Skip to main content

Canada Forex Brokers 2021 – Best Canadian Brokers

forex brokers CanadaAre you interested in forex trading, but are still searching for the best forex broker Canada to get started with? Our forex broker comparison helps here – experienced traders and financial experts take an in depth look at the best providers on to make your choice easier. Find out about the most important criteria when choosing a broker, who is the best forex broker? Learn more about proven forex strategies and the current trends in the forex market!

On this guide you will find:

  • the always up-to-date, comprehensive forex broker comparison of Canadian brokers
  • detailed, objective experience and test reports on selected forex brokers
  • the latest information and developments in the Forex market
  • more about the best strategies for successful trading
  • Explanations of the market models such as Market Maker and ECN Broker
  • Interesting facts about Forex, stocks, CFDs, commodities and other asset classes

Best Canadian Forex brokers for September 2021

Forex Brokers Min. Deposit Platforms Rating Secure Link
MT4, MT4 Mobile
MT4 MultiTerminal
Visit Site
Best New Canadian Broker
2 LegacyFX
Web, Desktop, Mobile app
Visit Site
FREE Accurate Trading Signals
3 Fusion Markets
MT4, MT5
Mobile app, DupliTrade
Visit Site
Best Broker for Beginners
3 BlackBull Markets
MT4, MT5
VPS, API, Mobile app
Visit Site
True ECN Trading Broker
5 easyMarkets
Web platform, MT4
Mobile app
Visit Site
Top Trading Apps

Reputable Forex Brokers Canada – How to find a list of all legal brokers

forex broker canadaMost forex brokers active in Canada have a foreign place of business and only operate a branch in this country. Top forex brokers Canada offers some advantages. Forex traders in Canada benefit from reliable regulation by the Investment Industry Regulatory Organization of Canada (IIROC), and also the Canadian Investor Protection Fund (CIPF) which protects the invested capital to a certain extent. Anyone who opts for a broker based outside of Canada should in any case pay attention to the regulations.

Regulation may be a critical factor when choosing the best forex broker. Confirm your broker is under the regulation of either the FCA, CySEC, or ASIC. FSCA regulation is additionally important as this suggests any complaints you’ve got are going to be resolved through the Canada system.

Consider the various Account Types on offer at your broker, most brokers offer swap-free Islamic accounts, and a few offer unlimited demo accounts to practice with.

Think about whether you would like a CA Dollar Account instead of a USD Account. Not many brokers offer CAD accounts, but they are doing prevent money in conversion fees and guarantee that your money is with an area bank.

Why Compare Canadian Forex Brokers

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

Due to the increasing interest in Forex trading, the number of brokers in Canada has also increased in recent years. Not all providers are a 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 Forex brokers well with one another. At we therefore introduce you to the best and most popular brokers where you can get professional tools for foreign exchange trading.

Canadian Forex Brokers

Forex brokers accepting canadian clients

Forex Brokers Min. Deposit Platforms Rating Secure Link
1 BlackBull Markets
MT4, MT5
VPS, API, Mobile app
5/5 Visit Site
2 easyMarkets
Web platform, MT4
Mobile app
4.9/5 Visit Site
3 fpmarkets
MT4, MT5
WebTrader, Iress, VPS
4.8/5 Visit Site
4 Fusion Markets
MT4, MT5
Mobile app, DupliTrade
4.7/5 Visit Site
5 eightcap
MT4, MT5
Mobile app,
4.6/5 Visit Site
6 LegacyFX
MT4, MT5
Mobile app
4.5/5 Visit Site
7 Avatrade
iOS & Android Apps
MT4, MT5, Proprietary
4.4/5 Visit Site
8 FXChoice
MT4, MT5
Mobile Trading
4.3/5 Visit Site
9 Fortrade
MT4 Mobile App, MT4 WebTrader, MT4 Desktop
Mobile Fortrader, Web Fortrader
4.2/5 Visit Site
10 Questrade
Mobile App
IQ Edge, IQ Web
4.1/5 Visit Site
11 IFC Markets
MT4, MT5
3.9/5 Visit Site
12 Interactive Brokers
$10 000
Client Portal, Webtrader, TWS
IBKR Lite and IBKR Pro
4.8/5 Visit Site
13 CMC Markets
Next Generation, MT4
Stockbroking Standard, Stockbroking Pro
3.7/5 Visit Site
14 Oanda
Desktop, Web, Mobile
MT4, Tradingview
3.6/5 Visit Site
Web Trader
MetaTrader 4
3.5/5 Visit Site

