Best Canada Trading Platforms & Brokers Regulated by IIROC

Written by Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: October 30, 2024

Our team of expert traders tested several regulated and trustworthy Canada trading platforms and compiled a toplist with the best among them. Each trading platform operating in Canada received a quality score based on several factors, including Trustpilot rating, regulation, fees and commissions, available trading platforms, customer service and more.

The trading industry in Canada is developing at a rapid pace, and the number of traders seeking to join the various markets is constantly on the rise. Unlike the USA, where trading CFDs is prohibited, Canada makes them perfectly legal, and the fact that such activities are overseen on both federal and provincial levels creates a safe environment. Naturally, this might bring in some challenges as well.

While trading activities are subject to strict control and regulations in Canada, which creates safe conditions, traders might face constraints because of the limits set on the margin requirements for various financial products. As a result of these restrictions, traders will face limitations on the amount they are allowed to borrow from their broker of choice to trade CFDs.

All equity marketplaces within the country, including stock exchanges and alternative trading systems (ATS), are required to abide by the securities laws and other requirements that are introduced by the securities commissions of Canada.

Considering how tightly regulated the market is, it is not surprising that many traders wonder whether there are low-spread brokers that still offer a premium user experience. To help them with the search, we have created a list of ten of the best Canadian brokers. This article not only reviews the best brokers in the country but also sheds more light on regulations, the payment methods traders can use, as well as the trading platforms they are normally given a choice from.

Regulator	Investment Industry Regulatory Organization of Canada (IIROC)
Maximum Leverage of Forex	50:1
Maximum Leverage of Stocks	30:1
Maximum Leverage of CFDs	30:1

The Best Canada Brokers

With a population of over 38 million people, trading is a thriving activity in Canada. Yet, the number of brokers that cater to this market is not as extensive, especially when compared to countries like Australia and the UK, for example. This is so mainly owing to the fragmented authorities between the provinces and the too complicated guidelines. Before going with a broker, traders should be sure that it is authorized locally by a regional regulator and the IIROC.

Here is a list of ten of the best brokers that are authorized by the IIROC and accept traders from Canada.

