After-hours trading in Canada
If you want to trade after the bell, remember that order limitations and reduced liquidity can impact the success after-hours trading.
After-hours trading lets investors place trades outside of standard market hours, allowing more flexibility but also introducing additional risks.
While it can be useful for reacting quickly to breaking news or earnings announcements, it typically comes with lower liquidity, wider bid-ask spreads and increased price volatility that can make after-hour trades more unpredictable. So before you engage in after-hours trading, it’s important to weigh the benefits against the risks.
What is after-hours trading?
After-hours trading means buying or selling securities outside of regular exchange hours. This includes both pre-market trading (before the market opens) and post-market trading (after it closes). In Canada, access to extended trading hours depends on the brokerage, the exchange and the type of security being traded.
How does after-hours trading work?
During extended trading sessions, orders are facilitated by electronic communication networks (ECNs) instead of stock exchanges. Trades run through the platform’s partnered ECN, where buy and sell orders are matched electronically, typically based on price.
For example, if you place a limit order to buy 50 shares of Amazon stock at $200 per share, the ECN will search its network for someone willing to sell 50 shares at that price. Once a match is found, the trade will be executed automatically.
Trading activity is usually lower after hours, as not all brokerages offer pre- or post-market trading and most active traders restrict their activity to regular market hours. This reduced participation can lead to lower liquidity, wider bid-ask spreads and sharper price movements, sometimes influenced by institutional traders who trade in much larger volumes.
What brokerages allow you to trade after-hours?
| Broker | After-hours trading | Details | Get offer |
|---|---|---|---|
 Questrade | Yes | Questrade supports after-hours trading on Canadian exchanges from 4:15–5:00 p.m. and extended trading for U.S. securities from 4:00–2:00 a.m. | |
 Qtrade Direct Investing | Yes | Qtrade offers pre-market trading on US exchanges from 8:30 to 9:29 a.m. and post-market trading from 4:00 to 5:00 p.m. | |
 CIBC Investor’s Edge | Yes | After-hours trading is available for U.S. stocks and ETFs using limit orders. Canadian stocks can’t be traded after hours except during the TSX’s extended trading session. | |
 Interactive Brokers | Yes | After-hours trading is available, but some products can only be traded during regular hours. See after hours products on IB Trader Workstation. | |
 Moomoo | Yes | Moomoo offers a pre-market and post-market trading session for U.S. securities and a post-market session for Canadian securities. | |
 RBC Direct Investing | Yes | RBC only offers pre-market trading for U.S. securities, while post-market trading is available for both Canadian and U.S. exchanges. | |
 Scotia iTrade | Yes | Scotia iTRADE allows after-hours trading for U.S. stocks between 8:00 a.m. and 9:30 a.m. and 4:00 p.m. to 5:30 p.m. | |
 BMO InvestorLine | Yes | Clients must contact a BMO representative to submit an after-hours trade. | |
 Wealthsimple | Yes | Wealthsimple offers 24-hour trading, 5 days a week for select U.S. stocks and ETFs, but not for Canadian-listed securities. | |
 Tangerine Investments | No | Tangerine processes any trades made after 4 p.m. at the next business day’s closing price | Dive deeper |
 National Bank Direct Brokerage | Yes | After-hours trades can be placed by phone | |
 | Yes | After-hours trades can be placed 24/7 via WebBroker, Advanced Dashboard or by phone. | |
 Desjardins Online Brokerage (Disnat) | Yes | Disnat offers extended trading hours from 8:00 a.m to 9:30 a.m and 4:00 p.m. to 5:00 p.m. on US exchanges | |
 Webull | Yes | Webull offers a pre-market trading session from 4:00 a.m. to 9:30 a.m. and a post-market trading session from 4:00 p.m. to 8:00 p.m. for US securities |
What order types are available after hours?
Most brokerages only allow limit orders during after-hours trading. A limit order lets you specify the price at which you want to buy or sell a security. The trouble with limit orders is that the trade isn’t guaranteed — if the stock never hits the price you specify, the order won’t be executed.
Market orders, which are buy or sell orders that execute immediately at the current market price, are generally not accepted because prices can fluctuate sharply with fewer participants, leading to unpredictable execution prices.
What securities are available after hours?
After-hours trading is typically limited to stocks and exchange-traded funds (ETFs). Most brokers don’t allow the trading of mutual funds, bonds or options outside regular market hours, and some may also restrict which stocks or ETFs are eligible for extended-hours trading.
In Canada, most brokers only offer extended hours for US securities because Canadian exchanges have more limited after-hours sessions, making trading Canadian-listed stocks outside of regular hours less common.
Dive deeper: How do ETFs work?
What happens if I place a trade after my broker is closed?
