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5 Best Forex Brokers in Canada

Last Update: June 26th, 2024

Best Forex Brokers in Canada

 

Additionally, the 5 best Forex brokers in Canada are revealed. We have explored and tested several prominent brokers to identify the 5 best.

In this in-depth guide you’ll learn: 

 

And lots more… 

So, if you’re ready to go “all in” with the 5 best Forex brokers in Canada… 

Let’s dive right in… 

 

🏆 10 Best Forex Brokers

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker
🥈Read ReviewFSCA, IFSC, ASIC, CySEC, DFSA, FCAUSD 5Visit Broker
🥉Read ReviewFCA, FSCA, FSC, CMAUSD 10Visit Broker
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker

 

5 Best Forex Brokers in Canada (2024*)

  1. ☑️Interactive Brokers – The Best Broker for Professional traders.
  2. ☑️Forex.com – Best Mobile Trading Experience
  3. ☑️AvaTrade Award-winning Broker in Canada.
  4. ☑️Oanda – Best global instruments in 2024.
  5. ☑️FXCM Low cost MetaTrader platform.

 

Best Forex Brokers in Canada

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators✔️ Accepts Canada Traders
1. Interactive Brokers👉 Open AccountThere is no specific minimum deposit requiredSEC, CFTC, FCA, IIROC✔️
2. Forex.com👉 Open AccountCAD 134.88 or $100ASIC, CIRO, CIMA, SFC, FSA, MAS, FCA, NFA, CFTC✔️
3. AvaTrade👉 Open AccountCAD 134.88 or $100Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA✔️
4. Oanda👉 Open AccountThere is no specific minimum deposit requiredFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC✔️
5. FXCM👉 Open AccountCAD67.41 or $50FCA, ASIC, CySEC, FSCA✔️

 

5 Best Forex Brokers in Canada 

Below are the top 5 Forex brokers in Canada that offer excellent trading conditions.  

 

Interactive Brokers 

Overview 

Interactive Brokers is a leading Forex broker renowned for its robust platform and comprehensive services, catering to Canadian traders with exceptional features.  

Their proprietary trading platform, Trader Workstation (TWS), offers advanced tools for analysis, execution, and risk management, empowering users with unparalleled control over their trades. 

Moreover, Canadian traders benefit from access to a wide range of assets, including major and minor currency pairs, commodities, stocks, and derivatives, all tradable through a single account. With competitive pricing and low spreads, they ensure cost-effective trading.

 

Interactive Brokers

 

Their customer support is highly responsive and available 24/7, helping in multiple languages, including English and French, to meet the diverse needs of Canadian traders.  

Moreover, Interactive Brokers is regulated by reputable authorities like the Investment Industry Regulatory Organization of Canada (IIROC), offering peace of mind regarding security and compliance with Canadian financial regulations.  

This combination of features makes this broer a top choice for Forex traders in Canada seeking reliability, versatility, and regulatory adherence. 

 

Unique Features 

FeatureInformation
⚖️ RegulationSEC, CFTC, FCA, IIROC
💻 Account TypesIndividual, Joint, Trust, IRA.

Non-Professional Advisor.

Family Office.

Advisor.

Advisor Client (including Non-Professional Advisor and Family Office)

Broker Client.

EmployeeTrack.
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositThere is no specific minimum deposit required
📱 Platforms SupportedIBKR
📈 Range of MarketsGlobal stocks, options, futures, currencies, cryptocurrencies
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Interactive Brokers connects traders to a wide range of global markets, including equities, bonds, futures, currencies, and options, allowing them to diversify their portfolios across numerous asset classes.New traders may struggle to understand and efficiently use advanced trading platforms and tools.
Interactive Brokers' trading platforms, including as Trader Workstation (TWS) and IBKR Mobile, provide traders with a wide range of analytical and execution capabilities.Despite their low prices, Interactive Brokers' fee structures can be perplexing for some traders due to the many rates imposed for different services and account types.
Interactive Brokers provides straightforward pricing structures and fair commission rates to active traders, particularly those with high volume, potentially lowering overall trading expenses.Certain account types at Interactive Brokers have higher minimum balance limitations than other brokers, making it more difficult for traders with lower account balances to use the platform.
Interactive Brokers offers a range of research and analytical materials, including market commentary, technical analysis, fundamental data, and research papers, to help traders make informed investment decisions.Although Interactive Brokers offers customer support via phone, email, and live chat, some traders may find the service less personalized or attentive than that of smaller brokerages.
Interactive Brokers' risk management tools include portfolio margining, risk-based margining, and real-time margin computations, which help traders manage and mitigate risk more effectively.In compared to other brokers, Interactive Brokers may provide less tutorials and educational tools, leading new traders to seek additional guidance and educational materials.

