Top 9 Best Trading Apps in Canada (2024)
Best trading app in Canada - Multibank
Top trading apps in Canada:
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1
Multibank - best CFD platform with 20000+ trading positions
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2
AvaTrade - Best Copy Trading App
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3
Interactive Brokers - Best for International Stock Trading
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4
Questrade - Best Canadian App
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5
IG Markets - Best For CFD Trading
Trading on the go has now become a necessity for most traders and investors because we live in a fast-paced world. With that in mind, many brokers are rising to the occasion by releasing user-friendly mobile trading apps that aren’t that much different from the desktop experience. If you'd like to find out the best trading apps Canada platforms for 2023, then this guide is for you.
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How to choose the best app for trading in Canada?
Choosing the best trading app in Canada boils down to your individual needs – consider factors like regulation, commission fees, user interface, security, and available features and research tools.
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How can I trade stocks in Canada?
To trade stocks in Canada, open a brokerage account, research your preferred stocks, and execute your trades through the chosen platform.
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What is the best trading app in Canada?
Determining the best trading app in Canada depends on your priorities and level of expertise, however, some popular platforms include; Multibank, AvaTrade, Interactive Brokers, and Questrade.
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How to start trading in Canada?
To start forex trading, educate yourself about trading regulations in Canada and the various trading assets that are available. Set financial goals, choose a reliable broker, and create a solid trading strategy to navigate the markets successfully. Before starting, set up a demo account to test your strategies and familiarize yourself with the trading platform. Then when you are confident and ready, fund your account and begin.
Top 9 Trading Apps in Canada
Before picking the 8 best trading apps in Canada, we put certain factors into consideration such as IIROC regulation, technology, features, and trading experience. So if you’re seeking the best forex app, best stock trading app, or best trading app for beginners or veterans, make sure to go over the entire list below.
Best Forex Trading Apps 2024
| App | Best For |
|---|---|
CFD platform with 20000+ trading positions |
|
Best Copy Trading App |
|
Best for International Stock Trading |
|
Best Canadian App |
|
Best For CFD Trading |
|
Best Analytical tools |
|
Best Mobile Charting |
|
Best For Mobile App Experience |
|
Best For Easy Funding and Withdrawal |
Best Forex Trading Apps In Canada Comparison 2024
| Broker | Trading App | Minimum Deposit | Local Regulation | Copy-trading | Max Leverage | CAD Account | |
|---|---|---|---|---|---|---|---|
Multibank |
$50 |
Yes |
Yes |
1:500 |
Yes |
||
AvaTradeGo |
100$ |
Yes |
Yes |
1:400 |
No |
||
IBKR Mobile |
$0 |
Yes |
No |
1:50 |
Yes |
||
Questrade |
from 1 CAD |
Yes |
No |
up to 1:20 |
Yes |
||
IG Trading |
300 |
Yes |
Yes |
Up to 1:200 |
Yes |
||
OANDA fxTrade |
From $1 |
Yes |
Yes |
Up to 1:200 |
No |
||
FOREX.com: CFD & Forex Trading |
$1000 |
Yes |
Yes |
Up to 1:400 |
No |
||
CMC Markets Invest |
No minimum |
Yes |
Yes |
Up to 1:500 |
No |
||
FXCM Trading Station |
From $50 |
Yes |
Yes |
Up to 1:30 |
No |
MultiBank Group - A Leader in Financial Derivatives Trading
Founded in 2005, MultiBank Group has become a significant force in the global trading industry. With a paid-up capital exceeding $322 million, it's recognized as one of the largest financial derivatives providers in the world, offering over 20,000 CFD Products across six asset classes, including Forex, Metals, Commodities, Indices, and Cryptocurrencies.
Regulation is a strength for MultiBank Group, which is closely supervised by 11 financial regulators across various jurisdictions, such as MAS, CySEC, ASIC, and others. This extensive regulatory oversight ensures robust investor protection.
