Best Forex Brokers in Canada

Forex trading in Canada is well-regulated and offers many benefits for traders. Here you'll see which forex brokers are among the top 5 in Canada.

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Updated May 28, 2024

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Canada offers forex traders a number of benefits, one in particular that will have you seriously considering a Canadian Forex Broker. In this guide, we outline exactly how forex traders are protected, and the regulations brokers adhere to in Canada. Then, we highlight Canada’s best Forex brokers in terms of platforms and tools, customer service, fees, and more.

The Foreign Exchange Market is where traders exchange currency pairs 24 hours, 5 days a week. It’s the most liquid, and largest over-the-counter market, offering access to traders all over the globe, no matter where you are.

The global nature of the market allows Canadian traders to trade the American dollar (USD) and Euro (EUR) through a british broker, for example.

Although this has obvious benefits, it also means that there is no one overseeing authority that can regulate a market of such scale. As so, the market is divided into jurisdictions with its own responsibility to help keep the market safe, secure, and a healthy environment for traders.

Generally speaking, each country has an overseeing agency that enforces Forex regulations based on the country’s rules. The US forex market, for example, is regulated by the CFTC, while the UK is regulated by the FCA.

Canada is unique in this sense, in that there is no one concerned authority, and instead it consists of multiple regulatory bodies across several jurisdictions, making it more complex and intricate, which has, understandably, put many brokers off setting up there.

So, why consider a forex broker in Canada when some other countries offer traders world renowned brokers that adhere to strict regulation? Forex Brokers in the U.K and U.S specifically are one of the most trusted across the globe due to their customer focused regulations.

Many are not aware, Forex Brokers in Canada offer some compelling advantages of its own, for both institutional and retail investors. First and foremost, choosing a forex broker in Canada will give you the advantage of the Canadian Protection Fund (CIPF), which ensures trades will be covered for up to $1 million in the case of insolvency or fraud. You might be wondering if this is a lot.

It is. In comparison, the FCA in the UK protects consumers’ money up to £85,000, in the event that the broker goes bankrupt or commits fraud. This means that investors with a higher net worth are more protected when investing through Canadian brokers.

Aside from the Protection Fund, Canadian brokers are not restricted as to what they can offer customers, by regulators. For example, brokers in the U.S must comply with certain restrictions enforced by the NFA and the CFTC, including a restricted leverage.

In addition, Canadian regulators allow citizens to sign up to any broker from around the world. Though while this is great, it can potentially leave you open to some serious consequences that shouldn’t be ignored, either.

To help you make the best decision for your forex journey, in this guide we will take you through;

  • The Best Forex Brokers in Canada
  • The Regulatory Environment in Canada
  • Answer some of your most asked questions about forex trading in Canada 🍁

Choosing the Best Forex Brokers in Canada 

As there are multiple regulatory agencies in Canada, and no particular requirement for forex brokers to set up in Canada, traders do not have a huge selection of forex brokers in Canada.

Nonetheless, a couple quality, mainstream FX brokers have set up office in Canada. This means traders can utilize the protection offered by regulators in Canada, in addition to benefiting from the expertise that an international broker can bring to a trader.

Top Canadian Forex Brokers

Here comes our top 5 selection of the best Forex broker platforms in Canada:

    Best Overall Broker in Canada
  2. Interactive Brokers
    Largest Investment Selection
  3. TD Ameritrade
    Best Customer Support
  4. CMC Markets
    Large Range of Currency Pairs
  5. Saxo Bank
    Best for VIP Investors

Best Forex Brokers in Canada

1. Best Overall’s trading platform is intuitive and easy to use, but at no cost in terms of features. is our top pick. The impressive platform offers clients a variety of powerful platforms, powerful charting and research tools, and a wide selection of investment opportunities.


  • Low spreads
  • Wide selection of investments
  • Great platform
  • Powerful research tools


  • Customer support is average
  • Lack of fundamental data
Visit on’s website

Launched in 2001, is owned by GAIN Capital (GCAP). Today, is a leading forex broker around the world, including in Canada. This company’s highlight is its multiple platforms on offer including MetaTrader 4, Web Trading, and Forextrader.

