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Best Forex Brokers in Canada March 2024

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Meet Thadeus, a trading guru, brilliant writer, and financial fanatic with years of expertise in the industry. Get ready to learn from his wealth of knowledge.

Article was updated: February 23, 2024
Estimated reading time: 15 minutes

Exploring the forex market in Canada requires a keen eye for trustworthy brokerage services. Traders seeking the best forex brokers in Canada must prioritise platforms regulated by the Canadian Investment Regulatory Organization (CIRO) and the Investment Industry Regulatory Organization of Canada (IIROC). Similar to the stringent requirements in the US, the Canadian forex landscape demands reliability and compliance. With an array of options available, our comprehensive guide aims to assist traders in selecting top-tier forex brokers in Canada, ensuring a secure and rewarding trading experience.

Essence

  • The best forex broker Canada must be regulated by CIRO or IIROC to safeguard your investments.
  • Conduct thorough research on the broker’s history, reviews, and overall reputation within the Canadian forex market for maximum experience.
  • Confirm the broker employs robust security protocols to protect your personal information and funds from cyber threats.
  • Develop a clear risk management strategy and understand the risks associated with leveraged trading before entering the forex market.
  • Forex traders in Canada must understand the tax implications of forex trading to ensure compliance with tax laws.
  • Consider starting with a demo account to practise trading strategies and familiarise yourself with the broker’s platform before committing real funds.

List of the Best Forex Brokers in Canada

  • Interactive brokersOverall Best Forex Broker in Canada
  • XTB Best Automated Forex Broker
  • OANDA Best Forex Broker for Beginners in Canada
  • AvaTrade Best Social Trading Forex Broker 
  • Saxo Bank Best Forex Broker for Advanced Traders in Canada
  • Forex.com Cheapest Forex Broker in Canada
  • CMC Markets Best Forex Broker For Professional Traders
  • AxiBest MT4 Forex Broker in Canada
  • FXCMBest Forex Broker With Low Minimum Deposit Requirement

Compare the Best Canadian Forex Brokers

Having acquainted yourself with the best Canadian forex brokers, explore our concise comparison table below crafted from thorough research and user insights. Our goal is to ensure you make informed decisions and kickstart your forex trading activities on a good note. 

Best Forex BrokerLicenceSupport ServiceSoftwarePaymentDemo account
IBKRFSA, FCA, ASIC, FINRA, CIRO24/5Trader Workstation, IBKR Mobile, IBKR EventTrader, IBKR GlobalTrader, IMPACTBank transfers, e-wallets, debit/credit cardsYes
XTBCIRO, FCA, CNMV, KNF24/5xStation 5, xStation MobileDebit/credit cards, e-wallets, bank transfersYes
OANDAFCA, CFTC, CIRO24/5MT4, TradingViewDebit/credit cards, e-wallets, bank transfersYes
AvaTradeFCA, CySEC, ASIC, CIRO, FSCA24/5MT4, MT5, AvaSocial, DupliTrade, AvaOptions, AvaTradeGOBank transfers, e-wallets, debit/credit cardsYes
Saxo BankFSA, CIRO24/5SaxoTraderGO, SaxoTraderPROBank Wire Transfer, Debit cardsYes
Forex.comFCA, CFTC, NFA, CIMA, CIRO, CySEC, FSA24/5MT4, MT5, TradingViewBank transfer, Credit/debit cards, Skrill, NetellerYes
CMC MarketsBaFin, FCA, CIRO24/5MetaTrader 4, NextGeneration, Mobile Trading AppsCredit/debit cards, Paypal, Bank Wire TransferYes

Choosing a forex broker Canada demands an understanding of its fees and available assets. Our tables below highlight the fee structures and assets offered, empowering you to make the best decisions for a prosperous forex trading journey.

