Best Discount Brokers in Canada 2024

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

checked icon Fact checked
Advertising Disclosure

We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.

Low trading costs go hand in hand with increased potential profits. That is why we encourage our readers to trade with affordable service providers. When it comes to affordability, discount brokers take the cake. With a discount broker, you get the opportunity to cut costs courtesy of lower commissions, fees, and spreads.

Below, we’ve recommended and reviewed the best discount brokers in Canada. Our experts picked these brokers after spending many days researching, testing, and comparing countless service providers. Multiple crucial factors, from the service providers’ regulatory status and security to fees and assets, guided the entire process and influenced our team’s decisions.

List of the Best Discount Brokers

  • Interactive Brokers – Overall Best Discount Broker in Canada
  • OANDA – Best Discount Broker for Canadian Forex Traders
  • XTB – Best Discount Broker for CFD Traders in Canada
  • Saxo – Best Discount Broker for Advanced Traders in Canada
  • AvaTrade – Best Discount Broker for Beginners in Canada
In This Guide

Canadian Discount Brokers: Comparison Table

The discount brokers Canada we’ve paraded here are the best for good reasons. We didn’t pick them randomly or based on hearsay, far from it. Our team invested lots of time and effort towards finding them. We handed this task in a systematic manner. First, we researched and evaluated the most reputable service providers in the region. Then, we pitted them against each other and chose 5 that eclipsed the rest, where aspects like regulatory status, charges, and asset range are involved.

Our extensive guide has outlined the best Canadian discount brokers we handpicked from the crowd. All are exceptional service providers, but you can’t commit to all of them, can you? You need to assess these brokers and pick one that is guaranteed to help you achieve your goals. While evaluating the recommended brands, we encourage you to factor in the elements that helped us choose the best Canadian brokers, from licensing to fees and supported payment methods.

Start comparing the recommended discount brokers using the elements outlined in the Canada discount brokerage comparison table below.

Best Discount Broker CanadaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
Interactive BrokersIIROC, FCA, SEC, FINRA, ICS, CBH, ASIC, SFC, MAS24/5IBKR Desktop, IBKR Trader Workstation (TWS), IBKR Mobile, IBKR GlobalTrader Check, wire transfer, direct bank transfer (ACH)Yes
OANDAIIROC, ASIC, MAS, FCA, CFTC, PFSA, FSA, FSC BVI24/5OANDA Mobile, OANDA Web, MetaTrader 4, TradingViewCredit/debit cards, Bank transfer, Wire transfer, Skrill, NetellerYes
XTBIIROC, MiFID, FSCA, ASIC, CySEC, FSA, FCA24/5xStation 5, xStation MobileNeteller, Credit/debit cards, Bank transfer, Skrill, PayPalYes
SaxoIIROC, ASIC, FCA, FSA, MAS, FINMA, JFSA, SFC, AFM, FSMA24/5SaxoTraderGo, SaxoTraderPROBank/wire transfer, debit cardYes
AvaTradeIIROC, ASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes

Brokers Short Overview

As seasoned traders and researchers, we advise against trading with a broker before checking the mandated fees and supported assets. Ignoring the first element can lead to financial ruin by exposing you to excess fees guaranteed to erode your profit margins. On the other hand, if you don’t examine supported assets, you might spend valuable time signing up with a specific broker only to realize it doesn’t have your preferred instruments after completing the rigorous registration process.

The tables below highlight our recommended brokers’ mandated fees and supported assets. Use them to compare the best service providers and identify the most suitable ones.

