30 Best Canadian Forex Brokers

30 Best Canadian Forex Brokers For many Canadian citizens, finding the right Forex broker can be challenging, so we have compiled a list of the following 30 Best Canadian Forex Brokers that are available to Canadians.

Forex trading is legal in Canada and there are 3 agencies that regulate forex trading in Canada. These agencies are the Ontario Securities Commission (Toronto), the British Columbia Securities Commission (British Columbia) and the Autorité des Marchés Financiers (Montreal & Quebec).

It is important to note that all capital gains are taxable in Canada and any income from Forex trading can be taxed for up to 50%.

 

AvaTrade

AvaTrade

AvaTrade is regulated by FSCA, ADMG, MiFID, FSA, BVI, FFAJ, FRSA and ASIC, and offers many different instruments that can be traded on the MetaTrader platforms and proprietary AvaTrade apps.

To activate an account with AvaTrade, a minimum deposit of $100 is required and there are 4 accounts available that can be funded using AUD, CHF EUR, GBP, USD.

For clients of the Muslim faith, AvaTrade offers the option of switching to a swap-free account and beginners can practice on a demo account.

 

Pros and Cons of AvaTrade:

✔️Pros ❌Cons
Suitable for beginners Not available to US clients
Many regulations 5 base currencies
Multiple accounts
Promotional offers

 

Saxo Bank

Saxo Bank

Saxo Bank offers more than 40,000 instruments that can be traded on trading accounts have 3 tiers and can be funded using more than 10 base currencies.

Saxo Bank is regulated in multiple jurisdictions and operates under the supervision and guidelines of JFSA, FSC, ASIC, MAS, FCA and FSA.

Although Saxo Bank does not support the MetaTrader platforms, an innovative proprietary platform is provided, along with a set of advanced trading tools and educational resources for beginners.

 

Pros and Cons of Saxo Bank:

✔️Pros ❌Cons
Many funding currencies High minimum deposit
Unique reward and ranking system No MetaTrader support
Thousands of products No Islamic account
VIP offer

 

IFC Markets

IFC Markets

IFC Markets requires a minimum deposit of only $1 to active a trading account and there are 3 accounts to choose from that can be funded using USD, uBTC EUR and JPY.

IFC Markets provides trading guides, video tutorials and eBooks for beginners, as well as a demo account to practice on and a swap-free account from trader’s of the Muslim faith.

IFC Markets is regulated by BVI, CySEC, LFSA andFSC, and is compatible with the MetaTrader platforms and NetTradeX.

 

Pros and Cons of IFC Markets:

✔️Pros Cons
Suitable for beginners 4 base currencies
Low minimum deposit Inactivity fees
Available in 100 countries
Supports MetaTrader

 

IG

IG

IG is a multi-regulated broker that is suitable for beginners, corporate, professional and retail traders.

IG offers more than 17,000 instruments across 5 asset classes and is compatible with MetaTrader4, ProRealTime and L2 Dealer.

IG allows funding with a variety of currencies, including  EUR, SGD, GBP, USD, AUD and HKD, and offers a trading academy for beginners where they can access trading courses, demo accounts and more.

 

Pros and Cons of IG:

✔️Pros ❌Cons
Several base currencies allowed High minimum deposit
Promotional offers No swap-free accounts
Low trading fees

 

Pepperstone

Pepperstone

Pepperstone is regulated by ASIC, CySEC and 5 other agencies, and a minimum deposit of 200 USD is required to activate a live trading account.

Pepperstone offers 2 accounts that can be funded using GBP, HKD, AUD, JPY, USD, EUR, SGD, CHF and NZD, and guarantees tight spreads and the option to trade commission-free.

Pepperstone provides a variety of great trading tools, such as AuutoChartist and Figaro, and is also an excellent choice for beginners who are seeking a broker with educational material and demo accounts

 

Pros and Cons of Pepperstone:

✔️Pros ❌Cons
Many regulations High minimum deposit
Beginner-friendly Low maximum leverage
Suitable for social trading
No inactivity fees

.

