Nowadays anyone can invest in the global currency market and have the chance to make significant profits by engaging in Forex trading. FX is a complex trading and in this intricate landscape, reputable Forex brokers play a significant role. They act as a bridge connecting traders with markets to streamline buying and selling currencies, and other activities. Hiring qualified brokers is compulsory in many countries, including Canada. They conduct FX operations under regulations, therefore providing a competitive edge to traders. Transparency and funds safety are a few advantages one can expect from top brokers. Joining hands with the best forex brokers in Canada is beneficial, especially for beginner Forex traders.
Whether you’re a new or seasoned trader, selecting a regulated forex broker in Canada is beneficial for you to jump into intricate trading with confidence.
Key Takeaways:
- Top 10 Forex Brokers in Canada 2024: Jump into the list of top 10 Forex brokers in Canada for 2024.
- Assessing the Best Canadian FX Providers: Evaluate the key features and offerings of each broker, assisting you in making sound decisions.
- Forex Broker Laws and Regulations in Canada: Uncover the regulatory framework of these brokers in Canada, safeguarding your investments.
- Methodology: Learn the criteria we used to choose the Canadian forex brokers for our list.
- Conclusion: This component exhibits the significance of security and other crucial considerations in a brief way. Furthermore, we have also added a few tips, using that, Forex traders may be able to choose the best forex broker in Canada.
- FAQ: Answered frequently asked queries about forex trading in Canada.
List of 10 Best Forex Brokers and Trading Platforms in Canada
Discover the best forex broker in Canada in 2024, with user-friendly interfaces, attractive prices, and exceptional customer service. Make educated trading selections with reputable brokers who understand your requirements and preferences, resulting in a smooth and effective trading experience.
| CMC Markets | Interactive Brokers | Forex.com |
| OANDA | Fortrade | Questrade |
| Friedberg Direct | City Index | Saxo Bank |
| FP Markets |
1. CMC Markets
Founded in 1989, CMC Markets boasts several features that helped it earn the title of the best forex trading platform. Its headquarters are in the United Kingdom. It is a preferred option for traders due to its reputation for dependability and knowledge. You may even acquire stock in the firm because it is listed on the London Stock Exchange under the ticker CMCX. It operates transparently and is subject to strict guidelines, as indicated by this. Therefore, CMC Markets is a reliable choice whether you’re trading forex or buying stocks. They have years of experience in the financial sector and a strong reputation, supported by several favorable CMC market reviews.
Check out our CMC Markets review to learn more about this online platform, its financial services, and its features that benefit Canadian Forex traders.
Why We Choose It?
CMC is one of the best Forex trading platforms in Canada with over 10,000 CFD markets for trading shares, indices, currencies, stocks, ETFs, and a range of financial instruments for share trading. By using the platform to create a diverse portfolio, you might be able to boost your trading opportunities.
Key features
- The appealing element that makes CMC favored among traders is its Next Generation platform. It focuses on making trading easier.
- A downloadable MT4 platform and a functional forex trading app in Canada are other top-notch broker features.
- On the front of trading options, CMC provides a good list. It includes forex, commodities, government bonds, cryptocurrencies, and much more.
- CMC also offers competitive and flexible spreads. They may adjust dynamically based on market fluctuations and trade sizes. This flexibility helps in maximizing profitability.
- The client’s Forex trading account is safeguarded from entering a negative balance condition. That protects inexperienced traders against significant losses.
- CMC is equipped with dedicated services for professionals and institutions.
Pros
- Feature-rich platforms (Next Generation, MT4, mobile app)
- Wide range of trading offerings (CFDs, spread betting)
- Comprehensive asset classes (forex, commodities, indices, shares, bonds, cryptocurrencies)
- Competitive spreads
- Account protection against negative balance
- Dedicated services for professionals
Cons
- Limited customization options on platforms
- High minimum deposit requirement
- Limited research tools
- Limited customer support options
2. Interactive Brokers
As one of the best Canadian forex brokers, Interactive Brokers stands out for its inexpensive share prices, sophisticated trading platform, and wide range of tradable securities, including foreign stocks. It also provides exceptionally low margin rates. IBKR Lite from Interactive Brokers is a strong alternative to take into consideration because it offers commission-free transactions for stocks and ETFs.
If you want to explore more in detail, read our Interactive Brokers review now!
Why We Choose It?
Interactive Brokers is an excellent alternative for options traders, and those investing on margin. They provide a wide range of assets, including equities, options and ETFs, precious metals, currency, warrants, and futures. These regulated forex brokers in Canada also provide overnight trades on over 10,000 Canadian equities and ETFs.
