VIP Subscription

Best Trading Platforms in Canada March 2024

Share
Copied!

Meet Thadeus, a trading guru, brilliant writer, and financial fanatic with years of expertise in the industry. Get ready to learn from his wealth of knowledge.

Article was updated: February 21, 2024
Estimated reading time: 15 minutes

In Canada’s thriving financial landscape, selecting the right trading platform can significantly impact an investor’s success. With a multitude of options available, the competition among brokers intensifies, each vying to capture the attention of investors. To aid you in this crucial decision-making process, we’ve meticulously evaluated and curated a comprehensive list of the best trading platforms Canada.

Our detailed assessment goes beyond mere surface features, delving into nuanced aspects such as fees, available assets, regulatory compliance, user experience, and more. We aim to guide you through the diverse offerings of Canadian trading platforms, empowering you to make informed choices tailored to your investment goals and preferences.

Essence

  • Canadian traders should research and compare various trading platforms, considering fees, available assets, and more to find the best options.
  • Ensure the chosen trading platform adheres to regulations set by Canadian authorities like the Canadian Investment Regulatory Organization (CIRO)  and the Investment Industry Regulatory Organization of Canada (IIROC) for maximum safety.
  • It is crucial to stay informed about the Canadian financial market, economic indicators, and global events impacting the market for solid strategy development.
  • Consider Implementing risk controls such as stop-loss orders and diversification to protect your investments from substantial losses.
  • Canadian traders must understand tax laws regarding capital gains on investments to plan accordingly.
  • The best trading platform Canada should allow you to spread investments across various asset classes to mitigate risks and maximize potential returns.
  • Engage in ongoing education about trading techniques, analysis tools, and market trends for increased success potential.
  • Exercise caution when using leverage or margin accounts, understanding the associated risks and obligations.

List of the Best Trading Platforms in Canada

  • Interactive BrokersOverall Best Trading Platform in Canada
  • XTB Best Trading Platform With Quality Research Tools
  • OANDA* – Best Trading Platform in Canada With No Minimum Deposit Requirement
  • AvaTradeBest Mobile Trading Platform in Canada
  • Saxo BankBest Stock Trading Platform in Canada
  • Forex.com Best Canadian Forex Trading Platform
  • CMC MarketsBest Canadian Trading Platform For Professional Traders
  • AxiBest Trading Platform With No Transaction Charges
  • FXCM Beginner-Friendly Trading Platform in Canada

*76.6% of retail investor accounts lose money when trading CFDs

Compare the Best Canadian Trading Platforms

Navigating the diverse array of trading platforms in Canada demands a keen eye for detail and a clear understanding of individual platform strengths. In this section, we facilitate this process by presenting a comparative analysis of the leading Canadian trading platforms. Through a side-by-side assessment of key features, we empower you to make informed comparisons and decisions.

Best Trading PlatformsLicenceSupport ServiceSoftwarePaymentDemo Account
IBKRFSA, FCA, ASIC, FINRA, CIRO24/5Trader Workstation, IBKR Mobile, IBKR EventTrader, IBKR GlobalTrader, IMPACTBank transfers, e-wallets, debit/credit cardsYes
XTBCIRO, FCA, CNMV, KNF24/5xStation 5, xStation MobileDebit/credit cards, e-wallets, bank transfersYes
OANDAFCA, CFTC, CIRO24/5MT4, TradingViewDebit/credit cards, e-wallets, bank transfersYes
AvaTradeFCA, CySEC, ASIC, CIRO, FSCA24/5MT4, MT5, AvaSocial, DupliTrade, AvaOptions, AvaTradeGOBank transfers, e-wallets, debit/credit cardsYes
Saxo BankFSA, CIRO24/5SaxoTraderGO, SaxoTraderPROBank Wire Transfer, Debit cardsYes
Forex.comFCA, CFTC, NFA, CIMA, CIRO, CySEC, FSA24/5MT4, MT5, TradingViewBank transfer, Credit/debit cards, Skrill, NetellerYes
CMC MarketsBaFin, FCA, CIRO24/5MetaTrader 4, NextGeneration, Mobile Trading AppsCredit/debit cards, Paypal, Bank Wire TransferYes

Selecting an ideal trading platform Canada is a crucial decision influenced by various factors. To facilitate your decision-making process, we offer concise tables detailing the fees and assets of our recommended options below. These tables serve as quick references, empowering you to compare and choose a platform tailored to your specific trading needs.

