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Best Forex Brokers in Canada: 5 Brokers to Look Out!

There are several advantages that Canada provides to forex traders, but one, in particular, will make you think twice about using a Canadian forex broker. This tutorial explains how forex traders are safeguarded and what rules Canadian brokers must follow.

The best Forex brokers in Canada are then highlighted in terms of platforms, tools, costs, and other factors.

1. What Is Forex?

A close-up picture of Data for foreign exchange (forex) rate on one of the best forex brokers in Canada.
Image by Bankoo on Shutterstock

5 days per week, 24 hours every day, traders sell currency pairings on the foreign exchange market. It is the biggest and largest free-of-charge market, giving traders access from anywhere in the world. Because of the exchange’s global reach, Canadian traders can, for instance, trade the British pound and the Euro via a British broker.

Although there are clear advantages to this, it additionally indicates there is no single supervisory authority that can control a market of this scope. As a result, the market is separated into jurisdictions, each of which has a responsibility for maintaining the safety, security, and favourable trading climate on the market.

Generally speaking, each nation has a regulatory body that upholds foreign exchange laws in accordance with national laws. For instance, the FCA regulates the currency market in the UK, whereas the CFTC does it in the US.

Since there is no single regulatory body overseeing all of Canada’s jurisdictions, the country is unusual in this regard and is therefore more difficult and complicated which has rightly discouraged many brokers from opening offices there.

Why then would traders choose a forex broker in Canada while other nations provide them with globally famous brokers who follow rigorous regulations? Due to their rules that prioritize the needs of their customers, Forex brokers in the United Kingdom and the U.S., in particular, are among the most reputable worldwide.

Many people are unaware that Canadian forex brokers provide some strong benefits of their own both for investors in institutions and individuals. The Canadian Protection Fund (CIPF), which guarantees trades will be guaranteed for up to $1 million in the case of insolvency or fraud, is the primary benefit of selecting a forex broker in Canada. You could be unsure of how much this is.

It is. In contrast, the FCA if the UK safeguards customers’ funds up to £85,000 in the unlikely circumstance that a broker conducts fraud or declares bankruptcy. This indicates that higher net-worth investors are better protected when using Canadian brokers.

Additionally, Canadian regulators permit citizens to register with any broker located anywhere in the world. Although this is fantastic, it could also expose you to major implications that you shouldn’t disregard.

To help you choose wisely during your forex journey, we are going to guide you through the points that follow portions of this article:

  • The Top Canadian Forex Brokers.
  • The Canadian Regulatory Environment.

Answering some of the most frequent inquiries you receive about trading forex in Canada.

2. Best Forex Brokers in Canada

A trader holding his phone while sitting in a car looking at trading data on his phone screen.
Image by D’Vaughn Bell on Pexels Copyrights 2019

There is not a large range of forex brokers available to traders in Canada because there are numerous regulatory bodies there and no particular criteria for forex brokers to establish themselves there.

However, a few reputable, well-known FX brokers have opened offices in Canada. This implies that traders can take advantage of the protection provided by Canadian regulators alongside gaining from the knowledge a global broker can offer a trader.


We recommend Customers can choose from a number of potent platforms, robust charting, and investigation tools, and a wide range of investment opportunities thanks to the amazing platform.

GAIN Capital (GCAP) owns, which was established in 2001. Today, is a well-known forex broker in Canada as well as in other countries. The company’s several platforms, which include MetaTrader 4, Web Trading, and Forextrader, are its strongest suit.

According to your trading demands and style, the firm can accommodate a wide spectrum of clients, from novice traders to those who prefer automated trading.
This makes it clear why this organization provides one of the greatest experiences for FX traders. Add this to your mobile features, where you’ll enjoy comprehensive risk management choices and filled-featured trading, Trading View displaying, analysis tools, and much more. Its study results and insights are superior to those of several rivals.

The spreads make up nearly all of’s revenue, therefore the kind of account you choose will determine your price option. Spreads may begin as low as 1-2 pip for more widely used currencies, but there are no commission fees or spreads on the regular account. 91 currency pairings, 380 stock CFDs, and more than 4,500 CFDs in total are available to traders.

According to what platform is used,’s in-depth study and tools differ, but in general, users can count on actual time information, financial analysis, easy managing of their accounts, and present and organized examination of current affairs. Although’s own platform includes extensive charting capabilities and includes over 90 technical indicators, MetaTrader 4 is still a good, dependable option.

In comparison to certain competitors, the organization falls short on customer care, because its broker lacks the ability to access essential data.

