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The Best Canadian Forex Brokers for February 2024

Martin Jekic - Forexcanada
Written by: Martin Jekic , Forex Expert Fact checked by: Aron Smith, General Manager at Forexcanada
Last Updated Feb 23, 2024, 10:00 AM ET

FXCC and FP Markets stand out as top-rated forex brokers in Canada.

Discover the best forex brokers Canada has to offer. We’ve meticulously reviewed over 100 platforms across all 10 provinces to give you the top-rated forex brokers for beginners.

Whether you’re looking for Canadian-friendly payment methods, a variety of currency pairs, or generous welcome bonuses, we’ve got you covered. Check out our list of the best forex brokers in Canada below, or keep scrolling for more insights into the Canadian forex market.

The Canada’s Top Forex Brokers

Bonus
Overall Rating
Details

How We Rate Canadian Forex Brokers

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

Quick sign-up process

We repeatedly test the sign-up process to ensure that everything goes smoothly. Every broker we recommend offers a user-friendly platform.

Banking

Our forex providers offer Canadian traders a selection of safe and secure banking options with fast deposit and withdrawal times.
You can choose any banking method you prefer and start trading FX pairs online. Safe forex brokers should allow the following methods:

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

Educational Tools

A good forex broker provides clients with many educational tools to help traders learn more about forex trading in Canada and make informed decisions. When venturing into online trading as a beginner, having access to essential educational material is crucial. The best brokers offer basic education about the foreign exchange market, including economic calendars.

Execution Speed

Another important factor to consider when choosing a safe forex broker in Canada is the broker’s execution speed. A good broker will execute your order as quickly as possible. A quality broker won’t take more than a couple of seconds to execute a trade. If the execution speed is slow with a particular broker, it’s best to avoid such a broker. Slow execution speed can potentially cost you a significant amount of money, especially if you are a scalper. For scalpers, a broker that provides fast execution is essential, ensuring the best possible price on each trade. Execution speed is particularly vital during high volatility periods in the forex market.

Customer Support

At ForexCanada.ca, providing traders with an excellent customer support experience is of the utmost importance. If customer support is lacking, you should avoid registering with such a broker. It doesn’t matter if the broker offers the best trading tools in the world or if the trading platform looks attractive. None of these factors are as important as top-quality customer service.

List of Top Canada Forex Brokers & Trading Platforms

The Best Canadian Forex Brokers Reviewed

1. FXCC – Overall, best forex broker in Canada

FXCC stands out as the best forex broker in Canada in 2024. The forex provider offers a comprehensive suite of features and benefits tailored to meet the diverse needs of Canadian traders. It has an outstanding reputation for reliability, low trading fees, and excellent customer service. Clients can start trading on 80 currency pairs, including major, minor, and exotic, as soon as they register.

FXCC Canada Broker

At FXCC, Canadian traders can get started with a minimum initial deposit of only $100. After that, FX trades begin with spreads as low as 0.0 pips. You won’t be charged any fees for depositing or withdrawing money. FXCC provides leverage of up to 1:500 for major forex pairs and offers a swap-free account for Islamic traders.

Another reason we recommend FXCC is their cutting-edge trading platforms. They offer Metatrader 4 for both desktop and mobile. Their platforms are reliable and secure, providing traders with the tools they need to execute trades with confidence and efficiency. Whether you’re an experienced trader or just starting out, FXCC’s user-friendly platforms make it easy to navigate the forex market and capitalize on trading opportunities.

Features:

  • Extensive currency pair selection
  • Advanced trading platforms
  • Flexible trading options
  • Dedicated customer support

Pros

  • Live 24/5 customer support.
  • Over 80+ currency pairs.
  • Low spreads from 0.0.
  • 100% deposit bonus.

Cons

  • Doesn’t offer MT5 trading platforms.

2. Fp Markets – Best for high leverage trading

FP Markets excels as the top destination for high leverage trading in Canada. With a focus on providing traders with the tools and resources they need to succeed, FP Markets offers a comprehensive suite of features designed to enhance the trading experience. From its robust trading platforms to its competitive spreads and dedicated customer support, FP Markets sets the standard for excellence in the forex industry.

