In Canada, investors have always been used to trading during the hours when the markets are open. The TSX and the major American exchanges like the NASDAQ or the NYSE are open from 9:30 AM to 4:00 PM EST.
Today, some of the major brokerages in Canada are now offering the ability to participate in both pre-market trading and after-hours trading. One of these is Questrade, Canada’s oldest and largest discount brokerage.
Using these Questrade extended hours for trading can be a benefit to active investors. Taking advantage of some pre-market news or an after-hours earnings report can put you ahead of other traders.
There is also a downside, as after-hours trading is not as expansive in Canada as it is in the United States. For example, for Canadian stocks, you only have 45 minutes to trade, and they must be in a multiple of a standard board lot (i.e. 100, 200, or 300 shares).
In this article, we will discuss the after-hours trading market in Canada and compare Questrade’s extended hours to the rest of its Canadian peers.
Questrade Pre and Post Market Trading
Questrade is one of the only Canadian brokerages to allow both pre and post-market trading for US-listed stocks and post-market trading for Canadian stocks.
This feature allows Canadian traders to take advantage of events that take place outside of regular trading hours. These can include any of the following:
- Company earnings reports
- Geopolitical events, particularly in international regions
- Major company announcements
- Performance of international stock markets
Questrade’s extended trading hours do come with some caveats:
For Canadian stocks:
- There is no pre-market trading period
- Post-market trading is open only from 4:15 pm to 5:00 pm EST
- The stocks must trade on either the TSX or the TSX-V exchanges
- Stocks must be purchased in standard board lots, which are multiples of 100 shares
For American stocks:
- Pre-market trading is open from 7:00 am to 9:30 am EST
- Post-market trading is open from 4:00 pm to 8:00 pm EST
Questrade
On Questrade’s Website
- Fees: $4.95 to $9.95 per trade
- Account minimum: $1,000 to start trading
- Promotions: Get $50 in free trades
Brokerages That Offer After-Hours Trading in Canada
While after-hours trading has been around in the United States since 1991, it is a relatively new feature for Canadian brokerages. Most American brokerages already offer extended trading hours, but only a handful do in Canada.
Check out our table for the best after-hours trading platforms in Canada:
| Canadian Brokerage | Extended Trading Hours |
| BMO Investorline | No Extended Trading Hours Online |
| CIBC Investor’s Edge | Only for US-listed stocks. Pre-market trading is 8:05 am to 9:29 am EST. Post-market trading is 4:00 pm to 6:00 pm EST. |
| RBC Direct Investing | No Extended Trading Hours Online |
| Scotia iTrade | Only for US-listed stocks. Pre-market trading is 8:00 am to 9:30 am EST. Post-market trading is 4:00 pm to 5:30 pm EST. |
| TD Direct Investing | For US-listed Stocks: Pre-market trading is 8:00 am to 9:20 am EST. Post-market trading is 4:00 pm to 7:00 pm EST. For Canadian Stocks: Post-market trading is 4:15 pm to 5:00 pm EST. |
| Wealthsimple Trade | No Extended Trading Hours |
| QTrade | Only for US-listed stocks. Pre-market trading is 8:30 am to 9:30 am EST. Post-market trading is 4:00 pm to 5:00 pm EST. |
What is After Hours Trading?
After-hours trading is exactly as it sounds: the ability to buy and sell stocks outside of normal market hours. Despite the name, brokerages can allow both pre and post-market trading.
This can be advantageous to traders who want to get ahead of price moves before the markets open. As you can see, after-hours trading does come with its limitations. Most brokerages are only open for a short period of time and only allow the trading of US-listed stocks.
How Does After-Hours Trading Work in Canada?
After-hours trading in Canada works the same as in the United States, aside from the aforementioned limitations.
Typically, these brokerages operate through an ECN or Electronic Communication Network rather than through the brokerage itself. These trades are then processed when the markets re-open.
Pros and Cons of After-Hours Trading
Pros
- Can take advantage of events or reports that are released outside of market hours
- Allows you to buy or sell stocks if you missed the normal market session
Cons
- Low liquidity and more volatility in prices
- Usually you must buy in lots of 100 shares
- Often you are competing against institutional investors
FAQs
Yes, you can trade after-hours in Canada on select platforms. Check out our table of brokerages that allow after-hours trading earlier in this article.
Any trader can trade after hours in Canada if their brokerage platform allows it.
Yes, TD after-hours trading is some of the most extensive in Canada. You can trade both Canadian and American stocks in pre and post-market hours.
No, RBC does not allow this on its online platform. You can call an RBC representative or agent to assist you in after-hours trading.
Any price change that is reflected in after-hours trading will apply to your position when the market re-opens.
BMO does not allow after-hours trading on its online platform. As with RBC Direct Investing, you can call a BMO representative for assistance.
Yes, depending on your account level. IBK Pro users can start at 4:00 am EST until the market opens and continue from the time the markets close until 20:00 pm EST. For IBK Lite users, it starts at 7:00 am EST and closes at 20:00 pm EST.
No, as of now, Wealthsimple does not offer after-hours trading.
Related: Check out these stock advisor websites in Canada.
