Best Forex Brokers in Canada

Want to jump straight to the answer? FOREX.com, IFC Markets and FXCC are the best forex brokers for traders based out of Canada.

As a forex trader, selecting a reliable and reputable broker is crucial for ensuring a seamless trading experience and maximizing your potential for success in the forex market.

To help you find a broker that meets your trading needs, we have reviewed the best forex brokers in Canada, highlighting key factors such as regulations, trading platforms, fees, customer support and more. Let's explore the best forex brokers in Canada that can elevate your trading journey to new heights.

Quick Look: Best Forex Brokers Canada

• Best for Overall Offerings: FOREX.com
• Best for Competitive Spreads: IFC Markets
• Best for Lowest Spreads: FXCC
• Best for Low Fees: Axi
• Best for Active Traders: Interactive Brokers

Get Started

Earn Cashback on Your FX Trades

Open an account in as little as 5 minutes. Spreads as low as 0.0, trade and manage your positions from a full suite of mobile and tablet apps.

Get Started

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% to 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

Show More

Best Forex Brokers in Canada

Take a look at the forex brokers that made the list of the best forex brokers in Canada.

1. Best for Overall Offerings: FOREX.com

Overview: FOREX.com stands out with its range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), Forextrader Pro, and Web Trading, allowing you to choose the platform that best meets your needs. For experienced traders, the broker supports automated trading, offers advanced charting tools, and provides access to multiple time frames for in-depth analysis.

Why We Picked It: With its solid mobile trading app and desktop platform, FOREX.com provides some of the best platform experiences across brokers. The company takes it a step further with its valuable educational resources for research and market insights such as economic analysis, real-time news and advanced data analysis.

2. Best for Competitive Spreads: IFC Markets

Overview: IFC Markets offers a comprehensive trading experience, featuring a variety of platforms like NetTradeX, MetaTrader 4, and MetaTrader 5, providing flexibility for different trading styles and expertise levels. Their diverse range of over 650 trading instruments includes forex, CFDs on commodities, stocks, ETFs, and cryptocurrencies, allowing for portfolio diversification.

Why We Picked It: IFC Markets is regulated by the BVI FSC and offers professional indemnity insurance, enhancing security for traders. Additional features like Islamic accounts, ECN trading with tight spreads from 0.0 pips, and advanced tools like the Portfolio Quoting Method and synthetic instruments creation make it a solid choice for both beginner and seasoned traders.

3. Best for Lowest Spreads: FXCC

Overview: FXCC is a well-regarded forex broker known for its ECN/STP business model, which offers a high level of transparency and no dealing desk intervention. This model enables direct market access to liquidity providers, ensuring tight spreads and competitive pricing, appealing to traders who prioritize low-cost trading.

Why We Picked It: FXCC's flagship ECN XL Account offers competitive trading conditions with 0.0 pip spreads, zero commissions, and no deposit fees, along with support for leverage up to 1:500 and no minimum deposit. FXCC operates on the widely popular MetaTrader 4 platform, accessible on PC, mobile, and tablet, and offers practical tools such as Forex Calculators and an Economic Calendar to aid in analysis and decision-making. Additionally, FXCC offers appealing promotions like a 100% first deposit bonus and free VPS, adding value for traders looking to maximize their trading experience.

4. Best for Low Fees: Axi

Overview: Axi offers a wide range of trading instruments, including forex, CFDs, commodities, indices and cryptocurrencies, allowing you to diversify your investment portfolios. The broker is regulated by the Financial Conduct Authority (FCA) in the UK, providing a high level of security and ensuring that as a Canadian resident your funds are safe and protected.

Why We Picked It: Axi offers competitive spreads, low trading fees, advanced trading tools and analytics, along with multiple account types varying in features and benefits. You’ll have access to a user-friendly trading platform, great customer service and high quality educational resources to help you improve your trading skills and knowledge. 

5. Best for Active Traders: Interactive Brokers

Overview: Interactive Brokers is based in the U.S. but provides investment opportunities for clients around the world. A single trading account with Interactive Brokers will allow you to trade not only forex but also stocks, options, futures and bonds.