What to consider When Choosing a Forex Broker in Canada

The decision for a particular Forex broker 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 broker performs in comparison. Our tests are based on the following factors:

Deposit security thanks to licensing and regulation by a reputable financial supervisory authority such as the CIPF.

  • A trading offering that provides enough choice for various forex trading strategies.
  • Customer service that is easy to reach which responds to inquiries in a competent and friendly manner.
  • Additional services, such as a free demo trading account, training materials or discounts for frequent traders.
  • Transparent costs and conditions so that the return isn’t reduced by hidden fees.
  • Powerful trading software that guarantees fast, reliable execution of trades, also as a mobile app.
Choosing the best forex brokers

The most important terms when comparing Forex brokers:

Maximum leverage

The so-called lever allows you to move significantly extra money than is really deposited. The leverage is really a loan from the broker that’s granted for the duration of the execution of a trade. to guard private investors. Below are recommended leverages for some 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 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 among the main regulators or the FSCA. Brokers that are under regulation 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 website 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 and withdrawals or for longer periods of inactivity. The reviews and experience reports on reveal such hidden costs!

Market model

The trading costs depend heavily on which market model you discover with a forex and CFD broker. Essentially, a distinction is made between market makers and STP / ECN forex brokers. Market makers set the costs for their customers themselves – during this case traders trade against the broker. For this, only the spreads apply, which are a touch above with STP / ECN brokers. The latter forward the orders directly and sometimes offer extremely narrow spreads, but charge their traders a commission for this.

With STP or Straight Through Processing, the orders are forwarded directly to a bank or liquidity pool. In the best case scenario, several banks compete, the trader receives the best price offered for execution. So-called ECN brokers go even further. Here the customer becomes a participant in the liquidity network and may trade directly with banks, but also with other traders. The orders are placed in the so-called order book and can be traced at any time.

It is not uncommon for the same broker to offer different models, using different account types. Market makers are a good choice for beginners with few trades, while STP / ECN brokers are worthwhile for active, experienced traders. When comparing forex trading, the market model plays an important role, especially for costs.

Minimum deposit and account models

If you open a trading account with a forex broker in Canada, 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 some Canadian brokers, but it can also be extremely high, and 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 500 and 1,000 CAD.


Most brokers offer other tradable underlyings in addition to forex pairs. This often includes international stocks trading, stock indices and funds, but also commodities of all kinds, including precious metals, agricultural commodities and oil or gas. Canadian traders can now also participate in the price development of cryptocurrencies via CFDs. Therefore, comparisons of the best stock brokers and commodity brokers are also part of the offer on

Account Types

Each brokerage will have various account types, and there’s a trend within the industry to possess fewer account types available than in years past. The first distinction between account types is between the Live accounts, Demo accounts, and Swap-free accounts. Managed accounts are available, but rare.

Live Accounts

These accounts use real money, and everything that you simply neutralize 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, customer service, research area, and trading conditions before committing real money. Most demo accounts are time-limited but are easy to reactivate. These are the simplest demo accounts.

Managed Accounts

Select brokers will operate a managed account for you, but it’s rare. There are independent money managers who can manage your account while they’re trading for themselves. It’s vital that you simply read our article on managed accounts and understand the minimum deposit requirements and extra risks involved when trading CFDs.