Fees

Best Trading PlatformsFeesMinimum Deposit RequirementTransactionInactivity
Interactive BrokersFrom 0.08 pointsC$0The first withdrawal per calendar month is free. Subsequent withdrawals cost CAD 2 per withdrawal in CanadaNone
XTBFrom 0.1 pipsC$0FreeC$10 monthly
OANDAFrom 0.3 pointsC$0FreeC$10 monthly
AvaTradeFrom 0.8 pipsC$300FreeC$50
Saxo BankFrom $0.01C$0FreeC$100 
Forex.comFrom 0.0 pipsC$100FreeC$15 monthly
CMC MarketsFrom 0.0 pipsC$0FreeC$15 monthly
AxiFrom 0.0 pipsC$0FreeC$10
FXCMFrom 0.2 pipsC$50FreeC$50

Assets

Best Trading PlatformsForexStocksCommoditiesCryptocurrenciesETFsOptions
Interactive BrokersYesYesYesYesYesYes
XTBYesYesYesYesYesNo
OANDAYesNoYesNoNoNo
AvaTradeYesYesYesYesYesYes
Saxo BankYesYesYesYesYesYes
Forex.comYesYesYesNoYesNo
CMC MarketsYesYesYesNoYesNo
AxiYesYesYesYesNoNo
FXCMYesYesYesYesNoNo

Our Opinion & Overview of the Best Trading Platforms in Canada

As professional traders and researchers, our goals align with delivering insightful guidance to fellow investors. In our pursuit of excellence, we meticulously assess trading platforms in Canada. This section serves as a culmination of our efforts—an opinionated and comprehensive overview of the premier trading platforms in the country. Through rigorous analysis, we aim to equip Canadian traders with valuable insights, facilitating their platform selection process based on our expertise, experience, and meticulous evaluations.

1. Interactive Brokers – Overall Best Trading Platform in Canada

Interactive Brokers 1
Interactive Brokers 2
Interactive Brokers 3
Interactive Brokers 4
Interactive Brokers 5
Interactive Brokers 1
Interactive Brokers 2
Interactive Brokers 3
Interactive Brokers 4
Interactive Brokers 5

Our thorough exploration with Interactive Brokers (IBKR) revealed unparalleled access to 150 markets across 33 countries. With diverse account options, including individual, joint, retirement, institutional, family advisor, and trust, IBKR caters to various needs. We also noticed that the platform lists stocks, options, futures, currencies, bonds, and funds, which you can trade using 27+ currencies. 

One thing we like about this platform is the ability to allow users to earn high interest rates of up to USD 4.83% on instantly available cash. Its BestX suite ensures optimal execution, while the IBKR campus offers learning tools for continuous skills development. Interactive Brokers’ user-friendly interface, particularly on the IBKR Mobile app, accommodates seamless trading for both newbies and professional traders. With numerous research tools, no minimum deposit requirement, and more, Interactive Brokers earns a 4.7-star rating from us.

Interactive Brokers Review
TradingGuides Rating:
✔ One of the oldest broker
✔ Top trading platform for advanced
Pros & Cons
Fees
Trading Assets
Pros
  • Many advanced dealing tools
  • +90 order types and algorithmics for improved dealing
  • Free deposits and no inactivity fee
  • Low minimum deposit requirement
Cons
  • Limited educational resources compared to its peers
  • Customer support is available five days a week

Type Fee
Minimum Deposit $10
Deposit Fee Free
Withdrawal Fee Free
Inactivity Fee $0

Interactive Brokers’ clients can trade stocks, options, futures, forex, cryptocurrencies, bonds, and funds in 150 markets.

2. XTB – Best Trading Platform With Quality Research Tools

XTB 1
XTB 2
XTB 3
XTB 4
XTB 5
XTB 1
XTB 2
XTB 3
XTB 4
XTB 5

Our extensive testing revealed XTB as the best option for Canadian traders looking for a platform with quality research materials. While testing it, we enjoyed its resources on the xStation 5 and XStation Mobile, thus enabling us to develop solid strategies that maximize success potential. Moreover, XTB hosts an impressive 6100+ CFD assets, spanning forex, indices, commodities, cryptos, stocks, and ETFs. You can get started with any amount you can afford as the platform does not have a minimum deposit requirement and offers spreads from as low as 0.1 pips.

We were also impressed with XTB’s micro lot trading feature, which makes us believe that it is also the best day trading platform Canada. Besides a demo account, XTB provides comprehensive learning tools, supporting traders in their educational journey. With a leverage limit of up to 500:1, XTB empowers users to amplify their positions. From our analysis, we give this Canadian trading platform a 4.5-star rating. 

