6 Best Forex Brokers in Canada for 2025

There are 10+ forex brokers that accept traders from Canada, including foreign/offshore CFD brokers. But only the brokers that have been authorized by CIRO to offer forex trading to Canadian residents are legal. There could also be accounts with low minimum deposits requirement like CAD 50. There are a few brokers with minimum deposits as high as CAD 500 or more.

Country Trading Hubs

Sometimes, you will not find these pages, but there will be other pages like ‘Our Offices’ in the case of Oanda. Deposits should be instant while withdrawals should take 1-3 days ideally. If you to their homepage and you click on ‘Our Charges’, you will forex broker rating find all the info you need. When you click on spread costs, you will find the commissions on the page that comes up as displayed below. First, go to the broker’s website and confirm if they are regulated with the CIRO. To claim these deductions, ensure you maintain thorough documentation, such as receipts, invoices, and proof of payment.

Available Currency Pairs

Not only did it take minutes to create my automated trading strategy, but Capitalise.ai can deploy your strategy to a live MT4/MT5 account in one click. One of the top performers in his test was Fusion Markets, who achieved an average spread of 0.16 pips on EUR/USD, beating the industry average (0.27 pips). USD/CAD was also 62% lower than its industry average (0.62 pips), recording an average spread of 0.23 pips. However, USD/CAD is fixed at 2 pips, which is on the expensive side for this pair compared with variable spreads that averaged 1.67 pips in my analyst’s tests.

• Alongside the desktop platforms, the MetaTrader WebTrader platform is available and can be accessed within your browser without needing a download.
• Now that’s sure to cause an emotional reaction, which could in turn affect your trading decisions.
• Prior to dabbling into margin trading, each reader should take the time to determine their individual investment goals, risk tolerance, and level of expertise.
• While some US rules for brokers are similar to Canadian ones, at least in intent, they aren’t all the same.
• Your forex & CFD broker should offer you a wide range of CFD products.

Being aware of market conditions and ensuring one’s trading account is properly funded are other important considerations that traders must address to protect themselves against possible losses. Use your paper trading experience as a chance to understand how the broker’s trading platform works. Learn what you need to do to place a specific order type, and how to perform regular tasks like monitoring the market and tracking your portfolio.

This commitment to regulatory standards ensures that Canadian traders can trust Oanda‘s reliability, security, and adherence to Canadian financial regulations. Additionally, its advanced analytical tools provide in-depth insights into market trends, allowing Canadian traders to identify profitable opportunities and manage risk effectively. If you are a resident of Canada, there are sound reasons to choose a CIRO-regulated Forex broker.

Demo account features

Founded in 1999 and regulated by IIROC, Questrade is known for its competitive pricing, offering low spreads and no hidden fees. The broker also provides excellent customer support and a wide range of educational resources, making it suitable for both beginner and advanced traders. With its strong regulatory standing and focus on transparency, Questrade is a top choice for Forex traders in Canada. FOREX.com is a leading global Forex broker that operates in Canada under IIROC regulation. The broker is known for its comprehensive market research tools, including daily analysis, economic calendars, and customizable charting features. FOREX.com is suitable for both new and advanced traders, offering competitive pricing and a user-friendly interface.

He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch. Different rules apply to Forex brokers in Canada compared to Forex brokers in the US. For example, there are different leverage and margin rules between Forex brokers in Canada versus the US. Also, many Forex brokers in the US will not accept accounts from Canadian residents. If you are looking for a broker that offers the best currency trading platform in Canada for your trading needs, all the trading platforms offered globally are available from Forex brokers in Canada. For example, MetaTrader 4 and MetaTrader 5 are a standard for many Forex Brokers in Canada.

Using his experience, he helps traders find the best broker in his reviews. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago.

I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day. Since each of the ten provinces regulates Forex traders residing within its jurisdiction, many international Forex brokers choose not to operate in Canada. The compliance fees to ensure a broker complies with the ten districts and the potential number of clients make Canada unattractive for offshore brokers.

OANDA is the best Canadian Forex broker for beginners due to its unlimited demo account, low minimum deposit requirements, and user-friendly trading platforms. These features help traders develop their skills and knowledge by practicing in a risk-free environment and accessing a wide range of educational resources tailored for Canadian traders. In conclusion, Canada offers a highly regulated and secure environment for Forex trading. The brokers listed above are all regulated by IIROC, ensuring that traders can enjoy a transparent and reliable trading experience. Whether you are new to Forex trading or an experienced trader, these brokers provide the tools, platforms, and resources needed to succeed in the Forex market.

