Best Trading Platforms in Canada

This Page's Content Was Last Updated: October 17, 2022
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What You Should Know

  • Bank brokerages typically charge $9.95 per stock trade, but you can get discounted or even commission-free trades with some online brokerages.
  • Trading platforms in Canada can offer stocks, bonds, options, crypto, forex, futures, IPOs, and CFDs.
  • Many banks offer lower commissions for active traders and young traders.
  • The best trading platforms have low or no fees, no minimum account balance requirement, and offer a wide variety of markets.

From stocks and options to even crypto, forex, and futures, there are many different platforms that you can invest and trade with in Canada. Online brokers and trading platforms can differ in what markets and products they offer, their fees and commissions, deposits and withdrawals, how they are regulated or licensed, and even tools and research available to you. This page will compare the 15 best trading platforms in Canada for stock trading, day trading, options, CFDs, crypto, and forex.

Summary of Best Trading Platforms in Canada

Minimum DepositCommissionsMargin AccountsRegistered Accounts

interactive-brokers2

Interactive Brokers
$0

Stocks: $0.008/share (min. $1)

Options: $0.25 - $1.25 per contract

Indices: From $0.25/contract

Forex: From 0.20 bps (min. $2)

questrade2

Questrade
$1,000

Stocks: $0.01/share (min. $4.95)

Options: $9.95 + $1/contract

Indices: From 0.5 pips

Forex: From 1.9 pips

wealthsimple2

Wealthsimple Trade
$0

Stocks: Free

qtrade2

QTrade
$0

Stocks: $8.75

Options: $8.75 + $1.25/contract

rbc2

RBC
$0

Stocks: $9.95

Options: $9.95 + $1.25/contract

td

TD
$0

Stocks: $9.99

Options: $9.99 + $1.25/contract

scotiabank

Scotiabank
$0

Stocks: $9.99

Options: $9.99 + $1.25/contract

cibc

CIBC
$0

Stocks: $6.95

Options: $6.95 + $1.25/contract

bmo

BMO
$0

Stocks: $9.95

Options: $9.95 + $1.25/contract

nationalBank

National Bank
$0

Stocks: Free

Options: $1.25/contract

avatrade2

AvaTrade
$300

Stocks: From 0.13%

Indices: From $0.10

Forex: From 0.6 pips

forex

FOREX.com
$100

Stocks: $0

Indices: From 0.03 pips

Forex: From 1.3 pips

cmc-markets2

CMC Markets
$0

Stocks: $0.01/share (min. $8)

Indices: From 0.3 points

Forex: From 0.7 points

oanda2

Oanda
$0

Indices: From 0.3 points

Forex: From 1 points

fxcm

FXCM
$50

Indices: From 0.59 pips

Forex: From 0.7 pips

Canada's Top Online Trading Platforms

interactive-brokers2

Interactive Brokers

Fees Summary:

  • Stocks: $0.008/share (min. $1)
  • Options: $0.25 - $1.25 per contract
  • Indices: From $0.25/contract
  • Forex: From 0.20 bps (min. $2)

Features:

  • Dividend reinvestments (DRIP)
  • Low margin rates
  • Very low commisions and fees
  • Wide variety of markets

Interactive Brokers Canada, part of the global Interactive Brokers group (IBKR), is an online brokerage that provides access to a wide variety of markets around the world with low fees and commissions. In fact, it’s the largest online brokerage in the United States! You can trade stocks, options, indices, forex, mutual funds, and even invest in hedge funds with Interactive Brokers, along with a range of registered accounts being available in Canada, such as RRSPs and TFSAs.

Interactive Brokers supports accounts in 23 different currencies. You can easily exchange currencies with a fee as low as 0.20 bps (minimum of $2 per order), which allows you to trade stocks and other products from 27 countries around the world. The currencies supported by Interactive Brokers are:

  • CAD
  • USD
  • GBP
  • EUR
  • AUD
  • JPY
  • CHF
  • CNH
  • CZK
  • DKK
  • HKD
  • HUF
  • ILS
  • KRW
  • MXN
  • NZD
  • NOK
  • PLN
  • RUB
  • SGD
  • ZAR
  • SEK
  • TRY

Stocks from certain stock exchanges can be traded from these 27 countries:

