Best Forex Broker in Canada

Forex trading has risen in popularity in Canada through the years. A lot of Canadian traders are eager to start their forex trading career, and they often become careless when it comes to choosing a broker. This does not come as a surprise because there are hundreds of available brokers out there. 

But if you really want to start your trading journey the right way, you must invest a portion of your time in researching and getting to know the broker before you sign up with them. To help you with the process, we have prepared this list of Canadian brokers that are tried and tested. The details that you will find below will assist you in making an informed decision.

But before that, here are just some factors that you should keep an eye out for when choosing a forex broker.

  • Make sure the broker is regulated in your country.
  • As much as possible, sign up with brokers that offer Canadian dollars.
  • Verify that the broker offers the currency you want to trade.
  • Test out the customer service to see if you can rely on them for assistance.

The most important thing that you should look for in a broker is if they are regulated. This is why we mentioned this first on the list above. But how exactly can you tell if that broker is regulated? Before we get to the list of the best Canadian Forex brokers, let’s first talk about the IIROC.

What is IIROC?  

IIROC stands for Investment Industry Regulatory Organization of Canada. It is known as an SRO or a self-regulatory organization that is responsible for monitoring the trading activities and brokers in Canada.

The company was established on the first of June 2008 as a non-profit corporation. It is a part of the RS or the Market Regulation Services Inc. and the IDA or the Investment Dealers Association of Canada. It is also a member of the CSA or the Canadian Securities Administrators. 

The Canadian Securities Administrators consist of all the reputable regulatory bodies in the country. This includes the Ontario Securities Commission, the New Brunswick Securities Commission, the Nova Scotia Securities Commission, the British Columbia Securities Commission, and many more.

You can get more information on the IIROC from the main website. But you can rest assured that you can trust a particular broker if it is regulated by the Investment Industry Regulatory Organization of Canada. Keep in mind that the IIROC regulates all the brokers mentioned in this list except for a few.

#1. AvaTrade

AvaTrade is considered the number one forex broker that caters to Canadian traders. Although it is an Irish broker, it has a Canadian arm, known as Avatrade Canada, located in Toronto. It holds several licenses to operate issued by tier-2 and tier-1 regulatory companies. This is one of the reasons why a lot of Canadian traders prefer AvaTrade over other brokers.

With AvaTrade, clients gain full access to various trading platforms like AvaOptions, and the well-known MetaTrader 4. If you are looking to try out social trading, AvaTrade also offers Duplitrade as a social trading platform.

Another reason why Canadian traders choose AvaTrade is that this broker offers AvaProtection as well as negative balance protection. This comes in handy because it protects the client from losing all his or her funds.

This broker allows the use of leverage (50:1 maximum) when trading, which comes in hand for traders who want to maximize their exposure and trades. Here is a summary of what AvaTrade has to offer as well as its disadvantages.


  • You only need to deposit $100.
  • You can take advantage of the social trading features.
  • The trading platforms can be accessed through mobile phones as well.
  • Holds multiple licenses issued by reputable regulatory bodies.
  • You can trade with a leverage of up to 50:1.
  • Anyone can sign up for a free demo trading account.


  • This broker charges an inactivity rate.
  • The spreads offered by this broker are fixed, and it’s usually higher than normal.
  • Spread betting is only available to Ireland and United Kingdom-based traders.

#2. is a United States-based broker that was established in 2001. With over two decades of experience, this broker has earned its top two spots on this list. Aside from being regulated, is known to be a part of the well-known StoneX Group. This further enhances this company’s reputation.

Canadian clients can trade any of the 80 currency pairs offered by this broker. Aside from trading on its proprietary trading platform, clients can choose to execute their trades using either the MetaTrader 4 or MetaTrader 5 platform. These can also be accessed through your mobile phone. 

Similar to AvaTrade, has a negative balance protection feature. Clients can choose from a wide range of account types to suit their trading needs. A free 30-day free trial can be available by anyone to test out the tools, features, and capabilities of’s platform. 


  • The broker offers low spreads on the majority of the tradeable assets.
  • The minimum deposit is only $100.
  • The free trial account can be extended.