The company's trading environment boasts attractive features like the lowest spreads starting from 0.0 pips on Forex and $0.07 on Gold, zero commission trading, and negative balance protection. The multilingual customer support is available 24/7, and guaranteed fund withdrawals within 24 hours add to the convenience.
Professional traders will appreciate the ECN accounts with floating spreads from 0.1 pips, along with popular trading platforms like MT4 and MT5. Options for passive earnings, such as copy trading and PAMM accounts, further enhance the appeal.
However, there are areas where MultiBank could improve. The absence of micro accounts might deter beginners, and trading restrictions on scalping could be limiting for some trading strategies.
👍 Pros
•Extensive regulatory oversight
•Wide range of CFD products
•Competitive spreads and zero-commission trading
•Multiple platforms and passive earning options
•Quick fund withdrawals and negative balance protection
👎 Cons
•No micro (cent) accounts
•Restrictions on scalping
Interactive brokers (IBKR Mobile) - Best APP for International Stock Trading
Interactive Brokers trading app
Not too many platforms come close to Interactive Brokers when speaking about the best forex app. Set up in 1977 and under the supervision of IIROC, Interactive Brokers also has tier-1 licensing from five other regulatory bodies. That tells you it is safe for Canadian traders.
Known to offer super low trading fees, its IBKR Mobile app ticks all the boxes for a sublime mobile experience. You can download it on Google Playstore or Apple App Store. It comes packed with a wide range of features just like you’ll find on the web portal. IBKR Mobile comes with a charting interface that also doubles as an instant trade execution tool. You have access to more than 80 indicators, but keep in mind that they could do a bit better by improving the drawing tools.
You’ll find its newest Impact dashboard interesting as it uses Environmental Social Governance (ESG) parameters to show you key insights about your portfolio. That's in addition to an economic calendar that you can set up to display industry-specific events or even add alerts. It also comes with pre-added watchlists and an interface to help you see how market prices are influenced by news.
IBKR Mobile also has a streaming function that is just like what you find on the desktop site. With super fast streaming and elite features for traders, this app clearly stands out as arguably the best trading app Canada platform.
👍 Pros
• Lightning-quick streaming
• Impressive charting interface
• Over 80 indicators
👎 Cons
• Doesn’t deliver alerts via push notification
Questrade - Best Canadian App
Questrade trading app
Questrade Inc. came into existence in 1999 and has since gone on to become one of the top-rated brokers that offers traders different instruments. These instruments include mutual funds, bonds, options, CFDs, ETFs, stocks, and forex. Questrade is regulated by IIROC and is also a CIPF member. One standout perk that comes from using this broker is that Canadian citizens can access special accounts created for them alone.
Speaking of its Questrade mobile app, the experience isn't that much different from the Web Portal. The app offers different order types, including limits on close, limit on open, trailing stop/stop-limit, stop-limit, stop-loss, limit, and market. What we like is the easy-to-understand user interface and a comprehensive security policy that makes it safe and secure for traders.
One area where Questrade could make some improvements, however, has to do with the range of analytical tools that traders can access. Other than that, it is user-friendly and performs better than some other regular trading applications online.
👍 Pros
• Biometric authentication
• User-friendliness
• 2-step authentication
👎 Cons
• Needs to improve on analytical tool breadth
AvaTrade - Best Copy Trading
Avatrade trading app
Created in 2006, AvaTrade is an IIROC member and ranks among the top dawgs in the Canadian online brokerage sphere. This broker also has licenses from other authorities in tier-1 and tier-2 divisions around the world. On its platform, you can trade a wide range of currency pairs, as well as crypto, indices, securities, and stocks.
It has a mobile trading app known as AvaTradeGo, a user-friendly application that boasts a plethora of decent but helpful tools. But that's not all as it also comes with an insurance scheme (AvaProtect). Overall, this application has 250+ trading tools, which is commendable. However, keep in mind that you have to understand the English language to make the most of this app. Don't forget to check out the copy trading mobile application (AvaSocial) which allows you to keep in touch with and mirror the moves of more experienced traders. Pelican Trading partners with AvaTrade to offer this service.
