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CA · Country profile

Best brokers in Canada

Canadian investors should choose the wrapper first and the broker second. TFSA and RRSP change after-tax returns more than any fee difference. Also watch the FX markup on US securities — at Canadian brokers it is frequently 1.5% or more.

The ranking

Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.

Brokers available
17of 72
With a local licence
6
Tier-1 regulated
17
Avg. score
4.1

Market in figures

Canada: the broker market in figures

17 of the 72 brokers in our dataset accept clients resident in Canada. The figures below count only what a record documents — a missing entry never counts as a yes.

CAD as an account currency
11of 17
Customer support in English
17of 17
Commission on a €5,000 share order
€0 – €59 providers with a comparable price
No custody fee (documented)
7of 17

Run your own numbers

Country profile

Market profile

Supervision, investor protection and tax — the three points that decide the account.

Canada

CA · Country profile

Local currency
CAD
Local regulator
CIROCSA
Recorded providers
17 of 72

Investor protection

CIPF — up to CAD 1,000,000 per account category

The part that decides

Tax notes

Only half of capital gains is taxable. TFSA accounts deliver fully tax-free returns; RRSP accounts provide tax-deferred retirement saving.

Brokers that withhold tax locally

Our dataset records these providers as tax withholding agents for this country. Whether that removes the need to declare the income yourself is something we have not checked for this country. The country's tax law decides.

Orientation based on the general legal position — not tax advice. Your personal situation and the legislation in force at the time govern.

Available here

The ranking

Ranked by our overall score across ten weighted criteria. Only providers that accept clients resident here.

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Where you live decides which brokers and promotions are open to you. The page language is independent of it.

Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

Rank 1Interactive Brokers logo

Interactive Brokers

The cheapest serious route to almost every market on earth — if you can live with the learning curve.

  • Active and professional traders
  • Multi-currency investors

Up to USD 1,000 in stock — Referral programme with share credit

Note: this button leads to the Interactive Brokers home page and is not a referral link. The share credit is only available if you open the account through an invitation from an existing Interactive Brokers client.

Stocks (per order)
0.05 %
Minimum deposit
None
FX conversion
0 %
StocksETFsOptionsFutures+8
  • Pros: US stocks from USD 0.0035 per share on the Tiered plan, minimum USD 0.35 per order and capped at 1% of trade value
  • Cons: Customer support is the most common complaint: many requests go through the ticket system, and public reviews (e.g. on Trustpilot) often cite slow replies and template answers
Group index 90/100
SECFCA, CBI, ASIC, MAS
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 2CMC Markets logo

CMC Markets

One of the best charting packages in retail CFD trading, wrapped around a narrower product range than the market count suggests.

  • Technical and chart-driven traders
  • UK and Irish spread betting
Stocks (per order)
Free (CFD)
Minimum deposit
None
FX conversion
0.7 %
StocksETFsOptionsForex+6
  • Pros: Next Generation is one of the strongest charting suites bundled with a retail CFD account —115+ indicators, 70 chart patterns, 12 chart types and pattern-recognition scanners, at no extra cost
  • Cons: None of CMC's derivatives is exchange-traded: the options it quotes are OTC and cash-settled, and there are no cleared futures at all, so CMC is the counterparty on every derivative contract and no clearing house stands behind it
Group index 94/100
FCAASIC, BaFin, MAS
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 3

moomoo

One of the most data-rich free trading platforms on the market — if you happen to live in one of the seven countries it serves.

  • Data-driven active traders
  • US options traders
Stocks (per order)
Free
Minimum deposit
None
FX conversion
n/a
StocksETFsOptionsFutures+3
  • Pros: Free Nasdaq TotalView Level 2 depth on the US platform — Webull charges USD 3.99 per month for comparable data
  • Cons: Available to residents of only seven countries — the United States, Canada, Singapore, Australia, Japan, Malaysia and New Zealand — with no EU, UK or DACH entity
Group index 86/100
FINRAMAS, ASIC, CIRO, SC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 4XTB logo

XTB

One of the strongest trading platforms in the commission-free bracket - xStation 5 is a professional workspace attached to a zero-commission share account.

