Wondering how to do online trading in Canada?
This guide is for you.
I will walk you through everything you need to know to start making money online as a trader in Canada.
If you don’t know this already, online trading is one of the most lucrative ventures you can explore right now.
With as little as $10, you can be making money online by spending as little as 2 hours daily.
How To Do Online Trading in Canada: Pick a platform
To get started, you need a platform.
Trading online involves electronic trading with the help of the internet and computers.
All you have to do is search for stocks and other instruments available on different exchanges, decide on the broker who offers the best price and an intuitive trading experience.
Here are some assets you can trade online in Canada;
- Equities (stocks) for example AAPL (Apple Inc)
- Currency pairs such as USD/CAD (The cost of 1 US dollar in Canadian dollars)
- Commodities such as Gold
- Indices – FDAX (DAX) The cost of 1 contract in euros
- Crypto – for example, Bitcoin, the cost of 1 bitcoin in US dollars
Now, some platforms offer more tradable assets while others support only a handful of them.
If you already have an asset in mind that you’d like to start trading, here are some platforms you should check out.
Best online trading platforms in Canada
Here are some of the best platforms you can check out now;
Olymp Trade is a trading platform that allows traders to set Fixed Time Trading for currency pairs, commodities, stocks, indices, and cryptocurrencies.
This means the platform allows you to open a position predicting the price will go up or down.
And you make a profit when your prediction turns out to be right.
The Olymp Trade system allows you to earn up to 90 percent profit with a minimum investment of $1.
This means that you can put down a dollar and win up to 90% of your prediction trade.
So, there are two types of accounts on Olymp Trade; regular account and VIP.
You win up to 80% if you are on the regular account, and 90% if you are a VIP.
Is Olymp Trade Safe in Canada?
Olymp Trade is safe to use in Canada.
How do I know this?
Well, the broker has put in place two things; regulation and KYC/AML policy.
Olymp Trade is regulated by IFC (International Financial Commission) which was established to be a neutral 3rd party mediator that would fairly control brokers and resolve complaints.
Additionally, the IFC provides additional protection for each trader.
You get compensated up to $20,000 through the Commission’s Compensation Fund which is funded by brokers’ membership fees.
This means that if any trader has an issue with Olymp Trade, they can file their complaint with the IFC. And they will investigate and issue a verdict.
Check the broker website here.
Who is IQ Option in Canada?
IQ Option is a trading platform just like Olymp Trade.
Here, you can trade a wide variety of instruments such as CFDs on Forex, Crypto, Stocks, Commodities, Indices, and ETFs.
IQ Options trading is Contract For Difference (CFD)-based.
This means that by opening a deal on the platform, you will have an outcome based on the changes in the price of the asset without actually acquiring it.
How does it work?
When opening a deal on the IQ Option platform, you predict the direction of the price movement and open a deal correspondingly by clicking either Buy or Sell.
If you think it’s going up, you hit Buy, if you think it is going down, click sell.
Now, the outcome of the trade will depend on the direction the trader chose and the actual direction the price moves.
If you chose up and the asset goes up, you win.
But if you choose up and the asset goes drops, you lose the invested amount.
Check their website here.
Once you have picked your preferred online trading platform in Canada, what is next?
How To Do Online Trading in Canada: Open demo account
A demo account is a special type of account offered by trading platforms, which is funded with virtual (fake) money that enables you to try out the platform and some of its features.
After that, you can move to a real account where you can spend real money.
In other words, a demo account is a practice account. You go in and practice trading the real market with virtual money.
Luckily, both Olymp Trade and IQ Option come with a free demo account. Meaning that you can get try out any of these platforms for free in Canada.
Why create a demo account?
Online trading is not easy.
You need to know what you are doing to make money trading online in Canada. And to gain that knowledge, a demo account is what you need.
It allows you to practice different trading strategies with zero risks, remember you are using virtual funds.
Now, after you have gained enough confidence in your trading skills, is when you can move to open real account where you can spend real money and earn real money.
Can I withdraw from the demo account?
No, you cannot withdraw money from a demo account.
Remember, those are just fake money. They are there to help you learn about the platform and hone your skills.
How to get a demo account for free in Canada
Here are some guides to help you get started fast;
Once you have the demo account, go ahead and start practicing.
When you finally master some trading strategies, what next?
How To Do Online Trading in Canada: Deposit funds
After getting comfortable trading online with a help of a demo account, you can up your game by moving to a real account.
On Olymp Trade, you can deposit as low as $10 and start trading with as low as $1.
You can deposit using;
- Perfect Money
- Bank cards
- China UnionPay
IQ Option allows the same, a minimum deposit of $10, and supports almost the same methods as Olymp Trade.
After successfully deposit, you can now start trading and making real money.
All you have to do is implement the strategies and techniques you learn while on a demo account.
But if things get messy, you can always go back to using the demo account.
On Olymp Trade, you can easily switch back to the practice account by clicking on the Account tab.
What is next?
How To Do Online Trading in Canada: Withdraw
Did you start trading online in Canada to make money, right?
After earning some profits, you can withdraw them easily.
On Olymp Trade, click on the Withdraw button and follow instructions.
Remember, to prevent fraud, the platform has made it mandatory that you only make a withdrawal request through the method you used to deposit funds.
Here are some things to know.
- Withdrawals are free on Olymp Trade.
- There are NO limits on how much you can withdraw from your account, but the minimum amount is $10.
- Over 90% of withdrawal requests are processed in less than 1 business day.
- Having Expert status with Olymp Trade guarantees 1 business day withdrawals.
How about withdrawing from IQ Option?
You can withdraw as low as $2. And just like Olymp Trade, your withdrawal method will depend on the deposit method.
If you use an e-wallet to deposit, you will only be able to withdraw to the same e-wallet account.
How long will it take?
Well, withdrawal requests are processed by IQ Option within 3 business days.
But if you used a bank card, a payment system and your bank require additional time to process this transaction.
What to do next
You have learned how to do online trading in Canada.
Go ahead and check these trading websites out;