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.
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Welcome to futures trading, where, with a bit of capital, you can speculate on the future prices of diverse assets and earn high rewards. You just need adequate knowledge and a reliable trading platform. Speaking of reliable platforms, a broad spectrum of futures brokers are available in Canada, from shoddy and scammy sites to reliable and trustworthy entities.
Today, we will make it easier for you to find the best futures trading platform in Canada and avoid brokers that will make it harder for you to succeed. Our experts vetted countless service providers based on regulatory compliance, past user feedback, fees, and other aspects. We then picked the best 5, which we’ve reviewed here.
List of the Best Futures Trading Platforms
- FP Markets – Best for Traders Looking for a Cost-Friendly Futures Broker
- Interactive Brokers – Best Futures Broker for Professionals
- AvaTrade – Best Futures Broker for Beginners
- Saxo – Best Futures Broker for High-Net-Worth Investors
- Forex.com – Best for Traders Seeking Comprehensive Futures and Forex Integration
Canadian Futures Brokers: Comparison Table
The Canadian futures brokers we encountered while searching for the best service providers varied widely. We stumbled upon everything from reputable brokers with the best specs to shoddy companies without discernible licensing. Our expedition made us realize how easy it is to settle for a terrible service provider, a move that can have countless repercussions, from slow support to significant financial losses.
We want you to be extremely cautious when selecting the best futures broker Canada FOR YOU. Our goal is to make the process as easy and smooth as possible. For this reason, we will start with a comparison table outlining some aspects that encourage us to recommend the service providers we are about to review.
Futures Trading Platform | License & Regulation | Support Service | Software | Payment Method | Demo Account |
---|---|---|---|---|---|
FP Markets | CIRO, FCA, MAS, FSCA, ASIC, CMA, CySEC, FSA | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes |
Interactive Brokers | CIRO, FCM, SEC, FINRA, CFTC, NFA, FCA | 24/5 | Trader Workstation, IBKR Global Trader, IBKR Desktop/Mobile, IBKR APIs, IBKR ForecastTrader, IMPACT | Online banking, Wise, Online BPAY | Yes |
AvaTrade | CIRO, FCA, MAS, FSCA, CBI, CySEC, PFSA, ASIC, B.V.I FSC, FSA, ADGM, ISA | 24/5 | WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
Saxo | CIRO, FSA, ASIC, FCA, IMA, MAS, SFC, JFSA | 24/5 | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor | Bank transfer, credit/debit cards, Quick payment | Yes |
Forex.com | CIRO, FCA, CFTC, CySEC, NFA, CIMA, FSA, MAS, ASIC | 24/5 | WebTrader, Mobile App, MetaTrader 4, MetaTrader 5, TradingView | Credit/debit cards, PayPal, Wire transfer | Yes |
Platforms Short Overview
Trading gurus like us know the importance of trading with a broker that offers the right assets. Our escapades have also taught us that trading with companies that aren’t hell-bent on profiting from high fees is indispensable to each trader’s success. That is why we had to include quick comparison tables of our recommended futures brokers’ fees and assets.
Fees
Futures Trading Platform | Minimum Deposit Requirement | Commission/ Spreads | Deposits/ Withdrawals | Inactivity Fee |
---|---|---|---|---|
FP Markets | CA$100 | From 0 pips | Free | CA$0 |
Interactive Brokers | CA$0 | From 0.1 pips | Free | CA$0 |
AvaTrade | CA$100 | From 0.13 pips | Free | CA$50 after every 3 consecutive months of inactivity |
Saxo | CA$0 | From 0.6 pips | Free | CA$0 |
Forex.com | CA$100 | From 0.0 pips | Free | £15 monthly |
Assets
Futures Trading Platform | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
---|---|---|---|---|---|---|---|
FP Markets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Interactive Brokers | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Saxo | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Forex.com | Yes | Yes | Yes | Yes | Yes | Yes | No |
Our Expert Opinion About Futures Brokers
A highlight of essential factors can point you in the right direction. But you should make final decisions based on highlights alone. To avoid making detrimental mistakes and regretting them in the future, you must evaluate every potential futures broker before picking one sign provider for your trading needs. The reviews we’ve included below will help you to that end.
1. FP Markets – Best for Traders Looking for a Cost-Friendly Futures Broker
Cost-conscious individuals should consider trading futures with FP Markets. We recommend this broker because, first, it has transparent fees. Our team had no problem finding the company’s stipulated charges, from its spreads to standard charges for international futures CFDs. The charges we encountered were competitive and reasonable.
While trading futures with FP Markets, you can fund your account with CA$100 and dive in without any hassles. Expect no charges since this broker charges zero deposit fees and covers charges associated with funding methods like SWIFT, Online Banking, and Plusdebit. When it’s time to cash out, your returns will be as juicy as ever since the broker doesn’t have internal withdrawal fees.
FP Markets offers an impressive array of trading platforms, from MT4 and MT5 to TradingView, cTrader, and the proprietary WebTrader and FP mobile app. In addition to futures, this broker’s clients can trade over 10,000 diverse financial instruments, including forex pairs, metals, and shares. Many of these have low commissions and spreads starting from 0.0 pips.
