Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Best Canada Trading Brokers

The Best Canadian BrokersThe trading industry in Canada is developing at a rapid pace, and the number of traders seeking to join the various markets is constantly on the rise. Unlike the USA, where trading CFDs is prohibited, Canada makes them perfectly legal, and the fact that such activities are overseen on both federal and provincial levels creates a safe environment. Naturally, this might bring in some challenges as well.

While trading activities are subject to strict control and regulations in Canada, which creates safe conditions, traders might face constraints because of the limits set on the margin requirements for various financial products. As a result of these restrictions, traders will face limitations on the amount they are allowed to borrow from their broker of choice to trade CFDs.

All equity marketplaces within the country, including stock exchanges and alternative trading systems (ATS), are required to abide by the securities laws and other requirements that are introduced by the securities commissions of Canada.

Considering how tightly regulated the market is, it is not surprising that many traders wonder whether there are low-spread brokers that still offer a premium user experience. To help them with the search, we have created a list of ten of the best Canadian brokers. This article not only reviews the best brokers in the country but also sheds more light on regulations, the payment methods traders can use, as well as the trading platforms they are normally given a choice from.

RegulatorInvestment Industry Regulatory Organization of Canada (IIROC)
Maximum Leverage of Forex50:1
Maximum Leverage of Stocks30:1
Maximum Leverage of CFDs30:1

The Best Canada Brokers

The Best Canada BrokersWith a population of over 38 million people, trading is a thriving activity in Canada. Yet, the number of brokers that cater to this market is not as extensive, especially when compared to countries like Australia and the UK, for example. This is so mainly owing to the fragmented authorities between the provinces and the too complicated guidelines. Before going with a broker, traders should be sure that it is authorized locally by a regional regulator and the IIROC.

Here is a list of ten of the best brokers that are authorized by the IIROC and accept traders from Canada.

Trading Regulation in Canada

The Best Canada BrokersTrading is legal in the country but is tightly regulated, and brokers can accept residents of Canada as clients after they apply for a license from the Investment Industry Regulatory Organization of Canada (IIROC), which is a pan‑Canadian self‑regulatory organization. It was established to control all investment dealers and trading activity that occurs on the equity and debt markets within the country.

The IIROC was created in 2008 as a result of the consolidation of the Market Regulation Services Inc and the Investment Dealers Association of Canada (IDA). It should be noted that the Investment Industry Regulatory Organization of Canada is recognized by the Canadian Securities Administrators (CSA). The CSA includes all 13 provinces and the respective provincial regulatory bodies, including the British Columbia Securities Commission, Ontario Securities Commission, Alberta Securities Commission, and Financial and Consumer Services Commission, among others.

The securities regulators from all ten provinces and the three territories in Canada have united in the Canadian Securities Administrators (CSA). Its prime goal is to protect investors in the country from unfair, improper, or fraudulent practices. Fostering efficient and fair capital markets is also among the goals the CSA has set. It also handles initiatives regarding security violations in the respective territories.

Established by provincial and territorial securities regulators across Canada, the Canadian Investor Protection Fund is a not-for-profit insurance program created to protect investors from losses that are caused by the insolvency of investment firms. Accounts are covered to up to $1 million in shortfalls, but this insurance will only be offered if the brokers go bankrupt.

The brokerages that welcome clients from Canada tend to provide their users with a wealth of trading instruments, and depending on the platform traders will settle on, they might be allowed to trade commodities, stocks, indices, Forex, and cryptocurrencies, among others. In order for brokers to accommodate traders from Canada, they need to have a physical presence in the country.

To help ensure fair and transparent access to Canadian financial markets, the regulatory bodies in the country have set out different protections in various Instruments that include ethical standards for investment professionals and requirements for disclosing investment information and pricing, among others.

An important thing traders need to know is that the brokers that are regulated by the IIROC will also give them the opportunity to provide the name and contact information of a Trusted Contact Person or TCP. Due to regulatory requirements, brokers will ask their users to provide the details of such a person to get in touch with when the circumstances call for interfering with your investments.

Forex Trading Regulation in Canada

Forex Trading Regulation in CanadaForex trading is generally regulated as trading in either a security or a derivative, and the set of rules according to which it is conducted varies between the provincial legislation. It is important to note that organizations and individuals seeking to offer Forex trading services in Canada need to be registered in the province where they intend to work. Additionally, they need to be members of the Investment Industry Regulatory Organization of Canada.

An important thing to note about the brokers that are regulated by the IIROC is that they are required to approve all new accounts within up to one day after they execute their initial trade. If brokers fail to comply with the rules set out by the IIROC, the organization has the right to suspend their licenses.

Due to the strict laws and rules set by the Alberta Securities Commission, its residents will only be allowed to trade CFDs and Forex after they qualify as accredited investors. Although there is no formal process to register as an accredited investor, traders need to know that they will be asked to provide documentation proving that they meet the financial asset and income requirements.