Fees

Best Forex BrokersFeesMinimum Deposit RequirementTransactionInactivity
Interactive BrokersFrom 0.08 pointsC$0The first withdrawal per calendar month is free. Subsequent withdrawals cost CAD 2 per withdrawal in CanadaNone
XTBFrom 0.1 pipsC$0FreeC$10 monthly
OANDAFrom 0.3 pointsC$0FreeC$10 monthly
AvaTradeFrom 0.8 pipsC$300FreeC$50
Saxo BankFrom 0.6 pipsC$0FreeC$100 
Forex.comFrom 0.0 pipsC$100FreeC$15 monthly
CMC MarketsFrom 0.0 pipsC$0FreeC$15 monthly
AxiFrom 0.0 pipsC$0FreeC$10
FXCMFrom 0.2 pipsC$50FreeC$50

Assets

Best Trading PlatformsForexStocksCommoditiesCryptoETFsOptions
Interactive BrokersYesYesYesYesYesYes
XTBYesYesYesYesYesNo
OANDAYesNoYesNoNoNo
AvaTradeYesYesYesYesYesYes
Saxo BankYesYesYesYesYesYes
Forex.comYesYesYesNoYesNo
CMC MarketsYesYesYesNoYesNo
AxiYesYesYesYesNoNo
FXCMYesYesYesYesNoNo

Our Opinion & Overview of the Best Forex Brokers in Canada

We’ve meticulously researched the Canadian forex market to compile our unbiased overview of the best forex brokers in Canada. Our analysis integrates user feedback from platforms like Google Play, the App Store, and Trustpilot. Compare their features for informed decisions.

1. Interactive brokers – Overall Best Forex Broker in Canada

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Interactive Brokers (IBKR) is our top choice for the best forex broker in Canada for various reasons. While testing it, we noticed it offers access to 150 global markets spanning 33 countries. Forex trading Canada is seamless, as we had an opportunity to trade 100+ currency pairs at low spreads from 1/10 pip. And the best part is that IBKR offers diverse account options, including individual, joint, retirement, institutional, family advisor, and trust accounts, thus catering to traders of all levels. 

Beyond forex, Interactive Brokers lists stocks, options, futures, bonds, and funds tradable in 24+ currencies. We were also impressed by its ability to offer high interest rates of up to USD 4.83% on instantly available cash. With CIRO regulation, the IBKR campus loaded with quality learning tools, a user-friendly IBKR Mobile app and the BestX suite for optimal execution, this broker stands out. We therefore reward it with a 4.7-star rating based on our analysis.

Interactive Brokers Review
TradingGuides Rating:
✔ One of the oldest broker
✔ Top trading platform for advanced
Pros & Cons
Fees
Trading Assets
Pros
  • Advanced dealing tools with 90+ order types and algorithms
  • No inactivity fees
  • Low minimum deposit requirement compared to its peers
Cons
  • Limited educational resources
  • Customer support available only five days a week

Type Fee
Minimum Deposit $10
Deposit Fee Free
Withdrawal Fee Free
Inactivity Fee $0

Interactive Brokers’ clients can trade stocks, options, futures, forex, cryptocurrencies, bonds, and funds in 150 markets.

2. XTB – Best Automated Forex Broker

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As professional traders, we find XTB a top-notch choice for automated forex trading in Canada. We tested it and noticed that its xStation 5 and xStation Mobile platforms offer an excellent Automated Trading System (ATS) through an Application Programming Interface (API). XTB also provides quality resources for developing trading strategies, which are crucial for monitoring automated trades effectively. 

We appreciate the broker’s virtually-funded demo account, allowing users to test strategies without risk. Its platform’s perks, like an opportunity to earn up to 5% interest on uninvested funds, enhanced our trading experience. Plus, XTB does not have a minimum deposit requirement, charges low forex spreads from 0.1 pips, and offers access to 48+ currency pairs. From our analysis, XTB deserves a 4.5-star rating.

XTB Review
TradingGuides Rating:
✔ Constantly improving trading platforms
✔ Wide range of global markets
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement
  • Over 48 currency pairs to trade
  • Features an API for direct connection to an automated system
  • Low forex trading fees
Cons
  • No third-party trading platforms like the MT4
  • A C$10 monthly fee applies after 12 months of inactivity

Type Fee
Opening an account $0
Account type: Standard: spread 0.5
Account type: Swap Free: spread 0.7
Forex From 0.1 pips
Stock CFDs commission 0%
ETF CFDs 0%
Crypto commission From 0.22%
Monthly Fee for maintaining an Account Free of charge or up to 10 EUR
Withdrawal fee $0
Deposit fee $0

The broker boasts a wide selection of tradable assets, consisting of 1500+ instruments, including a range of global markets, such as forex, indices, commodities, ETFs, and others.

