Best Forex Brokers in Canada for 2024

Last updated Mar 2, 2024
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

The Forex market in Canada is a dynamic and flourishing sector characterized by many renowned brokers who provide a variety of trading environments and advantages. Our team has diligently researched in-depth to compile an authoritative list of Canada's Best Forex Brokers for beginners. This list is specifically designed to assist you in selecting a broker that complements your trading approach and assures the security and integrity of your investments. Our selection is meticulously crafted to cater to the distinct requirements of Forex traders in Canada, ensuring an enhanced and practical trading experience.

List of the Best Forex Brokers in Canada

Логотип AvaTrade CA
1
Foundation Year
2005
Minimum Deposit
$ 250
Логотип CMC Markets CA
2
Foundation Year
1988
Minimum Deposit
CA$ 1
Логотип Admirals
3
Foundation Year
2001
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAdmirals review
Логотип FXCM
4
Foundation Year
1999
Minimum Deposit
$ 50
4.3/5
Register67-72% of retail investors lose money when trading CFDs with this brokerFXCM review
Логотип IFC Markets
5
Foundation Year
2005
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsIFC Markets review
Логотип InstaForex
6
Foundation Year
2007
Minimum Deposit
$ 1
4.2/5
Register71.99% of retail investors lose money when trading CFDs with this brokerInstaForex review16 reviews about InstaForex
Логотип FXOpen
7
Foundation Year
2004
Minimum Deposit
$ 1
4.2/5
Register58-60% of retail investors lose money when trading CFDs with this brokerFXOpen review
Логотип Oanda CA
8
Foundation Year
2001
Minimum Deposit
CA$ 1
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsOanda CA review
Логотип FOREX.com
9
Foundation Year
2000
Minimum Deposit
$ 100
4.1/5
Register68-81% of retail investors lose money when trading CFDs with this brokerFOREX.com review
Логотип BDSwiss
10
Foundation Year
2011
Minimum Deposit
$ 10
3.9/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsBDSwiss review

Our team has meticulously evaluated various firms to identify the most dependable and intuitive platforms for Forex trading in Canada. This page provides comprehensive reviews of the leading online Forex and CFD brokers catering to Canadian traders, intended to aid you in making an informed choice. Each review delivers an in-depth analysis of a broker enriched with genuine insights from Forex traders with firsthand experience with their services. Whether you're a newcomer to Forex or searching for an ideal partner for navigating the financial markets, our extensive reviews are crafted to steer you away from common pitfalls and direct you toward the most suitable online trading platform that aligns with your financial goals in 2024.

1. AvaTrade

Логотип AvaTrade CA
1
Trading Assets
ForexStocksIndicesETFBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
Deposit/withdrawal:
Логотип Google Pay
Логотип Bank Transfer
Логотип Credit and Debit Cards
compare AvaTrade CA trading accounts

AvaTrade is ideal for traders who appreciate a variety of instruments and a user-friendly mobile trading platform.

Advantages of AvaTrade CA

  • A wide selection of financial instruments. AvaTrade offers more than 60 currency pairs and CFDs on stocks, indices, commodities, and other assets.
  • Innovative trading platforms. AvaTradeGO, MetaTrader 4 and 5, and WebTrader provide convenience and functionality for trading.
  • Educational resources. Access to an education center with video tutorials, articles, and other materials helps traders improve their skills and knowledge.

Disadvantages of AvaTrade CA

  • Limited account options. The absence of market execution of orders, cent accounts, and fixed spread accounts may limit options for traders.
  • Fees. Costs for account inactivity and maintenance may impact trading profitability.

2. CMC Markets

Логотип CMC Markets CA
2
Countries of registration:
Trading Assets
ForexIndicesStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4CMC Markets
Deposit/withdrawal:
Логотип Bank Transfer
Логотип Онлайн банкинги
compare CMC Markets CA trading accounts

Broker CMC Markets is suitable for all traders thanks to its reliability, low commissions, and excellent trading platform.