Key features
- Interactive Brokers introduced IBKR Lite in 2019, catering to casual investors with unlimited free trades for stocks and exchange-traded funds listed on U.S. exchanges.
- Beyond stocks and ETFs, Interactive Brokers offers a wide range of investment options, including futures, mutual funds, cryptocurrencies, fixed income, and more. Traders can access these on hundreds of exchanges across dozens of countries.
- Designed for experienced Forex traders, IBKR Pro features per-share pricing of $0.005 per share, an advanced trading platform, and an extensive selection of tradable securities, including foreign stocks.
Pros
- Large investment selection
- Strong research and tools
- Over 19,000 no-transaction-fee mutual funds
- High-order execution quality
Cons
- High minimum to earn interest on uninvested cash
3. Forex.com
Founded in 2001, Forex.com is one of the best brokers for trading in Canada and provides services in Fx for retail investors. It is regulated by NFA, CFTC, FCA, CySEC, IIROC (Investment Industry Regulatory Organization of Canada), ASIC (Investments Commission), and many more.
You should also check our detailed Forex.com review to know more details about its financial services, features, Forex Trader Pro platform, and more about this leading broker in Canada.
Why We Choose It?
FOREX.com, known as a regulated forex broker, is an excellent choice for high-volume investors. Traders can select either a spread-only profile (variable spread) or a RAW pricing plan (set commission with narrower spreads). They are a low-risk Forex broker because they are CFTC-registered.
Key features
- FOREX.com is operated by StoneX Group Inc., a publicly traded company (NASDAQ: SNEX), and is regulated in multiple Tier-1 jurisdictions.
- FOREX.com offers an extensive educational experience through its Trading Academy, providing Forex traders with high-quality video content, daily market updates, and technical analysis.
- Traders have access to a wide range of markets, including forex, commodities, indices, and cryptocurrencies, across various platforms.
- The flagship advanced trading and Web trading platforms provide advanced charting tools, technical analysis resources, and customizable trading interfaces.
- Live account holders can benefit from free performance analytics tools, allowing for better tracking and assessment of trading performance.
Pros
- Good for all experience levels
- Transaction costs for forex trading are generally competitive
- They offer different Forex trading account types with varying features to suit your trading style
- Offers educational resources and research tools to help you make informed trades
Cons
- Limited asset selection
- If you’re outside the US, CFD fees can be expensive compared to forex trades
- There’s a fee for accounts that are inactive for a certain period
4. OANDA
OANDA is a good option if you are a dedicated forex trader. It is a well-known broker headquartered in the United States that provides a variety of innovative platform features and research tools. OANDA’s API offerings are pretty remarkable. You may select from several reputable platforms that cater to all demands, including MetaTrader, and OANDA’s simple mobile app. OANDA offers minimal forex and CFD fees. Withdrawal costs are low, albeit not in every situation, and there is a small inactivity fee.
Read our in-depth OANDA review to discover what sets it unique from other online forex brokers.
Why We Choose It?
OANDA is one of the best forex brokers in Canada for beginners. This Forex Canada broker prioritizes user-friendliness, educational materials, fees, and customer service on the platform, all of which contribute to its reputation.
Key features
- Users get access to a user-friendly interface with customizable tools for effective trading.
- The broker provides competitive spreads and clear pricing, allowing for cost-effective trading.
- Another key feature of the ONADA platform is its extensive asset range.
- Traders may trade Forex with confidence because OANDA is tightly controlled by major financial agencies and has a solid reputation for dependability.
Pros
- Regulated in seven Tier-1 jurisdictions.
- MarketPulse hub features high-quality research articles and daily analysis updates.
- Have own podcast series, “Market Insight”.
- Interactive OANDA Trade mobile app.
- The TradingView platform is available in certain regions, alongside several VPS services for MT4 hosting.
Cons
- Offers fewer video market updates than its peers.
- Video content is not comprehensive
- Its spreads are below average
5. Fortrade
It is a UK-based derivatives brokerage business that provides consumers with two trading environments for forex and contracts for difference (CFDs). Fortrade’s capabilities include a scalable platform and compliance with the leading worldwide regulatory authorities. Several agencies oversee Fortrade, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority. It is one of the no-commission forex brokers in Canada, with remuneration derived from the market bid/ask spreads on each product.
You can also explore more about the platform in our Fortrade review.
Why We Choose It?
The major convincing reason why Fortrade is ranked highest among other regulated forex brokers in Canada is that it is a reputable broker. It is governed by top-tier regulations. The platform provides a diverse choice of trading instruments, including more than 50 currencies and cryptocurrencies, as well as a comprehensive list of indices and commodities.