XTB Review
TradingGuides Rating:
✔ Constantly improving trading platforms
✔ Wide range of global markets
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement
  • Over 6,100 CFD assets to choose from
  • Features an API for direct connection to an automated system
  • Quality research materials
Cons
  • Some CFD spreads can be high for low-budget traders
  • A C$10 monthly fee applies after 12 months of inactivity

Type Fee
Opening an account $0
Account type: Standard: spread 0.5
Account type: Swap Free: spread 0.7
Forex From 0.1 pips
Stock CFDs commission 0%
ETF CFDs 0%
Crypto commission From 0.22%
Monthly Fee for maintaining an Account Free of charge or up to 10 EUR
Withdrawal fee $0
Deposit fee $0

The broker boasts a wide selection of tradable assets, consisting of 1500+ instruments, including a range of global markets, such as forex, indices, commodities, ETFs, and others.

3. OANDA – Best Trading Platform in Canada With No Minimum Deposit Requirement

oanda 1
oanda 2
oanda 3
oanda 4
oanda 5
oanda 1
oanda 2
oanda 3
oanda 4
oanda 5

When it comes to trading platforms with no minimum deposit requirements, OANDA takes the lead. During our analysis, we enjoyed OANDA’s user-friendly interface, which offers an unparalleled experience for newbies and professional traders. We were also impressed by its attractive welcome bonus of up to CA$13,500 and the potential to earn up to 3% annual percentage yield on average unused margin.

Besides the web platform, OANDA provides access to powerful trading tools on MT4 and TradingView. You will trade thousands of securities, including forex, indices, metals, commodities, and bonds, at low spreads starting from 0.3 points. On top of that, this platform has a highly-rated mobile app and an “Elite Trader” program that offers cash rebates from CA$5 to CA$17 per million, adding value to every trade. From our experience, we proudly award OANDA a 5-star rating.

OANDA Review
TradingGuides Rating:
✔ Outstanding research tools
✔ Fast and user-friendly account opening
Risk Warning
76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money.
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement
  • Low spreads from 0.3 points
  • Quality learning resources, from guides to webinars
  • Supports MT4 and TradingView platforms for advanced traders
Cons
  • You can only trade the featured securities as CFDs
  • No stocks and cryptocurrencies for Canadian traders

Type Fee
Minimum deposit $0
Overnight fee Yes
Deposit fee $0
Withdrawal fee $0 to your PayPal account*
Inactivity fee Yes

*We do not charge a fee for withdrawals made to your PayPal account. If your PayPal account is denominated in a currency other than GBP, EUR or USD, you may incur an exchange fee levied by PayPal.

With OANDA, you can trade forex, indices, metals (a wide range of metals, including gold and silver), commodities and bonds.

Note: 76.6% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Best Mobile Trading Platform in Canada

AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5
AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5

AvaTrade’s AvaTradeGO app stands out as the pinnacle of mobile trading platforms in Canada primarily due to the high ratings it receives on Google Play, the App Store, and Trustpilot. During our testing, we found the user-friendly interface highly customizable and enjoyed fast execution speeds, zero commissions, and low spreads starting from 0.8 pips. With 1250+ CFD assets available across forex, stocks, commodities, crypto, indices, and options, AvaTrade offers a diverse asset selection for traders. 

We also like AvaTradeGO’s educational resources, which we believe are extensive enough to suit all users. You will enjoy its AvaSocial and DupliTrade platforms, whereby you get to interact with other global traders and mirror their positions with increased profitability. Note that AvaTrade’s minimum deposit requirement is C$300 for Canadian traders. Other features to note include an opportunity to earn interest on your funds, reliable support via email, phone, and live chat, and a leverage limit of up to 33:1 for professional traders. We award AvaTrade a 4.3-star rating based on our experience. 

AvaTrade Review
TradingGuides Rating:
✔ One of the most popular brokers in the UK/EU
✔ Quick deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
  • Zero commission trades
  • Responsive and reliable support service via phone, email, and live chat
  • Quality learning materials
  • An award-winning social trading platform
Cons
  • Has a C$50 inactivity fee that applies after three consecutive months
  • Its minimum deposit requirement can be high for low-budget Canadian traders

Type Fee
Minimum Deposit £100
Inactivity Fee USD Account: $50
EUR Account: €50
GBP Account: £50
Administration Fee USD Account: $100
EUR Account: €100
GBP Account: £100
Deposit Fee $0
Withdrawal Fee $0

AvaTrade impresses with a robust portfolio of over 1250 assets, encompassing a wide range of trading instruments.

