Our Top Picks

The best Forex brokers in Canada, according to our research, are:

  1. AvaTrade
  2. Forex.com
  3. Vantage
  4. FXCM
  5. Oanda
  6. EasyMarkets
  7. OctaFX
  8. CMC Markets
  9. Interactive Brokers

In compiling this ranking, we have taken into consideration a multitude of factors, including:

  • The broker’s Canadian regulations
  • The overall quality of the broker
  • The commissions on Forex trading
  • The trading platforms available
  • The availability of CAD accounts, deposits, and withdrawals
Table of Content

What are the best forex brokers in Canada?


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Below is our curated list and review of the best forex brokers for traders living in Canada, with details and information about the country laws, the features, and the characteristics.

  • AvaTrade provides its trading services in Canada through the CIRO (former IIROC) Friedberg Direct company
  • Canadian traders can trade over 30 forex pairs with fixed spreads as low as 0.9 pips with AvaTrade
  • In Canada with AvaTrade, traders will be able to deposit and open accounts in CAD (with a minimum deposit of 300 CAD), thus avoiding conversion fees.
  • The service provided by AvaTrade is available in both English and French.
  • Regional restrictions: Alberta (only Accredited Investors)
76% of retail investor accounts lose money

  • Forex.com is registered as Forex.com Canada Limited under the CIRO (former IIROC) regulation.
  • In Canada, Forex.com traders will have access to over 3000 instruments, including 80 forex pairs.
  • Commissions charged by Forex.com in Canada start at 0.8 pips on forex.
  • Although Forex.com operates in Canada, the broker does not allow accounts to be opened in CAD. CAD deposits and withdrawals will cause a currency conversion fee.
  • The Canadian branch of Forex.com does not have a physical presence in the country, but is administered from an office in New Jersey, USA.
  • Regional restrictions: Alberta (Accredited Investors only).
81% of retail investor accounts lose money
  • Even though Vantage is not CIRO (former IIROC) regulated, they are still well-trusted in the sector and accepted for trading in Canada.
  • Canadian traders can open a Vantage trading account with a minimum deposit starting at $200.
  • Vantage provides high-speed trade execution through both MT4 and MT5 trading platforms
  • Spreads at Vantage start from 0 pips on forex with over 40 forex pairs available.
  • Vantage in Canada offers leverage of as much as 50:1.
  • Regional restrictions: Alberta (only Accredited Investors), British Columbia
74-89% of retail CFD accounts lose money
  • FXCM operates in Canada through an CIRO (former IIROC) member, Friedberg Direct
  • FXCM doesn’t own a local office in Canada but is still able to provide services to all residents.
  • The only language available on the FXCM website is English
  • The Canadian entity of FXCM provides more than 40 forex pairs with spreads from 0.2 pips.
  • FXCM Canada offers an active trader program designed to reduce spread costs by up to 60%
  • FXCM traders in Canada can deposit funds and open accounts in both USD and CAD though the minimum deposit to open any new account is 5,000 CAD or USD
  • Regional restrictions: Alberta (only Accredited Investors)
66% of retail investor accounts lose money
  • Oanda is listed on CIRO (former IIROC) records as OANDA (Canada) Corporation ULC, and has an office in Ontario, Toronto.
  • Canadian traders will have access to over 70 forex pairs and 120 CFDs in total on Oanda.
  • Spreads in Oanda’s Canadian branch start at 1 pip, while maximum leverage goes up to 1:50.
  • Oanda offers the option of opening CAD accounts in Canada, so traders avoid conversion fees.
  • Oanda’s website is available not only in English but also in French.
  • Regional restrictions: Alberta (Accredited Investors Only).
CFDs are not available to residents in the United States
  • easyMarkets is not CIRO (former IIROC) regulated, however, it can operate in a number of Canadian regions.
  • Canadian traders can get started with a $200 USD minimum deposit.
  • easyMarkets in Canada offers over 120 forex pairs with fixed spreads from 0.9 pips.
  • easyMarkets in Canada offers leverage up to 1:50.
  • Regional restrictions: Alberta (only Accredited Investors), British Columbia, Ontario, Manitoba, Quebec.
75% of retail investor accounts lose money
  • OctaFX is not CIRO (former IIROC) regulated, but can offer its forex trading services in Canada.
  • Canadian traders with OctaFX can benefit from a very accessible minimum deposit of just $25.
  • OctaFX in Canada offers around 35 forex currency pairs to trade with spreads from 0.2 pips.
  • OctaFX offers its own proprietary copytrading service in Canada.
  • Regional restrictions: Alberta (only Accredited Investors).
74-89% of retail CFD accounts lose money
  • CMC Markets is authorized to operate in Canada by the CIRO (former IIROC) under the subsidiary CMC Markets Canada Inc.
  • With CMC Markets, over 330 forex pairs can be traded with spreads as low as 0.7 pips.
  • More advanced Canadian traders will have access to CMC Markets’ Cash Rebates program, where they can get a 20% reduction in spreads.
  • In Canada, it is possible to open CAD or USD accounts with CMC Markets.
  • CMC Markets has an office in Ontario, in Toronto.
  • Regional restrictions: Alberta (Accredited Investors Only).
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
  • Interactive Brokers is a CIRO (former IIROC) broker authorized to operate in Canada as Interactive Brokers Canada Inc.
  • IB in Canada allows its traders to open accounts in CAD and other currencies.
  • In Canada, Interactive Brokers accepts deposits and withdrawals in 23 different currencies.
  • On IB, Canadian traders can trade over 100 forex pairs with spreads as low as 0.2 pips.
  • Interactive Brokers is available in both English and French.
  • Interactive Brokers has an office located in Montréal, Quebec.
  • Regional restrictions: Alberta (Accredited Investors Only).
74-89% of retail CFD accounts lose money

Canadian forex brokers comparison

Here’s a summary of which forex brokers are available in Canada along with key information about their minimum deposits, whether they are CIRO (former 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 CIRO (former IIROC) Regional Restrictions
AvaTrade $100 Yes AB
Forex.com $100 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 $25 No AB
  • AB – Alberta
  • BC – British Columbia
  • ON – Ontario
  • MB – Manitoba
  • QC – Québec
  • SK – Saskatchewan

Is forex trading legal in Canada?

Forex trading, in general, is legal. The forex market in Canada is regulated by the Canadian Investment Regulatory Organization (CIRO, former IIROC). The CIRO is the national regulator, though each region of Canada has its 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 CIRO regulated. In fact, when a broker is not CIRO 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 CIRO 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 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 should Canadian traders 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 CIRO 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, CIRO 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 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 is 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 CIRO (former IIROC), 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?

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 contact local authorities if you don’t know how to manage this aspect.

Full list of forex brokers available in Canada


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Forex Brokers Canada CAD FX Accounts CAD Dep./Withdr. Min. Deposit Website
AvaTrade No No $100 AvaTrade
Forex.com No Yes $100 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
EasyMarkets No Yes $100 EasyMarkets
OctaFX No No $25 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

filippo ucchino

About The Author

Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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