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Best Forex Brokers in Canada for 2021 - Top 10

June 2021

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Forex (Foreign Exchange) trading is one of the most common types of trading among the Canadian people. In this type of trading, a person aims to earn money by exchanging different currencies. In order to accept Forex traders in Canada, it’s critical for every brokerage to become authorized by the Canadian financial regulatory authority IIROC (Investment Industry Regulatory Organization of Canada).

Best Forex Brokers In Canada For 2021 - Top 10

If you’re looking for an online broker for Forex trading in Canada, you’ve come to the right place. Here we have compiled a list of the 10 online brokers that offer the best Forex trading experience in 2021.

Best Forex Brokers in Canada

If you’re interested in Forex trading in India, we’ve created a list of the top 10 brokers in India. The Securities and Exchange Board of India (SEBI) is the country’s financial regulatory body.

By law, Forex brokers are not required to register with the SEBI. However, the most trusted ones are! We’ve kept factors like this into account when compiling our list.

Position Broker Rating Account Minimum Learn More

1

Interactive Brokers

5.0/5

0 US Dollars

Open Account

2

Oanda

4.9/5

0 US Dollars

Open Account

3

AvaTrade

4.7/5

100 US Dollars

Open Account

4

Questrade

4.7/5

1000 US Dollars

Open Account

5

Tradeview Forex

4.7/5

100 US Dollars

Open Account

6

IG Markets

4.6/5

0 US Dollars

Open Account

7

Forex.com

4.5/5

100 US Dollars

Open Account

8

CMC Markets

4.5/5

0 US Dollars

Open Account

9

FXTM

4.4/5

10 US Dollars

Open Account

10

FXCM

4.2/5

300 US Dollars

Open Account

Top 10 Trading Platforms in Canada

The first and one of the most important (if not the most important) steps to start your Forex trading journey is to choose the right broker. Not only do you need to prioritize your financial goals, but you also need to ensure that you choose the broker that allows you to meet your both short and long-term objectives. This way, you’ll be able to start earning profit in the least possible time.

Interactive Brokers

Interactive Brokers is undoubtedly the best online platform for Forex trading in Canada. It was founded back in 1977, and it's a member of IIROC. Other than that, it's also regulated by five more authorities of tier-1 jurisdictions. It's a safe and low-risk brokerage, and here's why it's great for traders from Canada.

Why is Interactive Brokers good for traders from Canada?

  • Regulated by IIROC

  • Has a physical office in Canada

  • Offers demo account opening

  • Supports 22 base currencies

  • Offers very low trading fee

  • Amazing collection of educational and research tools

Oanda

Oanda was founded back in 1996, and it’s regulated and authorized by six tier-1 jurisdictions that include IIROC. It offers a range of tools for researching and educational purposes to allow all types of traders to perform forex trading in Canada.

Why is Oanda good for traders from Canada?

  • Regulated by IIROC

  • Has a physical office in Canada

  • Fast and easy account opening

  • Offers excellent research tools

  • Comes with demo account opening functionality

  • Charges no withdrawal and depositing fee

AvaTrade

AvaTrade is yet another excellent online broker for Forex trading in Canada that was founded in 2006. It's a member of IIROC, and other than that, it's regulated by three in tier-1 and two in tier-2 jurisdictions.

Why is AvaTrade good for traders from Canada?

  • Regulated by IIROC

  • Has a physical office in Canada

  • Charges no inactivity fee

  • Free deposit and withdrawal options

  • Offers demo account

  • Excellent research and educational tools

Questrade

Questrade is one of the most famous online trading platforms in Canada, which was founded back in 1999. It's not only regulated by IIROC, but it's also a member of CIPF (Canadian Investor Protection Fund), which makes it a highly trusted online brokerage.

Why is Questrade good for traders from Canada?

