Best Forex Brokers in Canada for 2024

Last updated Jun 15, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Canadian Forex brokers based on our analysis:

  1. 1
    AvaTrade CA Logo
    AvaTrade CA - Best Forex broker Canada - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources.
  2. 2
    CMC Markets CA Logo
    CMC Markets CA - Regulated by leading financial authorities, including the CIRO, ensuring client funds' security. Low trading fees. Wide range of markets and products.
  3. 3
    Admirals Logo
    Admirals - Low trading fees. Wide range of payment methods. Extensive analytical resources.
  4. 4
    FXCM Logo
    FXCM - Diverse methods for deposit and withdrawal. Wide range of markets and products for trading. A broad spectrum of trading platforms.
  5. 5
    IFC Markets Logo
    IFC Markets - A wide range of trading assets. Variety of trading platforms. Educational materials for traders of all experience levels.
  6. 6
    FXOpen Logo
    FXOpen - Wide range of trading assets. Low spreads and commissions. Support for various trading platforms.
  7. 7
    InstaForex Logo
    InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support.
  8. 8
    Oanda CA Logo
    Oanda CA - Tight spreads. Diverse markets and products. Advanced trading platforms.
  9. 9
    FOREX.com Logo
    FOREX.com - Broker with many years of history and a global reputation. A variety of deposit methods. A wide variety of available markets and products.
  10. 10
    BDSwiss Logo
    BDSwiss - Diversity of trading platforms. Extensive analytical and educational materials. A variety of deposit and withdrawal methods without commissions.

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.

List of the Best Forex Brokers in Canada

1
Foundation Year2005
Minimum Deposit
CA$300
2
Foundation Year1988
Minimum Deposit
CA$1
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2001
Minimum Deposit
$1
4
Register67-72% of retail investors lose money when trading CFDs with this broker
Foundation Year1999
Minimum Deposit
$50
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2005
Minimum Deposit
$1
6
Register58-60% of retail investors lose money when trading CFDs with this broker
Foundation Year2004
Minimum Deposit
$1
7
Register71.99% of retail investors lose money when trading CFDs with this broker
Foundation Year2007
Minimum Deposit
$1
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2001
Minimum Deposit
CA$1
9
Register68-81% of retail investors lose money when trading CFDs with this broker
Foundation Year2000
Minimum Deposit
$100
10
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2011
Minimum Deposit
$10

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

AvaTrade CA Logo
1
Trading Assets
ForexStocksIndicesETFBondsPrecious MetalsEnergy CarriersSoft 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 Canada is well-suited for traders seeking a variety of trading instruments and user-friendly trading platforms. It can appeal to both beginners looking to start trading and experienced traders who want to expand their knowledge and skills.

Pros and Cons of AvaTrade CA

Pros

  1. A wide selection of financial assets.
  2. Innovative trading platforms.
  3. Highly rated educational resources.

Cons

  1. Limited trading account options.
  2. Account inactivity fee.

2. CMC Markets

CMC Markets CA Logo
2
Countries of registration:
Trading Assets
ForexIndicesStocksBondsETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4CMC Markets
Deposit/withdrawal:
Логотип Bank Transfer
Логотип Online banking
compare CMC Markets CA trading accounts

CMC Markets Canada has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.

We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you seek a trustworthy and reputable broker with extensive experience.

Pros and Cons of CMC Markets CA

Pros

  1. Regulated by leading financial authorities, including the CIRO, ensuring client funds' security.
  2. Low trading fees.
  3. Wide range of markets and products.
  4. Access to the popular MetaTrader 4 and CMC Markets platforms.
  5. Extensive analytical materials.
  6. Comprehensive educational materials.

Cons

  1. Limited account options.
  2. Inactivity fee.
  3. No online chat.

3. Admirals

Admirals Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersSoft 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

The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.

Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.

Pros and Cons of Admirals

Pros

  1. Low trading fees.
  2. Wide range of payment methods.
  3. Extensive analytical resources.
  4. A rich collection of educational materials.

Cons

  1. Inactivity fee.
  2. Some users complain about the intrusiveness of the support service.

4. FXCM

FXCM Logo
4
4.3/5
FXCM review
Register67-72% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFBondsPrecious MetalsEnergy CarriersSoft 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 represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings.

However, it's essential to consider drawbacks such as fees for account inactivity and the limited variety of trading accounts. These factors may be particularly significant for traders who do not plan to trade actively or are looking for more options for customization.

The broker offers a good balance between high-quality services and reasonable rates, making it an attractive choice for a broad spectrum of traders.

Pros and Cons of FXCM

Pros

  1. Diverse methods for deposit and withdrawal.
  2. Wide range of markets and products for trading.
  3. A broad spectrum of trading platforms.
  4. Extensive and quality materials for making informed decisions.
  5. Quick and efficient help in solving emerging issues.

Cons

  1. Insufficient variety of trading accounts.
  2. Inactivity fees and commissions for bank transfer withdrawals.
  3. Protracted account opening and verification process.

