Best Day Trading Platforms and Brokers in Canada 2024
The best day trading brokers in Canada offer high-quality charting platforms, competitive pricing, margin trading and fast execution.
Many firms are regulated by the Canadian Investment Regulatory Organization (CIRO) and offer tailored conditions for Canadian day traders, including live accounts denominated in the Canadian Dollar (CAD). They also provide access to popular markets such as the Toronto Stock Exchange (TSX) and currency pairs like the USD/CAD.
Here you will find the best brokers for day trading in Canada. Each platform accepts Canadian investors and has been tested rigorously by our experts using demo or real-money accounts.
Best 10 Platforms For Day Trading In Canada
After evaluating hundreds of online platforms, these are the top 10 brokers for day trading in Canada:
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1
AvaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$3000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCBCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
3
FOREX.comUp to $20,000 in cash back
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
4
FXCC100% First Deposit Bonus Up To $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500CySECCFDs, Forex, Indices, Commodities, CryptoMT4Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, BoletoUSD, EUR, GBP -
5
Fusion Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500ASIC, VFSC, FSACFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, cTrader, TradingView, DupliTradeVisa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCashUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6
Sage FX$1,500 trading competition
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:500PendingForex, indices, cryptosTradeLockerCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD -
7
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
8
InstaForexChoose between: Club Bonus, 30 %, 55 % and 100 % bonusesAll investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage. You should not engage in trading these instruments unless you fully understand the nature of the transactions you are entering into, and the true extent of your exposure. These types of investments may be suitable for some investors, but they are not for everyone.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)1:1000BVI FSCCurrencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFuturesMT4, MT5Skrill, Mastercard, Visa, Neteller, Wire Transfer, Przelewy24, Giropay, Rapid TransferUSD, EUR, GBP, PLN, CZK -
9
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
10
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD
Here is a short overview of each broker's pros and cons
- AvaTrade - Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- FXCC - FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
- Fusion Markets - Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.
- Sage FX - SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
- IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
- InstaForex - InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
Best Day Trading Platforms and Brokers in Canada 2024 Comparison
| Broker | CAD Account | CIRO Regulated | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|---|---|
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✔ | ✔ | $300 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) |
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✔ | - | $100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 |
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✔ | ✔ | $100 | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:50 |
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- | - | $0 | CFDs, Forex, Indices, Commodities, Crypto | MT4 | 1:500 |
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✔ | - | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, cTrader, TradingView, DupliTrade | 1:500 |
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✔ | - | $10 | Forex, indices, cryptos | TradeLocker | 1:500 |
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✔ | - | $200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
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- | - | $1 | Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures | MT4, MT5 | 1:1000 |
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 | 1:30 (Retail), 1:500 (Pro) |
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- | - | $50 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Web, MT4, MT5 | - |
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
AvaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $300 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
- The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
Cons
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | Up to $20,000 in cash back |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto |
| Regulator | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
FXCC
"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "
FXCC Quick Facts
| Bonus Offer | 100% First Deposit Bonus Up To $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | CySEC |
| Platforms | MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP |
Pros
- There are no restrictions on short-term trading strategies like day trading and scalping
- Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers
- FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding
Cons
- While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
- There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
Fusion Markets
"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."
Fusion Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, VFSC, FSA |
| Platforms | MT4, MT5, cTrader, TradingView, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
- Fusion Markets is set up to support algo traders with a sponsored VPS solution and a 25% discount if you opt for the NYC Servers VPS for MT4 or cTrader.
- Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.
Cons
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
- Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
Sage FX
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
Tobias Robinson, Reviewer
Sage FX Quick Facts
| Bonus Offer | $1,500 trading competition |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, indices, cryptos |
| Regulator | Pending |
| Platforms | TradeLocker |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Ability to deposit and withdraw via Bitcoin
- Prop trading accounts with multiple funding tiers
- High leverage up to 1:500
Cons
- Relatively narrow range of asset classes
- Lacks educational resources and other extra features
- Not regulated by any reputable body
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
InstaForex
"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
William Berg, Reviewer
InstaForex Quick Facts
| Bonus Offer | Choose between: Club Bonus, 30 %, 55 % and 100 % bonuses |
|---|---|
| Demo Account | Yes |
| Instruments | Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures |
| Regulator | BVI FSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica) |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, PLN, CZK |
Pros
- InstaForex delivers a superb day trading environment, with the powerful MT4 and MT5 platforms offering dozens of technical analysis tools, automation capabilities and multiple order types
- The broker is a particularly good pick for serious forex traders, with over 100 currency pairs, tight spreads from 0.0 pips and a market-leading selection of curated forex market resources
- The broker is accessible for beginners, with low minimum deposits and zero-commission trading available.
Cons
- The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
- Customer support is available only in EN, CZ, PL, and SK.
- The broker provides trading instruments only in the form of CFDs.
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
Cons
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- Extremely fast and smooth sign-up process that takes less than 2 minutes
Cons
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
How To Choose A Day Trading Broker In Canada
Based on our extensive experience in the industry, there are several factors to consider before registering with a day trading broker:
Choose A Regulated And Trusted Platform
Choosing a trusted brokerage will ensure you are protected from unfair trading practices and scams, some of which have been prevalent in Canada.
One example is the Alberta couple who operated a fake investment company and defrauded victims out of $1.3 million. Fernando Honorate de Silva Fagundes and his wife, Emilia Alas-As Elansin, used a phoney investment course to lure victims based in Alberta and British Columbia.
We therefore always check whether brokers are regulated by trusted authorities, such as the Canadian Investment Regulatory Organization (CIRO), which subject firms to strict monitoring and audit procedures.
