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Best CFD Trading Platforms and Brokers in Canada

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Edited By
Jemma Grist
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Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
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Fact Checked By
William Berg
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
» William Berg Profile Page
Updated
Aug 15, 2024

CFD brokers in Canada are a popular option with local traders. Investors can access thousands of financial instruments through CFD platforms within one of the safest regulatory environments in the world.

This page will list the best CFD providers in Canada, as well as explaining what to look for in Canadian CFD platforms, including fees, regulatory status, market access and more.

Top 10 CFD Brokers In Canada

These are the 10 best CFD brokers for traders in Canada:

Click a broker for details
  1. 1
    AvaTrade
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $300
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  2. 2
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  3. 3
    FOREX.com
    Up to $20,000 in cash back
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:50
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  4. 4
    FXCC
    100% First Deposit Bonus Up To $2000
    Ratings
    3.3 / 5
    3.5 / 5
    3 / 5
    4 / 5
    3.3 / 5
    4.3 / 5
    2 / 5
    2.5 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    CySEC
    CFDs, Forex, Indices, Commodities, Crypto
    MT4
    Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, Boleto
    USD, EUR, GBP
    Go To FXCC
  5. 5
    Fusion Markets
    Ratings
    3.5 / 5
    4 / 5
    3.3 / 5
    4.4 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    1.3 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    ASIC, VFSC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, cTrader, TradingView, DupliTrade
    Visa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCash
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Fusion Markets
  6. 6
    Sage FX
    $1,500 trading competition
    Ratings
    2.5 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    2.5 / 5
    3 / 5
    1.3 / 5
    1.8 / 5
    0 / 5
    0 / 5
    $10
    0.01 Lots
    1:500
    Pending
    Forex, indices, cryptos
    TradeLocker
    Credit Card, Visa, Mastercard, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, CAD, AUD
    Go To Sage FX
  7. 7
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  8. 8
    InstaForex
    Choose between: Club Bonus, 30 %, 55 % and 100 % bonuses
    All 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
    4 / 5
    3.9 / 5
    4.2 / 5
    4 / 5
    3.9 / 5
    3.7 / 5
    3.5 / 5
    3.6 / 5
    3.6 / 5
    3.6 / 5
    $1
    0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)
    1:1000
    BVI FSC
    Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures
    MT4, MT5
    Skrill, Mastercard, Visa, Neteller, Wire Transfer, Przelewy24, Giropay, Rapid Transfer
    USD, EUR, GBP, PLN, CZK
    Go To InstaForex
  9. 9
    CMC Markets
    Spread 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
    4.8 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4.1 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
    Web, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal
    USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN
    Go To CMC Markets
  10. 10
    LiteFinance
    Rebate on payment fees
    Ratings
    3.4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    3.9 / 5
    3.3 / 5
    3.3 / 5
    3.3 / 5
    0 / 5
    0 / 5
    $50
    0.01 Lots
    1:500 (Crypto 1:50)
    CySEC
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    MT4, MT5
    Visa, WebMoney, Mastercard, Perfect Money, Bitcoin Payments, M-Pesa, Alipay, Swift, Ethereum Payments, Sticpay
    USD, EUR
    Go To LiteFinance

Here is a short summary of why we think each broker belongs in this top list:

  1. AvaTrade - AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. What we love is that you can speculate on rising and falling prices in the broker’s feature-rich web and mobile platforms with market-leading research tools to help you discover short-term trading opportunities.
  2. Eightcap - Eightcap offers a wide range of trading options with 800+ CFDs across stocks, indices, bonds, commodities, and cryptocurrencies (depending on location), with leverage up to 1:30/1:500. It excels in its tools, notably the AI-enabled economic calendar covering 25+ countries with impact filters (high, medium, low). However, its commodities offering, particularly in softs like cotton and wheat, as well as the limited precious metal and energy assets, is its weakest area.
  3. FOREX.com - With the ability to take both long and short positions on 5,500+ CFDs across forex, stocks, indices, commodities, and cryptocurrencies, FOREX.com excels. Its exclusive Web Trader platform offers an excellent trading experience, equipped with over 80 technical indicators and average execution speeds of just 20 milliseconds, ensuring an optimal environment for serious day traders.
  4. FXCC - FXCC offers a narrow range of CFDs beyond forex with a limited selection of metals, energies, indices and cryptos. However, it stands out with its high leverage up to 1:500, which will serve experienced day traders looking to maximize their buying power while speculating on rising and falling prices.
  5. Fusion Markets - You can go long or short on a range of CFDs covering forex, commodities, shares, indices and cryptos. High leverage up to 1:500 is available for experienced traders in some locations, whilst beginners will appreciate access to micro-lots. There are no restrictions on short-term trading strategies using CFDs.
  6. Sage FX - Trade CFDs on forex, stocks, metals, energies, indices, cryptos and dollar futures. Sage FX offers tight spreads and high leverage on all instruments from 1:100 to 1:500.
  7. IC Markets - You gain access to over 2,250 CFDs, available for trading 24/5 across popular markets such as forex, commodities, indices, stocks, and bonds. Utilizing deep liquidity and advanced bridge technology, IC Markets ensures optimal conditions for scalpers, hedgers, and algo traders alike.
  8. InstaForex - You can trade CFDs across a range of diverse markets with flexible account types and leverage up to 1:1000. With access to both MT4 and MT5, day traders can execute multiple short-term CFD trading strategies using the dozens of pre-integrated technical indicators and graphical objects.
  9. CMC Markets - CMC lets you trade CFDs on 12,000+ assets across currencies, indices, commodities, shares, ETFs and treasuries. Spreads are relatively tight, there are no hidden fees and the industry-leading MetaTrader 4 platform is also supported for leveraged trading. Year after year, CMC shines as one of the best CFD brokers in the market.
  10. LiteFinance - CFDs are available on a breadth of assets including stocks, ETFs, indices, commodities and cryptocurrencies with both zero-commission and low-commission, tight spread accounts available. LiteFinance also offers high leverage of up to 1:500, providing significant trading opportunities.

