By Chris Cammack Author Information Updated: June 12, 2020

Forex trading in Canada is popular and the industry is well-organised, though regulation is strict and it could be easier to get started.
All the brokers on this list are regulated either by the Investment Industry Regulatory Organization of Canada (IIROC) or one of the three major international regulators, and have been selected based on their trading conditions and the care they show their customers. 

As there is no single best broker for everyone, we have included all our favorites. Each of the brokers below excels in one area, while offering varying levels local customer support teams in English and French, as well as local offices. As well-regulated brokers, they all offer negative balance protection, segregated accounts, have newcomer education and analytical sections.

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  • Broker
    AvaTrade

    AvaTrade  - Best Forex Broker in Canada

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect - an automated loss-protection tool - to its product lineup.

    AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    Pepperstone

    Pepperstone  - Most Trusted Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone's award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

    As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find a better broker than Pepperstone.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
    Standard1.0 pipsNoneECNUSD 200 Account Details
    Swap-free1.0 pipsNoneECNUSD 200 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Overall Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    One of our highest rated brokers, IG Markets is a market-maker with only the single account for Forex trading, but spreads are tight and educational and analytical materials are excellent. A wide choice of platform (including MT4) is also available and customer service is world-class.

    With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
  • Broker
    XM

    XM  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

    Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads - often as low as 0.6 pips - to match profitability with security.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    FP Markets

    FP Markets  - Most Assets Available

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

    Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard IRESSN/A pips$10 AUD min, then 0.1%STPUSD 1,000 Account Details
    Platinum IRESSN/A pips$9 AUD min, then 0.09%STPUSD 25,000 Account Details
    Premier IRESSN/A pipsNo min, then 0.08%STPUSD 50,000 Account Details
    RAW0.0 pips$3.50STPUSD 100 Account Details
    Standard1.0 pipsNoneSTPUSD 100 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Tickmill offers low spreads and commission, fast STP execution on the MT4 platform and has an excellent reputation in the CFD trading industry.

    Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally - and a regular winner of trade execution and trading conditions awards - Tickmill has the reputation, and the performance, traders should look for in a broker.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • Broker
    FXCM

    FXCM  - Most Assets Available

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    GBP 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Widely respected as one of the biggest names in the Forex CFD businesses, FXCM is a leading and well-regulated broker. Platform support is excellent with MT4, the proprietary Trading Station, Ninjatrader and Zulutrade all offered; beginners will also be pleased with the quality educational material, and 24/5 customer support - with freephone numbers in over 30 countries worldwide.

    All clients also get access to FXCM Plus and with that, a large selection of bespoke trading tools, including signals and analytics. For traders looking for a big international brand with good regulation, local customers support and free trading tools, FXCM is your choice in a broker.

    Pros

    • Well regulated
    • Great platform choice
    • Excellent education
    • Innovative trading tools

    Cons

    • Limited demo account
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard1.3 pipsNoneSTPUSD 50 Account Details
    Active TraderNot Published pipsYesSTPUSD 25000 Account Details
  • Broker
    IC Markets

    IC Markets  - Best Trading Platforms

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

    Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
    RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
    Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is world-class.

    Listed as one the Top 100 Companies by World Finance Magazine and with an award for Business Excellence 2015 (World Confederation of Businesses), HotForex is not just celebrated by their industry peers, but also by the financial industry as a whole.

    Pros

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts

    Cons

    • Limited base currencies
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneMarketUSD 5 Account Details
    Islamic1.0 pipsNoneMarketUSD 100 Account Details
    Premium1.0 pipsNoneMarketUSD 100 Account Details
    Auto1.0 pipsNoneMarketUSD 200 Account Details
    Zero0.0 pips$3.00MarketUSD 200 Account Details
    HFCopy1.0 pipsNoneMarketUSD 300 Account Details
    Premium Pro1.0 pipsNoneMarketUSD 5000 Account Details

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Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

Forex Trading in Canada

The Canadian Forex industry is one of the most tightly regulated in the world. The federal oversight body, the Investment Industry Regulatory Organization of Canada (IIROC) regulates all locally registered Forex brokers and is in turn supervised by the Financial Institutions Supervisory Committee (FISC), a political body which provides policy direction and strategic leadership for all financial regulators in the country.

In addition, each of the thirteen provinces has its own powerful financial regulatory bodies, the largest and most active being the Ontario Securities Commission, based in Toronto.

A Tiered Leverage System

IIROC regulated brokers are subject to strict limits on the amount of leverage they can offer. Maximum leverage available is dependent on where a currency pair sits in a tiered system of currency groups. These currency groups are set by the regulator and are pairs are generally assigned to a group based on market volatility for that pair. As volatility for individual currency pairs is always fluctuating, the minimum margin required for trading also changes frequently and the IIROC regularly updates the system with the new requirements. Leverage can vary from 1:4 to 1:100, though the maximum generally available to retail traders is 50:1.

IIROC also enforces a strict Know Your Customer (KYC) process, which requires brokers to confirm not only your address, identity and social insurance number but also to complete a full background check to verify age, marital status, occupation, net worth, dependents, financial knowledge, and financial experience. You will also need to disclose any professional relationships with foreign governments and the source of all your trading funds must be independently verified.

Stricter Regulations for 2020

The IIROC recently indicated their desire to follow in Europe’s footsteps by imposing stricter regulations on the Forex market, and on the CFD market in general. A two-stage process has been started; stage one requires the pre-approval of any leveraged CFD products (including Forex) by the IIORC before it can be sold to Canadian consumers. This is more of a symbolic gesture at this point, as Quebec has required preapproval for some time and the IIROC already has the ability to ban any leveraged product it doesn’t feel meets regulatory criteria. While not a massive change for the industry, stage one has already been published for public comment.

Stage two has yet to be discussed in detail but we do expect it to contain restrictions on leverage and possibly some of the other regulatory changes made by ESMA in Europe in 2018/19. These restrictions will be published by February 2020 and we will update this page when they are announced.

 

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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