Forex – AvaTrade facilitates trading in a broad spectrum of currency pairs, enabling exposure to the dynamic forex market and diverse CFD options.

Stocks and Commodities – The platform offers a comprehensive selection of stocks and commodities, allowing users to invest in companies and raw materials across global markets.

Cryptocurrencies – AvaTrade supports trading in cryptocurrencies, providing access to a multitude of digital assets, including popular ones like Bitcoin, Ethereum, and more.

ETFs, Bonds, Treasuries, and Indices – AvaTrade’s offerings extend to ETFs, bonds, treasuries, and indices, offering diversification opportunities and exposure to various sectors and industries.

5. Saxo Bank – Best Stock Trading Platform in Canada

Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5
Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5

In our rigorous evaluation, Saxo Bank emerged as the best stock trading platform Canada. With over 23,500 stocks from 50+ global markets, you have plenty of options to choose from. There are also additional securities spanning forex, commodities, cryptocurrencies, ETFs, options, futures, and more, for portfolio diversification. You can get started with any amount you can afford, as the platform does not have a minimum deposit requirement for Canadian traders with free transactions.

During testing, we enjoyed a user-friendly interface and low commissions on stock investing starting from $0.01 per share. Its SaxoTraderGO app proved exceptional, providing a seamless and intuitive trading experience on our mobile devices. For professional traders, you get to benefit from SaxoTraderPRO’s advanced features, and there is an opportunity to earn interest on uninvested funds. Comparing Saxo Bank with other platforms in Canada, we give it a 4.5-star rating in this category.

Saxo Markets Review 2024
TradingGuides Rating:
✔ Competitive forex spread costs
✔ Best for experienced traders
Pros & Cons
Fees
Trading Assets
Pros
  • Plenty of stocks and additional securities to trade
  • Features automated trading on its “Managed Portfolios” section
  • Excellent research tools for market analysis
  • A user-friendly and intuitive design platform
Cons
  • An inactivity fee of $100 kicks in after 6 months
  • Limited learning tools compared to its peers

Type Fee
Minimum deposit $2.000
Inactivity fee $100
Deposit fee $0
Withdrawal fee $0
Manual order fee €50 per order
Stocks from $1
Futures as low as $1.25
Listed options as low as $1.25
ETFs from $1
Bonds from $0.05
Mutual funds $0

Stocks, Crypto, Forex, CFDs, ETFs, Commodities, Futures, Forex options, Bonds, Listed options, and Mutual funds.

6. Forex.com – Best Canadian Forex Trading Platform

Forex.com 1
Forex.com 2
Forex.com 3
Forex.com 4
Forex.com 5
Forex.com 1
Forex.com 2
Forex.com 3
Forex.com 4
Forex.com 5

Forex.com, in our comprehensive testing, shines as the paramount Canadian forex trading platform. It offers 90+ currencies to trade with low spreads from 0.0 pips, thus catering to diverse trading preferences. Additional assets such as stocks, indices, cryptocurrencies, and commodities expand trading opportunities. The platform’s ActiveTrader program provides cash rebates, enhancing cost-effectiveness.

We also like Forex.com’s mobile app, which ensures seamless trading experiences. Beginners will explore a plethora of learning resources ranging from guides to webinars, whereas professional traders will benefit from the MT5 and TradingView platforms. With account options like standard, raw, and DMA, Forex.com offers versatility. However, users should note a $15 monthly inactivity fee after 12 months and a C$100 minimum deposit requirement. With these features and more, Forex.com deserves a 4.6-star rating.

Forex.com Review 2024
TradingGuides Rating:
✔ Unparalleled forex service
✔ Wide array of offerings
Pros & Cons
Fees
Trading Assets
Pros
  • Has a Direct Market Access account with spreads from 0.1 pip
  • MetaTrader 5 and TradingView platforms, primarily recommended to traders looking for advanced trading tools and features
  • +90 currency pairs and spot metals
  • Free transactions
Cons
  • High inactivity fees
  • No 24/7 support service

Type Fee
Minimum deposit $100
Inactivity fee $15
Deposit fee $0
Withdrawal fee $0
Overnight fee $0

Clients can trade Forex, Indices, Cryptocurrencies, Stocks, and Commodities (including precious metals and oil) with different account types.

