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Best forex brokers Canada 2023

Welcome to We are here to help with forex trading Canada for beginners in 2023.

Forex Trading in Canada

Our team is dedicated to connecting Canadians with the best forex brokers in Canada, including accounts, trading apps, and any tax considerations. FX traders can feel safe and confident choosing from our recommended list of Canadian brokers for beginners.

Are you interested in forex trading in Canada and looking for the best forex broker to get started with? Our forex broker comparison helps here. For nearly 15 years, our team of financial experts has evaluated the best forex providers in Canada to make your choice easier. Find out about the most important criteria when choosing a broker.

Compare top Canadian forex brokers

Here are our top-rated forex brokers in Canada, independently reviewed and recommended by Forex Canada’s team of experts:

We are sure to find you the best forex broker for you, whether you are in Toronto, Montreal, Quebec, Vancouver, or anywhere in between. Expect the best range of forex pairs, bonuses, low spreads, low commissions, and incredible trading conditions.

What is forex trading?

Canadian foreign exchange traders aim to make money off of price changes in global currency markets. Online brokerage firms provide access to the financial markets through trading platform accounts where traders do market analysis and take positions.

Canadian Dollar

FX traders in Canada should sign up with forex brokers with the Canadian dollar (CAD) as an account base currency. This reduces the cost of trading and currency conversion fees.

The Canadian dollar makes up 2% of the global currency reserves held by banks and is the sixth most traded currency in the world. The domestic economy, which is primarily supported by exports of mining, oil, and gas, has the most impact on the CAD. Given that the price of gold and crude oil directly affects the value of the CAD, forex traders should pay close attention to these prices.

Is trading forex legal in Canada?

Yes, forex trading in Canada is 100% legal when trading with a licensed broker. We know Canadian laws and regulations can seem hard to understand. The Investment Industry Regulatory Organization of Canada (IIROC) is the national regulator of forex trading in Canada. However, there is also a local regulator in each provinces and territories.

Below are list of forex regulatory bodies in Canada:

How we rate forex brokers

Safe and Secure Forex Trading in CanadaIn contrast to many other comparison websites, on this site, we present the safest providers with the best conditions for traders. We will only recommend reputable forex brokers that offer the best trading experience. As top traders with many years of experience, we have tested many forex brokers and still use some of them. A good provider should have certain characteristics that guarantee good and safe trading.

That is why we constantly update our ratings to ensure Canadian traders are getting the latest information on the foreign exchange market.

A good forex provider for Canadians should have these characteristics:
forex broker checklist

  • Regulated and licensed by an official financial regulator.
  • Are legal for Canadian traders to use.
  • Professional customer support.
  • High security of customer funds.
  • Allow you to deposit in Canadian dollars.
  • User-friendly and flexible trading platform.
  • Good trading conditions and low fees.
  • Fast order execution.
  • No requotes (cancellation of the order).
  • Free demo account.
  • Fast deposit and withdrawal of customer funds.

Top 10 forex brokers in Canada

We have searched the internet to find the very best forex brokers in Canada. We compared all the top online brokers out there to find the best of the best. Find the top 10 trading sites:

  1. FXCC Broker – Best overall broker with tight spreads
  2. Fusion Markets – Lowest commissions Canadian broker
  3. BlackBull Markets – Top ECN trading broker in Canada
  4. easyMarkets Broker – Good platform with guaranteed stop losses
  5. Broker – Best for technical analysis
  6. Fpmarkets – Best forex demo account
  7. Eightcap – Interactive platform with the very low fees
  8. LegacyFX – Offers great educational materials
  9. Avatrade – Best for market research analysis
  10. FXChoice – Best Canadian broker with low FX swap rates

How to pick a legit forex broker

The forex broker market in Canada is saturated, presenting traders with both opportunities and challenges. To avoid any potential pitfalls, we have compiled a list of key factors to consider when selecting a forex broker. We strongly advise traders to consult our checklist before choosing a Canadian forex broker that offers high-quality online trading services.

Quick Sign-Up Process

We test the sign-up process over and over again to make sure everything goes smooth. Every broker that we recommend has a user-friendly platform.


Our forex providers offer Canadian traders a selection of safe and secure banking options with fast deposit and withdrawal times.

Choose any banking method you like and start trading fx pairs online. The following methods in Canada ensure the smallest minimum deposits:

  • MasterCard
  • Visa
  • PayPal
  • UnionPay
  • EcoPays
  • Bitcoin
  • Skrill
  • Neosurf

Educational tools

A good forex broker provides clients with many educational tools. These tools help traders to learn more about forex trading in Canada and make informed decisions. When you want to venture into online trading as a beginner, you need all the important educational material. The best brokers provide basic education about the foreign exchange market including economic calendars.

