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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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An outstanding trading app can help you build a profitable trading career. On the other hand, a lousy or shoddy service provider can herald your doom. In other words, if you wish to reap handsomely from online trading, find the best trading app Canada. Also, do all you can to avoid sub-par apps as well as service providers with questionable standards and ethics.
The BrokerRaters team is here to help you find an excellent app and avoid shoddy brands. Our experts have tested countless products available in Canada, compared the most credible, and identified the best. Our guide will introduce you to our top picks as well as everything you need to know about them, including some of their noteworthy competencies and shortcomings.
List of the Best Trading Apps
- Interactive Brokers – Overall Best Trading App Canada
- OANDA – Best Trading App for Canadian Forex Traders
- XTB – Best Trading App for CFD Traders in Canada
- AvaTrade – Best Canadian Trading App for Beginners
- Forex.com – Best Canadian Trading App for Extensive Market Insights
In This Guide
Canadian Trading Apps: Comparison Table
Our gurus spent a lot of time vetting service providers and picking the best trading apps in Canada. We always prioritize thorough research and factor in user reviews on independent sites like Google Play, the App Store, and Trustpilot. Also, while selecting service providers to recommend to our readers, our experts pay close attention to numerous vital aspects, from licensing and regulation to supported assets, fees, and commissions.
Let’s start with a comprehensive comparison table that will help you identify the most promising service providers. The factors outlined in it are the most crucial, and you should always consider them while choosing the best app to trade with. That is especially true where licensing and regulatory status are involved since trading with an unregulated app can expose you to significant issues like catastrophic financial losses and data theft.
| Best Trading App Canada | License & Regulation | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Interactive Brokers | IIROC, FCA, SEC, FINRA, ICS, CBH, ASIC, SFC, MAS | 24/5 | IBKR Desktop, IBKR Trader Workstation (TWS), IBKR Mobile, IBKR GlobalTrader | Check, wire transfer, direct bank transfer (ACH) | Yes |
| OANDA | IIROC, ASIC, MAS, FCA, CFTC, PFSA, FSA, FSC BVI | 24/5 | OANDA Mobile, OANDA Web, MetaTrader 4, TradingView | Credit/debit cards, Bank transfer, Wire transfer, Skrill, Neteller | Yes |
| XTB | IIROC, MiFID, FSCA, ASIC, CySEC, FSA, FCA | 24/5 | xStation 5, xStation Mobile | Neteller, Credit /debit cards, Bank transfer, Skrill, PayPal | Yes |
| AvaTrade | IIROC, ASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, 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 |
| Forex.com | IIROC, ASIC, FCA, CFTC, CIRO, CySEC, NFA, CIMA, FSA, MAS | 24/5 | WebTrader, Mobile App, MetaTrader 4, MetaTrader 5, TradingView | Credit/debit cards, PayPal, Wire transfer | Yes |
Apps Short Overviews
We also need to highlight every trading app’s fees and assets. Our primary goal is to help you find an affordable service provider that won’t undermine your profit margins with ungodly costs. Additionally, we are here to ensure you sign up with an app that supports your favorite financial assets, as well as a considerable number of other instruments that will help you diversify your portfolio and reduce risk exposure.
The first table below outlines the fees we discovered while evaluating the best trading apps in Canada. Compare the service providers’ mandates and pick an app whose charges match your expectations and preferences. The second table will help you find a trading app that offers all the assets you need to build your build portfolio and maximize your profit potential.
Fees
| Best Trading App Canada | Minimum Deposit Requirement | Commission/ Spreads | Deposits/ Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| Interactive Brokers | $0 | From 0.08% | From $10 withdrawal fees | $0 |
| OANDA | $0 | From $0 | $20 withdrawal fee | $10 monthly |
| XTB | $0 | From 0% | Free | $10 monthly |
| AvaTrade | $100s | From 0.13% | Free | $50 after every 3 consecutive months of inactivity |
| Forex.com | $100 | From 0.0 pips | Free | $15 monthly |
Assets
| Best Trading App Canada | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| Interactive Brokers | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| OANDA | Yes | Yes | Yes | Yes | Yes | Yes | No |
| XTB | Yes | Yes | Yes | Yes | Yes | Yes | No |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Forex.com | Yes | Yes | Yes | Yes | Yes | Yes | No |
Our Expert Opinion about Trading Apps in Canada
Before preparing this guide, our team researched and evaluated numerous service providers. We also tested every promising app with demo and live accounts. So, rest assured we’ve recommended the best Canadian trading apps based on factual information and firsthand experience. Our team has been doing that for many years, and we remain committed to ensuring our readers have access to credible, reliable, and trustworthy platforms.
