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.
In This Guide
Our List of the Best Stock Brokers & Platforms in Canada:
- Best Stock Broker: QTrade Investor
- Best Share and Stock Trading Platform: Interactive Brokers
- Cheapest Virtual Trading Platform: CMC Markets
- Most Popular Online Stock Broker: TD Direct Investing
- Best Stock Broker for Beginners: Oanda
- Best CFD Stock Broker: CMC Markets
- Best Free Stock Trading Platform: Interactive Brokers
Which is the Best Stock Broker in Canada?
✔ Huge selection of securities
✔ Have won multiple awards over the years
✔ 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
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
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?
✔ 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
✔ 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
Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC
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 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.
✔ Huge selection of assets
✔ Well-established broker
✔ Top-notch trading platform
✔ 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
Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC
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?
✔ More than 30 years of experience in Canada
✔ Closely connected to TD Bank and TD Ameritrade
✔ 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
Fees: Commission and non-trading fees
Demo account: No
Min deposit: N/A
Assets: A mix of domestic and international securities
License: IIROC
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 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.
✔ Their unparalleled global reach
✔ 5 different platforms
✔ 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
Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)
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 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.
✔ Huge selection of assets
✔ Well-established broker
✔ Top-notch trading platform
✔ 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
Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC
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?
✔ 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
✔ 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
Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC
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
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:
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.
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.
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
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:
- Find a reliable broker
- Register an account
- Deposit money
- Study investments
- 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:
- 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?
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:
- Australia
- New Zealand
Our Author:
Adam 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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