Execution speed

One other important factor to consider when choosing a safe forex broker in Canada is the execution speed of the broker. A good broker will execute your order as fast as possible. A good broker will not take more than a couple of seconds to execute the trade. If the execution speed is slow on that broker, then you should using avoid such a broker. A slower execution speed can cost you a lot of money. If you are a scalper, for example, you need a broker that provides fast execution. With such a broker, there is an assurance that you will get the best price possible on each trade. Execution speed is very important during high volatility periods in the forex market.

Customer Support

At, giving traders excellent customer support experience is of the utmost importance. If customer support is poor, you should never register with such a broker. It does not matter if the broker offers all the best trading tools in the world. It also does not matter if the trading platform looks attractive. None of these things are as important as top-quality customer service.

Forex brokers accepting Canadian clients

The best forex trading accounts

Online Brokers offer different types of trading accounts for traders to choose. The first distinction of account types is between the live accounts, demo accounts, and Swap-free accounts.

Live Accounts

These accounts use real money, and everything that you neutralize in this sort of account will affect your profit or loss.

Demo Accounts

These are accounts loaded with virtual money and don’t expose a trader to any risk. Demo accounts allow traders to check the trading platform, research area, and trading conditions before committing real money. Most demo accounts are time-limited but are easy to reactivate.

Managed Accounts

Managed forex accounts are high-reward and very high-risk investments. When you open this type of account, an experienced trader or a group of traders will trade your money along with the money of other investors.

Islamic (Swap-Free) Accounts

Islamic accounts, or swap-free accounts, are an optional trading account type that allows forex traders to be compliant with the principles of shariah. This account type follows the Islamic Shariah principle and doesn’t charge interest for overnight positions.

VIP accounts

You will find VIP accounts on the platform of many brokers. This type of account is for traders that trade with a very large deposit. The broker will give such traders the best trading conditions. For one, trade execution will be very fast. The VIP account holder will also enjoy a very tight spread.

Standard accounts

Traders holding this type of account can access a minimum of one standard lot size. This is the same as 100,000 units of the base currency. 1 pip of a forex pair with its base on the U.S dollars is the same as $10.

Mini accounts

Mini account holders can place trades with a minimum of one mini lot size. So, a mini lot stands for one-tenth of a standard lot. This means that a mini lot is a tenth fraction of a standard lot. It also translates to 10,000 units of a base currency.

Micro accounts

One other type of account is the micro account. In this type of account, the lot is called a micro lot. A micro lot is the same as 1,000 units of a base currency.

Why compare Canadian brokers?

In order to actively start online forex trading in Canada, you first need a Canadian forex broker who enables you to trade online. The forex broker provides an online trading platform on which you can trade different currency pairs.

Due to the increasing interest in forex trading, the number of brokers in Canada has also increased in recent years. Not all providers are similar when it comes to trading offers, conditions, and other services. In addition, every trader has his own needs and techniques. It’s therefore worth taking a more in-depth look and comparing Canadian forex brokers well with one another. At Forex Canada we therefore introduce you to the best and most popular brokers where you can get professional tools for foreign exchange trading.

Canadian forex brokers

What to consider when choosing a forex provider

The decision for a particular forex provider should be made after a thorough examination of the products and services. Certain quality criteria can be set up here, which provide information about how well a company performs in comparison. Our tests are based on the following factors:


The so-called leverage allows you to move significantly more extra money than what has actually been deposited. Leverage is really a loan from the broker that’s granted for the duration of the execution of a trade. Below are recommended leverages for some popular instruments:

  • 100: 1 for major currency pairs
  • 300: 1 for other currency pairs, gold and major indices
  • 100: 1 for commodities and secondary indices
  • 100: 1 for stocks
  • 200: 1 for cryptocurrencies

With a 100-fold leverage on the liquid forex pair EURUSD, you can open a position over 3,000 dollars with a deposited capital of 100 dollars. However, the lower the leverage, the lower the risk. Therefore, beginners should first get to understand the leverage effect in a demo account and begin carefully with small amounts.


Regulators make sure that brokers have a good trading environment and anti-money laundering processes, all the while operating strict auditing oversight and ensuring client fund protection. Brokers that are under regulation by one major regulator are more trustworthy.

The major forex broker regulators are:

  • United Kingdom – Financial Conduct Authority (FCA)
  • Canada – Investment Industry Regulatory Organization of Canada (IIROC)
  • Continental Europe – Cyprus Securities and Exchange Commission (CySEC)
  • Australia –Australian Securities and Investments Commission (ASIC)
  • Africa- Financial Services Conduct Authority (FSCA)

These international regulators have good ratings. They also have strong oversight, and swift enforcement of sanctions on fraudulent brokers.

A trustworthy broker should be under the regulation of a minimum of one of the main regulators. Brokers that are regulated by more than one regulator are more reliable.


The so-called spread is nothing more than the difference between the bid and ask price of a forex pair or another underlying asset; i.e., between the buy and sell price. Forex and CFD brokers indicate the spreads for the values offered in lists on their websites and via the trading platform, in pips. A pip is the unit of measure for price fluctuations in the fifth digit.