OANDA

OANDA

OANDA is a highly credible broker and is regulated by ASIC, FCA, IIROC, MFS, FIBO, BVIFSC, NFA and MAS.

OANDA requires no minimum deposit to activate a trading account and supports EUR, HKD, AUD, USD, GBP, CAD, JPY, CHF and SGD as funding currencies.

OANDA offers a demo account for beginners, and more experienced traders have access to a variety of top-rated trading tools, market news and the OANDA API platform. 

Alternatively, clients can also use MetaTrader 4 if they prefer to use third-party platforms.

 

Pros and Cons of OANDA:

✔️Pros Cons
Negative Balance protection Low maximum leverage
Active trader account No promotional bonuses
No minimum deposit No crypto trading
9 base currencies

 

FXTM

FXTM

FXTM is a MetaTrader-friendly broker that is regulated by FCA, CySEC and FSC, with more than 2 million clients.

FXTM is a great option for copy trading and offers 3 unique accounts that can be funded using NGN, USD, EUR or GBP.

FXTM offers Islamic accounts for clients of the Muslim faith and demo accounts for beginners, along with trading guides, tutorials and more.

 

Pros and Cons of FXTM:

✔️Pros ❌Cons
Low spreads Not available to US clients
Low minimum deposit Inactivity fees
5,000 strategies to copy

 

Alpari

Alpari

Alpari allows copy trading and provides a great selection of educational content, along with a demo account for beginners.

Alpari offers more than 300 instruments and 4 accounts that can be funded using GBP, EUR, USD or NGN. 

Alpari requires a minimum deposit of $100 to activate a live account and can be used with the MetaTrader 4 and 5 platforms and tools.

 

Pros and Cons of Alpari:

✔️Pros ❌Cons
Promotional offers 4 base currencies
Compatible with MetaTrader Limited variety of instruments
Multiple accounts Not available in several countries
Copy trading allowed

 

Capital.com

capital.com

Capital.com is a licensed and certified broker for Forex and CFD trading that is regulated by ASIC, FCA and CySEC.

This broker offers 3 accounts and a live trading account can be activated with as little as $20.

Trading accounts can be funded using several base currencies, including PLN, EUR, AUD USD and GBP.

Capital.com gives its clients access to more than 4,000 markets across 5 asset classes and also allows crypto trading.

 

Pros and Cons of Capital.com:

✔️Pros ❌Cons
Low trading fees 5 base currencies
Beginner-friendly Low maximum leverage
Low minimum deposit No Islamic accounts
Large client base

 

HotForex

HotForex

HotForex requires a minimum deposit requirement of only $5 and accounts can be funded using ZAR, USD, NGN or USD.

HotForex clients can choose from 5 unique accounts and there are many assets offered, including ETFs, Stocks, Metals, Shares, Forex, Bonds, Energies, Indices, and Commodities.

HotFOrex offers demo accounts and Islamic accounts and is regulated by DFSA FSA, FSCA and FCA.

 

Pros and Cons of HotForex:

✔️Pros Cons
Low minimum deposit 4 base currencies
Highly regulated Inactivity is penalised
Many asset classes offered
Negative Balance Protection

 

GO Markets

GO Markets

GO Markets was established in 2006 and offers its clients 2 types of accounts with a minimum deposit requirement of $200. 

The base currencies supported are AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF and HKD, and flexible payment methods are provided.

GO markets is compatible with the MetaTrader 4 and 5 platforms and offers swap-free and demo accounts.

 

Pros and Cons of GO Markets:

✔️Pros ❌Cons
9 base currencies No Islamic account
Suitable for beginners High minimum deposit
Many trading tools

 

Tickmill

Tickmill

Tickmill is regulated by CYSEC, ESMA, FSA, FSCS, FCA and MiFID, but is unfortunately not available to citizens residing in the United States.

