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Best online brokers in Canada in 2024 - Trade with the top international brokers

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
2w ago
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in Canada.

Find below the strengths of the best brokers available in Canada, updated for 2024:

  1. Interactive Brokers is the winner, the best online broker in Canada in 2024 - Extremely low fees. Wide range of products. Many great research tools.
  2. Saxo - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
  3. 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.
  4. moomoo - Commission-free stock and ETF trading. Fast and easy account opening. Quality analytical tools and excellent education services. Pays high interest on uninvested cash.
  5. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  6. Webull - Free stock/ETF trading and high 5% interest on uninvested cash. Fast and easy account opening. Great trading platforms.
  7. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  8. Questrade - Low stock and ETF fees. Solid research tools. Great customer service.
  9. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  10. Optimus Futures - Low trading fees and free ACH withdrawal. Great platform and research. Fast customer service.
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Top online trading platforms in Canada in 2024

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

Broker
Broker intro
Interactive Brokers
International broker providing all asset classes
Saxo
Danish investment bank
XTB
Global CFD broker
moomoo
US zero-fee discount broker
Oanda
US forex broker
Webull
US discount broker
Forex.com
Global CFD and forex broker
Questrade
Canadian stockbroker
CMC Markets
Global CFD broker
Optimus Futures
Global platform provider focusing on futures trading
Best online brokers in Canada in 2024

Popularity of the best online brokers in Canada

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

Trading fees at the top online brokers in Canada

How much you pay in fees for a given trade is a key broker selection criteria. We calculated a benchmark fee that includes all spreads, commissions and financing rates for opening a position, holding it for a week, and closing. Check out the following table to see how the top 5 brokers stack up against each other in terms of trading fees.

Broker
US stock
UK stock
Interactive Brokers
$1.0
$3.8
Saxo
$1.6
$3.8
XTB
$0.0
$0.0
moomoo
$0.0
-
Oanda
$0.0
-
Webull
$0.0
-
Forex.com
-
-
Questrade
$5.0
-
CMC Markets
-
-
Optimus Futures
-
-
Trading fees at the top online brokers in Canada in 2024

Product selection at the top online brokers in Canada

Even though the brokerages in our toplist grant access to a wide range of products, there are differences in their product portfolios. See what you can trade at the best online brokers in Canada.

Broker
Stocks
ETFs
Interactive Brokers
Saxo
XTB
moomoo
Oanda
Webull
Forex.com
Questrade
CMC Markets
Optimus Futures
Product selection at the top online brokers in Canada in 2024

Summary of online trading in Canada

Summary of online trading in Canada
What is the minimum deposit on average needed to start trading in Canada?At most of the brokers there is no set minimum deposit but pro traders recommend starting with at least $100.
Is profit from online trading taxable in Canada?In Canada, 50% of the value of any capital gains is taxable. Capital losses can only be claimed against capital gains to lower the taxable amount.
What is the best time to trade during market hours?Pro traders suggest the following best times to execute trades: 09:00 - 11:00 am and 15:00 - 16:00 pm

Online trading in Canada

Canada, which has the world's 9th largest economy according to the World Bank, has two major stock exchanges: the TMX Group Limited and the Toronto Stock Exchange (TSX). The two provide the main market for senior equity securities in Canada. The TSX has more than 1,500 companies listed with a combined market capitalization of over $3 trillion, making it the eighth largest stock exchange by market capitalization globally.

Due to the country's proximity to the US, Canadian investors have easy access to the main US financial markets, including trading on the NASDAQ and the NYSE.

The Canadian dollar is the fifth most-held reserve currency in the world after the US dollar (USD), the euro (EUR), British pound sterling (GBP) and the Japanese yen (JPY).

Financial markets and service providers (such as online brokers) active in Canada are regulated by the Canadian Securities Administrators (CSA). The CSA comprises the country's provincial and territorial securities regulators in charge of overseeing Canadian capital markets. Its main objectives are: investor protection; fair, transparent, and efficient markets; and reducing systemic risk.

Canadian investors are entitled to investor protection under the scheme operated by the Canadian Investor Protection Fund (CIPF) provided they trade with an investment service provider that is a member of IIROC (Investment Industry Regulatory Organization of Canada). The CIPF investor protection amount is CAD 1 million.

And now, let's see the best online brokers for Canadian investors one by one, starting with the winner, Interactive Brokers.

Recommended for traders looking for broad market access and a professional trading environment

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Interactive Brokers snapshot
Minimum deposit$0
Mobile app score 4.3 stars
Inactivity feeNo
Number of stocks available90,000
Number of currency pairs available100
Number of ETFs available13,000
Deposit methodsBank transfer
Withdrawal fee$0

For a detailed analysis of Interactive Brokers services, check out our full review for 2024.

