7 Best Forex Brokers in Canada for 2025

This includes major, minor, and exotic currencies and is a comparatively large offering. We are not a registered investment adviser and this is not investment advice. This means that when you click through from us to a provider and open an account we may receive a payment. Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.

Again, due to the volatile nature of these pairs, beginners should probably steer clear until they have more experience in the market. These pairs have much less liquidity and higher spreads – but can often provide excellent opportunities for profits. Like Avatrade, FXCM operates under the Friedberg Direct umbrella in Canada, which manages over $2 billion in assets. The minimum deposit at Forex.com is only $100 (123 CAD) and can be made via credit/debit card, bank transfer, or various e-wallets. Forex.com does not charge any commissions on this account; however, you will have to pay a transaction fee if you open a commission or an STP pro account. The broker’s parent company, StoneX Group, is listed on the NASDAQ – highlighting how reputable Forex.com is.

Max Leverage

Its strong presence in Canada, backed by local regulation (CIRO) and investor protection (CIPF), makes it a solid option for Canadian traders seeking access to global markets. In an effort to protect Canadians, the Canadian Federal Government has enacted one of the strictest regulatory bodies in the world regarding investment platforms that target Canadian residents. While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Canada. The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Being recognized as providing one of the best trading platform applications and for their positive trading conditions and https://forex-review.net/ environment has helped them greatly in continuing to improve their profile among traders.

Multi-asset class traders may also enjoy access to the IRESS DMA platform which allows you to trade more than 10,000 global shares directly from the order books of the exchange or liquidity provider. This means you can access raw, interbank markets spreads paying a commission of 3.50 USD per lot, per side which is the industry average. FP Markets was founded in 2005 in Sydney, Australia, and allows trading of over 840 instruments from an ECN trading account using MT4, MT5, and cTrader platforms. The broker offers plenty of articles, courses, and videos that delve deep into essential trading concepts such as technical analysis, fundamental analysis, risk management, and the psychology of trading. I checked the fee competitiveness of the Standard account, which features commission-free trading, floating spreads from 1.3 pips, and a $50 deposit requirement.

Important Note for Canadian Traders

• Yes, FOREX.com is fully regulated in Canada and owned by StoneXm, listed on the NASDAQ exchange, and as such, we rate them as a safe brokers to trade with.
• With no minimum deposit, commission-free spread accounts, and access to elite tier rebates, it’s a clear leader in cost‑efficient trading.
• For over a decade, we’ve set the standard in forex broker reviews—collecting thousands of data points yearly to deliver unbiased, expert-backed insights.
• So, by following the steps below, you’ll be able to be set up and ready to go with Avatrade in under ten minutes.
• If you want to know what the platform is like, you can watch our 24-hour test as we trade live and even bank some profits.
• This competition means that many forex brokers in Canada are providing a range of excellent products and services for their clients.

These typically require meeting specific deposit and trading volume thresholds within a set timeframe. They integrate OANDA’s competitive pricing and execution with MT4’s advanced charting and automated trading capabilities, and MT5’s enhanced features like depth of market. Yes, OANDA offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) in Canada. These demo accounts generally do not expire and can be topped up, providing a risk-free environment to test strategies.

Why Oanda Falls Short

Whether you prefer tight ECN spreads, powerful charting tools or a beginner-friendly interface, there’s a broker on this list that fits your style. We looked at key factors like regulation, platform options, spreads, educational resources and funding flexibility. You’ve successfully signed up for our forex newsletter, where you’ll receive expert insights, market analysis, and the latest news straight to your inbox. We’ve tested hundreds of Forex brokers to find the safest, low-cost, and reliable brokers. Check out these other guides to enhance your forex trading knowledge and skills.

While this means it does not have local Canadian regulation, the broker maintains compliance with multiple international regulators to ensure credibility. PU Prime is regulated internationally by 🇸🇨 FSA (Seychelles), 🇲🇺 FSC (Mauritius), and 🇿🇦 FSCA (South Africa), but it is not licensed under 🇨🇦 IIROC. These include MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and proprietary mobile and desktop applications, as well as social and copy trading tools for those seeking advanced or automated strategies.

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. Active or professional traders may have their profits taxed as business income (100% taxable). Casual or occasional traders may report profits as capital gains (50% taxable). Education is key—attend webinars, join trading forums, and listen to market podcasts to stay sharp.

Is PU Prime regulated in Canada?