Advantages of CMC Markets CA

  • Regulation. CMC Markets is regulated by leading financial authorities, including the CIRO, ensuring client funds' security.
  • Low trading fees. The broker offers competitive spreads and swaps and does not charge fees for deposits or withdrawals.
  • Wide range of markets and products. CMC Markets provides access to various trading instruments, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
  • Trading platforms. Access to the popular MetaTrader 4 and CMC Markets platforms, which offer flexible settings and an intuitive interface.
  • Analytics. The broker offers extensive analytical materials, including news from Reuters, an economic calendar, and technical analysis.
  • Education. CMC Markets offers comprehensive educational materials, including webinars, seminars, and courses.

Disadvantages of CMC Markets CA

  • Limited account options. The broker offers a limited number of account types, which may not meet the needs of all traders.
  • Inactivity fee. The broker charges a monthly fee if an account remains inactive for 12 months.
  • No online chat. While support is available 24/5, the lack of an online chat option may hinder instant communication with support.

3. Admirals

Логотип Admirals
3
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesCryptocurrencyStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Admirals trading accounts

Admirals is suitable for short-term traders looking for a large selection of instruments and a good educational program.

Advantages of Admirals

  • Regulation. Admirals is regulated by several leading financial authorities, including the FCA in the UK and CySEC in Cyprus, ensuring high reliability and security.
  • Trading Fees. Trading commissions are set at a competitive level, making trading with Admirals cost-effective.
  • Wide Range of Payment Methods. Clients can deposit and withdraw funds using various convenient payment methods, including bank transfers, credit/debit cards, and electronic wallets.
  • Analytics. Admirals offers extensive analytical resources, including an economic calendar, trading news, weekly podcasts, and technical and fundamental analyses.
  • Education. The broker provides a rich collection of educational materials, including webinars, articles, guides, and e-books.

Disadvantages of Admirals

  • Inactivity fee. Admirals charges a fee if an account remains inactive for a certain period, which may be undesirable for some investors.
  • Support. Although the support service provides multiple communication channels and quick responses, some users sometimes complain about its intrusiveness and note unprofessionalism. Additionally, information about the support service's working hours is missing from the Admirals website.

4. FXCM

Логотип FXCM
4
4.3/5
Register67-72% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4Trading StationTradingView
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Discover
Логотип UnionPay
compare FXCM trading accounts

FXCM is suitable for traders of all levels. Beginners will find educational materials and helpful analytics, while experienced traders will appreciate various instruments and flexible platforms.

Advantages of FXCM

  • High level of regulation. Security and reliability in broker dealings.
  • Diverse methods for deposit and withdrawal. Convenience and flexibility in financial transactions.
  • Wide range of markets and products for trading. Opportunities for diversification and choice.
  • A broad spectrum of trading platforms. Ease and flexibility in trading.
  • Analytics. Extensive and quality materials for making informed decisions.
  • Technical support. Quick and efficient help in solving emerging issues.

Disadvantages of FXCM

  • Insufficient variety of trading accounts. Limited options for different types of traders.
  • Inactivity fees and commissions for bank transfer withdrawals. Additional expenses that can reduce overall profitability.
  • Protracted account opening and verification process. It can take up to 3 days, delaying the start of trading.

5. IFC Markets

Логотип IFC Markets
5
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexStocksETFIndicesCryptocurrencyPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
NetTradeXMetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип AdvCash
Логотип WebMoney
Логотип Perfect Money
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare IFC Markets trading accounts

IFC Markets is suitable for traders looking for various trading instruments and platforms but may not be ideal for those who require an ECN account.

Advantages of IFC Markets

  • Instruments. The broker offers various trading instruments, including currency pairs, stocks, indices, commodities, metals, and cryptocurrencies.
  • Platforms. IFC Markets provides access to popular trading platforms such as MetaTrader 4 and MetaTrader 5 and its proprietary platform NetTradeX.
  • Educational materials. The company offers educational materials for traders of all experience levels, including videos, articles, webinars, and analytical materials.
  • Customization. IFC Markets offers tools for creating synthetic instruments (PCI), allowing users to create their own trading instruments based on multiple assets.
  • Multilingual support. The broker offers support in various languages, which can be helpful for clients from around the world.

Disadvantages of IFC Markets

  • Lack of ECN accounts. IFC Markets does not offer trading on the ECN market, which may disadvantage experienced traders who prefer trading with direct market access.