 

Trust Score  

Interactive Brokers has a trust score of 95%  

 

Forex.com 

Additionally, Forex.com stands out as a premier Forex broker offering an excellent all-round package for traders in Canada.

With a user-friendly platform and a wide array of trading tools, they ensure a seamless trading experience for Canadian traders of all levels.

One of its standout features is the intuitive trading platform, which provides access to a diverse range of currency pairs, commodities, indices, and cryptocurrencies.

Furthermore, this platform offers advanced charting tools, real-time market analysis, and customizable trading interfaces, empowering traders to execute strategies effectively.

 

Forex.com

 

This broker also excels in customer support, offering responsive assistance via various channels, including live chat, email, and phone support, ensuring Canadian traders receive timely help whenever needed. 

Furthermore, They prioritize regulatory compliance, being regulated by reputable authorities like the Canadian Investment Regulatory Organization (CIRO).  

This regulatory oversight ensures that traders in Canada can trust Forex.com‘s commitment to transparency, security, and adherence to Canadian financial regulations, making it an excellent choice for traders seeking reliability and peace of mind. 

 

Unique Features 

FeatureInformation
⚖️ RegulationASIC, CIRO, CIMA, SFC, FSA, MAS, FCA, NFA, CFTC
💻 Account TypesStandard Account

MetaTrader Account

RAW Spread Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositCAD 134.88 or $100
📱 Platforms SupportedMobile App

WebTrader

MetaTrader 5

TradingView
📈 Range of MarketsForex

Indices

Stocks

Cryptocurrency

Commodities

Gold and Silver
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Global presence and substantial market access enable traders to access a diverse range of financial instruments from a variety of foreign markets.Forex.com's website and trading platforms may have a higher learning curve for beginners than more streamlined platforms provided by competitors.
Advanced trading tools and customisable trading platforms give traders the freedom to implement their preferred trading methods successfully.While Forex.com offers a wide choice of training resources, their quality and depth may vary, leaving some traders looking for more complete learning materials.
Forex.com provides a wide selection of educational tools, including webinars, articles, and trading tips, for traders of all skill levels.Customer service response times may be slower during peak trade hours, causing delays in receiving support or assistance.
The broker provides a range of account types, including regular and commission-based accounts, giving traders options based on their trading preferences.The scarcity of certain exotic currency pairs or specialized markets may limit trading opportunities for traders with specific interests or methods.
Forex.com prioritizes risk management by providing negative balance protection, which lowers the likelihood of traders losing more than their initial investment.While Forex.com offers competitive spreads, traders may discover that competing brokers offer somewhat lower spreads for specific currency pairs, reducing overall trading costs.

 

Trust Score  

Forex.com has a very high trust score of 90%  

 

AvaTrade 

Moreover, they are an excellent option for beginner traders in Canada, offering a user-friendly platform and comprehensive educational resources tailored to newcomers in the Forex market.  

With AvaTrade’s intuitive interface and extensive educational materials, Canadian beginners can quickly grasp the fundamentals of trading, including market analysis, risk management, and trading strategies. 

Moreover, AvaTrade stands out for its copy trading feature, which allows novice traders to replicate the trades of experienced investors automatically.  

 

AvaTrade

 

Through AvaTrade’s copy trading platform, beginners can follow successful traders, observe their strategies, and mirror their trades in real time, gaining valuable insights and potentially generating profits while learning the ropes of trading. 

Furthermore, by combining beginner-friendly tools and educational resources with innovative copy trading capabilities, AvaTrade offers Canadian novice traders an accessible and supportive environment to embark on their trading journey with confidence and guidance.

