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Best CFD brokers in Canada in 2023

XTB Logo
1st place
XTB
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76% of retail CFD accounts lose money
nextmarkets Logo
2nd place
nextmarkets
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52.55% of retail CFD accounts lose money
CMC Markets Logo
3rd place
CMC Markets
Visit broker
76% of retail CFD accounts lose money

Top 5 CFD brokers in Canada in 2023:

  1. XTB is the best CFD broker in Canada in 2023. - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. nextmarkets - Commission free real stocks and ETFs. Quick and easy account opening. Great email and phone support.
  3. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  4. MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
  5. HYCM - Low forex and CFD fees. Great educational content. User-friendly account opening.

How did BrokerChooser select the best CFD brokers in Canada?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • Specifically compared CFD fees,
  • Checked minimum deposit requirements,
  • Looked at the range of CFDs available,
  • Opened an account and tested the platform (charting, features, usability) with real money.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.

Best CFD brokers
Comparison of top CFD brokers and trading platforms in Canada in 2023

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.

Best CFD brokers in Canada key data compiled for February 2023
Broker Negative balance protection Minimum deposit Account activated in Credit/debit card deposit Leverage can be set manually
XTB Yes $0 1 day Yes No
nextmarkets Yes $0 1 day Yes Yes
CMC Markets Yes $0 1-3 days Yes No
MultiBank Yes $50 1 day Yes No
HYCM Yes $100 1 day Yes No

Best CFD brokers
Fee comparison of the best CFD brokers in Canada

How much you have to pay for a trade in spreads, commission and other trading costs is a key broker selection criteria. We calculated a benchmark fee for the most important CFDs costs, which you can see in the table below.

Fees at the top CFD brokers in Canada in February 2023
XTB nextmarkets CMC Markets MultiBank HYCM
S&P 500 index CFD fee $4.0 $2.3 $2.9 $1.5 $1.7
Europe 50 index CFD fee $3.3 $1.7 $2.6 $1.9 $0.8
Apple CFD fee $10.1 $6.7 $22.9 $1.5 $4.2
Vodafone CFD fee $10.6 - $23.4 $2.6 -
EURUSD spread 0.9 0.6 0.7 0.1 1.4
GBPUSD spread 1.5 0.5 0.9 0.3 2.2

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

Best CFD brokers
Non-trading fees at the best CFD brokers in Canada

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.

XTB nextmarkets CMC Markets MultiBank HYCM
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0
Deposit fee $0 $0 $0 $0 $0

Best CFD brokers
Product selection at the best CFD brokers in Canada

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

Available products at the top CFD brokers in Canada
XTB nextmarkets CMC Markets MultiBank HYCM
Stock index CFD Yes Yes Yes Yes Yes
Stock CFD Yes Yes Yes Yes Yes
Commodity CFD Yes Yes Yes Yes Yes
Bond CFD No Yes Yes No No
Crypto Yes Yes Yes Yes Yes

Best CFD brokers
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.

Best CFD brokers
CFD trading in Canada

Trading CFDs is fully legal in Canada, however, it is heavily regulated. The market regulations are set by the Investment Industry Regulatory Organization of Canada (IIROC), which is overseen by the Financial Institutions Supervisory Committee (FISC).

Canadians trading CFDs with an IIROC-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 IIROC. Check out the Dealers We Regulate page on IIROC’s website to see whether your broker is in compliance with local requirements.

In addition to IIROC 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 IIROC 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, IIROC 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.

Best CFD brokers
Taxation of CFD trading in Canada

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.

Best CFD brokers
How to choose the best CFD brokers in Canada

A great selection of CFD products and low CFD trading fees are the most important selection criteria. Our experts also put great emphasis on the overall service quality, the safety profile of the broker, the account opening experience as well as deposit/withdrawal options and fees.

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

XTB Logo

#1 Best CFD broker
XTB

Canadian investors trade with XTB International Limited, an entity regulated by the International Financial Services Commission of Belize (IFSC). Canadian clients are entitled to negative balance protection and have investor protection of up to C$1 million for cash and securities under a scheme operated by the Canadian Investor Protection Fund (CIPF).