2.2 Interactive Brokers

Low costs for trading, a configurable interface, and helpful tools for research are all provided by Interactive Brokers. The diversity of investment options they provide is what differentiates them from their rivals, though.

A well-known, dominant company in its field, Interactive Brokers. Having been established in 1978, this brokerage today boasts over $170 billion in client capital and holds licenses in 6 tier-one jurisdictions.

Forex traders will find the enhanced capabilities offered by Interactive Brokers’ trading device, Trader Workstation, highly tempting. The software includes over 20 different order kinds, extensive graphing features, and watchlists.

Because of how customizable Trader Station is, some people may view this as a benefit in disguise because new investors may find the interface to be rather intimidating.IBKR levies a $10 per month service fee. The cost will be eliminated if you contribute over ten bucks in commissions each month. In relation to commissions, they begin at 0.2 pip with a $2 order requirement; however, for traders who trade frequently, that amount is reduced.

The one area in which IBKR excels well beyond its rivals is the breadth of its convertible assets. Customers will have access to spot trading, 105 currency pairs to choose from, and more than 40,000 different products in total.

The brokerage also provides a tonne of research resources, including a blog that features articles from IBKR’s in-house research team and more than 20 outside sources.IBKR provides intermediate and experienced traders with a wealth of practical tools, a top-notch platform, and nearly unmatched access to the foreign exchange market as well as the financial markets as a whole, despite the fact that it may be too much for beginners to take in.

2.3 TD Ameritrade

If you weren’t living under a rock, many traders will be familiar with TD Ameritrade. The business dominates the banking and foreign exchange sectors.
When it comes to customer service, TD Ameritrade excels, providing prompt, courteous assistance at all times. On the Smartphone Trader app, the helpful staff provides assistance, as well as its Ast Ted bot provides prompt solutions to challenging queries.

Customers of the broker have access to 73 different currency pairs; sadly, CFDs and cryptocurrencies are not offered. The EUR/USD exchange pair’s median spread is a respectable 1.065 pips. There are pc and web editions of TD Ameritrade’s Thinkorswim product.
Even though the computer’s operating system has approximately 350 technical indications and is quite sophisticated, it might be challenging for beginners to use. Thank goodness, web-based technology is far more lightweight and prioritizes usability.

The organization has an excellent rating for the variety of ways to reach them as well as for how quickly and helpfully they react. The TD Ameritrade customer care team can be reached via Facebook Messenger, email, fax, text message, and, of course, phone calls.

2.4 CMC Markets

Since it first started doing business in 1989, CMC Markets has developed into a respected and well-liked broker all across the world. The business, which has an office in Toronto, Ontario, M5H 1S3, Canada, provides Canadian traders with up-to-date video content on YouTube with a free analysis of the market’s films to enable investors of all experience levels to keep informed.

Since it first started doing business in 1989, CMC Markets has developed into a respected and well-liked broker all across the world. The business, which has an office in Toronto, Ontario, M5H 1S3, Canada, provides Canadian traders with up-to-date YouTube videos featuring free market assessment films to enable investors of all experience levels to keep informed.

In addition, it features one of the broadest selections of currency pairs on the FX market, 180. In contrast, provides 80 different currency pairs. Overall, the Interactive Brokers website does provide a slightly bigger selection of assets.

In addition, the business provides spreads starting at just 0.7 pips and a strong proprietary device, but CMC Markets also really distinguishes itself through its educational initiatives.

The organization offers webinars, educational films, YouTube videos, and comments for anyone wishing to increase their knowledge so they may strategize more effectively and generate greater returns. Additionally, they provide quick courses that teach the basics of trading to anyone interested in becoming a trader.

Despite serving traders in 88 countries around the world, CMC Markets offers some of the greatest customer support available. The business’s concentration on personalization and statistics may be attractive to more seasoned traders.

2.5 Saxo Bank

Saxo Bank, one of the top forex brokers available, was founded in 1992. Although it is controlled in 15 nations and provides customers with a number of alluring features, this service is targeted at experienced traders who have a substantial amount of capital to invest.
It’s crucial to remember that not all pairs of currencies might be accessible to Canadian traders.

For traders wishing to create an account via this broker, the minimal deposit is $10,000. While that is a large charge, if you are able to afford that, you will have access to a potent set of tools.

Saxo Bank offers a wide variety of investment alternatives, including 182 pairs of currencies, 9,000 CFDs, and social as well as replicate-trading tools, including 182 currency pairs. Your access to leverage is capped at 66:1.