Pros
- Transparent fees and charges
- Free deposits and withdrawals
- MT4, MT5, and more are available
- Over 10,000 instruments
- 24/7 multilingual support service
- Low spreads and commissions
Cons
- Higher spreads on Standard accounts
- CA$70 platform fee on Iress
We reviewed the applicable FP Markets fees, and like that the broker has a transparent structure. This allows users to efficiently plan for their activities without worrying about incurring additional costs. There are no hidden charges and no price manipulation with this broker.
Trading and Non-Trading Charges | Details |
---|---|
Account Opening | $0 |
Management Fee | $0 |
Minimum Deposit Requirement | From $50, depending on your jurisdiction |
Commission | From 0% |
Spreads | From 0.0 pips on major currency pairs |
Deposits and Withdrawals | Free deposits. Withdrawal fees apply based on the payment method used |
Inactivity | $0 |
Overnight Funding | Varies based on global market conditions |
Copy Trading | Free |
2. Interactive Brokers – Best Futures Broker for Professionals
Interactive Brokers is best suited for professionals with years of market exposure. Trading with this broker as a pro will enable you to access an extensive range of markets, including futures. The trading platform has a whopping 150 markets from over 30 countries. Since it has a diverse clientele, the broker allows account holders to deposit money in over 20 currencies, including the Canadian Dollar, Czech Koruna, and Indian Rupee.
Join IBKR today and enjoy some of the lowest commissions and spreads in the industry. This broker charges commissions ranging from CA$0.25 per contract for futures trading. The lowest commissions are for pro traders with monthly volumes exceeding 20,000 contracts. You can also diversify your portfolio with assets like US-listed stocks and enjoy sharp commissions from CA$0.
Interactive Brokers offers a couple of unique trading platforms. The best one for professionals is TWS, which boasts intuitive, out-of-the-box usability and a conglomeration of next-gen trading, analysis, and research tools. Plus, TWS comes with over 100 algos and order types, which you can use to limit risk exposure, enjoy optimum speed execution, and more.
Pros
- Extensive market access
- Low commissions and spreads
- Advanced trading platforms and tools
- Free deposits and withdrawals
- No inactivity fee
Cons
- Proprietary platforms only
- Its pricing model doesn’t favour low-volume traders
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% |
3. AvaTrade – Best Futures Broker for Beginners
AvaTrade is the friendliest futures broker for beginners. Its platforms are simple and intuitive enough to allow newbies to dive into the murky waters of online trading without getting overwhelmed prematurely. The broker has multiple platforms, from the AvaTrade mobile app and WebTrader to AvaOptions, MT4, and MT5.
You won’t need to play Russian roulette with your hard-earned money when trading with AvaTrade. This broker has a vast network of educational resources you can use to educate yourself before getting started. Visit AvaAcademy today and learn the basics of trading everything from futures and forex to crypto commodities and indices. You can learn and practice regularly with a free demo account.
AvaTrade also offers you the opportunity to trade and earn while you’re learning and honing your skills. It does that through 2 outstanding automated trading platforms: AvaSocial and Duplitrade. AvaSocial offers you the chance to connect and conquer the financial markets with other traders. On the other hand, with Duplitrade, you get to automatically copy moves made by the most seasoned and profitable traders.
Pros
- Simple, intuitive platforms
- MT4 and MT5 are supported
- Beginners can copy pros through automated trading
- Extensive educational materials
- Strong customer support
Cons
- High inactivity fees
- Could do with additional financial instruments
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 |
4. Saxo – Best Futures Broker for High-Net-Worth Investors
Saxo is the right broker to trade with if you are a high-net-worth trader. Trusted by over 1 million people, Saxo offers one of the most extensive product ranges today. With this broker, you can trade over 250 futures on energy, equity indices, agriculture, and more. You’ll also have the opportunity to diversify with a wide variety of instruments, from 5,200 bonds to CFDs on forex, options, ETFs, and more.
Saxo allows high-net-worth traders and investors to enjoy incredibly competitive pricing. Join its VIP class and enjoy commissions as low as CA$1 per contract, which is significantly lower than the CA$3 per contract offered to Classic account holders. Moreover, you can invest in zero-commission mutual funds and reap handsomely.
Choose an account that caters to your needs and preferences after signing up with Saxo. As a high-net-worth client, you can opt for a professional account, which lacks many of the regulatory protections tailored for less-experienced traders, or become a Saxo VIP, a status that comes with the lowest costs, priority support, and more.
Pros
- Super-low prices for high-volume traders
- Priority client support for VIPs
- Competitive commissions on futures
- Tens of thousands of tradable instruments
- Investment products like stocks and bonds are available
Cons
- CA$1 million minimum initial funding requirement for VIPs
- Higher spreads and commissions than many of its peers
5. Forex.com – Best for Traders Seeking Comprehensive Futures and Forex Integration
We strongly recommend Forex.com to futures traders who prefer diversifying their portfolios with forex pairs. Sign up with this service provider and start trading futures on diverse instruments, from agriculture, metals, and crypto to equity indexes, crypto, and biofuels. You can trade with a StoneX Futures Standard account designed for active, self-directed traders or opt for a StoneX Futures Premium account if you prefer having a designated point of contact.