With that in mind, the reviews below will introduce you to what each recommended app has to offer. Read every minireview carefully, as well as the service providers’ pros and cons. Then, compare what each offers and pick the crème de la crème based on your goals, needs, and expectations.
1. Interactive Brokers – Overall Best Trading App Canada
Provided by an infamous US company headquartered in Greenwich, Connecticut, Interactive Brokers is the best app for trading in Canada. The brand’s reputation speaks for itself. So far, IBKR has millions of clients and facilitates 200,000+ traders per day. Additionally, the broker has bagged numerous awards and recognitions, including Barron’s Best Online Broker for 6 consecutive years.
Millions of traders prefer trading with IBKR’s app because it gives users access to countless financial products across over 150 global markets. We encountered thousands of tradable assets on the platform, from 10,000+ stocks and 150+ ETFs to 100+ currency pairs, US spot gold, and options. These assets have competitive spreads and commissions. For instance, you can trade stocks with low commissions starting from $0 or dive into spot currency trading and enjoy tight spreads starting from 0.1 pips.
Interactive Brokers is also our top pick since this app has diverse investment products, unlike most of its peers. With the app, you can invest in over 43,000 mutual funds, including top options like Vanguard, Schroders, and Invesco. These have low, transparent commissions, zero transaction fees, and other outstanding boons. You can also visit IBKR’s bond marketplace, where 1 million+ are at your disposal, from 30,935 corporate bonds to 1,023,007 municipal securities. Not to forget, IBKR users can invest in hedge funds and earn handsome returns.
The IBKR Mobile app comes with numerous features you can use to take trading to the next level, from Fundamentals Explorer to Impact Dashboard for sustainable investing. The app also offers advanced analysis tools, including powerful market scanners, chart indicators, and third-party research systems.
Interactive Brokers
✔$0 minimum deposit requirement
✔No account inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- Impressing range of tradable instruments, including forex pairs, stocks, and ETFs
- Traders can invest in mutual funds, bonds, and hedge funds
- There is no minimum deposit requirement for new traders
- Supports convenient payment methods like mobile check deposit
- Available on the App Store, Amazon, and Google Play
- Robust research, trading, and analysis tools
- Zero inactivity fees
Cons
- Some payment methods and currencies attract withdrawal fees
- The app may be overwhelming to newbies
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% |
2. OANDA – Best Trading App for Canadian Forex Traders
Designed to facilitate seamless mobile trading, the OANDA app offers over 68 currency pairs. We found majors like USD/CAD, GBP/USD, and EUR/USD, which are among the most traded FX products globally. Minors are also plentiful on the OANDA trading platform, from AUD/CAD and CAD/JPY to AUD/NZD, EUR/GBP, and GBP/CAD.
The OANDA trading app is optimized for IOS, Android, and tablet gadgets. With it, you can leverage the power of advanced charting functionalities, customizable trading alerts, and timely price signals. The best part is that you can use this product’s mobile chart trading feature to place and manage orders faster by entering, modifying, and closing positions directly from charts. Moreover, the app allows you to make better trading decisions with 50 technical tools, including overlay indicators and drawing tools.
Besides forex pairs, OANDA Mobile users can trade CDFs on indices like the US Wall St 30, Commodities like natural gas, and metals like palladium, silver, and gold. The app also supports CFD trading on numerous popular bonds, including the US T-Bond, Bund, and UK 10Y Gilt.
We also recommend the OANDA Mobile app since it has no minimum deposit requirement. Furthermore, it gives traders the opportunity to invest in over 2,200 British, French, German, and Spanish shares. You can use this app to invest in your future and enjoy multiple perks, including low commissions starting from 0% on US shares and 0.15% on European products.
OANDA
✔Offers a negative balance protection
✔Customizable trading platform
Pros & Cons
Fees
Trading Assets
Pros
- Allow forex enthusiasts to trade majors, minors, and cross pairs
- No minimum deposit requirement
- Also offers CFDs on shares, indices, crypto, and other instruments
- Traders can invest in real shares and earn income
- The app has countless amazing features, including advanced charting tools
- Accessible to IOS and Android users
Cons
- Higher spreads than most of its peers
- $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 |
3. XTB – Best Trading App for Potential Investors in Canada
As a trader, you should consider investing in assets designed for long-term growth, like stocks. Such assets can help you diversify your trading portfolio and build wealth in the long run. With that in mind, we encourage traders interested in investing to check out XTB.