This range of platforms makes the firm suitable to a wide audience depending on your trading style and needs from beginners to automated trading for more advanced traders.

Add this to their mobile functions, where you’ll enjoy advanced risk management options and full-featured trading, TradingView charting, analysis tools, and more, and it’s obvious why this company offers one of the best experiences for FX traders. The company’s research and insights go above and beyond some competitors.

The majority of’s revenue comes from spreads and your pricing option will depend on the account chosen. The standard account charges spread and no commission, but spreads can start from around 1-2 pips for more popular currencies. Traders will have access to 91 currency pairs, as well as 380 stock CFDs and over 4,500 CFDs in total,’s comprehensive research and tools do vary depending on the platform chosen but overall users can expect real-time news, economic analysis, seamless account management, and up-to-date and organized analysis of current affairs. MetaTrader 4 is a solid, reliable choice – however,’s proprietary platform offers advanced charting tools, and supports over 90 technical indicators.

The company falls on its customer service with a more standard offering in comparison with some competitors, and the brokerage lacks access to fundamental data. For a more exhaustive list of pros and cons, check out our in-depth review.

Investor Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

2. Interactive Brokers: Large Investment Offering

Interactive Brokers offers a customizable platform, useful research tools, and low trading fees. However, it is their wide range of investment opportunities that sets them apart from the competition.

Interactive Brokers is a renowned, industry-leading giant. Founded in 1978, this brokerage has licenses in 6 tier-one jurisdictions, and currently has over $170 billion in customer equity.


  • Highly customizable platform
  • Advanced charting
  • A large and diverse offering of investments
  • Advanced order types


  • Maintenance fee
  • Complex platform
Visit Interactive Brokers on Interactive Brokers’ website

Interactive Brokers’ trading platform, Trader Workstation, offers advanced functionality that forex traders will find quite appealing. The platform supports watchlists, advanced charting capabilities, as well as over 20 order types.

Trader Workstation is very customizable, but that might be a blessing in disguise for some – novice investors might find the user experience quite overwhelming.

IBKR charges a monthly maintenance fee totaling $10. However, if you pay more than $10 a month in commissions, the fee will be waived. Speaking of commissions, they start at 0.2 pips with a $2 per order minimum – however, that amount is decreased for active traders.

The one area where IBKR stands head and shoulders above the competition is its range of tradeable assets. Clients will gain access to 40,000+ instruments in total, including 105 currency pairs, and spot trading.

The brokerage also offers plenty of research materials – with over 20 third-party sources, as well as a blog that hosts content from IBKR’s in-house team of researchers.

Although it can offer too much to take in for novices, intermediate and seasoned traders will find that IBKR offers plenty of useful tools and a high-quality platform, as well as almost unparalleled access to both the forex market and the market as a whole. If that sounds appealing to you, take a look at our in-depth review of Interactive Brokers.

3. TD Ameritrade: Best Customer Service

TD Ameritrade has an impressive history when it comes customer support.


  • Decent amount of currency pairs
  • Extremely safe and well-regulated
  • Lots of technical indicators
  • Great customer support


  • The platform is hard to navigate for beginners
  • Lacks CFDs and crypto
Visit TD Ameritrade on TD Ameritrade’s website

Most traders will know TD Ameritrade unless you’ve been living under a rock. The firm is a big fish in the banking industry and plays a big part in forex, too.

TD Ameritrade scores high with its customer service, offering helpful, efficient guidance at all times. The friendly team offers help on the Mobile Trader app, and its Ast Ted bot offers quick answers to hard questions.

The brokerage offers clients access to 73 currency pairs – however, CFDs and cryptocurrency are unfortunately not available. The average spread for the EUR/USD currency pair is a competitive 1.065 pips.

