Looking to trade forex in Canada? Start with the right broker. Whether you're new to currency trading or looking to upgrade your platform, choosing a trusted forex broker can make all the difference. Canadian traders benefit from strong financial protections through Investment Industry Regulatory Organization of Canada (IIROC), but not every broker is locally regulated—or worth your time.
To help you cut through the noise, we’ve researched the top forex brokers that accept Canadian clients. We looked at key factors like regulation, platform options, spreads, educational resources and funding flexibility. Whether you prefer tight ECN spreads, powerful charting tools or a beginner-friendly interface, there’s a broker on this list that fits your style.
Here are the best forex brokers for Canadian traders right now.
Compare Forex Brokers in Canada
| Best For | Low Fees | Excellent Trading Conditions and Overall Offerings | Low Fees |
| Rating | 4.7 | 5 | 4.5 |
| Read Review | IFC Markets Canada Review | FOREX.com Canada Review | Axi Review |
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Best Forex Brokers in Canada
Here's an overview of the top brokers that made the list of the best forex brokers in Canada.
Best for Low Spreads: IFC Markets
Overview: IFC Markets is a long-standing offshore FX and CFD broker regulated by the British Virgin Islands (BVI), South Africa (FSCA) and Labuan (LFSA). It offers a wide array of platforms, including MT4, MT5, and its proprietary NetTradeX, which uses patented Price Quotation Matrix (PQM) technology for granular price display. You can trade over 650 instruments, enjoy micro-lot accounts and Islamic account options, and benefit from low minimum deposit requirements.
Key Features:
- Minimum Deposit: Micro-lots & swap-free Islamic accounts $1 / Standard Accounts: $1,000
- Currency Pairs: 49
- Platforms: MT4, MT5, NetTradeX with PQM
- 650+ Instruments: Forex, stocks, indices, metals
- Account Types: ECN-style raw spreads + low commissions
- Comprehensive Education: Webinars, research tools
Why We Picked It: We selected IFC Markets for its unmatched flexibility across platforms and account types, making it suitable for both beginners and pros. Zero minimum deposit and ultra-competitive pricing—around USD 4 round-trip on EUR/USD—are hard to beat. Add in ECN-style execution, strong educational and analytical tools, and it stands out as a top offshore choice.
Best for Active Trader and All Around Offerings: FOREX.com
- Best For:Excellent Trading Conditions and Overall OfferingsVIEW PROS & CONS:securely through FOREX.com Canada's website
Overview: FOREX.com is part of StoneX Group (NASDAQ: SNEX) and holds full IIROC approval in Canada, offering protection under CIPF. You get a range of platforms—proprietary Desktop, webtrader, MT4/5 and TradingView—for trading forex, indices, commodities and over 4,500 CFDs.
Key Features:
- Minimum Deposit: $100
- Currency Pairs: 80+
- Trading Platforms: MT4, MT5, TradingView, web trader, mobile trading app and desktop
- Regulation: IIROC‑regulated, CIPF‑covered
- Asset range: 80+ forex pairs, 4,500+ CFDs
- Education: Trading Academy, webinars, analytics
- Spreads: Tight pricing on majors
Why We Picked It: We chose FOREX.com for its strong Canadian regulatory status, deep liquidity, tight spreads and robust suite of analytical tools. The platform shines with integrated Performance Analytics, extensive educational modules, and third-party research, making it our top all-rounder.
Best for Low Fees: FXCC
Overview: FXCC is an offshore FX and CFD broker offering raw spreads from 0.1 pips commission-free. It uses MT4, supports zero-deposit accounts, and includes free VPS for automated trading. Their focus is on fast execution, with average latencies around 60 milliseconds.
Key Features:
- Minimum Deposit: $0
- Currency Pairs: 30
- Trading Platforms: MT4 and MT5
- Spreads: Raw spreads from 0.1 pips
- Account Types: Commission‑free standard account
Why We Picked It: FXCC stands out for its laser focus on minimal cost and speed, with trade execution at ~60 ms. No minimum deposit, razor-thin spreads, and consistent execution make it a strong contender for seasoned traders seeking raw pricing without commissions.
Best for Educational Support: AvaTrade
- Best For:Non U.S. Forex & CFD TradersVIEW PROS & CONS:securely through AvaTrade's website
Overview: AvaTrade caters to Canadian traders via its partnership with IIROC-regulated Friedberg Direct. It offers MT4, MT5, web/desktop platforms, and copy/social trading through AvaSocial and MirrorTrader. Their Academy provides 100+ interactive lessons, quizzes and integration with Trading Central.