  • will charge an inactivity fee if there is no movement in your account for a year. 
  • There are only three base currencies. These are GBP, EUR, and USD. 

#3. Interactive Brokers

This broker was established in the United States in 1978. Considering how long it has been operating, Interactive Brokers is one of the biggest companies in the forex trading industry. It has over ten offices located around the world.

Interactive Brokers is a popular choice for traders who are just starting out. This is because it has a lot of assets to offer, which can help maximize a trader’s exposure to the market. Its trading platform is known as an educational platform because traders can learn new strategies and terms while opening trades. The website also features a lot of educational materials like webinars and video tutorials.

Additionally, newbie traders can practice on the free unlimited demo account. With the use of the demo account, you gain full access to this broker’s features, tools, and services. It is also very beginner-friendly because if a client wishes to trade on the live market, Interactive Brokers does not require a minimum deposit.


  • The broker has multiple platforms (Trader WorkStation, TWS Mosaic, and IBKR Mobile Trading Platform).
  • Insurance programs are available to the clients.
  • There are ten base currencies available.
  • The trading fees are quite low.
  • The broker does not require a minimum deposit.
  • A free unlimited demo account is available.


  • Social or copy trading is not a feature offered by this broker.
  • The broker does not accept debit or credit cards.
  • Canadian clients will need to request an IBKR Mastercard to fund their accounts.

#4. CMC Markets

CMC Markets is a United Kingdom-based broker that has been operating since 1989. This company has gained the trust of millions of traders and a huge number of regulatory bodies ever since it was established.

This broker has a lot of clients because of the huge number of tradeable assets. In total, there are 300 tradeable currency pairs on the broker’s platform. The company also does not require a minimum deposit from its clients, which makes it very beginner-friendly.


  • The broker does not require a certain amount to be deposited for clients to be able to start trading.
  • There are hundreds of forex pairs to choose from. 
  • The website features a lot of educational materials like articles, tutorials, and webinars.
  • Clients can withdraw their earnings from the bank for free.
  • A free demo account can be used to test the platform.
  • Spreads for forex trading start at 0.3 pips.
  • The broker does not charge a commission.


  • Social trading is not a feature supported by this broker. 
  • CMC Markets do not permit Algo-trading.
  • CMC Markets do not offer a zero spread account.

#5. FXCM

This United States-based broker was founded in 1999, and it has offices located in five different parts of the world. Although it is known for being popular with traders located in South Africa, FXCM has a huge number of clients from Canada.

The low and competitive spreads are one of the factors that attract so many Canadian forex traders. It also features two top-notch trading platforms. These are the MetaTrader 4 and the FXCM Trading Station. Alternatively, traders can use a third-party platform known as FXCM Ninjatrader. All these platforms can be opened on a mobile device.

With more than 35 tradeable forex pairs with spreads starting from as low as 0.2 pips, FXCM is a good place to start for traders who have only begun their trading journey. Additionally, the minimum deposit is only $50, which makes it very affordable.


  • The minimum deposit is very affordable
  • Spreads on forex pairs are very low.
  • The free demo account does not expire.
  • A negative balance protection feature is available to all clients.


  • Spread betting is not offered to Canadian clients.
  • There are only three base currencies available. (EUR, USD, and GBP).
  • The amount of forex pairs available is quite low for professional traders.
  • An inactivity fee is charged if your account does not have any movement for a year.

#6. EasyMarkets

EasyMarkets was originally founded in Australia but is now based in Cyprus. Although the IIROC does not regulate it, this broker is still permitted to offer its services to Canadian clients. It is regulated by the CySEC or the Cyprus Securities and Exchange Commission and the ASIC or the Australian Securities and Investments Commission.

The spreads on forex are at a fixed 0.9pips, depending on your account type, and there are a lot of currency pairs to choose from. It features two different kinds of accounts that clients can choose from to better suit their trading needs. These accounts are the Standard and VIP accounts. 