 

Unique Features 

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
💻 Account TypesRetail Account, Professional Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositCAD 134.88 or $100
📱 Platforms SupportedAvaTradeGO

AvaOptions

AvaSocial

MetaTrader 4

MetaTrader 5

DupliTrade

ZuluTrade
📈 Range of MarketsForex

Stocks

Commodities

Cryptocurrencies

Treasuries

Bonds

Indices

Exchange-Traded Funds (ETFs)

Options

Contracts for Difference (CFDs)

Precious Metals
📊 Demo AccountYes
✴️ Social Trading OfferedInstagram

Facebook

Twitter

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
AvaTrade helps clients build diversified investment portfolios by offering a wide range of trading instruments such as FX pairings, stocks, commodities, indices, and cryptocurrencies.Some customers have observed higher spreads compared to other brokers, which could increase trading costs, especially for frequent traders.
The integration of AvaTrade and ZuluTrade facilitates social trading by allowing users to see and mimic successful traders' strategies.In comparison to other platforms, AvaTrade's research and analysis tools may be deemed limited, perhaps preventing certain traders from completing full market study.
AvaProtect offers advanced charting and technical analysis, AvaSocial enables social trading connections, and AvaTradeGo delivers mobile trading ease.Novice traders may find the platform's advanced features and capabilities intimidating, requiring a significant amount of effort to properly learn.
AvaTrade ensures its clients a secure and dependable trading environment by adhering to the regulations of numerous reputable regulatory agencies, including the Financial Services Commission of the British Virgin Islands and the Central Bank of Ireland.Although AvaTrade provides customer support, some clients may be frustrated owing to discrepancies in the quality and responsiveness of their services.
AvaTrade offers traders several educational resources, including webinars, tutorials, and market analysis, to help them improve their skill and comprehension.There have been occasional claims of problems or delays in the withdrawal process at AvaTrade. Users that require immediate access to their funds may find this a difficult situation.

 

Trust Score  

AvaTrade has a high trust score of 96% 

 

Oanda 

Additionally, it stands out as a trusted broker for Canadian traders, renowned for its exceptional research and analytic tools.

Canadian traders benefit from Oanda’s comprehensive suite of research resources, including market analysis, economic calendars, and customizable charting tools, empowering them to make informed trading decisions. 

Oanda’s platform offers a user-friendly interface, making it accessible to traders of all experience levels.

Additionally, its advanced analytical tools provide in-depth insights into market trends, allowing Canadian traders to identify profitable opportunities and manage risk effectively. 

 

Oanda

 

Furthermore, they prioritize transparency and regulatory compliance, holding licenses from reputable authorities like the Investment Industry Regulatory Organization of Canada (IIROC).

This commitment to regulatory standards ensures that Canadian traders can trust Oanda‘s reliability, security, and adherence to Canadian financial regulations. 

Overall, Oanda’s combination of trusted reputation, excellent research tools, and regulatory compliance makes it a preferred choice for traders in Canada seeking a reliable and comprehensive trading experience. 

 

Unique Features 

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC
💻 Account TypesStandard Account

Core Account

Swap-Free Account

Demo Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositThere is no specific minimum deposit required
📱 Platforms SupportedMetaTrader 4

OANDA Platform

TradingView
📈 Range of MarketsIndex CFDs

Forex

Metals

Commodity CFDs

Bonds CFDs

Precious Metals

Real-time Rates
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
OANDA enables traders to trade with any size position, allowing for accurate risk control and accommodating traders with varied capital levels.While OANDA offers a wide number of currency pairs, its selection of other financial assets such as equities and commodities may be limited when compared to other brokers, limiting trading opportunities for some clients.
OANDA allows traders to open accounts without requiring a minimum deposit, making it accessible to those with small initial money.OANDA has minimum trade sizes for certain instruments that are larger than those given by rival brokers, possibly limiting flexibility for traders with lower trading accounts.
OANDA's 'Core Pricing + Commission' model offers transparent pricing, with razor-thin spreads and commissions levied each trade, giving traders complete visibility into their trading expenses.Although OANDA provides basic research and analysis tools, its offerings may be less thorough than those of other brokers, leaving traders looking for more in-depth market insights and analysis.
OANDA provides a variety of risk management tools, such as guaranteed stop-loss orders and trailing stops, to assist traders minimize potential losses and protect profits.OANDA's spreads may widen during instances of significant market volatility, thereby increasing traders' trading costs.
OANDA's proprietary trading platform, fxTrade, has received multiple awards for its user-friendly interface, comprehensive charting tools, and customisable features, providing users with a smooth trading experience.While OANDA provides customer support via a variety of channels, including email and phone, availability may be limited on weekends or during non-trading hours, potentially leading to delays in receiving assistance.

