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Best Forex Brokers Canada in 2025
FXCM represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings. In Canada, brokers are regulated by the Investment Industry Regulatory Organization of Canada, or IIROC for short. So, for example, if a broker goes bust, the Canadian Investor Protection Fund (CIPF) can cover you for up to $1 million—which definitely gives you some peace of mind. Scalping, news trading, crazy high-frequency EAs—whatever you’re into, they allow it.
Why Our Reviews Set the Standard
We also make sure that our methodology remains current and in tune with the market with annual updates. Each forex broker has been subjected to intense scrutiny through our rigorous testing and evaluation process. Any forex broker in Canada on this list is, therefore, a professional and outstanding firm.
Best for: Canadian beginners and casual traders seeking no minimum deposit and CIRO-regulated security
We open accounts, trade with real money, and evaluate everything from spreads and platforms to safety and customer support—so you can confidently choose the best brokers available to Canadian traders. We opened a Standard account to test the fixed spreads and compared them with the other CIRO-regulated brokers to see how expensive fixed spreads are compared to variable spreads. Surprisingly, the broker offered its spreads at a competitive rate of 0.90 pips on EUR/USD, which is slightly cheaper than most variable spread brokers. OANDA also impressed with its low trading costs, offering an average of 1.20 pips on EUR/USD, which is in line with the industry average for CIRO-regulated brokers.
Forex Regulation in Canada
With a regulated broker, your money is kept separate from the company’s operating funds and backed by the Canadian Investor Protection Fund (CIPF). Unregulated brokers don’t offer this protection—if they go bankrupt, your deposit could disappear overnight. Many Canadian Forex traders lose money—not just because of the risks of trading, but because of high spreads, weak regulation, and poor broker choices. Choosing the right broker won’t guarantee profits, but it can give you a fair chance. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Pro account holders typically have access to higher leverage, personal account managers, participation in VIP Programs, advanced trading tools, and various referral incentives. However, the benefits of pro-account holders may exclude negative balance protection, leverage restrictions, and risk warnings. All other features remain the same as those applicable to standard trader accounts.
- MultiBank Group, regulated by 🇦🇺 ASIC and other top-tier authorities, accepts Canadian traders and provides access to global markets, including forex, commodities, indices, and CFDs.
- The broker offers access to 250+ products, including Forex and CFDs on Energy, Precious Metals, Equity Indices, US stocks and Crypto.
- This tool allows traders to confirm if a forex broker is regulated as a Dealer Member by CIRO.
- Most brokers make their money from the spread—that’s the difference between the buying price (bid) and the selling price (ask) of a currency.
- This is because you want to access customer support in your time zone, rather than wait for the European or Asia market to open.
Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017. CMC Markets is a good option if you seek a trustworthy and reputable broker with extensive experience. It mirrors the desktop experience really well and even includes research tools and real-time analysis.
The tax treatment of Forex trading income depends on individual circumstances and should be discussed with a tax professional. Foreigners can trade Forex in Canada, provided they adhere to the regulatory requirements set by CIRO and the specific provincial regulations where they intend to operate. The Forex market regulation in Canada primarily focuses on ensuring transparency and fairness in trading practices, as established by Canadian regulatory bodies. Eightcap has been around since 2009 and is regulated in multiple regions including ASIC, the FCA, CySEC, and SCB. What makes them stand out—especially if you’re into crypto—is their massive selection of crypto CFDs.
They’ve been around since 2006 and are regulated in six jurisdictions—three Tier 1 and three Tier 2. If safety and transparency are your top concerns, AvaTrade really ticks the boxes. You can search by the firm’s name to confirm their registration and see if any terms or conditions apply to their membership. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
How to Find Out if a Canadian Regulator Regulates Your Forex Broker?
