10 Best Forex Brokers in Canada

 

The 10 Best Forex Brokers in Canada – Discover the best Canadian-licensed brokers trusted by local traders. Each platform is FCA-regulated, thoroughly tested, and ranked for performance, pricing, and reliability.

 

Canada Forex Brokers Compared – Side by Side*

 

 

Here is a Breakdown of Topics covered in this comprehensive guide:

 

• A Detailed Ranking of the 10 Best Forex Brokers in Canada
• Pros and Cons of Forex Trading
• Forex Trading in Canada – Quick Overview

 

and much, MUCH more!

 

The 10 Leading Forex Brokers in Canada’s Standout Feature.

 

 

Now let’s deep dive into each broker that made the list…

 

10 Best Forex Brokers in Canada (2025)

 

• Interactive Brokers – Top Broker in Canada with commission-free trading and lowest margin rates
• CMC Markets – Powerful, user-friendly trading platform
• AvaTrade – Comprehensive educational resources and a commitment to security
• OANDA – Competitive spreads, no commissions, and a variety of account types
• FXCM – Various markets, analytics tools, and educational resources
• TMGM – 24/7 customer service, multilingual support, and educational resources
• FP Markets – Various trading platforms like MT4, MT5, cTrader, and Iress
• Eightcap – Range of trading tools and educational resources
• XTB – Offers a demo account, free deposits, and interest on uninvested funds
• Admirals – Advanced trading tools like MetaTrader Supreme Edition and a VPS service

 

Top 10 Forex Brokers (Globally)

 

 

1. Interactive Brokers

 

★★★★

Minimum Deposit: $0 Regulated by: SEC, FINRA, FCA, ASIC Crypto: No

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Interactive Brokers Canada, regulated by CIRO (formerly IIROC), offers comprehensive access to North American markets including stocks, options, futures, forex, and bonds. It’s a premier choice for Canadian professional traders and institutions, lauded for its low fees, extensive market reach, and institutional-grade tools.

 

 

Frequently Asked Questions

 

Can Canadian residents open an account with IBKR?

Yes, Canadian residents can absolutely open an account with Interactive Brokers Canada. As a CIRO-regulated entity, IBKR Canada is specifically structured to serve the Canadian market, offering various account types including individual, joint, trust, and even specialized accounts.

 

What platforms does IBKR offer?

IBKR offers a range of platforms catering to all experience levels. These include Trader Workstation (TWS) for advanced users, the newer IBKR Desktop for a streamlined experience, Client Portal for web-based access, and mobile apps like IBKR Mobile and IBKR GlobalTrader.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $0 Regulated by: SEC, FINRA, FCA, ASIC Crypto: No

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Our Insights

For Canadian residents, IBKR is a strong choice due to its local regulation (CIRO), CAD funding, local offices, and CIPF protection. If you prioritize low fees, multi-asset access, and powerful trading tools, it’s an excellent option.

 

Final Score

 

 

2. CMC Markets

 

★★★★★

Minimum Deposit: $0 Regulated by: BaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA Crypto: Yes

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CMC Markets Canada offers a robust trading environment for Canadian investors, featuring a wide range of instruments, advanced trading platforms, and strong regulatory oversight. With no minimum deposit requirement and competitive pricing, it effectively serves both novice and experienced traders looking to access global markets.

 

 

Frequently Asked Questions

 

What platforms are available for trading?

CMC Markets offers its award-winning proprietary Next Generation web and mobile platforms, known for advanced charting and features. Additionally, they support the popular MetaTrader 4 (MT4) platform, and integrate with TradingView for its charting capabilities, providing diverse options for traders.

 

Can I open a demo account?

Yes, CMC Markets offers free demo accounts with virtual funds that allow you to practice trading on their Next Generation platform or MetaTrader 4. These demo accounts generally do not expire and can be topped up, providing a risk-free environment to test strategies.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $0 Regulated by: BaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA Crypto: Yes

Get startedRead Review

 

Our Insights

CMC Markets is a well-regulated, versatile, and reputable broker, offering a vast range of CFDs and advanced trading platforms. Its strong presence in Canada, backed by local regulation (CIRO) and investor protection (CIPF), makes it a solid option for Canadian traders seeking access to global markets.