Under the regulations set out by the IIROC, an accredited investor is “an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000”; “an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed the net income level in the current calendar year”; or “an individual who, either alone or with a spouse, has net assets of at least $5 million.”

As soon as they fill out the form, traders will be required to provide a proof of their selected qualification option. While creating an account with a Canada-friendly brokerage, traders will be required to provide a copy of an original bank, loan or mortgage, or credit card account statement. Filling out the W8 BEN form is also required.

It is important to note that when Forex trading in Canada is concerned, such activities will not only be overseen by the IIROC, but by the provincial regulators as well. The three regional authorities that operate in the country include The British Columbia Securities Commission, The Ontario Securities Commission, and The Autorité des Marchés Financiers.

Stocks Trading Regulation in Canada

Stocks Trading Regulation in CanadaTrading stocks is legal in Canada, and these operations fall under the purview of IIROC and the Canadian Securities Administrators. Most of the Canada-facing brokers allow their users to trade stocks of some of the world’s largest companies anytime and anywhere. When compared to the rules and regulations regarding day trading in the US, the ones in Canada are considerably more lenient.

First and foremost, traders should make sure that they will claim their income correctly. Although the income of day traders is considered business income and is taxable, traders should bear in mind that losses are tax-deductible.

The Superficial Loss Rule, or 30 Day Loss Rule as it is also known, is yet another important rule to keep in mind. Under this rule, if a loss occurs 30 days from the date of the sale and 30 days after, it will be considered a superficial loss. Another thing traders should bear in mind is that there is no minimum amount to start trading stocks unless they decide to start dealing in US stocks. If this is the case, a $25,000.00 minimum is required.

According to the rules and regulations introduced by the IIROC, investors are allowed to borrow up to 70 percent of the price of the securities to be purchased on margin. This will be the case if the stock is eligible for reduced margin and is added to the LSERM list introduced by the IIROC.

While trading stocks, Canadian traders can make use of multiple strategies, and the most common ones include scalping, trend following, technical analysis, and chart patterns.

CFDs Trading Regulation in Canada

CFDs Trading Regulation in CanadaTrading CFDs is legal in Canada, but as we explained already, it is subject to stringent regulation. The market regulations are set out by the IIROC, and all brokers that want to accommodate traders from the country need to abide by the requirements laid out by the self‑regulatory organization.

While various regulatory agencies that administer and enforce securities legislation in Canada and, as a result, traders will benefit from one of the safest trading environments in the world, the limitations they will face are also worth considering. Traders will face constraints when it comes to the maximum leverage they can benefit from as the IIROC has placed limits on the margin requirements for various financial products.

Brokers that are regulated by the IIROC are also required to publish an additional risk warning in order to ensure that traders will be fully aware of the level of risk they will face.

Before they start offering their services to traders from Canada, brokers are required to evaluate the experience and knowledge levels of their customers-to-be. It should also be mentioned that day traders and business traders are not treated in the same way by the Canada Revenue Agency (CRA) when it comes to taxation.

Canada Trading Regulation FAQ

1. Is it legal to trade Forex in Canada?

Yes. You can legally venture into trading Forex, but before you do so, it is advisable to make sure that the broker you have chosen is authorized to cater to the Canadian market. Additionally, traders should make sure that the broker will hold their money separately from the company’s money in segregated bank accounts. Before they register for an account, traders should also check whether the broker is a member of the Canadian Investor Protection Fund.

2. Are the regulations regarding trading the same in all provinces and territories in Canada?

The rules and regulations according to which trading is conducted across Canada are not only determined by the IIROC but they are also defined by the limits set out by the provincial regulators. Because of this, there might be certain differences when it comes to the rules traders will need to abide by.

3. What restrictions are placed on leverage in Canada?

Under the legislation in the country, there is a limit on the margin requirements for various trading instruments. Depending on their type and the brokerage, traders will benefit from leverage of up to 50:1.

4. How are CFDs taxed in Canada?

CFDs are in the remit of the Canada Revenue Agency, and the tax regulations in place differ for investors and business traders. When infrequent or longer-term trading activity is concerned, capital gains are taxed at 50% of traders’ marginal tax rate. When it comes to business traders who trade with high frequency, their income is 100% taxable at their marginal rate.

5. How much capital do I need to start trading in Canada?

The minimum capital that is required in order to start trading varies between the brokerages that cater to the Canadian market. While some brokers offer more accessible accounts with minimum deposits of $10, with others, the least amount traders will be asked to transfer to their accounts might be in the hundreds.

Funding and Withdrawing from Canada Trading Account

Funding and Withdrawing from Canada Trading AccountThe brokerages that are friendly to traders from Canada seek to guarantee that the account opening will be a breeze and there will be a wealth of instruments for their clients to decide between. The available platforms also matter to traders, but before they get started with their trading experience, they should add some funds to their accounts.