With competitive spreads, no minimum deposit requirement, and strong customer support, it caters to both novice and experienced traders looking to engage in global markets. CMC Markets is a well-regulated, versatile, and reputable broker, offering a vast range of CFDs and advanced trading platforms. Yes, CMC Markets offers free demo accounts with virtual funds that allow you to practice trading on their Next Generation platform or MetaTrader 4. With no minimum deposit requirement and competitive pricing, it effectively serves both novice and experienced traders looking to access global markets.

Fusion Markets

• In terms of deposits, Avatrade allows a minimum deposit of only $100 (123 CAD), which users can complete via credit card or wire transfer.
• IIROC-regulated firms need to detail the margin requirements for each instrument which can be found on the broker’s website.
• Some brokers may also offer ECN (electronic communication network) accounts where your trades are matched to prices from different liquidity sources in an anonymous network.
• Brokers who advertise much higher leverage are usually unregulated or offshore-based brokers that offer fewer regulatory protections.
• The material does not contain (and should not be construed as containing) investment advice or an investment recommendation, or, an offer of or solicitation for, a transaction in any financial instrument.

While they previously supported MetaTrader 4 (MT4) for existing users, new accounts are now directed to xStation 5, which boasts advanced charting, analysis tools, and comprehensive features. XTB is a global online broker providing trading services across various financial instruments, including Forex and CFDs on stocks, indices, commodities, and cryptocurrencies. They also provide direct integration with TradingView for advanced charting and analysis, offering a comprehensive suite of tools for diverse trading preferences. This might be a key consideration for traders prioritizing local investor protections and support. While FP Markets accepts Canadian clients and supports CAD trading, it lacks direct Canadian regulatory oversight and a physical presence in Canada.

Meet the Experts Behind Our Unbiased Reviews

If you are based in Canada and wish to begin trading the forex market, you must choose a safe and reputable broker to trade with. Yes, Islamic (swap-free) forex accounts are available in Canada from several brokers. They support CAD as an account currency, offering competitive trading conditions for Canadian traders. With competitive pricing, advanced platforms, and strong offshore regulation, PU Prime provides Canadians with access to international markets, though local protections remain limited.

Brokers regulated by renowned bodies such as IIROC, FCA, and ASIC are obligated to follow stringent regulations that aim to protect your invested capital. It is also wise to choose a broker that has a presence in Canada or the US. Investment dealers regulated by IIROC are affiliated with the Canadian Investor Protection Fund (CIPF), providing additional protection for individuals in the event of insolvency.

Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange.

So now that you have a comprehensive overview of the best forex brokers in Canada, it’s time to take a look at the sign-up process. However, these brokers will often require larger position sizes and higher balances to sign up – so perhaps not the best option for first-time traders. Trading the forex market from your laptop or smartphone requires access to trading software that can facilitate the opening of your positions. Another thing to look for is a broker that offers MT4 and MT5 support – this opens up the possibility of automated trading too.

Step 2: Complete KYC and Verify Account

IIROC conducts regular reviews of brokers to make sure they are meeting its high ethical and professional standards, providing a higher level of transparency and safety for your funds. Traders in Canada have the option to choose a broker regulated by the Investment Industry Regulatory Organization of Canada (IIROC) or other Tier 1 regulators such as the FCA, ASIC, etc. When choosing a broker to trade with, safety, security, and transparency are essential.

XTB primarily offers its award-winning proprietary xStation 5 platform, available as a web and mobile app. While it allows CAD accounts and accepts Canadian clients, it’s crucial to acknowledge that Eightcap is not directly regulated by Canadian authorities (CIRO). The Standard Account features commission-free trading with slightly wider spreads, while the Raw Account provides tighter spreads but charges a commission per trade. For Standard and Raw MT4/MT5 accounts, the minimum deposit with FP Markets is AUD 100 (or equivalent in other currencies). This means Canadian traders might not have access to local investor protection schemes like CIPF. They also offer the IRESS platform for advanced functionality, particularly for those seeking access to a wider range of instruments like shares.

If you want to know what the platform is like, you can watch our 24-hour test as we trade live and even bank some profits. High-volume or premium trading clients can also access Active Trader, a service that provides them with a dedicated relationship manager, reduced trading costs and cash rebates. Top stories, top movers, and trade ideas delivered to your inbox every weekday before and after the market closes. Learn more about IFC Markets trading platform and how you can get started today.

Additionally, they support the popular MetaTrader 4 (MT4) platform, and integrate with TradingView for its charting capabilities, providing diverse options for traders. MultiBank Group provides multiple platforms to suit different trading styles and experience levels. The platform is intuitive and easy to navigate, even for someone like me who's not a professional trader.