Key Features:
- Regulations: IIROC‑regulated via Friedberg Direct, CIPF covered
- Minimum Deposit: $100
- Instruments: 60 currency pairs and 250 instruments
- Trading Platforms: MT4, MT5, AvaTrade web/app, AvaOptions
- Education: 100+ lessons, quizzes, Trading Central feeds
- Social and Copy Trading: AvaSocial, MirrorTrader
- Usability: Beginner-friendly interface and mobile app
Why We Picked It: AvaTrade earns top marks for education and beginner support. With award-winning interactive learning, multi-platform access, strong regulation, and a powerful copy-trading ecosystem, it’s ideal for newbies and social traders who want guided growth.
Best for Transparency: OANDA
Overview: OANDA is a trusted, IIROC-regulated broker with over 25 years in the forex space. They provide their proprietary OANDA Trade platform (web, desktop, mobile), MT4, and full TradingView integration. Strong emphasis on transparent pricing, historical data, spreadsheets, and OANDA Labs toolset sets them apart.
Key Features:
- Minimum Deposit: $0
- Currency Pairs: 68
- Account Features: Commission-free standard accounts, spreads ~0.6–0.9 pips
Platforms: OANDA Trade, MT4, TradingView - Tools: Margin calculator, OANDA Labs, historical CME data
- Regulation: IIROC‑regulated, CIPF covered
- Bonus: Elite Trader rebates for higher volume clients
Why We Picked It: OANDA’s reputation for transparency, robust tools, and regulatory strength makes it our go-to for reliable, straightforward trading. With no minimum deposit, commission-free spread accounts, and access to elite tier rebates, it’s a clear leader in cost‑efficient trading.
Best for Broad Market Access: CMC Markets
Overview: CMC Markets, a publicly traded UK company (LSE: CMCX), is regulated by CIRO in Canada. They offer over 158 currency pairs, more than 11,000 CFDs, and their award-winning Next Generation platform alongside MT4.
Key Features:
- Regulation: CIRO‑regulated, CIPF covered
- Instruments: 158 FX pairs, 11,000+ CFDs
- Platforms: Next Generation web/app, MT4
- Pricing: Spreads from 0.0 on majors, fast execution 0.004 s
- Tools: Market research, charting, mobile app
Why We Picked It: We picked CMC Markets for its unmatched breadth of instruments, ultra-competitive pricing, and sophisticated yet user‑friendly platform. Backed by Tier‑1 regulation across multiple jurisdictions and CIPF coverage, it’s perfect for both active traders and global investors.
Best for Copy Trading: TMGM
Overview: TMGM (TradeMax Global Markets) operates offshore under ASIC and FMA regulations, offering MT4, IRESS, ECN pricing, and the HUBX social copy-trading network. With zero minimum deposit, free VPS, DMA for stocks and 12,000+ assets, it supports professional-grade strategies.
Key Features:
- Account Types: ECN-style spreads with DMA stock access
- Trading Platforms: MT4, IRESS, HUBX
- Assets: 12,000+ (FX, CFDs, stocks)
- Social/copy Trading: HUBX network
- Free VPS, professional indemnity insurance
Why We Picked It: We chose TMGM for its strength in social and copy trading—via HUBX—coupled with fast execution and deep asset variety. For experienced traders looking to automate or mirror strategies with ECN pricing and robust infrastructure, TMGM delivers.
Forex Broker Comparison Table
| Broker | Regulation (Canada) | Min Deposit | Platforms | Spread Type | Best For |
| IFC Markets | Offshore (BVI, FSCA) | $1 | MT4, MT5, NetTradeX | Raw + Low Commission | Low-cost, flexible trading |
| FOREX.com | IIROC | $100 | MT4, MT5, TradingView, Proprietary | Fixed + Variable | All-around, regulated platform |
| FXCC | Offshore (VFSC) | $0 | MT4 | Raw, Zero Commission | Cost-conscious, fast execution |
| Avatrade | (via Friedberg Direct) | $100 | MT4, MT5, AvaOptions, AvaTrade App | Fixed | Education, beginners, copy trading |
| OANDA | IIROC | $0 | MT4, TradingView, OANDA Web/Mobile | Variable | Transparency, advanced tools |
| CMC Markets | CIRO | $0 | MT4, Next Gen Web/App | Ultra-tight Variable | Active traders, broad asset access |
| TMGM | Offshore (ASIC, FMA) | $0 | MT4, IRESS, HUBX | Raw ECN | Copy trading, automation, ECN access |
How to Choose a Forex Broker
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. or Australia. Part of this is due to what many see as excessively complicated guidelines and fragmented authorities between provinces. However, the available brokers happen to be top-notch.