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Regulators
Financial Services Authority of Seychelles
ASIC
VFSC
Platforms
MT 4
MT 5
1. Fusion Markets
Min Deposit
$1
Fees
No deposit and withdrawal fees
Deposit Methods
Commissions
$2.25 per lot commission
Spread
Starts from 0 pips for Zero Accounts
0.9 pips for Classic Accounts
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1
Instruments
Forex, commodities, share CFDs, equity indices, precious metals, and energy
*All financial products involve risk and you should ensure you understand the risk involved as certain financial products may not be suitable for everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance. Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (And any relevant product) having regard to your circumstances and we recommend that you seek independent financial advice if necessary.
Online brokers come in different flavors, and Fusion Markets is one of the most recognizable platforms that cater to the Canadian market. It was established in 2019, and now, traders who create accounts with the brokerage can pick from multiple instruments, including share CFDs, precious metals, Forex, commodities, energy, and equity indices. Not only will users of the brokerage get the chance to trade over 250 products, but they will also be able to do this with ultra-low fees.
Considering that Fusion Markets is established by industry veterans, it makes sense that such a great stress is put on the used technology, customer care, and competitiveness of the prices. To ensure that all its customers will find what they are looking for, the broker gives them a choice of Zero and Classic account types. If they find it hard to decide if this is the right trading platform for them, traders can first set up a demo account.
Fusion Markets’ website is exceptionally easy to navigate, no matter if traders are beginners or long-term investors. Traders can decide between several platforms, including MetaTrader4 and Metatrader5 on portable and desktop devices alike.
The broker seeks to give its users as much edge on the markets as possible, and because of this, allows them to make use of several tools. The range of tools includes technical insight, analyst views, and market buzz.
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Regulators
IIROC
FCA
CySEC
AFSL
JSC
Platforms
MetaTrader 4
MetaTrader 5
WebTrader
2. Admirals
Min Deposit
$1 or $10
Fees
10 CAD per month inactivity fee
Currency conversion fee
Deposit Methods
Commissions
No
Spread
0 or 0.5 pips
Withdrawal Methods
Leverage EU
30:1 for retail clients
500:1 for pro clients
Leverage non-EU
1:500
Instruments
Forex, stocks, bonds, indices, and commodities
* Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Admirals is a broker with more than 20 years of industry experience that promises traders less trading costs with lower spreads. The financial products the broker provides are all tailored to work just as well even for smaller accounts, which is to say that traders of all experience levels are sure to find what they are looking for. With thousands of instruments to trade with, pro trading tools, and competitive prices, this broker promises to fulfill the requirements of the choosiest Canadian traders.
Admirals relies on cutting-edge technology to ensure that its users will be provided with nothing but a seamless trading experience. Traders who register for an account will be given access to over 270 markets as they will get the opportunity to trade bonds, stocks, indices, Forex, and commodities. Total novices can trade like experts with the innovative and powerful tool StereoTrader and improve their knowledge while using the materials under the education section.
Support and security are vitally important to consider, and traders from the country can rest assured that the broker complies with all standards as Admirals is authorized by several regulatory bodies, the IIROC included. While using the platform, traders can have full confidence that their funds are safe as all clients’ assets are kept separately from the funds the broker operates with.
Admirals users can create a demo account and get balance with CAD 100,000 in virtual funds to get a feel for the platform. If they already feel confident, they can go ahead with the registration and pick the account type that suits them best.
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Regulators
Cyprus Securities and Exchange Commission
ASIC
Platforms
MetaTrader 4, MetaTrader 5, WebTrader, cTrader
3. FP Markets
Min Deposit
$100 or the currency equivalent
Fees
$60 monthly fee
No deposit and withdrawal fees
Deposit Methods
Commissions
No commission for Forex
Spread
0.0 or 1.0 depending on the account type
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Bonds, shares, indices, cryptocurrencies, Forex, commodities, and metals
*Derivative products are highly leveraged, carry a high level of risk and are not suitable for all investors. Features of our products including fees and charges are outlined in the relevant legal documents available on our website. The legal documents should be considered before entering into transactions with us.
Operating since 2005, FP Markets is an award-winning trading platform that welcomes users from Canada. Offering consistently tighter spreads, starting from as low as 0.0 pips, this broker allows its users to go for powerful trading platform options like Iress, MetaTradern4, WebTrader, and MetaTradern5.
There are many things that set FP Markets apart from the other trading platforms that cater to the Canadian markets, and the lightning-fast latency trade execution is one of its features that should be mentioned. Additionally, the broker offers some of the tightest spreads on the market that start from 0.0 pips.
The variety of instruments users of the platform can trade with is adequate, and bonds, shares, indices, cryptocurrencies, Forex, commodities, and metals are all on offer. Users of the platform can gain access to more than 10,000 tradable CFD products on some of the biggest exchanges on a global scale.
Traders can add and withdraw funds from their accounts like a breeze as they can make use of multiple payment processors. Payments are fee-free, and depending on the account type they will settle on, traders can deposit a minimum of $100 or $1,000. If traders have any questions, they can forward them right away, as the customer support team operates around the clock.
Members of FP Markets can trade global markets anytime and anywhere while using a convenient app and without creating additional accounts.
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Regulators
Financial Services Agency (License No.: 1662)
Central Bank of Ireland. (No.C53877)
ASIC No.406684
Financial Futures Association of Japan (License No.: 1574)
Financial Regulatory Services Authority (FRSA) (No.190018)
Israel Securities Authority (No. 514666577)
Cyprus Securities and Exchange Commission (No. 347/17)
South African Financial Sector Conduct Authority (FSCA No.45984)
Platforms
MetaTrader 4, MetaTrader 5, WebTrader, AvaOptions, AvaTradeGO, and Automated Trading
4. AvaTrade
Min Deposit
$250
Fees
$50 inactivity fee after three consecutive months with no use
Deposit Methods
