You should consider whether you can afford to take the high risk of losing your money. Visit Forex. Visit Oanda On the other hand, other brokers that are not regulated by the Canadian authorities and are still allowed to operate within the country may face regional restrictions when it comes to accepting new clients. Forex trading, in general, is legal. The forex market in Canada is regulated by the IIROC Investment Industry Regulatory Organization of Canada.

The IIROC is the national regulator, though each region of Canada has its own local regulator which is where things can get more complicated and we will take a look at this below.

For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not IIROC regulated. In fact, when a broker is not IIROC regulated , each regional regulation has the power to decide whether or not a broker should be allowed to offer its services within the area. Things get a little tricky as we mentioned, in Alberta.

This is something similar to the qualification as a professional trader in Europe and you must satisfy at least one of the following conditions:. If you can satisfy one of these criteria, then you will have no problem being classified as an accredited investor in Alberta. Things go back to normal in this respect. The steps for starting forex trading within Canada are generally the same as in another country.

You should be sure to provide the following:. As a Canadian forex trader, there are indeed some things to watch out for that may be accepted in other countries but not Canada. Binary options trading for example, is illegal in Canada, whereas spread betting is in fact legal for Canadian traders. Derivative products like CFDs , while they are not legal with the neighbors in the USA, are legal to trade in Canada.

Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders. Restrictions on leverage and other trading conditions are also somewhat lenient in Canada. Leverage can generally reach up to , and while negative balance protection is not mandatory as it is in Europe, it is still generally offered by top brokers along with the use of segregated bank accounts.

With those points noted, here are a few tips to follow when choosing your forex broker in Canada:. This point goes for every place, you should always be on the lookout for the best regulation.

The Canada IIROC is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them. This is a great thing to make sure you have in place to improve trust.

Additionally, IIROC brokers usually follow the Canadian Investor Protection Fund program CIPF , meaning that in case of insolvency the trader will get refunded a certain amount of money depending on the CIPF Terms and Conditions.

We all want to avoid fees as much as possible. This means trying to choose a broker that facilitates CAD deposits and base currency. It will save you on commissions and fees from both the broker and your bank.

Luckily, most Canadian forex brokers already facilitate this. Negative balance protection basically can prevent you from losing more than you have in your account. This could happen in rare cases where the market is volatile and particularly if you are new to trading.

So, even though it is not mandatory in Canada, it makes sense for you to find and choose a broker that offers this protection for your own benefit. This is another great layer of protection after the investor compensation fund is already available with most Canadian brokers.

One of the last steps before trading and once you have found a broker that ticks all the boxes for you, is to verify their regulation. This is simple to complete and means heading over to the IIROC official website , and checking the IIROC Register there using the company name. You will have to pay capital gains tax on any profits in this respect.

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Admirals AvaTrade Axi Degiro easyMarkets eToro FBS FP Markets FXCM FxPro HotForex HYCM IC Markets IG OctaFx Pepperstone Vantage XM XTB ZuluTrade. ASIC CYSEC FCA IIROC MAS Australia Canada Malaysia USA UK cTrader MT4 MT5 Copy Trading Social Trading ECN Fixed Spread High Leverage Low Spread Market Maker Algo Trading Carry Trading Hedging Scalping Spread Betting. MT4 MT5 eToro Plus IC Markets OctaFx FxPro AvaTrade eToro XM eToro ZuluTrade Darwinex Trading Plus eToro Pepperstone XM AvaTrade OctaFx eToro Pepperstone XM ZuluTrade Degiro.

Broker Search Comparison Reviews Best Guides Compare List. Compare List. MINIMUM DEPOSIT. Best Forex Brokers in Canada for Filippo Ucchino Last Updated: September 20 Min Read. Return To Top. About The Author Filippo Ucchino Co-Founder - CEO - Broker Expert. Filippo is the co-founder and CEO of InvestinGoal.

He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in and then became interested in the whole fintech and crypto sector. Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings.

In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector. Best Forex Brokers in Canada for Related Top October 11 Min Read.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company.

You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. As there are more and more options online, we have decided to do all the research on your behalf and come up with a curated list of the top five best forex brokers in Canada.

In the following sections, we will introduce you to them, their trading platforms, features, and why you should consider them. After considering features and tools, costs, and functionality, we have selected the next forex brokers as the best ones in Canada right now:. In this section, we will introduce you to each broker presented above. We will cover tools, trading platforms available to Canadian residents, ease of use and, most importantly, what costs you need to consider before signing up.

This will help you pick the right forex broker for your needs. Our first choice is AvaTrade , a broker with more than a decade and a half of experience in this competitive market. This forex broker is licensed throughout all six continents and comes with a robust reputation for security, customer service, and cost-efficient trading platforms.