Best CFD Trading Platforms and Brokers in Canada Comparison

Best CFD Trading Platforms and Brokers in Canada Comparison
Broker CFD Leverage Minimum Deposit Minimum Trade Regulators
AvaTrade logo
1:30 (Retail) 1:400 (Pro) $300 0.01 Lots ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
Eightcap logo
1:500 $100 0.01 Lots ASIC, FCA, CySEC, SCB
FOREX.com logo
1:50 $100 0.01 Lots NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
FXCC logo
1:500 $0 0.01 Lots CySEC
Fusion Markets logo
1:500 $0 0.01 Lots ASIC, VFSC, FSA
Sage FX logo
1:500 $10 0.01 Lots Pending
IC Markets logo
1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) $200 0.01 Lots ASIC, CySEC, FSA, CMA
InstaForex logo
1:1000 $1 0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica) BVI FSC
CMC Markets logo
1:30 (Retail), 1:500 (Pro) $0 0.01 Lots FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
LiteFinance logo
1:500 (Crypto 1:50) $50 0.01 Lots CySEC

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."

Jemma Grist, Reviewer

AvaTrade Quick Facts

FTSE Spread0.5
GBPUSD Spread1.5
Stocks Spread0.13
Leverage1:30 (Retail) 1:400 (Pro)
RegulatorASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, 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.
  • Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
  • 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

  • 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.
  • The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
Visit AvaTrade
AvaTrade Review

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

FTSE Spread1.2
GBPUSD Spread0.1
Stocks Spread0.03 (Apple Inc)
Leverage1:500
RegulatorASIC, FCA, CySEC, SCB
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • 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.
  • 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.
  • 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.

Cons

  • 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.
  • 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.
Visit Eightcap
Eightcap Review

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."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus OfferUp to $20,000 in cash back
FTSE Spread1.0
GBPUSD Spread1.3
Stocks Spread0.14
Leverage1:50
RegulatorNFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • 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.
  • 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.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
Visit FOREX.com
FOREX.com Review

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. "

Jemma Grist, Reviewer

FXCC Quick Facts

Bonus Offer100% First Deposit Bonus Up To $2000
FTSE SpreadVariable
GBPUSD Spread1.0
Stocks SpreadNA
Leverage1:500
RegulatorCySEC
PlatformsMT4
Account CurrenciesUSD, EUR, GBP

Pros

  • The free education section, including the 'Traders Corner' blog, offers a large selection of materials that will serve all experience levels
  • There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
  • FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding

Cons

  • FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
  • There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
  • While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks
Visit FXCC
FXCC Review

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."

Jemma Grist, Reviewer

Fusion Markets Quick Facts

FTSE Spread1.0
GBPUSD Spread0.13
Stocks Spread0.01
Leverage1:500
RegulatorASIC, VFSC, FSA
PlatformsMT4, MT5, cTrader, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Average execution speeds of around 37 milliseconds are noticeably faster than many rivals and can help day traders secure optimal prices in fast-moving markets.
  • 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.
  • The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.

Cons

  • Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
  • Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
  • The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
Visit Fusion Markets
Fusion Markets Review

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
FTSE Spread5.0
GBPUSD Spread0.9
Stocks SpreadN/A
Leverage1:500
RegulatorPending
PlatformsTradeLocker
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • High leverage up to 1:500
  • Fast withdrawal processing
  • Flexible accounts with STP and ECN solutions available

Cons

  • Relatively narrow range of asset classes
  • Lacks educational resources and other extra features
  • Not regulated by any reputable body
Visit Sage FX
Sage FX Review

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."

