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Best Canadian Forex Brokers for 2022

Best Forex Brokers CanadaCanada is a very big country and there are so many forex traders here. Unfortunately, only very few of the forex traders in Canada are making consistent profit. This is why we come up with this system to get them informed. We understand that adequate information is the secret to regular profit in forex trading.

Our platform provides adequate information to help forex traders in Canada. Both beginners and experienced traders can trust the information we provide towards making better trading decisions. We also provide the information in a readable manner to enable everyone to make sense of it. So, you can trust us to lead you by the hands so that you can become a more productive forex trader.

Best Forex brokers Canada List

In this guide, you can learn about the best forex brokers Canada to get a better start. So, our list of top 10 best forex brokers Canada includes:

  • FXCC broker – Best overall Canadian broker and most trusted
  • AvaTrade – Best for beginner traders
  • OctaFX – Excellent market research tools
  • FP Markets – Best easy-to-use trading platform
  • BDSwiss – Best overall broker for low minimum deposit
  • – Highest amount of currency pairs
  • CMC Markets – Great platform for CFD trading
  • Interactive Brokers – Excellent service quality
  • Oanda – Beginner friendly platform
  • Saxo Bank – Top overall low costs broker

Compare top forex brokers in Canada

1.         FXCC No $0 No 0.0 FXCC Broker
2.       AvaTrade No $100 No 0.910 AvaTrade
3.       OctaFX No $5 No 0.2 OctaFX
4.       FP Markets Yes $100 No 0.0 FP Markets
5.   BDSwiss No $100 No 1.500 BDSwiss
6. No $100 Yes 1.100
7.       CMC Markets Yes $0 No 0.730 CMC Markets
8.       Interactive Brokers Yes $2000 Yes 0.600 Interactive Brokers
9.       Oanda No $0 Yes Oanda
10.       Saxo Bank Yes $3000 No 0.800 Saxo Bank

Best Reliable forex brokers in Canada

1. FXCC broker

FXCC is a lucrative, low-cost forex broker in Canada. It works with low spreads, and under ECN XL account type, the broker costs no commission. Moreover, this broker is also an absolute leader in multiple trading conditions. It welcomes traders with any trading strategy, including:

  • Hyperactive EAs
  • New Trading
  • Scalping

FXCC CanadaFortunately, FXCC broker offers a simple business model. It gets refunds from liquidity providers with every spread-based transaction. With no intervention from a dealing desk at FXCC, all trades at this broker execute in just 50 milliseconds.

Above all, the broker is highly dedicated to providing transparent trading. To ensure that, the platform also publishes effective spreads for familiar instruments on its official website. This makes it easier for you to compare historical spreads of FXCC with other leading brokers for better knowledge.

Key highlights

  • No minimum deposit
  • Quick trade execution time because of no dealing desk intervention.
  • 100% deposit bonus to double the equity
  • Low spreads with no trading commission.


  • It supports one trading platform only.

Visit FXCC

2. AvaTrade

AvaTrade is another of the best forex brokers Canada offering its lucrative services under IIROC Friedberg Direct. This forex broker was established in 2006 and is an IIROC member. Moreover, the broker has been regulated by two in tier-2 and three in tier-1 jurisdictions. Due to its high compliance, it turns out to be a low-risk, best broker in Canada for forex trading.

AvaTrade logoFortunately, AvaTrade is operational globally. It also offers multiple trading platforms, including everyone’s favorite MetaTrader, AvaOptions, and Web Trader. You can also experience DupliTrade and ZuluTrade if you prefer social trading.

Key highlights

  • Avatrade has regulated by IIROC.
  • Offers free withdrawal and deposit services
  • It also offers a free demo account.
  • You can access an excellent range of educational and research tools here.


  • It has a higher inactivity fee than other best forex brokers Canada.
  • Average forex fees are higher than others.

Visit AvaTrade

3. OctaFX

OctaFX started working in 2011 and is one of the recent forex brokers Canada on the list. It is a properly regulated forex trading platform and offers EXN execution at high speed. You can also enjoy the copy trading feature of OctaFX at a minimum deposit limit.

OctaFX logoThe broker also offers an unlimited free demo account that will help to kick-start your trading journey. Additionally, the broker works amazingly for auto trading, hedging, and scalping. Its low spreads and min deposit range make OctaFX a more amazing startup option. However, a limited number of base currencies and a few deposit methods can be the least preferable things about this platform for anyone.