3. OANDA – Best Forex Broker for Beginners in Canada

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We tested OANDA and found it an ideal starting point for any newbie venturing into the currency market. The broker’s user-friendly platform boasts intuitive designs, ensuring a smooth trading experience even on mobile devices. With no minimum deposit requirement, OANDA offers flexibility for newcomers to decide their trade amounts without initial risk concerns. 

The broker’s low fees on 70+ forex pairs are advantageous. Plus, OANDA provides a wealth of research tools suitable for beginners, including educational resources like videos and articles. The risk-free demo account aids in market familiarisation, whereas the welcome bonus of up to CA$ 13,500 and cash rebates enhance users’ trading journey. With access to diverse technical tools via apps like TradingView and MetaTrader 4, OANDA earns a 5-star rating from us.

OANDA Review
TradingGuides Rating:
✔ Outstanding research tools
✔ Fast and user-friendly account opening
Risk Warning
76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money.
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit is required
  • +70 currency pairs provided
  • It has a welcome bonus for new users
  • Excellent research resources
Cons
  • Customer service is only available 24/5
  • No touch or face ID on its mobile app

Type Fee
Minimum deposit $0
Overnight fee Yes
Deposit fee $0
Withdrawal fee $0 to your PayPal account*
Inactivity fee Yes

*We do not charge a fee for withdrawals made to your PayPal account. If your PayPal account is denominated in a currency other than GBP, EUR or USD, you may incur an exchange fee levied by PayPal.

With OANDA, you can trade forex, indices, metals (a wide range of metals, including gold and silver), commodities and bonds.

Note: 76.6% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Best Social Trading Forex Broker

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Our experience with AvaTrade has been impressive, primarily when it comes to social trading. Besides enjoying quality educational resources, we explored the broker’s AvaSocial and DupliTrade platforms, which allow interaction with global traders for profitable insights. The social trading platforms also allow you to mirror potentially profitable trades, thus boosting your overall trading experience. 

AvaTrade is a highly customisable and user-friendly broker with fast trade execution speed. Its AvaTradeGO app, which has excellent platform ratings, reflects its reliability. We appreciate the zero commissions and low spreads, starting from 0.8 pips on major currency pairs, facilitating cost-effective trading. With a diverse range of over 40 currency pairs and 1250+ CFD assets, portfolio diversification is seamless. These and more led us to award it a 4.3-star rating.

AvaTrade Review
TradingGuides Rating:
✔ One of the most popular brokers in the UK/EU
✔ Quick deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
  • Zero commission forex trades
  • Lists over 40 currency pairs
  • Has MT4 and MT5 platforms for professional traders
  • An award-winning AvaSocial and DupliTrade social trading platforms
Cons
  • Has a C$50 inactivity fee that applies after three consecutive months
  • Its minimum deposit requirement of C$300 can be high for low-budget Canadian traders

Type Fee
Minimum Deposit £100
Inactivity Fee USD Account: $50
EUR Account: €50
GBP Account: £50
Administration Fee USD Account: $100
EUR Account: €100
GBP Account: £100
Deposit Fee $0
Withdrawal Fee $0

AvaTrade impresses with a robust portfolio of over 1250 assets, encompassing a wide range of trading instruments.

Forex – AvaTrade facilitates trading in a broad spectrum of currency pairs, enabling exposure to the dynamic forex market and diverse CFD options.

Stocks and Commodities – The platform offers a comprehensive selection of stocks and commodities, allowing users to invest in companies and raw materials across global markets.

Cryptocurrencies – AvaTrade supports trading in cryptocurrencies, providing access to a multitude of digital assets, including popular ones like Bitcoin, Ethereum, and more.

ETFs, Bonds, Treasuries, and Indices – AvaTrade’s offerings extend to ETFs, bonds, treasuries, and indices, offering diversification opportunities and exposure to various sectors and industries.

5. Saxo Bank – Best Forex Broker for Advanced Traders in Canada

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When testing Saxo Bank, we like its numerous features and recommend it primarily to advanced traders in Canada. For instance, the broker has no minimum deposit requirement and allows free deposits and withdrawals. Its SaxoTraderGO mobile app is outstanding, ensuring seamless trade management on the go. 