  • Canada
  • United States
  • Mexico
  • Austria
  • Lithuania
  • Switzerland
  • Belgium
  • Netherlands
  • United Kingdom
  • Estonia
  • Norway
  • Israel
  • France
  • Poland
  • Australia
  • Germany
  • Portugal
  • Hong Kong
  • Hungary
  • Russian Federation
  • India
  • Italy
  • Spain
  • Japan
  • Lavia
  • Sweden
  • Singapore

While Interactive Brokers (IB) isn't a commission-free broker, you can trade Canadian stocks for as little as $0.008 per share with a minimum commission of $1 per order. U.S. stocks have a commission of $0.0035 per share, with a minimum of $0.35 commission per order, up to 1% of the total trade value. Volume discounts can reduce your commission to as low as $0.0005 per share! That's a fraction of the commission that the big banks charge in Canada for stock trades, which can be a minimum of $9.95 per trade.

IB's options commissions are also very low, ranging from $0.25 to $1.25 per options contract. and low options exercise and assignment fees. For stock options, IB's exercise and assignment fee is $0.00013 per stock sold, up to $6.49 per trade. For example, being assigned or exercising one options contract of 100 shares would cost $0.013. In comparison, Questrade charges a flat options exercise/assignment fee of $24.95!

IB is a great option for pro traders due to the wide variety of markets available. In addition to stocks and options, you can trade futures, futures options, forex, bonds, and funds. On top of all this, IB has some of the lowest margin rates in the industry. This means that you can borrow money to invest and trade at low interest rates. There’s also no minimum account balance or inactivity fees for individuals.

Other features that IB offers include a dividend reinvestment program (DRIP), earning interest on your cash margin balance, and earning interest for lending out your shares to short sellers. This stock yield enhancement program gives you 50% of the loan interest income that IB earns from lending out shares for margin accounts, and it can enhance your investment returns with no additional effort on your part.

Interactive Brokers Margin Rates

Interest rate as of December 2022

CAD Margin Rate: 2.784% (Benchmark + 1.5%)

USD Margin Rate: 3.08% (Benchmark + 1.5%)

Interactive Brokers Deposit Options

Deposit MethodProcessing Time
Electronic Funds Transfer (EFT)Up to 4 Business Days
Wire TransferAs litttle as 1 Business Day
Online Bill Payment1 to 6 Business Days
questrade2

Questrade

Fees Summary:

  • Stocks: $0.01/share (min. $4.95)
  • Options: $9.95 + $1/contract
  • Indices: From 0.5 pips
  • Forex: From 1.9 pips

Features:

  • Buy ETFs commission-free
  • Select free real-time data
  • Low stock commissions
  • No inactivity fee

Questrade is a popular Canadian discount brokerage that positions itself as an alternative to the major bank brokerages. One feature that Questrade offers is the ability to purchase ETFs with no commission. This is a great way for investors looking to buy commission-free ETFs regularly, such as investing a portion of their paycheck, or those who want to automatically invest frequently.

Questrade's most popular trading accounts include, individual margin accounts, TFSAs, and RRSPs. Other account types offered by Questrade include:

  • RESP
    • Spousal RRSP
      • LIRA
        • Locked-in RRSP
          • RIF
            • LIF
              • Family RESP
                • Joint Margin
                  • Forex & CFDs
                    • Entity Accounts
                      • Coporate
                      • Investment Club
                      • Partnership
                      • Sole Proprietorship
                    • Trust Accounts
                      • Individual Informal Trust
                      • Joint Informal Trust
                      • Formal Trust

                    Another feature that Questrade offers, besides its large selection of paid market data packages, is the ability to get unlimited snap quotes. This is free real-time data for certain Canadian and American markets, including TSX, NYSE, and NASDAQ level 1 data, that is available with just one click.

                    While this means that real-time data isn’t automatically updated for free (you will need to upgrade to a data package or add-on to avoid having to manually click an update button), it does mean that you get real-time bid and ask info. That’s something that not all brokerages offer. For example, Interactive Broker’s snapshot data costs $0.01 per data request for NYSE and NASDAQ and $0.03 per data request for all other markets, with $1.00 of data quotes being free every month.

                    Questrade charges a currency exchange fee of 175 basis points (1.45%) for converting between U.S. and Canadian Dollars. However, you only need to convert Canadian Dollars to USD once in order to trade U.S. stocks. That's because Questrade allows you to hold U.S. Dollars.

                    One drawback of Questrade is their very high margin interest rates. This is the rate that you pay to borrow money in order to buy stocks and other products using margin.