TD Ameritrade’s platform, thinkorswim, comes with both a desktop and a web-based version. Although the desktop platform is exceedingly customizable and powerful, with almost 350 technical indicators, it is also hard to navigate for beginners. Thankfully, the web-based platform is much lighter and places a greater emphasis on usability.

The company gets a top score because of the range of methods to contact them, as well as their quickness and helpfulness in responding. You can catch TD Ameritrade’s customer service team on Facebook messenger, by emailing, faxing, texting, and of course, calling. However, if you’re interested in more facts about TD Ameritrade’s platform, you can always check our TD Ameritrade review.

4. CMC Markets: Best Low Fee Option

CMC Markets Trading Products
CMC Markets offers one of the largest ranges of current pairs for FX traders


  • Great educational materials
  • Huge range of currency pairs
  • Low spreads


  • Lacks customizability
  • Average research tools
Visit CMC Markets on CMC Markets’ website

Risk Warning: Your capital is at risk. 78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

CMC Markets began its operation in 1989 and has grown into a reputable and well-regarded broker across the globe. The company has an office in Richmond Adelaide St. W, Toronto, ON M5H 1S3, Canada, and offers Canadian traders updated YouTube videos with free market analysis videos to help investors of all levels stay on top of things.

CMC Markets began its operation in 1989 and has grown into a reputable and well-regarded broker across the globe. The company has an office in Richmond Adelaide St. W, Toronto, ON M5H 1S3, Canada, and offers Canadian traders updated YouTube videos with free market analysis videos to help investors of all levels stay on top of things.

It also boasts 180 currency pairs, one of the widest ranges available on the FX market. In comparison, offers 80 currency pairs. However, Interactive Brokers does offer a slightly wider range of assets all in all.

In addition, the company offers a powerful proprietary platform and spreads from as low as 0.7 pips, but where CMC Markets really stands is through its education.

Anyone looking to improve their knowledge to strategize better and get better returns should check out the company’s webinars, educational videos, Youtube videos, and commentary, not to mention the brief courses that run through the basics of traders for any promising trader.

Although CMC Markets caters to traders in 88 counties across the globe, the firm’s customer service provided is one of the best on offer. The company falls around areas of customization and analytics that more advanced traders might appreciate.

5. Saxo Bank: Best for VIP Investors

Saxo Bank offers a powerful platform, first-grade research, and plenty of benefits – but only if you can afford their elite services.

Established in 1992, Saxo Bank is one of the leading forex brokers on the market. It is regulated in 15 jurisdictions and offers clients plenty of appealing benefits – however, this service is geared toward seasoned investors who have a lot of capital to put up. 

However, it is important to note that not all currency pairs may be on offer to Canadian traders.


  • No commission fees
  • Extremely low spreads
  • Large and diverse offering of investments
  • Powerful platforms
  • Copy-trading feature


  • Very high minimum deposit
Visit Saxo Bank on Saxo Bank’s website

The minimum deposit for traders looking to open an account with this broker is $10,000. Although that is quite a hefty price tag, if you can afford it, you will gain access to a powerful set of tools.

Saxo Bank has quite a wide range of investment opportunities – traders will gain access to 182 currency pairs, 9,000 CFDs, as well as social and copy-trading tools. The maximum leverage that you can access is 66:1.

As far as trading fees go, Saxo Bank is quite competitive – with an average spread of 0.8 pips for the classic account. To make that even more appealing, the brokerage focuses on spread-only pricing – all traders, regardless of account types, will pay $0 in commission fees.

You might’ve noticed that we mentioned account types – Saxo Bank offers three different options – a classic account, a platinum account, and a VIP account. The average spread is reduced by 0.1 for platinum accounts and a further 0.1 for VIP accounts. However, both of these options require bigger minimum deposits.

Saxo Bank’s trading platforms, SaxoTraderGO and SaxoTraderPRO. SaxoTraderGO is web-based and features 58 indicators and 19 drawing tools. SaxoTraderPRO is a desktop platform, and has all of the features of its web-based counterparty, as well as algorithmic orders, streaming level 2 order books, and allows traders to monitor up to six screens at once.

