In order to trade successfully, it is very important to choose the right broker. in Canada, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best crypto brokers for day trading in Canada 2024. You can compare their features and trading conditions.
1
Eightcap - Best for day trading in Canada
Eightcap is a leading Forex and CFD broker, offering over 800 trading instruments, including currency pairs, cryptocurrencies, indices, stocks, and commodities. With tight spreads starting from 0 pips, leverage up to 1:500, and no withdrawal fees, Eightcap provides a competitive trading environment. The broker is regulated by top-tier authorities such as ASIC and FCA, ensuring a secure trading experience.
Comprehensive educational resources, advanced analytics, and innovative functionality such as code-free automated trading through Capitalise.ai and enhanced order execution with FlashTrader distinguish the platform from others.
Though Eightcap does not offer passive income opportunities or joint accounts, it is a popular choice for those seeking a reliable and feature-rich broker.
👍 Advantages of trading with Eightcap for traders from Canada:
•The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;
•Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;
•Hundreds of the most popular CFDs are available, and the pool is constantly expanding;
•Eightcap provides one of the most profitable trading costs with really tight spreads;
•Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;
•The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;
•The company provides high-quality training, extensive analytics, and its own developments for automated trading.
👎 Disadvantages of Eightcap for traders from Canada:
•No joint accounts, copy trading, referral program, or other options for passive income;
•Eightcap has some regional restrictions. For example, some services are not available in Australia;
•The broker's technical support is efficient and competent, but it is not available on weekends.
2
MEXC - Best for day trading in Canada
The MXC cryptocurrency exchange (MXC.com) has been operating since 2018. The company is registered in Singapore, which is a loyal digital asset jurisdiction. The platform offers clients trading and P2P exchange services. The main specialization of the trading platform is to provide clients with crypto/crypto trading services with currencies such as Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT). The undoubted bright side of the platform is access to cryptocurrency ETF funds.
👍 Advantages of trading with MEXC for traders from Canada:
•120+ cryptocurrencies for trading;
•receive additional income through staking and holding;
•an affiliate program with income up to 80% of the deposit of the invited trader.
👎 Disadvantages of MEXC for traders from Canada:
•commissions of 0.2% per trade;
•withdrawal fees (0.0005 BTC for Bitcoin);
•lack of support for fiat currencies for trading;
•no MAM or PAMM accounts;
•mandatory verification.
3
4XC - Best for day trading in Canada
4XC is a reliable broker with the FSC license MC03/2018 . With 4XC, customers can trade on MT4, MT5, mobile apps, and Webtrader and get access to trade CFDs on Forex, Precious Metals, Stocks, Indices, Oil, and Cryptocurrencies. 4XC offers live trading or trust management options. The company is loyal to any kind of trading strategies creating a friendly trading environment for every customer.
👍 Advantages of trading with 4XC for traders from Canada:
•Attractive trading conditions for beginners. Minimum deposit is USD 50 with leverage up to 1:500. This amount is enough to open a position on some assets within the rules of risk management;
•Relatively narrow spread: from 1 pips on the Standard ECN account;
•Good educational opportunities: structured courses for beginners, advanced traders and experts.
👎 Disadvantages of 4XC for traders from Canada:
•Withdrawal fee (except for the VIP account). Withdrawals are limited to one transaction per day;
•The FAQ section does not fully answer the questions of a potential trader.
4
Kot4x - Best for day trading in Canada
The Kot4x Broker (kot4x.com) is an online Forex cryptocurrency and CFD broker with advanced technologies for trading on the financial markets. The company provides a secure ECN trading environment and offers over 250 trading instruments, including cryptocurrencies. Kot4x doesn’t limit trading strategies. It charges low trading fees and allows payments in bitcoins.
👍 Advantages of trading with Kot4x for traders from Canada:
•Beneficial trading terms such as precise spreads and high leverage on accounts with a deposit of $250 or more.
•Access to trades with 6 asset classes: currency pairs, cryptocurrency, stocks, indices, commodities, and metals.
•The ability to trade using the MT4 terminal — mobile, desktop, and web versions.
👎 Disadvantages of Kot4x for traders from Canada:
•No Cent (micro) accounts.
•The only way to get passive income is to participate in an affiliate program.
•Islamic accounts are not available.
•There are no proprietary services for copying transactions while using PAMM or MAM accounts.
•There are no analytics, training, or tools useful to a trader on the website.