FP Markets Canada Broker

At FP Markets, users can access a diverse asset offerings. Access over 10,000 stocks from global exchanges, trade 19 major global indices, delve into commodities such as coffee, oil, natural gas, and corn, or explore precious metals like gold and silver. Additionally, embrace the future with digital currencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. You get low spreads from 0.0 pips and lightning-fast execution facilitated by FP Markets’ NY4 server facility, ensuring optimal trading conditions and minimal latency.

Lastly, the broker provides access to industry-leading trading platforms including MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView, cTrader, and WebTrader, available on desktop and mobile devices. Experience superior trade execution and advanced charting tools to enhance your trading experience.

Features:

  • Faster execution trading platforms
  • Ultra-low spreads
  • MetaTrader 4 and 5
  • Copy top-performing traders

Pros

  • Tight raw spreads.
  • Over 10+ global markets to trade.
  • Low spreads starting from 0.1.
  • Copy trading platform.

Cons

  • Only 18+ forex pairs offered.
  • High minimum deposit.

3. Avatrade – Best Forex Options Broker with Dedicated Copy Trading Platform

AvaTrade is the top forex broker offering a unique feature – vanilla forex options trading. This distinctive offering enables traders to effectively manage risk and hedge against uncertainty in the global market, setting AvaTrade apart in the competitive landscape of forex trading.

Forex options trading presents a valuable opportunity for traders to leverage their positions beyond the limits set by traditional margin requirements. With AvaTrade, traders can access leverage greater than the 400:1 margin allowed by the IIROC for standard forex traders, making it a preferred platform for those seeking enhanced trading capabilities, including copy trading.

AvaTrade’s forex options cover a wide range of major and minor pairs, including popular options like USD/GBP and USD/EUR. The platform boasts a dedicated trading interface, AvaOptions, designed to simplify options analysis for traders of all levels. Equipped with a variety of built-in trading strategies, AvaOptions empowers traders to explore and capitalize on market opportunities with ease.

In addition to its robust options trading platform, AvaTrade offers support for copy trading through AvaSocial, as well as integration with DupliTrade for seamless copying of trading strategies. This further enhances AvaTrade’s appeal for traders looking to leverage the expertise of others in their trading endeavors.

Avatrade Canada Broker

AvaTrade provides a diverse selection of trading platforms, including its proprietary WebTrader platform and the popular MetaTrader 4 and 5. Traders can also access AvaTrade’s mobile app, AvaGO, available for both iOS and Android devices, recognized as one of the top stock trading apps in Canada. To facilitate exploration and decision-making, AvaTrade offers a free demo account for traders to test out various platforms and identify their preferred choice.

Features:

  • Copy trading with AvaSocial and DupliTrade
  • MetaTrader 4 and 5 available
  • Dedicated AvaOptions copy trading platform
  • Comprehensive forex trading education resources

Pros

  • Forex options support.
  • Multiple trading platforms.
  • Excellent customer support.
  • Mobile-friendly platforms.

Cons

  • Inactivity fee.
  • High spreads.

What is Forex Trading?

Forex, a concise term for Foreign Exchange or FX, lies at the heart of currency exchange. But it’s far more than a mere swapping of bills; it’s the unseen force shaping the prices of fuel, groceries, imported goods, and even your travel expenses. The Forex market is a relentless juggernaut, operating around the clock for five days a week, with daily trading volumes that defy imagination—trillions of dollars changing hands seamlessly. It proudly stands as the world’s largest and most liquid financial market.

In April 2022, the Bank for International Settlements reported an astonishing daily turnover of US$7.5 trillion (CAD$10.2 trillion) in the global Forex market. This remarkable figure solidifies its position as the unrivaled champion of financial markets, leaving stock and bond markets in the dust.

Is Forex Trading 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:

  • Investment Industry Regulatory Organization of Canada
  • Alberta Securities Commission
  • Canadian Securities Administrators
  • British Columbia Securities Commission

The Benefits and Risks of Forex Trading

Trading in the Forex market can be a thrilling endeavor, but it’s crucial to understand the opportunities and pitfalls it presents. Let’s explore the benefits and risks of trading Forex, helping you make informed decisions on your journey to financial success.