Although the price that you have to pay to make use of their services is high, Saxo Bank can offer you a well-rounded package that won’t leave even the most demanding of traders wanting. If you can afford the minimum deposits, take a closer look at our in-depth review of Saxo Bank.

The Forex Environment in Canada 🇨🇦

Let’s begin by saying, Canadian citizens can invest with any broker from around the world. The choice is yours. The broker does not need to be licenced with the concerned regulatory body in Canada to do so, which is rare for a developed nation. In this sense, Canadian laws are less strict than that of other developed nations.

While this has been put in place to increase consumer choice and thus offer customers better fees and account options etc. It can also have negative consequences for Canadian investors, because regulators in Canada do not have any control over brokers outside of Canada.

This means that forex investors in Canada must be on their guard, as it  increases their chances of exposure to fraudulent brokers or scammers. That is to say, if a broker outside of Canada frauds a Candadian citizen, the brokers will not be liable to any fines or sanctions by the country’s regulators.

Therefore, it is advised that if you are a Canadian citizen, you stick to Canadian FX brokers to ensure you have the protection needed when trading in the forex market.

Forex Regulators in Canada  📜

Regulators in Canada must ensure that financial companies register and comply with regulations that protect consumers money before they can open any operations in Canada. In order to do this efficiently, the Canadian financial market is broken up into separate divisions that are regulated by multiple regulatory authorities, enforcing individual regulations.

Forex Brokers in Canada
The Forex Market in Canada is one of the more lenient spaces and yet safest in the world

Each regulatory agency has a different responsibility in terms of regulating firms. Here are some of the main Canadian regulatory bodies responsible for enforcing FX regulation in Canada:

  • The Investment Industry Regulatory Organization of Canada (IIROC)
  • The Canadian Securities Administrators (CSA)
  • The Financial Services Commission Ontario (FSCO)
  • The Alberta Securities Commission (ASC)
  • The British Columbia Securities Commission (BCSC)
  • The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
  • The Mutual Fund Dealers Association (MFDA)
  • The Canada Revenue Agency (CRA)
  • The Office of the Superintendent of Financial Institutions
  • The Ontario Securities Commission
  • The Autorite des marches financiers (Quebec) (AMF)

As you might have just gathered, Canada has a massive amount of regulatory bodies. In fact, it has the biggest number in the world because there is no one authority that oversees registration or regulation.

In the future, these regulatory bodies might all be unified under one roof. The Canadian Government is in the process of conducting case studies and seeking advice from experts on how best to create a regulatory body that oversees all financial firms in the country.

Currently, though, Forex brokers in Canada are regulated depending on where their operations are based in Canada.

IIROC & How to Check Whether a Broker is Regulated ✅

Let’s break it down a little and focus on the IIROC. The IIROC is a self-regulatory organization, established in June, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulations Services Inc. (RS).

The IIROC aims to protect investors and support a health forex market in Canada

The IIROC is recognized by the Canadian Securities Administrators (CSA), which includes all Canadian provinces in Canada.

This authority, creates, monitors and enforces financial rules over the Canadian Forex market.  Its aim, as stated on its site, is to: Protect investors and support healthy Canadian Capital Markets.

To find out if a broker is a member firm of the IIROC, first you must get the registered name which is usually located at the bottom of its website homepage. For example, CMC Markets key disclosure states:

“CMC Markets Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada and a member of the Canadian Investor Protection Fund. CFDs are distributed in Canada by CMC Markets Canada Inc. acting as principal…”

Secondly, check whether the firm’s name appears on IIROC’s website. If it is registered with the IIROC, it will appear in the Dealer Member section or the Advisor Report module.

Now, before discussing economic turbulence and how it can affect the FX market, let’s quickly pop the next topic in the bud — Many wonder, is Forex trading legal in Alberta, due to its unique circumstances.