It depends on your broker. If your trading platform allows after-hours trading, your order may be submitted during the extended session and executed if it meets the price set in your limit order. If your platform doesn’t offer extended hours, your order will be queued and executed at market open the following trading day.
Can you buy stocks on the weekend?
Generally, Canadian investors cannot trade Canadian or U.S. stocks on weekends, because stock exchanges are closed. However, due to time zone differences, it’s sometimes possible to place orders on open foreign markets, such as in Australia or Asia, if your broker offers international trading.
Dive deeper: How to invest in the TSX
What’s considered after-hours?
Any trade that takes place before the market opens or after it closes is considered an after-hours trade. Standard hours and after-hours vary by market:
| Exchange | Early/Pre-Open Trading | Normal Hours | Extended/Late trading session |
|---|---|---|---|
| TSX/TSXV | Weekdays from 7:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | Weekdays from 4:15 p.m. to 5:00 p.m. ET |
| CSE | Weekdays from 7:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | Weekdays from 4:15 p.m. to 5:00 p.m. ET |
| NASDAQ | Weekdays from 4:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | Weekdays from 4:00 p.m. to 8:00 p.m. ET |
| NYSE Tape A | Weekdays from 6:30 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | N/A |
| NYSE Tapes B & C | Pre-opening. Weekdays from 6:30 a.m. to 7:00 a.m. ET Early trading. Weekdays from 7:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | N/A |
| NYSE American Equities, NYSE Texas, NYSE National | Pre-opening. Weekdays from 6:30 a.m. to 7:00 a.m. ET Early trading. Weekdays from 7:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | Weekdays from 4:00 p.m. to 8:00 p.m. ET |
| NYSE Arca Equities | Pre-opening. Weekdays from 2:30 a.m. to 4:00 a.m. ET Early trading. Weekdays from 4:00 a.m. to 9:30 a.m. ET | Weekdays from 9:30 a.m. to 4:00 p.m. ET | Weekdays from 4:00 p.m. to 8:00 p.m. ET |
| International exchanges | Varies | Most open between 8:00 a.m. – 9:30 a.m. and close between 3:00 p.m – 5:30 p.m. local time. | Varies |
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Pros of after-hours trading
- Convenient. Schedule restrictions and daily activities may limit an investor’s ability to execute trades when the market is open. After-hours trading allows investors to trade at a time that may be more convenient for them.
- Ability to react to news. After-hours trading offers investors the opportunity to react to important news events before markets open or after they close. Earnings reports, economic indicators and breaking news all have the potential to impact the market after hours.
- Competitive pricing. After-hours volatility tends to lend itself to increased risk, but this volatility can also work in a trader’s favor if stock prices move in an advantageous direction.
- Preview of market sentiment. After-hours trading can give investors an early look at how stocks may react when the market opens. This can help inform trading decisions or prepare for potential volatility.
Cons of after-hours trading
- Less liquidity. Since fewer trades are executed after hours, it’s more difficult to buy and sell shares.
- Wide spreads. After-hours trading tends to have wider spreads between bid (the highest price a buyer is willing to pay) and ask prices (the lowest price offered by a seller). For traders executing limit orders, this could mean fewer trades.
- Order limitations. Most brokers don’t allow traders to swap mutual funds, bonds or options after hours, limiting trades to the buying and selling of stocks and sometimes exchange-traded funds. Stop orders or all-or-none orders are also prohibited after hours, restricting traders to unconditional limit orders.
- Extra fees. Some brokerages charge additional fees on after-hours trades.
How to get started with after-hours trading
If you want to try after-hours trading, follow these steps to get started:
- Check if your broker offers after-hours trading. Not all brokers provide extended-hour sessions. Confirm that your brokerage allows trading outside regular market hours and check their specific session times, though this may vary depending on the exchange.
- Open and fund a brokerage account. You need a standard brokerage account to trade after hours. Ensure it’s fully set up, verified and funded so you can place orders during extended hours.
- Learn which securities are available. Brokers typically limit after-hours trading to certain stocks and ETFs, so find out which securities are available and track their activity. Staying updated on the latest news and market developments can also help you determine what to invest in.
- Place your order. Place a limit order (rather than a market order if your broker even allows it) because prices can fluctuate quickly during after-hours trading. This ensures you don’t pay more or sell for less than your set price.
- Monitor your trades closely. Due to lower liquidity, trades may not execute immediately. Keep an eye on your orders and adjust them if necessary.
Bottom line
After-hours trading offers added flexibility and the ability to react quickly to market-moving events, but it also comes with higher risk due to lower trading volume and price volatility. If you’re interested in after-hours trading, find a brokerage account that offers extended hours alongside the features best suited to your investment goals.
Frequently asked questions
Important information: Powered by Finder.com. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
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