  • Regulated by IIROC

  • Offers multiple offices in Canada

  • One of the most trusted brokers by Canadian Forex traders

  • Superb customer services and solid research tools

  • Charges no inactivity or withdrawal fee

  • Offers demo account

Tradeview Forex

Tradeview Forex was established in 2004, and it's also a great choice when it comes to Forex trading in Canada. It’s regulated by CIMA (Chartered Institute of Management Accountants) and accepts traders from Canada.

Why is Tradeview Forex good for traders from Canada?

  • Accepts traders from Canada

  • Has its headquarter in Canada

  • It comes with 30 inbuilt performance indicators

  • Up to 2,000 custom indicators

  • Offers instant order execution

  • Comes with demo account availability

IG Markets

IG Markets was founded way back in 1974, and it's regulated by six different tier-1 jurisdictions that include IIROC. It's one of the most trusted online Forex brokers not only in Canada but also in the whole world.

Why is IG Markets good for traders from Canada?

  • Accepts forex traders from Canada

  • Offers superb forex trading tools

  • Offers demo account

  • Comes with a fast and first-class web trading platform

  • Comes with excellent withdrawal and deposit options

  • No minimum deposit is required

  • Charges no withdrawal fee

Forex.com

Forex.com is one of the best brokerages when it comes to Forex trading. It was founded back in 2006, and it’s regulated and authorized by IIROC and four other tier-1 jurisdictions. It can be your best choice for Forex trading in Canada because of the following reasons.

Why is Forex.com good for traders from Canada?

  • Regulated by IIROC

  • Accepts traders from Canada

  • Offers demo account

  • Charges no withdrawal fee

  • Comes with a range of research and technical tools

  • Offers a diverse array of currency pairs

CMC Markets

CMC Markets is one of the most successful online brokers in Canada for Forex trading. It's regulated by two in tier-2 and four in tier-1 jurisdictions, including IIROC. It's a low-risk, safe, and trusted platform that you can use for Forex trading.

  • Regulated by IIROC

  • Has a head office in Canada

  • Offers demo account

  • Exceptional customer service

  • Supports 10 base currencies

FXTM

FXTM was founded back in 2011, and it's regulated by multiple international authorities, including IIROC, FCA, and CySEC. It’s considered a safe and low-risk online broker for Forex trading because of tier-1 regulations.

Why are FXTM Markets good for traders from Canada?

  • Regulated by IIROC

  • Has a physical office in Canada

  • Offers demo account

  • Charges a nominal fee for withdrawal

  • Comes with a large array of educational and research tools

  • Offers fast and fully digital account opening

FXCM

FXCM was founded back in 1999 and it’s controlled by NYSE: JEF (Jefferies Financial). It’s regulated by three different authorities in tier-1 jurisdictions including IIROC. Not only does it make FXCM a low-risk broker but its great features and tools also make it a great option for Forex trading.

Why are FXCM Markets good for traders from Canada?

  • Regulated by IIROC

  • Great technical research tools

  • Offers demo account

  • Premium-quality educational content

  • Straight forward and fast account opening

These are the 10 best online brokers in Canada that offer the best Forex trading experience regardless of your experience and expertise. As mentioned earlier, we have added each broker to this list after performing comprehensive research and real-time testing. Make sure that you understand the functionality and set of features of each trading platform to choose the one that suits your needs the best.

Comparison of Brokers in Canada

There is no doubt that reading and understanding the features that a broker offers is important. But it certainly doesn’t mean that you must trust every bit of information that you read on the internet. That’s why we recommend you acquire the demo version of the considered online Forex broker to test its trading environment in real-time. Other than that, read the following comparison of all the brokers carefully to make the selection process easy and seamless.

  • Interactive Brokers
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    Interactive Brokers is well-known for its premium quality services and state-of-the-art platform. Moreover, this platform has managed to secure its place on our multiple lists of the best brokers. It’s undoubtedly the best overall Forex trading platform that serves both seasonal and new traders equally.

  • Oanda
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    You can use Oanda for Forex trading in Canada regardless of your expertise and financial goals. From exceptional customer support and great mobile and web applications to great research and educational tools to advanced technical indicators, this platform offers everything you need for Forex trading.