Compare Forex Brokers that accept Canadian clients are either based in Canada and are CIRO-regulated or based offshore. The spreads are decent too; TMGM ranked joint-third in our tests with an average RAW spread of 0.32 pips. We have listed in this article a few brokers that do not require any minimum amount to start trading. However, keep in mind that with such small amounts, the trade size will be small as well. CIRO publishes a searchable directory of all investment dealers and mutual fund dealers it oversees. You can use this to confirm whether the broker is officially registered and compliant.
How can I verify that my broker has negative balance protection?
- While testing, I discovered that CMC Markets provides 92 educational articles covering forex trading basics to trading strategies.
- Our findings also showed that CMC Market’s Standard account spreads were competitive.
- With FXCM offering excellent services for automating your trades, we decided to see how fast the broker’s execution speeds are and compared them to other CIRO-regulated brokers.
- As a beginner, you’ll want a broker that offers strong educational resources, low entry costs, simple platforms, and reliable customer support.
If you are forex broker listing still unsure what broker is right for you we have a forex comparison that helps you find the right broker based on your needs. If customer funds are missing because of a firm’s insolvency, the shortfall will be covered by the CIPF covering up to CAD$1 million per account. I strongly recommend consulting with a qualified tax professional to ensure complete compliance with current tax regulations and to receive advice tailored to your specific situation. These limits ensure you are protected from excessive risk in volatile market environments. The broker’s customer service is solid with knowledgeable human agents, so you’re in good hands should you need the support. The Canada Revenue Agency (CRA) may consider these gains as either capital gains or business income, depending on the nature and frequency of your trading activity.
CMC Markets Best for tight spreads
It would be great if you day trade as volatility won’t increase your trading costs. The fixed spreads are low with EUR/USD at 0.70 pips, cheaper than most brokers (who widen their spreads). Considering the low costs, FP Markets offers an extensive range of forex trading platforms so you can choose which platform is best for your needs. I also discovered that PU Prime offers Canadian traders several account types, all of which support copy 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.
Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. Also, among the financial institutions in Canada, the Alberta Securities Commission (ASC) has the tightest regulations. This creates a complex environment that, to a certain extent, makes it quite challenging for a business entity to decide whether to function as a Forex broker in the local market or as an advisor. In terms of regulation, the respective organizations in Canada treat Foreign Exchange either as a security or as a derivative.
MultiBank Group, regulated by 🇦🇺 ASIC and other top-tier authorities, accepts Canadian traders and provides access to global markets, including forex, commodities, indices, and CFDs. After comparing 20+ forex brokers that accept Canadian traders, I narrowed the list to 9 brokers based on my extensive testing. My analysis includes independent technical tests for execution speed and trading costs to provide accurate reviews for each broker, while highlighting their top features.
AvaTrade’s educational content and availability of copy trading make it a strong choice for those newer to forex trading. It also offers numerous trading platforms, including both MetaTrader 4 and 5. They offer fast execution speeds, a wide selection of currency pairs, and other assets for trading.
Meanwhile, one of the features we like is the one-click feature, which allows you to trade the markets without filling in an order ticket. This is helpful so you can instantly execute the trades you need instead of wasting time filling in a new order ticket. So, our team tested over 20 brokers to find the fastest execution brokers, and TMGM recorded an average execution speed of 94ms for limit orders. Because IB prices their commissions differently, we opened a demo account to clarify how much a one-lot round trade would cost you. Where you’ll obtain the most benefit, however, is as an active trader with volume-based rebates. By trading a minimum volume of $50M per month (or opening an account with a $10,000 initial deposit), you can receive cash rebates that reduce costs by up to 15%.
Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions. Out of all our tests, Interactive Brokers had the most advanced tools, pricing, and markets, making it a compelling choice for professional traders in Canada. This is especially true if you want to trade more complex markets like futures and options in addition to traditional CFD trading. CMC Markets has an impressive NGEN platform, the broker’s own user-friendly trading platform and comes equipped with advanced charts and tools that challenge TradingView’s charts.