For many Canadian citizens, finding the right Forex broker can be challenging, so we have compiled a list of the following 15 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%.
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:
|250+ instruments||3 base currencies|
|Many research tools||No US citizens|
|Supports MT4 and MT5|
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:
|Supports man platforms||4 base currencies|
|Low minimum deposit||Penalty fees for inactivity|
|Suitable Copy Trading|
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:
|Trading bonuses||No US clients|
|Low spreads||No fixed spreads|
|Compatible with MT4 and MT5|
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:
|No minimum deposit||2 base currencies|
|Negative Balance Protection||No US clients|
|Many asset classes||No crypto trading|
|5 account types|
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:
|No minimum deposit||Penalty fees|
|Trading bonuses||No US citizens|
|Good option for beginners||Only 1 platform|
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:
|Cash rebates||No Islamic account|
|Excellent research tools||Inactivity is penalised|
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:
|10 Base currencies||Withdrawal fees|
|Free VPS||No trading bonus|
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:
|7 accounts||3 base currencies|
|VIP package||High minimum deposit|
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:
|Suitable for day trading||High minimum despoit|
|6 regulations||No trading bonuses|
|21 base currencies|
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:
|Well regulated||Low maximum leverage|
|Good variety of trading products||No swap-free accounts|
|No minimum deposit|
|24 base currencies|
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:
|Highly regulated||2 of 3 accounts charge a commission|
|9 base currencies|
|Many platforms and apps|
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:
|Low minimum deposit||Limited product offering|
|Tight spreads||2 base currencies|
|Allows copy trading|
|Supports MT4 and MT5|
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:
|300+ instruments||No US citizens|
|Recommended for beginners||Inactivity fees|
|Negative Balance Protection|
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:
|Suitable for beginners||No US clients|
|Zero-commission trading||Inactivity fees|
|No minimum deposit|
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:
|Allows scalping||2 base currencies|
|10 trading servers||No US clients|
|Negative Balance Protection|
|Low minimum deposit|
We hope that this list of the 15 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.
Good luck with your trading!
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.