5. IFC Markets

IFC Markets Logo
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexStocksETFIndicesCryptocurrencyPrecious MetalsEnergy CarriersSoft 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 a reliable and licensed broker, offering a broad spectrum of trading instruments and platforms for investors of various experience levels. With multilingual support and extensive educational resources, the company aims to provide its clients with a comfortable and efficient trading environment.

IFC Markets could be a suitable choice for investors seeking a variety of trading instruments and platforms.

Pros and Cons of IFC Markets

Pros

  1. A wide range of trading assets.
  2. Variety of trading platforms.
  3. Educational materials for traders of all experience levels.
  4. Tools for creating synthetic tools are available.

Cons

  1. High swaps.

6. FXOpen

FXOpen Logo
6
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 5TickTraderTradingView
Deposit/withdrawal:
Логотип WebMoney
Логотип AdvCash
Логотип FasaPay
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип Discover
compare FXOpen trading accounts

FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.

FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.

Pros and Cons of FXOpen

Pros

  1. Wide range of trading assets.
  2. Low spreads and commissions.
  3. Support for various trading platforms.

Cons

  1. Lack of educational materials.

7. InstaForex

InstaForex Logo
7
Register71.99% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy CarriersSoft 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 a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.

InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.

Pros and Cons of InstaForex

Pros

  1. Large selection of trading instruments.
  2. PAMM accounts and the ForexCopy automatic trade copying service for passive income.
  3. 24/7 efficient customer support.
  4. Wide range of methods for depositing and withdrawing funds.
  5. Decent analytical section.

Cons

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

8. Oanda

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

Oanda is an excellent choice for Canadian traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.

Pros and Cons of Oanda CA

Pros

  1. Tight spreads.
  2. Diverse markets and products.
  3. Advanced trading platforms.
  4. Quality analytics.
  5. Extensive learning section.

Cons

  1. Limited trading account types.
  2. Inactivity fee.
  3. High swaps.

9. FOREX.com

FOREX.com Logo
9
Register68-81% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksETFIndicesCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft 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 an excellent broker for trading in the Forex and CFD markets. They offer fast execution speeds, a wide selection of currency pairs, and other assets for trading. Their customer service is outstanding, and multiple financial authorities regulate them.

Pros and Cons of FOREX.com

Pros

  1. Broker with many years of history and a global reputation.
  2. A variety of deposit methods.
  3. A wide variety of available markets and products.
  4. Advanced analytical tools and daily updates from the company's professionals.
  5. Comprehensive educational materials for all levels of traders.

Cons

  1. Lack of specialized accounts.
  2. High transaction fee on DMA Account.

10. BDSwiss

BDSwiss Logo
10
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 Online banking
compare BDSwiss trading accounts

BDSwiss is an attractive broker offering a variety of trading assets, intuitive trading platforms, and a wide range of analytical and educational materials.

This broker is suitable for different types of traders, from beginners to experienced professionals, thanks to the variety of services offered and a personalized approach to each client.

Pros and Cons of BDSwiss

Pros

  1. Diversity of trading platforms.
  2. Extensive analytical and educational materials.
  3. A variety of deposit and withdrawal methods without commissions.

Cons

  1. Spreads and swaps are higher than the market average.
  2. Some trading asset classes are missing.
  3. There are no passive investing accounts.

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 Canadian Investment Regulatory Organization (CIRO), which oversees brokerage firms offering Forex products.

Key Regulatory Bodies in Canada

  • Canadian Investment Regulatory Organization (CIRO). CIRO is pivotal in regulating forex trading activities in Canada. It is responsible for setting and enforcing rules regarding trading forex and CFDs to protect investors and strengthen market integrity.

  • Canadian Securities Administrators (CSA). The CSA is an umbrella organization of Canada’s provincial and territorial securities regulators. Its role is to ensure a fair and transparent financial market and to provide effective and consistent regulation across Canada.

  • Canadian Investor Protection Fund (CIPF). This organization protects investors within specified limits in case of a brokerage firm's insolvency.

Verifying Broker Authorization

To verify a broker’s authorization by CIRO, traders can use CIRO’s online advisor check database (CIRO Advisor Report). This tool allows traders to confirm if a forex broker is regulated as a Dealer Member by CIRO. 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 CIRO 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.

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.

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.

FAQ

Which broker is best for Forex trading in Canada?

The best broker for forex trading in Canada is often considered to be AvaTrade. AvaTrade is well-regarded for its user-friendly trading platform, competitive spreads, and strong regulatory compliance under CIRO. Other notable brokers in Canada include CMC Markets and Oanda, both offering a wide range of trading instruments and robust trading tools suitable for both novice and experienced traders.

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

Are Forex trading platforms allowed in Canada?

Yes, forex trading platforms are allowed in Canada. Brokers operating in Canada must be registered with CIRO and comply with its regulations. This ensures that traders have access to fair, transparent, and secure trading environments.

Can Foreigners Trade Forex in Canada?

Foreigners can trade Forex in Canada, provided they adhere to the regulatory requirements set by CIRO 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 Canadian Investment Regulatory Organization (CIRO) 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 CIRO. 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 CIRO, 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.

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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