 

Final Score

 

 

3. AvaTrade

 

★★★★★

Minimum Deposit: $100 Regulated by: CBI, BVI, FSC, ASIC, FSCA, JFSA, FFAJ Crypto: Yes

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AvaTrade provides Canadian traders with a robust and regulated trading environment, offering access to a wide range of financial instruments and advanced trading platforms. With competitive spreads, reasonable leverage, and strong customer support, it caters to both novice and experienced traders looking to engage in global markets.

 

 

Frequently Asked Questions

 

Does AvaTrade offer Islamic (swap-free) accounts?

Yes, AvaTrade offers Islamic (swap-free) accounts designed to comply with Sharia law. These accounts typically waive overnight swap fees, though it’s important to note that trades held open for more than five days may incur administrative fees in place of swaps.

 

Does AvaTrade offer bonuses in Canada?

AvaTrade does offer various promotional bonuses, including welcome bonuses for new clients and “Refer a Friend” programs, which can be found on their website. However, the availability and specific terms of these bonuses can vary by region.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $100 Regulated by: CBI, BVI, FSC, ASIC, FSCA, JFSA, FFAJ Crypto: Yes

Get startedRead Review

 

Our Insights

AvaTrade is a solid choice for Canadian traders who prioritize regulation, user-friendliness, and access to global markets, further bolstered by the assurance of local support and investor protection.

 

Final Score

 

 

4. OANDA

 

★★★★

Minimum Deposit: $0 Regulated by: NFA, CFTC Crypto: Yes

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OANDA provides Canadian traders with a robust and regulated trading environment, offering access to a wide range of financial instruments and advanced trading platforms. With competitive spreads, no minimum deposit requirement, and strong customer support, it caters to both novice and experienced traders looking to engage in global markets.

 

 

Frequently Asked Questions

 

Does OANDA offer MetaTrader 4 or MetaTrader 5?

Yes, OANDA offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) in Canada. They integrate OANDA’s competitive pricing and execution with MT4’s advanced charting and automated trading capabilities, and MT5’s enhanced features like depth of market.

 

Are there any bonuses for Canadian traders?

Yes, OANDA Canada does offer bonuses, primarily welcome bonuses for new clients and cashback/rebate programs for high-volume traders (Elite Trader program). These typically require meeting specific deposit and trading volume thresholds within a set timeframe.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $0 Regulated by: NFA, CFTC Crypto: Yes

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Our Insights

OANDA is a highly reputable and regulated broker that offers a safe, flexible, and transparent trading environment for Canadian traders. With no minimum deposit, local currency support (CAD), and robust platform options, it appeals to both beginners and experienced traders.

 

Final Score

 

 

5. FXCM

 

★★★★

Minimum Deposit: $50 Regulated by: FCA, ASIC, CySEC, FSCA Crypto: Yes

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FXCM, a global online forex and CFD broker established in 1999, operates in Canada through a partnership with Friedberg Direct, a regulated Canadian investment dealer.

 

 

Frequently Asked Questions

 

Which trading platforms does FXCM offer?

FXCM offers its proprietary Trading Station platform (desktop, web, mobile) as its flagship. They also support the widely popular MetaTrader 4 (MT4), and provide integration with TradingView for advanced charting. Additionally, for specialized needs, they offer various API options.

 

Does FXCM offer demo accounts?

Yes, FXCM offers free demo accounts loaded with virtual funds (e.g., $20,000 or more). These allow traders to practice strategies and familiarize themselves with the Trading Station and MetaTrader 4 platforms in a risk-free environment.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $50 Regulated by: FCA, ASIC, CySEC, FSCA Crypto: Yes

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Our Insights

Adherence to Canadian regulatory standards (CIRO) and CIPF membership provides robust investor protection. FXCM also excels with its educational resources and automated trading support. However, some traders might find the absence of bonuses, limited asset range, and lack of MT5 support to be disadvantages.

