Best Forex Brokers in Canada: A Comparative Guide

• Eightcap - Best broker to trade directly from TradingView charts

• FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)

• InstaForex - Biggest Forex bonuses (up to 100% per deposit)

• Fusion Markets - Best for low cost Forex trading (ECN fee is only $2.25 per side)

• VT Markets - Attractive Forex bonuses (50% welcome bonus, 20% deposit bonus)

• Pepperstone - Best for scalping strategies (spread from 0 pips)

At Traders Union, we evaluate Forex brokers to help traders make informed, confident decisions and avoid unreliable or unsafe options. We use a professional and detailed approach, focusing on key factors such as regulation and safety, trading costs, ease of use, platform features for all experience levels, and real trader feedback collected over 15 years.

We’ve outlined every step of our evaluation in detail on our Methodology Page. Our process is transparent, data-driven, and built on years of expertise, combined with real trader insights, ensuring you can trust our recommendations.

Our goal is to guide traders toward brokers that are safe, reliable, and suited to their needs, whether they are beginners or experienced professionals in Canada

Comparison of leading Forex brokers in Canada

The minimum deposit, EUR/USD spread, eligibility for residents of Canada, and the number of available currency pairs are key factors to consider when choosing a broker.

• The minimum deposit shows how affordable it is to start trading.
• The EUR/USD spread highlights trading costs—lower spreads mean you save more.
• Eligibility for residents of Canada ensures you can legally access the broker’s services.
• The number of currency pairs reveals the variety of trading options available.

Together, these factors help you determine if a broker is safe, cost-effective, and aligned with your trading needs.

We have analyzed the key advantages and disadvantages of the leading Forex brokers in Canada, as well as their overall ratings based on our proprietary methodology.

Available in Canada

1

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TU Overall Score 9.1 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	8.1 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	8 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	10 /10

Advantages Disadvantages

• The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;
• Negative balance protection;
• Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;
• Hundreds of the most popular CFDs are available, and the pool is constantly expanding;
• Eightcap provides one of the most profitable trading costs with really tight spreads;
• Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;
• The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;
• The company provides high-quality training, extensive analytics, and its own developments for automated trading.

• No joint accounts, copy trading, or other options for passive income.

Available in Canada

2

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TU Overall Score 7.3 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	7 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	5 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	9.2 /10

Advantages Disadvantages

• negative balance protection;
• a large selection of trading instruments;
• the support service works 24/7.

• auto copying is not available;
• no PAMM accounts;
• not suitable for short-term trading, such as scalping;
• the support service works in a limited number of languages;
• only two real accounts.

Available in Canada

3

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TU Overall Score 7.2 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	8.5 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	5 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	9.3 /10

Advantages Disadvantages

• 2,500+ trading instruments, including non-standard assets, such as InstaFutures and synthetic securities.
• Passive investment products, including PAMM accounts and a copy trading service.
• Non-standard technological solutions such as InstaSpot (P2P spot trading), OYS account, Stock Basket, etc.
• European regulation and IFC compensation fund with guaranteed insurance coverage up to €20,000.
• Comfortable trading conditions, such as a $1 minimum deposit and leverage up to 1:1000, for clients of the FSC-regulated broker.

• Tough conditions for retail European traders due to regulations.
• The time gap between a trade executed by a trader and the one copied to the investor’s account in the social trading service can be up to 15 seconds.

Available in Canada

4

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TU Overall Score 7.2 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	6.9 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	10 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	9.2 /10

Advantages Disadvantages

• Reliable regulation;
• No non-trading fees;
• Diversity of financial instruments.

• Limited educational opportunities;
• No cent accounts;
• Inability to trade with bonus funds.

Available in Canada

5

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TU Overall Score 8.7 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	9.7 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	6 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	9.5 /10

Advantages Disadvantages

• Financially stable parent company and reliable custodian bank.
• Over 230 assets of different classes are available for trading.
• It allows trading using STP, ECN, and Islamic accounts.
• A wide range of investment solutions from reputable third-party platforms.
• Margin trading with leverage up to 1:500 for cryptocurrency pairs.
• Average trading commissions on ECN and precise market spreads on all account types.
• Access to making trades in desktop and mobile terminals MetaTrader 4/5, as well as in the web version of MT4.