AvaTradeGo also performs well when it comes to handling customer complaints and keeping users educated. You can access the chat function from inside the application. We also like the search and alerts functions. So all you need to do is key in the name of any asset and you’ll start to get relevant results. Only basic other types are available and they include stop, limit, and market.
👍 Pros
👎 Cons
• Only Available in English
IG Markets - Best For CFD Trading
IG Markets trading app
Evidently one of the world's biggest CFD brokers, IG Markets became operational as far back as 1974 with authority licenses obtained from 6 different tier-1 bodies. It is also a member of IIROC and serves clients all over the world as a trusted online broker, Canada inclusive. It is interesting to note that IG Markets is publicly listed, making it safe to use because it gives full disclosure of its finances under regulatory supervision.
This broker has one of the most competitive mobile trading platforms that comes with superb functionalities. Whether you are an advanced trader or just looking for the best trading app for beginners Canada platform, you’ll find its features to be user-friendly. Although only accessible in English, the mobile app comes with trading charts that boast a wide range of useful features. What you have here is an intuitive platform packed with 16 different timeframes, 20 drawing tools, and 30 TA indicators.
You can zoom in and out quickly and set up your charts in a seamless fashion. The limit and order types are similar to those on the web portal and the security features are topnotch. There’s biometric authentication and you can pair it with the IG Authentication app for two-factor security.
👍 Pros
• Great for beginners and experienced traders
• Intuitive charts with a wide range of tools
• Standard biometric security
👎 Cons
• Available only in English.
Oanda - Best Analytical tools
Oanda trading app
Oanda’s mobile app provides a near-perfect experience for both Android and iOS users alike. This broker started out in 1996 and is regulated by IIROC, as well as other tier-1 bodies. It has become popular because of the wide range of, analytical, educational, and research features that help any kind of trader in Canada enjoy an exquisite trading experience.
The trading interface contains different drawing tools, as well as a charting tab that you can customize and 30 technical indicators. This is in addition to 6 bond CFDs, 31 commodity CFDs, 16 stock index CFDs. One of the most impressive features of the Oanda mobile app is that you can trade directly from any chart.
The mobile platform has impressive functionality and comes in six different languages, namely German, English, Chinese, Arabic, Russian, and Japanese. You can also access customer service directly from the application, available to you 5 working days every week. If you need to reach out to the customer service team, you might want to do so via live chat.
👍 Pros
• Offers so many educational and research tools
• User-friendly
• 6 languages available
👎 Cons
• No Touch/Face ID login
Forex.com - Best Mobile Charting
Forex.com trading app
Since 2006, Forex.com has built a solid reputation for itself as a force to reckon with among other forex brokers. Currently licensed and supervised by IIROC, this broker is also regulated by other reputable tier-1 authorities. If you are in Canada and looking for the best forex trading app, you've got good reason to consider Forex.com.
From what we've seen, the mobile trading platform has a user-friendly design and good search function. However, it doesn’t come with two-step authentication. But when it comes to mobile app capabilities, Forex.com has a fluid interface. It supports complex order types, syncs watchlists, and gives access to TradingView-powered charts that are easy to use. The drawing toolbox is also loaded and you can try out any of the 80+ indicators.
From inside the app, traders can access Reuters news headlines, market updates/alerts, Trading Central modules, and an economic calendar.
👍 Pros
• Advanced charting
• Comes with an economic calendar
• A wide range of order types
👎 Cons
• Devoid of two-step authentication
CMC Markets - Best For Mobile App Experience
CMC Markets trading app
Canada’s online brokerage best performers wouldn’t be complete without mentioning CMC Markets. This broker is licensed by 6 tier-1 and tier-2 bodies of which IIROC is one. So far, CMC Markets has come to be regarded by Canadians as a trusted forex trading platform that is safe and low risk. Its mobile trading application delivers what could easily be considered the best experience for traders, with a clean design and lots of educational content.