Pros

  • Liquidity: The Forex market stands as the world’s largest financial arena, characterized by high liquidity. This means you can effortlessly buy and sell currencies, taking advantage of tight spreads and swift transactions.
  • 24-hour Market: Unlike many other financial markets, Forex operates around the clock. You can scan for trading opportunities at any time, whether it’s during the Asian market session on Sunday evening or the Toronto close on Friday.
  • Leverage: Forex trading offers the potential to open larger positions with less capital. While this can magnify profits, it’s essential to use leverage wisely and understand the associated risks.
  • Simplicity: Forex trading provides the flexibility to buy, sell, hedge, or employ various trading strategies, accommodating both novice and experienced traders.

Cons

  • Leverage Risk: While leverage can amplify profits, it also magnifies losses on trades that move against your predictions.
  • Scams and Fraud: The Forex sector tends to attract scams and fraudulent schemes. It’s essential to exercise caution and conduct thorough research before engaging with any Forex broker or investment opportunity.

Why You Can Trust Our Top Canadian Trading Platforms

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 only recommend reputable forex brokers that offer the best trading experience. As top traders with many years of experience, we have tested numerous forex brokers and continue to use some of them. A reliable provider should possess certain characteristics that ensure a good and safe trading experience.

That’s why we continually update our ratings to ensure that Canadian traders have access to the latest information on the foreign exchange market.

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

  • Regulated and licensed by an official financial regulator.
  • Legal for Canadian traders to use.
  • Professional customer support.
  • High security for customer funds.
  • Allow you to deposit in Canadian dollars.
  • User-friendly and flexible trading platform.
  • Favorable trading conditions and low fees.
  • Fast order execution.
  • No requotes (order cancellations).
  • Offer a free demo account.
  • Fast deposit and withdrawal of customer funds.

Forex brokers accepting Canadian clients

Types of forex trading accounts

Canadian brokers offer different types of trading accounts for traders to choose from. The first distinction among account types includes live accounts, demo accounts, and Swap-free accounts.

Live Accounts

These accounts use real money, and every action you take in this type of account will impact your profit or loss.

Demo Accounts

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

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 manage 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 comply with the principles of Shariah. This account type follows Islamic Shariah principles and doesn’t charge interest for overnight positions.

VIP accounts

VIP accounts are offered by many brokers. This type of account is for traders who trade with a substantial deposit. The broker will provide such traders with the best trading conditions, including very fast trade execution and tight spreads.

Standard accounts

Traders holding this type of account can access a minimum of one standard lot size, which is equivalent to 100,000 units of the base currency. One pip of a forex pair with its base in U.S. dollars equals $10.

Mini accounts

Mini account holders can place trades with a minimum of one mini lot size. A mini lot is one-tenth of a standard lot, which translates to 10,000 units of a base currency.

Micro accounts

Another type of account is the micro account, where the lot size is referred to as a micro lot. A micro lot is equivalent to 1,000 units of a base currency.

How to open a forex trading account

First, you need to open an FX trading account with one of our best Canadian brokers. This can be a challenging task, especially for beginners. We have listed some reputable forex service providers below to assist you in getting started.

Top largest forex brokers 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 additional section on their website where you can register for an online forex account. 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 complete the online application form.
  2. You will receive an email regarding identification. Please follow the instructions for identity verification in the email.
  3. Deposit funds into your trading account.
  4. Download the broker’s trading platform.
  5. Execute your first trade.

Latest Canada forex news

Are you eager to dive into the ever-evolving world of forex trading and on the lookout for the latest trends, market insights, or valuable strategies to enhance your trading experience? Look no further! At Forex Canada, we understand the importance of staying informed in the fast-paced and dynamic forex market. Our dedicated team of experts works tirelessly to bring you the most up-to-date and relevant information to help you make informed trading decisions.

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

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Avoid these Canadian blacklisted forex brokers

As a trusted source of information for the online trading community, we have been dedicated to reviewing and recommending the most reliable and secure forex brokers for over 10 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.

