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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. 

These are the best Forex brokers in Canada for 2022.

The best Forex brokers in Canada 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage
Cost of Trading
Platforms
Beginner Friendly
Regulators
Compare
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 100
30:1
USD 9
Avatrade Social
AvaOptions
Excellent
ASIC Regulated Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 0
30:1
USD 6.90
Excellent
FCA Regulated Forex Brokers
ASIC Regulated Brokers
CySEC Regulated Brokers
DFSA Regulated Forex Brokers
IG Markets
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 0
30:1
USD 6
L2 Dealer
ProRealTime
Excellent
FCA Regulated Forex Brokers
ASIC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
XM
4.25 /5
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Your capital is at risk
GBP 5
30:1
USD 16
Excellent
CySEC Regulated Brokers
ASIC Regulated Brokers
FCA Regulated Forex Brokers
International Financial Services Commission
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 100
30:1
USD 7
IRESS
Excellent
ASIC Regulated Brokers
CySEC Regulated Brokers
Tickmill
4.48 /5
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Your capital is at risk
GBP 100
30:1
USD 4
Excellent
CySEC Regulated Brokers
FCA Regulated Forex Brokers
Labuan Financial Services Authority
Financial Services Conduct Authority
The Seychelles Financial Services Authority
FXCM
4.24 /5
Read Review
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Your capital is at risk
GBP 50
30:1
USD 13
NinjaTrader
TradeStation
Standard
FCA Regulated Forex Brokers
ASIC Regulated Brokers
Financial Services Conduct Authority
CySEC Regulated Brokers
Bermuda Monetary Authority
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 200
30:1
USD 8
Excellent
CySEC Regulated Brokers
ASIC Regulated Brokers
The Seychelles Financial Services Authority

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.

Featured Brokers

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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