Best Forex Brokers in Canada

 Best Forex Trading Platforms in CanadaWe surely know how important it is for traders to choose a suitable trading platform.

This is why we have spent over 100 hours testing the trading platforms available in Canada. Among other things, we have reviewed over 27k user reviews from Trustpilot, Google, and the Apple Store.

Below we have provided a more detailed overview of the best forex trading platforms in Canada.

Here are the Best Forex Trading Platforms & Brokers in Canada

Which is the Best Forex Broker in Canada? 

Forex.com

Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.

Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.

What we like

Offers MT4 and an Advanced Platform

Unparalleled forex service

What we don't like

Poor selection of CFDs

Long processing times for certain withdrawals

Offers MT4 and an Advanced Platform

Unparalleled forex service

Poor selection of CFDs

Long processing times for certain withdrawals

Features

Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-half star-empty

3,141 users gave the score of 3.3/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

In addition to the obvious name, Forex.com actually happens to be the best forex broker in Europe right now. 

Forex.com provides many analytical tools, more than 80 technical indicators, and 50+ extensive drawing tools. You can choose to trade using the award-winning MetaTrader 4 platform or the broker’s Advanced Platform, which was developed in-house.

This broker specializes more in forex trading. Therefore, it has 80+currency pairs for trading, making it possible to choose between the world’s currencies.

Forex.com is a suitable option for high-volume traders and those looking for access to a wide range of products and asset classes.

Which is the Cheapest Forex Broker in Canada? 

CMC Markets

CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.

A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

Complicated registration

High spread on stocks

Fees on many transactions

Huge selection of assets

Well-established broker

Top-notch trading platform

Complicated registration

High spread on stocks

Fees on many transactions

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

5 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

3,111 users gave the score of 4.05/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

CMC Markets is an excellent cheap forex trading broker in Canada.

Although CMC Markets is not the best Forex trading broker in Canada, it has low prices, and its attractive trading fees are some of the most beneficial of CMC Markets.

Moreover, CMC offers competitive spreads and no minimum deposit, which undoubtedly brings it to brokers’ top-tier.

Which is the Best Free Forex Trading Platform in Canada? 

Interactive Brokers
What we like

One of the biggest online brokers in North America

Top-shelf trading software for all customers

What we don't like

Long processing time for withdrawls

High commission for small positions

One of the biggest online brokers in North America

Top-shelf trading software for all customers

Long processing time for withdrawls

High commission for small positions

Features

Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 5/5
star-full star-full star-full star-half star-empty

6,472 users gave the score of 3.65/5

If you are looking for a reliable free forex trading platform, Interactive Brokers is your best bet.

Interactive Brokers offers a user-friendly, value-added, and, most importantly, free IBKR Lite platform. This includes unlimited trading in stocks and ETFs with no fees. And also, affordable access to global markets without a minimum deposit.

What’s more, IBKR Lite pays competitive interest on free cash balances, making the platform even more profitable for forex trading.

Unfortunately, some users complained about customer support that was too slow. Take this into account when choosing a trading platform.

Which is the Best Forex Trading Platform for Beginners in Canada? 

Oanda

Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.

What we like

Their unparalleled global reach

5 different platforms

What we don't like

High fees and commission

A limited selection of assets in some jurisdictions

Their unparalleled global reach

5 different platforms

High fees and commission

A limited selection of assets in some jurisdictions

Features

Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 3.7/5
star-full star-full star-full star-half star-empty

15,573 users gave the score of 3.58/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

We consider Oanda the best well-designed trading platform for beginners as it has no minimum deposit and is excellent for trades, looking for a great desktop trading experience.

Moreover, Oanda offers an excellent set of educational materials that will help develop every novice trader. You can read or listen and watch the case study and learn by watching the webinars.

Choosing Oanda, you need to take into account that it has a lot of ancillary fees. For example, you should pay $13 per month if you don’t trade on your account for one year. 

Which is the Best Forex Broker for Windows in Canada? 

Forex.com

Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.

Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.

What we like

Offers MT4 and an Advanced Platform

Unparalleled forex service

What we don't like

Poor selection of CFDs

Long processing times for certain withdrawals

Offers MT4 and an Advanced Platform

Unparalleled forex service

Poor selection of CFDs

Long processing times for certain withdrawals

Features

Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-half star-empty

3,141 users gave the score of 3.3/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

Forex.com is a reliable and user-friendly trading broker for Windows users. It is considered safe thanks to its long track record, and IIROC also regulates it.