Whether you are a beginner or advanced investor, you will surely find something attractive in its offering. AvaTrade has perhaps the most expansive choice of trading platforms: WebTrader for trading right in your browser, no download required , AvaTradeGo mobile phone app , MetaTrader, AvaOptions for currency options , AvaSocial for social trading , and even Mac Trading, which is MetaTrader 4 for Mac users.

For residents living in Canada, choosing AvaTrade comes with complete peace of mind in terms of security. The broker partnered with Friedberg Direct, a Toronto-based independent company, which will manage your account.

In terms of its features and tools, it depends on which trading platform you opt for, as listed above. In other words, your flexibility is nearly unlimited — you can social trade, trade options, or go for the most popular forex trading platform in the world, MetaTrader 4. Then, you will have access to more than 50 currency pairs that come with extremely competitive costs. AvaTrade is a commission-free broker, which means that you will only have to cover the spread when placing orders.

FP Markets is another sturdy choice if you reside in Canada. It boasts tight spreads, excellent execution speeds, and multiple tools and features that help you follow your forex trading strategy. Although it is headquartered in Australia, it is available in Canada and comes with more than 60 pairs of currencies.

Depending on your chosen account type, you can benefit from spreads starting at 0 pips. FP Markets may not have as many trading platforms as AvaTrade but does allow access to the most important one — MetaTrader 4. Also, you may want to opt for Iress. This web-based trading platform comes as Trader or ViewPoint, the latter one boasting a fluid design where you can see and compare your data with maximum convenience.

Unfortunately, Iress has only 34 currency pairs available but provides more than 10, stocks , 10 indices , and seven futures CFDs contracts-for-difference.

In this section, you can choose from either technical or fundamental analysis articles. There are also a few videos, e-books, and lots of tutorials. For beginners or even experienced traders who want to expand their knowledge, FP Markets has an extremely compelling offer.

The trading technology used by FP Markets is also one of the best on the market. Whether you choose MetaTrader or Iress, the trading experience is smooth. Yet, if you run into any type of trouble, you can easily contact the professional customer service team that will help you overcome any hurdles and resume your trading activity. As the name suggests, Forex. com is a niche broker designed for forex traders. It comes with an impressive range of tradable currency pairs, along with CFDs on commodities, shares, and even indices.

It is locally regulated and comes with more than 80 currency pairs, covering major, minor, and multiple rare ones. The cost structure is quite competitive, too. For instance, if you choose the Direct Market Access DMA account, you will have access to quotes that come straight from liquidity providers around the world. This means very low spreads, but you will have to cover commissions that depend on your trading volume.

Because of this cost structure, Forex. com may not be the cheapest alternative for small investors or beginners. Alternatively, you can opt for a trading account with no commission, but spreads are higher.

These are exemplified in the next table below. One of the good aspects is that Fusion Markets has an average spread of 0 pips, or 0. Similar to AvaTrade, it allows you to get inspired by other traders. Fusion Markets has more than 90 currency pairs available, making for one of the most expansive offerings on the market. Fusion Markets is appreciated by traders of all levels.

It also provides excellent customer support, is a regulated broker, and fully transparent approach to trading. IFC Markets boasts impressive asset selection, while trading costs consist of spreads as low as 0. Forex traders can choose from nearly 50 currency pairs. Unfortunately, the trading account types are quite confusing. Beginners can choose between fixed or floating accounts on either NetTradeX or MetaTrader. There are plenty of options when it comes to forex brokers in Canada, but which one is right for you?

In the next sections, we will explore the most important aspects you should consider before signing up. A simple internet search may reveal an unlimited list of forex brokers for Canadian traders. However, you should know that not all forex brokers are safe or regulated. Even more, forex trading is not even legal in all the Canadian regions. For instance, you need to be an accredited investor if you live in Alberta, so you cannot simply sign up and start trading right away.

In Canada, brokers should be regulated by the IIROC, the Investment Industry Regulatory Organization of Canada. This can be either a directly regulated broker, or a broker like AvaTrade which entered into a partnership with a Canadian firm that oversees all the accounts. Also, while IIROC is the national regulatory body, regional legislation may differ, so make sure you get all the information you need before signing up.

The choice of payment methods is also important. Most brokers will not offer CAD as a base currency, so you need to check what options you have and what costs you need to cover. If the base currency differs, you will need to pay for a conversion fee or hold the base currency in an e-wallet like PayPal. Brokers like AvaTrade will not charge you any fee when you deposit or withdraw money, but others will charge you extra for such services. This may also vary according to what payment method you choose.