                    Questrade's margin rates are based on the prime rate. For non-registered CAD accounts, the margin rate is Prime + 4.25%. For non-registered USD accounts, the margin rate is Prime + 4.50%. Registered accounts CAD accounts have a rate as high as Prime + 8.10%!

                    You can earn interest on your cash balance, however, this is paid at Prime - 5.50% for CAD accounts. This means that the prime rate will need to be at least 5.50% before you'll earn any interest on your cash balance with Questrade.

                    Questrade Margin Rates

                    Interest rate as of December 7, 2022

                    CAD Margin Rate: % (Prime + 4.25%)

                    USD Margin Rate: 9.25% (US Prime + 4.5%) as of July 2022

                    Questrade Deposit Options

                    Deposit MethodProcessing Time
                    Visa and Interac Debit CardsInstant
                    Online Bill Payment1 to 2 Business Days
                    Pre-authorized Deposit (PAD)3 to 4 Business Days
                    Wire Transfer1 to 2 Business Days
                    Certified Cheque, Bank Draft, or Money Order1 to 2 Business Days
                    Personal Cheque10 Business Days
                    wealthsimple2

                    Wealthsimple Trade

                    Fees Summary:

                    • Stocks: Free
                    • Currency Conversion: 1.5%

                    Features:

                    • Commission-free trades
                    • No minimum balance requirement

                    Wealthsimple Trade was revolutionary in bringing commission-free stock trades to Canada, a concept similar to Robinhood in the United States. There’s no minimum balance requirement, which means that you can start trading with as little as $1. You can only trade Canadian and U.S. stocks with Wealthsimple. While stock trades are commission-free, Wealthsimple charges a 1.5% fee for converting CAD to USD, and vice-versa. This means that buying and selling U.S. stocks will come with a 3% round trip fee.

                    To avoid this, you can pay a $10 monthly subscription to get access to Wealthsimple’s Plus plan, which allows you to open an U.S. Dollar account. The Plus plan also gives you unlimited real-time quotes. You’ll only be charged the 1.5% conversion fee once to convert CAD to USD, and once to convert USD back to CAD. Once you have a balance in USD, you can use it to purchase USD-denominated stocks commission-free.

                    Wealthsimple Trade does not support margin trading or options trading. This means that you cannot short stocks with Wealthsimple Trade. However, you can open registered accounts such as TFSAs, RRSPs, LIRAs, and RESPs with Wealthsimple.

                    qtrade2

                    QTrade

                    Fees Summary:

                    • Stocks: $8.75
                    • Options: $8.75 + $1.25/contract

                    Features:

                    • 100 commission-free ETFs
                    • Lower margin rates
                    • No minimum account balance

                    While QTrade commissions are higher than Interactive Brokers and Questrade, they are discounted compared to the big banks. Stock trading commission is a flat $8.75, while options cost $8.75 plus $1.25 per contract. Qtrade only offers Canadian and U.S. stocks and ETFs. This includes the TSX, NYSE, and NASDAQ.

                    There are 100 ETFs that can be traded commission-free, and this includes many iShares, Vanguard, Horizons, and Desjardins ETFs. In order to qualify for commission-free ETF trades, you'll need to hold the eligible ETF for at least one business day.

                    If you're between the ages of 18 and 30, you can qualify for Qtrade's young investor pricing if you set up an automatic pre-authorized deposit of at least $50 per month to Qtrade. This gives you access to $7.75 commissions, a discount from the regular $8.75 commissions, plus no account minimums and admin fees.

                    For those looking to short stocks or to trade on margin, Qtrade's margin rate is Prime + 1.55% for CAD and Prime + 1.25% for USD. This makes Qtrade's margin rates lower than Questrade. Negative balances for cash and registered accounts come with heavy interest penalties. Margin rates for these accounts are a flat 21%. If you have a cash balance of more than $2 million, you'll also earn interest at a credit rate of 0.10%.

