Lowest-Cost Forex Brokers in Canada (2026)

Interactive Brokers Canada

Best for: Experienced, cost-sensitive traders who want forex, futures, options and global stocks in one account

Interactive Brokers Canada, based in Montréal, gives Canadians access to IBKR's global market network: spot currencies, futures, options, stocks and bonds across dozens of exchanges, all in a CIRO-regulated, CIPF-eligible account. For currency traders it is the lowest-cost route in Canada — IBKR quotes very tight FX prices and charges a small commission instead of marking up the spread, and it is also one of the cheapest places for Canadians to convert CAD to USD. The trade-off is complexity. Trader Workstation is a professional tool, and leveraged FX requires meeting IBKR's experience requirements. There is no MetaTrader support.

Platforms

TradingView

FX pairs

100+

Min. deposit

$0

CIPF

Yes

Questrade

Best for: Canadians who want TFSA/RRSP investing and forex/CFD trading with one Canadian firm

Questrade is Canada's best-known independent discount brokerage and, since dropping stock and ETF commissions, one of the cheapest places to invest in a TFSA, RRSP or FHSA. It is also one of the few Canadian firms that offers both long-term investing and leveraged trading: forex and CFDs run on the separate Questrade Global platform. Having everything under a Canadian-owned CIRO member is convenient — funding is straightforward from any Canadian bank, and support works on Canadian hours. FX/CFD spreads are not the tightest in the market, and Questrade Global doesn't support MetaTrader or TradingView trading.

Platforms

Proprietary

FX pairs

100+

Min. deposit

$0

CIPF

Yes

CMC Markets Canada

Best for: Traders who want the widest CFD and currency-pair range from a Canadian dealer

CMC Markets is a London-listed firm founded in 1989, and CMC Markets Canada Inc. is its CIRO-registered Canadian dealer. Its standout feature is breadth: a very large list of currency pairs (including many crosses and emerging-market currencies) plus thousands of CFDs on indices, commodities, shares and bonds. The in-house Next Generation platform is excellent for charting and pattern recognition, and MT4 is available for those who prefer it. Pricing is spread-based with no minimum deposit. As with other Canadian CFD dealers, Alberta residents face additional eligibility requirements.

Platforms

MT4, TradingView

FX pairs

150+

Min. deposit

$0

CIPF

Yes

⚠ Alberta residents generally must qualify as accredited investors to trade CFDs.

FOREX.com Canada

Best for: Active forex traders who want MT5, TradingView and commission-based pricing

FOREX.com is owned by StoneX Group, a NASDAQ-listed financial services firm, and serves Canadians through GAIN Capital - FOREX.com Canada Ltd., a CIRO dealer member. It is one of the most complete Canadian forex offers: a large pair list, MT4 and MT5, its own web and mobile platforms, and TradingView connectivity. Active traders can choose commission-based pricing instead of wider spread-only quotes, which is rare among Canadian dealers. The low minimum deposit makes it accessible, but Albertans should expect extra eligibility steps for CFDs because of provincial rules.

Platforms

MT4, MT5, TradingView

FX pairs

80+

Min. deposit

$100

CIPF

Yes

⚠ Alberta residents generally must qualify under a prospectus exemption (e.g. accredited investor) to trade CFDs.

OANDA Canada

Best for: Canadians who want a pure-play forex specialist with TradingView and MT4

OANDA has deep Canadian roots — its Canadian dealer is based in Toronto and has served retail currency traders here for more than two decades. It is one of the few CIRO members that is primarily a forex specialist rather than a bank or multi-asset brokerage, which shows in the product: dozens of currency pairs, a clean web platform, MT4 and direct TradingView trading. Pricing is transparent, with no minimum deposit, and the firm publishes historical spread data so you can see what you actually paid. The main limitation is geography: OANDA does not open accounts for Alberta residents, and like every Canadian dealer its leverage is capped by CIRO margin rates rather than the 500:1 offshore brokers advertise.

Platforms

MT4, TradingView

FX pairs

60+

Min. deposit

$0

CIPF

Yes

⚠ Does not currently accept residents of Alberta.

AvaTrade Canada (Friedberg Direct)

Best for: Beginners who want MetaTrader 4/5 with a Canadian-regulated dealer

AvaTrade is one of the largest global CFD brands, and in Canada it operates through Friedberg Direct, the same CIRO-registered dealer that carries FXCM. The practical upshot is that Canadians can use AvaTrade's popular MT4 and MT5 set-ups, its web platform and mobile app while their account is held with a Canadian dealer member and covered by CIPF within its limits. AvaTrade's education library and demo accounts are among the better options for newcomers. Be aware that the Canadian product list and leverage are narrower than what AvaTrade advertises internationally, and certain global features may not be available here.

Platforms

MT4, MT5

FX pairs

50+

Min. deposit

About C$300 / US$250 (check current terms)

CIPF

Yes

FXCM Canada (Friedberg Direct)

Best for: Algorithmic and API traders who want a Canadian-regulated account

FXCM reaches Canadians through Friedberg Direct, the retail division of Toronto's Friedberg Mercantile Group — a firm with roots in Canadian commodity markets going back to the 1970s. That arrangement matters: your account sits with a CIRO dealer member, while you use FXCM's Trading Station platform, MT4, TradingView integration and well-documented APIs. FXCM has long been popular with systematic traders because of its API access and historical data, and that remains its niche in Canada. Pricing is spread-based on standard accounts; check the current Friedberg Direct schedule for your base currency and pairs.

Platforms

MT4, TradingView

FX pairs

40+

Min. deposit

See site

CIPF

Yes

Plus500 Canada

Best for: Casual CFD traders who want a very simple app from a listed company

Plus500 is one of the largest CFD providers in the world and one of the newest CIRO dealer members: its Canadian entity, Plus500CA Ltd., was approved in June 2025. That makes it a legitimate, CIPF-eligible option for the first time — something that was not true when many older Canadian comparison sites listed it. The platform is deliberately simple, with a clean app, guaranteed stop-loss orders and free demo trading, but there is no MetaTrader, TradingView trading or commission-based pricing. Québec residents cannot open accounts.

Platforms

Proprietary

FX pairs

60+

Min. deposit

C$100

CIPF

Yes

⚠ Not available in Québec. Alberta residents may face additional eligibility requirements.