forex.com accounts

7. CMC Markets – Best Canadian Trading Platform For Professional Traders

CMC Markets 1
CMC Markets 2
CMC Markets 3
CMC Markets 4
CMC Markets 5
CMC Markets 1
CMC Markets 2
CMC Markets 3
CMC Markets 4
CMC Markets 5

CMC Markets is the top choice for professional traders in Canada due to quality trading tools and low fees. Offering zero commissions on US and Canadian share CFDs, coupled with low spreads from 0.0 pips, the platform ensures cost-effective trading. We also explored a vast selection of over 12,000 markets encompassing forex, indices, commodities, shares, and treasuries, thus ensuring efficient portfolio diversification. 

When it comes to research tools, CMC Markets lists plenty on its MT4 and NextGeneration platforms. We are impressed with its over 115 technical indicators, 70+ chart patterns, and 12 built-in chart types. Alongside lightning-fast execution speeds, its no minimum deposit requirement further enhances accessibility. Based on our experience, we confidently grant CMC Markets a 4.4-star rating.

CMC Markets Review 2024
TradingGuides Rating:
✔ Top tier forex and CFD broker
✔ Great selection of assets
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement
  • ‘Low trading fees, thus attracting active traders
  • Quality learning and research tools
  • Hosts MT4 and NextGeneration platforms
Cons
  • A C$15 monthly inactivity fee applies after 12 months
  • Features only CFD assets

Type Fee
Minimum Deposit £200
Inactivity fee £10 monthly
Withdrawal fee £0
Deposit fee £0

  • Stocks – pick and choose between 9,500 different international company stocks listed on exchanges in North America, Europe, and Asia. Use leverage to increase your exposure and analyze the assets with an award-winning stock trading platform.
  • Indices – there are close to 100 indices available, from the FTSE 100, US 30, and Germany 40 to smaller more unknown versions. CMC also has some of the tightest spread on indices in the industry.
  • Forex – foreign exchange was the first thing that CMC ever offered and it remains one of their most popular services to this day. With 330 currency pairs, you can rest assured that you can trade any major, minor, or exotic forex pair that you could ever wish for.
  • Commodities take positions on more than 100 cash and futures and profit from precious metals, energies, or even foods. Gold is always a popular option and so is Brent oil, natural gas, corn, copper and platinum.
  • ETFs – more than 1,000 ETFs await you on the CMC Markets trading platform. With super-fast execution and a 99.8% fill rate, you’re able to take your trading to the next level on one of the most versatile financial markets around.
  • Treasuries – for a more unique trading experience, you can take positions on 50 instruments based on government bonds and interest rates, both in Europe and North America.
  • Share Baskets – these instruments are exclusive to CMC Markets and provide an opportunity to profit from the next major trend. Trade baskets based on tech stocks, U.S. banks, or even streaming services, and lower the overall risk through diversification.

8. Axi – Best Trading Platform With No Transaction Charges

Axi 1
Axi 2
Axi 3
Axi 4
Axi 5
Axi 1
Axi 2
Axi 3
Axi 4
Axi 5

From all the trading platforms we tested in Canada, Axi stands out as the premier choice with no transaction charges. Offering a no minimum deposit requirement and low spreads starting from 0.0 pips, it ensures accessible and cost-effective trading. Notably, the platform imposes zero transaction charges, providing significant savings for traders. With a wide selection of 220+ assets, including forex, shares, commodities, and cryptos, Axi caters to diverse trading preferences. 

A standout feature we noticed on this platform is the Copy Trading app, enabling users to socialize and mirror positions, potentially increasing profitability. Professional traders will also benefit from a leverage limit of up to 500:1, enhancing position potential. The inclusion of the MT4 platform ensures a reliable and familiar trading environment. These and more lead us to confidently award Axi a 4.1-star rating.

Axi Review 2024
TradingGuides Rating:
✔Low trading fees ✔Fully regulated and authorized
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement with free transactions
  • Commission-free trades
  • Features Copy Trading app to mirror expert positions with increased profitability
  • Offers access to MT4 platform with advanced resources
Cons
  • Limited asset selection
  • Featured assets can only be traded as CFDs

Type Fee
Minimum deposit $0
Overnight fee Yes
Deposit fee 3%
Withdrawal fee $0
Inactivity fee $10

Axi is a forex broker that has more than 80 currency pairs available for trading. Over 140 instruments are at your disposal for selection across various world markets.