Established in 2002, XTB has amassed a huge following over the years and now boasts over a million customers. The company is regulated and licensed by numerous authoritative figures, from IIROC and CySEC to the FCA and the FSC. Moreover, this broker offers a powerful, award-winning mobile app known as xStation Mobile.
xStation Mobile has a simple, user-friendly design that allows beginners and seasoned pros alike to trade seamlessly. This product has robust charts that allow users to track market movements with unmatched accuracy, as well as terrific risk management functionalities like Take-Profit and Stop-Loss levels.
However, the most outstanding aspect we discovered is XTB’s support for diverse investment products. If you are an investment enthusiast, you can invest in stocks like Alphabet, Tesla, and Apple via the xStation Mobile app. XTB offers over 3,600 stocks, and they come with friendly commissions starting from 0%. You can also use this investment app to trade ETFs for just $10.
XTB
✔User-friendly interface
✔Expert customer support services
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Traders can invest in 0% stocks and ETFs
- Allows investing from just $10
- Thousands of CFDs on indices, commodities, and more are available
- Works seamlessly with IOS and Android devices
Cons
- Higher fees for withdrawals below $60, €80 or $100
- $10 monthly account inactivity fee
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 |
4. AvaTrade – Best Canadian Trading App for Beginners
We have used many trading apps over the years but have yet to meet a more beginner-friendly service provider than AvaTrade. This product’s interface is optimized to ensure new traders enjoy unmatched simplicity and have an easy time starting their trading career. The clutter-free, intuitive design makes it easier to learn how to open new positions, access provided trading tools, monitor active trades, and more without getting overwhelmed.
AvaTrade also offers an outstanding educational platform called Ava Academy. It has rich online courses with over 200 lessons and quizzes. The available courses are free and unique and cover all indispensable asset categories, from stock, forex, and indices to crypto, bonds, ETFs, and commodities. All you have to do is pick a fitting course to get access to an unmatched world of financial knowledge.
This service provider also supports demo trading. After enrolling in a fitting course and learning the fundamentals, you can open an AvaTrade demo account and start practicing. You will gain access to $10,000 virtual money that will allow you hone vital trading skills in a risk-free environment.
Lastly, AvaTrade offers strong support to its app’s users. This is crucial since beginners often have questions and concerns. Moreover, as a newbie, you may need professional assistance while learning the ropes and familiarizing yourself with your chosen trading platform.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Pros & Cons
Fees
Trading Assets
Pros
- Neat, intuitive interface ideal for beginners
- Top-class educational resources like free courses and guides
- Outstanding customer support service
- Newbies can practice risk-free with virtual funds in demo mode
- Beginners can copy experienced traders while learning the ropes
- Supports automated trading
Cons
- High inactivity fees for dormant account holders
- Mainly supports trading CFDs and forex pairs
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 |
5. Forex.com – Best Canadian Trading App for Advanced Traders
Our experts highly recommend Forex.com to advanced traders. The app has advanced TradingView charts, one-swipe trading, and integrated Reuters news feeds. With this solution, experienced traders can trade different markets with unparalleled precision and enhance potential profits with flexible leverages. The app’s users can monitor the markets seamlessly with custom watchlists and stay informed with real-time price alerts.
As an advanced trader, you can access diverse financial products with Forex.com. You can trade popular currency pairs and minimize costs with low spreads starting from 0.0 pips. Other instruments available on the Forex.com app range from indices and stocks to cryptocurrency, commodities, and precious metals like silver and gold.
Forex.com also gives high-volume traders access to a unique trading platform known as Active Trade. This platform offers an impressive range of special perks, from lower trading costs and juicy cash rebates to personalized support and VIP access to new products and exclusive events.
If you are a novice trader and Forex.com has caught your eye, don’t be discouraged by our ranking of this app. You can still use it and enjoy a seamless experience. The product has a simplified, intuitive interface, so navigation will be a breeze. Moreover, it gives beginners access to numerous outstanding educational resources, including free courses, lessons, and self-assessment quizzes.
Pros & Cons
Pros
- Users can harness the power of advanced mobile trading tools
- A vast assortment of instruments, including forex pairs, commodities, indices, and more
- Low spreads starting from 0.0 pips
- Active Trader offers unique boons like lower costs to high-volume traders
- The app operates seamlessly on IOS and Android devices
- Extensive learning materials for both advanced and novice traders
Cons
- Canadians using international wires for withdrawals have to pay a $40 fee
- Higher account inactivity fees than most of its perks
Mobile Trading in Canada
Technological advancements and the growing preference for optimum convenience have enabled mobile trading to gain enormous traction in Canada over the years. Mobile trading apps are very popular today in the Great White North, especially with younger traders.