Commissions
No commission
Spread
0.6 or 0.9
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
400:1
Instruments
Forex, stocks, commodities, bonds, ETFs, indices, CFDs, cryptocurrencies, and options
*Trading CFDs and FX Options entail risk and could result in the loss of your capital.
Offering uncompromising security, personalized customer support, and advanced trading tools, AvaTrade is a one-stop destination for traders of all experience levels. The broker is mainly known for its customer-first approach and the fact that it has been pioneering the industry since 2006. Numbers go to prove that AvaTrade is a brokerage firm that is many traders’ first choice as it has well over 40,000 active users who complete more than 3 million traders per month.
Being one of the very first Forex trading platforms, the broker now allows its users to venture into trading over 1,000 instruments, including cryptocurrencies, bonds, commodities, stocks, cryptocurrencies, and options. While using the brokerage, traders will benefit from instant execution, tight spreads, and no commission. Additionally, thanks to the ongoing education, traders can improve their skills and learn new concepts.
Along with Automated Trading, AvaTrade gives its users a choice from several other trading platforms, including MetaTrader 4 MetaTrader 5, and WebTrader. The award-winning AvaTradeGo and proprietary AvaOptions are professional and powerful trading platforms that allow traders to connect with global markets like a breeze.
AvaTrade is a platform that always seeks to expand its reach, and today, it is regulated by Europe, Japan, Australia, South Africa, the British Virgin Islands, and UAE.
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Regulators
IFSC
CySEC
FCA
Platforms
MetaTrader 4, MetaTrader 5, FBS Trader
5. FBS
Min Deposit
$1 or $1,000
Fees
No deposit and withdrawal fees
Deposit Methods
Commissions
No commission for Pro, Micro, Zero, Standard, and Cent accounts
$6/lot for ECN
0.05% for opening and 0.05% for closing positions for Crypto
Spread
From 0.0 pips
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
3000:1
Instruments
metals, indices, energies, stocks, cryptocurrencies, and Forex exotic
*Risk warning: Before you start trading, you should completely understand the risks involved with the currency market and trading on margin, and you should be aware of your level of experience.
Offering an enhanced user experience since 2009, FBS is an award-winning broker that caters to the Canadian market. The broker provides its services to traders from more than 150 countries, and operates under stamps of approval from a number of regulatory authorities.
The number of traders who have gone for FBS as their broker of choice is always on the rise, and it is easy to see why, as they can pick from a wide array of account types, including Standard, Cent, Pro, ECN, Crypto, Zero Spread, and Micro. Traders who choose to get on board can use MetaTrader 4 or MetaTrader 5 that are accessible on portable and desktop devices.
What makes this broker truly stand out from the competition is that the company provides leverage of up to 3000:1, given that traders opt for Standard, Zero Spread, or Micro accounts. It is also worth noting that traders will be offered fixed, flexible, and zero spreads depending on the preferred account type.
The broker seeks to provide trading services to fit people of all skills and experience levels, and because of this, gives them access to a wide variety of instruments, including metals, indices, energies, stocks, Forex, cryptocurrencies, and Forex exotic. The recently added FBS trader app puts all top assets in one place.
The least amount traders can transfer to their accounts is just $1, and the payment processors they can make use of include Neteller, Skrill, Visa, Perfect Money, and STICPAY.
With FBS, traders can have full confidence that they will get the highest levels of security, adequate variety of options, and top performing trading platforms to decide between. The broker has also made sure that there will always be someone to assist traders with the queries they might have, as FBS’s help desk operates around the clock.
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Regulators
Financial Conduct Authority (FCA)
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
IIROC
Platforms
MetaTrader 4
6. CMC Markets
Min Deposit
$1
Fees
No deposit and withdrawal fees, except for wire transfer
Deposit Methods
Commissions
1 Cent per Share CFD
Spread
From 0.0 pips
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Forex, commodities, shares, indices, treasuries
*Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Offering a reliable, user-oriented trading environment built on the most advanced platforms, CMC Markets is an online brokerage that allows you to access over 10,000 CFDs markets across shares, treasuries, commodities, EFTs, Forex, and indices.
The broker has set the goal to provide its clients with the ultimate trading experience and because of this gives them the opportunity to develop a diverse portfolio, thus significantly increasing their potential trading opportunities. To give its users the best trading experience possible no matter the time or the place, the broker offers dedicated apps that are built for devices running on iOS and Android.
The award-winning trading platform always looks for ways to improve the trading experience of its clients, and allows them to execute their trades while using user-friendly, proprietary platforms and native apps. The broker also boasts dynamic charting capability, and as a result, traders can use a number of features to support their charting analysis, including pattern recognition, over 80 technical indicators, drawing tools, and chart forum community.
Traders are given better control over the way their trades are executed as thanks to the cutting-edge technology in place, they can enter and exit trades in a flash.
With over 27 years of industry experience, the broker is fully aware that the security of their funds truly matters to traders. While using the services of the platform, traders can be sure that their funds are in good hands as CMC Markets complies with the rules and regulations of IIROC and CIPF.
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Regulators
VFSC
ASIC
Platforms
MetaTrader 4, MetaTrader 5, TradingView, and cTrader
7. Global Prime
Min Deposit
$0
Fees
No deposit and withdrawal fees
Deposit Methods
Commissions
No commission for Standard accounts $3.5 for Raw accounts
Spread
From 0.0 pips or 0.9 pips, depending on the account type
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
100:1
Instruments
Forex, crypto, commodities, bonds, and indices
*Trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Any Information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Past performance of any product described on this website is not a reliable indication of future performance.
Global Prime is one of the highest-rated Forex and CFD brokers that has been operating for 13 years. Whether you are new to trading or you are already a pro, Global Prime provides its clients with all the trading tools they might need to get an edge. To make sure that the services the brokerage offers will suit the needs of all traders, the broker allows them to register for Standard and Raw Accounts. Beginners might want to set up a demo account first.