 

Trust Score  

Oanda has a trust score of 91%  

 

FXCM 

FXCM emerges as an optimal choice for traders in Canada due to its exceptional trading platforms and tools, enhancing the trading experience for Canadian users.  

They offer robust and user-friendly trading platforms like Trading Station and MetaTrader 4, providing access to a wide range of trading instruments, including currencies, commodities, and indices. 

Moreover, these platforms are equipped with advanced charting tools, customizable interfaces, and real-time market data, empowering Canadian traders to execute strategies efficiently and make informed decisions.  

 

FXCM

 

Moreover, This broker provides access to algorithmic trading solutions, allowing traders to automate their strategies and execute trades with precision. 

Additionally, FXCM offers comprehensive educational resources and market analysis, catering to traders of all levels in Canada.

Moreover, with a commitment to innovation and customer satisfaction, they ensure that Canadian traders have access to cutting-edge technology and support to navigate the Forex market effectively, making it a top choice for traders seeking excellent trading platforms and tools.

 

Unique Features 

FeatureInformation
⚖️ RegulationFCA, ASIC, CySEC, FSCA
💻 Account TypesStandard Account

Active Trader Account

Islamic Account

Demo Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositCAD67.41 or $50
📱 Platforms SupportedTrading Station

MetaTrader 4

NinjaTrader

ZuluTrade

Capitalise AI

TradingView Pro

QuantConnect

MotiveWave

AgenaTrader

Sierra Chart

SeerTrading

NeuroShell Trader
📈 Range of MarketsForex

Indices

Shares

Commodities

Cryptocurrencies

Futures

Options
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
FXCM provides a comprehensive range of trading assets, such as forex pairs, indices, commodities, and cryptocurrencies, giving traders a variety of investing options.Some traders may find that FXCM's research tools and analysis are limited when compared to other brokers.
The broker offers competitive spreads, which may reduce trading costs for clients while increasing profitability.While FXCM provides customer assistance, the quality and responsiveness of their service may vary, potentially frustrating certain consumers.
FXCM collaborates with ZuluTrade, allowing users to participate in social trading by following and duplicating the methods of expert traders.There have been occasional reports of platform instability or technical faults with FXCM's trading platform, which may impair users' trading activity.
FXCM offers a wide range of educational products, like as webinars, tutorials, and market insights, to help traders improve their trading performance.trading platform, which may impair users' trading activity.

Some traders have observed delays or issues in the withdrawal process with FXCM, which could be a disadvantage for individuals who need immediate access to their assets.
FXCM is regulated by respected institutions such as the Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investments Commission (ASIC), offering a safe and trustworthy trading environment for clients.Due to regulations, FXCM imposes leverage restrictions on some trading products, which may limit the trading flexibility of some customers.

 

Trust Score 

They have a trust score of 95% 

 

Forex Brokers in Canada

 

Conclusion

Overall, Forex traders in Canada have a plethora of options when it comes to selecting a Forex broker.

Furthermore, from the advanced trading platforms of Interactive Brokers and Forex.com to the user-friendly interfaces of AvaTrade and Oanda, and the robust tools of FXCM.

Canadian traders can find a suitable broker tailored to their needs.

FAQs

The primary regulatory body is the Investment Industry Regulatory Organization of Canada (IIROC). Provincial securities commissions also play a role in regulating Forex trading activities within their jurisdictions. 

Utilize risk management tools like stop-loss orders and position sizing. Diversify your trading portfolio across different currency pairs and asset classes. Stay informed about market events and economic indicators that may impact currency prices 

Start with a demo account to practice trading without risking real money. Take advantage of educational resources provided by brokers, including webinars, tutorials, and trading guides. Begin with a simple trading strategy and gradually expand your knowledge and skills as you gain experience. 

Forex markets operate 24 hours a day, five days a week, starting from Sunday evening until Friday evening. The most active trading sessions overlap with major financial centers like London, New York, and Tokyo. 

  • Using excessive leverage can amplify losses and increase risk. 
  • Failing to set stop-loss orders or proper position sizes can lead to significant losses. 
  • Making decisions based on fear or greed rather than rational analysis can result in poor outcomes. 
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