Skip to main content

Best Forex Brokers in Canada 2024

Updated on: July 13th, 2024

Welcome to ForexCanada! Your guide to the best forex brokers in Canada in 2024. After reviewing over 100 platforms across all 10 provinces, we’ve identified FXCC and FP Markets as the top-rated choices for Canadian traders. Whether you’re a beginner seeking Canadian-friendly payment options, a diverse range of currency pairs, or attractive welcome bonuses, we’ve got you covered. Explore our list of the best forex brokers in Canada below, or keep reading for more insights into the Canadian forex market.
Number one review site in Canada for forex brokers.

Quick Look: 8 Best Forex Brokers Canada

Best Canadian Forex Brokers Reviewed

#1. FXCC: Best Overall Forex Broker in Canada

FXCC secures the top spot as the preferred option for Canadian traders. With an unwavering commitment to delivering a comprehensive and reliable forex trading experience, FXCC offers a user-friendly platform suitable for traders of all levels. Their competitive spreads, advanced trading tools, and dedication to security make them a standout choice. 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. Avatrade: Top forex broker for beginners

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.

#3. Fpmarkets: Best Canada Broker for Demo Account

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.

#4. Fusion Markets: Top Canadian Forex Broker for Low Commissions

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.

#5. IFC Markets: Best for Islamic Forex 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.

#6. EasyMarkets: Best Forex Bonuses and Promotions

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.

#7. Fortrade: Trusted Canadian Forex Platform for Scalability and Competitive Spreads

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.

#8. Questrade: Best for the Overall Investing Experience

Questrade is the go-to destination for Canadian traders looking to invest in stocks and exchange-traded funds (ETFs). With a strong reputation for providing cost-effective and user-friendly trading platforms, Questrade offers you access to a wide range of investment options. Benefit from low trading fees, powerful research tools, and a seamless trading experience designed to help both new and experienced traders.

How to Choose the Best Forex Broker in Canada?

Canada may have fewer forex brokers compared to places like the U.K., New Zealand or Australia, partly due to complex regulations and different provincial authorities. However, the brokers available are top-notch.

When choosing a broker, consider these key factors to make the best decision for your trading needs:

  • Transaction costs: Brokers earn money from the spread between the bid and ask prices for currencies. A smaller spread means lower costs for you.
  • Regulation and safety: Ensure the broker is regulated by Canadian authorities such as the Investment Industry Regulatory Organization of Canada (IIROC) or the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This oversight protects traders and ensures fair practices. IIROC regulation also includes leverage limits and compensation for broker insolvency, with the Canadian Investor Protection Fund covering up to $1 million. Always research the broker’s reputation. Look for reviews from other traders and be aware of any red flags. Choose a broker with a solid track record.
  • Trading platforms and accounts: Evaluate the available account types and trading platforms. Make sure they meet your trading needs, including leverage options, account size, and trading style.
  • Banking security: Check the broker’s security measures. Look for brokers that segregate client funds from their own and use reputable banks. This ensures your money is safe, even if the broker goes bankrupt.
  • Instruments offerings: Ensure the broker offers a variety of forex pairs and other financial instruments. Some brokers also provide options like CFDs or cryptocurrencies.
  • Customer support: Good customer support is crucial. Test their support services to see if they offer assistance in your preferred language and evaluate their response times.
  • Fees and spreads: Compare the spreads, commissions, and fees of different brokers. Lower costs can enhance your profitability.
  • Educational resources: Look for brokers that offer educational tools and resources. These can include webinars, demo accounts, and advanced analysis tools to help improve your trading skills.
  • Deposit/withdrawal options: Check the broker’s deposit and withdrawal methods. Ensure they offer secure and convenient options for managing your funds.
  • Demo account: Consider starting with a small deposit or a demo account to experience the broker’s trading conditions and platform performance before committing more funds.

By following these steps and doing thorough research, you can find the best forex broker in Canada that fits your trading needs and offers a safe, reliable trading environment.

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

Open a CA Forex Account Today

With strong oversight from IIROC, Canadian forex brokers may offer less leverage and fewer products than their global counterparts. However, they provide substantial protection through the Canadian Investor Protection Fund.

While regulations vary by province, there are many reputable brokers with awards and accolades to meet your trading needs. Start trading with one of our recommended brokers today.

FAQ

Methodology

Our forex broker reviews are based on spreads, charting tools, user experience, deposit/withdrawal methods, regulatory status, customer support, education, research, mobile app, safety, minimum deposit, and fees. We aim to provide the most up-to-date, impactful, and trustworthy reviews.

Martin Jekic - Forexcanada

Written by: Martin Jekic , Forex Expert

Fact checked by: Aron Smith, General Manager at Forexcanada

Martin Jekic has been dealing with the stock exchange and active investments for over 10 years. After completing his studies and spending some time in banking, he turned his hobby into a profession. Martin has joined the Forexcanada core team! It is particularly important for him to pass on his experience and tips to both beginners and advanced investors and to make the investment market for Forex, stocks, and CFDs more transparent.