If you are 18 and above and have a good gadget, you can start enjoying the boons of mobile trading today. And you don’t have to worry about breaking the law since this activity is legal in Canada. However, before engaging in mobile trading, note that traders must pay taxes in Canada. Before trading with any app, please research and fully digest the relevant taxation laws.
Mobile Trading vs Desktop
Mobile trading involves simple apps optimized for on-the-go accessibility. As a mobile trader, you can monitor markets, open positions, manage your portfolio, and do much more anytime, anywhere, whether from the comfort of your couch or while commuting to or from work.
On the other hand, desktop trading involves desktop-oriented platforms that often offer more immersive trading experiences. The latter incorporates larger desktop screens and powerful machines that make aspects like multi-monitor setups and detailed chart analysis possible.
How to Choose the Best Trading App in CA
Canadians have access to hundreds of trading apps. Despite sounding like a good thing, having access to a large number of apps can complicate things. That is because the vast number allows shoddy and malicious service providers to hide in the crowd and rip off unsuspecting individuals. To avoid this unfortunate fate, check the following factors before committing to any of the trading apps in Canada:
Regulation and safety
Reputation and track record
Asset variety
Fees and commissions
User experience
Support service
We advise all our readers to trade with Canadian apps licensed and regulated by reputable authorities like IIROC and OSC. Also, before trading with a service provider, check its regulatory status in other regions besides Canada, like the UK, Australia, and the US. Finally, optimize the security of your data and assets by signing with an app with outstanding measures and protocols like 2FA and biometric authentication.
A trading app’s online reputation speaks volumes. Reputable solutions, which are the best to trade with, have excellent ratings and reviews; the opposite is true. Before registering with any given app, visit Google Play, the App Store, and Trustpilot and check past user ratings and testimonials.
Traders have different preferred assets. Some like trading forex markets, others are crypto enthusiasts, etc. If you fancy a specific product, ensure your chosen app supports it. Also, if you want access to assets from outside Canada, prioritize trading with an app that allows its users to seek opportunities in international markets.
The best trading app in Canada should have transparent and affordable fees. Additionally, compared to its peers, it should offer competitive spreads and commissions to its users. Beware of high-cost service providers and platforms with too many hidden fees and ambiguous fee structures.
Prioritize trading with an app with a user-friendly, intuitive interface, especially if you’re a beginner. Also, for the best trading experiences, choose a service provider that allows mobile traders to leverage most, if not all, of the core functionalities offered to desktop users.
Since good customer support can make or break a trader at crucial moments, choose an app with easy access to customer support and responsive agents. Don’t sign up with any product before assessing support quality and ascertain that the company’s team is knowledgeable and prepared to provide much-needed assistance promptly.
Mobile Trading Risks
Despite offering unmatched convenience and flexibility, mobile trading has multiple significant risks you should be aware of. They range from security risks to interface limitations, and our experts have highlighted them below:
- Security risks: Since most mobile phones lack advanced security protocols like firewalls, they are more vulnerable to cyberattacks. In other words, mobile trading accounts are at higher risk of being compromised, causing significant financial losses.
- Overtrading: Mobile trading apps allow you to trade from any location and at any time. That can encourage overtrading and its associated consequences, from increased costs to diminished overall returns.
- User interface limitation: Mobile phones with smaller screens can make trading more challenging. With a smaller screen, undertaking crucial actions like analyzing charts and reviewing detailed reports is significantly harder.
Pros & Cons of Mobile Trading
Let’s close shop with a brief list of the pros and cons of mobile trading. We’ve included this section to help you make the best decisions.
Pros:
- Mobile trading offers unparalleled convenience and accessibility
- Most mobile trading apps have user-friendly interfaces that are easy to navigate
- Mobile traders can make better decisions courtesy of real-time updates and notifications
- With mobile trading, you get round-the-clock access to global markets
Cons:
- Connectivity issues can undermine mobile trading
- Mobile trading apps are often affected by crashes and software bugs
Conclusion
By evaluating countless apps and identifying 5 of the best, we’ve done most of the heavy lifting for you. The only thing left is picking the right solution for you. That said, mobile trading has its fair share of risks, especially where security and overtrading are involved. We encourage you to update your chosen trading app regularly, employ measures like 2FA whenever possible, and avoid overtrading by sticking to a strict trading plan.
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