Best Forex Brokers in Canada

What are the best forex brokers in Canada?

With a daily turnover of more than 6 Trillion U.S. Dollars, the forex market is the world’s most liquid market. Due to high liquidity and profit earning potential, forex trading has become increasingly popular in Canada. The country offers a lower tax rate on forex income than many other countries in the world. However, Canada’s strict regulatory framework appears to be an entry barrier to many local and international forex brokers. In this piece, we share some useful tips on choosing a forex broker in Canada and suggest some of Canada’s best forex brokers.

Interactive Brokers
Interactive Brokers Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Accepts Canadian Clients
Trading API
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers STP
ECN or STP Execution
Account Type
Information
IBKR Lite
  • Commision: Free
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS), IBKR Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
IBKR PRO
  • Commision: Fixed or Tiered Pricing
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS).
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - USAsec
Canada (IIROC)
Singapore - MAS
USA - (FINRA)
Ireland - (CBI)
Austria - (CSSF)
Hungary - (MNB)
India - (BSE)
Japan - (FSA)
Information:
Company NameInteractive Brokers
Year Funded1978
HeadquartersUSA
Office Locations USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, Luxembourg, Singapore, Ireland and Estonia.
Client Funds Bank(s)
Account CurrencyAUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD, ZAR, HUF, PLN, RUB, DKK, SEK, NOK, CZK, MXN, ILS
Support Languages English, French, German, Italian, Russian, Spanish, Japanese, Chinese
Funding MethodsBank Wire, BPAY
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
NSBroker
TradingDominance Score™: 95 / 100
NSBroker Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Oil and Energies
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers MT5
Account Type
Information
Real Account
  • Commision: 0.05
  • Maximum Leverage: 1:100
  • Typical Spread: Floating from 0.02
  • Mobile Platform: MT5 Mobile
  • Trading Platform: MT5 Desktop, MT5 Webtrader
  • Spread Type: Floating Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Malta - MFSA
Germany - Bafin
France - ACP
Spain - CNMV
Denmark - FINANSTILSYNET
Italy - Consob
Information:
Company NameNSBroker
Year Funded2011
HeadquartersValetta, Malta
Office Locations Valetta, Malta
Client Funds Bank(s)PWC, Bank of Valetta, Bank of Cyprus
Account CurrencyEUR, GBP, USD
Support Languages English, German, Polish, Russian
Funding MethodsBank Wire, Neteller, Skrill, Visa, MasterCard
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Oil and Energies, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
forex.com
TradingDominance Score™: 92 / 100
forex.com Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Interest on Margin
Fixed Spread
Variable Spread
Allows hedging
Offers STP
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Standard account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Commission account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
STP Pro Account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - (CFTC)
Canada (IIROC)
USA - (NFA)
Cayman Islands - (CIMA)
Information:
Company Nameforex.com
Year Funded2001
HeadquartersThe United States of America
Office Locations London, United Kingdom
Client Funds Bank(s)
Account CurrencyAUD, CHF, EUR, GBP, JPY, USD
Support Languages English, Japanese, Chinese
Funding MethodsBank Wire, PayPal, Credit Card
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses✔️
Interest on margin ✔️
Fixed spread✔️
Variable spread✔️
BDSwiss
TradingDominance Score™: 92 / 100
BDSwiss Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Islamic Accounts (Swap-free)
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
ECN Account
Allows hedging
Offers STP
ECN or STP Execution
Offers MT4
Offers MT5
Account Type
Information
Classic
  • Commision: $0 on FX Pairs, $2 on indices, 0.15% on shares
  • Maximum Leverage: 500:1
  • Typical Spread: 1.5
  • Mobile Platform: MT4 Mobile, MT5 Mobile, BDSwiss Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
VIP
  • Commision: $0 on FX Pairs, $0 on indices, 0.15% on shares
  • Maximum Leverage: 500:1
  • Typical Spread: 1.1
  • Mobile Platform: MT4 Mobile, MT5 Mobile, BDSwiss Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 3000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Raw
  • Commision: $5 on FX Pairs, $2 on indices, 0.15% on shares
  • Maximum Leverage: 500:1
  • Typical Spread: 0.3
  • Mobile Platform: MT4 Mobile, MT5 Mobile, BDSwiss Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 5000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
InvestPLUS
  • Commision: 0.1% per unit
  • Maximum Leverage: 5:1
  • Typical Spread: N/A
  • Mobile Platform: MT4 Mobile, MT5 Mobile, BDSwiss Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: N/A
  • Minimum Deposit: 5000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Cyprus - CY CYSEC
The Seychelles FSA
Financial Services Commission (FSC) - Mauritius
National Futures Association (NFA) - United States
Federal Financial Supervisory Authority (BaFin) - Germany
Information:
Company NameBDSwiss
Year Funded2012
HeadquartersLimassol, Cyprus
Office Locations Mauritius, Cyprus, Germany, Berlin
Client Funds Bank(s)-
Account CurrencyCHF, EUR, GBP, USD, PLN, DKK, SEK, NOK, MXN, ARS, BRL, CLP, COP, PAB, SOL, UYU
Support Languages English, French, German, Greek, Italian, Malay, Polish, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Hindi and Urdu, Chinese, Czech, Turkish, Danish, Norwegian, Romanian, Filipino
Funding MethodsBank Wire, Neteller, Skrill, PayPal, Credit Card, DotPay, GlobePay, Visa, Mastercard, Giropay, Sofort, eps, iDEAl, Maestero
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