5
Trademax - Best for day trading in Canada
Trademax (TMGM) is a CFD and Forex broker that has been operating since 2013. The company offers clients trading in five asset classes, including currency pairs, contracts for stocks, indices, energies and precious metals. Trademax has two offices, one in Australia (where the broker was founded) and the other in Vanuatu. Services are provided under the licenses of the Australian Securities and Investments Commission (ASIC) and Vanuatu Financial Services Commission (VFSC).
👍 Advantages of trading with Trademax for traders from Canada:
•15,000+ trading instruments.
•Spreads from 1.0 pips.
•HUBx copy trading service.
•3 trading terminals.
•Education for traders
👎 Disadvantages of Trademax for traders from Canada:
•No MAM or PAMM accounts.
•You cannot access your account without verification.
•Support works 24/5.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Eightcap Commissions and Fees
Brokers need to earn, otherwise, they cannot be financially sound companies and provide targeted services to traders. Sometimes they charge their clients only per spread or a trading fee, but most often both. Eightcap offers its clients a choice. There is an account type with a raw spread, which is lower than standard, but with a small fee of $3.5 per standard lot. There is also a standard spread option, which starts at 1 pips with no fee. However, regardless of the selected account type, the conditions are much more favorable than those of most of its competitors. The only thing a trader needs to take into account is the specifics of a floating spread, which is determined by the state of the market and can change quite a lot over time.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
$10 |
No |
|
Raw |
$1 |
No |
MEXC Commissions and Fees
The experts at Traders Union analyzed the policy of commissions of the MXC.com cryptocurrency exchange. The platform offers a single commission for all traders. It is fixed at 0.2% per trade. This commission is applied regardless of the trading volume or other trading metrics of the trader. There are also withdrawal fees on the platform. Deposits and withdrawals are carried out only using cryptocurrencies, and each type of digital asset has its own commissions and limits.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
0.2% |
Yes |
4XC Commissions and Fees
Traders Union analysts reviewed the broker’s fee schedule. The key fees include spread (including the markup), swap, fixed fee on the ECN account, withdrawal fee (there is also a deposit fee for some payment methods). The fee is calculated in USD per 1 standard lot.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
from USD 10 |
0.5-3% |
|
Pro |
USD 0 |
0.5-3% |
|
VIP |
USD 0 |
no |
Kot4x Commissions and Fees
The experts at TU have analyzed the trading terms of Kot4x to reveal the broker's trading and non-trading commissions. The company deducts a trading fee in the form of a spread (for all accounts) and a commission per lot on accounts with a spread reduced as follows: $7 for Standard Pairs and Pro Pairs and $1 for Mini Pairs. For non-trading commissions on the replenishment of a deposit with debit and credit cards via eCommerce Pay, the broker charges a fee of 5% of the transaction amount. Withdrawals are free.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Mini Pairs |
from $10 |
No |
|
Standard Pairs |
from $8 |
No |
|
VAR Pairs |
from $12 |
No |
|
Pro Pairs |
from $4 |
No |
Trademax Commissions and Fees
The Traders Union specialists analyzed trading and non-trading fees of the TMGM broker. Commissions differ depending on the type of trading account. The Variable Spreads Account is charged with a standard spread. The average spread for EUR/USD on Trademax is 1.1 pips. The Raw Spreads Account has spreads from 0.0 pips but provides a fixed commission. The commission is USD 7 per trade in both directions, which is equivalent to USD 3.5 per lot in one direction. There is also a commission for inactivity. Its size is USD 30 per month. It is charged after 6 months of no trades on the real account, and if the account has less than USD 500.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Variable Spreads Account |
From $10 |
No |
|
Raw Spreads Account |
From $7 |
No |
Summary
Many brokers are available for traders from Canada, but not all of them offer good conditions. In this review, TU experts chose the Best crypto brokers for day trading in Canada 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Crypto Brokers For Day Trading in Canada
| Eightcap | MEXC | 4XC | Kot4x | Trademax | |
|---|---|---|---|---|---|
|
Overall score |
9.04 |
9.68 |
8.17 |
6.08 |
5.86 |
|
Execution of orders |
7.9 |
8.5 |
4.41 |
7.45 |
4.03 |
|
Investment instruments |
8.5 |
3.28 |
5.51 |
1.93 |
9.22 |
|
Withdrawal speed |
7.6 |
9.02 |
8.47 |
4.57 |
7.57 |
|
Customer Support work |
7.2 |
7.25 |
6.12 |
3.96 |
4.77 |
|
Variety of instruments |
8.02 |
7.1 |
8.02 |
5.02 |
7.37 |
|
Trading platform |
6.9 |
6.98 |
3.95 |
4.17 |
5.69 |
|
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FAQ
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
Can you earn passive income in the financial markets?
Yes, the best brokers in Canada offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.