9. FXCM – Beginner-Friendly Trading Platform in Canada

FXCM 1
FXCM 2
FXCM 3
FXCM 4
FXCM 5
FXCM 1
FXCM 2
FXCM 3
FXCM 4
FXCM 5

Having extensively tested FXCM’s platform in Canada, we confidently affirm its beginner-friendly interface and customizable features. During our experience, we found remarkably low spreads starting from 0.2 pips, facilitating cost-effective trading for newbies. The demo account, generously endowed with C$50,000 virtual funds, offers an ideal environment for practice before trading with real money. With Trading Station and MT4, FXCM provides powerful and versatile trading opportunities to its users. 

Additionally, FXCM excels in educational resources tailored for newcomers, fostering a deeper understanding of trading dynamics. The C$50 minimum deposit is accessible, and the absence of transaction fees further enhances its appeal. Overall, we’re delighted to award FXCM a 4.1-star rating for its user-centric approach and robust features.

FXCM Review 2024
TradingGuides Rating:
✔ User-friendy trading platform
✔ Advanced charting tools
Pros & Cons
Fees
Trading Assets
Pros
  • Variety of trading platforms
  • Great research tools
  • Excellent educational materials
  • Low minimum deposit requirement
Cons
  • Limited asset selection compared to its peers
  • Features CFD assets only

Type Fee
Minimum deposit $50
Inactivity fee $50
Withdrawal fee for credit/debit card $0
Withdrawal fee for Bank Wire $40
Deposit fee $0
Overnight fee Yes

  • Forex Pairs
  • Indices
  • Commodities
  • Single Share CFDs
  • Cryptocurrencies.

What do Other Traders Say?

We’ve meticulously analyzed testimonials from Google Play, the App Store, and Trustpilot to combine with our research findings. These testimonials offer firsthand experiences, aiding your informed decision-making process in selecting a platform that suits your trading needs. Here are a few comments regarding the top trading platforms in Canada.

1. Interactive Brokers

Traders appreciate Interactive Brokers for its wide range of investment options and advanced tools, enabling diverse trading strategies. The platform’s research capabilities and intuitive interface have garnered positive feedback among users.

  • “Very good app, I’m using it on regilar basis. There is no such slow login issues for me, login lasts few seconds. Also the login is remembered when using biometric for some days/weeks, so you would need to enter passwords again, which is good security level.” – Vasil Popov

  • “IBKR’s iPhone app is far better for trading and for checking portfolio, browsing options prices, and looking at the market with watch lists, than Robinhood’s or Fidelity’s. They’re what I use for watchlists and to peruse options prices, even if I’ll end up trading on other brokers’ phone apps. It’s miles better. As for the broker, IBKR Pro has easily paid for itself and migrating to it has been objectively profitable for me. This is because of its better access to markets and trading hours allowing me to place certain trades. I’ve also been happy enough with trade execution and commissions costs.”  – User4658991

2. XTB

Users commend XTB for its user-friendly platform and comprehensive educational resources, catering to both beginners and experienced traders. The variety of tradable instruments offered contributes to its appeal among the trading community.

  • “I have shares in other brokers, but I’m using this app to check prices and charts because it’s simply better. Flawless usability” – Kosciej

  • “Very good app. Customer service is welcoming. Lots of information for new traders available for free. Feel very valued and accepted as a beginner. Best app I have found after trying 10+ others.” – Thomas Ashley

XTB review 1 XTB review 2

3. OANDA

Positive remarks highlight OANDA’s reliability, transparent pricing, and access to various currency pairs. Users praise its stable platform performance and straightforward trading experience.

  • “Account was easy to open and was contacted next day by Luke a VERY helpful account manager who was very knowledgeable and answered all my questions quickly. Happy with service.” – Lucy P T

  • “The most reliable broker out there I’ve been with them for years and they’ve never disappointed me and when it comes to withdrawal they are super fast I would rate them 10/10 but obviously no broker is perfect but so far so good” – Zukisa Gaca

4. AvaTrade

AvaTrade receives praise for its user-friendly interface, diverse asset selection, and effective customer service. Traders find it supportive, especially for those at different skill levels.

  • “Mobile application is best to use because it is easy for me rather than working on a computer my phone is often on my hand and easy to use” – Andile M

  • “I was assisted by Alev Nazli. She was very friendly and helpful. Made sure I understood the platform and confirmed that I’m all set to go. She followed up the next day as well. Much appreciated.” – Michael S

saxo bank review 1

5. Saxo Bank

Traders value Saxo Bank for its extensive research tools and global market access. The platform’s comprehensive investment options and support for seasoned investors attract positive attention.