When choosing a broker the following criteria can help you make the best decision for your day trading needs:
- Transaction costs: Brokers make money often in the spread between the bid and the ask prices for currencies. The smaller the difference between the two, the cheaper it is for investors to trade.
- Ensure regulatory compliance: Start by checking if the forex broker has proper financial regulation by the relevant regulatory bodies in Canada, such as the Investment Industry Regulatory Organization of Canada (IIROC) or the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Regulatory oversight provides protection for traders and ensures fair practices. IIROC regulation is one of the most important. The Investment Industry Regulatory Organization of Canada, regulates the amount of leverage as well as stipulates compensation for brokers’ insolvency. The Canadian Investor Protection Fund compensates traders for up to $1 million if the broker goes belly up. It’s worth noting that Canada has strict limits on the margin and leverage it allows, with the max currently being 2.2% or 1:45.
- Reputation and trustworthiness: Research the broker's reputation and track record. Look for reviews and feedback from other traders, and pay attention to any negative experiences or red flags. Choose a broker with a solid reputation and a history of trustworthy operations.
- Account types and trading platforms: Evaluate account types and trading platforms. Consider your day trading needs, such as the desired leverage, account size, and trading style. Ensure that the broker offers a user-friendly and reliable trading platform that suits your requirements.
- Security of funds: Verify the broker's security measures for client funds. Look for brokers that keep client funds segregated from their own operating funds, typically in reputable banks. This ensures that your funds are protected, even in the event of the broker's bankruptcy.
- Range of instruments: Consider the range of forex pairs and other financial instruments offered by the broker. Ensure that they provide the markets you are interested in trading. Some brokers also offer additional trading options like CFDs (Contracts for Difference) or cryptocurrencies.
- Customer support: Test the broker's customer support services. Good customer support is essential to address any issues or concerns that may arise during trading. Check if they offer support in your preferred language and assess their response time and availability.
- Competitive spreads and fees: Compare the spreads, spread betting, commissions, and fees charged by different brokers. Lower trading costs can significantly impact your profitability in the long run. Look for brokers that offer competitive pricing without compromising on trade execution quality.
- Educational resources: Consider the educational resources and tools offered such as technical analysis or FAQ pages. Beginner traders may also benefit from educational materials, like webinars, and demo accounts, while more experienced traders might prefer advanced analysis tools or market research.
- Deposit and withdrawal options: Review the broker's deposit and withdrawal options. Check if they offer convenient and secure methods for funding your account and withdrawing your profits. Look for brokers that support popular electronic payment systems.
- Test the broker: Finally, consider testing the broker with a small deposit or using their demo account. This will allow you to experience their trading conditions, execution speed, and overall platform performance before committing to a larger investment.
Navigating the Forex Market From Canada
Choosing the best forex broker in Canada comes down to what matters most to you—tight spreads, robust tools, strong local regulation or advanced automation features. Regulated brokers like FOREX.com, OANDA and CMC Markets offer peace of mind and access to CIPF protection, while offshore options like IFC Markets and TMGM provide flexibility, raw pricing and broader global reach.
No matter your experience level, the right platform should align with your trading goals, risk tolerance and preferred strategy. Take advantage of demo accounts, review each broker’s fees and tools, and make sure your choice supports the way you want to trade.
Frequently Asked Questions
What are the best forex brokers in Canada?
The best brokers include IFC Markets, FXCC and FOREX.com.
Are the profits I make on forex taxable in Canada?
Canada treats any forex income as 100% taxable. Every profit made must be reported as either capital gains, self-employment income, or investment income. Similarly, you can report losses on your tax return to offset capital gains and reduce your potential tax liability.
Can I trade forex in Canada as a foreigner?
Yes, foreigners can trade forex in Canada. The forex market is open to participants from around the world, including individuals who are not Canadian citizens or residents. However, it is important to note that forex trading in Canada is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA). Foreigners who wish to trade forex in Canada may need to comply with certain regulations and requirements set by these regulatory bodies.
Work With an Award Winning Forex Broker
IFC Markets has 19 years experience in global financial markets. Trade forex, CFDs, crypto and more with low spreads and commissions and fast, quality execution.
You can also get:
- Access to over 650 trading instruments
- Multiple trading platforms, including the proprietary NetTradeX, MetaTrader 4 and MetaTrader 5
- Regulation by top tier authorities such as the Financial Services Commission (BVI FSC) and the Labuan Financial Services Authority (LFSA)
Learn more about IFC Markets trading platform and how you can get started today.