Key features
- Fortrade is a globally regulated online broker with over a decade of experience.
- It offers one of the best user-friendly trading platforms suitable for both beginners and experienced Forex traders.
- The platform provides access to a wide range of financial instruments, including forex, stocks, commodities, and indices.
- Fortrade offers competitive spreads and leverage options, allowing traders to maximize their trading opportunities.
- The broker provides educational resources and customer support to assist traders at every stage of their trading journey.
Pros
- Commission-free trading
- Getting Started tutorial available
- MT4 platform supported
- Islamic accounts available
- Multiple language support
Cons
- Withdrawals can take up to 15 business days for debit/credit cards
- Islamic accounts require a min. deposit of $2,000
- No cryptocurrency CFDs offered
6. Questrade
Advertisement
Questrade is a Canadian Internet brokerage firm. It has low stock and ETF fees and numerous research tools, including chart pattern tools. It delivers exceptional customer service, delivering critical information quickly across all available media. It’s an excellent choice for beginner investors. Questrade has low fees for stocks, ETFs, and funds. This popular Canadian Forex broker charges no account fees. Furthermore, withdrawals up to CAD 50,000 are free by electronic transfer. Questrade does not charge any inactivity fees.
Explore more about the platform in our Questrade review, where we have all the details in depth.
Why We Choose It?
You won’t ever have to fret about paying a dime when using Questrade, which is so remarkable that it has earned us a spot on the list of top Canadian forex brokers for 2024. Questrade charges cheap stock and ETF fees. Questrade also has several useful services, including Mutual Funds Center, a devoted market research tool.
Key features
- Edge Mobile boasts a user-friendly interface, facilitating effortless navigation and order placement.
- Users can select the U.S. exchange for their orders, granting greater control over their trades.
- Advanced order types such as stop orders and multi-leg options orders are also available.
- Traders may access live quotes and market information in real time, including streaming options and OTC quotes.
- Analyze price movement and performance with candlestick charts, extensive time durations, and customizable studies. Pre and post-market trading options ensure users can capitalize on trading opportunities beyond regular market hours.
- Enjoy quick logins, seamless order executions, and lightning-fast loading times between screens. Edge Mobile provides a swift and efficient trading experience.
Pros
- No fees to build an ETF portfolio
- No inactivity fees
- Very low trade costs
- 24-hour paperless account opening
- Solid USD trading options
Cons
- New trading platform with kinks to be ironed out
- Mediocre customer service
- No free stock or mutual fund purchases
- Only a 2.1/5 app rating on Google Play
7. Friedberg Direct
Friedberg Direct was started in 1971. It is a part of the Friedberg Mercantile Group LTD, a Toronto-based family-owned business. The parent business manages more than $2 billion in assets under management (AUM). This broker is one of Canada’s oldest and most reputable financial institutions. AvaTrade, Friedberg Direct, and FXCM have collaborated to give Canadian traders access to reliable Forex brokers in Canada. Leverage this platform to confidently deal with reliable firms. All accounts remain with Friedberg Direct and are supervised by the Investment Industry Regulatory Organization of Canada (IIROC).
Why We Choose It?
Friedberg Direct stands apart from other best forex trading platforms in Canada because it is a licensed dealer and an associate of the Investment Industry Regulatory Organization of Canada (IIROC). It is the perfect platform for practically all types of trading.
Key features
- Friedberg Direct offers competitive spreads on various financial instruments, helping traders minimize trading costs.
- The platform provides a secure trading environment with robust encryption and advanced security measures to protect users’ data and funds.
- Friedberg Direct offers a range of advanced trading tools and resources, including charting tools, technical analysis indicators, and customizable trading platforms.
- Traders have access to a wide range of financial assets, including forex, commodities, indices, and cryptocurrencies, allowing for diversified trading strategies.
- The platform also features expert customer support.
Pros
- Utilizes FXCM’s platform, known for its user-friendly interface and accessibility on both desktop and mobile.
- They offer competitive spreads and commissions, especially for active traders.
- It adheres to Canadian regulations (IIROC) ensuring the safety of your funds.
- Competitive spreads & deposit protection.
Cons
- Only offers forex and CFD trading, excluding stocks, bonds, or mutual funds.
- Opening an account may require a higher minimum deposit than some competitors.