Tickmill is a beginner-friendly option and offers flexible accounts that can be funded with a minimum deposit of $100 and 3 base currencies, including USD, EUR and GBP.

Tickmill can be connected to the MetaTrader 4 and 5 platforms and facilitates the trading of Shares, Bonds, Forex, Commodities, Metals, Stocks, Indices, CFDs and Energies.

 

Pros and Cons of Tickmill:

✔️Pros Cons
Negative Balance Protection No US clients
Autochartist and FIX API No Fixed spreads
Zero-commission account No crypto trading
Trading bonus 3 base currencies
Many regulations

 

easyMarkets

easyMarkets

easyMarkets supports more than 15 base currencies and live trading accounts can be activated with only $25.

This broker is a great option for beginners and 10 trading eBooks are provided for free, along with trading guides and manuals on how to use the platform.

easyMarkets can be used with MetaTrader 4 and TradingView, but a proprietary platform is also provided, along with demo accounts and the option to change to swap-free.

easyMarkets also offers unique features, such as dealCancellation and Freezerates, as well as guaranteed stop losses and negative balance protection.

 

Pros and Cons of easyMarkets:

✔️Pros ❌Cons
Many funding currencies supported No US citizens
Fixed spreads offered
Low minimum deposit

 

Eightcap

Eightcap

Eightcap is an ASIC – and SCB- regulated Forex broker and clients can choose from 2 accounts that can be activated with a minimum deposit of $100.

The maximum leverage offered by EIghtcap ranges from 1:30 to 1:500 and accounts can be funded using USD, NZD, SGD, AUD, CAD, GBP or EUR.

Eightcap can be used with MetaTrader 4 and 5 and guarantees low spreads and fast execution speeds.

 

Pros and Cons of Eightcap

✔️Pros Cons
Supports MT4 and MT5 No Islamic accounts
Tight spreads Limited product offering
7 base currencies
Beginner’s option

 

CMC Markets

CMC Markets

CMC Markets offers 3 types of accounts and requires no minimum deposit for the activation of a live trading account.

CMC Markets accounts can be funded using SEK, EUR, CAD, NOK, AUS, PLN, NZD, USD, SGD or GBP, and clients have the option of using demo accounts and Islamic accounts.

CMC Markets can be used with MetaTrader 4, but an innovative proprietary platform called “Next Generation” is offered, and cash rebates are guaranteed on all accounts.

 

Pros and Cons of CMC Markets:

✔️Pros ❌Cons
300+ Forex pairs No tier-1 regulations
No minimum deposit Inactivity is penalised
10 base currencies

 

BDSwiss

BDSwiss

BDSwiss supports EUR, GBP or USD as base currencies for funding trading accounts and a minimum deposit of $100 is required to activate a live trading account.

BDSwiss facilitates the trading of Commodities, Shares, Forex, Cryptocurrencies and Indices and allows a maximum leverage of 1:500.

BDSwiss can be used with the MetaTrader platform but a proprietary app is also provided alternatively.

 

Pros and Cons of BDSwiss:

✔️Pros ❌Cons
250+ instruments 3 base currencies
Many research tools No US citizens
Instant withdrawals
Supports MT4 and MT5

 

FXCM

FXCM

FXCM is an ASIC-regulated, copy-trading-friendly Forex broker that is recommended for beginners and high-volume traders.

FXCM offers an active trader program, as well as cash rebates and referral rewards.

FXCM requires a minimum deposit of only 50 USD and accepts GBP, USD, CHF  or EUR, as funding currencies.

FXCM is compatible with a variety of platforms, including NinjaTrader, TradingView, ZuluTrade and Mt4.

 

Pros and Cons of FXCM:

✔️Pros Cons
Supports man platforms  4 base currencies
Low minimum deposit Penalty fees for inactivity
Trading bonuses
Suitable Copy Trading

 

Blackbull Markets

BlackBull-Markets

Blackbull Markets offers commission-free trading with tight spreads and accounts can be funded using EUR, GBP, CAD, NZD, USD, JPY, ZAR, AUD or SGD.