With an advanced desktop platform from Forex.com, you get a user-friendly interface, real-time news and commentary from Global Research Team, high-performance tools with fully customization features, and more. Forex.com also gives you access to over 200 of the world’s largest companies.

When choosing Forex.com, you should also pay attention that they charge higher fees for trading certain assets. And compared with other platforms, Forex.com is acceptable mostly in forex trading, and other assets’ choice leaves much to be desired.

Which is the Best Forex Trading Platform for Professionals in Canada?  

Interactive Brokers
What we like

One of the biggest online brokers in North America

Top-shelf trading software for all customers

What we don't like

Long processing time for withdrawls

High commission for small positions

One of the biggest online brokers in North America

Top-shelf trading software for all customers

Long processing time for withdrawls

High commission for small positions

Features

Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 5/5
star-full star-full star-full star-half star-empty

6,472 users gave the score of 3.65/5

Interactive Brokers is the best forex broker for advanced users. IIROC regulates them, so it is safe and offers favourable trading conditions.

IBKR is quite popular with professional traders as it offers many useful tools, among other things, as well as IB’s Interactive Analytics, which helps to look at the risks of your entire portfolio. Its extremely smart order router and a wide range of offerings worldwide take trading to the next level.


Also, IBKR offers a wide range of offered markets and has no minimum deposit, making it quite attractive for both professionals and beginners.

Which is the Best Forex Broker for Mac OS in Canada? 

CMC Markets

CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.

A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

Complicated registration

High spread on stocks

Fees on many transactions

Huge selection of assets

Well-established broker

Top-notch trading platform

Complicated registration

High spread on stocks

Fees on many transactions

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

5 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

3,111 users gave the score of 4.05/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

CMC Markets is one of the best Forex brokers with a wide range of offerings. This is the best solution for Mac owners who want a convenient and easy-to-use platform.

CMC Markets offers a wide range of instruments that will be available to both novice and experienced users. You get a variety of technical tools and unique indicators that will make your work more efficient.

Many users claim that CMC Markets has excellent customer service and provides a great opportunity to grow with suitable educational materials.

Trading Guide for Forex Traders in Canada  

Online trading continues to grow in popularity. But before you start trading in Canada, you need to analyze the market and all the restrictions carefully.

To begin with, forex trading in Canada is entirely legal, but the law and regulations are quite complicated here. The Investment Industry Regulatory Organization of Canada is the national regulator, but each province has its good local regulator.

Therefore, living in Canada, you must consider the general laws of trading and local ones. To clarify them, you need to contact your local regulator, which will help you study in more detail the rules and taxes of the forex trading market.

Reviews

How to Choose the Best Forex Broker 

Choosing the best forex trading platform in Canada is not an easy task, as the market offers a wide range of profitable and convenient offers. But when choosing, you should pay attention to some things.

License

trading License

Make sure that the selected broker has a license. Since the law in Canada is stringent, it is essential to follow it. To get the license, the broker needs to undergo some screening where the regulators will check the trustworthiness. If your broker is reliable, it should be registered with the authorities. A licensed broker guarantees the safety of your forex trading.

Your trading level

Your trading level

It is essential to choose the right platform based on your skills. This is great if the forex trading platform offers many tools, but it should also teach you how to use them if you are a beginner.

Reviews

Reviews

This is an excellent idea for anyone looking to save time doing their own research and see a true attitude from every angle. Our list can also be attributed to this point because we’ve checked a lot of reviews and independently tested all of the above forex trading platforms to choose the best for you.

Best Forex Broker in Canada

FAQs

Is forex trading illegal in Canada?

No. You can trade forex in Canada, but you should take into account all the restrictions of IIROC and local regulators because law and regulations are quite complicated here.

Is forex income taxable in Canada?

The CRA considers your trading profits as business income if forex trading is your livelihood.

If your income from trading is $200 or less, there is no need to report it on your income tax and benefit return. CRA doesn’t tax the first $200 of a foreign currency capital gain or loss.

How much do forex traders make a day in Canada?

Of course, the amount of money earned in Forex trading is individual. It depends on your strategy, preparation, and ability to analyze the market. But advanced traders can earn from 5% to 15% a month thanks to leverage. But you should remember that up to 80% of retail traders lose money when trading. 

