Top Forex Brokers in Canada

Unlike in the US where traders are permitted to deposit money with nationally-licensed brokers only (NFA regulated brokers), Canadian traders are able to trade with nearly any brokerage of their choosing. With this in mind it's worth considering whether you want to choose a Canadian Forex broker based in your country (or in your state), or whether you want to expand your horizons and consider a broker that serves Canadian Forex traders while being based elsewhere.

The classification of the Canadian dollar (CAD) as one of the world's major currencies has made Canadian Forex trading both accessible and understandable to traders at all skill levels and in all geographic locations. Still, it's not enough to merely understand the market – it's just as critical to have a Forex broker that offers the best trading conditions for Forex trading in Canadian dollars (and all currency pairs). Start by determining which pairs you'll be trading. USD/CAD, also known as the "Loonie" is Canada's most popular Forex pair, but our traders also watch others including CAD/JPY, CAD/CHF, EUR/CAD and AUD/CAD. Start by checking each broker to make sure it offers the pairs you want. Next, check the spreads of each of the top Canadian Forex brokers to compare their offerings and determine where you'll pay the least commission.

You'll also want to check each Canadian broker's policy about swaps, rollovers a leverage, all of which will ensure that your trades will be executed exactly how you want them, and that your Canadian Forex experience will be as pleasant (and hopefully profitable as possible).

Getting Started with Forex Trading in Canada

While trading conditions are certainly a vital part of the Forex trading experience, we believe that the most important parts of the trading experience are related to the reliability, professionalism and security of each Canadian Forex broker. There are several ways to participate in online trading in Canada: you can choose a broker that is regulated in Canada only. You can choose a broker that is regulated outside of Canada but that serves Canadian Forex traders. These brokers may be regulated in multiple jurisdictions which is a strong sign that they are reliable and that your money will be secure even if you're doing the online trading from Canada, and not within their country of licensing. Lastly, you can opt for an unregulated broker. These brokers accept brokers everywhere, but will not guarantee safety of funds in a reliable way.

We have researched Forex trading in Canada extensively to bring you reviews and recommendations of the top Canadian brokers. The information we've compiled is as candid and updated as possible to ensure that you make a confident, educated decision. As you can see in the chart below there are several excellent options, and each broker may be the best Forex broker for different traders depending on their specific needs (as outlined above). There's no harm in opening a demo with a few brokers to see which one suits you best. After all, you're lucky to live in a country with so many options and possibilities – why not take advantage of all that online trading in Canada has to offer?

Broker's Name Minimum Deposit Deposit Bonus Type of Platform Maximum Leverage Regulation Rating More Info
AvaTrade $100 Up To $5000 MetaTrader 4, Proprietary platform, Web-based 1:400 MiFID, Central Bank of Ireland, ASIC, FSC, BVIFSC

9.8/10
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Questrade $1 None Proprietary platform, Web-based, Other 1:- ?
Varies according to currency pair
IIROC

9.6/10
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FXCM $50 ?
Standard: $2000, Mini: $50
None MetaTrader 4, Proprietary platform, Web-based 1:50 ASIC, FCA, NFA Accepts US clients
Accepts US clients

9.5/10
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4 TrioMarkets $500 None MetaTrader 4, Sirix 1:300 CySEC

9.1/10
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5 FXCC $100 100% Double Up Bonus MetaTrader 4, Other 1:150 CySEC, MiFID, FCA, ICF

9.0/10
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Canadian Forex Brokers

AvaTrade

AvaTrade is among the top Forex brokers in the world with offices in New York, Dublin, Sydney, Milan, Tokyo and other locations. It is regulated by the Central Bank of Ireland and licensed by MiFID in the European Union as well as by several other licensing bodies. AvaTrade’s features include, among other things, a choice of platforms, a demo account, an Ava debit card for all live account holders, access to Trading Central charting tools for depositors of over $1000 and free withdrawals.

AvaTrade Review
Questrade

Questrade, a Canadian discount broker located in Toronto, opened its doors in 1999 and has been rated one of Canada’s best managed companies several years running. Questrade was the first brokerage to offer dual currency registered stock accounts and commission-free ETF’s. Their focus remains the same but to keep up with other online brokerages, they have now added Forex platforms and CFD’s to their list of trading options. Questrade Inc. is registered as an investment dealer with IIROC.

Questrade Review
FXCM

FXCM Holdings, LLC has been listed as one of the fastest growing companies by Inc. 500 List of America Fastest Growing Companies three years in a row (2004-2006). FXCM Holdings, LLC is headquartered in New York, with offices around the world including U.K., Japan, Hong Kong, France, Italy, and Australia, and is regulated and licensed in each of them. FXCM has over 165,000 tradable accounts on its platforms and a monthly average of over $250 billion in trade volume. See review of FXCM at DailyForex.com.

FXCM Review
TrioMarkets

TrioMarkets is a Forex broker domiciled in Limassol, Cyprus. It was founded by three financial professionals with 15 years of experience in both the British and Swiss financial markets who were committed to combining their knowledge in order to bring the very best in online trading experience. TrioMarkets is a trademark of EDR Financial Ltd., an Investment Firm licensed and regulated by CySec, and follows the directives and regulations of MiFID. TrioMarkets offers their clients a straight through processing (STP) solution, a unique option which optimizes the speed of transactions by avoiding any interventions of a dealing desk. Orders are automatically entered and transferred between parties without reentering any information. Your orders are automatically transferred to a variety of topnotch liquidity providers.

TrioMarkets Review
FXCC

FXCC, founded in 2010 and domiciled in Limassol, Cyprus, is a regulated Foreign Exchange Broker that offers a wide range of trading technologies and services. Their ECN/STP business model allows clients to take advantage of transparent real-time pricing. The FXCC website is intuitive and user-friendly. We had no trouble finding the information and services that we were looking for. FXCC is regulated by CySec, MiFID, FCA in the UK and ICF in Cyprus and caters to all levels of Forex traders looking for a full service ECN brokerage.

FXCC Review