6. InstaForex

Логотип InstaForex
6
4.2/5
Register71.99% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4InstaForex Webtrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип YooMoney
Логотип PayCo
Логотип AstroPay
Логотип Swift
Логотип Visa
Логотип Mastercard
compare InstaForex trading accounts

InstaForex is suitable for beginner traders looking for simple conditions and education but may be unsuitable for professionals with large deposits due to wide spreads and low liquidity.

Advantages of InstaForex

  • Large selection of trading instruments.
  • PAMM accounts and the ForexCopy automatic trade copying service for passive income.
  • 24/7 efficient customer support.
  • Wide range of methods for depositing and withdrawing funds.
  • Decent analytical section.

Disadvantages of InstaForex

  • Trading commissions are above average.
  • No trading accounts with market execution of orders (ECN or STP).
  • Broker commission on fund withdrawals.

7. FXOpen

Логотип FXOpen
7
4.2/5
Register58-60% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Regulators:
Trading Assets
ForexPrecious MetalsIndicesStocksETFCryptocurrencyEnergy Carriers
Trading Platforms
MetaTrader 4MetaTrader 5TickTrader
Deposit/withdrawal:
Логотип WebMoney
Логотип AdvCash
Логотип FasaPay
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип Discover
compare FXOpen trading accounts

Broker FXOpen is suitable for professional traders and scalping enthusiasts but may not be ideal for beginners due to the lack of training.

Advantages of FXOpen

  • Regulation. FXOpen is a regulated broker with licenses from various financial regulators such as FCA (UK), CySEC (Cyprus), and ASIC (Australia), ensuring reliability and security of client funds.
  • Wide range of trading instruments. FXOpen offers a broad spectrum of trading assets, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies.
  • Low spreads and commissions. FXOpen provides competitive spreads and commissions on its trading accounts, making trading on this platform more profitable for traders.
  • Support for various trading platforms. FXOpen provides access to popular trading platforms such as MetaTrader 4 and MetaTrader 5, as well as its proprietary platform TickTrader, allowing traders to choose the most convenient platform for their needs.

Disadvantages of FXOpen

  • No fixed spreads. FXOpen offers only floating spreads, which can create certain difficulties for traders who prefer more predictable trading conditions.
  • Lack of educational materials. The broker does not offer educational materials, webinars, and courses that could help traders develop and improve their knowledge in Forex trading.

8. Oanda

Логотип Oanda CA
8
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesBonds
Trading Platforms
MetaTrader 4TradingViewfxTrade
Deposit/withdrawal:
Логотип PayPal
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare Oanda CA trading accounts

Oanda is suitable for beginners and experienced traders, thanks to quality analytics and various educational materials.

Advantages of Oanda CA

  • Strict Regulation. Oanda is regulated by leading financial authorities worldwide, ensuring high security.
  • Tight Spreads. Oanda offers competitive and transparent spreads.
  • Diverse Markets and Products. The broker provides a wide selection of assets, from Forex and CFDs to indices and commodities.
  • Advanced Trading Platforms. Oanda supports MetaTrader 4 and its proprietary platform, fxTrade.
  • Quality Analytics. Automatic pattern recognition, advanced tools for MetaTrader, a currency converter, and other resources are provided.
  • Extensive Learning Section. Oanda offers rich educational materials and resources, including webinars, videos, and articles.

Disadvantages of Oanda CA

  • Limited Account Types. Oanda offers only one standard type of account, which may not be suitable for traders with different needs.
  • Inactivity Fee. An inactivity fee may be charged if the account is not used for an extended period.
  • High Swaps. Oanda has relatively high swap rates, which could reduce the profitability of long-term trades.

9. FOREX.com

Логотип FOREX.com
9
4.1/5
Register68-81% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksETFIndicesCryptocurrencyBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
FOREX.comNinja TraderMetaTrader 4TradingView
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Bank Transfer
Логотип Credit and Debit Cards
compare FOREX.com trading accounts

FOREX.com is suitable for traders of all levels due to its reliability, wide range of assets, and excellent customer service.

Advantages of FOREX.com

  • Reliability and Regulation. FOREX.com is a broker with many years of history and a global reputation, regulated by several serious organizations, including the CFTC, NFA, and FCA.
  • Account Funding Methods. FOREX.com offers a variety of account funding methods, including bank transfers, cards, and electronic wallets.
  • Markets and Products. A wide variety of available markets and products, including stocks, indices, commodities, and cryptocurrencies.
  • Analytics. Advanced analytical tools and daily updates from the company's professionals.
  • Education. Comprehensive educational materials for all levels of traders, from beginners to advanced.