Blackbull Markets can be connected with the MetaTrader platforms and clients can use demo accounts and Islamic accounts.

A minimum deposit of $200 is required to activate a live account and there are 3 types of accounts to choose from.

 

Pros and Cons if Blackbull Markets:

✔️Pros Cons
Trading bonuses No US clients
Low spreads No fixed spreads
300+ instruments
Compatible with MT4 and MT5

 

Axiory

axiory

Axiory facilities trading across several assets classes, including Gold, ETFs, Oil, CFD indices, Forex, CFD stocks, Energies and Metals.

Axiory has been around since 2011 and has extended its product offering to 5 accounts that can be used on 3 platforms to trade many different instruments.

All accounts offered by Axiory can be changed to Islamic, swap-free accounts and this platform is a great option for inexperienced traders.

 

Pros and Cons of Axiory:

✔️Pros ❌Cons
No minimum deposit 2 base currencies
Negative Balance Protection No US clients
Many asset classes No crypto trading
5 account types
Beginner-friendly

 

XTB

XTB

XTB is a fully regulated Forex broker with over 400,000 clients that was established 2 decades ago.

XTB is suitable for inexperienced traders and offers demo accounts that can be used with the XTB trading academy.

XTB accounts can be funded using USD, EUR, GBP, HUF or PLN, and clients can trade Crypto, Indices, Stocks, Commodities, ETFs, Forex and CFDs.

 

Pros and Cons of XTB:

✔️Pros Cons
No minimum deposit Penalty fees
Trading bonuses No  US citizens
Good option for beginners Only 1 platform
2,100+ instruments

 

Forex.com

Forex.com

Forex.com is a trusted and regulated broker that offers 3 types of accounts and is a great option for beginners.

Forex.com accounts can be funded using several base currencies, including EUR, JPY USD, GBP, CHF or AUD.

Forex.com can be used with MetaTrader 4 and 5, and also provides an impressive proprietary platform of its own.

 

Pros and Cons of Forex.com:

✔️Pros ❌Cons
Cash rebates No Islamic account
Excellent research tools Inactivity is penalised
4,500+ shares

 

FP Markets

FP Markets

FP Markets offers a great selection of tradable products across many asset classes, including Shares, Commodities, Indices, Metals and Forex.

FP Markets is a great option for CFD traders and beginners, and trading accounts can be funded using SGD, JPY, AUD, CHF, CAD, NZD, HKD, USD, EUR or GBP.

FP Markets is regulated by CySEC and ASIC and requires a minimum deposit of 100 USD.

 

Pros and Cons of FP Markets:

✔️Pros ❌Cons
10 Base currencies Withdrawal fees
Free VPS No trading bonus
10,000+ CFDs

 

LegacyFx

LegacyFX

LegacyFX is a multi-regulated broker that offers 7 unique accounts, including a VIP account.

LegacyFX operates under the supervision of FCA, NBRB, BaFin, VFSC and CySEC, and has been around since 2012.

LegacyFX accounts can be funded using GBP, EUR or USD and is compatible with the MetaTrader 5 platform.

LegacyFX offers a trading academy and demo accounts for beginners, along with Islamic accounts from clients of the Muslim faith.

 

Pros and Cons of LegacyFx:

✔️Pros ❌Cons
7 accounts 3 base currencies
VIP package High minimum deposit
Trading bonuses

 

Swissquote

Swissquote

Swissquote is a great option for clients who are interested in Scalping, Day Trading or Swing Trading, and it is also suitable for inexperienced traders.

Swissquote is compatible with the MetaTrader platforms and FIX API, but also provides a next-generation proprietary platform.

Swissquote accounts can be funded with many base currencies and facilitate the trading of Bonds, Crypto, Commodities, Forex, Indices and Stocks.