Although Forex is Global Prime’s specialty, the broker gives traders quick and hassle-free access to over 150 global markets, thus covering commodities, cryptocurrencies, indices, and bonds. It is not surprising that Global Prime is such a well-chosen broker as it offers 0.0 spreads, $0 minimum account size, and $0 deposit fees. On top of these, traders will benefit from low latency, and the speed at which trades are executed will be as low as 10 seconds.
Global Prime combines market-leading trading conditions with some of the most popular trading platforms like MetaTrader 4. The broker constantly strives for perfection as MetaTrader 5 and cTrader will soon be available as well.
Global Prime gives its clients a choice from over 20 instant and easy-to-use payment processors, thus ensuring that deposits and withdrawals will be smooth sailing for traders. CAD is on the list of supported currencies, meaning that traders will save on conversion fees.
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Regulators
IIROC
Platforms
Trader Workstation, TWS API, IBKR Mobile, and Client Portal
8. Interactive Brokers
Min Deposit
No minimum deposit requirement
Fees
No deposit and withdrawal fees
No fees when opening an account
Deposit Methods
Commissions
Traders can pick from a fixed rate pricing and tiered pricing structure
Spread
From 0.1 pips
Withdrawal Methods
Leverage EU
Not specified
Leverage non-EU
100:1
Instruments
Stocks, bonds, futures, options, currencies, and hedge funds
*Investing in financial products involves taking risk. Your investments may increase or decrease in value, and losses may exceed the value of your original investment.
Interactive Brokers is a multi-national brokerage firm that is increasingly popular on Canadian soil. It is clearly a broker that traders can trust as it is regulated by the IIROC. In 2023, the broker started its 46th year in the industry, which goes to show that Interactive Brokers knows how to hold the attention of traders.
Traders who create an account with the broker are given access to options, stocks, currencies, futures, and bonds from a single unified account. Interactive Brokers is preferred by traders because of their industry-low commissions across 150 global markets. Additionally, traders will not face platform fees, account minimums, or added spreads.
The broker offers a range of award-winning trading platforms that are powerful enough to live up to the requirements of experts but work just as well for traders with less experience.
The broker provides a line-up of flexible and convenient methods for topping up your trading account and withdrawing your funds. Additionally, traders can top up their accounts and trade assets in more than 26 currencies, including CAD. Traders can improve their skills and knowledge whenever they feel like it, thanks to the on-demand educational resources the broker offers.
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Regulators
ASIC
Platforms
MetaTrader 4, WebTrader
9. Axi
Min Deposit
$1
Fees
No account maintenance fee
No fees for payments
Deposit Methods
Commissions
No commission for Standard accounts
$3.50 per lot for Pro accounts
Spread
Starts from 0.0 pips
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Forex, commodities, cryptocurrencies, shares, indices
*Over-the-counter derivatives are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. You do not own, or have any rights to, the underlying assets. You should only trade with money you can afford to lose.
Offering its services to traders from over 100 countries around the globe, Axi is a broker that has been operating in full swing since 2007. To ensure that all its clients will be satisfied, the broker gives them a choice from over 130 instruments to trade. It is trusted by more than 60,000 customers and gives its users a choice from a number of markets, including shares, Forex, indices, commodities, and cryptocurrencies.
Axi has carved a reputation as an industry leader in online trading by providing its users with one of the world’s most popular trading platforms MetaTrader4. It is simple enough for total novices but still offers advanced trading tools to meet the requirements of traders with more experience. The best thing is that clients of the brokerage can trade their edge on handheld and desktop devices, get real-time pricing and charts, monitor and modify their traders with just a few clicks or taps.
Axi has a number of noteworthy features, and its customers will benefit from lightning-fast execution, competitive pricing, flexible leverage, high liquidity, and tight spreads, to name a few. To sharpen their skills and knowledge, users of the brokerage should make use of the educational materials that are accessible anytime and anywhere.
Considering that the broker caters to traders from so many countries, it is only natural that its customer support team speaks more than 15 languages.
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Regulators
Cyprus Securities and Exchange Commission
Komisja Nadzoru Finansowego (KNF)
Financial Conduct Authority in the United Kingdom (License No. FRN 522157)
Cyprus Securities and Exchange Commission in Cyprus. (License No.169/12)
Platforms
xStation 5 and xStation Mobile
10. XTB
Min Deposit
$0
Fees
No fees for payments via bank transfer and debit cards
€10 monthly (or equivalent in GBP, USD) inactivity fee
Deposit Methods
Commissions
No
Spread
From 0.1 pips
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Forex, commodities, stocks, cryptocurrencies, shares, indices, and ETFs
*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
XTB is a global leader in FX and CFD trading that allows its clients to trade using a world-class platform. The broker gives its clients access to over 2,100 financial markets, and the range of options includes commodities, shares, indices, Forex, stocks, cryptocurrencies, and ETFs. All these instruments will be within reach, no matter if traders will set up a Standard or Swap Free account.
XTB is among the top-performing stock exchange-listed Forex and CFD brokers in the world and is regulated by some of the biggest supervision authorities, which goes to prove that traders can trust it. If they are not yet sure whether the broker meets all their requirements, traders can first register for a demo account in order to get their feet wet.
The award-winning trading solutions the broker offers are shaped to meet the requirements of traders of all experience levels. The broker knows that success starts with the right platform and because of this, offers xStation 5. It is an easy-to-use trading platform that is fully customizable, offers superior execution speeds, and provides sentiment, performance statistics, and traders’ calculators.
The broker makes it exceptionally easy for traders to access the world’s biggest financial markets, thanks to the new xStation mobile app. Using the Web Trade platform is also an option clients of the brokerage can make use of, and it is not only compatible with most Internet browsers but it gives traders access to more advanced tools.

