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17 Best Forex Brokers in Canada

Canada forex brokers

 

This article aims to discuss a few of the brokers that are active in the market and are using their expertise to make it easier and easier for people to become Forex traders in Canada by using technology, innovation, research and education.

 

Before a Forex broker can accept Forex and CFD traders in Canada they must be authorized by the regulatory body: Investment Industry Regulatory Organization of Canada (IIROC).

 

Our 17 Best Handpicked Forex Brokers in Canada

✔️IFC Markets
✔️FXTM
✔️Alpari International
GO Markets
Easy Markets
CMC Markets
OandaF
XCM
XTB
Forex.com
Swissquote
Interactive Brokers
Vantage FX
Octa FX
HYCM
ThinkMarkets
InstaForex

This list is not on a basis of the ranking of brokers but a comprehensive list of the top brokers to choose from when trading from Canada. Let’s jump into the best forex brokers in Canada.

 

IFC Markets

 

Overall Rating

4.7/5

Rated #236 of
Recommended FX Brokers

💰Minimum Deposit

$1 

🌐 Regulators

CySec, BVI FSC, LFSA

📱 Trading Desk

Phone Dealing Desk

 

Crypto

Yes

📈 Total Pairs

50

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

The company was founded in 2006 and since then, IFC Markets has expanded the range of services provided and has been focused on the development and implementation of innovative approaches to trading. IFC Markets operates under the IFCM Group, which has been in operation for 14 years. The IFCM Group consists of IFCM Cyprus Limited, IFC Markets, and NetTradeX Limited.

 

The company’s Prime Broker performs clearing functions between the Company and Banks, or its liquidity providers. IFC Markets provides its trading to over 120 000 clients through unlimited trading instruments and numerous opportunities. Added to this, the IFCM group of companies are involved in the development of projects in the field of financial technologies with the requirements set by international legislation to provide financial services.

 

Overall Pros and Cons

Pros Cons
Innovative trading solutions limited deposit currencies
Well-regulated High minimum deposit requirement on some accounts
Popular amongst traders
Good education and research tools
Competitive spreads

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100 / €100 / ¥10.000
Minimum floating spread 0.4
Minimum fixed spread 1.8
VIP accounts Yes

 

FXTM

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Started up in 2011, with a staff complement of 800 and more than 2,000,000 clients, FXTM has set up itself as a serious contender in the money trade space. You will definitely be able to make a speedy transition into the universe that is Forex, because this trader has spent a lot of energy and time into making your experience an amicable one.

 

As a beginner trader, you should quickly get up to speed from the variety of instructional material that is given by FXTM. The mobile platform is excellent and FXTM offers an easy-to-use web platform too. Client assistance is ground-breaking, however 24-hour support is the standard portion missing from their support offering.

 

Overall Pros and Cons

Pros Cons
Noteworthy customer support Withdrawals carry high fees
Easy account opening Inactivity penalties
Beginners will benefit from great educational tools More products needed

 

 Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 100
Average spread EUR/USD – active 1.0
Average spread EUR/USD – standard 0.8
VIP or active trader discounts Yes

 

 

Alpari International

 

Overall Rating

4.7/5

Rated #70 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSC 

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Working in eight cities across the globe, Alpari International (Alpari) have made their mark on the Forex market, resulting in many prosperous clients. Alpari has various product offerings for both the expert and novice trader. A demo account is made open for beginners and, later on, you can proceed to social exchanging.

 

The role of Strategy Manager is the thing that in all likelihood will be the most attractive feature to experienced traders. As a Strategy Manager, you can score extra earnings by having other traders duplicate your exchanges and take a piece of their profits. With a wide degree of products on offer and near-perfect internal controls, Alpari would be an extremely attractive choice for any trader.