 

Final Score

 

 

6. TMGM

 

★★★

Minimum Deposit: $100 Regulated by: ASIC, FMA, VFSC Crypto: Yes

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TMGM is a globally recognized forex and CFD broker that accepts Canadian clients, offering them the benefit of its competitive trading conditions.

 

 

Frequently Asked Questions

 

Can Canadian residents open an account with TMGM?

Yes, Canadian residents can open an account with TMGM. While TMGM isn’t locally regulated by CIRO, they accept Canadian clients through their global entity, often regulated by bodies like VFSC. They support CAD as an account currency, offering competitive trading conditions for Canadian traders.

 

What platforms does TMGM support?

TMGM supports the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available across desktop, web, and mobile. They also offer the IRESS platform for advanced functionality, particularly for those seeking access to a wider range of instruments like shares.

 

Pros and Cons

 

 

★★★

Minimum Deposit: $100 Regulated by: ASIC, FMA, VFSC Crypto: Yes

Get startedRead Review

 

Our Insights

TMGM is a good fit for traders who value low minimum deposits, fast execution, and flexible account options. However, Canadian clients should be mindful of the regulatory and support differences compared to brokers directly regulated within Canada.

 

Final Score

 

 

7. FP Markets

 

★★★★★

Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes

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FP Markets is a well-established online broker primarily regulated by ASIC, and internationally by CySEC and FSCA. While it accepts Canadian clients, it’s not regulated by Canadian authorities like CIRO. This means Canadian traders might not have access to local investor protection schemes like CIPF.

 

 

Frequently Asked Questions

 

Does FP Markets accept clients from Canada?

Yes, FP Markets does accept clients from Canada. However, it’s important to note that they are not regulated by Canadian authorities like CIRO. Canadian traders will be onboarded under one of FP Markets’ international entities.

 

What is the minimum deposit to open an account?

For Standard and Raw MT4/MT5 accounts, the minimum deposit with FP Markets is AUD 100 (or equivalent in other currencies). However, for IRESS Share Accounts, a higher minimum of AUD 1,000 is required.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes

Get startedRead Review

 

Our Insights

While FP Markets accepts Canadian clients and supports CAD trading, it lacks direct Canadian regulatory oversight and a physical presence in Canada. This might be a key consideration for traders prioritizing local investor protections and support.

 

Final Score

 

 

8. Eightcap

 

★★★★

Minimum Deposit: $100 Regulated by: ASIC, FCA, CySEC, SCB Crypto: Yes

Get startedRead Review

 

Eightcap is an online broker that accepts Canadian traders, allowing them to trade with Canadian dollars (CAD) and offering access to popular trading platforms like MetaTrader 4 and MetaTrader 5.

 

 

Frequently Asked Questions

 

What trading platforms does Eightcap offer?

Eightcap offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available across desktop, web, and mobile. They also provide direct integration with TradingView for advanced charting and analysis, offering a comprehensive suite of tools for diverse trading preferences.

 

What types of accounts are available?

Eightcap offers two primary live account types: Standard and Raw. The Standard Account features commission-free trading with slightly wider spreads, while the Raw Account provides tighter spreads but charges a commission per trade. They also offer a TradingView account.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $100 Regulated by: ASIC, FCA, CySEC, SCB Crypto: Yes

Get startedRead Review

 

Our Insights

Eightcap offers a compelling trading experience for Canadian traders, particularly those seeking competitive pricing (especially on Raw accounts), popular MetaTrader platforms (MT4/MT5), and extensive cryptocurrency CFD offerings. While it allows CAD accounts and accepts Canadian clients, it’s crucial to acknowledge that Eightcap is not directly regulated by Canadian authorities (CIRO).

 

Final Score

 

 

9. XTB

 

★★★★

Minimum Deposit: $0 Regulated by: FCA, KNF, IFSC, CySEC Crypto: Yes

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XTB is a global online broker providing trading services across various financial instruments, including Forex and CFDs on stocks, indices, commodities, and cryptocurrencies. While XTB operates globally, Canadian residents can access its services via XTB FR, the French branch of the XTB Group.