                    QTrade Margin Rates

                    Interest rate as of December 7, 2022

                    CAD Margin Rate: % (Prime + 1.55%)

                    USD Margin Rate: 5.95% (US Prime + 1.25%) as of July 2022

                    QTrade Deposit Options

                    Deposit MethodProcessing Time
                    Electronic Funds Transfer (EFT)1 to 2 Business Days
                    Online Bill Payment1 to 2 Business Days
                    rbc2

                    RBC Direct Investing

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Free real-time Level 2 quotes
                    • Access to research and Refinitiv tools
                    • Easy transfers to/from a linked RBC bank account

                    RBC Direct Investing is an online investing service offered by Royal Bank of Canada (RBC). Easy transfers to and from RBC bank accounts make this a convenient way for RBC clients to invest in a wide range of Canadian and U.S. securities, including stocks, bonds, GICs, mutual funds and ETFs. RBC does not offer other foreign stocks listed in other countries outside of Canada and the U.S. RBC Direct Investing covers up to $200 in transfer fees if you transfer $15,000 or more to RBC.

                    While commissions are higher than discount brokerages, you may be eligible for discounted commissions if you make 150 or more trades per quarter. This will reduce your commission to $6.95 per trade. RBC Direct Investing also offers free Level 2 quotes for stocks and ETFs listed on the TSX. If you're an active trader, you may also be eligible to receive free Level 2 quotes for the Canadian Securities Exchange and NASDAQ stocks and ETFs.

                    RBC charges a very high commission for options assignments and exercises, with it being $35 plus $1.75 per contract, with a minimum commission of $43. That's significantly higher than Questrade's $24.95 fee and Interactive Broker's $0.00013 fee per stock sold.

                    RBC Direct Investing Deposit Options

                    Deposit Method
                    Online Transfer (From an RBC bank account)
                    Online Bill Payment
                    Electronic Funds Transfer (EFT)
                    Personal Cheque

                    RBC's foreign currency conversion spread starts from 200 basis points (1.60%) and can go down to 0.10% for transactions over $2 million. A spread of 1.60% makes RBC's currency conversion fee similar to Wealthsimple, but higher than Interactive Brokers’ spread of just 0.2 basis points.

                    For those with less than $15,000 in your account, you will be charged a quarterly maintenance fee of $25. This can be waived if you set up a pre-authorized contribution of at least $300 per quarter.

                    RBC Direct Investing Margin Rates

                    Interest rate as of December 2022

                    CAD Margin Rate: %

                    USD Margin Rate: 6.00%

                    td

                    TD Direct Investing

                    Fees Summary:

                    • Stocks: $9.99
                    • Options: $9.99 + $1.25/contract
                    • Maintenance Fee: $25/quarter

                    Features:

                    • Dividend Reinvestments (DRIP)
                    • Invest in Initial Public Offerings (IPOs)
                    • Get commission-free trades with TD Easy Trade

                    TD has two self-directed investment options: TD Direct Investing and TD Easy Trade. While limited to just stocks and TD ETFs, TD Easy Trade offers commission-free stock trading on your first 50 stock trades each year, with no quarterly maintenance fees. However, you won't have access to other trading products.

                    If you’re a more advanced trader, then TD Direct Investing gives you access to options, bonds, mutual funds, and access to initial public offerings (IPOs). For both Direct Investing and Easy Trade, TD only offers Canadian and U.S. stocks.

                    TD Direct Investing Deposit Options

                    Deposit Method
                    Online Bill Payment
                    Interac e-Transfer
                    Online Transfer (From a TD bank account)

                    TD charges a quarterly maintenance fee of $25 if you don't deposit at least $100 every month. You can fund your TD investing account by making an online bill payment, transfering money online from a TD bank account, transferring money from another bank account with Interac e-Transfer, or by depositing at a branch.

                    TD charges a flat $9.99 commission on all Canadian and U.S. stock trades. This is reduced to $7 for active traders that make more than 150 trades in a quarter. For options, the commission is $9.99 plus $1.25 per contract. You can trade some investment types commission-free, such as mutual funds and IPOs. Automatic dividend reinvestments through TD's DRIP are also commission-free. Automatic option assignments and exercises are charged $15, while manual option exercises come with a commission of $43.

                    TD Direct Investing Margin Rates

                    Interest rate as of December 2022

                    CAD Margin Rate: %

                    USD Margin Rate: 6.00%

                    scotiabank

                    Scotiabank Direct Investing

                    Fees Summary:

                    • Stocks: $9.99
                    • Options: $9.99 + $1.25/contract

                    Features:

                    • Select commission-free ETFs
                    • Admin fee waived for young traders
                    • Level 2 quotes (TSX)

                    Scotia iTRADE is Scotiabank’s online brokerage. They offer equities, ETFs, mutual funds, options, GICs, bonds, and IPOs. Scotia iTRADE’s commissions are similar to other bank brokerages, with their stock commission being $9.99 per trade and options at $9.99 plus $1.25 per contract. You’ll also get free access to level 2 quotes for TSX securities. For equities, Scotia iTRADE only offers stocks listed in Canada or the U.S.