 

Overall Pros and Cons

Pros Cons
Great products on offer Research tools need improvement
Experienced traders will enjoy the Strategy Manager role Educational material needs a revamp

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 100
Average spread EUR/USD – active 0.82
Average spread EUR/USD – standard 0.92
VIP or active trader discounts Yes

 

 

GO Markets

 

Overall Rating

4.9/5

Rated #34 of
Recommended FX Brokers

💰Minimum Deposit

$200

🌐 Regulators

ASIC, CySec, FSC, FSA and SCA

📱 Trading Desk

Hybrid

Crypto

Yes

📈 Total Pairs

600

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Whether you are an expert or a learner, GO Markets is a very strong counterpart for you. They offer staggering features which include a bucketload of training resources. Once you have completed the fast, straightforward account creation process, you will have access to GO Markets’ altogether professional web and mobile platforms.

 

They also offer really low Forex costs which make this trader very attractive to all types of traders. Social media, telephone, email, and the web are the channels that are accessible for unprecedented customer support.

 

Overall Pros and Cons

Pros Cons
Low trading account fees Fees after 3 months of inactivity
Good customer support

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 200
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard 1.2
VIP or active trader discounts Yes

 

 

Easy Markets

 

Overall Rating

4.9/5

Rated #18 of
Recommended FX Brokers

💰Minimum Deposit

$100

🌐 Regulators

CySEC, ASIC, BVI, FSA

📱 Trading Desk

MetaTrader 4, TradingView

Crypto

Yes

📈 Total Pairs

275+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Easy Markets was created just under two decades ago and is a trusted broker with a wealth of experience under its belt. Their proprietary trading platform has some superior features which will help to protect your funds, these include excellent risk management tools, and applications such as deal cancellation, free guaranteed Stop Loss, and Freeze rate.

 

Easy Markets has a limitation on the number of products on offer and the educational and research tools could be improved. But overall, they are a first-rate broker that you can trust as you venture into Forex trading. Clients will value their extraordinary customer support service, yet may need to stand by now and then.

 

Overall Pros and Cons

Pros Cons
No commission Product portfolio is limited
Great web and mobile trading platform
Low fees for Forex and trading High stock CFD fees

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 100
Average spread EUR/USD – active 0.9
Average spread EUR/USD – standard 0.9
VIP or active trader discounts Yes

 

 

CMC Markets

 

Overall Rating

4.7/5

Rated #227 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, ASIC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

300

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Traders will be content with the vast number of tools and platforms available at CMC Markets, which have been engaging with customers since 1989. The account creation is a little tedious in its confirmation process, but the good news is that it does not need a minimum deposit. You will have a good experience with either the web or mobile platforms.

 

CMS is known for appealing to beginners or low-skilled tradersCustomer service is a great experience but limited to working hours.

 

Overall Pros and Cons

Pros Cons
Good product selection Long lead times for withdrawals
Great trading platform Support responses could be quicker
Decent educational tools No copy/social trading

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 0
Average spread EUR/USD – active 0.81
Average spread EUR/USD – standard 0.81
VIP or active trader discounts Yes

 

Read the 18 Best Australian Forex Brokers Reviewed here

 

Oanda

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Oanda has gained notoriety for being a solid and trustworthy broker with a long track record in the Forex market. They are known for providing one of the best mobile trading platforms on the market. Delays in the verification process is the only snag in a very simple account creation process.

 

Training resources are amazing – once you navigate a poorly organized structure that is – however you will get the benefit of some real meaty materials to help you along your Forex journey. Customer service could be improved as it takes a few emails back and forth before getting your query answered fully and resolved.

 

Overall Pros and Cons

Pros Cons
Fees are low High withdrawal fees
Account opening is easy Support responses could be better
Web platform is good Only FX and some CFDs

 

Fees and commissions

Minimum Initial deposit to start trading US Dollar 0
Average spread EUR/USD – active 1.4
Average spread EUR/USD – standard 1.4
VIP or active trader discounts Yes

 

 

FXCM

 

Overall Rating

4.6/5

Rated #26 of
Recommended FX Brokers

💰Minimum Deposit

USD 300

🌐 Regulators

FCA, FSCA

📱 Trading Desk

MetaTrader 4, Trading Station

Crypto

Yes

📈 Total Pairs

7

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXCM has a great track record in Forex since they were established in 1999 and is regulated by top financial authorities like the UK FCA, the Australian ASIC, and of course, the Canadian IIROC.

