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Jemma Grist
Written 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.
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Fact Checked By
James Barra
Fact Checked By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.
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Updated
Mar 21, 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 5 Platforms For Day Trading In Canada
After evaluating hundreds of online platforms, these are the top 5 brokers for day trading in Canada:
- AvaTrade - AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit.
- Eightcap - Eightcap is great for day traders familiar with MT4 and MT5 and looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits.
- 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.
- 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.
- Fusion Markets - Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero and industry-low commissions. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC.
Best Day Trading Platforms and Brokers in Canada 2024 Comparison
| Broker | CAD Account | CIRO Regulated | Minimum Deposit | Markets | Platforms | Leverage | Visit |
|---|---|---|---|---|---|---|---|
| | ✔ | - | $300 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) | Visit |
| | ✔ | - | $100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 | Visit |
| | ✔ | ✔ | $100 | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:200 (Retail), 1:500 (Pro) | Visit |
| | - | - | $0 | CFDs, Forex, Indices, Commodities, Crypto | MT4 | 1:500 | Visit |
| | ✔ | - | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, cTrader, DupliTrade | 1:500 | Visit |
| | ✔ | - | $100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | 1:500 | Visit |
| | - | - | $1 | Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures | MT4, MT5 | 1:1000 | Visit |
| | ✔ | - | $0 | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos | MT4, MT5, cTrader, TradingView, AutoChartist | 1:500 | Visit |
| | - | - | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | BDSwiss Webtrader, MT4, MT5 | 1:30 | Visit |
| | ✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 | 1:30 (Retail), 1:500 (Pro) | Visit |
| | - | - | $50 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Web, MT4, MT5 | - | Visit |
| | - | - | $250 | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Online Platform, TradingView | 1:500 | Visit |
| | - | - | $0.01 | Crypto | BitMEX Web Platform, AlgoTrader, TradingView | - | Visit |
| | ✔ | - | $0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist, DupliTrade | 1:400 | Visit |
| | - | - | $10 | Forex, CFDs, Indices, Stocks, Commodities, Cryptocurrencies | MT4 | 1:500 | Visit |
#1 - AvaTrade
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Review
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Deposit: $300
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- Day traders can access stable spreads and zero commissions with no hidden fees
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
Visit AvaTrade
#2 - Eightcap
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Review
Why We Chose Eightcap
Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular with serious day traders for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FCA, ASIC, CySEC, SCB
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Raw spreads from 0.0 pips and a low $3.5 commission will appeal to active traders
- AI-powered economic calendar with top-level insights, in partnership with Acuity
- Flexible and fee-free payment methods including cryptocurrencies
Cons
- There are several frustrating jurisdictional restrictions - for example, the Crypto Crusher tool is not available for UK or Australian clients
- The demo account can only be extended upon request
- There are only four commodities available, which may disappoint experienced day traders looking to diversify their portfolios
Visit Eightcap
#3 - FOREX.com
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Review
Why We Chose 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.
- 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: 1:200 (Retail), 1:500 (Pro)
Pros
- 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.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- 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.
Cons
- 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.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
Visit FOREX.com
#4 - FXCC
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Review
Why We Chose 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.
- Instruments: CFDs, Forex, Indices, Commodities, Crypto
- Regulator: CySEC
- Platforms: MT4
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
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
- There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
Cons
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- 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
Visit FXCC
#5 - Fusion Markets
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Review
Why We Chose 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.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, VFSC, FSA
- Platforms: MT4, MT5, cTrader, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
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.
- The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
- Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.
Cons
- The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
- Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
Visit Fusion Markets
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 fa*gundes 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.
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Tip: Check that the broker is authorized using the relevant regulator’s directory. For example, you can search for registered companies in all of Canada’s provinces and territories using the Canadian Securities Administrators (CSA) national database. The CIRO website also lists regulated entities, alongside a full list of active enforcement proceedings.
- 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.
Jemma Grist
Author
- Forex.com is one of the fastest brokers, boasting average execution speeds of 20 milliseconds, with 99.83% of trades executed in under 1 second. Reliable conditions like this make it an ideal broker for short-term trading strategies like scalping.
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 brokerageis 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