Trading Regulation in Canada

Trading is legal in the country but is tightly regulated, and brokers can accept residents of Canada as clients after they apply for a license from the Investment Industry Regulatory Organization of Canada (IIROC), which is a pan‑Canadian self‑regulatory organization. It was established to control all investment dealers and trading activity that occurs on the equity and debt markets within the country.

The IIROC was created in 2008 as a result of the consolidation of the Market Regulation Services Inc and the Investment Dealers Association of Canada (IDA). It should be noted that the Investment Industry Regulatory Organization of Canada is recognized by the Canadian Securities Administrators (CSA). The CSA includes all 13 provinces and the respective provincial regulatory bodies, including the British Columbia Securities Commission, Ontario Securities Commission, Alberta Securities Commission, and Financial and Consumer Services Commission, among others.

The securities regulators from all ten provinces and the three territories in Canada have united in the Canadian Securities Administrators (CSA). Its prime goal is to protect investors in the country from unfair, improper, or fraudulent practices. Fostering efficient and fair capital markets is also among the goals the CSA has set. It also handles initiatives regarding security violations in the respective territories.

Established by provincial and territorial securities regulators across Canada, the Canadian Investor Protection Fund is a not-for-profit insurance program created to protect investors from losses that are caused by the insolvency of investment firms. Accounts are covered to up to $1 million in shortfalls, but this insurance will only be offered if the brokers go bankrupt.

The brokerages that welcome clients from Canada tend to provide their users with a wealth of trading instruments, and depending on the platform traders will settle on, they might be allowed to trade commodities, stocks, indices, Forex, and cryptocurrencies, among others. In order for brokers to accommodate traders from Canada, they need to have a physical presence in the country.