Further classification of accounts

There are different types of accounts in the Forex market aside from the ones mentioned above. We are going to focus on these other types of accounts in this section. The types of accounts in this section depend on the size of the accounts. Continue reading to find out more.

Swap-Free (Islamic) 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. In shariah, interest on loans is prohibited, so swap-free accounts don’t earn overnight interest in open positions.

In this type of account, the trader will not pay swap if his trade extends to the next day. This is because payment of swap is the same thing as payment of interest. Interest payment does not agree with the tenets of Islam.

This swap-free account is available to Muslims that want to observe the dictates of their religion while trading Forex. Instead of the variable interest charge, the trader using the Islamic account will pay a fixed charge. This fee will only come up if the trade opens overnight. There are also times that the swap-free account holder will not pay for overnight trade at all.

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.

The spread can be as low as zero. This means the account holder may end up paying no spread at all. Additionally, a VIP account holder can enjoy dedicated account management. This means that such a trader can enjoy a faster response to all his queries than what other categories of traders enjoy.

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. This means that 1 standard lot size equates to $10. If you are trading USD/CAD for example and the trade moves by 100 pips, that translates to $1000. This is the case if you are using 1 standard lot. Just multiply the number of pips by $10 to get the amount in USD.

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. In a mini account, 1 pip is equal to $1. If the price of a currency pair moves by 50 pips in a mini account, this translates to $50.

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. It also translates to one-hundredth of the side of a standard lot. This means that 1 pip is the same as $0.10 when you use a micro lot. If the price of the asset moves by say 100 pips in a micro account, it will translate to just $10 in currency value.

Cent account

In this type of account, the balance is in cents and not in US dollars. Cent accounts and any other trading account are handled the same way. The only difference is the nominal amount. If you are a beginner in Forex trading, this type of account will surely work for you. This is because the money you have to risk is not much.

Some even think that a cent account is a midpoint between a demo account and a dollar account. The value of the lot in a cent account is 0.0001 of a standard lot. One other benefit of a cent account is that there is no minimum or maximum deposit. You can deposit virtually any amount. The requirements for opening a cent account are usually not as strict as what obtains in several other account types.

While a cent account may have several benefits, it also has some limitations. For example, the spread can be high and this is to compensate the broker. Some brokers also limit the position size in a cent account. The intention is to minim use usage.

The minimum deposit you need to open each of the account types differ. You need to check the minimum deposit for each account type on the broker before you make a deposit. Some brokers will automatically upgrade your account from micro to mini or standard if your account balance reaches what obtains for that new account type. Bear in mind that not all brokers offer these types of accounts. So, you should research well to know what types of accounts your preferred broker offers.


The forex brokers Canada comparison from ForexCanada 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 in Forex trading in Canada!

A good, reputable and best forex broker in Canada should have the following advantages:

  • 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 Broker Canada FAQ

Which Forex Broker Canada Offers the lowest Spreads?

How high the spreads are with a broker varies from provider to provider – the Canadian forex broker comparison provides the best overview. Generally, traders that choose easyMarkets broker can expect spreads from 0 pips, but pay commissions per order.

What is the best forex broker in Canada?

There are only a few real Canadian forex brokers – including the CMC Markets, Interactive Brokers Canada and the FxChoice, which many customers call the best Canadian forex broker.

Are there forex brokers in Canada with demo accounts?

Many forex and CFD brokers in Canada now offer their customers a free demo for first steps without obligation. The broker comparison from facilitates the selection of these providers.

Is Forex legal in Canada?

The short answer is, yes. However, the Canadian laws and regulations can sometimes be a bit complex. For more information, see here.

Are there Canadian forex brokers with no fees?

The market makers only charge their traders the spread. Some waive fees for deposits and withdrawals and even waive minimum deposits.

Can I trade forex with $1?

Yes, it is possible to do a 1 Dollar Forex trading in Canada.