                    Scotia iTRADE Deposit Options

                    Deposit Method
                    Online Transfer (From a Scotiabank account)
                    Electronic Funds Transfer (EFT)

                    Scotia iTRADE offers a list of over 100 ETFs that can be bought and sold commission-free if you hold them for at least one business day. This includes index ETFs such as the iShares Core S&P 500 Index ETF (XSP) and the iShares Core MSCI EAFE ETF. It also includes sector ETFs, dividend ETFs, fixed income ETFs, and commodity ETFs. This allows you to buy and sell a wide variety of ETFs without having to worry about paying commissions on the trades.

                    Young traders, which are those under the age of 26, can qualify for a waiver of the account administration fee. Registered accounts incur a quarterly fee of $30. For all other accounts, a quarterly fee of $25 is charged.

                    The Scotiabank StartRight program, which is a special program for newcomers to Canada, offers 10 commission-free trades when they open a new Scotia iTRADE account with at least $1,000.

                    Scotia iTRADE Margin Rates

                    Interest rate as of December 7, 2022

                    CAD Margin Rate: % (Prime + 1.65%)

                    USD Margin Rate: 6.40% (US Prime + 1.65%) as of July 2022

                    cibc

                    CIBC Investor's Edge

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract
                    • Mutual Funds: $25/quarter

                    Features:

                    • Lower commissions
                    • Young investors get commission-free trades
                    • Access to technical analysis from Trading Central

                    CIBC Investor's Edge offers the lowest commissions out of the major banks, with the exception of National Bank’s commission-free trading. Stock and ETF trades with CIBC Investor's Edge only cost $6.95 per trade, a discount to the usual $9.95 at other banks, while option trades cost $6.95 plus $1.25 per contract. Just like the other banks, only Canadian and U.S. equities and options are offered. You will need to use another brokerage to access foreign markets.

                    CIBC charges an annual account fee of $100 if your account balance is $10,000 or less. For certain registered accounts (RRSPs, RRIFs, LIRAs, and LIFs), the annual account fee of $100 is charged if your account balance is $25,000 or less. No annual fee is charged for TFSAs or RESPs no matter your balance.

                    CIBC Investor's Edge Deposit Options

                    Deposit Method
                    Online Transfer (From a CIBC bank account)
                    Electronic Transfer (From another financial institution)
                    Cash (At a CIBC branch)

                    If you're between the ages of 18 and 24, and you have a CIBC Smart Account with CIBC Smart Start, you can get free stock and ETF trades, no annual fee, and no minimum balance requirement. Plus, the CIBC Smart Account is a bank account that offers free unlimited Interac e-Transfers and debit transactions, with free SPC+ membership. Options trading for young investors still come with a commission of $6.95 plus $1.25 per contract.

                    If you're a student 25 years of age or older, you can get discounted stock and ETF trades of $5.95, all with no annual fees and no minimum balance requirement.

                    CIBC offers one of the lowest fees for assignments and exercises of option positions, with the fee for auto assignments being just $6.95 plus $1.25 per contract. Manual exercise requests will be charged at $6.95 per request.

                    CIBC Investor's Edge Margin Rates

                    Interest rate as of December 2022

                    CAD Margin Rate: 5.25%

                    USD Margin Rate: 6.00%

                    bmo

                    BMO InvestorLine

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Discounted pricing for active traders and high-balance accounts
                    • 80 commission-free ETFs

                    BMO offers three online platforms: BMO InvestorLine Self-Directed, InvestorLine adviceDirect, and BMO SmartFolio. The difference between self-directed and adviceDirect is that you can get personalized advice with adviceDirect, but it requires a minimum account balance of $10,000. InvestorLine adviceDirect also charges an annual percentage fee of 0.75% rather than a per-trade commission. BMO SmartFolio gives you access to only ETFs with a minimum account balance requirement of $1,000.