For example, wire transfers may be more expensive than credit card payments. Since you want to trade forex, you need multiple pairs to choose from or you may want to focus on only one or two, depending on your trading strategy. Fortunately, all of our shortlisted brokers have a generous currency pair offering, so you will most likely find everything you need regardless of which one you choose.

For forex trading, spreads and commissions are the most important fees. Spreads are variable and may depend on the pair you choose and market volatility. Some brokers have wider spreads than others, too, while zero-spread accounts will come with fixed or variable commission. There is no right or wrong choice — some traders may prefer zero spreads, others prefer zero-commission trading. This is up to you and how much you plan to trade. For instance, zero-commission trading on AvaTrade and different spreads based on currency pair mean that you have more control over your costs.

Finally, leverage is controlled by IIROC in Canada. However, some regulated brokers may only allow up to for forex trading. This is because trading with leverage can be extremely risky for beginners, so make sure you develop your knowledge and skills before risking your capital.

So far, we have introduced you to the best forex brokers and trading platforms in Canada and what you should look for when choosing the best one for your strategy and objectives.

Home » Best Forex Broker Canada. Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only. The forex market is extremely popular in Canada right now. However, if you want to tap into this market, too, you need to choose a reputable forex broker authorized by the relevant regulatory bodies.

As there are more and more options online, we have decided to do all the research on your behalf and come up with a curated list of the top five best forex brokers in Canada. In the following sections, we will introduce you to them, their trading platforms, features, and why you should consider them.

After considering features and tools, costs, and functionality, we have selected the next forex brokers as the best ones in Canada right now:. In this section, we will introduce you to each broker presented above. We will cover tools, trading platforms available to Canadian residents, ease of use and, most importantly, what costs you need to consider before signing up.

This will help you pick the right forex broker for your needs. Our first choice is AvaTrade , a broker with more than a decade and a half of experience in this competitive market. This forex broker is licensed throughout all six continents and comes with a robust reputation for security, customer service, and cost-efficient trading platforms.

Whether you are a beginner or advanced investor, you will surely find something attractive in its offering. AvaTrade has perhaps the most expansive choice of trading platforms: WebTrader for trading right in your browser, no download required , AvaTradeGo mobile phone app , MetaTrader, AvaOptions for currency options , AvaSocial for social trading , and even Mac Trading, which is MetaTrader 4 for Mac users.

For residents living in Canada, choosing AvaTrade comes with complete peace of mind in terms of security. The broker partnered with Friedberg Direct, a Toronto-based independent company, which will manage your account. In terms of its features and tools, it depends on which trading platform you opt for, as listed above. In other words, your flexibility is nearly unlimited — you can social trade, trade options, or go for the most popular forex trading platform in the world, MetaTrader 4.

Then, you will have access to more than 50 currency pairs that come with extremely competitive costs. AvaTrade is a commission-free broker, which means that you will only have to cover the spread when placing orders.

FP Markets is another sturdy choice if you reside in Canada. It boasts tight spreads, excellent execution speeds, and multiple tools and features that help you follow your forex trading strategy. Although it is headquartered in Australia, it is available in Canada and comes with more than 60 pairs of currencies.

Depending on your chosen account type, you can benefit from spreads starting at 0 pips. FP Markets may not have as many trading platforms as AvaTrade but does allow access to the most important one — MetaTrader 4. Also, you may want to opt for Iress. This web-based trading platform comes as Trader or ViewPoint, the latter one boasting a fluid design where you can see and compare your data with maximum convenience.

Unfortunately, Iress has only 34 currency pairs available but provides more than 10, stocks , 10 indices , and seven futures CFDs contracts-for-difference. In this section, you can choose from either technical or fundamental analysis articles. There are also a few videos, e-books, and lots of tutorials. For beginners or even experienced traders who want to expand their knowledge, FP Markets has an extremely compelling offer.

The trading technology used by FP Markets is also one of the best on the market. Whether you choose MetaTrader or Iress, the trading experience is smooth. Yet, if you run into any type of trouble, you can easily contact the professional customer service team that will help you overcome any hurdles and resume your trading activity. As the name suggests, Forex. com is a niche broker designed for forex traders.

It comes with an impressive range of tradable currency pairs, along with CFDs on commodities, shares, and even indices. It is locally regulated and comes with more than 80 currency pairs, covering major, minor, and multiple rare ones. The cost structure is quite competitive, too.

For instance, if you choose the Direct Market Access DMA account, you will have access to quotes that come straight from liquidity providers around the world. This means very low spreads, but you will have to cover commissions that depend on your trading volume.