 

Novice traders have made sure that FXCM does not go unnoticed due to the excellent education and training tools available. It’s very easy to create an account but there are long lead times on the verification process. Their proprietary web and mobile trading platform are not that great, while it can be customized quite easily it is not friendly to use at all and it loses appeal for not having two-factor security on account verification.

 

Telephone, email, and live chat are all available when contacting customer care and responses from the support team are swift.

 

Overall Pros and Cons

Pros Cons
Good research tools More products are needed
Vast educational tools Platforms are underdeveloped
Create an account easily No two-factor security on login

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading £300
Average spread EUR/USD – active 0.70
Average spread EUR/USD – standard 1.30
VIP or active trader discounts Yes

 

 

XTB

 

Overall Rating

4.6/5

Rated #69 of
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

FCA, CySEC, IFSC, KNF

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XTB

 

XTB has been a trusted broker in the market since 2002 and is definitely considered safe as it is regulated and listed on a stock exchange. Opening an account is easy with no delays. The training resources which are made available to traders are superb and tailored, especially for beginner traders.

 

Customer service is great but the email channel is a bit slow.

 

Overall Pros and Cons

Pros Cons
Low Forex fees Email support needs attention
Deposits and withdrawals are flexible Product portfolio is limited
Easy account creation No two-step security on login

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 0
Average spread EUR/USD – active 0.78
Average spread EUR/USD – standard 0.78
VIP or active trader discounts Yes

 

 

Forex.com

 

Overall Rating

4.7/5

Rated #231 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA, CySec 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

50

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Traders from all levels of experience have been enjoying a great trading experience with Forex.com since 2001. They are highly regulated and their solid platforms are suitable for beginner and professional Forex traders alike.

 

Educational and research tools are great but there appear to be holed with critical data. Opening an account is easy enough but the confirmation process is lengthy. Forex.com offers their best customer support over the telephone with additional channels on email and live chat.

 

Overall Pros and Cons

Pros Cons
Low Forex fees The desktop platform needs development
Research tools are good More products needed
Easy account opening Higher spreads than international brokers

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 50.00
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.0
VIP or active trader discounts Yes

 

 

Swissquote

 

Best Australian Forex Broker Swissquote

Overall Rating

4.5/5

Rated #310 of 
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

10

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Offering assurance that is quintessentially swiss, Swissquote has been keeping traders happy for over two decades. Swissquote is a highly regulated broker and is publicly traded, making it a trading platform that is well sought after (even if it is pricey).

 

Account creation is completely digital and requires a minimum deposit. Training materials are great but research resources have some limitations. Mobile and web platforms give a pleasant experience and customer support have sufficient channels.

 

Overall Pros and Cons

Pros Cons
Inactivity has no penalties Trading fees are high
Many markets to choose from The trading platform needs an upgrade
Good research tools

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 1000.00
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts N/A

 

Read the 15 Best USA Forex Brokers Reviewed here

 

Interactive Brokers

 

Overall Rating

4.9/5

Rated #41 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

FCA, ASIC, NYSE, SEC, FINRA, IIROC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Established in 1977, Interactive Brokers is a well-regulated broker that will appeal to brokers of any experience level. Users will have access to a web and mobile platform with the web platform being the better-designed platform.

 

Research and educational tools are fantastic but may seem limited due to the poorly designed interface which makes it a bit unfriendly. User account creation is fully digital but is not the most user-friendly process. Customer support is great and is available via phone, email, and live chat.

 

The only drawback is that there is no 24/7 support.

 

Overall Pros and Cons

Pros Cons
Good range of products The tedious account creation process
Great research tools Inactivity will attract penalties

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 0
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts Yes

 

 

Vantage FX

 

Overall Rating

4.7/5

Rated #66 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

VFSC 

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Offering brokerage services since 2009, Vantage FX (Vantage) is a perfect choice for Canadian traders. Vantage offers capable web and mobile platforms and exceptional research and educational tools, including live news streams and impressive education resources.