Christian Harris, Reviewer

IC Markets Quick Facts

FTSE Spread1.0
GBPUSD Spread0.23
Stocks Spread0.02
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
RegulatorASIC, CySEC, FSA, CMA
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • 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.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Visit IC Markets
IC Markets Review

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 OfferChoose between: Club Bonus, 30 %, 55 % and 100 % bonuses
FTSE SpreadFixed
GBPUSD SpreadAv. Floating 0.6 pips
Stocks Spread0.1%
Leverage1:1000
RegulatorBVI FSC
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, PLN, CZK

Pros

  • The broker is accessible for beginners, with low minimum deposits and zero-commission trading available.
  • 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
  • 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

Cons

  • Customer support is available only in EN, CZ, PL, and SK.
  • The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
  • The broker provides trading instruments only in the form of CFDs.
Visit InstaForex
InstaForex Review

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. "

Christian Harris, Reviewer

CMC Markets Quick Facts

FTSE Spread1 pt
GBPUSD Spread0.9
Stocks Spread0.02
Leverage1:30 (Retail), 1:500 (Pro)
RegulatorFCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
PlatformsWeb, MT4
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Pros

  • 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.
  • 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.
  • The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.

Cons

  • Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
  • While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
Visit CMC Markets
CMC Markets Review

LiteFinance

"LiteFinance will suit traders seeking high leverage on forex, stocks, commodities, indices and cryptocurrencies. The social trading system will also suit newer investors looking to learn from seasoned traders."

Tobias Robinson, Reviewer

LiteFinance Quick Facts

Bonus OfferRebate on payment fees
FTSE Spread0.8
GBPUSD Spread0.8
Stocks SpreadVariable
Leverage1:500 (Crypto 1:50)
RegulatorCySEC
PlatformsMT4, MT5
Account CurrenciesUSD, EUR

Pros

  • Good range of forex pairs
  • Great trading platform support with MT4, MT5 and a proprietary app
  • Decent suite of extra tools and features including a VPS

Cons

  • Not overseen by any top-tier regulator
  • Does not accept US traders
  • Wide spreads on the Classic account
Visit LiteFinance
LiteFinance Review

What Is A CFD?

A Contract For Difference (CFD) is a type of derivative investment that allows traders to benefit from market fluctuations without owning the underlying asset. They are an agreement between an investor and a CFD broker to pay the difference between the initial and closing price of a position.

CFDs have been available to Canadian retail investors since October 2009, though there has been a recent rise in the number of CFD providers operating in the country.

This popularity has been driven by the straightforward, low-cost access to markets provided by CFD brokers in Canada. Traders are given exposure to the full value of an asset without having to put up the whole amount or own the underlying asset.

How CFD Brokers In Canada Work

Most Canadian CFD brokers offer a free, user-friendly platform that provides clients with a long list of assets, plus the ability to carry out market analysis and execute orders. Some of the most useful functions, which are generally offered by the best CFD brokers in Canada are a range of order types and a good selection of charts, indicators and automated trading tools.

The leading CFD providers in Canada offer access to thousands of financial instruments. These might include forex pairs with the CAD, cryptocurrencies like Bitcoin, stock indices, commodities, individual shares and treasury bonds.

How To Compare CFD Brokers In Canada

Finding the best Canadian CFD broker is a subjective journey, as everyone has different requirements and goals. Some important things to look for when choosing a CFD platform based in Canada or overseas include:

Fees

Most CFD brokers in Canada make money through spreads, so for you to break even, your chosen security will need to rise by at least the spread amount. It then follows that lower spreads will provide you with more earning potential. CFD brokers in Canada can offer spreads as low as 0.2 pips on major currency pairs like EUR/USD.

There may also be other charges, such as trading fees, minimum deposits, withdrawal fees or commissions. Users should aim to consider all costs from initial deposit through to withdrawal when comparing the fee structures of different brokers.

Leverage

CFD brokers in Canada are popular because traders can access high exposure levels through leveraged trading. For instance, leverage of 1:30 on the USD/CAD means you can multiply your buying power and results (profits and losses) 30x.

Maximum leverage levels at Canadian regulated brokers are typically lower than offshore firms which may offer leverage of 1:1000 and upwards, seriously amplifying the risk of large losses. Still, risk management is essential for all investors trading with leverage.

Market Access

CFD brokers in Canada offer a wide range of CFD instruments. Be sure to opt for a broker that gives access to the markets you are interested in. The best CFD providers in Canada will allow CFD trading on forex pairs such as EUR/USD and GBP/USD, cryptocurrencies, stock indices, commodities, shares, treasury bonds and more.