While trading futures with Forex.com, you’ll have ample opportunity to dabble in forex. This broker has over 80 FX pairs, including CAD/JPY, GBP/USD, and AUD/CAD. You can use diverse platforms to trade such instruments, including coveted third-party solutions like MT4 and MT5.
Forex.com’s pricing model is nothing short of competitive. You can open a RAW account with this broker and get exposure to spreads starting from 0.0 pips. The company doesn’t charge deposit or withdrawal fees, so rest assured you’ll be in the best position to minimize costs. Not to forget, Forex.com offers other markets, including indices, stocks, and crypto.
Pros
- Compatible with MT4, TradingView and MT5
- Over 80 currency pairs
- Low FX spreads starting from 0 pips
- Offers leverage trading
- Excellent customer support
Cons
- CA$15 monthly inactivity fee
- Limited product range compared to its peers
Futures Trading in Canada
Futures trading allows Canadians to buy and sell their preferred assets at specific prices at particular future dates. It’s legal in the Great White North and open to anyone above 18 who is willing to risk some money. Before trading futures, note that your profits or losses may be considered capital gains or income and subject to either capital gain tax or income tax. Also, online trading is risky; learn how to trade futures in Canada before setting off to avoid enormous monetary losses.
How to Trade Futures in Canada
With countless brokers available in Canada, trading futures should be easy. Plus, many service providers offer leveraged trading, which gives you access to larger contracts with limited funding. But be careful: leverage amplifies both potential gains and losses.
That said, you shouldn’t trade futures with any brokers you come across. The online universe is full of scammers and fraudulent entities; be careful when choosing a service provider to partner with. The upcoming section will show you how to select the best futures trading platform in Canada. Don’t skip it.
Also, never trade futures without a clear strategy. Remember that, despite its potential for high returns, futures trading has significant risks. You need explicit strategies to help you make informed decisions, manage risk exposure, and adapt to ever-changing market conditions.
How to Choose the Best Futures Trading Platform
The best platform to trade with should align with your needs and requirements. Moreover, it should be credible and comply with regulations set by Canadian regulators. Additionally, it should offer the assets and tools that are indispensable to your success as a futures trader. Consider the following when searching for the best service provider to trade futures with:
Regulatory compliance is the hallmark of trust, integrity, and security. To ensure your funds and investments are protected, sign up with a platform regulated by CIRO and other top regulators in Canada and worldwide. If a fair playing field is your top priority, avoid unregulated brokers at all costs.
Your chosen broker’s market variety will determine the money-making opportunities you can access. Choose a service provider with diverse global markets, especially regarding futures. The best ones often offer a wide variety of options, such as commodity futures markets, stock index futures, and currency futures.
Some brokers are out to exploit you, and they use high charges to do so. Don’t fall for their ploy; trade with competitively priced platforms. Before signing up with a service provider, check its commissions, spreads, and platform fees. Keep your eyes open and scrutinize every detail to avoid unexpected hidden costs.
Having access to the right tools and platform is crucial to becoming a successful futures trader. Check the platforms each broker offers and their core features before signing up. It goes without saying, but if you want to trade with third-party solutions, you must find a service provider that offers them. Remember, some futures brokers offer proprietary platforms exclusively.
The quality of support at your disposal will determine if you frequently get stuck in quagmires or if you’ll get prompt assistance whenever a setback arises. We always advise our readers to test each broker’s customer support team before filling out the registration form. For fewer headaches, trade with a broker that offers support 24 hours a day, at least 5 days a week.
A good reputation is a reflection of reliability, transparency, and trustworthiness. This indicates that a broker has been providing excellent services for many years. Give yourself peace of mind and avoid unnecessary heartaches by checking each futures trading broker’s reputation before opening your own. To do that, visit sites like Trustpilot and read past user reviews.
Risks to Consider Before Start Trading
While trading financial assets like futures, you expose yourself to significant risks, which you know of and prepare for as early as possible. They include:
- Leverage risk: Leverage trading is enticing because it offers better potential returns and allows you to use your capital well, no matter how limited. However, it also exposes you to higher potential losses.
- Market risk: Financial markets are unpredictable. Things may go your way one minute and change drastically the next. And even minor events or developments can cause tsunamis in the online trading sector.
- Liquidity risk: Sometimes, the markets are plagued by low liquidity. When this happens, executing trades at your desired price levels becomes more difficult, and it can significantly impact your profit margins.
- Overtrading: Trading’s handsome potential returns make it incredibly attractive and alluring. However, if you’re not careful, this venture’s alluring nature might encourage overtrading, which comes with its fair share of complications, from poor decision-making to increased losses and financial strain.
Conclusion
Set yourself up for success by choosing a futures trading platform that meets your expectations from the recommended service providers. And remember that failure to diversify has heralded the downfall of countless traders since time immemorial. Ensure your portfolio includes other assets besides futures, like stocks, digital currencies, and indices, to decrease risk exposure and increase your odds of profiting.