Disadvantages of FOREX.com

  • Lack of Specialized Accounts. All clients work with basic account types; specialized accounts are not offered.
  • High Transaction Commission on DMA Account. The cost of trading on DMA accounts may be higher than competitors.
  • Low Maximum Leverage. FOREX.com offers lower maximum leverage than other brokers, which may limit trading opportunities.

10. BDSwiss

Логотип BDSwiss
10
3.9/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexStocksIndicesCryptocurrencyPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 4MetaTrader 5WebTrader
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип PayRetailers
Логотип AstroPay
Логотип Globepayinc
Логотип M-Pesa
Логотип Interac
Логотип Korapay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Онлайн банкинги
compare BDSwiss trading accounts

Thanks to various assets and educational resources, BDSwiss is suitable for all traders, from beginners to professionals.

Advantages of BDSwiss

  • A wide range of trading assets. The broker offers access to various financial instruments such as currency pairs, stocks, indices, commodities, and cryptocurrencies.
  • Diversity of trading platforms. BDSwiss provides popular trading platforms such as MetaTrader 4, MetaTrader 5, and its proprietary WebTrader platform, catering to the needs of different traders.
  • Extensive analytical and educational materials. The broker offers a broad array of analytical tools and educational resources to help traders develop and improve their skills.
  • Support for multilingual customer service. The broker provides quality support in multiple languages, simplifying communication with clients from different countries.
  • A variety of deposit and withdrawal methods without commissions. The broker covers fees for deposits and withdrawals and offers numerous methods for funding and cashing out, including bank transfers, cards, e-wallets, and cryptocurrencies.

Disadvantages of BDSwiss

  • Spreads ans Swaps. Depending on the account type and trading conditions, spreads and Swaps can be comparatively higher than those offered by some other brokers.

How We Compiled the List of the Best Canadian Forex Brokers

Our process for finding the best Forex trading platforms in Canada has been thorough and detail-oriented, focusing on key aspects:

  1. The selection of brokers stems from our exhaustive list of Forex brokers.

  2. The assessment of brokers is grounded in our proven evaluation methodology.

  3. Each broker included accepts Forex traders from Canada.

These standards ensure that the Forex and CFD brokers we recommend meet rigorous criteria for reliability and provide the essential trading conditions for secure and efficient engagement in the Forex market.

Regulation of Forex Trading in Canada: A Comprehensive Guide

The Forex market regulation in Canada primarily focuses on ensuring transparency and fairness in trading practices, as established by Canadian regulatory bodies. The fundamental guidelines for Forex trading are set out by the Investment Industry Regulatory Organization of Canada (IIROC), which oversees brokerage firms offering Forex products.

Key Regulatory Bodies in Canada

Verifying Broker Authorization

To verify a broker’s authorization by IIROC, traders can use IIROC’s online advisor check database (IIROC Advisor Report). This tool allows traders to confirm if a forex broker is regulated as a Dealer Member by IIROC. For instance, on a broker's website, the key disclosure text typically indicates their regulatory status.

Traders should then look up the firm name on the Dealer Member section or Advisor Report module of the IIROC website for confirmation. Information on the licensing status of regulated brokers in Canada can also be found on the websites of various provincial securities commissions, part of the Canadian Securities Administrators (CSA).

About CIRO (formerly IIROC)

As of June 2023, the Canadian Investment Regulatory Organization (CIRO) has taken over as the new regulator in Canada, succeeding IIROC. Originally established on June 1st, 2008, IIROC was a national self-regulatory organization formed from the consolidation of the Investment Dealers Association of Canada and the Market Regulation Services Inc. Recognized by the CSA, CIRO works in collaboration with various provincial and territorial regulatory bodies across Canada to oversee Forex trading.

This regulatory structure in Canada ensures a robust framework for overseeing the Forex market, emphasizing investor protection and market integrity. The transition from IIROC to CIRO represents a continuous commitment to adapting and strengthening market regulation in response to evolving financial landscapes.