• The high minimum deposit for novice traders is $50.
• Lack of access to micro (cent) accounts.
• The list of available assets does not include cryptocurrencies and ETFs.

Available in Canada

6

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TU Overall Score 7.2 /10
User Satisfaction score Overall user experience and feedback based on ease of use, customer support, and platform reliability.	9.2 /10
Commissions and fees score Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.	7 /10
Regulation and safety score Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.	10 /10

Advantages Disadvantages

• Attractive trading conditions;
• Fast order execution - 30 ms on average;
• 1,200+ trading instruments;
• Low fees; and
• No inactivity fee.

• Support service works only 24/7;
• No cent account;
• Not available to US clients;
• Limited passive trading opportunities;
• Limited analytical materials available on the site. The only way to resolve this issue is to connect to trading signals;
• No news section; and
• Demo accounts can only trade for free for 60 days.

Trading fees and commissions of top brokers in Canada

We compared both trading and non-trading fees of the top brokers in Canada. This comparison highlights the following:

• Trading fees:

  These include average spreads in pips for popular currency pairs like EUR/USD and GBP/USD, based on both Standard and ECN account types with floating spreads.

• Non-trading fees:

  These cover deposit and withdrawal fees (percentage-based), along with inactivity fees.

By analyzing these parameters, we aim to provide a transparent overview of the cost-effectiveness of brokers in Canada.

Security and regulation of top brokers in Canada

When choosing a Forex broker in Canada, regulation ensures your funds are safe. Tier-1 regulation is the most reliable, with strict rules on transparency and client protection. Tier-2 regulation is solid but less strict, offering a reasonable level of oversight. Tier-3 regulation and unregulated brokers are riskier, with minimal or no monitoring, which can put your money at risk.

The data below shows the regulatory level of brokers available in Canada, helping you make a safe and informed choice.

Top 3 brokers for beginners in Canada

This comparison highlights the best brokers in Canada for new traders based on the following criteria:

• Education Score: Assesses the quality of educational materials, such as tutorials and guides.
• Cent Accounts: Allow traders to start with minimal capital ($1–$10), enabling them to learn market dynamics with limited financial risk.
• Demo Accounts: Provide risk-free environments for practicing trading strategies.
• Copy Trading: Enables new traders to learn by replicating the trades of experienced traders.
• PAMM Accounts: Offer opportunities for passive investment.

These features help ensure a smooth start and effective learning experience for beginners in Canada.

Is Forex regulated in Canada?

How to choose a Forex broker in Canada

For beginners, it’s essential to start with a strong foundation in Forex trading basics. Focus on understanding trading psychology, how leverage impacts risk, and the importance of lot sizes and risk management strategies.

Once you’ve built your knowledge, follow these practical steps to begin trading Forex in Canada:

• Check regulation and security.

  Ensure the broker is regulated by a Tier-1 or Tier-2 regulatory authority or holds a valid license in Canada. Regulation helps guarantee fund safety and compliance with industry standards.

• Compare fees and spreads.

  Seek brokers offering low spreads, transparent fees, and competitive commission structures for Canada clients to minimize trading costs.

• Evaluate trading platforms.

  Choose brokers offering advanced platforms such as MT4, MT5, or TradingView for efficient trading and analysis.

• Review account types.

  Select a broker that offers account types suited to your needs, such as Cent and Demo accounts for beginners and ECN accounts for experienced traders.

• Assess deposit and withdrawal options.

  Ensure the broker provides fast, affordable, and reliable deposit and withdrawal methods in Canada.

• Check customer support quality.

  Choose brokers that offer responsive, multilingual support 24/7 to ensure prompt and effective issue resolution.

Expert advice for traders in Canada

Author, Financial Expert at Traders Union Anastasiia Chabaniuk

Updated on June 06, 2025

As I've learned over my years of trading, understanding a broker's fee structure can directly impact your profitability. Low spreads, transparent commissions, and an absence of hidden fees should be priorities. For instance, I often recommend ECN accounts for their cost-effectiveness, as they offer raw spreads with minimal charges. Additionally, non-trading fees, like deposit or withdrawal charges, can accumulate over time. Comparing these factors across brokers ensures you're not overpaying, preserving your profits in the long run.

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Alamin Morshed

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Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.

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Chinmay Soni

Developmental English Editor

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

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Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).