Top Forex Brokers in Canada

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Unlike in the US where traders are permitted to deposit money with nationally-licensed 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).

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image Top Rated

Min. Deposit

$5


Bonus

50%


Trading Platform

MetaTrader 4, MetaTrader 5, Web-based, Other


Max. Leverage

N/A


Regulation

FSC

Hybrid execution model + scalping, hedging and more trading options

Min. Deposit

$50


Bonus

None


Trading Platform

MetaTrader 4, Proprietary platform


Max. Leverage

1:50


Regulation

CFTC, FCA, NFA, FSA, ASIC, IIROC, SFC, CIMA, MAS

Excellent trading conditions + NFA regulation

Min. Deposit

$100


Bonus

None


Trading Platform

MetaTrader 4, Proprietary platform, Web-based


Max. Leverage

1:50


Regulation

IIROC

Competitive spreads + deposit insurance up to 1 million CAD

Min. Deposit

$1


Bonus

None


Trading Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based


Max. Leverage

1:400


Regulation

CySEC, FSC, BVI

600+ Instruments, 30% Welcome Bonus, 0% Commissions

Forex Regulations in Canada

The first thing to take note of in the Forex and CFD brokerage industry in Canada is that it is highly and tightly regulated. This gives clients of regulated Canadian brokerages famously strong protection, but it can also make the trading process a little difficult and restrictive in some ways. It is a trade-off. Regulation in Canada on a national level is supervised by the Investment Industry Regulatory Organization of Canada (the IIROC). There are also local layers of regulation which apply separately to the provinces of Ontario (the Ontario Securities Commission), Quebec (Autorité des Marchés Financiers), and British Colombia (the British Colombia Securities Commission). Fortunately, the local layers of regulation have been recently harmonized, making it easier to understand applicable regulatory requirements.

The most important aspects of Forex regulation in Canada can be set out quite simply. No company can offer Forex or CFD trading in Canada without being registered by the IIROC who will set the company’s minimum capital requirements and screen every single employee for suitability of professional qualifications and good character. The maximum leverage which may be offered to any retail client is 50 to 1, which is a relatively generous limit for a Western OECD nation: by way of contrast, maximum leverage in the U.S.A. is 50 to 1 and in the European Union it is 30 to 1. Some traders in Canada may feel that a maximum leverage of 50 to 1 is too low and for this reason seek a Forex broker outside Canada which may offer a higher maximum, but it is fair to say that leverage as high as 50 to 1 should be enough for anyone who does not want to risk losing their entire account overnight in a market crisis event.

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?