Free and lightning-fast deposits and cashouts are also among the features traders put great stress on. The range of accepted deposit and cashout methods tends to vary between the online brokerages, but typically, traders will be presented with an extensive list of deposit and cashout methods, thus ensuring that the transfer of funds will be equally smooth for traders with all experience levels.

As for the amounts traders will be allowed to deposit and withdraw, these will vary considerably between the brokers. While being on the lookout for a Canada-friendly broker that lives up to all their requirements, traders might come across brokerages where there is no minimum deposit requirement. Whether extra fees will be charged also depends on the broker.


DepositingFor their most part, the brokers that accept traders from Canada offer varied deposit options in order to ensure that their clients will be able to add funds to their accounts without facing difficulties. Debit and credit cards by Maestro, Mastercard, and Visa are some of the most frequently available deposit methods across the brokers that welcome traders from the country.

Digital wallets have started to pick up lots of steam in recent years, and this is understandable, considering that payments executed through them take almost no time to clear. Skrill and Neteller are two of the e-wallets that are normally available on the deposit pages of the brokers.

Canada-friendly providers of trading services often allow their clients to load their accounts with cash using checks or wire transfers. If one of these options appeals to traders, they need to know that the processing times are considerably slower, especially when compared to the wait times for digital wallets. With wire transfers, traders’ payments might go through within up to 5 days. Opting for checks means that traders need to wait even longer as payments typically take up to 10 days to complete. Initiating ETFs is one more way to add funds to your trading account.

The good news is that most brokers that welcome traders from Canada allow their users to set up their accounts in CAD, which is to say that there will be no need to pay currency conversion fees. Traders should keep in mind that the deposit limits they will be presented with might also be determined by the account type they have chosen to create.

With most brokers, there is no limit on the amount traders can deposit, but typically, there are recommendations on how much traders should add to their accounts per transaction.
Payment MethodUsual Deposit LimitsUsual Deposit TimeframesUsual Fees
VisaMinimum deposit $0-$1,000
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
MastercardMinimum deposit $0-$1,000
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
MaestroMinimum deposit $0-$1,000
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
NetellerMinimum deposit $0-$1,000
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
SkrillMinimum deposit $0-$1,000
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
Bank transfersMinimum deposit $35-$250
No maximum deposit
Up to 3 or 5 daysThe fee might be fixed or flexible
Interac OnlineMinimum deposit $0-$250
No maximum deposit
A couple of hoursMost brokers do not charge deposit fees
Electronic Funds Transfer (EFT)Minimum deposit $0-$250
No maximum deposit
Up to 3 daysDepends on the broker
Personal checksMinimum deposit $50-$250
No maximum deposit
5 or more daysDepends on the broker


WithdrawingWithdrawals can be processed via a more limited range of payment processors, and in most cases, payments from the brokerages are processed through bank transfer. If bank transfer is the payment solution traders will opt for, they should check whether extra fees are charged.

If possible, cashouts via digital wallets like Neteller and Skrill will take considerably less time, and after players’ request is approved, their funds might be accessible within a couple of hours or up to one day.

As for the cashout limits Canadian traders need to abide by, they should know that, with some brokers, there are no minimum and maximum withdrawal requirements. That being said, traders should contact the customer support hosts to find out what is the least withdrawal amount they recommend cashing out.

There are also Canada-friendly brokers that want to ensure that withdrawals will be easily manageable, and allow their clients to cash out a minimum of $5 or $10. Naturally, there are also brokers that do not allow cashing out such amounts, and the least withdrawable amounts start at $100, $200 or even higher. Another thing to consider is that there might be limitations on the amount traders can withdraw when they have open trades.

Withdrawals are not processed on the spot as first, all requests need to be processed by the representatives of the brokerage. Typically, this process takes up to 2 days, but with some brokers, the period might be longer. Unlike deposits, cashouts are rarely instant, and might take up to 10 days, depending on the selected payment processor.
Payment MethodUsual Withdrawal LimitsUsual Withdrawal TimeframesUsual Fees
MastercardMinimum withdrawal – $5
No maximum withdrawal amount
Up to 5 daysDepends on the broker
VisaMinimum withdrawal – $5
No maximum withdrawal amount
Up to 5 daysDepends on the broker
Bank transferMinimum withdrawal amount – $50
No Maximum withdrawal amount
Up to 10 daysDepends on the broker
NetellerMinimum withdrawal – $5
No maximum withdrawal amount
Up to 1 dayDepends on the broker
SkrillMinimum withdrawal – $5
No maximum withdrawal amount
Up to 1 dayDepends on the broker
Interac OnlineMinimum withdrawal – $5
No maximum withdrawal amount
Up to 1 dayDepends on the broker

Canada Trading Platforms

Canada Trading PlatformsThe platforms and tools traders will be given access to after they settle on one of the Canada-facing brokers will vary greatly. Before traders go ahead with their trading experience, they should make sure that the preferred platform is combined with market-leading trading conditions.