Recommended for investors and traders looking for a great trading platform and solid research

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Saxo snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeNo
Number of stocks available23,500
Number of currency pairs available190
Number of ETFs available7,000
Deposit methodsBank transfer, Credit/debit cards
Withdrawal fee$0

For a detailed analysis of Saxo services, check out our full review for 2024.

XTB Logo

XTB

Recommended for forex and CFD traders looking for low fees and great deposit/withdrawal service

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76-85% of retail CFD accounts lose money

XTB snapshot
Minimum deposit$0
Mobile app score 4.4 stars
Inactivity feeYes
Number of stocks available3,439
Number of currency pairs available70
Number of ETFs available366
Deposit methodsBank transfer, Credit/debit cards, Paysafe, Skrill, ecommpay, PayU, PayPal
Withdrawal fee$0

For a detailed analysis of XTB services, check out our full review for 2024.

Recommended for investors and traders looking for zero-commission trading and focusing on US markets

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moomoo snapshot
Minimum deposit$0
Mobile app score 4.5 stars
Inactivity feeNo
Number of stocks available19,000
Number of currency pairs available-
Number of ETFs available6,000
Deposit methodsBank transfer
Withdrawal fee$0

For a detailed analysis of moomoo services, check out our full review for 2024.

Recommended for forex traders who value a user-friendly platform and great research tools

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78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit$0
Mobile app score 4.9 stars
Inactivity feeYes
Number of stocks available1,600
Number of currency pairs available68
Number of ETFs available-
Deposit methodsBank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee$0

For a detailed analysis of Oanda services, check out our full review for 2024.

Recommended for investors and traders looking for zero-commission trading and easy platforms

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Webull snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeNo
Number of stocks available10,200
Number of currency pairs available-
Number of ETFs available2,300
Deposit methodsBank transfer
Withdrawal fee$0

For a detailed analysis of Webull services, check out our full review for 2024.

Recommended for forex traders looking for low fees and great research tools

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69-77% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit$100
Mobile app score 4.5 stars
Inactivity feeYes
Number of stocks available-
Number of currency pairs available80
Number of ETFs available-
Deposit methodsBank transfer, Credit/debit cards, Skrill, Neteller, PayPal
Withdrawal fee$0

For a detailed analysis of Forex.com services, check out our full review for 2024.

Recommended for traders and investors focusing on the Canadian and US markets

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Questrade snapshot
Minimum deposit$1,000
Mobile app score 4.8 stars
Inactivity feeNo
Number of stocks available23,500
Number of currency pairs available116
Number of ETFs available1,800
Deposit methodsBank transfer, Credit/debit cards, Interac Online
Withdrawal fee$0

For a detailed analysis of Questrade services, check out our full review for 2024.

Recommended for forex and CFD traders looking for an advanced trading platform with many research tools

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69% of retail CFD accounts lose money

CMC Markets snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeYes
Number of stocks available-
Number of currency pairs available338
Number of ETFs available-
Deposit methodsBank transfer, Credit/debit cards
Withdrawal fee$0

For a detailed analysis of CMC Markets services, check out our full review for 2024.

Recommended for day traders focusing on futures and technical trading

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Optimus Futures snapshot
Minimum deposit$500
Mobile app score-
Inactivity feeNo
Number of stocks available-
Number of currency pairs available-
Number of ETFs available-
Deposit methodsBank transfer
Withdrawal fee$20

For a detailed analysis of Optimus Futures services, check out our full review for 2024.

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How did we select the best online brokers in Canada in 2024?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • We checked and compared every aspect of their services,
  • Opened an account and tested the platform (charting, features, usability) with real money.
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FAQ

How to buy stocks in Canada?

If you want to become a stock investor, you will need to open a brokerage account at an online broker. Once you have your account up and running, deposit funds into your account, select the stocks you want to buy, and place a buy order. Read our article on how to buy stocks as a beginner for more detailed information.

What are the best online brokers for beginners in Canada?

All the brokers featured in this article are suitable for beginner investors. If you want to trade forex, check out our ranking of the best forex brokers in Canada for beginners.

How can I buy stocks without a broker in Canada?

You can buy stocks in Canada without using the services of a broker through a direct stock plan, which allows investors to buy shares from the issuing company. Note, however, that such plans have become more scarce in recent years. Apart from this, you will need an online brokerage to be able to invest in stocks.

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Author of this article

Krisztián Gátonyi

Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My 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.

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