Professional traders will also enjoy SaxoTraderPRO’s advanced features and leverage uninvested funds to earn interest. The platform caters to diverse trading preferences with a vast array of 185+ currency pairs, low spreads from 0.6 pips, and opportunities to trade crypto FX, FX options, and swaps. Its fast execution speed benefits active traders, while the availability of quality market analysis tools elevates users’ experience. Saxo Bank stands out for advanced traders, giving it a 4.5-star rating. 

Saxo Markets Review 2024
TradingGuides Rating:
✔ Competitive forex spread costs
✔ Best for experienced traders
Pros & Cons
Fees
Trading Assets
Pros
  • 185+ currency pairs to trade
  • Features automated trading on its “Managed Portfolios” section
  • Excellent research tools for market analysis
  • Low forex trading spreads from 0.6 pips
Cons
  • An inactivity fee of $100 kicks in after 6 months
  • Limited learning tools compared to its peers

Type Fee
Minimum deposit $2.000
Inactivity fee $100
Deposit fee $0
Withdrawal fee $0
Manual order fee €50 per order
Stocks from $1
Futures as low as $1.25
Listed options as low as $1.25
ETFs from $1
Bonds from $0.05
Mutual funds $0

Stocks, Crypto, Forex, CFDs, ETFs, Commodities, Futures, Forex options, Bonds, Listed options, and Mutual funds.

6. Forex.com – Cheapest Forex Broker in Canada

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Forex.com emerges as Canada’s top-notch budget-friendly forex platform. Offering 90+ currencies with ultra-low spreads starting from 0.0 pips, it caters to diverse trading needs economically. The availability of stocks, indices, cryptocurrencies, and commodities broadens investment avenues without inflating costs. The ActiveTrader program grants cash rebates, enhancing affordability.

Forex.com’s mobile app ensures seamless trading, while beginners benefit from abundant learning resources. Professional traders have access to MT5 and TradingView platforms for advanced strategies. Account options like standard, raw, and DMA add versatility. However, users should note a $15 monthly inactivity fee after 12 months and a C$100 minimum deposit. With these cost-effective features and more, Forex.com earns a deserving 4.6-star rating.

Forex.com Review 2024
TradingGuides Rating:
✔ Unparalleled forex service
✔ Wide array of offerings
Pros & Cons
Fees
Trading Assets
Pros
  • Has a DMA account with spreads from 0.1 pip
  • MetaTrader 5 and TradingView platforms primarily recommended to traders looking for advanced trading tools and features
  • +90 currency pairs and spot metals
  • Free transactions
Cons
  • High inactivity fees
  • No 24/7 support service

Type Fee
Minimum deposit $100
Inactivity fee $15
Deposit fee $0
Withdrawal fee $0
Overnight fee $0

Clients can trade Forex, Indices, Cryptocurrencies, Stocks, and Commodities (including precious metals and oil) with different account types.

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7. CMC Markets – Best Forex Broker For Mobile Traders

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CMC Markets is the ultimate choice for mobile traders in Canada because it gave us an exceptional experience when testing it on our mobile devices. Its low minimum deposit and ultra-low spreads starting from 0.0 pips ensure accessibility and affordability. With a vast selection of 330+ currency pairs, traders have ample options. The platform’s swift trade execution speed aligns with the demands of active mobile trading. 

CMC Markets’ highly rated mobile app stands out, offering MT4 integration, over 115 technical indicators, 70+ chart patterns, and 12 built-in chart types, facilitating in-depth market analysis. Its commitment to mobile traders is evident through its feature-rich platform, making us give it a 4.4-star rating. 