Key highlights

  • Demo account to test the features and strengths of the platform
  • Lowe’s minimum deposit starts from $5 only.
  • Scalping is ideal with an MT5 Pro account in OctaFX
  • An award-winning platform for copy trading.


  • A fewer number of assets available for trading
  • Copy-trading feature isn’t for every trader here.
  • Limited withdrawal and deposit methods are available.

Visit OctaFX

4. FP Markets

This is Australian forex and CFD brokers who started their operation in 2005. The platform is regulated by ASIC, CySEC, St. Vincent, and the Grenadines Financial Services Authority. As the platform is regulated by ASIC and has a long successful track record, people trust the broker more.

Moreover, the platform offers low forex-trading fees. Most amazingly, the platform doesn’t charge any inactivity fee. On the flip side, sadly, the platform costs a higher fee for international brokers.

Due to its super easy and fast account setup and deposit processes, you will be running swiftly. The platform offers a free demo account and several educational resources to quickly start your forex trading journey with this broker.

FP Markets has two trading platforms to let you work with. These include IRESS and Meta trader. Each of these platforms come up with different account types and fee structure.

Key highlights

  • Transparent pricing plans with clear and precise fee report
  • Excellent customizability for workspace, charts, etc.
  • Quick order confirmation
  • FP Markets is offering a complete MetaTrader suite with highly competitive spreads.


  • The product lineup of this broker is limited to Crypto, CFDs, and forex only.
  • The platform doesn’t offer two-factor authentication to enhance security.
  • The website design of FP Markets is a bit outdated.

Visit FP Markets

5. BDSwiss

BDSwiss is an international forex broker established in 2012. The broker has grown in the market quickly, and now it is working as one of the best forex brokers Canada. This broker also offers different types of accounts, including Islamic accounts. However, a free demo account allows you to test different features of BDSwiss for free.

BDSwiss logoBDSwiss also offers top-notch customer support services via 24/5 multilingual support, live chat, phone, email, and help center. This broker’s team mainstays at MetaTrader4 platform’s popular choice by offering software solutions. It offers plenty of technical tools, indicators, an advanced platform, and more settings to ease the trader’s journey.

It offers higher trading leverage up to 1:500. BDSwiss offers different accounts with different commissions and spreads per lot.

Key highlights

  • Offers high-quality research tools
  • In-house, daily video market series offers more coverage of what’s latest in the market.
  • Real-time alerts and trading signals are available
  • Lower spreads with VIP accounts.


  • Raw (commissioned-based) accounts have lower spreads, but the customer must pay $5 for one standard lot.
  • The mobile app of BD Swiss is very basic and needs upgradation.

Visit BD Swiss

6. is an impressive forex trading platform. It offers an extensive selection of investment options and powerful research and charting tools. The platform was started in 2001. Currently, GAIN Capital owned CanadaThe main highlight of this forex broker in Canada is its multiple platform offering. Due to this, is highly suitable for an audience with any trading style. Its mobile options offer tools such as:

  • Advanced risk management options
  • TradingView charting
  • Full-featured trading
  • Analysis tools, etc.

All these tools make it obvious why is best for forex traders. generates revenue majorly from spreads. Pricing options of forex traders generally depend upon your account type. The platform offers its traders 91 currency pairs to trade.

Key highlights

  • Low forex trading fees
  • Offers a top-notch mobile trading experience
  • A wide range of currency pairs available for trading
  • Offers diverse technical and research tools


  • Higher min. Deposit limit compared to other best forex brokers Canada on the list.
  • A more standard customer support service comparatively.


7. CMC Markets

CMC Markets started its operations in 1989. Its decades of the successful journey have made CMC Markets a well-regarded and reputed forex broker in Canada. Currently, the company has its office in Canada and offers its Canadian punters access to free market analysis videos through YouTube. These educational videos simply help all levels of investors to stay updated with the latest forex trends.

CMC Markets logoThe broker offers about 180 currency pairs to trade. Besides its powerful proprietary platform, CMC Markets also offers lower spreads. At the same time, the top-notch customer support of CMC Markets makes it a more reliable platform for forex traders.

Key highlights

  • Offers lucrative educational material
  • You can trade an extensive range of currency pairs here.
  • It offers low spreads to ensure more customer profit.