  • Serious charting on a budget
  • Commission-free European stocks

0% — 0% commission on stocks and ETFs up to the monthly volume cap

Stocks (per order)
Free
Minimum deposit
None
FX conversion
0.5 %
StocksETFsOptionsForex+4
  • Pros: xStation 5 is one of the strongest platforms in the commission-free bracket - a real screener, market heat map, sentiment data, economic calendar and news in one workspace, on web, desktop and mobile with near-identical features.
  • Cons: The 0.5% currency conversion charge (0.8% at weekends and on public holidays) applies whenever the instrument currency differs from your account currency. For a EUR investor buying US stocks it is charged on the way in and again on the way out, and it dwarfs the commission it replaces.
Group index 72/100
FCAKNF, CySEC, CNMV, DFSA, FSCA, FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 5CapTrader logo

CapTrader

Interactive Brokers' market access wrapped in German regulation, German support and a German phone number.

  • German-speaking options and futures traders
  • Active traders who want IBKR pricing with German support
Stocks (per order)
0.1 %
Minimum deposit
€2,000
FX conversion
0 %
StocksETFsOptionsFutures+7
  • Pros: BaFin-supervised German investment firm (institution number 10156708) with a Düsseldorf address, German contract law and a free German hotline until 20:00
  • Cons: No Abgeltungsteuer is withheld. German investors gain a compounding advantage but must declare everything themselves via Anlage KAP, and a Freistellungsauftrag is not possible — for many people that alone rules CapTrader out
Group index 81/100
BaFinCBI, FCA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 6Questrade logo

Questrade

Canada's biggest independent broker, now genuinely commission-free — with a 1.5% currency spread as the sting in the tail.

  • Canadian self-directed investors
  • Registered account investing (TFSA, RRSP, FHSA, RESP)
Stocks (per order)
Free
Minimum deposit
None
FX conversion
1.5 %
StocksETFsOptionsForex+6
  • Pros: CAD 0 commission on every Canadian and US stock and ETF trade, on both the buy and the sell side, with no ECN fees at all on Canadian orders
  • Cons: The 1.5% CAD/USD conversion charge is high and unavoidable unless you deliberately manage currency; on a CAD 20,000 US-stock purchase it costs CAD 300, dwarfing any commission saving
Group index 76/100
CIROOSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 7Kraken logo

Kraken

The most heavily licensed venue in crypto — and the only one that is also a chartered US bank.

  • Traders who prioritise regulatory quality
  • Crypto derivatives and margin traders
Stocks (per order)
Share trading not offered
Minimum deposit
€1
FX conversion
n/a
StocksETFsOptionsFutures+3
  • Pros: Wyoming SPDI bank charter through Kraken Financial — a full-reserve institution required to hold 100% unencumbered liquid assets against customer fiat, with a Federal Reserve limited-purpose master account
  • Cons: Entry-tier spot pricing of 0.40% maker and 0.80% taker is the most expensive base rate among major regulated venues, and you need USD 10,000 of 30-day volume before it drops below 0.40% taker
Group index 78/100
CBIFCA, SEC, CFTC, WY DoB, CySEC, VARA, BVI FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 8

OANDA

Thirty years, six top-tier licences and one of the strongest mobile apps in FX - attached to spreads you have to work around.

  • Beginners
  • Mobile-first traders
Stocks (per order)
0.06 % (CFD)
Minimum deposit
None
FX conversion
1 %
StocksETFsForexCFDs+6
  • Pros: Regulated by six tier-1 authorities - CFTC/NFA, FCA (542574), CIRO, ASIC (AFSL 412981), MAS and the JFSA - a licence footprint almost nobody in retail FX matches
  • Cons: The default spread-only account is expensive: EUR/USD has been measured at 1.4 to 1.7 pips against roughly 0.8 pips all-in at raw-spread competitors
Group index 89/100
CFTC/NFAFCA, ASIC, CIRO, MAS, JFSA, KNF, BVI FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 9Qtrade Direct Investing logo

Qtrade Direct Investing

Canada's best-researched discount broker — now commission-free, still let down by its mobile app.

  • Research-driven stock and ETF investors
  • Mutual fund investors
Stocks (per order)
Free
Minimum deposit
None
FX conversion
n/a
StocksETFsOptionsBonds+2
  • Pros: CAD 0 commission on equities, ETFs and mutual funds alike — the only Canadian broker of the three to make mutual funds free as well
  • Cons: Cash pays 0.00% on every balance up to CAD 2,000,000 — on a CAD 25,000 cash buffer that is roughly CAD 1,100 a year of foregone interest against a Wealthsimple chequing balance
Group index 76/100
CIROBCSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 10Wealthsimple Trade logo

Wealthsimple Trade

The best consumer app in Canadian finance, and the first broker in the country to make equity options genuinely free.