  • “The person was very patient and good at slowly explaining things step by step and also strived to introduce the useful functions of the trading platform.” – Frank Sakda Sreesangkom

  • “Took a bit to get used to, but now I can really appreciate the slick UI and great performance. Wide range of products and their support replied in a timely manner the few times I had questions. Also never had any problems with outages which is a huge relieve” – Christoph Müller

saxo bank review 1

6. Forex.com

Users commend forex.com for its intuitive interface and robust educational resources that aid in informed decision-making. The platform’s wide range of market analysis tools contributes to a favorable trading environment.

  • “It’s a very good app. Easy to use and execution is fast. I enjoy using it.” – Charles Salter

  • “A Great Broker for Noobs and Pros! Customer Service is great they help with any problems you may be having. Website is easy to navigate as well.” – Caden Relmers

forex.com review 2

7. CMC Markets

Positive feedback centers on CMC Markets’ competitive spreads, reliable market analysis tools, and user-friendly platform. Traders appreciate its intuitive interface, making trading experiences smoother.

  • “Simple easy to use platform and great demo from Tom showing start to finish trade and shortcuts to navigate features.” – Customer

  • “Great app, just better if holding costs were more clear. As per the tile, make it really straightforward to understand the holding costs daily/weekly/monthly for each product inc etfs so we don’t have to do the work to break it down.” – Suggssi1

8. Axi

Axi receives praise for its low fees, efficient customer service, and diverse range of tradable assets. Users find it an appealing choice for cost-effective trading options.

  • “Axi Trading Platform provides global access to a wide range of financial markets while maintaining a commitment to excellent local support. The 24/5 customer service ensures that assistance is just a message or call away, making it an ideal choice for traders seeking a reliable and globally accessible platform.” – Krasner Kendall

  • “Really good experience with Axi withdrew some money and came the day after which is surprising, would definitely recommend this broker for anyone who wants to get into trading 🤝” – Zehan ashfaq

9. FXCM

Traders appreciate FXCM for its diverse research tools and user-friendly interface, supporting various trading styles. The platform’s comprehensive selection of tradable assets attracts positive attention among users.

  • “I got help from Rai Bashatat from FXCM Australia. I am more than happy with him always helpful knowledgeable and kind. Thank FXCM and Rai” 

  • “Good experience overall. After logging in all seems well. However, selecting the live symbols list before logging in causes a crash every time once a symbol has been selected. Disconcerting.” 

fxcm review 2

Online Trading in Canada

Online trading in Canada has undergone significant growth, presenting a wide array of opportunities for traders and investors. The availability of multiple trading platforms and diverse financial instruments, including stocks, ETFs, forex, commodities, and more, has made the landscape more accessible.

Technological advancements have facilitated user-friendly experiences, granting Canadians seamless access to various investment options. The country’s stock exchanges, particularly the TMX Group Limited and the Toronto Stock Exchange (TSX), serve as vital hubs for senior equity securities. With over 1,500 listed companies and a combined market capitalization surpassing $3 trillion, the TSX stands among the top global exchanges.

Regulation by the Canadian Securities Administrators (CSA) ensures oversight of the Canadian capital markets, emphasizing investor protection, fair market conduct, and risk mitigation. Investors trading through the Investment Industry Regulatory Organization of Canada (IIROC) affiliated firms enjoy protection through the Canadian Investor Protection Fund (CIPF), providing up to CAD 1 million coverage.

Additionally, Canada’s close proximity to the US facilitates access to major US financial markets like the NASDAQ and NYSE, enabling cross-border investment opportunities. The Canadian dollar (CAD) is the fifth most-held reserve currency globally, underscoring its importance in international trade and investment.

While online trading offers convenience and accessibility, understanding the regulatory framework, investor protection measures, and the impact of the Canadian dollar’s fluctuation on investments is crucial. Staying informed about economic indicators, market regulations, and prudent risk management strategies is essential for success in Canada’s ever-evolving landscape of online trading.

How to Choose the Right Trading Platform in Canada

Choosing the ideal trading platform in Canada demands a strategic approach aligned with your specific investment goals and trading preferences. Consider the following key factors for the best choice. 