Can you Forex Trade in Alberta? 🤔

While forex trading is legal in Alerta, one must qualify as an “accredited investor” whether the broker is regulated by the IIROC or not. This is kind of like qualifying as a professional trader in Europe because you will have to meet one or more of the following conditions:

  • Are a financial institution including a bank
  • Have held a minimum net income of $200,000 in the past 2 years
  • Hold a minimum of $1,000,000 in a financial portfolio
  • Have invested at least $5,000,000 in properties

Remember, you don’t need to meet all of these criteria to qualify as an investor in Alberta, one will do.

Economic Turbulence and Times of Crisis 📉

Here’s the curveball. The Forex Market is highly susceptible to extreme volatility during times of economic turbulence. In the 2008-2011 Financial Crisis, for example, we saw the effects rip through the globe like a tsunami, causing a loss of about 8.8 million jobs worldwide.

Coronavirus Impact
The impact of the Coronavirus is having volatile effects on the FX Market.

The Central Bank responded to this by cutting interest rates to a historical low, in an attempt to begin to repair the damage caused, which resulted in carry trades and strategies of the same thread performing differently post crisis.

In the current Forex market, the Canadian dollar weakened, along with other currencies, against the USD Dollar, as investors grew more concerned about the economic impact of the coronavirus crisis.

The Federal Reserve took additional steps to ease the economic blow, which helped the Canadian dollar regain some strength. The Bank of Canada has also shown signs of potentially cutting interest rates more, in a bid to help.

The effects of this can be seen in the price of oil, in particular, one of Canada’s biggest exports, which has gone up in price, along with the U.S’s crude oil. Pressure has been mounting on the oil industry the past few weeks due to the increased demand from the coronavirus. This has caused a ruthless price war between Russia and Saudi Arabia, which could have very serious consequences.

With jobs already being lost at a high rate, experts are predicting a potential loss of 37 million jobs. In comparison to the 8.8 million lost between 2008-2011, this is astronomical.

The true and overall impact of the coronavirus pandemic can only be measured in time.

Why Are There Less FX Brokers in Canada? ⏬

With all of this information, you might be wondering why exactly some notable forex brokers stay away from Canada?

Legally, Forex Brokers can enlist investors in Canada without requiring a regulatory licence from that country. Therefore, it doesn’t make much sense for a broker to set up in Canada and work under Canadian FX regulations.

Even though firms will receive tax benefits and build customer trust from Canadian traders by doing so, the cost would be too much, in comparison to the small market size that Canada offers to entice companies to do so.

Do Forex Brokers in Canada adhere to the same FX guidelines as American Brokers? 🇺🇸

Forex brokers in Canada adhere to different rules and regulations than forex brokers in the US. One example of this is that US forex brokers are required to register with the CFTC and adhere to regulations enforced by the NFA, such as FIFO. This rule restricts leverage offered to 1:50, in addition to not allowing hedging.

Trading in the US is one of the strictest FX environments as the CFTC and NFA help to police the market to help keep the integrity of the market and ensure it is transparent.

Although many of the regulations do work to protect US citizens some are perceived to be too far against the investors freedom to choose. On the contrary, Canadian Forex brokers are required to adhere to any such restrictions. However, the policy is updated now and again to make sure that fraudulent behaviour is kept to a minimum.

Furthermore, Canada is pretty relaxed about sending and receiving money from brokers internationally, so long as both parties adhere to the countries existing money laundering laws.

Again, when compared with the US as well as some other countries, where it is illegal for a trader to send funds internationally, this works in the traders favour. In addition, due to national security, traders are bound to strict regulations when sending payments internationally; this can make it difficult for traders in the US to move funds.

Canada, on the other hand does not hold brokers to such strict regulations and, in doing so, traders can freely and easily move funds around, once the trader and broker keep statements and records of all transactions that took place.

The Benefits of Trading With Forex Brokers in Canada 👍

Although Canadian citizens can choose to trade with any forex broker across the globe, there are distinct advantages to trading with forex brokers in Canada, including world renowned security of client funds.

The aforementioned CIPT, which compensates traders up to $1 million in the event a broker going bankrupt or committing fraud, is the first way that customers funds are protected.