Considering that handheld devices are an inseparable part of our daily lives, it makes sense that, for the most part, the brokerages that are friendly to traders from the country make sure that their services are easily accessible on iOS and Android-powered devices. Typically, traders are given access to the native apps straight from the website of the brokers.

MetaTrader 4

MetaTrader 4MetaTrader is regarded as the most popular trading platform on a global scale and is often considered an industry benchmark, which is natural, considering that it was introduced more than two decades ago.

The platform is customizable and feature-rich, which renders it suitable for seasoned traders. It is also straightforward enough to meet the requirements of beginners. It boasts user-friendliness and flexibility, thus making it a breeze for traders to access information like indicators, market news, charts, tools, and resources.

The electronic trading platform is so widely used also because it offers news widgets and real-time alerts, thus ensuring that traders will always be fully prepared to enter a trade. One more reason why the platform is such a great choice for traders from Canada is that it makes it possible for them to implement their automated trading strategies into the preferred markets.

Using the various custom trading tools directly on the platform is possible as it is built using the MQL4 (MetaQuotes Language 4) programming language. Another benefit of the platform is that it offers enhanced security.

Signals and Market are extra services that further increase the appeal of the platform, as the former make it possible to copy trades of other traders. The Market gives traders access to technical indicators and expert advisors.

One more reason why the platform is so well-preferred is that it is exceptionally light, and as a result, it works equally smoothly even on older devices. Traders who prefer to use their desktop devices can access the platform on Windows and Mac-powered devices. Mobile users, on the other hand, can access the platform on devices powered by Android and iOS.

MetaTrader 5

MetaTrader 5This is the most up-to-date and robust version of MetaTrader, and it is so preferred by Canadian traders because it offers greater efficiency, enables more features, and trading instruments. The platform offers everything seasoned traders might need in order to achieve the trading goals they have set.

When compared to its predecessor, MetaTrader 5 gives traders access to a wide range of asset classes, which goes to explain why it is so sought-after. It is a powerful multi-asset platform that allows trading Forex, futures, and stocks. While using the platform, Canadian traders will be provided with multiple tools for better price analysis. It has a similar layout to MetaTrader 4, thus making it a breeze for traders to make a switch from its predecessor.

One more reason traders might pick it over its predecessors is that it offers four execution modes, including Exchange, Market, Request, and Instant, to respond to the various trading objectives. MT5 also supports all types of trade offers, including trailing stop, market, pending and stop offers. With such a wide array of execution modes and trade offers, the platform allows traders to employ any strategy they might prefer in order to achieve their trading goals.

MetaTrader 5 boasts advanced auto trading systems, copy and technical trading. Additionally, it supports the hedging method, thanks to which traders can open multiple positions of the same financial instrument, either in the same or the opposite direction.

The analytical tools on offer are worth mentioning as well, and while using MT5, traders are allowed to open up to 100 charts of currency and stock quotes at the same time. Even the lightest price movements will undergo analysis, thanks to the 21 timeframes offered on the platform. Fundamental analysis, trading signals, and copy trading are also among the tools that are accessible through the platform.

Canada Trading FAQ

1. Are there brokers that accept clients from Canada?

Yes. There are a number of brokers that are regulated by IIROC and welcome traders from Canada. There are also overseas brokers that welcome Canadian traders, but going for such brokerages might be risky as they will not be offered the same increased protection levels.

2. What payment methods do the Canadian-oriented brokers accept?

The range of payment processors traders are allowed to use when depositing and withdrawing their funds varies wildly between the brokerages that cater to traders from Canada. That being said, the payment processors traders are normally allowed to use include credit and debit cards, digital wallets, and bank transfers.

3. I am still a beginner at trading, what can I do to sharpen my skills and knowledge?

One of the best things traders can do in order to ensure that their trading experience will be successful is to find a brokerage that offers demo accounts. Thus, traders will be able to wrap their heads around the broker using virtual credits before they start using their hard-earned money.

4. How to find a reliable and trustworthy broker that accepts users from Canada?

In order to make sure that the brokerage platform traders are about to start using abides by all the rules and regulations set out in the legislation, traders should check whether it has a stamp of approval from the IIROC.

5. Which trading platforms do traders from Canada prefer to use?

Although the available trading tools and software brokers offer to their users vary wildly from one brokerage to another, it turns out that most traders prefer to use MetaTrader 4 and its successor MetaTrader 5. Canadian traders can access both platforms on portable and desktop devices, and if trading on the go is what they have on their minds, they can use their web versions or download one of the dedicated apps for free.