Best Forex Brokers in Canada for 2022
At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
Many forex trading brokers in Canada offer limited trading capabilities that can make it difficult to find a broker that provides the right features, account types and minimum deposit for you. Our review team of industry professionals have put together a list of the best Canadian forex brokers that are all well-regulated and designed to suit various trading strategies and goals.
We’ve rounded up a variety of the best forex brokers regulated in Canada to provide you with a selection of highly-rated and award-winning brokers, some designed for specific trading types and some that are all-rounders for those new to trading.
Forex trading involves taking large financial risks, which is why we take the time to try and test the best forex brokers for ourselves to provide you with an honest, informative and trusted view on each broker included.
Round-up of the best Canadian forex brokers
- AvaTrade: best for fixed spreads
- Forex.com: best for the overall trading experience
- Vantage: best for day traders
- Oanda: best for beginners
- CMC Markets: best for CFD trading
- Interactive Brokers: highest amount of markets
- FXCM: best service quality
- EasyMarkets: great trading flexibility
- OctaFX: best for forex algo-traders
These top brokers will provide a full range of trading capabilities for you to get the most out of the forex market in Canada. As expected with any major forex broker, the Canada-based brokers we have listed offer some of the most competitive fees, and access to the best trading platforms and features.
This, combined with providing the widest range of markets and trading products for you to choose from, should help you to cultivate a successful career as a forex trader in Canada.
Table of contents
Top 9 Forex Brokers in Canada: 2022 List
Here’s our list of the best Canadian forex brokers.
Avatrade is not only known as one of the best forex brokers available in Canada, but is also respected around the world. They are IIROC regulated, and the Canadian arm of this top global broker, Avatrade Canada, provides access to the same depth of markets and trading instruments as they do to traders around the world. Combined with full access to their excellent trading platforms including the well-respected Metatrader 4, Duplitrade, and AvaOptions, this serves to add to the reasons why our team recommends Avatrade as one of the top forex trading brokers in Canada. The Duplitrade platform also provides you with opportunities to engage in social trading.
Unlike other brokers, they also offer negative balance protection and the AvaProtection service to temporarily protect you from losses. The broker also provides leverage of up to 50:1 and is very accessible to all traders with a competitive minimum deposit of just $100.
Regional restrictions: Alberta (only Accredited Investors)
Next in our list of the best forex brokers Canada makes available, is the longstanding industry veteran, Forex.com. In addition to being considered one of the market leaders, Forex.com is also IIROC regulated, and has been active in the sector for almost two decades. As a Canadian user, you can access more than 300 global markets for trading with Forex.com which include more than 80 forex currency pairs, and a wide array of CFDs in shares, commodities, and indices. These options easily make Forex.com one of our premium selections in this list.
Forex.com’s highly competitive spreads are a focal point for this attraction, starting at only 0.8 pips with fixed spread only trading on commodities. The minimum deposit also makes it really easy to get started at only $50 with a 50:1 leverage available on many markets.
Regional restrictions: Alberta (only Accredited Investors)
Vantage are a top forex broker who have developed into one of the leading names in the industry and a top choice for traders in Canada. They are an Australian based broker and, although they are not IIROC regulated, they are still well-trusted in the sector and accepted for trading in Canada. You can open a Vantage trading account with a minimum deposit starting at $200.
Once you have an account you can benefit from high-speed trade execution through both MT4 and MT5 trading platforms with this top ECN broker and a highly attractive spread that starts from 0 pips on forex with over 40 forex pairs available as part of the more than 150 CFDs and other markets Vantage offer. A leverage of as much as 50:1 is also offered on many markets.
Regional restrictions: Alberta (only Accredited Investors), British Columbia
With over 100 markets available for trading to Canadian users, Oanda had to feature as one of our top-rated forex trading brokers in Canada for 2021. Regulated by the IIROC, Oanda is among one of the most recognizable names in the forex trading industry around the world, and it brings a number of excellent research and trading tools to the Canadian market. These include advanced charting, and access to the Oanda Algo Lab, which empowers you to take control of your trading future in a way that competes with the other brokers in this list. All with a 50:1 trading leverage available.
Add to this the transparent, competitive pricing model which Oanda operatesand their no minimum deposit and it is easy to see why our expert team recommends them as one of the best forex trading brokers in Canada. Oanda is also highly recommended as a great choice for beginners to trading.
Regional restrictions: Alberta (only Accredited Investors)
CMC Markets are next on our list of top Canadian brokers. They really have been in the business a very long time, since 1989 in fact. During this time, they have developed a trusted reputation among traders. They are based in London but offer IIROC regulated trading to Canadian forex traders. There are many appealing aspects here, not least the fact that there is no minimum deposit required.