To help ensure fair and transparent access to Canadian financial markets, the regulatory bodies in the country have set out different protections in various Instruments that include ethical standards for investment professionals and requirements for disclosing investment information and pricing, among others.

An important thing traders need to know is that the brokers that are regulated by the IIROC will also give them the opportunity to provide the name and contact information of a Trusted Contact Person or TCP. Due to regulatory requirements, brokers will ask their users to provide the details of such a person to get in touch with when the circumstances call for interfering with your investments.

Forex Trading Regulation in Canada

Forex trading is generally regulated as trading in either a security or a derivative, and the set of rules according to which it is conducted varies between the provincial legislation. It is important to note that organizations and individuals seeking to offer Forex trading services in Canada need to be registered in the province where they intend to work. Additionally, they need to be members of the Investment Industry Regulatory Organization of Canada.

An important thing to note about the brokers that are regulated by the IIROC is that they are required to approve all new accounts within up to one day after they execute their initial trade. If brokers fail to comply with the rules set out by the IIROC, the organization has the right to suspend their licenses.

Due to the strict laws and rules set by the Alberta Securities Commission, its residents will only be allowed to trade CFDs and Forex after they qualify as accredited investors. Although there is no formal process to register as an accredited investor, traders need to know that they will be asked to provide documentation proving that they meet the financial asset and income requirements.

Under the regulations set out by the IIROC, an accredited investor is “an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000”; “an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed the net income level in the current calendar year”; or “an individual who, either alone or with a spouse, has net assets of at least $5 million.”

As soon as they fill out the form, traders will be required to provide a proof of their selected qualification option. While creating an account with a Canada-friendly brokerage, traders will be required to provide a copy of an original bank, loan or mortgage, or credit card account statement. Filling out the W8 BEN form is also required.

It is important to note that when Forex trading in Canada is concerned, such activities will not only be overseen by the IIROC, but by the provincial regulators as well. The three regional authorities that operate in the country include The British Columbia Securities Commission, The Ontario Securities Commission, and The Autorité des Marchés Financiers.

Stocks Trading Regulation in Canada

Trading stocks is legal in Canada, and these operations fall under the purview of IIROC and the Canadian Securities Administrators. Most of the Canada-facing brokers allow their users to trade stocks of some of the world’s largest companies anytime and anywhere. When compared to the rules and regulations regarding day trading in the US, the ones in Canada are considerably more lenient.

First and foremost, traders should make sure that they will claim their income correctly. Although the income of day traders is considered business income and is taxable, traders should bear in mind that losses are tax-deductible.

The Superficial Loss Rule, or 30 Day Loss Rule as it is also known, is yet another important rule to keep in mind. Under this rule, if a loss occurs 30 days from the date of the sale and 30 days after, it will be considered a superficial loss. Another thing traders should bear in mind is that there is no minimum amount to start trading stocks unless they decide to start dealing in US stocks. If this is the case, a $25,000.00 minimum is required.

According to the rules and regulations introduced by the IIROC, investors are allowed to borrow up to 70 percent of the price of the securities to be purchased on margin. This will be the case if the stock is eligible for reduced margin and is added to the LSERM list introduced by the IIROC.

While trading stocks, Canadian traders can make use of multiple strategies, and the most common ones include scalping, trend following, technical analysis, and chart patterns.

CFDs Trading Regulation in Canada

Trading CFDs is legal in Canada, but as we explained already, it is subject to stringent regulation. The market regulations are set out by the IIROC, and all brokers that want to accommodate traders from the country need to abide by the requirements laid out by the self‑regulatory organization.

While various regulatory agencies that administer and enforce securities legislation in Canada and, as a result, traders will benefit from one of the safest trading environments in the world, the limitations they will face are also worth considering. Traders will face constraints when it comes to the maximum leverage they can benefit from as the IIROC has placed limits on the margin requirements for various financial products.

Brokers that are regulated by the IIROC are also required to publish an additional risk warning in order to ensure that traders will be fully aware of the level of risk they will face.

Before they start offering their services to traders from Canada, brokers are required to evaluate the experience and knowledge levels of their customers-to-be. It should also be mentioned that day traders and business traders are not treated in the same way by the Canada Revenue Agency (CRA) when it comes to taxation.