CMC’s mobile app is terrific as it comes with a powerful charting interface, diverse tools for researching the market, and preloaded watchlists. While you might have some problems with syncing the pre-added web version indicators, you can save any indicators you add and then apply them to mobile app charts. Other than that, the watchlists do synchronize perfectly with the web-based version. Get ready to explore the 29 available indicators too.
It's clear to see how much time and resources went into the development of the CMC Markets app. That's how they were able to take that much info and get it packed into the package to make it arguably the best trading app Canada may have seen. It’s a strong benchmark for many competitors.
👍 Pros
• Low-risk and trusted
• Clean design
• Great educational content
👎 Cons
• Only 29 indicators available
FXCM - Best For Easy Funding and Withdrawal
FXCM trading app
Under the control of NYSE: JEF (Jefferies Financial), FXCM began its brokerage services in 1999 and is now licensed by IIROC, as well as two other tier-1 authorities. That means FXCM can be considered safe for traders. And the fact that its funding and withdrawal process is easy means it may just be the creator of the best trading app for beginners Canada Forex platform.
The app from FXCM, Trading Station, has a rich mobile environment that should assure all types of forex traders in Canada a great experience. It comes with around 60 indicators to make charting an enjoyable activity for traders. Added to that are different drawing tools and a magnifier to ensure accuracy when laying out those trendlines. So you can zoom in automatically as you move trendlines.
The app is also easy to use, although it doesn’t have watchlist capabilities as of now. However, syncing across platforms and devices isn’t difficult and you can access many advanced types of orders, thanks to the comprehensive trading ticket available.
👍 Pros
• Gives you access to advanced order types
• Easy funding and withdrawal
• Nearly 60 indicators built into the app
👎 Cons
• Doesn’t come with watchlist functionality
What to look for in a trading app
Before choosing and getting started with what you consider to be the best trading app Canada has to offer, it's important to put some crucial factors into consideration. Here they are:
Security
Some trading applications have mall security features, including biometric authentication, two-factor security, and screenshot prevention. Some of these important security features may be absent on other mobile apps. So you want to find an app that guarantees good security.
Research tools
This is especially important when looking for the best trading app for beginners. That's because you will need educational resources to help you trade. Advanced traders will also need more elite tools for analysis.
Fees
In addition to trading commissions, make sure the app has favorable fees when it comes to transfers, account minimums, and complex security trading.
Securities offered
You want to be sure what kind of financial assets you want to trade and make sure it’s available on the trading app you’re going to pick. Some mobile platforms only feature a few securities, while others have so many to offer.
Minimum deposit
Especially for beginners, you want to make sure that the app provider doesn’t have exorbitant demands regarding your minimum account balance before allowing you to trade the markets.
Mobile support
Of course, web platforms have more to offer customers who encounter problems and need help. But find an app that makes it easy to get in touch with the customer care team on the go.
Regulation and quality assurance
Every selection in our best trading app Canada guide falls under the supervision of IIROC, which guarantees your safety and security as a trader. Make sure your chosen app has the right regulatory bodies overseeing its activities.
How to choose a trading app in Canada
Now that you know what to look for in a trading app, here's a step-by-step process to help you make a choice and start trading the markets:
1. Learn regulation and reliability
Take some time to find out if the broker offering the app is regulated and reliable. Whatever app you choose, check the licenses held by the broker. Remember your money will be going into the mobile application, so it’s important to make sure of fund safety.
How to choose a Forex broker?2. Research trading assets
Next, you want to find out as much as you can about the availability of trading assets and securities. Ensure that your preferred application gives you access to your choice of financial assets.