FXCM
TradingDominance Score™: 90 / 100
FXCM Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Account Type
Information
Standard
  • Commision: No commission
  • Maximum Leverage: 30:1 – 400:1
  • Typical Spread: 1.3 pips
  • Mobile Platform: MT4 Mobile, FXCM Mobile
  • Trading Platform: MT4, Web Terminal, Trading Station, Zulu Trade, Ninja Trader, Capitalise AI
  • Spread Type: Variable Spread
  • Minimum Deposit: 50
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Active Trader
  • Commision: Depends upon available equity and traded volume
  • Maximum Leverage: 30:1 – 400:1
  • Typical Spread: EUR/USD – 0.2 Pips, NAS100 – 1.05 pips
  • Mobile Platform: MT4 Mobile, FXCM Mobile
  • Trading Platform: MT4, Web Terminal, Trading Station, Zulu Trade, Ninja Trader, Capitalise AI
  • Spread Type: Variable Spread
  • Minimum Deposit: 20000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
South Africa - ZA FSCA
Information:
Company NameFXCM
Year Funded1999
HeadquartersUnited Kingdom - UK
Office Locations UK, Cyprus, Australia, Canada, Hong Kong, Israel, South Africa
Client Funds Bank(s)
Account CurrencyCHF, EUR, GBP, USD
Support Languages English, French, German, Greek, Italian, Malay, Spanish, Vietnamese, Chinese, Dutch
Funding MethodsBank Wire, Neteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, Maestro, SEPA transfers, Klarna, Rapid Transfers
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
OANDA
TradingDominance Score™: 89 / 100
OANDA Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Interest on Margin
Variable Spread
Allows hedging
VPS Trading
Offers MT4
Account Type
Information
Standard
  • Commision: $40 commission per million USD traded
  • Maximum Leverage: 1:50
  • Typical Spread: 0.1
  • Mobile Platform: MT4 Mobile, OANDA Trade Mobile.
  • Trading Platform: MT4, OANDA Trade
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Premium
  • Commision: $40 commission per million USD traded
  • Maximum Leverage: 1:50
  • Typical Spread: 0.1
  • Mobile Platform: MT4 Mobile, OANDA Trade Mobile
  • Trading Platform: OANDA Trade, MT4
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
USA - (CFTC)
Canada (IIROC)
Singapore - MAS
Information:
Company NameOANDA
Year Funded1996
HeadquartersNew York, United States
Office Locations Singapore, Sydney, Tokyo, London, Frankfurt, Kraków, Gzira, New York, Toronto
Client Funds Bank(s)JPMorgan Chase Bank, HSBC
Account CurrencyAUD, CAD, CHF, EUR, GBP, JPY, SGD, USD, HKD
Support Languages Arabic, English, French, German, Italian, Polish, Russian, Japanese, Chinese
Funding MethodsBank Wire, PayPal, Credit Card
Financial Instruments Forex, Stock CFDs, Commodities, Oil and Energies, Gold, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
AvaTrade
TradingDominance Score™: 89 / 100
AvaTrade Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Retail Account
  • Commision: $0
  • Maximum Leverage: 1:30
  • Typical Spread: 0.9 pips.
  • Mobile Platform: MT4 Mobile, MT5 Mobile, AvaTrade GO
  • Trading Platform: WebTrader, MT4, MT5, AvaOptions
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Professional Account
  • Commision: $0
  • Maximum Leverage: 1:400
  • Typical Spread: 0.9 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, AvaTrade GO
  • Trading Platform: WebTrader, MT4, MT5, AvaOptions
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Spread Betting Account
  • Commision: $0
  • Maximum Leverage: 1:400
  • Typical Spread: 0.9 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, AvaTrade GO
  • Trading Platform: WebTrader, MT4, MT5, AvaOptions
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
AvaTrade Options Account
  • Commision: $0
  • Maximum Leverage: 1:400
  • Typical Spread: 0.9 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, AvaTrade GO
  • Trading Platform: WebTrader, MT4, MT5, AvaOptions
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
South Africa - ZA FSCA
Abu Dhabi - (FRSA)
Central Bank of Ireland
B.V.I - British Virgin Islands
Japan - (FSA)
Information:
Company NameAvaTrade
Year Funded2006
HeadquartersDublin, The Republic of Ireland
Office Locations Milano, Paris, Tokyo, Madrid, Sydney, Beijing, Johannesburg.
Client Funds Bank(s)
Account CurrencyAUD, CHF, EUR, GBP, USD
Support Languages Arabic, English, French, German, Indonesian, Italian, Malay, Polish, Portuguese, Russian, Spanish, Korean, Japanese, Hindi and Urdu, Chinese, Finnish, Swedish
Funding MethodsBank Wire, Neteller, Skrill, Credit Card, WebMoney, Klarna
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
CMC Markets
TradingDominance Score™: 88 / 100
CMC Markets Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Offers STP
ECN or STP Execution
Offers MT4
Account Type
Information
Spread Betting
  • Commision: No commission
  • Maximum Leverage: 30:1
  • Typical Spread: 0.3 pips
  • Mobile Platform: MT4 Mobile, Mobile trading app
  • Trading Platform: MT4, cTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
CFD
  • Commision: Starts from $10 on Shares
  • Maximum Leverage: 30:1
  • Typical Spread: 0.7 pips
  • Mobile Platform: MT4 Mobile, Mobile trading app
  • Trading Platform: MT4, cTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Regulators
United Kingdom - UK FCA
Federal Financial Supervisory Authority (BaFin) - Germany
Information:
Company NameCMC Markets
Year Funded1989
HeadquartersUnited Kingdom - UK
Office Locations Australia, Austria, Canada, France, Germany, Ireland, Italy, New Zealand, Norway, Poland, Singapore, Spain, Sweden
Client Funds Bank(s)
Account CurrencyCHF, EUR, GBP, USD
Support Languages English, French, German, Italian, Polish, Spanish, Norwegian, Swedish, Dutch, Österreich
Funding MethodsBank Wire, Skrill, PayPal, Credit Card, Debit Card, Bank Transfer, Inward telegraphic transfers
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients ✔️
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️