Canada Trading Regulation FAQ

1. Is it legal to trade Forex in Canada?

2. Are the regulations regarding trading the same in all provinces and territories in Canada?

3. What restrictions are placed on leverage in Canada?

4. How are CFDs taxed in Canada?

5. How much capital do I need to start trading in Canada?

Funding and Withdrawing from Canada Trading Account

The brokerages that are friendly to traders from Canada seek to guarantee that the account opening will be a breeze and there will be a wealth of instruments for their clients to decide between. The available platforms also matter to traders, but before they get started with their trading experience, they should add some funds to their accounts.

Free and lightning-fast deposits and cashouts are also among the features traders put great stress on. The range of accepted deposit and cashout methods tends to vary between the online brokerages, but typically, traders will be presented with an extensive list of deposit and cashout methods, thus ensuring that the transfer of funds will be equally smooth for traders with all experience levels.

As for the amounts traders will be allowed to deposit and withdraw, these will vary considerably between the brokers. While being on the lookout for a Canada-friendly broker that lives up to all their requirements, traders might come across brokerages where there is no minimum deposit requirement. Whether extra fees will be charged also depends on the broker.

Depositing

For their most part, the brokers that accept traders from Canada offer varied deposit options in order to ensure that their clients will be able to add funds to their accounts without facing difficulties. Debit and credit cards by Maestro, Mastercard, and Visa are some of the most frequently available deposit methods across the brokers that welcome traders from the country.

Digital wallets have started to pick up lots of steam in recent years, and this is understandable, considering that payments executed through them take almost no time to clear. Skrill and Neteller are two of the e-wallets that are normally available on the deposit pages of the brokers.

Canada-friendly providers of trading services often allow their clients to load their accounts with cash using checks or wire transfers. If one of these options appeals to traders, they need to know that the processing times are considerably slower, especially when compared to the wait times for digital wallets. With wire transfers, traders’ payments might go through within up to 5 days. Opting for checks means that traders need to wait even longer as payments typically take up to 10 days to complete. Initiating ETFs is one more way to add funds to your trading account.

The good news is that most brokers that welcome traders from Canada allow their users to set up their accounts in CAD, which is to say that there will be no need to pay currency conversion fees. Traders should keep in mind that the deposit limits they will be presented with might also be determined by the account type they have chosen to create.

With most brokers, there is no limit on the amount traders can deposit, but typically, there are recommendations on how much traders should add to their accounts per transaction.

Payment Method	Usual Deposit Limits	Usual Deposit Timeframes	Usual Fees
Visa	Minimum deposit $0-$1,000 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Mastercard	Minimum deposit $0-$1,000 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Maestro	Minimum deposit $0-$1,000 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Neteller	Minimum deposit $0-$1,000 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Skrill	Minimum deposit $0-$1,000 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Bank transfers	Minimum deposit $35-$250 No maximum deposit	Up to 3 or 5 days	The fee might be fixed or flexible
Interac Online	Minimum deposit $0-$250 No maximum deposit	A couple of hours	Most brokers do not charge deposit fees
Electronic Funds Transfer (EFT)	Minimum deposit $0-$250 No maximum deposit	Up to 3 days	Depends on the broker
Personal checks	Minimum deposit $50-$250 No maximum deposit	5 or more days	Depends on the broker

Withdrawing

Withdrawals can be processed via a more limited range of payment processors, and in most cases, payments from the brokerages are processed through bank transfer. If bank transfer is the payment solution traders will opt for, they should check whether extra fees are charged.

If possible, cashouts via digital wallets like Neteller and Skrill will take considerably less time, and after players’ request is approved, their funds might be accessible within a couple of hours or up to one day.

As for the cashout limits Canadian traders need to abide by, they should know that, with some brokers, there are no minimum and maximum withdrawal requirements. That being said, traders should contact the customer support hosts to find out what is the least withdrawal amount they recommend cashing out.

There are also Canada-friendly brokers that want to ensure that withdrawals will be easily manageable, and allow their clients to cash out a minimum of $5 or $10. Naturally, there are also brokers that do not allow cashing out such amounts, and the least withdrawable amounts start at $100, $200 or even higher. Another thing to consider is that there might be limitations on the amount traders can withdraw when they have open trades.