Fees

Best Discount Broker CanadaMinimum Deposit RequirementCommission/ SpreadsDeposits/ WithdrawalsInactivity Fee
Interactive Brokers$0From 0.08%From $10 withdrawal fees$0
OANDA$0From $0$20 withdrawal fee$10 monthly
XTB$0From 0%Free$10 monthly
Saxo$0From 0.03%$0$0
AvaTrade$100From 0.13%Free$50 after every 3 consecutive months of inactivity

Assets

Best Discount Broker CanadaStocksForexCryptoCommoditiesIndicesETFsOptions
Interactive BrokersYesYesYesYesYesYesYes
OANDAYesYesYesYesYesYesNo
XTBYesYesYesYesYesYesNo
SaxoYesYesNoYesYesYesYes
AvaTradeYesYesYesYesYesYesYes

Our Expert Opinion about Discount Brokers in Australia

Our experts are committed to recommending nothing short of the best service providers. So, rest assured that we’ve recommended the most exceptional discount brokers in our guide. Pick one of these outstanding brands and enjoy myriad perks, from unmatched security and friendly fees to a commendable range of financial assets and terrific customer support services.

But before opening an account with a promising discount broker, do your homework and conduct extensive independent research. Additionally, scour the internet for reviews and testimonials from past users.

1. Interactive Brokers – Overall Best Discount Broker in Canada

Our top pick, Interactive Brokers, is a respected discount broker that boasts over 2.9 million client accounts. The company is headquartered in Greenwich, US, but operates in over 34 countries, including Canada. It adheres to strict IIROC regulations and is a member of the Canadian Investor Protection Funds. The latter ensures your funds are safe and insured against issues like insolvency, which might affect the company in the future.

Regarding pricing and charges, Interactive Brokers outshines most of its competitors. This broker’s PRO clients enjoy low commissions starting from $0 on stocks and ETFs. Forex brokers also get the opportunity to trade spot currencies with spreads as low as 0.1 pips. To enjoy such juicy spreads and commissions, just sign up with IBKR and fund your account with any amount you can afford. The latter is possible since this service provider has no minimum deposit requirement.

IBKR’s platform offers an astounding selection of financial products. While exploring it, we discovered thousands of stocks, ETFs, currency pairs, and other instruments. Check if the platform has your favorite products, which is highly likely. The impressive selection of assets also makes portfolio diversification a breeze.

We also encourage Canadians to trade with Interactive Brokers since the platform has diverse, robust tools, including bracket orders, Fundamentals Explorer, and the Accumulate Distribute algorithm. These are designed to help you increase your profit potential, leverage accurate data, and get the best price deals.

Interactive Brokers

✔$0 minimum deposit requirement
✔No account inactivity fees

trustpilor logo
2,958 User Reviews
google
43,200 User Reviews
apple
9,700 User Reviews
financeraters logo
Our Rating
Total Rating:
55,858 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Offers investor protection to Canadians
  • No minimum deposit requirement
  • Thousands of tradeable instruments are offered
  • Tight spreads and low commissions starting from $0
  • Top-notch educational resources
  • Provides premier trading tools at no additional cost

Cons

  • High fees for wire withdrawals
  • The trading platform might be overwhelming for beginners

After conducting thorough research and extensive assesments, we can confidently categorize Interactive Brokers as one of the most affordable service providers out here. As we’ve already mentioned, this company has no minimum deposit requirement. Plus, it allows traders to fund their accounts with payment methods like ACH and wire transfer at no additional cost. We also highly recommend IBKR because, unlike other brokers, it doesn’t require traders to pay inactivity fees for dormant accounts.

Here’s an overview of the Interactive Brokers fees and charges our team unearthed during our evaluation and exploration:

Type Fee
Account opening and maintenance $0
Deposit $0
Withdrawal Yes
Inactivity $0
Overnight charges Yes
Currency conversion 0,5%

Tens of thousands of instruments are available on Interactive Brokers, which is one of the reasons we highly recommend this service provider. You should have an easy time finding your favorite assets and diversifying your portfolio on IBKR. Here’s a brief rundown of the assets we discovered while researching and assessing this terrific broker:

  • Stocks: IBKR offers thousands of stocks, and they come with juicy commissions starting from $0.
  • ETFs: With an IBKR account, you can trade different ETFs around the clock and enjoy low commissions starting from $0.
  • Options: Many options are available on the IBKR trading platform, and the best part is they come with commissions as low as $0.15 per contract.
  • Futures: IBKR offers its users access to futures on a broad selection of asset classes, from cryptocurrencies and metals to agriculture, energy, and interest rates. The contracts come with tight commissions starting at $0.25 per contract.
  • Currencies: While trading with IBKR, you can access over 100 currency pairs with spreads as sharp as 0.1 pips. Popular pairs range from GBP/USD and EUR/USD to USD/JPY and USD/CAD. 
  • US spot gold: IBKR allows US spot gold enthusiasts to trade their favorite asset and enjoy low, transparent commissions. The best part is that with this broker, you can leverage efficient pricing in low quantities starting from 1 ounce.
  • Bonds: This broker gives traders unmatched access to a humongous selection of 1 million+ global bonds. These products have low commissions and zero built-in spreads or mark-ups.

2. OANDA – Best Discount Broker for Canadian Forex Traders

IIROC-regulated OANDA is, in our expert opinion, the best discount broker for forex traders in Canada. This amazing service provider welcomes new customers with a juicy bonus. Its user-friendly interface is optimized for both newbies and advanced forex traders. We highly recommend it to all our readers.

As a discount forex broker, OANDA offers some of the best deals in the industry. For starters, its users have access to 68+ pairs, from CAD/JPY and CAD/CHF to EUR/AUD, EUR/CAD, and AUD/CAD. Forex traders can also diversify their portfolios with CFDs on commodities, indices, metals, and other products. The highlight is that his broker has thousands of real shares that traders can invest in, including top options like Pfizer, Microsoft, and Unilever.

OANDA’s no minimum deposit requirement is another factor that has enabled this broker feature in our guide to the best discount brokers in Canada. Deposits are also free on the platform, which is incredibly useful in lowering overall costs. Not to forget, with this broker, traders get access to myriad potent platforms, including TradingView and MT4, and a highly rated forex trading app for on-the-go trading.

We also urge our traders to consider OANDA because this broker has outstanding customer support. We tested it using the supported channels, from phone to email and live chat, and the results were breathtaking. Our questions and concerns were addressed promptly.

OANDA

✔Offers a negative balance protection
✔Customizable trading platform

trustpilor logo
943 User Reviews
google
6,200 User Reviews
apple
20,000 User Reviews
financeraters logo
Our Rating
Total Rating:
27,143 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • No minimum deposit requirement
  • Offers the most important currency pairs
  • Considerable range of products for portfolio diversification
  • Traders have access to TradingView and MT4
  • Wonderful customer support service
  • Juicy welcome bonus for new signups

Cons

  • Up to $100,000 initial deposit requirements for premium clients
  • $10 monthly inactivity fee

OANDA broker has a clear fee structure with no hidden charges. This makes it easier for you to know how much you will be paying once you make a commitment. Some of the fees to incur at OANDA include the following:

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $0, depending on your jurisdiction
Commission From 0% on US-listed shares
Spreads From 0.6 points
Deposits and Withdrawals Free deposits. Withdrawal fees apply based on the payment method used
Inactivity $10 after 12 months
Overnight Funding Varies based on global market conditions
Currency Conversion Fee Calculated by applying a 0.5% mark-up or mark-down

From our analysis, we discovered over 8,000 trading instruments at OANDA. The assets are spread across various classes, including forex, shares, commodities, cryptos, indices, ETFs, and more. Note that some asset availability is limited to specific regions. For instance, while the broker mostly focuses on CFD trading and spread betting, real stock investing is offered to clients within the EU. You can invest in real shares from Germany, France, Spain, and the United Kingdom.

The best element about trading at OANDA is an opportunity to apply leverage in CFD and spread betting trades. Retail traders are given favorable limits up to 30:1. In contrast, professionals get 200:1. This makes it easier for you to manage larger positions with a small capital, thus increasing your chances of earning good returns.