  • EasyMarkets only requires at least $25 as a minimum deposit.
  • There is a wide range of tradeable forex pairs.
  • Anybody can use a free unlimited demo account.
  • A negative balance protection feature exists to protect the client’s funds.
  • Clients can trade on either the MetaTrader 4 platform or the EasyMarkets web platform.


  • The IIROC does not regulate the broker
  • Clients are charged a fee if they wish to hold their position overnight.
  • EasyMarkets do not offer copy and social trading.
  • The trading platforms can not be accessed through a mobile device.

#7. Vantage

Vantage is a premium forex broker that has grown into one of the industry’s leading names and a popular choice for Canadian traders. They are an Australian-based broker, and while they are not IIROC-regulated, they are well-known in the industry and are approved for trading in Canada. A trader can open an account with $200 as their initial deposit.

The broker has won numerous awards throughout its ten years of operation. It is famous for its fast execution speeds provided by ECN execution. Both beginners and professionals can also take advantage of the educational materials present on Vantage’s main website.

The pips of forex currencies can be as low as 0 pips. But on average, it starts at 0.2 pips when you’re trading EUR/USD. For GBP/USD, on the other hand, it starts at 0.4 pips. There are nine base currencies available, which makes it easier for clients to deposit funds into their accounts.


  • The base currencies are CAD, HKD, NZD, JPY, SGD, AUD, GBP, USD, and EUR.
  • Choose from a wide range of account types.
  • The demo account offered by this broker has no time limit.
  • Spreads can start from as low as 0 pips. 
  • Both MetaTrader 4 and MetaTrader 5 are available as trading platforms.
  • The mentioned platforms can be accessed through Vantage’s mobile application.


  • The minimum deposit of $200 is higher than other brokers.
  • For you to be able to avail of all the features, you have to deposit at least$1,000

#8. Oanda

Oanda was established in the United States in 1995. However, you can find multiple offices located around the globe. This means Oanda has a wide global reach and offers its services to a huge number of traders around the world.

This broker does not require its clients to deposit a specific amount to start trading. The demo account is unlimited and is available to everybody with 70 tradeable currency pairs with spreads that start from 0 pips.


  • The demo account does not expire.
  • The broker offers competitive spreads.
  • Oanda requires no minimum deposit.
  • The MetaTrader 4 and MetaTrader 5 platforms can be used.


  • USD is the only available base currency.
  • An inactivity fee will be charged if the account has no movement for a year.

#9. OctaFX

OctaFX is a Europe-based broker that offers lightning-fast execution speeds provided by ECN execution. This broker requires a deposit of $100 to open a live trading account. Upon creating an account, clients can trade any of the 28 currency pairs with spreads starting from 2 pips.


  • OctaFX offers copy trading.
  • The broker offers competitive spreads.
  • MetaTrader 4, MetaTrader 5, and cTrader are the available trading platforms.


  • The minimum deposit is a bit high compared to other brokers ($100).
  • There are only a few forex pairs to choose from.
  • There are only two base currencies available. These are USD and EUR.

Frequently Answered Questions

Is forex trading illegal in Canada?

Trading forex in Canada is legal. The Investment Industry Regulatory Organization of Canada is responsible for overseeing the industry. Before you sign up with a broker, you have to make sure that a reputable company like the IIROC regulates them.

Is forex available in Canada?

Forex or foreign exchange is available in Canada and can be traded with the use of brokers. Ensure that the specific forex pair you want to trade is offered by the broker you signed up with.

Who is the best forex trader in Canada?

There is no definite answer as to who is the best forex trader in Canada. But if we’re talking about the best forex trader in the world, this title is owned by George Soros.

How can I buy forex in Canada?

For you to be able to purchase or trade forex in Canada, you will need to open a live trading account with a reputable broker. Once your account has been verified, you can choose a specific forex pair to invest in and simply execute a trade. Multiple video tutorials are available on the internet, but it’s a very straightforward process.

But keep in mind that you will have to do quite a bit of research before you execute a trade. Also, you will have to read the charts and various news articles for you to be able to make an informed decision. You have to invest your time in doing this to help minimize the risk of loss so you can have a higher chance of making a profit from the forex market’s movement.