With a median price differential of 0.8 pips for the standard account, Saxo Bank is extremely competitive in terms of trading expenses. The brokerage emphasizes distributed-only pricing, which makes that even more alluring. All traders, no matter the account kind, will pay $0 in commissions.

The fact that we discussed account kinds may have caught your attention. Saxo Bank has three different options: an old-fashioned consideration a silver account, as well as a VIP account. For platinum accounts, the normal spread is decreased by 0.1, and for VIP accounts, it is further decreased by 0.1.
Nevertheless, the bare minimum payments for both of these choices are higher.

The trading systems for Saxo bank, SaxoTraderGO, as well as SaxoTraderPRO. Web-based SaxoTraderGO has 58 signals as well as 19 drawing tools. SaxoTraderPRO serves as desktop software that offers all the same capabilities as its online rival, including computational orders, live level 2 order literature, including the ability for users to simultaneously monitor a maximum of six displays.

Saxo Bank can provide you with a comprehensive package that will satisfy even the most picky traders, despite the hefty cost associated with using their services.

2.6 IFC Market

IFC Markets has over sixteen years of knowledge in the FX and CFD markets, which you may benefit from throughout your visit. The website is covered by AIG Personal Indemnity Insurance for Financial Institutions insurance as well as is subject to BVI, FSC, as well as LFSA regulations.

For intraday as well as mid-term traders looking for aggressive spreads as well as top-notch support, IFC Markets is a superb option. You are only investing a small amount of money to carry out your transactions with margins that are as little as 0.4 pip. CFD investments are available, and the company uses its own trading approach called the “GeWorko Portfolio Quoting Method.”

If there’s a trading strategy you’d want to test, you can utilize the IFC Markets system to develop it. IFC Markets also provides:

  • 7% a year in interest is charged on free profits in Islamic accounts.
  • Trading with NetTradeX, MT4, and MT5 on PC and mobile devices.

If you want to practice, sign up for a demo account. You can also contact the IFC support staff by live chat, Skype, Facebook Messenger, Telegram in order Instagram, WhatsApp, Discord, which is or Signal. In Canada or the UK, customers can either call the person directly or ask for a callback.

3. Forex Regulations

A picture of scramble blocks with "rules" spelled out with it. Know about the Forex Regulations to find the best forex brokers in Canada.
Image by Joshua Miranda on Pexels copyrights 2020

Before starting any activities in Canada, financial institutions must register and abide by laws that protect consumers’ money, according to Canadian regulators. The Canadian financial system is divided into distinct sectors to facilitate this, each of which is subject to independent regulation and is enforced by a different regulatory body.

Regarding the regulation of enterprises, each regulatory body is charged with a different set of duties. The following are some of the major Canadian regulatory organizations in charge of upholding FX laws in Canada:

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

As you may have noticed, Canada has a huge number of regulatory organizations. Due to the lack of a single body in charge of regulating or overseeing registration, it really has the highest number in the entire world.

These regulating bodies might perhaps unite under a single roof in the future. The Canadian government is right now carrying out case studies and consulting with experts to determine the best way to establish a regulatory body that will watch over all financial firms operating in the nation.

But at the moment, different regions of Canada have different regulations governing Forex brokers.

4. How to Check Whether a Broker is Regulated or Not?

Let’s dissect it a little and concentrate on the IIROC.

In the month of June 2008, the Investment Dealers Association of Canada (IDA) and Market Regulations Services Inc. (RS) merged to create the IIROC, a self-regulation body. The Canadian Securities Administrators (CSA), including covers all Canadian provinces, has recognized the IIROC.

This organization establishes, oversees, and enforces financial regulations for the Canadian foreign exchange market. According to its website, it seeks to safeguard consumers and promote a healthy Canadian capital market. You must first obtain the legal name of the agent, which is typically found at the bottom of the website the home page, in order to determine whether the broker is an active member of the IIROC. According to CMC Markets’ essential disclosure, for instance: CMC Markets Canada Inc. acts as the primary distributor of CFDs in Canada.

Second, see if the company name is listed on IIROC’s website. It will show up in the Dealer Member area or the Advisor Report module if it has registered with the IIROC.

Let’s quickly address the following point before talking about economic unrest and how it may impact the FX market: Due to Alberta’s particular conditions, many people worry if forex trading being permitted there.

5. Economic Uncertainty and Crisis Situations

A stressed businessman standing with his fist on his head. Shows a man in an economic crisis. Forex Market is particularly prone to economic volatility.
Image by Andrea Piacquadio on Pexels Copyrights 2020

The curveball is here. When the economy is in turmoil, the Forex Market is particularly prone to significant volatility. For instance, the repercussions of the 2008–2011 Financial Crisis spread like a tsunami over the world, costing 8.8 million jobs globally.