  • Research tools available at CMC Markets are in the average range.
  • The platform lacks customizability.

Visit CMC Markets

8. Interactive Brokers

Interactive broker is arguably one of the best forex brokers Canada. It is also a member of IIROC and has been in operation since 1977. Most importantly, interactive brokers have also been regulated by tier-1 jurisdictions’ five more authorities. It means it’s a low-risk and safe broker to trade with.

Interactive Brokers CanadaThis broker offers a customizable platform with low trading fees and highly useful research tools. The wide range of investment options available here makes interactive brokers stand out.

All these things make interactive brokers an industry giant. Currently, the platform possesses approx. $170 billion in terms of punter equity.

Key highlights

  • A highly customizable broker platform.
  • Advanced charting and useful research tools are available
  • Diverse investment offerings comparatively
  • It supports advanced order types.


  • Higher maintenance fees comparatively.
  • A complex platform that requires a learning curve to understand completely.

Visit Brokers Canada

9. Oanda

Oanda, co-founded in 1996 by Dr. Olsen and Dr. Stumm, is an all-things currency platform. It advertises itself as providing top-notch online brokerage services globally. It allows its punters to trade forex and CFDs.

Oanda CanadaOanda offers two different account types globally, including Premium and Standard. However, the product catalog of Oanda includes a range of spread and CFD betting across different assets class. Unfortunately, all asset classes aren’t available in every region the platform services.

The platform also offers varied protection based on the clients’ region. Most importantly, the platform doesn’t cost a withdrawal fee and has no minimum deposit limit. However, it will cost you an inactivity fee if you will not trade consistently. It supports 9 base currencies and offers you a free demo account to kick-start forex trading.

Key highlights

  • Oanda has regulated under FNA and FCA.
  • The broker has intuitively designed modern platforms.
  • Offers superior research and analysis offerings


  • Traders at Oanda can’t access single-stock CFDs and cryptocurrencies.
  • The platform charges plenty of ancillary fees

Visit Oanda

10. Saxo Bank

For forex traders who can afford a higher minimum deposit range, Saxo Bank is the best web-based forex broker. The platform started its operation in 1992. Saxo bank operates in different regions and is a licensed broker. Being regulated makes the Saxo Bank a low-risk trading platform for CFDs and forex.

Saxo Bank logoThe platform offers lucrative all-around pricing. Most importantly, it offers amazing offers for its VIP and platinum account holders. The customer experience with this one of the best forex brokers Canada is just brilliant. Besides accessing 40,000 tradeable instruments, the flagship SaxoTraderGo of the platform is incredible. It offers virtually everything that you need to navigate the forex market successfully.

Key highlights

  • Outstanding research and educational tools
  • A broader product portfolio
  • Extremely low spreads
  • Copy-trading feature is available.


  • Lacks live chat functionality
  • High minimum deposit range
  • High options, bond, and future fees.

Visit Saxo Bank

What is Forex Trading Canada?

In forex trading, people aim to make a profit by exchanging currencies. Forex is one of the most common trading types in Canada. It is mainly because the country offers multiple benefits to forex traders. Although every country has an overseeing department to enforce regulations in forex trading. However, Canada is an exception, as it has no concerned authority. Instead, multiple regulatory bodies across different jurisdictions. This practice makes forex rules more complex and intricate in Canada. Therefore, not every forex broker is working in Canada.

Forex trading in Canada benefits retail and institutional investors. See why choosing the right broker is important below:

  • Firstly, choosing the best forex brokers Canada offers a Canadian protection fund advantage. Due to this, traders can recover up to $1 million in any fraud.
  • Secondly, the best forex brokers Canada have no restrictions regarding what they can offer their customers.
  • Canadian traders are also permitted to sign up to any broker globally.

However, making your forex trading journey smooth and secure is always important.

How to Choose the Best Canadian Forex Broker?

If you are a newbie in forex trading Canada, it can be challenging to choose a forex broker. There are so many of them and they all claim to be the best. So, a newbie may have a hard time selecting the right one among them when looking for the best forex brokers Canada. This is because not all of them that claim to be good is good. This is why we have put this information together to help you make the right choice among the forex brokers in Canada.

A forex broker is a professional that provides a platform for trading Forex. There are so many forex brokers in Canada. They are also highly competitive among themselves with each of them claiming to offer the best service to the customers.