 

User support is offered in multiple languages, 24/5 a week, and provides great assistance with resolving user technical issues.

 

Overall Pros and Cons

Pros Cons
Good range of products Limited account types offered
Great research and educational tools
Easy account creation

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 100
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.4
VIP or active trader discounts Yes

 

 

Octa FX

 

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

OctaFX was founded in 2011 and offers traders a great number of products that will be appealing to both the beginner trader and the expert trader. You will find the user account opening is a simple, digital process. The research and educational tools also offer a great deal of value.

 

Their platforms – web, and mobile – perform and function exceptionally well, which is what you really need from a broker when every second count.

 

 Customer service is good and available 24/5 a week and the service team can be contacted via live chat, email, phone, and WhatsApp.

 

Overall Pros and Cons

Pros Cons
Good range of trading accounts Limited withdrawal and deposit options
Great research tools Inactivity will attract penalties

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 5
Average spread EUR/USD – active 0.5
Average spread EUR/USD – standard 1.0
VIP or active trader discounts No

 

 

HYCM

 

Overall Rating

4.5/5

Rated #36 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

69

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Having more than 40 years of experience and a reputation of providing solid financial services, HYCM struggles to keep up with competitors in the fast-paced Forex space.

 

HYCM offers both web and mobile platforms which provide an average experience at best. The research and educational tools are extensive and current, so if you are a novice or an advanced trader this is a bonus. User registration is painless and customer tech support is fantastic and operates 24/5 via live chat, email, and telephone.

 

Overall Pros and Cons

Pros Cons
Easy setup Platforms feel outdated
Great research tools

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 100
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts Yes

 

 

ThinkMarkets

 

Overall Rating

4.8/5

Rated #62 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

ASIC, FCA, FSCA, FSA-Seychelles, CySEC, JFSA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

46 FX Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Derivative products are leveraged products and can result in losses that exceed initial deposits.

 

Arriving on the scene in 2010, ThinkMarkets offers traders a noteworthy trading experience. The desktop and mobile platforms are a compelling alternatives to the traditional systems.

 

You will have access to a diverse range of research and educational tools but may find that it lacks the depths that some of the bigger competitors provide. Registering as a user is straightforward and painless, however, customer support needs some improvement as support responses are not up to par.

 

Overall Pros and Cons

Pros Cons
Easy setup Customer service needs improvement
Great research tools Limited range of products offered

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 250
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts Yes

 

 

InstaForex

 

Overall Rating

4.8/5

Rated #40 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

CySEC, FSC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

4

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️Visit Broker

 

InstaForex entered the Forex sphere in 2007 and offers traders a wide variety of products. Users will have access to a desktop and mobile platform which is average at best as there is no customization to the default platform to provide any competitive edge.

 

Educational and research tools are abundant but not necessarily relevant as they have a very narrow scope. Creating an account is straightforward and painless and customer service is available all day, every day through chat, email, and phone.

 

The help provided is great and it is evident that the support team is competent.

 

Overall Pros and Cons

Pros Cons
Easy setup No US clients
Great product range
Good customer service

 

Fees and commissions

Features Prices
Minimum Initial deposit to start trading US Dollar 1
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts No

 

In Conclusion

Finding the best broker will not always be an easy task, especially for beginner traders who won’t know what to look for. We hope you enjoyed our guide on the best forex brokers in Canada.

 

FAQ’s

 

What is the cost of Forex trading?

The total expense that a trader has to pay in order to run their trading business. Keep in mind trade execution fees. 

 

Does forex have a monthly fee?

Usually not, but some forex brokers do charge an inactivity fee after 3 consecutive months of non-use and every successive inactivity period.

 

Is forex trading better than stocks?

That depends solely on your goals as a trader, your tolerance for risk, and your trading style. Stock trading involves less leverage and regulation than forex trading, making both trading types highly lucrative and highly risky.

 

What makes forex so popular right now?

The popularity of forex trading can be attributed to its online presence (ease of access) for anyone All you need is a computer and an internet connection.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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