Additional Considerations for Canadian Traders

InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus. Online brokerages and discount platforms bridge the gap for everyday investors by offering digital tools, basic access to financial markets, and competitive fee structures. While MT4 is used by 85% of traders, MT5 ranks second, with 6% of traders preferring this platform, according to statistics provided by the Traders Union. CTrader is a competitive platform to MetaTrader and the choice between the two depends on individual preferences and trading style. ProRealTime is yet another option offering high-quality charts, effective decision support tools, and updated market data.

• If you want to automate your trades, you can do so without coding knowledge through FXCM’s partnership with Capitalise.ai, which is a big plus in our books.
• It also offers numerous trading platforms, including both MetaTrader 4 and 5.
• OANDA was founded in 1996 and provides a great range of trading services and products for retail clients and businesses converting large amounts of currencies.
• That being said, OANDA MT4 demo accounts expire after 9- days of inactivity.
• Our testing showed that interactive brokers offer low trading costs that improve with higher trading volumes, making it an ideal set-up for professionals.

Overall, Forex traders in Canada have a plethora of options when it comes to selecting a Forex broker. Additionally, it stands out as a trusted broker for Canadian traders, renowned for its exceptional research and analytic tools. Below are the top 5 Forex brokers in Canada that offer excellent trading conditions. When opening an Admirals account, we found that the broker offered MetaTrader 4 Supreme Edition, which consists of extra expert advisors and indicators packaged with the MT4 download.

Benefits Of Choosing A Broker Regulated By The CIRO

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. Our research also shows that MT4 users can download Trading Central for Windows which provides access to economic calendars and real-time trading ideas. There are also two account types for MT4 users which can both be funded in CAD, USD, EUR, GBP, and others to trade forex, indices, commodities, cryptos, and some stocks. I opened a Standard account, which features commission-free trading and floating spreads from 0.9 pips. I discovered that AXI charges low-to-average spreads on indices and commodities, average spreads on cryptocurrencies, and average-to-high spreads on currency pairs. AXI’s global entity, AxiTrader Limited, participates in The Financial Commission, and its clients are protected by up to EUR 20,000 against the entity’s credit risks and liabilities.

After MetaQuotes unified the code editor, allowing MT4 applications to run on MT5, more Forex brokers offer MT5 alongside MT4. The Canadian Dollar is a commodity currency, as Canada relies heavily on the oil sector and other hard commodities and precious metals. Some Canadian Sollar strategies exploit the relationship between global net oil exporters, like Canada, and oil importers, like Japan. They therefore trade the CAD/JPY pair, but Forex traders should keep an open mind and explore all possibilities since the US Dollar is the default oil quote currency. It is easy to verify which Forex brokers in Canada are covered by IIROC.

Our editorial content is independent and unbiased; here’s how we make money. These links are provided for your convenience only, and we do not endorse or assume any responsibility for the content, products, or services provided by these third-party websites. By accessing and using this website, you acknowledge that you have read and understand this disclaimer and agree to be bound by its terms. Any reliance you place on such information is strictly at your own risk. Forex trading in Canada offers immense opportunities, but preparation is key. While online trading revolutionized the retail financial market luno exchange review and continues to evolve positively in most areas, regrettably, scams have followed.

CMC Markets operates under CIRO in Canada through CMC Markets Canada Inc. CMC Markets maintains an office in Toronto and restricts services in Alberta for Accredited Investors. Forex.com offers over 3000 instruments but does not support CAD accounts. Forex.com administers Canadian services from New Jersey, USA, with restrictions for Accredited Investors in Alberta. Trade forex, CFDs, crypto and more with low spreads and commissions and fast, quality execution. Moreover, This broker provides access to algorithmic trading solutions, allowing traders to automate their strategies and execute trades with fxchoice review precision.

Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K. Take a look at the forex brokers that made the list of the best forex brokers in Canada. Moreover, AvaTrade stands out for its copy trading feature, which allows novice traders to replicate the trades of experienced investors automatically. Interactive Brokers is a leading Forex broker renowned for its robust platform and comprehensive services, catering to Canadian traders with exceptional features. CIRO sets and maintains industry standards for investor protection, ensures that firms follow regulations and operate ethically, and intervenes in case of financial abuse.