  • App-first Canadian investors
  • Options sellers and covered-call writers
Stocks (per order)
Free
Minimum deposit
None
FX conversion
1.5 %
StocksETFsOptionsFutures+3
  • Pros: CAD 0 commission on Canadian and US stocks and ETFs, plus USD 0 per equity and ETF options contract on every tier, including free assignment
  • Cons: The 1.5% CAD/USD conversion is the same as Questrade's. A USD account (CAD 10 a month on Core, free on Premium from CAD 100,000) removes it on the US trades themselves but not on the CAD you convert into it, which still costs 1.5% per transaction under CAD 10,000 and falls to 0% only from CAD 100,000; journalling at CAD 9.95 is the other way round it
Group index 69/100
CIRO
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 11

Webull

A desktop-grade trading terminal wrapped in a zero-commission app — with a support desk that lags badly behind the software.

  • US options traders
  • Chart-driven active traders
Stocks (per order)
Free
Minimum deposit
None
FX conversion
n/a
StocksETFsOptionsFutures+5
  • Pros: USD 0 commission on US-listed stocks, ETFs and equity options, with no per-contract fee — index options are the only equity-derivative exception at USD 0.50 per contract
  • Cons: Customer support is the standing complaint: Trustpilot sits at roughly 1.3–1.4 out of 5, with transfers and account access the most common themes
Group index 86/100
FINRACFTC/NFA, FCA, ASIC, MAS, AFM
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 12Dukascopy Bank logo

Dukascopy Bank

A real Swiss bank running a real ECN — with a tariff sheet that punishes anyone who moves money often.

  • Experienced ECN and algorithmic FX traders
  • Clients who want a bank, not a broker
Stocks (per order)
0.06 % (CFD)
Minimum deposit
US$100
FX conversion
n/a
StocksETFsForexCFDs+4
  • Pros: Licensed by FINMA as both a bank and a securities firm — full Swiss banking supervision, capital requirements and audit obligations, not a CFD-broker permission
  • Cons: Bank transfer withdrawals are priced per currency and rail — EUR 2.3 over SEPA up to EUR 20, USD 19 up to USD 35, and nominally much more in minor currencies such as HUF 5,500 or JPY 2,500 — and card withdrawals add EUR 1.5 plus 2.5%; cash movement is the single worst part of the tariff
Group index 82/100
FINMAJFSA, Latvijas Banka
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

By trading style

Best broker per category

Every category weights the rating criteria differently — which is why the same provider rarely wins everywhere.

Transparency

Not available here

Transparency means showing the gaps too. These recorded providers do not accept clients resident here.

Head to head

The top 8, row by row

Fees apply to retail accounts under normal market conditions. Each provider's data date is on its review.

The top 8, row by row — Canada
Rank#BrokerOverall scoreStocks (per order)Minimum depositFX conversionLocal licenceTax withheldAsset classesAction
1Interactive Brokers logoInteractive BrokersSEC · FCA · CBI4.50.05 %None0 %Local licenceTax withheld12Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

2CMC Markets logoCMC MarketsFCA · ASIC · BaFin4.4Free (CFD)None0.7 %Local licenceTax withheld10Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

3moomooFINRA · MAS · ASIC4.3FreeNonen/aLocal licenceTax withheld7Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

4XTB logoXTBKNF · FCA · CySEC4.3FreeNone0.5 %Local licenceTax withheld8Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

5CapTrader logoCapTraderBaFin · CBI · FCA4.20.1 %€2,0000 %Local licenceTax withheld11Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

6Questrade logoQuestradeCIRO · OSC4.2FreeNone1.5 %Local licenceTax withheld10Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

7Kraken logoKrakenCBI · FCA · SEC4.1Share trading not offered€1n/aLocal licenceTax withheld7Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

8OANDACFTC/NFA · FCA · ASIC4.10.06 % (CFD)None1 %Local licenceTax withheld10Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Provider holds a licence from a supervisory authority of this country. Our dataset records the provider as a tax withholding agent for this country.

Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

Countries

Frequently asked questions

17 of the 72 providers recorded in our dataset accept clients resident in Canada. The highest rated right now are Interactive Brokers, CMC Markets and moomoo. The full ranking with fees and regulation is at the top of this page.

Content on Brokaro is for information purposes only and is not investment, legal or tax advice. All information is provided without guarantee; only the provider's own statements are authoritative.

Read on

Guides and calculators for investors in Canada

Background on tax, fees and regulation — and calculators for your own amounts.

Guides

Calculators

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