How to Choose a Forex Broker in Canada?

A suitable Forex broker is crucial for effective trading in the global currency market. When looking for a reliable online Forex broker in Canada, evaluating several vital factors that match your trading objectives and preferences is essential. The ideal broker should cater to your needs without imposing constraints that might hinder your trading effectiveness. Consider the following important aspects when choosing a Forex broker in Canada:

  1. Regulatory Compliance: Verify that the broker is regulated by reputable authorities like the Investment Industry Regulatory Organization of Canada (IIROC). This ensures the broker's credibility and adherence to fair trading practices.

  2. Account Types: Search for a broker that offers account types that align with your level of trading experience and investment size. The broker should provide various options to suit your specific trading requirements.

  3. Trading Platforms: The efficiency and ease of use of trading platforms are crucial. Choose a broker that offers robust, user-friendly platforms that can enhance your trading experience.

  4. Trading Conditions: Examine the broker’s trading terms, including Forex spreads, commission fees, minimum deposit requirements, and the diversity of trading instruments offered. These conditions should support your trading strategies.

  5. Customer Support: Assess the quality of customer service. Focus on the support team's responsiveness and effectiveness. Ensure the broker provides convenient and accessible methods of communication.

You can confidently identify a top Canadian Forex broker by carefully considering these factors. We recommend experimenting with a demo account to evaluate the broker's services and their compatibility with your trading approach.

FAQ

Yes, Forex trading is legal in Canada. It is regulated by various provincial bodies and overseen by the Investment Industry Regulatory Organization of Canada (IIROC) at the national level.

Can Foreigners Trade Forex in Canada?

Foreigners can trade Forex in Canada, provided they adhere to the regulatory requirements set by IIROC and the specific provincial regulations where they intend to operate.

Do Canadian Forex Traders Pay Taxes?

Yes, Canadian Forex traders are required to pay taxes on their trading profits. The tax treatment of Forex trading income depends on individual circumstances and should be discussed with a tax professional.

Are There Any Trading Limitations in Canada for Forex?

In Canada, the leverage cap is the primary trading limitation for Forex and CFD trading. The Investment Industry Regulatory Organization of Canada (IIROC) has implemented a maximum leverage cap of 1:50. This regulation minimizes systemic risk and protects individual traders from excessive risk exposure.

What are the Forex Market Hours in Canada?

Forex market hours in Canada generally follow global Forex market hours, operating 24 hours a day from Sunday evening to Friday night. However, the best trading times are typically when major markets like New York or London are open.

What is Leverage Available with Canadian Forex Brokers?

The leverage available with Canadian brokers is capped at a maximum of 1:50, as set by IIROC. This limit is in place to help manage the risks associated with high leverage in forex and CFD trading, aiming to safeguard both the traders and the overall financial system.

Can I Use MetaTrader Platforms in Canada?

Yes, MetaTrader platforms (MT4 and MT5) are widely available and legal to use with Canadian Forex brokers that offer these platforms.

Is Cryptocurrency Trading Available in Canada?

Cryptocurrency trading is available in Canada but is subject to regulatory oversight. Traders should ensure that their chosen platform complies with Canadian regulations.

How to Avoid Forex and CFD Scams in Canada?

To avoid scams, trade with brokers regulated by IIROC, research brokers thoroughly, be wary of promises of high returns with low risk, and never provide personal information or funds to suspicious entities.

Popular Forex pairs in Canada often include major pairs like EUR/USD, USD/CAD, GBP/USD, and commodity-based currencies due to Canada's significant natural resource market.

What is Negative Balance Protection in Forex Trading?

Negative balance protection ensures that traders cannot lose more money than they deposited in their trading account. It is a feature many brokers offer, including those regulated in Canada.

Conclusion

Selecting the ideal online broker is a pivotal step toward success in the Forex market. The broker's reliability, compliance with regulatory norms, advantageous trading conditions, and customer service efficiency are vital considerations. Our detailed compilation of the top Forex brokers in Canada is designed to guide you in this crucial decision. This list is enriched with comprehensive data and insights based on extensive research and genuine user feedback. We offer essential assistance to help you choose the best broker that matches your specific trading requirements, setting the stage for financial achievement and skilled Forex trading in Canada.

Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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