Canadian Regulation

The top CFD brokers in Canada operate under strict local regulation by the Canadian Investment Regulatory Organization (CIRO) – a ‘green-tier’ regulator in line with our Trust Rating.

Opening an account with a CIRO-regulated broker automatically provides membership to the Canadian Investor Protection Fund (CIPF), which offers traders impressive levels of protection. This includes cover against broker insolvency with reimbursements up to 1 million CAD.

If you open an account with a broker based elsewhere, check that they’re licensed by a reputable overseas agency, such as the Financial Conduct Authority (FCA). This will help you avoid any online scams.

Bonuses

It is common for CFD brokers to offer referral scheme rewards, through which users can typically earn around $250 by referring customers who open CFD accounts. The tight regulation in Canada does limit promotions and bonuses that CFD brokers can offer, so be wary of those with deals that seem too good to be true.

Accounts

The best CFD brokers in Canada offer a variety of account types that cater to traders of differing needs. When choosing a platform, be sure to make a thorough comparison to pick the account type best suited to your requirements. Common characteristics that vary are minimum deposits and lot sizes, spreads and available instruments.

Platforms

MetaTrader 4 (MT4), MetaTrader 5 (MT5), and NinjaTrader are the most popular platforms offered by Canadian CFD brokers. Mobile apps and web trader options are also widely available. Different platforms may also be better suited to your needs, depending on your trading style and frequency. Compare features like technical analysis tools and automated trading options when deciding which is the best broker for you.

Mobile Apps

CFD positions are often held over short timeframes, sometimes only a few hours. A mobile app will allow you to take advantage of short-term market fluctuations as you will always have your platform to hand.

The best CFD brokers in Canada have developed their own applications that replicate the functionality of traditional desktop platforms, and most will offer MT4 and MT5 mobile apps that can be downloaded alongside proprietary software.

Tools

Traders should keep an eye out for Canadian CFD providers that offer a range of advanced tools, such as customizable indicators and algorithmic trading features. These tools will help you improve your investing techniques and understanding of the markets. The top platforms also offer extensive tutorials and educational materials, which are a great way for beginners to improve their strategies.

Customer Support

Should you run into any problems or have an important question, you’ll want to be with a Canadian CFD broker that has active customer support. The best CFD brokers in Canada offer 24/5 live chat as well as email, telephone and fax contact options. User reviews on sites like Trustpilot are a great way to gauge the reputation of a broker’s customer service.

Deposits & Withdrawals

The top CFD brokers in Canada allow users to make payments and deposits through a variety of means. These will typically include credit/debit cards, bank transfers, PayPal and e-wallets like Skrill or Neteller.

Find a platform that allows straightforward withdrawal options, ideally with low fees. The ease with which you can deposit and withdraw will improve your overall experience and lower transfer charges will maximize your profit margins.

Taxes

If you are using a CFD broker in Canada, you may be subject to Canadian tax rules. Depending on how you complete your tax return and other factors, your profits will either come under capital gain tax or business income tax. If you are reporting your profits as business income tax, you will be able to deduct any losses.

Consult a local tax advisor to get tailored information about reporting your profits.

Final Word

As well as offering access to a wide variety of markets and securities, CFD brokers in Canada are highly regulated, which means they are among the safest in the world. The strict regulation affords users impressive protection of up to 1 million CAD. However, you may still be opening yourself up to risks if you intend to use high leverage rates for your strategies.

Each provider will offer different fees, market access, platforms and more, so make a thorough comparison of our list of the best CFD brokers in Canada to find the platform that’s right for you.

FAQs

What Is The Best CFD Broker In Canada?

When choosing the top CFD broker in Canada it is important to consider factors such as fees, market access, customer support and available platforms. We have compiled a list of the best CFD brokers in Canada here.

Yes, CFD brokers are legal in Canada but they must be registered with the Canadian Investment Regulatory Organization (CIRO). The CIRO has a list of the registered brokers on its website. Alternatively, you can open a CFD account with an offshore platform, though this carries greater risks.

What Are The Advantages Of Having A CFD Broker In Canada?

The regulatory environment in Canada is relatively secure. Clients of CFD brokers in Canada are protected up to 1 million CAD under the Canadian Investor Protection Fund (CIPF). However, strict leverage limitations are in place that may cause difficulties for margin trading strategies.

Do I Pay Tax If I Have A CFD Broker In Canada?

If you make a profit with a CFD broker in Canada, you may have to pay capital gains or business income tax. This must be paid before the end of the tax year on December 31st. You should speak to a local tax advisor for more information.

What Assets Can You Trade With A CFD Broker In Canada?

CFD brokers in Canada offer traders a wide variety of assets to speculate on. These will typically include forex pairs such as USD/CAD and EUR/CAD, cryptocurrencies like Bitcoin, stock indices, commodities, shares and bonds.