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Best Forex Brokers Canada: TOP Forex Platforms (2023 Update)

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

Our team is dedicated to connecting Canadians with the best forex brokers in Canada. This includes information about accounts, trading apps, currency pairs, tax considerations, and more. FX traders can feel confident and secure when choosing from our recommended list of Canadian brokers for beginners.
Forex Trading in Canada

Are you interested in forex trading in Canada and looking for the best forex broker to get started with? Our forex broker comparison can help you with that. For nearly 15 years, our team of financial experts has been evaluating the best forex providers in Canada to make your choice easier. Discover the most important criteria to consider when selecting a broker.

Martin Jekic - Forexcanada
Written by: Martin Jekic , Forex Expert Fact checked by: Aron Smith, General Manager at Forexcanada
Last Updated Sep 21, 2023, 8:00 AM ET

Best Forex Brokers in Canada

We have scoured the internet to identify the very best forex brokers in Canada. We compared all the top brokers to find the cream of the crop.

Let’s explore them together!

1. FXCC Broker — Best Overall Forex Broker in Canada

FXCC Broker stands out as the best overall choice for Canadian traders. With a commitment to providing a comprehensive and reliable forex trading experience, FXCC offers a user-friendly platform that caters to traders of all levels. Their competitive spreads, advanced trading tools, and dedication to security make them a standout option. Whether you’re a beginner or an experienced trader, FXCC ensures a seamless trading experience that sets a high standard in the Canadian market.

2. Fpmarkets — Best Forex Demo Account Broker

Fpmarkets takes the lead in offering the best forex demo account, making it an ideal choice for traders looking to enhance their skills. Their feature-rich demo account provides a risk-free environment for practice and strategy refinement. With access to a diverse range of currency pairs and a demo account that accurately simulates live trading conditions, Fpmarkets empowers traders to boost their confidence before venturing into live trading.

3. Fusion Markets — Lowest Commissions Canadian Broker

Fusion Markets stands out for its cost-effectiveness, making it the top choice for Canadian traders who seek low trading commissions. Despite its competitive pricing, Fusion Markets delivers a high-quality trading experience, featuring a robust platform and dependable execution speeds. If you’re a trader aiming to minimize trading costs while maintaining trading excellence, Fusion Markets is your go-to option.

4. IFC Markets — Offers Islamic Accounts

IFC Markets is dedicated to serving the needs of Islamic traders with its Sharia-compliant trading accounts. These accounts strictly adhere to Islamic Shariah principles, ensuring that traders who prioritize ethical and religious guidelines can engage in the forex market without incurring interest charges for overnight positions. Moreover, IFC Markets provides a diverse range of trading instruments, catering to various trading preferences.

5. EasyMarkets Broker — Good Platform with Guaranteed Stop Losses

EasyMarkets Broker is renowned for its user-friendly platform, making it an exceptional choice for traders of all experience levels. What sets it apart is its offering of guaranteed stop-loss orders, providing traders with enhanced risk management capabilities and peace of mind while navigating volatile market conditions. This invaluable feature empowers traders to confidently execute their strategies.

6. Fortrade — Best for Technical Analysis

Fortrade takes the lead for traders who heavily rely on technical analysis. They offer an extensive suite of technical analysis tools and resources, enabling traders to conduct in-depth market analysis and make well-informed trading decisions. Fortrade’s commitment to supporting traders with robust technical analysis capabilities makes it a valuable asset for both novice and seasoned traders.

7. BlackBull Markets — Top ECN Trading Broker for Canadians

BlackBull Markets is at the forefront of Electronic Communication Network (ECN) trading in Canada. They provide traders with access to tight spreads and direct market access, establishing a transparent and efficient trading environment. For traders who require rapid execution and access to a deep liquidity pool, BlackBull Markets represents the premier choice in the Canadian market.

8. Avatrade — Best for Market Research Analysis

Avatrade distinguishes itself with its comprehensive market research and analysis tools. Traders benefit from valuable insights, research reports, and analysis that empower them to stay well-informed and make data-driven trading decisions. Avatrade’s dedication to providing top-tier research resources positions it as the ideal choice for traders who prioritize in-depth market analysis.

9. FXChoice — Best Canadian Broker with Low FX Swap Rates

FXChoice is a top-tier selection for Canadian traders seeking a broker with competitive FX swap rates. They offer an extensive array of trading instruments alongside a dependable trading platform. Additionally, their low swap rates make FXChoice an appealing option for traders who seek cost-effective trading opportunities within the forex market.

10. — Top User-Friendly Platform earns the top spot for its user-friendly trading platform, accommodating traders of all experience levels. With an intuitive interface, comprehensive educational resources, and advanced trading tools, simplifies the trading journey for beginners and provides advanced features for seasoned traders. This ensures a seamless and efficient trading experience for all users.

We are sure to find 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.

Forex Trading in Canada

Canadian foreign exchange traders aim to profit from price changes in global currency markets. Online brokerage firms provide access to financial markets through trading platform accounts, where traders conduct market analysis and take positions.

Canadian Dollar

FX traders in Canada should sign up with forex brokers that offer the Canadian dollar (CAD) as an account base currency. This reduces trading costs 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, primarily supported by exports of mining, oil, and gas, has the most significant impact on the CAD. Given that the prices of gold and crude oil directly affect the value of the CAD, forex traders should pay close attention to these factors.

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 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.

How to pick a legit forex broker

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.


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. 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 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, 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.

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.

Why compare Canadian brokers?

To actively begin online forex trading in Canada, you first need a Canadian forex broker that 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 risen in recent years. Not all providers are alike when it comes to trading offers, conditions, and other services. Additionally, every trader has their own needs and techniques. Therefore, it’s worthwhile to take a closer look and compare Canadian forex brokers thoroughly. At Forex Canada, we introduce you to the best and most popular brokers where you can access 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.

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