Its FXTrader platform supports over 20 order types. Interactive Brokers brings a smart order router and stays on top of changes in market conditions to re-route all or parts of your order. Interactive Brokers serves institutional and active traders, but it continues to introduce new products for beginning traders.

Why We Picked It: Interactive Brokers tight spreads and substantial liquidity result from combining quotation streams from 17 of the world's largest foreign exchange dealers. They are rated as one of the best brokers overall and are highly trusted among the traders in various financial markets.

How to Choose the Best Forex Broker in Canada

Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K. or Australia.

Part of this is due to what many see as excessively complicated guidelines and fragmented authorities between provinces. However, the brokers that are available happen to be top notch.

When choosing a broker the following criteria can help you make the best decision for your day trading needs:

• Transaction costs: Brokers make money often in the spread between the bid and the ask prices for currencies. The smaller the difference between the two, the cheaper it is for investors to trade.
• Ensure regulatory compliance: Start by checking if the forex broker has proper financial regulation by the relevant regulatory bodies in Canada, such as the Investment Industry Regulatory Organization of Canada (IIROC) or the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Regulatory oversight provides protection for traders and ensures fair practices. IIROC regulation is one of the most important. The Investment Industry Regulatory Organization of Canada, regulates the amount of leverage as well as stipulates compensation for brokers’ insolvency. The Canadian Investor Protection Fund compensates traders for up to $1 million if the broker goes belly up. It’s worth noting that Canada has strict limits on the margin and leverage it allows, with the max currently being 2.2% or 1:45.
• Reputation and trustworthiness: Research the broker's reputation and track record. Look for reviews and feedback from other traders, and pay attention to any negative experiences or red flags. Choose a broker with a solid reputation and a history of trustworthy operations.
• Account types and trading platforms: Evaluate account types and trading platforms. Consider your day trading needs, such as the desired leverage, account size, and trading style. Ensure that the broker offers a user-friendly and reliable trading platform that suits your requirements.
• Security of funds: Verify the broker's security measures for client funds. Look for brokers that keep client funds segregated from their own operating funds, typically in reputable banks. This ensures that your funds are protected, even in the event of the broker's bankruptcy.
• Range of instruments: Consider the range of forex pairs and other financial instruments offered by the broker. Ensure that they provide the markets you are interested in trading. Some brokers also offer additional trading options like CFDs (Contracts for Difference) or cryptocurrencies.
• Customer support: Test the broker's customer support services. Good customer support is essential to address any issues or concerns that may arise during trading. Check if they offer support in your preferred language and assess their response time and availability.
• Competitive spreads and fees: Compare the spreads, spread betting, commissions, and fees charged by different brokers. Lower trading costs can significantly impact your profitability in the long run. Look for brokers that offer competitive pricing without compromising on trade execution quality.
• Educational resources: Consider the educational resources and tools offered such as technical analysis or FAQ pages. Beginner traders may also benefit from educational materials, like webinars, and demo accounts, while more experienced traders might prefer advanced analysis tools or market research.
• Deposit and withdrawal options: Review the broker's deposit and withdrawal options. Check if they offer convenient and secure methods for funding your account and withdrawing your profits. Look for brokers that support popular electronic payment systems.
• Test the broker: Finally, consider testing the broker with a small deposit or using their demo account. This will allow you to experience their trading conditions, execution speed, and overall platform performance before committing to a larger investment.

Navigating the Best Forex Brokers in Canada: Final Insights

With a firmer control from IIROC, forex brokers in Canada haven’t been able to offer the leverage and extensive products that other customers around the globe receive.

However, what they give up they get back in the substantial protection offered by the Canadian Investor Protection Fund.  And there are a limited number of brokers who operate within Canada. It’s worth noting that the regulations may be different from province to province within Canada itself.

There are solid companies to choose from that have garnered multiple awards and accolades over the years. You won't have a problem finding a broker to meet your individual needs for trading in the forex market. Get started with 1 of our recommended brokers today.

Frequently Asked Questions