How to Choose a Forex Broker in Canada?

The selection of a broker holds significant importance in forex trading. Since the forex market is full of legit and dishonest brokers, it is imperative to take necessary precautions while investing your hard-earned money. Given below are some tips to help you find the best broker in Canada.

1) Choose a broker that has a good reputation

Checking the broker’s reputation is the first step before opening a live trading account. Try reading reviews of existing customers. Check the rating of a broker on various unbiased rating websites, such as Trustpilot and Forexpeacearmy.com.

2) Choose a broker that has been established for at least 3 years.

It becomes difficult to ascertain the reliability of a broker that has recently entered the market. You don’t know if the broker has enough resources to remain a going concern. Therefore, it is better to choose a broker that had been in business for at least three years or more.

3) Check out the broker’s regulation.

Always go with brokers who are fully regulated in Canada. Regulation makes sure that brokers operate with the best ethical practices. Regulated brokers hold clients’ funds in segregated bank accounts. Further, regulated brokers have to maintain enough capital to offer enough liquidity all the time.

Some reputable forex regulatory agencies in Canada are as under;

  • Canadian Securities Administrators (CSA)
  • Investment Industry Regulatory Organization of Canada (IIROC)

Some regulated brokers hold registration with the Canadian Investor Protection Fund (CIPF). Under the CIPF membership, brokers offer funds insurance to their clients upon becoming insolvent. Therefore, it is always worth checking if your broker is regulated.