The first thing you must confirm when considering using a trading platform in Canada is security. Prioritize platforms regulated by recognized authorities like IIROC to ensure compliance with Canadian financial regulations. Verify the platform’s license status to guarantee a secure and trustworthy trading environment. Plus, ensure your chosen platform has the best encryption technology and two-factor authentication to safeguard personal and financial information.

Evaluate the diversity of available assets offered by a trading platform in Canada. Look for a wide array of instruments such as stocks, ETFs, forex pairs, commodities, cryptocurrencies, and more to match your investment preferences.

Assess the platform’s user interface for intuitive navigation and ease of use. Check for mobile compatibility to trade seamlessly on the go through mobile apps for iOS and Android. Also, check whether the platform hosts quality educational resources and advanced research and analysis tools to aid in informed decision-making.

Scrutinize fee structures encompassing commissions, spreads, transaction costs, account maintenance fees, and more. Prioritize platforms with transparent and competitive fee structures that align with your trading frequency and style.

For traders not well-versed with a trading platform in Canada, ensure it hosts a demo account or trial period. Utilize this feature to explore the platform’s functionalities, test trading strategies, and gain hands-on experience without risking actual funds.

Evaluate the quality and accessibility of customer support services. Opt for platforms offering responsive and multi-channel support (live chat, email, phone) to promptly address queries and technical issues.

Research user reviews and recommendations from reputable sources like Google Play, the App Store, and Trustpilot to gauge a platform’s reputation and reliability. Consider diverse experiences to gain insights into the platform’s performance under various trading conditions.

Canada Trading vs United States Trading

Trading in Canada and the United States offers distinct opportunities and considerations shaped by various factors. The US market, renowned for its substantial size and diversity with exchanges like NYSE and NASDAQ, presents an extensive array of industries and companies, offering unparalleled trading options. In contrast, Canada’s market, though robust, is relatively smaller and more concentrated, particularly in sectors like energy, finance, and natural resources.

Regulatory oversight plays a pivotal role in both countries. The US Securities and Exchange Commission (SEC) and Canada’s IIROC ensure market integrity, with the US market often operating under stricter regulations and reporting requirements.

Investment options in the US are notably diverse, encompassing a wide range of assets. At the same time, Canada, while providing significant opportunities, offers a more limited spectrum of available instruments and a smaller market size.

Currency considerations are crucial when trading between these countries, with transactions in the US involving USD and Canada primarily using CAD.

Taxation varies significantly between the US and Canada, demanding careful consideration for cross-border traders.

Both markets are influenced by economic indicators and global events, with the US being influenced by a broader range of factors due to its larger global influence and diverse economy.

FAQs

Is it easy to trade in Canada?

Absolutely. Trading in Canada is easy as long as you use the best platform, like the ones we recommend above. Simply ensure you are fully prepared by understanding the markets and developing solid strategies for increased success potential. Also, take advantage of the trading platform’s demo accounts to gauge your skill level before trading with real money. 

Is trading allowed in Canada?

Yes. Trading is permitted and regulated in Canada. The country has a robust financial market infrastructure overseen by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA). These entities ensure trading activities comply with established regulations, promoting fairness, transparency, and investor protection.

Is Canada a good place to trade?

Yes. Canada is considered a favourable place for trading due to its stable economy, regulatory framework, and well-established financial markets. The country offers a range of investment options and access to global markets, making it conducive for traders seeking diversified opportunities.

Which trading is best for beginners?

Whether you are into forex, commodities, stocks, and more, starting with a user-friendly and education-oriented trading platform is advisable. You should also take advantage of simulated trading through demo accounts to help you gain practical experience without risking actual funds. 

Conclusion

As you venture into trading in Canada, remember that success extends beyond platform selection. Ensure you fully understand the market you are trading and the risks involved. If you are a newbie in the financial space, take advantage of a platform’s demo account to practice how online trading works and gauge your skill level. Do not trade primarily to earn profits, as losses may also occur and leave you disappointed. Instead, focus on remaining disciplined, strategic, and only invest with what you can afford to lose. If you approach trading with a well-defined strategy and continuous learning, you will slowly start reaping the benefits as you become an independent trader. 

How we test?

Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.

The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.

Thadeus Geodfrey logo
Thadeus Geodfrey

Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.

His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.

Leave a Reply

Your email address will not be published. Required fields are marked *

Plus500 Review

25,000 hours of testing 73+ brokers. Our recommended broker is Plus500.

Our recommended broker is Plus500.

Plus500 Review Register at Plus500 now!

81% of retail CFD accounts lose money

TradingGuide
© Copyright 2024 TradingGuide