Looking for Forex Brokers Canada? Not sure which Canada broker is suitable and best for you? Or want to verify if the broker is truly regulated Canada by IIROC?
We provide answers to all the questions in this article. We researched and compared over 10 Canadian Forex Brokers including their regulation status, spread & commission, the time for deposit & withdrawal and many more findings.
IIROC Regulated Forex brokers in Canada & regulations
Forex Brokers in Canada must be fully registered and obtain license from the local regulatory body Investment Industry Regulatory Organization of Canada (IIROC). IIROC is among strictest and well-rounded financial bodies with strict guidance and good protection of clients, IIROC via Wikipedia.
There is a guarantee coverage in case of the broker insolvency provided by Canadian Investor Protection Fund (CIPF) and protection up to $1 million. To verify license and company registration go to IIROC website: www.iiroc.ca also we recommend follow IIROC Twitter for the most recent updates, @IIROCinfo and @FINTRAC_Canada.
Best Forex brokers in Canada
To select the best Canadian Forex Brokers we research and compare Forex Brokers with IIROC regulation and license, also Forex Brokers accepting Canadian clients. We review details of spread and commission, trading platform, deposits and withdrawals conditions, education and customer service. Here is our List of Top Forex Brokers Review in Canada:
- Interactive Brokers – Lowest Spread Forex Broker Canada
- OANDA – Best Broker for Beginners Canada
- IG – Best Broker Overall Canada
- CMC Markets – Best Web Trading Platform Canada
- Forex.com – Best MT4 Broker in Canada
What makes a good forex broker in Canada?
You should check 4 points that makes broker a good Forex Broker, these includes license and good reputation, favorable trading conditions, education and research, and customer service.
- Must be licensed IIROC or regulated broker with good license like FCA, ASIC (Canadian traders can choose broker from other jurisdiction that accept Canadian clients)
- Offer favorable trading conditions with low spreads, good range of trading instruments and platforms
- Provide quality education Webinars, trading videos and research
- Have easy to reach and communicate Customer Support
10 Top Forex brokers in Canada List & Review
A list of Best Forex Brokers for Canadians ranked by us that are based in Canada or accept Canadian clients:
|Forex Broker||Canada Regulated||Why they are our top picks||Our Review|
|OANDA||Yes||OANDA might be the best for beginners, it has a easy to use and packed with tools desktop trading platform, great education materials and research, plus very wide range of instruments compared to other brokers.||Visit OANDA site|
|Fortrade||Yes||Fortrade might be the best for intuitive trading of Bitcoin. The broker is multiply regulated and also provide great quality education materials and up to date market information on friendly and intuitive design platforms.||Visit Fortrade site|
|Interactive Brokers||Yes||InteractiveBrokers should be the best for professional traders and active traders. IB has great proprietary software with powerful tools and analysis and one of the largest industry instruments proposal plus to low costs.||Visit InteractiveBrokers site |
Interactive Brokers Review
|IG||Yes||IG is great for all level of experience traders. IG stands on strong background and is publically traded company (while most brokers are just brokers), its offering is very comprehensive with competitive trading conditions, great education, trading platforms and low costs.||Visit IG site|
|CMC Markets||Yes||CMC Markets might be the best fit if you are looking for a great Web platform. CMC Markets offers web, iOS and Android versions packed with tools and has good range of Currency pairs.||Visit CMC Markets site|
CMC Markets review
|Forex.com||Yes||Forex.com should be good for traders using MetaTrader platform. Forex.com has both MT4 and MT5 plus provide extra tools like VPS and analysis, also Forex.com is a part of a large financial holding with a good standing.||Visit Forex.com site |
|Dukascopy||No||Looking for ECN account, Dukascopy might be your option. Dukascopy is one of the largest online Switzerland banks with great security and advanced proposal. It is one of the best for ECN accounts and transparency, plus customer service is excellent.||Visit Dukascopy site |
|FXCM||No||FXCM can be the best for scalpers or daytraders. FXCM has low minimum deposit requirement, only 50$ compared to industry average of 100$, and there are various platforms supported including great for technical analysis TradeStation, copy platform ZuluTrade and NinjaTrader.||Visit FXCM site |
|AvaTrade||No||AvaTrade might be good for Currency trading. Traders can choose between various platforms and numerous currency pairs including exotic ones, costs are good 0.9 pips for EURUSD lower than industry average of 1.2 pips||Visit AvaTrade site|
More on Canada Brokers
To get you started, we answer many common questions, also it is good to navigate categories and select broker that offer your trading requirements.
Top ECN Forex Brokers Canada
ECN Forex Brokers in Canada offering ECN trading environment that is performed via the bridging technology matching trades automatically to the markets, which is alike No Dealing Desk Forex Brokers. You can check ECN account by Dukascopy.
Forex Leverage in Canada
Leverage in Canada for Forex instruments is limited to 1:50 available for major currency pairs, InteractiveBrokers Forex Leverage offering this ratios for Canadian traders even being one of the US Forex Brokers.
Canada NinjaTrader Forex Brokers
NinjaTrader is a great platform with powerful technical analysis and charting tools, it also support automatic trading and various order types. Canada Brokers offering NinjaTraders are not so many, you can check FXCM.
Canada Forex Options Brokers
Options and Forex Brokers with Binary Options are typically banned due to highest risks by most of world authorities and typically offered only by offshore or unregulated brokers.
Institutional Forex Brokers in Canada
Institutional Forex brokers offering Forex trading service for Institutions and are typically biggest Forex Brokers in the world also with fully regulated international entities. One of the best Brokers for institutions in Canada is InteractiveBrokers.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.