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Best international online brokers in Canada in 2023

Interactive Brokers Logo
1st place
Interactive Brokers
XTB Logo
2nd place
XTB
Visit broker
76% of retail CFD accounts lose money
Questrade Logo
3rd place
Questrade

Top 5 picks for best online brokers in Canada in 2023:

  1. Interactive Brokers is the winner, the best online broker in Canada in 2023 - Low trading fees. Wide range of products. Many great research tools.
  2. XTB - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. Questrade - Low stock and ETF fees. Solid research tools. Superb customer service.
  4. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  5. MEXEM - Low stock and ETF fees. Wide range of products. Many great research tools.

How did we select the best online brokers in Canada in 2023?

  • 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.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

Best online brokers
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?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

Best online brokers
Top online trading platforms in Canada in 2023

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

Best online brokers in Canada in 2023
Broker Info Good for beginners Minimum deposit
Interactive Brokers International broker providing all asset classes No $0
XTB Global CFD broker No $0
Questrade Canadian stockbroker Yes $1,000
Oanda US forex broker No $0
MEXEM Global stockbroker No $0

Popularity of the best online brokers in Canada

Interested in what others think? Here's how many of our users chose these best online brokers over the last 6 months.

Best online brokers
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.

Trading fees at the top online brokers in Canada in 2023
Broker US stock UK stock EURUSD spread
Interactive Brokers $1.0 $3.4 0.1
XTB $0.0 $0.0 0.9
Questrade $5.0 - 2.0
Oanda - - 0.9
MEXEM $2.5 $2.8 0.1

Best online brokers
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.

Product selection at the top online brokers in Canada in 2023
Interactive Brokers XTB Questrade Oanda MEXEM
Stocks Yes Yes Yes No Yes
ETFs Yes Yes Yes No Yes
Forex Yes Yes Yes Yes Yes
Funds Yes No Yes No Yes
Bonds Yes No Yes No Yes
Options Yes No Yes No Yes
Futures Yes No No No Yes
CFDs Yes Yes Yes Yes No
Crypto Yes Yes No Yes No

Best online brokers
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.

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

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

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

Interactive Brokers Logo

#1 Best international online broker in Canada in 2022
Interactive Brokers

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

Visit broker

Interactive Brokers snapshot
Minimum deposit$0
Mobile app score 3.5 stars
Inactivity feeNo
Number of stocks available87,000
Number of currency pairs available105
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 2023.

XTB Logo

#2 Best international online broker in Canada in 2022
XTB

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

Visit broker
76% of retail CFD accounts lose money

XTB snapshot
Minimum deposit$0
Mobile app score 4.4 stars
Inactivity feeYes
Number of stocks available3,000
Number of currency pairs available56
Number of ETFs available270
Deposit methodsBank transfer, Credit/debit cards, Paysafe, Skrill
Withdrawal fee$0

For a detailed analysis of XTB services, check out our full review for 2023.

Questrade Logo

#3 Best international online broker in Canada in 2022
Questrade

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 2023.

Oanda Logo

#4 Best international online broker in Canada in 2022
Oanda

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

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeYes
Number of stocks available-
Number of currency pairs available70
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 2023.

MEXEM Logo

#5 Best international online broker in Canada in 2022
MEXEM

Recommended for investors and traders looking for low fees and sophisticated trading platforms

Visit broker

MEXEM snapshot
Minimum deposit$0
Mobile app score 3.5 stars
Inactivity feeNo
Number of stocks available87,000
Number of currency pairs available105
Number of ETFs available13,000
Deposit methodsBank transfer
Withdrawal fee$0

For a detailed analysis of MEXEM services, check out our full review for 2023.

Best online brokers
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.

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Ádám Nasli

Analyst Head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

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 Oanda
78.3% of retail CFD accounts lose money

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