CMC Markets Review 2024
TradingGuides Rating:
✔ Top tier forex and CFD broker
✔ Great selection of assets
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement
  • Low forex trading fees, from 0.0 pips
  • An amazing mobile app for Android and iOS devices
  • Hosts MT4 and NextGeneration platforms
Cons
  • A C$15 monthly inactivity fee applies after 12 months
  • Features only CFD assets

Type Fee
Minimum Deposit £200
Inactivity fee £10 monthly
Withdrawal fee £0
Deposit fee £0

  • Stocks – pick and choose between 9,500 different international company stocks listed on exchanges in North America, Europe, and Asia. Use leverage to increase your exposure and analyze the assets with an award-winning stock trading platform.
  • Indices – there are close to 100 indices available, from the FTSE 100, US 30, and Germany 40 to smaller more unknown versions. CMC also has some of the tightest spread on indices in the industry.
  • Forex – foreign exchange was the first thing that CMC ever offered and it remains one of their most popular services to this day. With 330 currency pairs, you can rest assured that you can trade any major, minor, or exotic forex pair that you could ever wish for.
  • Commodities take positions on more than 100 cash and futures and profit from precious metals, energies, or even foods. Gold is always a popular option and so is Brent oil, natural gas, corn, copper and platinum.
  • ETFs – more than 1,000 ETFs await you on the CMC Markets trading platform. With super-fast execution and a 99.8% fill rate, you’re able to take your trading to the next level on one of the most versatile financial markets around.
  • Treasuries – for a more unique trading experience, you can take positions on 50 instruments based on government bonds and interest rates, both in Europe and North America.
  • Share Baskets – these instruments are exclusive to CMC Markets and provide an opportunity to profit from the next major trend. Trade baskets based on tech stocks, U.S. banks, or even streaming services, and lower the overall risk through diversification.

8. Axi – Best MT4 Forex Broker in Canada

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Axi stands out as Canada’s top MT4 forex broker, elevating trading experiences through its unparalleled MT4 offerings. Hosting over 70 currency pairs with zero commissions and spreads starting from 0.0 pips, Axi ensures cost-effective trading on a diverse range of assets, including shares, commodities, and cryptocurrencies. Its commitment to portfolio diversification is evident. 

The inclusion of a Copy Trading app further enhances user experience on the MT4 platform, allowing traders to mirror successful strategies. Advanced traders will also benefit from a leverage limit of up to 500:1, empowering them to maximise opportunities. Undoubtedly, Axi secures its position as one of our top forex brokers, thus earning a 4.1-star rating.

Axi Review 2024
TradingGuides Rating:
✔Low trading fees ✔Fully regulated and authorized
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement with free transactions
  • Commission-free trades
  • Features Copy Trading app to mirror expert positions with increased profitability
  • Offers access to the MT4 platform with advanced resources
Cons
  • Limited asset selection
  • Featured assets can only be traded as CFDs

Type Fee
Minimum deposit $0
Overnight fee Yes
Deposit fee 3%
Withdrawal fee $0
Inactivity fee $10

Axi is a forex broker that has more than 80 currency pairs available for trading. Over 140 instruments are at your disposal for selection across various world markets.

9. FXCM – Best Forex Broker With Low Minimum Deposit Requirement

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Through extensive testing, we noticed that FXCM’s user-friendly interface and customisable features cater excellently to all traders. Besides a low minimum deposit of C$50, the broker offers remarkably low spreads from 0.2 pips on major currency pairs, ensuring cost-effective trading. Its generously endowed demo account, featuring C$50,000 virtual funds, provides an optimal practice arena for novices.

With Trading Station and MT4, FXCM furnishes robust and versatile trading experiences. Moreover, its tailored educational resources foster a deeper understanding of trading dynamics for newcomers. Given its user-centric approach and robust features, we proudly bestow FXCM with a well-deserved 4.1-star rating.

FXCM Review 2024
TradingGuides Rating:
✔ User-friendy trading platform
✔ Advanced charting tools
Pros & Cons
Fees
Trading Assets
Pros
  • Variety of trading platforms
  • Great research tools
  • Excellent educational materials
  • Low minimum deposit requirement
Cons
  • Limited asset selection compared to its peers
  • Features CFD assets only

Type Fee
Minimum deposit $50
Inactivity fee $50
Withdrawal fee for credit/debit card $0
Withdrawal fee for Bank Wire $40
Deposit fee $0
Overnight fee Yes

  • Forex Pairs
  • Indices
  • Commodities
  • Single Share CFDs
  • Cryptocurrencies.

What do Other Traders Say?

Alongside our thorough assessment of forex brokers in Canada for the best options, understanding user feedback holds significant weight. Therefore, we explored user comments and testimonials on platforms like Google Play, the App Store, and Trustpilot. Having sifted through extensive user input, we’ve gathered a selection below to offer a diverse perspective and empower your decision-making process.

