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 More Info
FXTM $5 Sign Up - 20% MetaTrader 4, Sirix, MetaTrader 5 1:1000 CySEC, IFSC Sign Up

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IFC Markets $1 None MetaTrader 4, Web-based 1:400 CySEC Sign Up

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Friedberg Direct $5000 None MetaTrader 4, Proprietary platform, Web-based 1:50 IIROC Sign Up

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4 FXCM $50 ?
Standard: $2000, Mini: $50
None MetaTrader 4, Proprietary platform, Web-based 1:50 FCA, ASIC Sign Up

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5 FOREX $50 None MetaTrader 4, Proprietary platform 1:50 FSA, CFTC, FCA, NFA, ASIC, IIROC, SFC, CIMA, MAS Accepts US clients
Accepts US clients
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Canadian Forex Brokers

FXTM

FXTM or Forex Time, founded in 2012, is still considered a newcomer to the online Forex trading scene. However, within a span of two short years, this broker has managed to carve out a name for itself by wining several industry awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker.” FXTM is headquartered in Cyprus and is regulated by IFSC of Belize as well as FSB.

FXTM Review
IFC Markets

IFC Markets, headquartered in Cyprus, is one of the leading regulated brokers in CFD and Forex markets. The company was founded in 2006 and since then, IFC Markets has expanded the range of services provided and has been focused on the development and implementation of innovative approaches to trading.

IFC Markets Review
Friedberg Direct

Friedberg Direct is part of the Friedberg Group, one of Canada’s oldest brokerages in stocks, commodities, and Forex. The group was founded in 1971, at the dawn of the modern retail brokerage industry. Due to regulatory issues, Forex / CFD broker FXCM has withdrawn from the Canadian market, redirecting its potential Canadian resident clients to Friedberg Direct, who offer a very similar service to what FXCM were providing in trading in Forex currency pairs, major stock indices, and major commodities, powered by the same technology and on near-identical terms.

Friedberg Direct Review
FXCM

FXCM (Forex Capital Markets) was founded in 1999 in the U.S.A. and was an early pioneer of internet-based trading. FXCM was listed among the fastest growing companies by Inc. 500 List of America’s Fastest Growing Companies three years in a row. The FXCM Group has headquarters in New York, with offices around the globe in places such as the U.K., France, Italy, and Australia. It is regulated and licensed in each of them. FXCM is also a publicly traded company on the Nasdaq Exchange, the major U.S. exchange listing the equity of large technology-based companies.

FXCM Review
FOREX

FOREX.com is a currency trading website operated by Gain Capital Holdings, Inc., a financial services company that’s been in business since 1999. GAIN Capital is listed on The New York Stock Exchange (NYSE: GCAP).

FOREX Review