How do I get started in Forex in Canada?

  • The primary task for profitable trading will be to choose the right broker that meets your requirements: a set of educational materials, the number of currency pairs, and the right tools.
  • Make sure that the selected broker has a license.
  • Analyze the market in detail before you start trading.

And be sure to be prepared for risks and invest only the money you are ready to lose.

Can I trade forex with $100 in Canada?

Yes, you have the opportunity to start forex trading with only $100 in Canada. Most forex brokers allow you to open an account for $100. This is important to cover the initial costs associated with setting up a new account and keeping them profitable. The minimum deposit amount gives you more chances for better trading.

How is forex regulated in Canada?

Forex trading is generally regarded as trading in securities or financial derivatives and is regulated by the IIROC (Investment Industry Regulatory Organization of Canada). Moreover, Canada has local regulators that control each province.

Is day trading legal in Canada?

Day trading in Canada is legal. Day trading is regulated by the Canadian government (IIROC), which sets trade rules and controls a process for documenting income and losses for tax purposes. Your trading income is considered as business income and is subject to taxation, and losses are deductible.

Conclusion

Choosing the right forex trading platform is a crucial step for every trader, and it can be very difficult as the market offers many different options.

Therefore, we have spent many hours researching and testing different trading platforms to find the best ones. We relied not only on our results and opinions but also on user feedback. The results of our work are provided above.

Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.

Trading Platforms, Brokers & Apps That We Tested:

  • eToro
  • Markets.com
  • 24Option
  • IQ Option
  • BDSwiss
  • HotForex
  • Trade.com
  • Libertex
  • Plus500
  • XTB
  • InstaForex
  • IG Markets
  • GKFX
  • LionsFX
  • Valutrades
  • XM
  • IronFX
  • Blackwellglobal
  • FPMarkets
  • AmanaCapital
  • Admiralmarkets
  • Alvexo
  • Bizintra
  • Pepperstone
  • Windsorbrokers
  • FXPro
  • ForexTime
  • HYCM
  • FXGrow
  • TeleTrade
  • Trader.online
  • Marketscube
  • Finmaxbo
  • FXCC
  • Oanda
  • Forex.com
  • LCG
  • CMC Markets
  • FXCM
  • iForex
  • IFC Markets
  • Aaatrade

Is Trading Allowed In My Country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.

Europe:

  • Albania
  • Bosnia & Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Macedonia
  • Malta
  • Moldova
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom

Excluded: Belgium

North America

  • Belize
  • Canada
  • Costa Rica
  • Cuba
  • Guatemala
  • Honduras
  • Jamaica
  • Mexico
  • Nicaragua
  • Panama
  • Puerto Rico
  • The Bahamas

Excluded: United States

South America

  • Argentina
  • Bolivia
  • Chile
  • Colombia
  • Dominican Republic
  • Ecuador
  • Guyana
  • Paraguay
  • Peru
  • Suriname
  • Uruguay
  • Venezuela

Excluded: Brazil

Africa

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Democratic Republic of Congo
  • Egypt
  • Eritrea
  • Ethiopia
  • Gabon
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Kenya
  • Lesotho
  • Liberia
  • Libya
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Morocco
  • Mozambique
  • Namibia
  • Niger
  • Nigeria
  • Republic of the Congo
  • Rwanda
  • Sierra Leone
  • Somalia
  • South Africa
  • South Sudan
  • Sudan
  • Swaziland
  • Tanzania
  • The Ivory Coast
  • Togo
  • Tunisia
  • Tunisia
  • Uganda
  • Western Sahara
  • Zambia
  • Zimbabwe

Middle East

  • Georgia
  • Armenia
  • Azerbaijan
  • Iran
  • Iraq
  • Syria
  • Lebanon
  • Cyprus
  • Israel
  • Jordan
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • United Arab Emirates
  • Oman
  • Yemen

Asia

  • Afghanistan
  • Bangladesh
  • Cambodia
  • China
  • China
  • India
  • Indonesia
  • Japan
  • Kazakstan
  • Kirgizistan
  • Laos
  • Malaysia
  • Mongolia
  • Myanmar
  • North Korea
  • Pakistan
  • Papua New Guinea
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand
  • Turkmenistan
  • Uzbekistan
  • Vietnam

Excluded: Hong Kong

Oceania:

Our Author:

Our editorAdam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years.

Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.

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