Because of this cost structure, Forex. com may not be the cheapest alternative for small investors or beginners. Alternatively, you can opt for a trading account with no commission, but spreads are higher. These are exemplified in the next table below.

One of the good aspects is that Fusion Markets has an average spread of 0 pips, or 0. Similar to AvaTrade, it allows you to get inspired by other traders. Fusion Markets has more than 90 currency pairs available, making for one of the most expansive offerings on the market.

Fusion Markets is appreciated by traders of all levels. It also provides excellent customer support, is a regulated broker, and fully transparent approach to trading. IFC Markets boasts impressive asset selection, while trading costs consist of spreads as low as 0. Forex traders can choose from nearly 50 currency pairs. Unfortunately, the trading account types are quite confusing.

Beginners can choose between fixed or floating accounts on either NetTradeX or MetaTrader. There are plenty of options when it comes to forex brokers in Canada, but which one is right for you? In the next sections, we will explore the most important aspects you should consider before signing up. A simple internet search may reveal an unlimited list of forex brokers for Canadian traders.

However, you should know that not all forex brokers are safe or regulated. Even more, forex trading is not even legal in all the Canadian regions. For instance, you need to be an accredited investor if you live in Alberta, so you cannot simply sign up and start trading right away. In Canada, brokers should be regulated by the IIROC, the Investment Industry Regulatory Organization of Canada. This can be either a directly regulated broker, or a broker like AvaTrade which entered into a partnership with a Canadian firm that oversees all the accounts.

Also, while IIROC is the national regulatory body, regional legislation may differ, so make sure you get all the information you need before signing up. The choice of payment methods is also important. Most brokers will not offer CAD as a base currency, so you need to check what options you have and what costs you need to cover. If the base currency differs, you will need to pay for a conversion fee or hold the base currency in an e-wallet like PayPal.

Brokers like AvaTrade will not charge you any fee when you deposit or withdraw money, but others will charge you extra for such services. This may also vary according to what payment method you choose. For example, wire transfers may be more expensive than credit card payments. Since you want to trade forex, you need multiple pairs to choose from or you may want to focus on only one or two, depending on your trading strategy.

Fortunately, all of our shortlisted brokers have a generous currency pair offering, so you will most likely find everything you need regardless of which one you choose.

For forex trading, spreads and commissions are the most important fees. Spreads are variable and may depend on the pair you choose and market volatility. Some brokers have wider spreads than others, too, while zero-spread accounts will come with fixed or variable commission. There is no right or wrong choice — some traders may prefer zero spreads, others prefer zero-commission trading. This is up to you and how much you plan to trade.

For instance, zero-commission trading on AvaTrade and different spreads based on currency pair mean that you have more control over your costs. Finally, leverage is controlled by IIROC in Canada. However, some regulated brokers may only allow up to for forex trading. This is because trading with leverage can be extremely risky for beginners, so make sure you develop your knowledge and skills before risking your capital.

So far, we have introduced you to the best forex brokers and trading platforms in Canada and what you should look for when choosing the best one for your strategy and objectives. In this section, we will cover the basics of opening an account with our top forex broker in Canada, AvaTrade, so you can start forex trading right now.

Fill in the form with your personal details, or take a shortcut by using your Facebook or Google account to sign up. Next, you need to verify your account. As AvaTrade is a regulated broker, you will be required to upload your valid government-issued ID and proof of address.

To provide you with a personalized experience, AvaTrade will require you to complete a few more fields with personal information. You may be asked what your income is, for instance, along with other questions that help to determine your trading style and needs. Then, go to your account menu and deposit your funds. When you have a live AvaTrade account, you need to decide which trading platform suits you best.

You can download software or opt for a web-based trading platform. You may even go for AvaTradeGo, the mobile phone app. Once you chose the trading platform, go to the search bar and look for forex pairs. Finally, you can buy and sell forex to create a successful portfolio. All in all, forex trading in Canada is not a difficult process as long as you choose the right broker. Make sure you check whether it is regulated and if there are any limitations in your region.

For more information about trading in Canada, you can check our other pages, including forex trading for beginners, or how to tap into other hot markets, such as cryptocurrency in Canada. In general, forex trading is legal in Canada, except for Alberta. Also, there are certain products and offerings not available for Canadians, although they may be allowed in other countries and vice-versa.

This is up to you and how much you plan to trade. These brokers will usually be using an offshore regulator such as the Seychelles Financial Services Authority FSA , British Virgin Islands Financial Services Commission BVI FSA , Vanuatu Financial Services Commission VFSA , Financial Services Commission IFSC in Belize and The Securities Commission of The Bahamas SCB. The choice of payment methods is also important. Swap Free Account. Consult a licensed financial expert before making any life-changing decisions with your money.

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