Ultimate Guide for 2025

However, Canadian clients should be mindful of the regulatory and support differences compared to brokers directly regulated within Canada. Our team has spent over 30,000 hours testing and analysing more than 180 brokers worldwide. We open accounts, trade with real money, and evaluate everything from spreads and platforms to safety and customer support—so you can confidently choose the best brokers available to Canadian traders. FOREX.com offers multiple execution methods and account types (FOREX.com is one of my top picks for market maker brokers), as well as transparent execution statistics. EasyMarkets, established in 2001, has established itself as a trusted forex broker, renowned for its commitment to transparency, innovation, and customer satisfaction. With offices in Limassol, Sydney, and Warsaw, easyMarkets caters to traders worldwide, offering a range of trading products and services designed to meet the diverse needs of its clients.

What are the Supported Payment Methods for Canadian traders?

There could also be accounts with low minimum deposits requirement like CAD 50. There are a few brokers with minimum deposits as high as CAD 500 or more. So when it comes to the money you need to begin trading, your forex broker is a key factor. If your chosen broker is regulated with the CIRO, you can be sure that they offer negative balance protection. You can even confirm with your broker if they provide negative balance protection.

• Forex brokers in Canada are closely monitored and regulated by IIROC, which enforces high standards of conduct and financial responsibility.
• Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange.
• Insurance claims can be filed in the event of brokers’ insolvency or bankruptcy.
• The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.

Final Verdict: Is Oanda right for you?

The above brokers can all lay claim to having the best trading platform in Canada. However, we’ve shortlisted them because of their efforts to comply with regulations and thereby protect their clients. When choosing a broker, make sure you prioritise the safety of funds.

The MT4 and Webmaster versions are top quality services, but the Advanced trading platform is one of Canada’s best forex trading platforms. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What platforms are available for trading?

For forex traders, who want manual execution, the cTrader forex trading platform offers good functionality where you can trade directly from the charts, as canadian forex review well as drag and drop stops and limits. There is no specific amount that applies to every trader or forex brokers. The minimum deposit for forex trading is a decentralized phenomenon. Forex trading platforms enable traders to place trades, analyze market trends, replicate the trades of experienced traders, and assess risk, among other activities. Various trading platforms are available in the Canadian Forex trading market, with the most popular options being MetaTrader 4 and MetaTrader 5, Trading View, cTrader, and ProRealTime. The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more.

Forex Broker Reviews

Each of the ten provinces has its regulator, and all brokers must be IIROC members. It creates a fractured, challenging, and uneven Canadian Forex market. Friedberg Direct was founded in 1971 and has since become one of the largest independent brokers in Canada.

Best Trading Platform

If CIRO and the relevant provincial regulator do not authorise a Forex broker, Canadian traders risk having little to no legal protection if disputes or losses occur. Yes, Forex trading is legal in Canada, but only when conducted through brokers that are properly regulated. FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

For professional traders, a broker may offer DMA (direct market access) which means you trade directly with interbank market participants. A broker’s trading fees are generally categorized into trading and non-trading fees. Trading fees are charged for opening, closing, and holding a trade.

This review of the best forex brokers in Canada is a shortlist of safe candidates that might be ideal for your needs. Price swings in the global currency markets continue to provide opportunities for Canadian forex traders to make profits. Getting on the right side of a trade can’t be guaranteed, but the ever-changing geopolitical environment keeps causing moves in the price of forex pairs.

Brokers that consistently provided fast execution times with minimal slippage were rated more favourably, as they help traders capitalise on market opportunities more effectively. Negative balance protection ensures that traders cannot lose more money than they deposited in their trading account. It is a feature many brokers offer, including those regulated in Canada.

• Every broker we recommend meets strict trust and safety criteria and is tested for reliability, transparency, and overall trading experience.
• The currency markets can be a happy hunting ground for traders who use algorithmic models to identify price moves.
• I’ve been a forex trader for over 25 years and I’ve been reviewing international forex brokers for close to a decade.
• PU Prime is regulated internationally by 🇸🇨 FSA (Seychelles), 🇲🇺 FSC (Mauritius), and 🇿🇦 FSCA (South Africa), but it is not licensed under 🇨🇦 IIROC.

CMC Markets are a low-risk forex broker because they are regulated in Canada. Legally, Forex Brokers can enlist investors in Canada without requiring a regulatory licence from that country. Therefore, it doesn’t make much sense for a broker to set up in Canada and work under Canadian FX regulations. In addition, the company offers a powerful proprietary platform and spreads from as low as 0.7 pips, but where CMC Markets really stands is through its education. TD Ameritrade scores high with its customer service, offering helpful, efficient guidance at all times.

Some brokers may also offer ECN (electronic communication network) accounts where your trades are matched to prices from different liquidity sources in an anonymous network. I conducted my tests on a standard ECN XL account type featuring commission-free trading for all asset classes. This means that traders do not have to pay fixed costs when trading higher volumes. FXCC is a forex and CFD broker offering a hundred tradable instruments at exceptionally low costs. Founded in 2010 in Cyprus, it also stands out with its fast execution speeds below 60 milliseconds and $0 deposit requirements.

These include access to the third-party Market Intelligence tool, which helps you gather as much data as possible on your potential trades. The broker’s Next Generation web trading platform and mobile app are both impressive. The app is a notable industry standout, with intuitive design, great research options and powerful trading tools, including charts and predefined watch lists. With spreads starting from 1.0 pips on major pairs and no commissions, OANDA offers competitive pricing. However, a monthly inactivity fee applies, making it more suitable for active traders.

If you do not want to research yourself, the easiest way to find this out is to speak to your broker’s customer support. If your broker is regulated with CIRO plus one or more of these regulatory entities, the risk of fraud is lower. OANDA is regulated with the CIRO as OANDA (Canada) Corporation ULC. The Canadian Investor Protection Fund protects their customer accounts so they are considered low-risk.