Forex brokers in Canada

You need to choose carefully so that you will not end up regretting it. The services the forex brokers offer differ one to another. Good research is essential before you pitch your tent with any of them. You need to research their reliability and find out how trustworthy they are.

In the next section of this write-up, we will show you a couple of things you must pay attention to when choosing a forex broker in Canada.

Consider security

Consider securityIt is very important to be wary of security risk when choosing a forex broker. You should not partner with that forex broker if it does not offer a high level of security.

Do not forget that you will be giving your hard-earned money to the broker. So, the broker needs to be secure before you give the broker your money. It is not so difficult to check the credibility and security of a forex broker.

All you need to do is to check with the regulatory agency in the country. When looking for the best forex brokers Canada, find out if the broker of your choice is regulated by the regulatory agency in the country. A regulated forex broker will not participate in fraudulent activities. So, such a broker is highly secure. Regulation helps to curtail the overbearing activities of brokers. It also ensures that the broker offers the trader top quality services.

If your broker is regulated, you can conveniently sleep with both eyes closed. This is because nothing will go wrong with your funds. Even if anything goes wrong with your funds, the regulatory agencies will help you to resolve the issue withstood any hassle.

The regulatory agency in Canada is the Investment Information Regulatory Organization of Canada (IIROC). You should not register with that broker if it is not a member of the IIROC. You will never regret it since this body will help to protect your interest with the broker. Head over to the IIROC official website to check.

Cost of transaction

Cost of transactionOne other very important thing to consider when looking for the best forex brokers Canada is the cost of transactions. There is no way you will not have to pay for the transactions on the forex broker. This is because this is the only way by which the forex brokers make money. What you should look for is a forex broker offering affordable transaction costs. You will need to pay a commission or a spread each time you enter a trade in Forex.

You should find out how much that forex broker charges as fees for a commission or spread before you register there. The cheaper it is the better for you. Studies show that many of the forex brokers that charge very low fees may not be able to offer reliability. Be that as it may, you can still find an affordable forex broker that is also reliable if you search very well.

Your choice in this regard also depends on the type of trader you are and the trading system you use. If you are a long term trader, for example, you need a broker that offers tight spread. Tight spread means that you will only pay a small amount of money for spread. The tight spread will help you to make a profit faster and will reduce the risk on your trading account. No matter what you do, make sure that the forex broker also offers good security, aside from the low cost of transactions.

Deposit and withdrawal

Deposit and withdrawalOne other important factor to consider is the ease of deposit and withdrawal. When looking for the best forex brokers Canada, look for one that makes deposits very easy. If the forex broker is good, it will not make the process of depositing and withdrawing difficult for you. The only reason a broker holds your money is to enable you to trade. So, there should not be any problem when you want to withdraw your money. Many forex brokers will process your deposit immediately. In this case, the money will be available for trading almost instantly. You can also find forex brokers in Canada that will process withdrawal under a few minutes. Bear in mind also that the time taken for deposit or withdrawal can depend on the method you use.

Trading platform

Trading platformOne other very important thing to consider when choosing the right forex broker is the trading platforms available. The trading platforms differ from one broker to another. Trading activities can only take place on forex trading platforms. Traders should find out if the trading platform is user-friendly. Find out if it is very easy to navigate. Find out also if the trading platform is stable. All these factors will make your trading experience a very interesting and satisfying one.

Before you register with that forex broker, find out if it offers great information on its platform. The best forex brokers Canada will offer free news feed on their platforms. They will also offer various charting tools. You will find great technical tools on good forex brokers also. These charting and technical tools will equally be very easy to use. A good forex broker will always give you all the information you need for trading.

The most common of all forex trading platforms is the MetaTrader 4 (MT4) trading platform. You will find it on virtually all the forex brokers operating here in Canada. Another popular one is the MT5 trading platform. Some brokers offer a proprietary trading platform also. This kind of trading platform is specially built by the broker. Proprietary trading platforms have special features that are not common to MT4 or MT5 platforms. The conditions of trading on a proprietary trading platform can also differ from what obtains on MT4 or MT5. The conditions can either favor you or not. You must always bear this in mind. Before you choose the particular trading platform to use, first check the prevailing conditions. Go for one that offers the best trading conditions among them.