1. Interactive Brokers

Users consistently praise Interactive Brokers for its expansive asset selection, applauding its intuitive interface and cost-effectiveness. The diverse account options cater to varying trader needs, while the robust research tools aid in making informed decisions.

  • “Very good app, I’m using it on regilar basis. There is no such slow login issues for me, login lasts few seconds. Also the login is remembered when using biometric for some days/weeks, so you would need to enter passwords again, which is good security level.” – Vasil Popov

  • “IBKR’s iPhone app is far better for trading and for checking portfolio, browsing options prices, and looking at the market with watch lists, than Robinhood’s or Fidelity’s. They’re what I use for watchlists and to peruse options prices, even if I’ll end up trading on other brokers’ phone apps. It’s miles better. As for the broker, IBKR Pro has easily paid for itself and migrating to it has been objectively profitable for me. This is because of its better access to markets and trading hours allowing me to place certain trades. I’ve also been happy enough with trade execution and commissions costs.”  – User4658991

2. XTB

Across user feedback, XTB stands out for its easy-to-navigate platform and exceptional customer service. Traders appreciate its transparent fee structure and the broad spectrum of available markets, making it a preferred choice for many.

  • “I have shares in other brokers, but I’m using this app to check prices and charts because it’s simply better. Flawless usability” – Kosciej

  • “Very good app. Customer service is welcoming. Lots of information for new traders available for free. Feel very valued and accepted as a beginner. Best app I have found after trying 10+ others.” – Thomas Ashley

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3. OANDA

Users express high satisfaction with OANDA, citing its reliability in trade execution and platform stability as standout features. The educational resources and responsive customer service further enhance the positive trading experience.

  • “Account was easy to open and was contacted next day by Luke a VERY helpful account manager who was very knowledgeable and answered all my questions quickly. Happy with service.” – Lucy P T

  • “The most reliable broker out there I’ve been with them for years and they’ve never disappointed me and when it comes to withdrawal they are super fast I would rate them 10/10 but obviously no broker is perfect but so far so good” – Zukisa Gaca

4. AvaTrade

AvaTrade garners praise for its user-friendly platform and extensive range of tradable assets, attracting traders seeking diversity. The responsive customer support and comprehensive educational materials contribute to its positive user feedback.

  • “Mobile application is best to use because it is easy for me rather than working on a computer my phone is often on my hand and easy to use” – Andile M

  • “I was assisted by Alev Nazli. She was very friendly and helpful. Made sure I understood the platform and confirmed that I’m all set to go. She followed up the next day as well. Much appreciated.” – Michael S

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5. Saxo Bank

Saxo Bank earns acclaim for its professional-grade trading tools and access to global markets, catering to experienced traders. Users value the platform’s wide range of asset classes and the quality of research materials provided.

  • “The person was very patient and good at slowly explaining things step by step and also strived to introduce the useful functions of the trading platform.” – Frank Sakda Sreesangkom

  • “Took a bit to get used to, but now I can really appreciate the slick UI and great performance. Wide range of products and their support replied in a timely manner the few times I had questions. Also never had any problems with outages which is a huge relieve” – Christoph Müller

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6. Forex.com

Positive feedback highlights Forex.com’s competitive pricing and robust trading platform, paired with various currency pairs available. Users commend its reliability in execution and responsive customer service.

  • “It’s a very good app. Easy to use and execution is fast. I enjoy using it.” – Charles Salter

  • “A Great Broker for Noobs and Pros! Customer Service is great they help with any problems you may be having. Website is easy to navigate as well.” – Caden Relmers

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7. CMC Markets

Traders favour CMC Markets’ intuitive platform and comprehensive educational resources, enhancing their trading journey. The stable platform and diverse range of accessible markets earn consistent praise.

  • “Simple easy to use platform and great demo from Tom showing start to finish trade and shortcuts to navigate features.” – Customer

  • “Great app, just better if holding costs were more clear. As per the tile, make it really straightforward to understand the holding costs daily/weekly/monthly for each product inc etfs so we don’t have to do the work to break it down.” – Suggssi1

8. Axi

Axi’s low trading costs and swift trade execution receive acclaim among users, who also appreciate its user-friendly interface. Quality market analysis tools and helpful customer support further elevate its positive feedback.