  • AvaTrade
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    AvaTrade can be the best option for all beginners who want to get started with trading Forex in Canada. That’s because it offers one of the best collections of educational material such as experts’ articles, audio/video tutorials, and guides. Moreover, the fee structure is also reasonable, and you can test all of its features by using its demo account.

  • Questrade
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    Tradeview Forex is a great source of current and the most important market trends that allow you to perform risk management effectively. The customer support that this broker offers is also very friendly, educated, and fast. Moreover, it also offers diverse withdrawal and depositing functionally for your convenience.

  • Tradeview Forex
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    Tradeview Forex is a great source of current and the most important market trends that allow you to perform risk management effectively. The customer support that this broker offers is also very friendly, educated, and fast. Moreover, it also offers diverse withdrawal and depositing functionally for your convenience.

  • IG
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    IG Markets is one of the most popular and trusted online Forex brokers that’s now publicly traded. It offers versatile web, mobile, and desktop applications with consistent and instant order execution capability. Its educational and research tools make it one of the best platforms for Forex trading in Canada.

  • Forex.com
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    Forex.com flaunts a successful and long track record when it comes to Forex trading. Currently, it's serving countless Forex traders in Canada, and you can be one of those whether you're a professional or a new trader. It offers a fee structure that's below the industry average and provides its users with an effective and efficient Forex trading experience.

  • CMC Markets
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    CMC Markets comes with a feature-rich and next-generation online platform and offers a vast array of research amenities and educational and research resources. On top of that, great customer support services make your whole Forex trading experience in Canada worthwhile.

  • FXTM
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    FXTM is a low-fee online Forex trading platform that only charges a trading fee if you trade. This online broker offers multiple account types, and you can choose the one that serves your needs the best. The account opening is also fast and fully digital, and you can deposit and withdraw funds in multiple ways. Lastly, a great set of high-quality features and an array of educational resources make it one of the best options for online Forex trading.

  • FXCM
    More than one office in Canada: No
    Supporting Canadian currencies: Yes

    FXCM is a great choice when it comes to Forex trading because of its vast range of related platform options. One of the best factors about this brokerage is that all of its platforms allow you to perform algorithmic trading. Moreover, it also offers an array of educational material for beginners for easy and convenient trading.

Bear in mind that each broker mentioned above comes with its own area where it shines. Make sure that you opt for the one that will help you to achieve both short and long-term financial goals. Finalize a broker to work with once you’re completely satisfied because you don’t want to end up losing all your investments.

Compare All Forex Brokers

Top 3 Forex Brokers for Investors in Canada

If you're looking for an online Forex broker for investing, then consider choosing any of the following three platforms. Moreover, all of these online Forex brokers are regulated by IIROC, and you'll be able to use them to maximize your profits on a long-term basis.

Broker Investment Programs Minimum Deposit

Interactive Brokers

Investment Programs:

TWS, IB WebTrader

Minimum Deposit:

0 US Dollars

IG Markets

Investment Programs:

MT4, IG Proprietary

Minimum Deposit:

0 US Dollars

Forex.com

Investment Programs:

MT4, MT5, FOREX.com Platforms

Minimum Deposit:

100 US Dollars

Pay Attention!

After performing testing and research on all the 9 brokers on our list, we found that these brokers offer the best investing experience. Additionally, these regulated and feature-rich Canadian Forex brokers can help you to make the most informed decisions to meet your financial goals.

More About Investing Money

Top 5 Online Brokers for Beginners in Canada

As you'd already know, all the online trading platforms are different, and they come with a different set of tools and conditions. Therefore, it's important to identify your priorities and choose the brokerage accordingly. If you're a beginner, then the following brokers, along with their account types, will serve you the best.