8. City Index
The StoneX Group backs this Canadian forex broker. It is well-known for its interactive forex trading app in Canada and extensive market research. Furthermore, it stands out for its wide range of tradeable marketplaces. City Index’s flagship Web Trader platform provides an excellent blend of advanced trading instruments and integrated analytics. City Index is rated Highly Trusted and is regulated by the Australian Securities and Investment Commission, the Monetary Authority of Singapore, and the Financial Conduct Authority.
Go through our City Index review to learn more details about its offers & services.
Why We Choose It?
This forex trading broker is regulated by many jurisdictions, ensuring compliance with financial regulations. Feature-rich Web Trader platform and Mobile app with advanced functionality is what makes it stand out.
Key features
- City Index is overseen by regulatory authorities in several countries, providing traders with a sense of security.
- The Web Trader platform offered by City Index is packed with advanced tools and features designed to enhance trading capabilities and provide a seamless user experience.
- Besides these, the platform also has an award-winning PlayMaker tool for risk management.
- City Index’s mobile app offers sophisticated features that allow traders to access the markets, conduct analysis, and manage their portfolios on the go, providing flexibility and convenience.
- City Index offers a SMART Signals subscription service powered by an in-house engine.
Pros
- Part of StoneX Group, regulated in multiple jurisdictions.
- Feature-rich Web Trader platform with integrated research.
- Award-winning PlayMaker tool for risk management
- Mobile app with advanced functionality and ease-of-use
- SMART Signals subscription for generating trading signals
Cons
- Doesn’t offer MetaTrader 5, limited product range on MT4
- YouTube channel lacks active educational content
9. Saxo Bank
Saxo Bank stands out as one of the best forex brokers for experienced traders looking for elite platforms. Saxo Bank charges regular trading and non-trading fees. The structure is quite diversified, with large fee differences between asset kinds. Saxo provides interest on uninvested funds, which is attractive. Since the spread covers all costs, there is no further commission to pay. The broker does not impose account or withdrawal charges, although there is a small inactivity fee. Saxo Bank is supervised by several financial institutions, which include the top-tier FCA, and has a bank license. It also offers negative balance protection.
Discover the hidden secrets of Saxo Bank by reading our full Saxo Bank review.
Why We Choose It?
You may access a wide range of equities, bonds, mutual funds, exchange-traded funds (ETFs), and other financial instruments with this well-known and best Canadian forex broker. Additionally, it offers advanced tools for professional traders on 50 various exchanges.
Key features
- It offers a wide range of financial products for trading, including stocks, forex, commodities, indices, bonds, and cryptocurrencies.
- It provides advanced trading platforms that are user-friendly and equipped with powerful tools and features to facilitate trading activities for both beginners and experienced traders.
- The broker offers comprehensive research tools and market analysis resources to help traders make informed decisions, including real-time market data, news, analysis, and charting tools.
- This broker maintains a transparent fee structure with competitive pricing, ensuring that traders can access the financial markets at affordable costs.
- As a regulated and reputable broker, Saxo Bank adheres to strict regulatory standards, providing traders with a secure and reliable trading environment.
Pros
- User-friendly trading platform
- Extensive research resources
- A diverse range of financial products
- Interest paid on uninvested cash
Cons
- High fees for options and futures
- Custody fee charged
- Limited customer service hours
10. FP Markets
In 2005, the global multi-regulated broker FP Markets was launched. It offers CFD trading via the MetaTrader4&5, cTrader, Iress, and TradingView platforms on currency, stocks, indices, commodities, and cryptocurrencies. FP Market’s forex trading platforms provide affordable prices, fast execution, and a wide range of goods to satisfy the needs of seasoned traders. These capabilities are improved by advanced features. Aside from Direct Market Access and automated trading systems, it may also contain Trading Central and Autochartist’s highly regarded research.
If you’re seeking innovative features and lucrative trading conditions, consider FP Markets as a possible broker. Check out our detailed FP Markets review to learn more.
Why We Choose It?
FP Markets provides its traders with competitive spreads. We picked the best broker for forex in Canada on our list due to its VPS hosting services. For traders who need more performance and consistency, these services are perfect.
Key features
- FP Markets offers competitive spreads to its traders.
- Traders have access to a wide range of trading instruments on the platform.
- Dedicated account managers provide personalized support to clients.
- The platform features copy trading functionality for easier trading.
- Access to Autochartist and Trading Central provides valuable market analysis tools.
- Lucrative partnership programs offer opportunities for additional income.
- The platform offers extensive educational resources to help traders improve their skills.
