CSA to operate legally in Canada.

All the brokers we’ve mentioned above are licensed and safe to use.

FAQs

best stock brokers in canada

Is stock trading legal in Canada?

Stock trading is completely legal in Canada. Make sure you choose a licensed broker, which is regulated by IIROC and CSA. Also, you need to study Canadian trading law to ensure your safety carefully.

How do I start investing in Canada?

To start investing, you need to:

  1. Find a reliable broker
  2. Register an account
  3. Deposit money
  4. Study investments
  5. Start investing

Be sure that you have extra money to invest as about 80% of retail investor accounts lose money when trading.

How can I buy stocks in Canada?

The best way to buy stocks in Canada is through a reliable online stock broker. All you need is to:

  • Open an online brokerage account
  • Choose an investment account
  • Analyse stocks
  • Set up a deposit schedule
  • Fund your account
  • Buy stocks

Carefully check every detail and each instrument before buying stocks.

How do day traders pay taxes in Canada?

Day traders and long-term investors are taxed differently in Canada. A day trading profit is considered a regular business income, which means traders should pay their income’s current tax rate. A long-term investors’ profit is considered as capital gains. The tax rates in Canada depend on the province you live in.

How much money do you need to day trade in Canada?

There is no required minimum to day trade in Canada. Everything depends on your trading strategy. You can start trading with both $100 and $1000.

Can foreigners buy stocks in Canada?

Foreigners can easily buy Canadian stocks: all you need is to choose a licensed stock broker in your country. You can also use Canadian brokers to buy stocks in Canada.

Conclusion

We know how important it is to choose the right and reliable stock broker, so we’ve carefully checked all the above-mentioned trading platforms. We hope this guide is useful for you and we are sure each of them deserves your attention.

Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to respond as soon as possible.

Trading Platforms, Brokers & Apps That We Tested:

  • eToro
  • Markets.com
  • 24Option
  • IQ Option
  • BDSwiss
  • HotForex
  • Trade.com
  • Libertex
  • Plus500
  • XTB
  • InstaForex
  • IG Markets
  • GKFX
  • LionsFX
  • Valutrades
  • XM
  • IronFX
  • Blackwellglobal
  • FPMarkets
  • AmanaCapital
  • Admiralmarkets
  • Alvexo
  • Bizintra
  • Pepperstone
  • Windsorbrokers
  • FXPro
  • ForexTime
  • HYCM
  • FXGrow
  • TeleTrade
  • Trader.online
  • Marketscube
  • Finmaxbo
  • FXCC
  • Oanda
  • Forex.com
  • LCG
  • CMC Markets
  • FXCM
  • iForex
  • IFC Markets
  • Aaatrade

Is Trading Allowed In My Country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.

Europe:

  • Albania
  • Bosnia & Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Macedonia
  • Malta
  • Moldova
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom

Excluded: Belgium

North America

  • Belize
  • Canada
  • Costa Rica
  • Cuba
  • Guatemala
  • Honduras
  • Jamaica
  • Mexico
  • Nicaragua
  • Panama
  • Puerto Rico
  • The Bahamas

Excluded: United States

South America

  • Argentina
  • Bolivia
  • Chile
  • Colombia
  • Dominican Republic
  • Ecuador
  • Guyana
  • Paraguay
  • Peru
  • Suriname
  • Uruguay
  • Venezuela

Excluded: Brazil

Africa

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Democratic Republic of Congo
  • Egypt
  • Eritrea
  • Ethiopia
  • Gabon
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Kenya
  • Lesotho
  • Liberia
  • Libya
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Morocco
  • Mozambique
  • Namibia
  • Niger
  • Nigeria
  • Republic of the Congo
  • Rwanda
  • Sierra Leone
  • Somalia
  • South Africa
  • South Sudan
  • Sudan
  • Swaziland
  • Tanzania
  • The Ivory Coast
  • Togo
  • Tunisia
  • Tunisia
  • Uganda
  • Western Sahara
  • Zambia
  • Zimbabwe

Middle East

  • Georgia
  • Armenia
  • Azerbaijan
  • Iran
  • Iraq
  • Syria
  • Lebanon
  • Cyprus
  • Israel
  • Jordan
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • United Arab Emirates
  • Oman
  • Yemen

Asia

  • Afghanistan
  • Bangladesh
  • Cambodia
  • China
  • China
  • India
  • Indonesia
  • Japan
  • Kazakstan
  • Kirgizistan
  • Laos
  • Malaysia
  • Mongolia
  • Myanmar
  • North Korea
  • Pakistan
  • Papua New Guinea
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand
  • Turkmenistan
  • Uzbekistan
  • Vietnam

Excluded: Hong Kong

Oceania:

Our Author:

Our editorAdam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years. Read more about him by visiting his LinkedIn profile or contact usdirectly to learn more about the team

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