Trade execution

Trade executionOne other thing to consider when looking for which forex company is the best is the speed of trade execution. The trace execution must be fast. If not, you will not be able to enter a trade at a desirable price. You should only consider a broker that will process trade fast. Such a broker will enable you to enter a trade at the best price for that order. The execution delay can be due to the broker and it can also be due to network issues. If the broker offers fast execution, you must also make sure that your internet connection is fast. You will not have a problem with forex trading if these factors are in place.

Some other factors that can cause a delay in trade execution are:

  • Surprise political events like breaking news
  • High impact News release
  • High volatility or liquidity

Aside from those, a broker should not have any excuse not to process your trade very fast. Even if the broker does not execute that trade at the desired price, the execution price must be very close to what you desire.

If you are a scalper in Forex, then you need a broker that offers fast trade execution. A scalper needs to enter trade very fast and will not hold a position for more than a few minutes. He needs the trade execution to be instant. If not, he will not be able to make a profit as he should. Change in price by just a few pips can mean a lot to a scalper.

Quality of customer service

customer serviceWhen looking for the best forex brokers Canada, also consider the quality of the customer service. You should look for a broker that you can contact very easily when choosing a broker. Problems may arise when using the broker’s platform for forex trading. It should be easy to communicate the problems to the broker as and when due. So, make sure you register with a broker that offers easy communication channels. Before you register with a broker, find out if it offers competent and reliable technical supports. Some forex brokers can even assist you on how to open an account and make a deposit. Some of them even offer a guide on how to navigate their trading platforms.

Find out if you can communicate with the broker via email, phone call, or live chat. You should also find out how long it takes the customer care agents to respond to your messages or calls. So, you should first read reviews about the broker before you register there.

How forex brokers make money

How forex brokers make money

Forex brokers make money in three different ways:

  • Bid-ask spread or pip spread
  • Transaction costs
  • Trading operations

Pip spread

Check the example below:

The bid-price of EUR/USD is 1.20010 and the ask-price is 1.20022. We can get the pip spread by subtracting the two of them. The difference between the two of them is .00012. This means that the pip spread is 1.2 pips. The broker will collect the amount of money represented by 1.2 pips each time you open a trade on EUR/USD. The amount of money that equates to 1.2 pips will depend a great deal on the lot size you are using to trade. The amount increases as the lot size increases.

Transaction fees

We already discussed this above, but we will mention it again for the sake of emphasis. Some brokers charge additional fees from trading activities. The fee can come in different forms. It can be in the form of a monthly fee. You may also pay a fee for exotic options. The forex market is highly competitive. As a result of this, many brokers charge low fees so that they can attract more customers. You can now access free trading fees on many brokers. Some other ones charge very little fees that will not put a hole in your trading account.

Trading operations

One other way via which brokers make money is through actual trading. Some brokers also trade forex like their customers to make money. However, this can lead to a problem for the trader. The problem can come up if the broker opens a position that opposes that of their traders. However, the regulatory agency in Canada curtails this activity. This is because it is not in the best interest of the forex trader that registers with that broker.

Forex brokers Accepting Canadian Clients

FXCC Canada
CAD 150 Deposit
100% Bonus
Visit Site
BlackBull Markets Canada
CAD 200 Deposit
0% Bonus
Visit Site
Easy Markets Canada
CAD 150 Deposit
50% Bonus
Visit Site
Avatrade Canada
CAD 150 Deposit
$40 Bonus
Visit Site
FXChoice Canada
CAD 150 Deposit
0% Bonus
Visit Site

What should you look for while choosing the best forex brokers Canada?

Here are the key factors you should consider while choosing the best forex broker in Canada:

  • Always prefer regulated forex brokers in Canada for ensured asset protection.
  • It would be better to prefer trading with brokers offering CAD currency.
  • Don’t forget to look for negative balance protection, especially if you are a beginner.
  • Consider what it would cost you to forex trade with a broker in Canada.
  • It’s essential to perform thorough research to ensure the broker’s reputation.


In conclusion, make sure that you first investigate the reliability of the forex broker before registering there. Also, make sure that the broker is regulated by the IIROC in Canada before you register there. This way, you can trade forex with complete peace of mind.

Low forex fees, advanced tools, and regulated intuitive platforms combined make Canada’s best forex brokers. Choose the forex brokers who offer it all to start your forex trading journey with low risk.