Pros
- Competitive spreads
- Excellent range of instruments
- Personal Account Managers
- 24/7 multi-lingual support
- Partnership programs
- Comprehensive educational section
Cons
- Offshore entities are unregulated
- Lacks a proprietary platform
Comparison of Best Forex Brokers in Canada
| Forex Brokers | Minimum Deposit | Maximum Leverage | Regulated by IIROC | Accepts Canadian Citizens |
|---|---|---|---|---|
 |
$0 | 30:1 |  |
|
 |
$100 | 50:1 | |
|
 |
$100 | 50:1 or 2% | |
|
 |
$0 | 50:1 | |
|
 |
$100 | 1:30 | |
|
 |
$1000 | Yes | |
|
 |
$5000 | 1:33 | |
|
 |
$100 | 30:1 |  |
|
 |
$0 | 100:1 | |
|
 |
$100 | 500:1 | |
|
Laws and Regulations for Forex Trading in Canada
The Investment Industry Regulatory Organization of Canada is in charge of regulating forex brokers in Canada (IIROC). The IIROC is the industry’s self-regulatory body, in contrast to the circumstances in many other nations. The British Columbia Securities Commission and the Ontario Securities Commission, two independent financial authorities that operate in every Canadian province, both recognize the organization. The IIROC mandates that all forex brokers in Canada maintain adequate capital, separate customer money, provide financial reports, and more. Canadians benefit from substantial investor protections when they trade Forex with registered brokers.
Our Methodology
Our professional staff conducts in-depth investigations to choose the best forex brokers in Canada. A multitude of factors are assessed by us, such as trading platforms, costs, commissions, mobile device accessibility, market research, instruction, and regulatory compliance. Our crew tests trading systems on a variety of browsers and devices to ensure accuracy. Because we value independence and transparency so highly, all of our information is created by humans, fact-checked, and devoid of artificial intelligence (AI) methods. Our assessments and opinions are supported by extensive study and years of experience in the currency market.
Learn more about our approach to reviewing forex trading platforms. Explore our methodology!
Conclusion
The Canadian forex market provides traders with a wealth of options, but choosing the best broker is a must for your success. The strengths and weaknesses of these best forex brokers in Canada were highlighted in this guide. Remember that the best broker for you will rely on your unique trading preferences and level of experience. When making your final decision, consider the factors like fees, platforms, research tools, and regulatory monitoring.
Don’t hesitate to open demo accounts with the brokers to compare their features and platforms directly. Through careful consideration of your requirements and extensive investigation, you may find the perfect Canadian forex brokers to guide you through the thrilling realm of currency trading.
FAQs
Is forex trading legal in Canada?
Yes, forex trading is legal and allowed in Canada. It is governed by Canada’s Investment Industry Regulatory Organization (IIROC) and keeps an eye on all forex traders and brokers.
Do forex traders pay taxes in Canada?
Yes, Canadian forex dealers are required to submit taxes on their profits. Forex trading gains are taxable income that needs to be filed with the Canada Revenue Agency.
Is Canada good for forex trading?
Yes, trading forex is profitable in Canada. Regulated forex brokers in Canada uphold stringent regulatory requirements established by IIROC and CSA, offering a secure and reliable trading setting.
How do I start trading forex in Canada?
Understand the fundamentals before starting trading forex in Canada. Next, select a licensed broker and create an account. When you’re ready, download the trading software, experiment using a demo account, and begin trading with real money. Monitor your activities, stay informed, and continue to study to enhance your talents.
What is IIROC and what does it mean for forex traders?
IIROC stands for Investment Industry Regulatory Organization of Canada. It is a crucial regulatory agency that monitors investment dealers and all trading activity on Canadian exchanges, including CFD and FX trading.
How can I verify if a forex broker is regulated in Canada?
Advertisement
A professional broker will explicitly provide regulatory information on their official site. You should check the broker’s vital facts, such as the governing body, license number, and adherence to specific regulations.
Can I trade with non-IIROC-regulated brokers in Canada?
No, trading with non-IIROC-regulated brokers in Canada is not encouraged. The Investment Industry Regulatory Organization of Canada assures investor safety, thus choosing IIROC-regulated brokers is a safer option.
Which broker is good for beginners in Canada?
It takes a lot of research to select a Forex broker as a beginner! For investor protection, look for one that the CSA or IIROC governs. Consider the investments they offer (stocks, ETFs, etc.) that match your interests. Be aware of their fee structure (commissions, account fees). You’ll be well on your way to choosing the best Canadian Forex broker to begin your investing career by looking into these things!
Risk Warning:- CFDs are complex instruments and come with a counterparty risk of losing your money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs.
Retail investor accounts should consider whether they understand how commodity CFDs or others work and whether they can afford to take any risks.