XTB is recommended for forex and CFD traders looking for low fees and great deposit/withdrawal service.

XTB snapshot
Minimum deposit $0
Mobile app score 4.4 stars
Deposit methods Bank transfer, Credit/debit cards, Paysafe, Skrill
Withdrawal fee $0
Read review For a detailed analysis of XTB services, check out our review for 2023

Visit broker
76% of retail CFD accounts lose money

nextmarkets Logo

#2 Best CFD broker
nextmarkets

nextmarkets is an online broker providing CFD as well as real stock and ETF trading. The company was founded in 2014 and is regulated by the Malta Financial Services Authority (MFSA). Canadian clients' assets and cash are protected up to €20,000 per account at nextmarkets.

nextmarkets snapshot
Minimum deposit $0
Mobile app score 4.8 stars
Deposit methods Bank transfer, Credit/debit cards
Withdrawal fee $0
Read review For a detailed analysis of nextmarkets services, check out our review for 2023

Visit broker
52.55% of retail CFD accounts lose money

CMC Markets Logo

#3 Best CFD broker
CMC Markets

Canadian investors trade with an entitiy that operates under the Investment Industry Regulatory Organization of Canada (IIROC). Canadian clients are entitled investor protection of up to C$1 million for cash and securities under a scheme operated by the Canadian Investor Protection Fund (CIPF).

CMC Markets snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Deposit methods Bank transfer, Credit/debit cards, PayPal
Withdrawal fee $0
Read review For a detailed analysis of CMC Markets services, check out our review for 2023

Visit broker
76% of retail CFD accounts lose money

MultiBank Logo

#4 Best CFD broker
MultiBank

Canadian investors trade with MEX Exchange, which operates under Australian Securities and Investment Commission or with MEX Atlantic, which is regulated by the Cayman Islands Monetary Authority. Canadian clients are entitled to negative balance protection and have investor protection of up to C$1 million for cash and securities under a scheme operated by the Canadian Investor Protection Fund (CIPF). MultiBank also provides Excess Loss insurance with Lloyds of London protecting traders' funds up to $1 million per account.

MultiBank snapshot
Minimum deposit $50
Mobile app score 3.8 stars
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, UnionPay, PayTrust, SEPA, Bitcoin, AwePay, GlobePay, ThunderexPay, Poli, Pagsmile, Plus Wallets, Globepay, Gcash
Withdrawal fee $0
Read review For a detailed analysis of MultiBank services, check out our review for 2023

Visit broker
74-89% of retail CFD accounts lose money

HYCM Logo

#5 Best CFD broker
HYCM

Canadian investors trade with HYCM Limited, an entity registered in St. Vincent & the Grenadines. Canadian clients are entitled to negative balance protection and have investor protection of up to C$1 million for cash and securities under a scheme operated by the Canadian Investor Protection Fund (CIPF).

HYCM snapshot
Minimum deposit $100
Mobile app score 4.3 stars
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, WebMoney
Withdrawal fee $0
Read review For a detailed analysis of HYCM services, check out our review for 2023

Visit broker
76% of retail CFD accounts lose money

Best CFD brokers
FAQ

Is CFD trading legal in Canada?

CFD trading is fully legal in Canada, but the market is heavily regulated. The Investment Industry Regulatory Organization of Canada (IIROC) 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 2023:

  1. XTB - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. nextmarkets - Commission free real stocks and ETFs. Quick and easy account opening. Great email and phone support.
  3. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  4. MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
  5. HYCM - Low forex and CFD fees. Great educational content. User-friendly account opening.

Author of this article

Krisztián Gátonyi

Author of this article

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit XTB
76% of retail CFD accounts lose money
Visit nextmarkets
52.55% of retail CFD accounts lose money
Visit CMC Markets
76% of retail CFD accounts lose money
Visit MultiBank
74-89% of retail CFD accounts lose money
Visit HYCM
76% of retail CFD accounts lose money

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