Broker Types of accounts for beginners Minimum deposit

AvaTrade

Types of accounts for beginners:

Retail Account

Minimum deposit:

100 US Dollars

Tradeview Forex

Types of accounts for beginners:

X Leverage

Minimum deposit:

100 US Dollars

Interactive Brokers

Types of accounts for beginners:

IBKR Lite account

Minimum deposit:

0 US Dollars

FXTM

Types of accounts for beginners:

Standard Trading Account

Minimum deposit:

10 US Dollars

Oanda

Types of accounts for beginners:

Standard

Minimum deposit:

0 US Dollars

Pay attention!

Each broker mentioned in the table above offers easy-to-use/understand web, mobile, and desktop applications. We have selected these five brokers very carefully after analyzing all the possible factors such as educational material and resources, research and analytical tools, technical indicators and their ease of use, pricing and fee structure, etcetera.

Speed Course “Forex Trading for Beginners”

Forex Brokers With Deposits Through Canadian Banks

You won’t be able to perform Forex trading in Canada if you can’t deposit funds using your bank account, even if you choose the best online brokerage that offers everything you need. That’s why it’s important to choose the online broker that supports the Canadian bank(s) you use. It’s important to note that each broker in our list supports all the big and renowned banks in Canada, but it’s still important to ensure whether your bank is supported or not. You can use the following link to make this process easy.

Broker EQ Bank Scotia OnLine HSBC

Interactive Brokers

Yes

Yes

Yes

Oanda

Yes

Yes

Yes

AvaTrade

Yes

Yes

Yes

Questrade

Yes

Yes

Yes

Tradeview Forex

Yes

Yes

Yes

IG Markets

Yes

Yes

Yes

Forex.com

Yes

Yes

Yes

CMC Markets

Yes

Yes

Yes

FXTM

Yes

Yes

Yes

FXCM

Yes

Yes

Yes

Broker EQ Bank

Interactive Brokers

Yes

Oanda

Yes

AvaTrade

Yes

Questrade

Yes

Tradeview Forex

Yes

IG Markets

Yes

Forex.com

Yes

CMC Markets

Yes

FXTM

Yes

FXCM

Yes

Broker Scotia OnLine

Interactive Brokers

Yes

Oanda

Yes

AvaTrade

Yes

Questrade

Yes

Tradeview Forex

Yes

IG Markets

Yes

Forex.com

Yes

CMC Markets

Yes

FXTM

Yes

FXCM

Yes

Broker HSBC

Interactive Brokers

Yes

Oanda

Yes

AvaTrade

Yes

Questrade

Yes

Tradeview Forex

Yes

IG Markets

Yes

Forex.com

Yes

CMC Markets

Yes

FXTM

Yes

FXCM

Yes

Best Brokers Based in Canada

As mentioned, choosing the right broker is very critical that can make or break your trading experience. It’s important to make sure that the broker you choose not only is regulated by the Canadian regulatory authority, but it must also offer to serve its customers whenever they have queries and questions. That’s why we have created the following table that contains the addresses of the best Canadian Forex brokers.

Pro Tip: Utilize the demo account functionality of the broker that you’re considering to test all the features and tools it offers in real-time before investing your real money.

Company Office in Canada

Interactive Brokers

1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6 Canada

Oanda

OANDA (Canada) Corporation ULC 370 King Street West 2nd Floor Box 60 Toronto ON M5V 1J9

AvaTrade

181 Bay St., Suite 250 Toronto, ON M5J 2T3 Canada

Questrade

Toronto (HQ) North American Centre, 5700 Yonge St g1, North York, Canada

Tradeview Forex

Canada, 3000 boul des Laurentides, Suite 12 - 200, Laval QC H7K 3G5. Tel: 1-514-667-8465. Skype Phone: tradeview.forex

IG Markets

Doesn’t have a physical office in Canada

Forex.com

Doesn’t have a physical office in Canada

CMC Markets

2915-100 Adelaide St W, Toronto, ON M5H 1S3, Canada

FXTM

Doesn’t have a physical office in Canada

FXCM

181 Bay St., Suite 250, Toronto, ON M5J 2T3, Canada

Forex Regulations in Canada | Expert’s Review

In the global financial industry, the Forex market is the most liquid and also the largest sector that’s growing rapidly. The situation of the Forex market in Canada is no exception which is regulated by IIROC (Investment Industry Regulatory Organization of Canada). Any broker must be authorized and regulated by IIROC before accepting Forex traders from Canada.