In an effort to start undoing the harm wrought, the Bank of England responded by reducing interest rates to historically low levels. As a result, carry trade as well as approaches using the same thread performed differently after the crisis.

The Canadian dollar decreased in value versus the US dollar in the current foreign exchange market along with various other currencies as investors’ worries about the coronavirus epidemic’s effects on the economy escalated.

Additional measures taken by the Federal Reserve to soften the economic damage enabled the Canadian dollar to gain some of its value. In an effort to assist, the Bank of Canada has also hinted that interest rates may be further reduced.

One of Canada’s largest exports, oil, has increased in price in tandem with the value of crude oil produced in the United States as a result of this. The previous several weeks have seen an increase in pressure on the energy sector as a result of the coronavirus’s increasing demand. Between Russia as well as Saudi Arabia, this has sparked a brutal price war that may have extremely negative repercussions.

6. Do Canadian Forex Brokers Follow the Same FX Rules as American Brokers?

Canadian forex brokers are subject to various laws and rules than American forex firms. One illustration of this is the requirement that US forex brokers join with the CFTC and follow rules imposed by the NFA, like the FIFO. This rule prohibits hedging and limits the leverage offered to 1:50.

The CFTC as well as NFA serve to police markets in order in order to keep the honesty of the market as well as ensure it is transparent, making trading within the US one of the tightest FX environments. Despite the fact that many rules do safeguard US people, others are thought to go too far in restricting an investor’s freedom of choice.

On the other hand, any such limitations must be followed by Canadian Forex brokers. To ensure that criminal conduct is reduced to a minimum, the policy is periodically revised.

Furthermore, as long as the two parties follow the nation’s current anti-money laundering regulations, Canada is quite permissive about transferring and receiving cash to brokers abroad.

Once more, this is advantageous to traders because it is prohibited in the US and several other nations for them to move money abroad.

Additionally, because of national security concerns, traders must adhere to stringent rules when sending money abroad, which can make it challenging for US dealers to shift money.

Canada, on the other hand, does not subject brokers to the same stringent rules, allowing traders to transfer money freely and easily so long as they and their brokers maintain records of all transactions.

7. How Are Canadian Forex Traders Safe?

The forex regulatory framework in Canada is quite thorough and precise, giving brokers a set of clear criteria that are updated as necessary to reflect evolving market situations and research findings.

To assist promote a fair and respected trading environment, the nation looks to and draws inspiration from various regulatory agencies. Even while Canada lacks a single overarching regulator, the few that do already exist have shown themselves to be reliable and able to control the areas under their purview.

Despite the fact that brokers located away from Canada do not have to adhere to Canadian laws, the Canadian government places a high priority on informing and educating investors about the hazards associated with forex trading.

To keep investors informed, Canadian regulators must expose all financial frauds. Impressively, the governing body also invites and encourages people to voice any suggestions or issues they may have to assist the relevant authority in taking the proper action.

8. The Takeaway!

This was all about the topic “Best Forex brokers in Canada”. 

Read more from us here.

9. Queries and Answers

Some of the most asked questions regarding the topic “Best Forex Brokers in Canada” are listed below:

9.1. Can I start trading forex without using real money?

If you would like to begin trading forex straight away sans needing to make an investment, look for companies that offer bonuses with no deposit required. This enables you to begin trading forex without needing to make a deposit. Before agreeing to anything, make sure to completely investigate the broker and find out where and by whom they are regulated.

9.2. What amount of capital do I require in order to market forex?

Most forex brokers only need an initial deposit of $100, however, other brokers demand less. Nevertheless, $100 can only go you so far. It is advisable that you begin with a larger initial deposit to reduce the amount of possible margin you may require, and that you practice first using a trial account before trading with real money.

9.3. Is it legal to trade forex in Canada?

By reading this information, you may have concluded that trading foreign exchange is acceptable in Canada. More significantly, it’s secure there as well. However, Canadian brokers are subject to different regulations depending on which province or territory they are in, unlike other nations, such as the US, which has a single central regulatory body. Additionally, there are no limitations on trading in forex, making it entirely legal.

9.4. Does a demo account from a Forex broker exist?

To provide traders with the chance to practice trading in a virtual platform, test out the features with fake money, and help ease them into the present-moment trading environment, nearly all forex trading platforms offer demo accounts.



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