Withdrawals are not processed on the spot as first, all requests need to be processed by the representatives of the brokerage. Typically, this process takes up to 2 days, but with some brokers, the period might be longer. Unlike deposits, cashouts are rarely instant, and might take up to 10 days, depending on the selected payment processor.

Payment Method	Usual Withdrawal Limits	Usual Withdrawal Timeframes	Usual Fees
Mastercard	Minimum withdrawal – $5 No maximum withdrawal amount	Up to 5 days	Depends on the broker
Visa	Minimum withdrawal – $5 No maximum withdrawal amount	Up to 5 days	Depends on the broker
Bank transfer	Minimum withdrawal amount – $50 No Maximum withdrawal amount	Up to 10 days	Depends on the broker
Neteller	Minimum withdrawal – $5 No maximum withdrawal amount	Up to 1 day	Depends on the broker
Skrill	Minimum withdrawal – $5 No maximum withdrawal amount	Up to 1 day	Depends on the broker
Interac Online	Minimum withdrawal – $5 No maximum withdrawal amount	Up to 1 day	Depends on the broker

Canada Trading Platforms

The platforms and tools traders will be given access to after they settle on one of the Canada-facing brokers will vary greatly. Before traders go ahead with their trading experience, they should make sure that the preferred platform is combined with market-leading trading conditions.

Considering that handheld devices are an inseparable part of our daily lives, it makes sense that, for the most part, the brokerages that are friendly to traders from the country make sure that their services are easily accessible on iOS and Android-powered devices. Typically, traders are given access to the native apps straight from the website of the brokers.

MetaTrader 4

MetaTrader is regarded as the most popular trading platform on a global scale and is often considered an industry benchmark, which is natural, considering that it was introduced more than two decades ago.

The platform is customizable and feature-rich, which renders it suitable for seasoned traders. It is also straightforward enough to meet the requirements of beginners. It boasts user-friendliness and flexibility, thus making it a breeze for traders to access information like indicators, market news, charts, tools, and resources.

The electronic trading platform is so widely used also because it offers news widgets and real-time alerts, thus ensuring that traders will always be fully prepared to enter a trade. One more reason why the platform is such a great choice for traders from Canada is that it makes it possible for them to implement their automated trading strategies into the preferred markets.

Using the various custom trading tools directly on the platform is possible as it is built using the MQL4 (MetaQuotes Language 4) programming language. Another benefit of the platform is that it offers enhanced security.

Signals and Market are extra services that further increase the appeal of the platform, as the former make it possible to copy trades of other traders. The Market gives traders access to technical indicators and expert advisors.

One more reason why the platform is so well-preferred is that it is exceptionally light, and as a result, it works equally smoothly even on older devices. Traders who prefer to use their desktop devices can access the platform on Windows and Mac-powered devices. Mobile users, on the other hand, can access the platform on devices powered by Android and iOS.

MetaTrader 5

This is the most up-to-date and robust version of MetaTrader, and it is so preferred by Canadian traders because it offers greater efficiency, enables more features, and trading instruments. The platform offers everything seasoned traders might need in order to achieve the trading goals they have set.

When compared to its predecessor, MetaTrader 5 gives traders access to a wide range of asset classes, which goes to explain why it is so sought-after. It is a powerful multi-asset platform that allows trading Forex, futures, and stocks. While using the platform, Canadian traders will be provided with multiple tools for better price analysis. It has a similar layout to MetaTrader 4, thus making it a breeze for traders to make a switch from its predecessor.

One more reason traders might pick it over its predecessors is that it offers four execution modes, including Exchange, Market, Request, and Instant, to respond to the various trading objectives. MT5 also supports all types of trade offers, including trailing stop, market, pending and stop offers. With such a wide array of execution modes and trade offers, the platform allows traders to employ any strategy they might prefer in order to achieve their trading goals.

MetaTrader 5 boasts advanced auto trading systems, copy and technical trading. Additionally, it supports the hedging method, thanks to which traders can open multiple positions of the same financial instrument, either in the same or the opposite direction.

The analytical tools on offer are worth mentioning as well, and while using MT5, traders are allowed to open up to 100 charts of currency and stock quotes at the same time. Even the lightest price movements will undergo analysis, thanks to the 21 timeframes offered on the platform. Fundamental analysis, trading signals, and copy trading are also among the tools that are accessible through the platform.

Best Canada Trading Platforms