We also look out for a long track record, a strong reputation and positive client reviews, especially in cases where a CIRO license isn’t present.
- Interactive Brokers continues to lead as one of the most heavily regulated firms that accept Canadian day traders. The broker has a long 40+ year history and is licensed by the CIRO, among other Green Tier authorities.
Choose A Broker With Competitive Day Trading Fees
It’s important to choose a broker with low trading and non-trading fees. Active day traders, in particular, are likely to accrue more transaction costs which can eat into profits.
We ensure that brokers offer competitive pricing for traders, including low spreads on popular assets like USD/CAD as well as non-trading fees like deposit and withdrawal charges.
In cases where higher costs are incurred, we consider the overall quality of the broker’s services along with the day trading tools provided to justify such expenses.
- Forex.com is one of the lowest-cost brokers based on our extensive testing, with forex spreads as low as 2.2 pips on USD/CAD, plus zero commissions and no deposit or withdrawal fees.
Choose A Broker With High-Quality Charting Platforms
Trading on a stable and reliable charting platform is key for day traders who typically require a range of technical tools for uncovering short-term market opportunities.
During our hands-on tests, we look out for high-quality and varied analysis tools suitable for all trading styles and experience levels. A selection of basic technical indicators such as moving averages, as well as more sophisticated solutions such as Ichimoku Cloud, will serve both beginners and seasoned analysts.
- Forex.com maintains its position as a top day trading broker, thanks to the availability of feature-rich charting platforms, MT4 and TradingView, plus additional tools for varied requirements, including Trading Central and SMART Signals.
Choose A Broker With Diverse Market Coverage
The best online brokers in Canada offer access to a generous range of markets, including popular assets like USD/CAD, EUR/CAD or the Toronto Stock Exchange (TSX).
Most day traders aim to build a diversified trading portfolio, so we look for traditional short-term assets, alongside emerging investments that are popular in Canada, such as Cannabis stocks.
We also assess the availability of specific short-term trading vehicles, including contracts for difference (CFDs) which allow you to speculate on rising and falling prices without owning the underlying security.
- Interactive Brokers continues to offer an unmatched range of assets, with thousands of instruments from over 100 global market centers, including the Canadian Securities Exchange (CSE).
Choose A Broker With High-Quality Order Execution
Registering with a broker that delivers fast execution is vital for day trading strategies. Intraday traders require optimum conditions to secure the best chances of success, which means no latency or slippage.
The best brokers in Canada will ideally meet our execution speed benchmark of <100 milliseconds and deliver a high rate of order fulfilment.
Bear in mind that other factors can also affect execution quality, including the order size and the type of asset being traded.
For example, a large order may take more time to fill. Conversely, more liquid assets are typically easier to execute at favorable prices.
Choose A Broker That Supports Leverage And Margin Trading
Leverage trading allows you to boost your earnings with only a small initial outlay. Choosing a broker that offers sensible and flexible leverage is important for experienced day traders looking to increase their purchasing power.
For example, a broker may offer you 1:50 leverage (or 2% margin requirement) on the USD/CAD forex pair, which means if you deposit an initial sum of $1000, you have $50,000 to trade with.
However, it’s important to remember that your risk of losses also increases, so a solid risk management strategy is key. It’s also worth checking your broker’s individual margin rules.
- AvaTrade is a leading day trading platform offering transparent margin requirements. For example, the USD/CAD pair is offered with a 1.5% margin.
Choose A Broker With An Accessible Minimum Deposit
Choosing a broker with an accessible minimum deposit will ensure that you can start trading in line with your budget and financial situation. This is particularly vital for beginners with limited trading capital.
Most Canadian brokers require an initial deposit of <$500, though many of the brokers that we’ve personally tested go even lower.
- AvaTrade is a great option for Canadians since it offers a CAD account with an accessible starting deposit of 300 CAD.
Methodology
To find the best day trading platforms in Canada, we used both quantitative data and qualitative insights from our rigorous broker reviews, focusing on several factors:
- We confirmed that the broker accepts Canadian day traders.
- We checked whether the brokerage is regulated by a trusted authority, such as the CIRO.
- We prioritized brokers with competitive day trading fees.
- We favored brokers that deliver high-quality charting tools for short-term strategies.
- We checked for a wide range of assets and prioritized those with access to Canadian markets.
- We paid attention to the broker’s execution quality, including speeds and pricing.
- We focused on brokers with transparent margin and leverage requirements.
- We ensured all day trading platforms offer an accessible minimum deposit.
FAQ
Which Day Trading Brokers Accept Clients From Canada?
You can refer to our list of the best day trading brokers in Canada, many of which hold several top-tier licenses, including from the CIRO, and offer a range of assets popular in Canada.
How Much Capital Do I Need To Start Day Trading In Canada?
Most platforms that accept Canadian clients require a first deposit between $0 and $500.
We recommend that beginners opt for a low minimum deposit broker and trade only in small amounts to start with.
Who Regulates Day Trading Brokers In Canada?
The Canadian Investment Regulatory Organization (CIRO) is the authority responsible for licensing investment firms in Canada.
The CIRO works closely with Canada’s provincial umbrella organization, the Canadian Securities Administrators (CSA), which oversees the regulation of capital markets in the 10 provinces and 3 territories of Canada.
You can check your broker’s details on both the CSA and the CIRO registers.
Recommended Reading
Article Sources
- Canadian Investment Regulatory Organization (CIRO)
- Canadian Securities Administrators (CSA)
- Canadian Securities Exchange (CSE)
- Toronto Stock Exchange (TSX)
- Canadian Trading Scam
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com