  • “Axi Trading Platform provides global access to a wide range of financial markets while maintaining a commitment to excellent local support. The 24/5 customer service ensures that assistance is just a message or call away, making it an ideal choice for traders seeking a reliable and globally accessible platform.” – Krasner Kendall

  • “Really good experience with Axi withdrew some money and came the day after which is surprising, would definitely recommend this broker for anyone who wants to get into trading 🤝” – Zehan ashfaq

9. FXCM

FXCM stands out for its user-friendly platform, competitive pricing, and robust educational resources catering to new and experienced traders. The platform’s reliability during high volatility periods earns praise.

  • “I got help from Rai Bashatat from FXCM Australia. I am more than happy with him always helpful knowledgeable and kind. Thank FXCM and Rai” 

  • “Good experience overall. After logging in all seems well. However, selecting the live symbols list before logging in causes a crash every time once a symbol has been selected. Disconcerting.” 

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How to Start Trading Forex in Canada

Forex trading in Canada through a brokerage demands a structured approach. Follow these essential steps to begin your journey into forex trading.

Step 1: Education and Research
Step 2: Select a Reputable Broker
Step 3: Sign Up for an Account
Step 4: Complete Verification
Step 5: Make a Deposit
Step 6: Execute Trades

Begin by thoroughly educating yourself about forex trading. Understand market dynamics, trading strategies, and risk management. Also, utilise reputable educational resources to build a solid foundation of knowledge.

Refer to our curated list of reputable forex brokers in Canada mentioned earlier. Evaluate them based on factors like regulatory compliance, available currency pairs, fees, trading platforms, and more, to ensure you make the best choice. You should also install your favourite broker’s trading app on your mobile device for seamless activity management. 

Visit the chosen broker’s website and initiate the account creation process. Click on the register, sign up, or join now button to start your forex trading account registration. Most brokers in Canada will require your personal details for this process, including your name, email, phone number, and more. You will also be required to create a strong username and password for maximum safety. 

The broker will require verification to comply with regulatory standards in Canada. Provide necessary identification documents, such as a government-issued ID and a utility bill as proof of address, to complete the verification process.

After verifying your account, fund it by making a deposit using the broker’s specified payment methods. Choose the deposit method that suits you best, whether via bank transfer, credit card, or e-wallet.

Navigate a broker’s platform to find the available currency pairs and develop solid strategies. You should also take advantage of its demo account to practise trading with virtual funds before risking real money. Once fully prepared, start executing trades on the live account. If you are a newbie, consider employing risk management techniques such as stop-loss orders to limit potential losses. Most importantly, continuously monitor your trades, analyse their performance, and learn from both successes and failures. Adapt your strategies based on market conditions and your trading experiences.

How to Choose the Right Forex Broker in Canada

Selecting the ideal forex broker in Canada demands careful consideration and tailored analysis, aligning with the specific characteristics of the Canadian market. Here’s a guide to assist you in making the best choice:

In the Canadian forex market, regulatory compliance is paramount. Prioritise brokers regulated by the Canadian Investment Regulatory Organization (CIRO) or the Investment Industry Regulatory Organization of Canada IIROC. Ensure the broker adheres to stringent regulations, safeguarding your trading funds and providing a secure trading environment.

A reputable Canadian forex broker should offer competitive trading and non-trading fees within your budget. Consider the minimum deposit requirement, commissions/spreads, inactivity fees, and more, ensuring it aligns with your financial capacity.

Diversification is key. Look for a broker offering a wide range of currency pairs and access to various financial markets. A diverse portfolio empowers you to explore different trading opportunities and mitigate risks.

For beginners, prioritise user-friendly accounts with intuitive trading tools. Expert traders may seek advanced platforms to challenge their skills while providing opportunities for improvement. Also, opt for a platform that executes trades swiftly. Our recommended brokers excel in this aspect, ensuring efficient trade execution. Seek platforms offering research materials tailored to your skill level and educational resources like demo accounts for learning. 

Evaluate a broker’s customer service availability. Whether it’s 24/5 or 24/7 support, choose a service that aligns with your trading schedule. Ensure accessibility through preferred communication channels for prompt assistance when needed.