In practice, this means: you’re trading the forex pair EURUSD, which is displayed in the chart with a price of 1.2000. The broker will now specify two rates – in our example, 1.2002 and 1.2000. The spread you will be charged in this case is 2 pips.

Fees and costs

The costs involved in trading are quite different. Many brokers only charge the spread; others also charge commissions per order. Particular attention should be paid to hidden fees that may also apply. These include fees for deposits, withdrawals, and account inactivity.

Minimum deposit and account models

If you open a trading account with a forex broker, you usually have to make an initial deposit of a specified minimum amount. This depends on the provider, but often also on the account type. The minimum deposit isn’t required with most Canadian brokers. However, deposits with some providers can also be extremely high, which thus provides information about which target group a broker would like to address with its offers.

Usually you can choose from different trading accounts or service levels with one and the same Canadian forex broker, with which the minimum deposit is graded. With a higher initial deposit, traders gain additional services such as expert analyzes, personalized training courses, or access to information from providers such as Trading Central. In order to actually be able to trade currency pairs profitably, however, a certain share capital is required, which is between C$500 and C$10,000.

Choosing the best forex brokers

How to open forex trading account

First, you have to open a fx trading account with one of the Canadian brokers. This is a difficult undertaking, especially for beginners. We have listed a good choice of forex official websites below to help you get started.

Get Started with forex trading in Canada
Comprehensive mobile offer
Massive bonus offers
No MT5 platform
User-friendly app
100% Canadian
Simple trading app
Short sign-in form
No bonus offers

Every broker offers an extra area on their website where the online forex account can be registered. The registration procedure can vary from broker to broker, but is essentially based on the following basic steps:

  1. Visit the broker’s website and fill out the online application form.
  2. You will receive an email about identification. Please follow the identity verification instructions in the email.
  3. Deposit funds into your trading account.
  4. Download the broker’s trading platform.
  5. Make your first trade.

Best forex trading strategies to use

In any type of trading you do, it is best to participate in forex online trading if you want to trade based on a strategy. In the past, it has been shown time and again that acting out of the gut usually leads to total losses. There are numerous trading strategies that Canadians can use when trading online. Here are the types of trades to consider:

  • Trading News: This trade takes advantage of the acute volatility exhibited by currency pairs after the discharge of important economic or geopolitical news.
  • Day trading: This type of trading limits all transactions to one trading session.
  • Scalping: This high-volume trade involves taking advantage of very short-term market moves. Scalpers enter and exit the market to capture small profits, a couple of pips at a time.
  • Swing trading: The classic “buy low, sell high” trade, also known as swing or momentum trading, involves entering and exiting the market-supported momentum technical indicators. Swing traders can, and sometimes do, take overnight positions.
forex trading

The most traded currency pairs in Canada

forex trading pairsThere are many currencies that are traded daily in the forex market. Each currency is paired with another to make a currency pair. Some currency pairs are traded more than others.

Regularly seen on

News media and reputable publications rely on Forexcanada for our established reputation as a trusted and authoritative source of information on online trading and brokers.

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Avoid these blacklisted brokers

As a reliable source of information for the online trading community, we have been committed to reviewing and recommending the most trustworthy and secure forex brokers for over 25 years. Our team has identified several forex brokers that do not meet our stringent standards, and after receiving numerous reports of unscrupulous practices from our users, we have included these brokers on our blacklist. We advise traders to exercise caution and avoid these brokers to protect their investments.

  • Claims of withdrawal problems
  • No license information shown on site
  • Poor customer service
  • Delayed response times from customer support
  • Reprots of slow payments
  • High potential risk
  • Suspicious regulatory license
  • Reports of slow payments

Quick facts: Forex brokers in Canada

Forex Brokers Yes ✅
Trading platforms Yes ✅
Capital gains tax 0% to 24%
Currency pairs 100+
Legal age for trading 18
Best forex broker FXCC Broker ⭐

Final word

The forex brokers in Canada comparison from makes it easier for you to choose the right broker for all areas. Make use of our reviews and the experience of other traders to successfully start trading.

Benefits of using a reputable top forex broker in Canada:

  • Low minimum deposit
  • Leverage in accordance with the Canadian binding guidelines
  • Intuitive trading platform with powerful chart tools
  • Free, preferably open-ended, demo account

Forex trading Canada FAQs

Local Canadian brokers

More land-based broker information

Land-Based Broker Broker Information
Velocity Trade
• Situated in Montreal

• Open 24/7

• 5 financial trading services

• 150 forex pairs

• Simon Grayson is the CEO of the company

Interactive Brokers • Situated in Québec

• Open 24/7

• Biggest forex company in Canada

• The company is trustworthy

• Low margin interest rates of 5.83%

• Has the largest investment selection

Infinity Global Traders
• Situated in Toronto

• Open 24/7

• Hundreds of stocks

• Wide variety of trading resources

• Tony Watson is the CEO of the company

Canex Forex Currency Services
• Situated in Alberta

• Open 8/5

• 100 currencies

• Most trusted land-based currency exchange

• The company charges no service fee