BitForex
  • Claims of withdrawal problems
  • No license information shown on site
  • Poor customer service
trade245
  • Delayed response times from customer support
  • Reprots of slow payments
  • High potential risk
Octafx
  • Suspicious regulatory license
  • Reports of slow payments

Quick facts: Top forex broker in Canada

Forex Brokers Yes ✅
Trading platforms Yes ✅
Capital gains tax 40% to 60%
Currency pairs 50+
Legal age for trading 18
Best forex broker FXCC Canada ⭐

How to avoid forex scams

Scam brokers rely on traders’ gullibility. They often promise quick and easy profits with no risk involved. So, how can you recognize and shield yourself from scammers looking to exploit your trust and steal your money? Here’s what you need to know:

  1. Licenses and Regulations: Your first line of defense is to ensure you’re working with a reputable, regulated broker. Look for licenses issued by well-known authorities such as IIROC, OSC, CySEC, ASIC, and others.
  2. Guard Your Information: Be cautious about where you share your personal details online. Avoid suspicious pop-ups and enticing landing pages promising astronomical profits. Legitimate brokers don’t engage in unsolicited cold calls.
  3. Unrealistic Promises: Remember, if it sounds too good to be true, it probably is. Be skeptical of claims of becoming the next Warren Buffet overnight. Forex trading carries inherent risks, and genuine success requires diligence and patience.
  4. Due Diligence: Research potential brokers thoroughly. Seek recommendations, read reviews, and assess their reputation. Trustworthy brokers have a history of satisfied clients and transparent practices.
  5. Report Suspected Scams: If you encounter a suspicious scheme or broker, report it to the relevant authorities. By doing so, you not only protect yourself but also help prevent others from falling victim.

When approached with enticing promises of quick wealth, remember the age-old saying, “If something sounds too good to be true…” This adage holds particularly true in the world of trading. Therefore, always conduct your due diligence before opening an account with any broker.

By following these steps, you can safeguard your investments and trade forex in Canada with confidence.

References

Forex Brokers in Canada FAQs

Forex trading glossary

  • Ask Price: The ask price is the lowest available price at which a trader can purchase a currency.
  • Bid Price: The bid price represents the price at which an investor can sell a currency.
  • Base Currency: The base currency is the first currency listed in a currency pair, indicating its value when compared to another currency. For instance, in AUD/USD, AUD is the base currency.
  • Forex: Forex stands for “foreign exchange” and refers to the global marketplace for trading currencies.
  • Bear Market: A bear market scenario occurs when prices experience a significant and prolonged decline.
  • Bull Market: A bull market is characterized by rising prices and positive market sentiment.
  • Hedging: Hedging involves opening a new position that counters an existing one, designed to protect against adverse movements in exchange rates.
  • Leverage: Leverage pertains to a trader’s ability to control a substantial amount of capital in the forex market while investing only a small percentage of the total trade value.
  • Spread: The spread refers to the difference between the bid price (selling price) and the ask price (buying price) of a currency pair.
  • Margin: Margin represents the initial amount required to open a trade in the forex market.
  • Margin Call: A margin call is issued as a warning when your trading account lacks sufficient funds to support all of your open positions.

Top land based forex brokers in Canada

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

Final thoughts

The forex broker comparison on ForexCanada.ca simplifies the process of selecting the right broker for all your needs. Utilize our reviews and tap into the experience of other traders to embark on a successful trading journey.

Benefits of Choosing a Reputable Top Forex Broker in Canada:

  • Low minimum deposit
  • Leverage compliant with Canadian regulatory guidelines
  • Intuitive trading platform equipped with powerful charting tools
  • Free, preferably open-ended, demo account

About the author

Martin Jekic has been dealing with forex and active investments for over 10 years. After completing his studies and gaining experience in the banking sector, he turned his hobby into a profession. Martin recently joined the core team at Forex Canada. He is passionate about sharing his experience and tips with both beginners and advanced investors to enhance transparency in the forex, stocks, and CFD investment markets.