4) Deposit and withdrawal process

It is pertinent to check how fast a broker processes fund deposit and withdrawal requests. Usually, brokers offer multiple deposit methods to make the process fast. However, the problem arises when you place a withdrawal request. Some brokers take a day or two, while others can make you wait a little longer. In either case, a delay in the deposit and withdrawal process can be a source of inconvenience. Also, a good broker should offer deposit and withdrawals at no or low processing fees.

5) International presence

The international presence of a broker shows how well a broker is recognized internationally. A broker with multiple international regulations is more likely to have the best operational framework.

6) Support in local language

Customer support is one of the significant factors where brokers usually struggle. Some brokers lack competent customer support staff, while others fail to respond timely. A reputable broker makes sure that a professional customer support team remains available all the time. More specifically, it provides an in-time resolution of clients’ concerns and is accessible in the local language.

Top 5 Forex Brokers in Canada

We have handpicked five brokers that we believe are the best for forex trading in Canada;

Factors That We Considered While Choosing the Best Forex Brokers in Canada

1) Analyzed Brokers’ Reputation

We have confirmed each broker’s positive reputation appearing in our list of best forex brokers in Canada. We have also read customer reviews on renowned platforms, such as Reddit and Quora. We have taken both positive and negative comments and made identifiable patterns. We have made sure not to include any broker that is known for bad experiences for clients.

2) Checked Regulatory Status

We make sure that the brokers that we have selected hold regulations with concerned regulatory bodies in Canada. After finding company registration numbers from the brokers’ official pages, we have verified them on both CSA and IIROC’s websites.

3) Tested deposit and withdrawals

To check if the brokers have efficient deposit and withdrawal processes, we tried making deposits and withdrawals with each of the brokers mentioned above and found no issues. The brokers are not only quick to process deposits but also offer fast withdrawals without restrictions.

4) Availability of demo accounts

The availability of demo accounts is vital to help you learn before you burn. All the brokers we selected offer demo accounts, enabling traders to try different money management strategies and improve trading skills without risking their real investment.

5) Features

We explored the brokers’ different services and features, such as trading costs, risk management tools, types of accounts, portfolio of tradable financial instruments, available leverage, and found them quite competitive.

6) Trading Platforms 

All our brokers offer user-friendly trading platforms. They have all basic and advanced trading tools available to help clients trade forex successfully. Traders have the option to either access their trading platforms online or have them downloaded on their desktop.

7) Mobile trading platforms

The brokers also offer mobile trading apps compatible with android and IOS-based mobile phones to facilitate on-the-go traders. Clients can download the respective apps from Google or App store.

8) Effective customer support 

Lastly, we tried contacting the customer support staff and raise several queries with them. The customer support teams remained friendly and responded to our questions in time.

Forex Brokers in Canada – FAQs

Is forex trading legal in Canada?

Yes, forex trading is legal in Canada. However, laws concerning the forex market are relatively strict as compared to the rest of the world. Therefore, only small numbers of brokers offer trading services in Canada.

Do forex traders pay tax in Canada?

Unlike most countries where traders need to pay tax on forex earnings, forex trading falls under the implication of capital gain tax in Canada. However, traders only have to report their forex earnings exceeding the minimum threshold of $200.

Who regulates forex trading in Canada?

The Investment Industry Regulatory Organization of Canada (IIROC) is the national regulatory body that regulates the forex industry in Canada. However, some local regulators also play their part in different jurisdictions of Canada.

How many forex traders are there in Canada?

As per the stats published at brokernotes.com, there are nearly 1.5 million forex traders in Canada. According to the Bank for International Settlements (BIS), Canada holds the sixth position amid its turnover in the currency market.

Can Canadians sign up with a forex broker from abroad?

Yes, they can. However, before accepting clients from the country or abroad, brokers need to register with IIROC to seek authorization.

Conclusion

Despite a strict regulatory framework, forex trading is becoming increasingly popular in Canada. Since there are both good and dishonest brokers in the forex market, the Canadian rigid regulatory restrictions keep traders safe from falling prey to scam brokers. While compiling the list of our best forex brokers in Canada, we took maximum precautions. However, traders in Canada should always check if a broker holds registration with IIROC before signing up with it.