 

 

Frequently Asked Questions

 

What trading platforms does XTB offer?

XTB primarily offers its award-winning proprietary xStation 5 platform, available as a web and mobile app. While they previously supported MetaTrader 4 (MT4) for existing users, new accounts are now directed to xStation 5, which boasts advanced charting, analysis tools, and comprehensive features.

 

What types of accounts does XTB offer?

XTB primarily offers two retail account types: Standard and Pro. The Standard account is commission-free with spreads built into the pricing, while the Pro account features tighter spreads with a small commission per trade. They also offer Islamic (swap-free) accounts.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $0 Regulated by: FCA, KNF, IFSC, CySEC Crypto: Yes

Get startedRead Review

 

Our Insights

While XTB offers strong tools and negative balance protection, traders prioritizing full Canadian investor protection might prefer locally regulated brokers. Still, XTB is a solid choice for experienced traders comfortable with using an international entity.

 

Final Score

 

 

10. Admirals

 

★★★

Minimum Deposit: $25 Regulated by: FCA, ASIC, CySEC Crypto: Yes

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Admirals has expanded its operations to Canada via Admiral Markets Canada Limited. This subsidiary is registered with CIRO (formerly IIROC) and is a CIPF member, offering investor protection within specified limits.

 

 

Frequently Asked Questions

 

Does Admirals offer leverage?

Yes, Admirals offers leverage to Canadian traders. For retail clients, this typically means a maximum leverage of 1:50 for major currency pairs and 1:20 for minor pairs, with lower limits for other instruments like cryptocurrencies (1:2).

 

Is negative balance protection available?

Yes, Admirals offers negative balance protection for its retail clients in Canada. As a CIRO-regulated broker, it is required to ensure that clients cannot lose more than the funds in their trading accounts, safeguarding them from incurring debt due to market volatility.

 

Pros and Cons

 

 

★★★

Minimum Deposit: $25 Regulated by: FCA, ASIC, CySEC Crypto: Yes

Get startedRead Review

 

Our Insights

Admirals stands out as a highly regulated and reliable broker for Canadian traders. Its direct regulation by CIRO and membership in the CIPF provide a significant layer of investor protection, a key advantage over brokers operating in Canada through international entities.

 

Final Score

 

 

 

Forex Trading in Canada – Quick Overview

Forex trading is legal and highly regulated in Canada. The primary oversight body is the Canadian Investment Regulatory Organization (CIRO), which was formed by amalgamating IIROC.

These brokers provide significant investor protections, including segregated client funds, negative balance protection, and membership in the Canadian Investor Protection Fund (CIPF), which covers eligible assets up to $1 million in case of broker insolvency.

 

 

Frequently Asked Questions

 

Is forex trading legal in Canada?

Yes, forex trading is legal in Canada. It’s a highly regulated activity primarily overseen by the Canadian Investment Regulatory Organization (CIRO). Canadians should choose CIRO-regulated brokers to benefit from strong investor protections like segregated funds and CIPF membership.

 

What is IIROC, and why is it important?

CIRO is Canada’s national self-regulatory organization overseeing investment dealers, mutual fund dealers, and trading on Canadian debt and equity markets. It’s crucial because it sets and enforces rules for broker conduct, protects investors (including through CIPF membership), and ensures market integrity.

 

Pros and Cons

 

 

Our Insights

The strict regulatory framework also means lower leverage, fewer promotional offers, and limited access to some international brokers. Still, for traders who prioritize stability, legal protection, and long-term growth, Canadian forex brokers remain an excellent choice.

 

 

In Conclusion

Forex trading in Canada provides a secure and transparent environment for traders, thanks to the robust oversight from CIRO and investor protection from CIPF. Canadian forex brokers are recognized for their dedication to client safety, clear regulatory standards, and providing essential trading tools and education for new traders.

 

You Might also Like:

 

• Interactive Brokers Review
• CMC Markets Review
• Avatrade Review
• Oanda Review
• FXCM Review
• TMGM Review
• FP Markets Review
• EightCap Review
• XTB Review
• Admirals Review