                    BMO InvestorLine Self-Directed allows you to invest in stocks, bonds, options, ETFs, GICs, and mutual funds. You'll also have access to IPOs. Only Canadian and U.S. stock exchanges are supported, with a commission of $9.95 per stock and ETF trade. Options trades cost $9.95 plus $1.25 per contract. You also have access to 80 commission-free ETFs. When converting foreign currency, BMO InvestorLine charges a spread that can be as high as 1.75%.

                    BMO InvestorLine Deposit Options

                    Deposit Method
                    Bill Payment (2-5 Business Days)
                    Electronic Transfer

                    While BMO has no minimum balance requirement, they do charge a $25 quarterly fee for non-registered accounts if your balance is less than $15,000. You can also avoid paying this $25 quarterly account fee by making at least two trades in six months. The account fee for registered accounts (RRSP, LIRA, LRSP, RIF, LRIF, RLSP, LIF, and RLIFs) is $100 per year if the account balance is less than $25,000. For RESPs, the annual fee is $50.

                    BMO's 5 Star Program gives discounted pricing for active traders or for those with large account balances. You can qualify for the first 5 Star membership level by making between 15 to 74 trades in a quarter, or if you invest at least $250,000. 5 Star membership gives you the ability to receive free real time quotes with BMO Market Pro, dedicated support lines, and a professional investing platform. 5 Star clients also get discounted margin interest rates.

                    BMO InvestorLine Margin Rates

                    Interest rate as of December 2022

                    CAD Margin Rate: 5.25%

                    USD Margin Rate: 6.75%

                    nationalBank

                    National Bank Direct Brokerage

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Commission-free stock trades
                    • No minimum account balance

                    National Bank is the only major bank to offer completely commission-free stock and ETF trades through their online stock brokerage. National Bank Direct Brokerage lets you trade Canadian and U.S. stocks and ETFs with no commission. Options come with a commission of just $1.25 per contract. Assignment and automatic exercise of options come with a flat commission of $28.95.

                    There’s no minimum account balance requirement, however, an annual administration fee of $100 is charged if your account balance is less than $20,000. You can also avoid this annual fee by having an InvestCube account or if you are a young trader (defined as being 30 years or younger).

                    The annual administration fee is also waived for newcomers to Canada (for three years), and for professionals and students. This includes professionals and students in the following fields:

                    • Engineering
                    • Business
                    • Legal
                    • Accounting
                    • Healthcare
                    • Health Sciences
                    • Nursing
                    • Teaching

                    National Bank Direct Brokerage Deposit Options

                    Deposit Method
                    Electronic Transfer
                    Cheque

                    National Bank's InvestCube is similar to a robo-advisor that automatically rebalances your portfolio into various ETFs. InvestCube requires a $10,000 minimum balance, and charges an annual rebalancing fee of 0.3% to 0.5%. In return, trades are commission free.

                    If you make more than 10 trades per month, you get access to free Level 1 quotes. You can get free Level 2 quotes if you make more than 40 trades per month.

                    National Bank Direct Brokerage's interest rates for margin accounts depends on your debit balance. Having a debit balance of $100,000 or more gives you access to much lower interest rates.

                    National Bank Direct Brokerage Margin Rates

                    Interest rate as of December 2022

                    CAD Margin Rate: 5.10%

                    USD Margin Rate: 6.00%

                    avatrade2

                    AvaTrade

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Trade forex, CFDs, and crypto
                    • Credit card deposits
                    • High leverage

                    AvaTrade is a forex broker that is regulated in Canada by the IIROC. You can trade forex and CFDs (contract for difference), which means that you can trade stocks and indices with high leverage. The margin requirement for some forex pairs, such as USD/CAD, is as low as 3%. This means that you can get 33:1 leverage. Stocks have a minimum margin requirement of 30% (3.33:1), while gold has a margin requirement of 5% (20:1). You can also trade indices, bonds, and FX options.

                    One feature that Canadian forex brokers offer that bank brokerages do not is the ability to make credit card deposits and withdrawals. Using a credit card to deposit gives you instant access to your funds to trade with, compared to having to wait days with a bank transfer, online bill payment, or wire transfer. However, some credit cards may charge a cash advance fee for such deposits.

                    In Canada, AvaTrade requires a minimum deposit of $300 CAD to open an account. AvaTrade still charges for your use of margin. This is charged daily overnight, and depends on the security. For example, U.S. stocks have an overnight interest rate of 0.0189% for buy positions and 0.0144% for sell positions. This equals to a 6.9% annual margin rate charged for buy positions, which may be higher than margin rates offered by traditional brokerages.