 

Pros and Cons of Swissquote:

✔️Pros ❌Cons
Suitable for day trading High minimum despoit
6 regulations No trading bonuses
21 base currencies

 

Interactive Brokers

Interactive Brokers

Interactive Brokers is a well-established broker that is beginner-friendly and offers more than 7,000 CFDs, in addition to 100 currency pairs and more.

Interactive Brokers accounts can be funded using many currencies and is regulated by ASIC, FCA, SSEC and CFTC.

Interactive Brokers offers an innovative proprietary trading platform with advanced tools for research and analysis, and low trading costs are guaranteed.

 

Pros and Cons of Interactive Brokers:

✔️Pros Cons
Well regulated Low maximum leverage
Good variety of trading products No swap-free accounts
No minimum deposit
24 base currencies

 

Vantage FX

Vantage-FX

Vantage FX is regulated by FCA, CIMA  and ASIC, and is a beginner-friendly broker that offers a variety of educational resources that can be used with its demo account.

Vantage FX clients can choose from 2 types of ECN accounts and an STP account, and accounts can be funded using EUR, GBP, HKD, USD, NZD, JPY, SGD, CAD or AUD.

 

Pros and Cons of Vantage FX:

✔️Pros ❌Cons
Highly regulated 2 of 3 accounts charge a commission
9 base currencies
Many platforms and apps

 

OctaFX

OctaFX

OctaFX is a regulated Forex broker that is available to 100 countries worldwide and offers 2 accounts that can be sued for hedging and scalping.

OctaFX requires a minimum deposit of $100 and accounts can be funded using EUR or USD.

OctaFX provides a proprietary trading platform, along with demo accounts, swap-free accounts and trading bonuses.

 

Pros and Cons of OctaFx:

✔️Pros Cons
Low minimum deposit Limited product offering
Tight spreads 2 base currencies
Allows copy trading
Supports MT4 and MT5

 

HYCM

HYCM

HYCM offers 3 accounts that can be funded using AED, EUR, USD or GBP, and clients have the option of using demo accounts or changing to a swap-free account.

HYCM is regulated by CIMA, DIFC, CySEC and FCA, and can be used with the MetaTrader platforms and tools.

HYCM also offers VIP accounts and a variety of tools for research and analysis.

 

Pros and Cons of HYCM:

✔️Pros Cons
300+ instruments No US citizens
Recommended for beginners Inactivity fees
Many regulations
Negative Balance Protection

 

ThinkMarkets

ThinkMarkets

ThinkMarkets is regulated by BMA, FSCA, ASIC and FCA, and is a trusted, beginner-friendly broker that offers 2 types of accounts with guaranteed tight spreads.

Accounts with ThinkMarkets can be funded using SGD, CAD, EUR, ZAR, GBP, CHF, AUD, NZD or USD, and demo accounts and Islamic accounts are also offered.

ThinkMarkets can be connected to MetaTrader 4 and 5, but a unique proprietary platform called “ThinkTrader” is also provided.

 

Pros and Cons of ThinkMarkets:

✔️Pros ❌Cons
Suitable for beginners No US clients
Zero-commission trading Inactivity fees
No minimum deposit

 

 

InstaForex

InstaForex

InstaForex currently has more than 7 million clients and is regulated by BVI, FSC and CySEC.

InstaForex requires a minimum deposit of only 1 USD and offers a maximum leverage of 1:1000.

There are 2 accounts to choose from when trading with InstaForex and demo accounts and swap-free accounts are also provided.

InstaForex is compatible with the MetaTrader platforms but a proprietary platform is also available.

 

Pros and Cons of InstaForex:

✔️Pros Cons
Allows scalping 2 base currencies
10 trading servers No US clients
Negative Balance Protection
Low minimum deposit

 

Conclusion

We hope that this list of the 30 Best Canadian Forex Brokers will help you choose a broker to accomplish all of your trading goals, regardless of your level of trading experience.

Before you deposit any real money into a trading account with one of these brokers, we recommend trying a demo account with them and engaging with the customer support team to make sure that the account you choose, is the account you need.