Here is a breakdown of the assets offered at OANDA for informed decisions:

Asset Class Number Offered
Forex 70+ currency pairs
Shares 2200+
Indices 14+
Commodities 14+
Cryptocurrencies 30+
ETFs 40+
Bonds 6+

Disclaimer: CFD assets are complex, and carry the risk of losing money due to leverage. While many traders have earned good returns from the activity, more than 76% of retail clients lose their money. Therefore, consider whether you understand how CFD trading works and if you can afford to manage the risk of losing your money before venturing into such assets.

3. XTB – Best Discount Broker for CFD Traders in Canada

If you are a CFD trader based in Canada, we strongly urge you to check out XTB. This discount broker offers CFDs on thousands of global markets and countless asset classes. With this service provider, you can trade CFDs on currency pairs, shares, indices, and other financial instruments. While doing so, you’ll get ample opportunity to reap from low spreads starting from 0.008 pips and profit from both falling and rising asset prices.

XTB also gives CFD traders the opportunity to diversify their portfolios with numerous financial assets. For starters, while trading with this platform, you can hedge against risk by investing in over 3,600 stocks affiliated with established companies like Tesla, Alphabet, and Apple. The broker also offers over 400 ETFs to investors, and they come with super-low commissions starting from 0%. Such investable products have made it possible for XTB to gain the upper hand and outdo most of its peers.

If you are considering signing up with XTB and are worried about stringent requirements, we have good news. This broker has no minimum deposit requirement and gives you the opportunity to start your trading career with whatever is within your financial limits, even $1. While using the platform, you will be allowed to fund your account and cash out without incurring any additional fees.

XTB is also super-friendly to beginners who must learn the ropes before diving in. The broker’s Education platform has countless invaluable learning materials, from guides to opening a trading account to articles covering the intricacies of diverse financial instruments.

XTB

✔User-friendly interface
✔Expert customer support services

trustpilor logo
1,338 User Reviews
google
65,000 User Reviews
apple
8,200 User Reviews
financeraters logo
Our Rating
Total Rating:
74,538 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Supports thousands of instruments, including CFDs on commodities, indices, and forex
  • No minimum deposit requirement
  • Quality educational materials for beginners and advanced traders
  • Low spreads starting from 0.00008 pips
  • Allows traders to invest in stocks and ETFs

Cons

  • $10 monthly account inactivity fee
  • Low deposit amounts can attract high fees

We love XTB because it is one of the most affordable brokers out here. How so? For starters, there are no XTB minimum deposit requirements. Moreover, the broker’s users don’t have to pay additional fees while funding their accounts or cashing out. Most importantly, XTB doesn’t require traders to cover account opening, maintenance, or inactivity fees. In the table below, we’ve highlighted the fees, commissions, and costs you should take note of before committing to XTB.

Fees and Charges Amount
Account opening and maintenance $0
Minimum deposit $0
Deposit fee $0
Withdrawal fee $0 for withdrawals above $50; $30 for withdrawals below $50
Investing commission From 0%
Spreads From 0.3 pips
Currency conversion fee 0.5%
Inactivity fee $0

XTB users have unlimited access to 5,800+ financial products, ranging from forex pairs to commodities. You will be hard-pressed to find a broker with a more impressive asset portfolio than XTB. Let’s run through some of the assets we encountered while exploring and evaluating the XTB online trading platform:

  • Shares: Over 2,900 stocks are available on the XTB online trading platform, including popular products like Tesla, Amazon, and Intel Corp. You can start investing in them with capital as low as $10.
  • ETFs: As an XTB client, you can diversify your portfolio by investing in different ETFs, such as Dell Technologies, FACC AG, and PayPal Holdings PLC. The best part is such products have zero commission and a $10 minimum order requirement, which is pretty low.
  • Forex: Over 71 popular forex pairs are accessible to XTB users, from EUR/GBP and AUDCHF to NZD/USD, USD/CAD, and GBP/ZAR.
  • Indices: Presently, this broker offers 30+ indices, including popular instruments like AUS200, FRA, and US100. You can trade these products and magnify potential returns with flexible leverage.
  • Commodities: XTB offers you the opportunity to trade CFDs over 25 commodities, from cocoa and coffee to oil, gold, and gas.

