Best CFD brokers in Canada in 2024

While many online CFD brokers and trading platforms catering to Canadian investors offer an excellent service, the ones in our toplist go the extra mile.

Popularity of the best CFD brokers in Canada

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

How much you have to pay for a trade in spreads, commission and other trading costs is a key broker selection criteria. Check the spreads in the table below. In case of stock CFD, we calculate the fees for a $2,000 trade held for 1 week.

If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.

Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.

Check out what types of CFDs you can trade at the best CFD brokers and CFD trading platforms.

Trading CFDs is fully legal in Canada, however, it is heavily regulated. The market regulations are set by the Canadian Investment Regulatory Organization (CIRO), previously called IIROC.

Canadians trading CFDs with an CIRO-licensed broker are entitled to investor protection in the amount of C$1 million for cash and securities under an investor protection scheme operated by the Canadian Investor Protection Fund (CIPF).

Online brokers that accept Canadian clients must fully comply with the requirements laid out by CIRO. Check out the Dealers We Regulate page on CIRO's website to see whether your broker is in compliance with local requirements.

In addition to CIRO requirements, CFD trading in Canada is further regulated by the three regional authorities active in the country:

• The Ontario Securities Commission
• The British Columbia Securities Commission
• The Autorité des Marchés Financiers.

While Canadian CFD traders enjoy one of the safest operating environments in the world, they may also face some limitations due to strict regulations, especially when it comes to leverage.

The CIRO set limits on margin requirements for various financial products and these may change from time to time. The requirements, which vary depending on the base currency of your brokerage account, will limit the amount you can borrow from your broker to trade CFDs.

In addition, CIRO requires CFD brokers to publish an additional risk warning, describing the level of risk CFD buyers would face.

Be prepared to answer very detailed questions about your personal, professional and financial background when you open an account with a CFD broker operating in Canada as per regulatory requirements.

The taxation of CFD trading is overseen by the Canada Revenue Agency (CRA). The CRA treats investors and business traders differently when it comes to taxation.

Business or day traders – those who trade with high frequency, in high volume, and typically close positions on the same day or in short timeframes – have their profits taxed as business income at their marginal rate. They can offset trading losses against other sources of income, as well as being able to claim expenses against income.

Investors - those who trade infrequently and over the longer-term - will see their profits taxed as capital gains. In Canada, capital gains are taxed at 50% of the marginal tax rate, with capital losses able to be offset against any other gains.

Taxes must be paid by the end of the tax year – 31st December.

And now let's see the best CFD brokers in Canada one by one, starting with the winner, XTB.

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76-83% of retail CFD accounts lose money

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72.5% of retail CFD accounts lose money

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75% of retail CFD accounts lose money

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74-89% of retail CFD accounts lose money

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69-77% of retail CFD accounts lose money

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71% of retail CFD accounts lose money

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74-89% of retail CFD accounts lose money

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74-89% of retail CFD accounts lose money

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80.26% of retail CFD accounts lose money

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• We checked whether the broker is regulated by a trusted regulator,
• Compared fees (including spreads, withdrawal fee, commission),
• Specifically compared CFD fees,
• Looked at the range of CFDs available,
• Opened an account and tested the platform (charting, features, usability) with real money.

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What is CFD trading?

CFDs, short for Contracts for Difference, are derivative products used to speculate on the price movements of a wide range of underlying assets. A CFD is a contract between two parties under which the seller pays the buyer the difference between the current value of an asset and its value at the time the contract is due.

When trading CFDs, you speculate on whether the price of a financial asset (i.e. stock, bond, commodity, etc.) will go up or down, without actually buying the asset itself. Instead of buying a Vodafone stock, at a CFD broker you will bet on the direction you think the Vodafone stock will go. If your bet is right, you will make profit on your CFD trade.

CFDs are leveraged products meaning that you trade with your own money and the money you borrow from your broker. This makes CFD trading extremely risky and not suitable for beginners. A very high percentage of retail traders lose money when trading CFDs.

CFD trading is illegal in the U.S. However, if you open an account at a European broker, you will be able to trade CFDs on U.S. assets.

To better understand CFDs and the risk involved, read this article on CFD trading tips compiled by our team of experts.

Is CFD trading legal in Canada?

CFD trading is fully legal in Canada, but the market is heavily regulated. The Canadian Investment Regulatory Organization (CIRO) has laid out strict requirements for CFD trading, including limits on margin requirements for various financial products. These margin rules mean that Canadian CFD traders may not be able to borrow as much as their peers in Europe or Australia.

How are CFDs taxed in Canada?

The Canada Revenue Agency (CRA) has different CFD taxation rules for investors and business traders.

If you are a business or day trader (you trade with high frequency, in high volume, and typically close your positions on the same day or in short timeframes), you will have your CFD trading profits taxed as business income at your marginal rate.

If you are an investor who trades infrequently and over the longer-term, you will have your profits taxed as capital gains. The tax rate is 50% of the marginal tax rate, with capital losses able to be offset against any other gains.

Which are the best CFD brokers in Canada?

These are the top CFD brokers in Canada in 2024:

1. XTB - Commission-free stocks and ETFs (for trades up to €100k per month). Free and fast deposit and withdrawal. Easy and fast account opening. High interest paid on cash.
2. FP Markets - Low forex fees. Easy and fast account opening and funding. Great education tools.
3. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
4. FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
5. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
6. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
7. MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
8. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
9. TMGM - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
10. Interactive Brokers - Extremely low fees. Wide range of products. Many great research tools.