Best Forex brokers for beginners in Canada in 2024

Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.

6.87

Your capital is at risk.

Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.

8.4

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.

5.46

Your capital is at risk.

SimpleFX is a broker with fairly limited trading terms and is focused primarily on traders who trade cryptocurrencies.

6.75

Your capital is at risk.

VT Markets is a broker for Forex and CFD trading with low leverage and low spreads in the newest versions of MetaTrader platforms.

Best forex brokers for beginners in Canada in 2024

	FBS	Pocket Option	IC Markets	SimpleFX	VT Markets
Trading platform	MetaTrader 4, MetaTrader 5, FBS Trader	МТ5, proprietary platform	MetaTrader 4, MetaTrader 5, TradingView and cTrader	MetaTrader 4, as well as its proprietary SFX platform for WEB, iOS, and Android	MetaTrader 4 (Desktop, Mobile, WebTrader), MetaTrader 5 (Desktop, Mobile)
Min deposit	$1	$5	$200	$1	$100
Leverage	From 1:1 to 1:2000	From 1:1 to 1:1000	From 1:1 to 1:500	From 1:1 to 1:500	From 1:1 to 1:500
Trust management	No	No	No	No	Yes
Accrual of % on the balance	0.00%	0.00%	0.00%	0.00%	0.00%
Spread	From 0.2 points	From 1.2 points	From 0.0 points	From 0.9 points	From 0.0 points
Level of margin call / stop out	40% / 20%	30% / 50%	100% / 50%	20% / 20%	0% / 50%
Execution of orders	Market Execution	Market Execution	Market Execution	Market Execution	Market Execution
No deposit bonus	$5	No	No	No	No
Cent accounts	Yes	No	No	No	No

There are certain specifics in trading, which novice traders residing in the territory of Canada need to know about:

Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.

1
Best Forex broker for beginners in Canada - FBS

FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.

👍 Advantages of trading with FBS for traders from Canada:

•negative balance protection;

•a large selection of trading instruments;

•the support service works 24/7.

👎 Disadvantages of FBS for traders from Canada:

•no cryptocurrency;

•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.

FBS Commissions & Fees for traders from Canada

FBS charges trading fees. The fees are charged as the spread. In the fees review for traders from Canada, you can learn about their rates depending on the account type.

FBS Commissions and Fees in Canada

Account type	Spread (minimum value)	Withdrawal commision
Standard	From $1.7	No
Cent	From $1.3	No

Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

2
Best Forex broker for beginners in Canada - Pocket Option

The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.

👍 Advantages of trading with Pocket Option for traders from Canada:

•low threshold for entering the market; the first deposit starts at $5;

•social trading platform generates passive income.

👎 Disadvantages of Pocket Option for traders from Canada:

•not licensed by any reputable regulator;

•to trade Forex through MetaTrader 5, you need to deposit at least $1,000;

•support service responds within 24-48 hours, which is also too slow.

Pocket Option Commissions & Fees for traders from Canada

Pocket Option charges trading fees. The fees are charged as the spread. In the fees review for traders from Canada, you can learn about their rates depending on the account type.

Pocket Option Commissions and Fees in Canada

Account type	Spread (minimum value)	Withdrawal commision
Novice trader	No	Yes, when withdrawal with Perfect Money
Beginner	No	Yes, when withdrawal with Perfect Money
Experienced	No	Yes, when withdrawal with Perfect Money
Master	No	Yes, when withdrawal with Perfect Money
Professional	No	Yes, when withdrawal with Perfect Money
Expert	No	Yes, when withdrawal with Perfect Money
MT5 Forex	From 1.1 pips	Yes, when withdrawal with Perfect Money

Your capital is at risk.

3
Best Forex broker for beginners in Canada - IC Markets

IC Markets stands out as a highly reputable broker offering trading with 2,250+ instruments across Forex, stocks, commodities, cryptocurrencies, and more.
The broker provides ultra-fast execution with order speeds up to 40 milliseconds facilitated by its top-tier liquidity partners and processes over $29 billion in Forex trades daily. With a strong focus on active traders, it offers ECN accounts with raw spreads from 0 pips and leverage up to 1:500 (based on which regulator's rules apply to a trader's account). Copy trading is also well-supported through integration with ZuluTrade, cTrader Copy, and other platforms.
IC Markets clients benefit from robust security and regulatory licenses from ASIC, CySEC, and others.

👍 Advantages of trading with IC Markets for traders from Canada:

•Availability of three licenses;

•Wide range of assets;

•Standard and ECN account types for trading on different platforms;

•Mobile apps for Android and iOS-based devices;

•Scalping, hedging, and algorithmic trading are allowed;

•Minimum delay when executing orders and ultra-fast market execution;

•Competitive trading fees;

•Wide choice of social trading and copy trading platforms;

•24/7 support via live chat;

•Demo accounts on MT4, MT5, and cTrader;

•Swap-free accounts are available for Muslim traders.

👎 Disadvantages of IC Markets for traders from Canada:

•Education materials available on the website are not very informative or diverse;

•Rebates are available outside Australia and the European Economic Area;

•Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.

IC Markets Commissions & Fees for traders from Canada

IC Markets charges trading fees. The fees are charged as the spread. In the fees review for traders from Canada, you can learn about their rates depending on the account type.

IC Markets Commissions and Fees in Canada

Account type	Spread (minimum value)	Withdrawal commision
Standard	$6	Bank fees apply
Raw spread MT4/MT5	$0	Bank fees apply
Raw spread cTrader	$0	Bank fees apply
Islamic	$0	Bank fees apply

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

4
Best Forex broker for beginners in Canada - SimpleFX

The SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.

👍 Advantages of trading with SimpleFX for traders from Canada:

•the ability to open an account in cryptocurrency;

•the minimum deposit amount is $1;

•its trading platform is the Metatrader 4.

👎 Disadvantages of SimpleFX for traders from Canada:

•the inability to withdraw funds to a bank card;

•no multilingual technical support;

•the broker doesn't have a financial regulator;

•the broker provides only one account type.

SimpleFX Commissions & Fees for traders from Canada

SimpleFX charges trading fees. The fees are charged as the spread. In the fees review for traders from Canada, you can learn about their rates depending on the account type.

SimpleFX Commissions and Fees in Canada

Account type	Spread (minimum value)	Withdrawal commision
Standard	from $9	1% when withdrawing money to the FasaPay e-wallet; 3% when withdrawing money to Neteller or Skrill

Your capital is at risk.

5
Best Forex broker for beginners in Canada - VT Markets

The VT Markets (Pty) Ltd broker is an international intermediary that offers transparent access to Forex and CFD trading. The company has been providing services since 2015 and is regulated by the Australian Securities & Investments Commission (ASIC: 516246), Financial Sector Conduct Authority of South Africa (FSCA: 50865), Mauritius Financial Services Commission (FSC: GB23202269). Its mission is to provide traders all over the world with the best terms without forced requotes, price manipulation, or trading restrictions. VT Markets (Pty) Ltd received over 13 awards in the field of online trading. It has been recognized as the Best MT4/MT5 Broker with the Lowest Trading Costs by the Global 100 Awards 2020.

👍 Advantages of trading with VT Markets for traders from Canada:

•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.

👎 Disadvantages of VT Markets for traders from Canada:

•The high minimum deposit for novice traders is $100.

•Lack of access to micro (cent) accounts.

•The list of available assets does not include cryptocurrencies and ETFs.

VT Markets Commissions & Fees for traders from Canada

VT Markets charges trading fees. The fees are charged as the spread. In the fees review for traders from Canada, you can learn about their rates depending on the account type.