It is worth noting that the security of funds is the number one priority for investors worldwide, as extreme volatility increases the chances of brokers going bankrupt, compared to any other market.

With this in mind, choosing a top forex broker that is regulated in Canada makes sense for Canadian citizens.

💡 Looking for other investment accounts? Learn about the best stock trading apps in Canada.

What is the Minimum Deposit for Trading with FX Brokers in Canada? 💵

Taking into account that forex traders in Canada can choose to sign up with a broker anywhere in the world, it is possible to make an initial minimum deposit of only $1. Many brokers want to make the forex market accessible to younger traders by allowing for a low initial deposit and offering a higher leverage.

With this, there is no restriction on leverage offered to Canadian citizens which allows traders to take advantage of higher offers. That said, they should be used with caution as the higher the leverage the higher the risk. It is strongly advised that traders start off with a low leverage, and a higher initial deposit.

How Are Canadian Forex Traders Protected? 🛡️

Forex regulation in Canada is very thorough and detailed, providing clear guidelines to brokers which are updated as needed, in accordance with changing market conditions and research findings.

The country looks to and takes inspiration from other regulatory bodies to help create a fair and respectable trading environment. Although Canada does not have one overseeing regulatory authority, the ones that exist currently have proven to be authoritative and capable of regulating their jurisdictions.

Even though brokers outside of Canada are not required to adhere to Canadian regulations,  the Canadian Government really prioritizes educating and updating traders on the risks involved in Forex trading by the Canadian Government.

This involves Canadian regulators highlighting all financial malpractices to keep investors updated. Impressively, the Government also welcomes and encourages citizens to put forward any recommendations or concerns they have to help the concerned authority take the necessary action.

Forex Trading in Canada: Top 8 Most Asked Questions

  • Is Forex Trading in Canada Legal?

    You might have gathered by this article that yes, forex trading is legal in Canada. More importantly, it is also safe there, too. However, unlike other countries, like the US, who has one central regulatory authority, Candian brokers are regulated depending on the jurisdiction they’re in. There are also no restrictions on forex trading, making it fully legal.

  • Will I Be Charged Fees and Taxes on My Earnings?

    In Canada, any profits made from trading forex will not be subject to income tax, but to a capital gains tax. In general, you will pay this on 50% of your profit. It is advised that you seek professional guidance on this matter to make sure your tax returns are filed correctly.

  • Do Forex Brokers Offer a Demo Account?

    Almost all forex brokers offer a demo account to give traders the opportunity to practice trading on a virtual platform so you can test out the functions, and with virtual money and help ease you into the current trading environment.

  • Can I Make a Deposit and Withdrawal Easily?

    Deposits are quick and simple to make so long as you have access to a debit or credit card, or  some other electronic payment method. Withdrawals will be processed to the same source of the deposit.

  • Can I Use My Phone or Tablet/ipad to Trade?

    Most brokers try to make trading as easy and accessible for traders and one way of doing this is making sure traders can make a move on-the-go, at any and all times of the day. For this reason, most brokers offer an app version of their platform and have phone optimized websites. As long as you’re connected to the internet or data, trading as you go about your day is easy.

  • Is Forex Trading Safe?

    How safe and secure your trading journey is will depend on a couple different factors including where the forex broker is located and what regulations it adheres to, and how much experience you have. If you are a beginner make sure to check that your broker is in a jurisdiction that protects customers, and that you will have access to the appropriate support.

  • How Much Do I Need to Trade Forex?

    A lot of forex brokers only require a minimum deposit of $100, some require less. That said, $100 can only take you so far and it is advised that you start off with a higher initial deposit to decrease the potential margin you need, and start off with some practice using a demo account before trading any real money.

  • Can I Get Into Forex Without Trading Money?

    If you’re keen to get your forex journey started before investing any money then you can do so by looking for brokers offering a no deposit bonus. This lets you start forex trading without having to make an initial deposit. Just be sure to research the broker fully before signing up to anything and check where and by who the broker is regulated.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.