Canada Forex Trading Strategies

Forex trading success relies on strategies adaptable to your expertise. The listed techniques have proven effective for retail traders globally, including those in Canada, offering diverse approaches for market mastery.

  1. Trend Trading

Capitalise on established trends in currency pairs. Use technical indicators to identify trends and trade in the direction of the trend, aiming to profit from sustained market movements.

  1. Day Trading

Engage in intraday trading, opening and closing positions within the same trading day. Take advantage of short-term fluctuations and avoid overnight exposure.

  1. Scalping

Execute multiple quick trades within a short timeframe, capitalising on small price movements. Scalping requires fast decision-making and precision in execution.

  1. News Trading

Stay updated on economic news releases impacting currency markets. React swiftly to news events and their potential effects on currency values, capitalising on short-term market volatility.

  1. Swing Trading 

Identify short- to medium-term price patterns. Enter trades based on swings or reversals in the market, aiming to capture larger price movements over several days or weeks.

IIROC (CIRO) Regulation

The amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) into the Canadian Investment Regulatory Organization (CIRO) represents a significant consolidation of regulatory oversight within Canada’s financial industry. When these authorities regulate a Canadian broker, it signifies adherence to stringent rules and standards established to protect investors and ensure the integrity of the financial markets. Here’s what it generally means for a broker to be regulated by these authorities.

  • Compliance and Standards: Brokers regulated by IIROC or CIRO must adhere to specific rules and standards set by these organisations. These regulations cover various aspects of their operations, including client interactions, investment advice, risk management, and financial reporting.
  • Investor Protection: IIROC or CIRO have investor protection as a primary focus. They ensure brokers act ethically and transparently, putting the clients’ interests first. This includes requirements for fair dealing, disclosure of risks, and suitability of investment recommendations for clients.
  • Market Integrity: These regulatory bodies oversee market participants to maintain the integrity of the financial markets. They enforce rules to prevent market manipulation, insider trading, and other activities that could compromise market fairness.
  • Licensing and Qualifications: Brokers regulated by IIROC or CIRO need to meet specific licensing and qualification standards. They must demonstrate a certain level of expertise and pass rigorous examinations to operate within the regulated framework.
  • Enforcement and Discipline: IIROC or CIRO have the authority to investigate and discipline brokers or firms that violate their rules and standards. This could include penalties, fines, or other corrective measures to address non-compliance.
  • Ongoing Monitoring: Regulated brokers are subject to continuous monitoring and supervision by these regulatory bodies to ensure continued compliance with evolving regulations and standards.

For investors, choosing a broker regulated by respected authorities like IIROC or CIRO offers a level of assurance regarding the broker’s adherence to industry best practices, ethical conduct, and a commitment to maintaining the integrity of the financial markets. Such brokers also boost users’ confidence and guarantee protection when engaging in investment activities.

FAQs

Should I pay tax on forex trading in Canada?

Yes. Profits from forex trading in Canada are generally taxable. Traders are required to report gains or losses in their tax returns to the Canada Revenue Agency (CRA). 

Is Canada good for forex trading?

Absolutely. Canada offers a regulated environment for forex trading with reputable oversight bodies like IIROC. This provides investor protection and a stable trading landscape.

Can I trade forex in Canada as a foreigner?

Yes. Foreigners can trade forex in Canada. However, using Canadian-regulated brokers and complying with Canadian regulations is advisable for an exciting experience. 

Is Metatrader legal in Canada?

Yes. MetaTrader platforms (MT4 and MT5) are legal in Canada. However, ensure they are hosted by brokers regulated by Canadian authorities like IIROC for compliance.

Conclusion

In the dynamic landscape of Canadian forex trading, the choice of broker can shape your trading journey. While offshore options might seem alluring, the security of your funds is paramount. Our guide to the best forex brokers in Canada empowers you with more than just a list—it’s a curated selection backed by regulatory assurance tailored to amplify your trading potential. By partnering with these reputable entities under Canadian oversight, you safeguard your investments and unlock a realm where strategic trading takes centre stage. Choose wisely, trade confidently, and let your strategies define your success in the thriving Canadian forex market.

How we test?

Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.

The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.

Thadeus Geodfrey logo
Thadeus Geodfrey

Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.

His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.

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