Top 5 Best Forex Brokers in Canada for 2020
Are you looking for the best forex brokers Canada has to offer in 2020?
If the answer is yes, our expert team can help you.
We have compiled a list of the best 5 options for you to choose a forex broker. Canada can sometimes be a challenging location when it comes to your choice of brokers.
Many forex trading brokers in Canada offer limited trading capability, while some do not offer any service at all to traders. Luckily, some of the best forex brokers Canada can provide, have been found by our review team.
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, Canada-based brokers which we have listed offer some of the most competitive fees, and access to the best trading platforms.
This combines with providing the widest range of markets and trading products for you to choose from. All of this should be of great help to you in cultivating a successful career as a forex trader with some of the top forex trading brokers in Canada.
(This post is part of the best forex brokers series)
Top 5 Forex Brokers Canada Listing for 2020
Here’s our list of the best Canadian forex brokers:
1. Avatrade
More than just one of the best forex brokers Canada has to offer, Avatrade is respected around the world. 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. Combining this with the full availability of their excellent trading platforms including the well-respected Metatrader 4, Duplitrade, and AvaOptions, serve to add to the reasons why our team recommends Avatrade as one of the top forex trading brokers in Canada. The Duplitrade platform provides you with opportunities to engage in social trading. This is a feature which is also not often available from other top forex brokers in Canada
- Regulations: AVA Trade EU Ltd regulated by the Central Bank of Ireland (No.C53877); AVA Trade Ltd regulated by the V.I Financial Services Commission; Ava Capital Markets Australia Pty Ltd regulated by ASIC (No.406684); Ava Capital Markets Pty regulated by the South African Financial Sector Conduct Authority (FSCA No.45984); Ava Trade Japan K.K. regulated by the FSA (No.1662) and the FFAJ (No.1574). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: Market Maker
- Leverage: 1:30
- Minimum Deposit: AUD $ 100, USD $ 100, £ 100, or € 100
- Platforms: AvaTradeGo (mobile app), MT4, Mac Trading (specifically for Macs), Webtrader
- Headquarters: AVA Trade EU Ltd is headquartered in Dublin, Republic of Ireland
- US Customers: No
- Other instruments: CFDs on indices, stocks, cryptocurrencies, commodities, options, ETFs
2. Forex.com
Next in our list of best forex brokers Canada makes available, is longstanding industry veteran, Forex.com. They are considered one of the market leaders, and have 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 when considering the best forex broker Canada of 2020.
- Regulations: Forex.com registered at the FCM and RFED with the CFTC and member of the NFA (NFA # 0339826); GAIN Capital UK Ltd authorised & regulated by the FCA (113942); GAIN Capital – Forex.com Canada Ltd. regulated by IlROC; Gain Capital Japan Co., Ltd. regulated by the FSA. (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: Market Maker, ECN
- Leverage: 50:1
- Minimum Deposit: $50
- Platforms: Advanced Trading (desktop), Web platform, mobile (iOS and Android)
- Headquarters: GAIN Capital Holdings the parent company of Forex.com is headquartered in Bedminster, NJ USA
- US Customers: Yes
- Other instruments: Forex plus CFDs on indices, commodities, shares
3. Oanda
With over 100 markets available for trading to Canadian users, Oanda is featured as one of our top forex trading brokers in Canada for 2020. 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. This empowers you to take control of your trading future in a way which competes with the best forex brokers Canada has in 2020. Add to this the transparent, competitive pricing model which Oanda operates, and it is easy to see why our expert team recommends them as one of the best forex trading brokers in Canada.
- Regulations: OANDA Corporation registered with the CFTC and member of the NFA (0325821); OANDA (Canada) Corporation ULC regulated by ILROC; OANDA Europe Limited authorised & regulated by the FCA (542574); OANDA Asia Pacific Pte Ltd licensed by MAS; OANDA Australia Pty Ltd regulated by ASIC (412981); OANDA Japan Co., Ltd FFA subscriber (1571). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: Market Maker, agency
- Leverage: 1:50
- Minimum Deposit: No minimum deposit required
- Platforms: MT4 (desktop, iOS, Android), OANDA’S desktop platform, mobile platform (iPhone, iPad, Android)
- Headquarters: OANDA Corporation is headquartered in New York City, USA
- US Customers: Yes (but are unable to trade CFDs)
- Other instruments: CFDs on indices, commodities, bonds, metals; spread betting
4. Interactive Brokers
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 makes our list as one of the top forex broker Canada choices. The top-level trading infrastructure is well supplemented by a vast educational platform. This will assist you in furthering your forex journey through informative articles, webinars, and video content. This material functions as an excellent primary learning tool, and can be positively supported by some of the many trading strategy guides and other content from our own professional team.
- Regulations: Interactive Brokers LLC is a member of the NYSE, FINRA, and SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission; Interactive Brokers Canada INC. is a member of IIROC; Interactive Brokers Australia PTY LTD licensed & regulated by ASIC (2455740; Interactive Brokers (U.K.) Limited is authorised & regulated by the FCA (208159); Interactive Brokers (India) PVT. LTD. registered with SEBI (INZ000217730); Interactive Brokers Securities Co., Ltd. Financial instruments broker member of the Japan Securities Dealers Association General Financial Futures Trading Association; Interactive Brokers Hong Kong Limited regulated by the Hong Kong Securities and Futures Commission. (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: ECN
- Leverage: 1:78
- Minimum Deposit: No minimum deposit required, however, you will need to deposit $ 2,000 USD or equivalent if you wish to trade with a margin
- Platforms: IBKR WebTrader, IBKR mobile (iOS, Android), IB Trader Workstation (desktop)
- Headquarters: Interactive Brokers LLC is headquartered in Greenwich, USA
- US Customers: Yes
- Other instruments: CFDs on shares, indices, bonds, mutual funds, futures, ETFs, Bitcoin futures, cryptocurrency CFDs; options
5. FXCM
As a top no-dealing desk broker, FXCM makes our list of best forex brokers Canada this year. This 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. Generous margins and high leverage to rival any of the top forex trading brokers in Canada is also available. All of these features culminate to increase your potential for success and profitability as a forex trader in Canada.
- Regulations: Forex Capital Markets Limited is authorised & regulated by the FCA (217689); FXCM Australia Pty. Licensed by ASIC (309763); FXCM South Africa (PTY) LTD regulated by the FSCA (46534). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: Market Maker
- Leverage: 1:400
- Minimum Deposit: $ 50
- Platforms: MT4, NinjaTrader, WebTrader
- Headquarters: FXCM Group is headquartered in London, UK
- US Customers: No
- Other instruments: CFDs on indices, commodities, oil, cryptocurrency
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