                    AvaTrade Deposit Options

                    Deposit MethodProcessing Time
                    Credit CardUp to 1 Business Day
                    Wire TransferUp to 7 Business Days
                    forex

                    FOREX.com

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Credit card deposits
                    • Wide variety of markets
                    • Commission-free stock trades (through CFDs)

                    FOREX.com, part of GAIN Capital, is a forex broker regulated by the IIROC in Canada. FOREX.com offers 3,000 stocks, 1,000 stock CFDs, 80 forex currency pairs, and a wide variety of indices and commodities.

                    Just like other forex brokers, FOREX.com offers 3.33:1 leverage for Canadian and U.S. equities with a minimum margin requirement of 30%. For indices, the margin requirement can be as low as 7% for Wall Street and 9% for the S&P 500 index. CFD stock trades are commission-free.

                    You can fund your account with a credit card, debit card, or by wire transfer. There are no deposit fees, however, some credit cards may charge a cash advance fee. Withdrawals can be made back to the same credit card or debit card, or as a wire transfer to your bank account.

                    FOREX.com Deposit Options

                    Deposit MethodProcessing Time
                    Credit Card/Debit CardUp to 24 Hours
                    Wire Transfer1-2 Business Days
                    cmc-markets2

                    CMC Markets

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Over 5,000 Canadian and U.S. stock CFDs
                    • Trade stocks with leverage

                    CMC Markets, regulated by the IIROC, is a CFD and forex broker that offers over 5,000 Canadian and U.S. stock CFDs, treasuries, commodities, and indices. You can also trade over 9,400 global shares from 23 countries, along with 1,000 ETFs.

                    Stock trades cost $0.01 per share, with a minimum commission of $8. For a limited time, CMC Markets is offering commission-free trading for all Canadian and U.S. stock CFDs available on their platform. Margin requirements for stock trades start from 15% in Canada and 30% in the U.S.

                    Since CMC Markets is a member of the Canadian Investment Protection Fund (CIPF), your deposit is protected up to $1,000,000. You can fund your account through online bill payment, electronic funds transfer (EFT), wire transfer, or by mailing a personal cheque. CMC Markets do not allow credit card or debit card deposits.

                    CMC Markets Deposit Options

                    Deposit MethodProcessing Time
                    Online Bill Payment24 Hours
                    Electronic Funds Transfer (EFT)3 Business Days
                    Wire Transfer24 Hours
                    Personal Cheque5 Business Days
                    oanda2

                    Oanda

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • PayPal deposits and withdrawals
                    • Low financing costs

                    Oanda, well known for their currency conversion services, also offer forex and CFD trading for retail customers in Canada. While this doesn't include stocks, it does include indices, commodities, metals, and bonds.

                    One unique feature is that Oanda allows PayPal deposits via e-cheque. Other deposit methods include debit cards and bank wire transfer. Withdrawals can also be made back to your PayPal account, debit card, or bank account via wire transfer.

                    You need to be 18 years of age to open an account with Oanda. There is no minimum account balance requirement.

                    Oanda charges a currency conversion fee of 0.5% if you make a trade for an instrument that is different from your account currency.

                    Oanda charges lower financing costs when compared to margin interest rates at some Canadian brokerages. For example, as of July 13, 2022, the annual long rate for the S&P 500 was 4.03%. While that's higher than brokers like Interactive Brokers, it does give you access to leverage not offered by other brokers.

                    Oanda Deposit Options

                    Deposit MethodProcessing Time
                    Debit CardInstant
                    PayPal (e-Cheque)2-6 Business Days
                    Wire Transfer1-3 Business Days
                    fxcm

                    FXCM

                    Fees Summary:

                    • Stocks: $9.95
                    • Options: $9.95 + $1.25/contract

                    Features:

                    • Trade commission-free
                    • Use margin to trade with leverage

                    Operating through the IIROC-regulated Friedberg Direct, FXCM offers forex, indices, and commodity trading on margin. FXCM requires a minimum deposit of $50. You can deposit using a credit card, debit card, or with a bank wire transfer. Withdrawals can also be made back to your credit or debit card, up to the amount initially deposited. Any excess amounts will need to be withdrawn via wire transfer.

                    FXCM Deposit Options

                    Deposit MethodProcessing Time
                    Credit Card/Debit CardOne Business Day
                    Wire Transfer1-2 Business Days
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