While trading with CMC Markets you will have access to the trusted MT4 trading platform and spreads starting from just 0.3 pips that make it a great broker for forex trading. You can also learn and grow with a great educational offering including free webinars, market insights, and more. The cherry on top here with CMC is that as a Canadian trader, you can also avail of some excellent cash rebates to lower the cost of your trading.
Regional restrictions: Alberta (only Accredited Investors)
Providing access to a range of proprietary trading platforms, together with an extensive catalogue of trading products, and some of the most competitive commissions in the sector, Interactive Brokers had to make our list. IIROC regulated, the top-level trading infrastructure is well supplemented by a vast educational platform which will assist you in furthering your forex journey through informative articles, webinars, and video content.
IB is very popular among traders who are new to the industry also. This popularity stems from the wide range of markets offered, but also from the fact they do not impose a minimum deposit at all. The maximum national leverage of 50:1 being available also provides great potential to more experienced traders.
Regional restrictions: Alberta (only Accredited Investors)
As a top no-dealing desk broker, FXCM is another of the best forex brokers available in Canada this year. Their trading model allows FXCM to operate with some of the best value commissions in the industry within a huge range of markets. As well as access to two premium trading platforms, FXCM offers an array of CFDs to choose from in various markets. These include commodities, metals, and indices. FXCM also offers generous margins and high leverage to rival any of the other brokers included here. All of these features culminate to increase your potential for success and profitability as a forex trader in Canada.
The broker is of course IIROC regulated as are the others in our listing and a $50 minimum deposit makes them great value for all traders who can also access a flexible maximum leverage of 50:1 that provides a freedom to take advantage of trading opportunities when they arise.
Regional restrictions: Alberta (only Accredited Investors)
easyMarkets was founded in Australia but now operates from Europe and around the world and is accepted for trading in Canada despite not being IIROC regulated. You can get started with a $200 USD minimum deposit amount and have your choice of more than 150 markets, 120 of which are forex pairs.
This massive selection across the board is very appealing to traders and also includes commodities traded on a fixed spread that starts from a very competitive 0.9 pips. The broker offers the same extensive 50:1 leverage as others in the Canadian market and also goes a step further in offering negative balance protection to make sure your trading experience is as safe as possible.
Regional restrictions: Alberta (only Accredited Investors), British Columbia, Ontario, Manitoba, Quebec
OctaFX is next to make our list as a great broker for traders in Canada to consider using. They are based in Europe operating from Estonia and are quickly forging a trusted reputation among European forex traders who value the fast and reliable ECN execution on offer.
As a trader with OctaFX you can also benefit from a very accessible minimum deposit from just $100 to trade in a wide range of markets including 28 forex currency pairs. Another attractive point for all traders is the fact that both fixed and floating spreads are offered and start from 2 pips, and 0.2 pips respectively. OctaFX is also a great option for those interested in copytrading. In this regard, they offer their own proprietary copytrading service and platform that many traders rate highly.
Regional restrictions: Alberta (only Accredited Investors)
Best Forex Brokers in Canada: Our Comparison
Here’s a summary of which forex brokers are available in Canada along with key information about their minimum deposits, whether they are IIROC regulated and any regional restrictions. As you may have noticed, every broker that is locally regulated has no problem accepting customers throughout the country (with the exception of those who are residing in Alberta), and may follow the Canadian investor protection fund we’re going to mention in the next section of the article.
On the other hand, other brokers that are not regulated by the Canadian authorities and are still allowed to operate within the country, may face regional restrictions when it comes to accepting new clients.
| Feature | Min. Deposit | IIROC | Regional Restrictions |
|---|---|---|---|
| AvaTrade | $100 | Yes | AB |
| Forex.com | $50 | Yes | AB |
| Vantage FX | $200 | No | AB, BC |
| Oanda | No minimum deposit | Yes | AB |
| CMC Markets | No minimum deposit | Yes | AB |
| Interactive Brokers | No minimum deposit | Yes | AB |
| FXCM | $50 | No | AB |
| EasyMarkets | $200 | No | AB, BC, ON, MB, QC |
| OctaFX | $100 | No | AB |
- AB – Alberta
- BC – British Columbia
- ON – Ontario
- MB – Manitoba
- QC – Québec
- SK – Saskatchewan
Is Forex Trading legal in Canada?
This is a question that many people ask, regardless of which country they are forex trading in. With Canada, while there are some points we will outline here, forex trading in general is legal. The forex market in Canada is regulated by the IIROC (Investment Industry Regulatory Organization of Canada). The IIROC are the national regulator, though each region of Canada has their own local regulator which is where things can get more complicated and we will take a look at this below.
For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not IIROC regulated. In fact, when a broker is not IIROC regulated, each regional regulation has the power to decide whether or not a broker should be allowed to offer its services within the area.
Is Forex Trading legal in Alberta?