IIROC specifies the rules and regulations that all the brokers must follow. Not only has IIROC provides the Forex trader with the best possible trading environment. But it also has the power to add or remove any broker from its regulatory list if it doesn’t follow the rules strictly.

Forex Regulations in India | Expert’s Review

Canada is continuously working on improvements to make its financial market an ideal place for all types of traders. That's because some experts suggest that the current landscape of the Canadian regulatory authority is not ideal, and that’s why there are not many domestic brokers in the country.

More about Forex Regulators

Reviews on Canada Brokers

About Interactive Brokers:

In my long trading career, I've used almost all the big online trading platforms, but my trading experience with Interactive Brokers surpassed all my previous experiences. Single-handedly, it’s the overall best online broker that not only offers a range of educational and research tools but also allows me to come up with my own trading strategies to maximize my profits.

Juston Jakubowski, 43


About AvaTrade:

Trading Forex on AvaTrade has exceeded my expectations. I'm not a professional trader with years of experience, but this online platform has allowed me to understand the ins and outs of Forex trading within no time, thanks to its educational and research tools. Not to mention, it offers an excellent mobile application that you can use to stay connected with the market at any time you want.

Kolby Mills, 38


About Forex.com:

In my humble opinion, Forex.com, as the name suggests, is the best platform for forex trading in Canada. It has allowed me to make the most informed decisions to maximize my profits. Moreover, it offers all the features and tools that one could need to understand and execute Forex trading in the best possible way.

Guillermo Hauck, 54


About IG Markets:

If you want an online brokerage to enjoy your Forex trading in Canada, then there's no better option than IG Markets as far as my personal experience is concerned. Not only does this platform offer the best value for the money, but it also serves both new and professional traders equally. If you want to excel in Forex trading in Canada, then IG Markets can be your next best friend.

Mr. Waldo Strosin Sr., 61


About Questrade:

First of all, I agree that Questrade is a bit pricey. But it's totally worth your time and money when you look at the experience, environment, and set of features and tools that it offers. Moreover, it also provides you with the necessary peace of mind that every trader needs. It's a low-risk, trusted, and safe online brokerage that has worked for me the best for trading Forex in Canada.

Earnest Nader, 29

Learn how to earn more with TU

About the Author of this Article

Jack Moore
Jack Moore,
Financial Analyst, Trader
  • Jack has been engaged in trading and forecasting in the Forex market for more than 9 years. During this time, he’s gone from a novice to an expert in stock and financial markets. Jack consults well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013 he commenced at System Capital Group (trading stocks and currencies online using investments of companies and individuals). He held this position for 5 years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career he is proud to receive excellent recommendations from numerous clients who have been satisfied with the advice that he has provided.

FAQ

How to start Forex trading if you’re from Canada?

In order to start Forex trading in Canada, the first step is to choose the right online brokerage. You can choose any of the trading platforms mentioned above to trade Forex in a safe and low-risk environment.

Is it legal to trade Forex in Canada?

According to the IIROC regulations, Forex trading is 100 percent legal in Canada. The Investment Industry Regulatory Organization of Canada monitors the entire Forex industry in the country.

How to open an account for Forex trading in Canada?

First, you’ll need to choose the brokerage that does not only offer Forex trading but also accepts traders from Canada. After that, you’ll need to go to the brokerage’s website to open your Forex trading account and deposit your funds. The account opening might take some time depending upon the brokerage, and you can start trading Forex once your funds are deposited in your account.

Can you become rich by trading Forex in Canada?

It solely depends upon your definition of "rich". But the fact of the matter is that you can generate a handsome amount of profit by trading Forex in Canada. Moreover, it's also critical to understand all the risk factors, and you should only invest the money that you can easily afford to lose.