3. Explore App’s Features (execution speed, analytical tools, charting, etc.)
Having access to a mobile trading environment where the user experience is intuitive and seamless is non-negotiable. So, pick a trading app that guarantees such conditions. If the application takes too long to load up or makes it difficult to navigate the markets, you might want to steer clear of it. Use an app that is straightforward and offers a wide range of tools for analysis and charting.
4. Try a demo account
To be on the safe side, especially as a beginner, try starting your trading journey by signing up for a demo account. Doing so gives you an inside view of what the real market conditions look like. That should then help you decide whether your financial goals and targets can be best served by the Canadian trading app.
5. Open an account
Once you’re satisfied with the demo experience, get your account set up on the app and fund it. Make sure of the trading minimums before adding funds into the account. Once done, you can start exploring the markets and trading your preferred assets.
Best Forex Trading Apps For Beginners in Canada
As a beginner, not every trading app will serve your needs. So you want to go for a forex trading application that offers the right environment, tools, and conditions to help you succeed. For beginners, apps with resourceful educational content and copy trading capabilities have always been the best.
That’s because such apps give them the opportunity to learn on the go while mirroring the moves of experienced traders. In this category, eToro and FXTM rank as the best forex trading apps for beginners in Canada.
Is Trading Legal In Canada? Is it Safe?
Yes, it’s legal to trade in Canada. When it comes to safety, you’re pretty much secure as long as you make use of brokers that are regulated and licensed by the right authorities. All the brokers discussed in this guide are members of IIROC, so you’re on the safe side if you decide to go with any of them.
Keep in mind, however, that trading still has some risk associated with it, so make sure to learn as much as you can before diving headlong into the market. Preferably, you want to go with well-proven international brokers like Interactive Brokers or any other locally regulated broker.
Is Canada Good for Trading?
Canada can indeed be considered a favorable country for trading in various financial markets. The main reasons that contribute to this favorable trading environment are explained below:
Stable Economy
Canada's economy is known for its stability, characterized by steady growth, controlled inflation, and a resilient banking system. The strength and predictability of the Canadian economy provide traders with a dependable environment, which is conducive to both short-term and long-term investment strategies.
Diverse Markets
With a plethora of industries ranging from technology to natural resources, Canada's markets offer a wide variety of trading opportunities. The Toronto Stock Exchange (TSX) is one of the largest in North America and reflects this diversity. Traders have numerous options to diversify their investment portfolios, aligning with both traditional and emerging market trends.
Strong Regulatory Environment
The regulatory landscape in Canada is highly regarded for its rigour and effectiveness. Provincial regulators and federal agencies such as the IIROC provide comprehensive oversight of the trading industry. This strong regulatory framework ensures transparency, fairness, and protection for all market participants, fostering a secure trading experience.
Tax Benefits
Canada's tax structure offers some advantages for traders, including specific account types like the TFSA and RRSP, designed for investment. Depending on individual situations and strategies, Canadian traders may also find a favourable treatment of capital gains and investment income, which can enhance profitability.
Access to International Markets
Canada's geographical location and established economic relationships with major global players offer Canadian traders unique access to international markets. This global reach allows traders in Canada to explore and invest in various markets around the world, capitalizing on different economic conditions and opportunities. It further adds to the ability to diversify and create robust trading strategies.
Is Forex trading taxable in Canada 2024?
Yes, Forex trading is indeed taxable in Canada. When you engage in Forex trading and start raking in those profits, the Canada Revenue Agency (CRA) considers it as either capital gains or business income. The Canada Revenue Agency (CRA) operates by a set of rules to ensure forex gains are taxed.
If you're a casual trader, they'll likely categorize it as capital gains, and you're looking at a tax rate of 50% on your profits. However, if you're trading full-time as a business you will be paying tax at a business income rate.
Forex trading is taxable in Canada, and the CRA is keeping a close eye on your financial transactions. So, trade wisely, keep detailed records of all your trades, transactions, and any other financial details, and be prepared to be tax compliant.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.