Things get a little tricky as we mentioned, in Alberta. Forex trading is legal, but you must qualify as an “accredited investor” whether or not the broker is IIROC regulated. This is something similar to the qualification as a professional trader in Europe and you must satisfy at least one of the following conditions:
- Qualify as a bank or any other financial institution
- Have a net income of at least $200.000 in the past 2 years
- Have at least $1.000.000 in your financial portfolio
- Have at least $5.000.000 invested in properties
If you can satisfy one of these criteria, then you will have no problem being classified as an accredited investor in Alberta.
How to trade forex in Canada
Things go back to normal in this respect. The steps for starting in forex trading within Canada are generally the same as in another country. You should be sure to provide the following:
- Proof of identity typically in the form of your passport is best.
- Proof of residence through a utility bill or bank statement within the last 3 months is usually best.
From there, you will be free to fund and trade on your fully verified account.
What Canadian traders should look for in a forex broker
As a Canadian forex trader, there are indeed some things to watch out for that may be accepted in other countries but not Canada.
Binary options trading for example, is illegal in Canada, whereas spread betting is in fact legal for Canadian traders. Derivative products like CFDs, while they are not legal with the neighbors in the USA, are legal to trade in Canada. Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders.
Restrictions on leverage and other trading conditions are also somewhat lenient in Canada. Leverage can generally reach up to 50:1, and while negative balance protection is not mandatory as it is in Europe, it is still generally offered by top brokers along with the use of segregated bank accounts.
With those points noted, here are a few tips to follow when choosing your forex broker in Canada:
1. Look for forex brokers regulated in Canada
This point goes for every place, you should always be on the lookout for the best regulation. The Canada IIROC is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them. This is a great thing to make sure you have in place to improve trust.
Additionally IIROC brokers usually follow the Canadian Investor Protection Fund program (CIPF), meaning that in case of insolvency the trader will get refunded a certain amount of money depending on the CIPF Terms and Conditions.
2. Try to look for brokers that offer CAD currency
We all want to avoid fees as much as possible. This means trying to choose a broker that facilitates CAD deposits and base currency. It will save you on commissions and fees from both the broker and your bank. Luckily, most of the Canadian forex brokers already facilitate this.
3. First time trading? Look for Negative Balance Protection
Negative balance protection basically can prevent you from losing more than you have in your account. This could happen in rare cases where the market is volatile and particularly if you are new to trading. So, even though it is not mandatory in Canada, it makes sense for you to find and choose a broker that offers this protection for your own benefit. This is another great layer of protection after the investor compensation fund already available with most Canadian brokers.
How to verify if a forex broker is regulated in Canada
One of the last steps before trading and once you have found a broker that ticks all the boxes for you, is to verify their regulation. This is simple to complete and means heading over to the IIROC official website, and checking the IIROC Register there using the company name. This name you can typically find at the bottom of your brokers homepage.
Is forex trading taxable in Canada?
The last question is are your forex trading earnings taxable in Canada. Yes, they are. You will have to pay capital gains tax on any profits in this respect. The typical tax on these earnings is also known to be quite high in Canada so you should expect to pay around 50%.
We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect.
Full List of Forex Brokers Available in Canada
| Forex Brokers Canada | CAD FX Accounts | CAD Dep./Withdr. | Min. Deposit | Website |
|---|---|---|---|---|
| AvaTrade | No | No | $100 | AvaTrade |
| Forex.com | No | Yes | $50 | Forex.com |
| Vantage | Yes | Yes | $200 | Vantage |
| Oanda | No | Yes | $0 | Oanda |
| CMC Markets | Yes | No | $0 | CMC Markets |
| Interactive Brokers | Yes | Yes | $2000 | Interactive Brokers |
| FXCM | No | No | $50 | FXCM |
| EasyMarkets | No | Yes | $100 | EasyMarkets |
| OctaFX | No | No | $5 | OctaFX |
| Axi | Yes | Yes | $0 | Axi |
| BDSwiss | No | No | $100 | BDSwiss |
| Darwinex | No | No | $500 | Darwinex |
| FP Markets | Yes | No | $100 | FP Markets |
| Saxo Bank | Yes | No | $3000 | Saxo Bank |
Forex Brokers in Canada FAQs
What are the best forex brokers in canada?
The best brokers in Canada are: 1. AvaTrade – 2. Forex.com – 3. Vantage – 4. Oanda – 5. CMC Markets – 6. Interactive Brokers – 7. FXCM – 8. EasyMarkets – 9. OctaFX.
How can I trade Forex in Canada?
If you’re not an Alberta resident, it’s very easy to get started: choose an IIROC broker, verify your profile and trading account, and deposit the required amount to start trading.
Is forex trading illegal in Canada?
Forex is completely legal in Canada. The only state where trading is facing limitations is Alberta, where only professional and institutional traders are allowed to trade forex and other assets.
Is IG broker available in Canada?
No, IG Markets is not available in Canada at the moment. It’s not regulated by IIROC, and it doesn’t accept traders based in Canada.
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