4. Saxo – Best Discount Broker for Advanced Traders in Canada

After exploring Saxo for many hours, we discovered several powerful platforms that make this service provider perfect for advanced traders. The first and most outstanding is SaxoTraderPro, an exceptional, fully customizable platform tailored exclusively for professionals. It’s equipped with high-performance tools that make managing and executing orders incredibly easy for experienced traders. The other platform, SaxoInvestor, allows professionals to invest in stocks, ETFs, and other products.

As a professional, switching to Saxo will give you access to a commendable variety of financial instruments. This broker offers various leveraged product categories, from forex and futures to commodities and forex options. You can also trade CFDs on commodities, stocks, indices, and other assets on the Saxo trading platform.

Saxo’s product catalog isn’t exclusively limited to tradable financial instruments. This broker’s users can also access a broad selection of investment products, including stocks, ETFs, bonds, and mutual funds. You’ll never get a better opportunity to trade popular markets and diversify your trading portfolio effectively.

We can’t forget Saxo’s premium offerings. As a pro, you can opt for Saxo’s premium accounts, which allow members to receive premier services, pay less, and trade more without any hassles. For instance, Platinum account holders enjoy up to 30% lower prices and priority support with Saxo’s outstanding offerings.

Pros & Cons

Pros

  • Offers over 71,000 financial instruments to its users
  • Powerful proprietary platforms ideal for advanced traders
  • Unique boons for premium account holders, including lower prices
  • Supports investment products like real stocks, mutual funds, and ETFs
  • No minimum deposit requirement
  • Zero account inactivity fee

Cons

  • No third-party trading platforms
  • Higher commissions for classic account holders

5. AvaTrade – Best Discount Broker for Beginners in Canada

Our expert opinion of AvaTrade is it’s the best discount broker for beginners and novices. This provider offers an optimized trading platform with a beginner-friendly, easy-to-navigate interface. Start your journey here if you have yet to familiarize yourself with complex systems. The platform’s simplicity will make it easier to immerse yourself in trading without wasting time dealing with unnecessary complexities.

Not to forget, AvaTrade offers comprehensive educational resources. A wealth of free materials are available on Ava Academy, from guides and articles to eBooks and webinars. Plus, the platform allows beginners to take rich courses and test comprehension with invaluable quizzes. If you are a newbie, we encourage you to use this broker’s learning tools and materials to learn everything from fundamental concepts to the ins and outs of AvaTrade’s trading platforms. Afterward, test your trading skills in a risk-free environment with a free AvaTrade demo account.

AvaTrade’s simple and transparent policies also make this broker ideal for beginners. The company has detailed everything clearly, from its $100 to its terms and conditions. Moreover, its trading platform has most of the financial instruments that novices and intermediate traders can use to take their trading career to the next level, including CFDs on indices, forex pairs, commodities, and more.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
8,869 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
financeraters logo
Our Rating
Total Rating:
19,094 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • First-rate free courses, guides, tutorials, and other educational resources
  • Newbies can practice risk-free with demo accounts
  • Simple, intuitive, and beginner-friendly user interface
  • Third-party platforms like MT4 and MT5 are available
  • Beginners can learn from and copy the most successful traders
  • A vibrant community where beginners can socialize with their peers

Cons

  • Higher inactivity fees for dormant accounts
  • Limited financial instruments compared to its peers

Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.

That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.

Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:

Fees and Charges Amount
Spreads From 0.9 pips
Administration fee $100
Inactivity fee $50
Overnight premium Yes

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

What are Discount Brokers?

discount brokers

Unlike full-service brokers, discount brokers allow traders to buy and sell financial securities at lower commission rates. These service providers have lower fees, don’t provide advisory services, and give their clients access to online trading platforms. Discount brokers are the best option for cost-conscious traders and investors who want to avoid high costs and don’t need extensive advisory services.

How Do They Work?

To use a discount broker, you first need to open a trading account and top it up. Then, go through the product catalog and choose your preferred financial instrument. Finally, place your order and use the appropriate risk management tools to mitigate your exposure to significant losses. Most discount brokers have optimized platforms for mobile devices, desktop computers, and tablets, so you shouldn’t have any problem trading from the gadget you have.

How to Choose the Best Discount Broker in CA

As a Canadian, the innumerable service providers in your region can complicate your search for the best discount broker. If you make one slight mistake, you might expose your funds and sensitive data to malicious entities like fraudsters and scammers. To avoid crippling issues like loss of funds and catalyze your journey to becoming a successful trader, vet the service providers at your disposal and pick the most reliable using the following factors:

Regulation and licensing
Fees and charges
Available trading platforms
Customer support
Educational resources
Online ratings and reviews

For the best experience and optimum security, trade with a discount broker licensed and regulated by a recognized Canadian authority like IIROC. Also, check if your chosen provider is authorized and regulated by top-tier international regulators like ASIC and the FCA.

Since you’re searching for a discount broker that can help you cut back on expenses, signing up with an affordable service provider should be a top priority. To find a broker with cheap fees and charges, compare the costs associated with different brands. Focus on relevant aspects like transaction fees, spreads/commissions, and account inactivity charges.

The best trading platforms have top-notch, responsive proprietary trading platforms. Some outstanding service providers also host popular third-party solutions like MT4 and MT5. With that in mind, we urge you to check and test every provider’s trading platform before committing. Use demo accounts to limit risk exposure and avoid costly mistakes if possible.

To ensure you get quality support when you need it most, prioritize trading with a broker that offers responsive support services, especially during trading hours. Also, an ideal service provider should allow clients to use channels that facilitate prompt, seamless communication, like live chat, phone, and email.

If you are a novice who needs to learn the basics or an advanced trader who values ongoing education, look for a discount broker with world-class educational resources. These valuable resources range from free online courses and guides to webinars, how-to videos, and tutorials.

The easiest and quickest way to gauge a discount broker’s reputation is by evaluating online ratings and reviews. These elements are plenty on popular independent sites like the App Store, Google Play, and Trustpilot. While reading and assessing testimonials and ratings, pay close attention to complaints and lower ratings since they might warn you of catastrophic issues before you commit to a specific broker.

Pros & Cons of Trading with Cheap Broker

Like with all service providers, trading with discount brokers comes with numerous perks and drawbacks. Let’s summarize our guide with an outline of the pros and cons that we associate with trading with the cheapest brokers in Canada.

Pros:

  • Discount brokers have low commissions and other charges.
  • Most discount brokers have user-friendly online trading platforms.
  • You can access a considerable range of assets through a discount broker’s platform.
  • Beginners can increase their knowledge base with learning materials provided by the best discount brokers.
  • Discount brokers save traders and investors from complications that often arise from overreliance on financial advisors.

Cons:

  • Discount brokers don’t offer extensive financial advisory services or investment recommendations.
  • Since they offer limited guidance and advisory services, discount brokers expose their clients to losses arising from poor decisions, overtrading, etc.

Conclusion

Compare the recommended discount brokers’ alignment with your trading needs and preferences. Then, pick a service provider with everything you need to build a formidable trading career in Canada. But beware: your success as a trader will hinge on more than your chosen broker or trading platform. You must also be knowledgeable, skilled, and highly disciplined. Additionally, you must have a good strategy and avoid making impulsive decisions at all costs. 

author image
Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

Leave a Reply

Your email address will not be published. Required fields are marked *