Compare top 6 best forex brokers in Canada for 2025

Our expert panel tested all the best forex brokers Canada and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in Canada for Canadian users? 

Read our verdict below to compare the best forex trading platforms in Canada.

What is the best forex broker in Canada?

Our experts rank IG Markets as the best forex trading platform in Canada.

The list below shows the three best Canadian forex brokers. These are the top forex trading apps in Canada for their security, service, and support.

4.4

IG Markets

Min. Deposit n/a

Fees Spread only

No. assets 17000+

Demo account Yes

Visit site

IG review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

4.3

AvaTrade

Min. Deposit $100

Fees From 0.13%

No. assets 1250+

Demo account Yes

Visit site

AvaTrade review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3.8

XTB Online Investing

Min. Deposit n/a

Fees 8.1 pips

No. assets 2200+

Demo account Yes

Visit site

XTB review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69-83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top 6 online forex brokers Canada, reviewed

1. IG Markets: Best for trusted and transparent trading

Copy link to section

4

Ratings

$-

Min. deposit

Spread only

Fees

17,000

No. assets

Yes

Demo account

Overview

We love IG because it’s one of the most established and reputable names in the online trading industry, known for its reliability, comprehensive market offerings, and strong regulatory compliance. IG offers CFD trading in stocks, forex, commodities, indices, ETFs and more, with plenty of useful plugins and integrations to improve the trading experience.

One of the key strengths of IG Markets is its seamless integration with MetaTrader 4 (MT4), a popular third-party trading platform favored by many traders for its advanced charting tools, automated trading capabilities, and custom indicators. This integration allows users to leverage MT4’s sophisticated features while benefiting from IG Markets’ competitive pricing, reliable execution, and extensive market access.

Beyond its product range and platform integrations, IG Markets stands out for its commitment to education and customer support. The company offers a wealth of educational resources, such as webinars, tutorials, and market analysis, which help traders of all levels improve their knowledge and skills.

The fees: For most assets, you don’t pay a trading fee but will be charged through the spread instead. That’s the difference between the buy and sell price of an asset. IG’s spreads are competitive but variable: you’ll pay a smaller spread on popular assets compared to less popular ones. Share trading works differently, and you’ll be charged a minimum fee on each trade of at least $15.

Highlights

No. of tradable assets	17,000+
Min. Deposit	$0
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETFs, Forex CFDs, Crypto CFDs, Index CFDs, Commodities
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, MAS, FMA, ASIC, FCA, BaFin, FINMA, DFSA, BMA, CFTC, NFA

Fees & Costs

Trading fees	Yes
Inactivity fees	Yes
Rollover/overnight fees	Yes
Withdrawal fees	No
Spreads	Yes
Conversion fees	Yes

Pros & Cons

Intuitive web trading platform Excellent demo account available Variety of deposit and withdrawal options Wide variety of useful educational tools Trading platform tutorial to get you started

Slow account opening process Unavailable in all regions

Read review Visit IG Markets

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

2. AvaTrade. Best regulated broker for secure trading

Copy link to section

4

Ratings

$100

Min. deposit

From 0.13%

Fees

1,300

No. assets

Yes

Demo account

Overview

We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various stock markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs on hundreds of global stocks including Google, Apple, Microsoft, and more. 

AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world. 

AvaTrade isn’t just well regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology. 

The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Stock spreads start from 0.13. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £/€/$50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

No. of tradable assets	1250+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Commodity CFDs, Index CFDs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, FSA, ASIC, CBI, MiFID, CySEC, BVIFSC, FRSA

Fees & Costs

Trading fees	No
Inactivity fees	Yes
Rollover/overnight fees	Yes
Withdrawal fees	No
Spreads	Yes
Conversion fees	No

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform

Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Read review Visit AvaTrade

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. XTB: Best for offering global CFD markets to retail traders

Copy link to section

3.5

Ratings

$-

Min. deposit

0.02 pips

Fees

2,200

No. assets

Yes

Demo account

Overview

We love XTB because of its extensive range of international CFD markets, allowing retail traders to buy and sell popular financial assets at competitive prices. XTB offers over 5,900 instruments, including 3,000 stocks and 400 ETFs. 

This broad selection allows you to diversify your portfolio and explore several trading opportunities across different global markets. Whether you are interested in big name US stocks, or diverse ETFs, XTB’s comprehensive offering means you have the tools and resources needed to trade effectively.

XTB combines beginner-friendly, introductory tools and resources with a scaling system of accounts that allow experienced traders to access high rates of leverage and advanced analytical tools. 

With more than 180 pre-installed indicators and chart types, its bespoke xStation platform allows for intricate analysis, while beginners can access its Trading Central service, where trade ideas, forecasts, and risk analyses are available for anyone to look through.

The fees: XTB’s fees start from 0.2 pips on global stocks and indices. Spreads on lesser traded stocks from less popular exchanges may be significantly higher.

Highlights

No. of tradable assets	2,200
Min. Deposit	$0
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Crypto, Commodities, , Indices, ETFs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	CySEC, FCA, KNF

Fees & Costs

Trading fees	Yes
Inactivity fees	Yes
Rollover/overnight fees	Yes
Withdrawal fees	Yes
Spreads	Yes
Conversion fees	Yes

Pros & Cons

Trade CFDs on thousands of assets Regulated broker Deposit protection for client accounts Good number of educational resources

Doesn't accept US clients Tradeable assets limited to CFDs and forex pairs

Read review Visit XTB Online Investing

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69-83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4. Pacific Union. Best for social trading & customer support

Copy link to section

4

Ratings

$-

Min. deposit

...

Fees

-

No. assets

No

Demo account

Overview

We love Pacific Union because its beginner friendly platform comes loaded with lots of educational content, including how to guides and video learning. Pacific Union offers over 200 stock CFDs for some of the world’s biggest companies.  

It’s an award-winning broker and has a proprietary social trading application that makes it easy for beginners to follow the strategies and positions of the platform’s top traders. Pacific Union uses the popular Metatrader 4 software alongside its mobile and web based apps. Traders can choose the amount of leverage they want to use, all the way up to 500:1.

The fees: Commission starting at 0.1 points is charged on select stock CFDs across all account types. Spread starts at 0.5 points and applies to all stocks. Swap charges for holding a trade overnight vary depending on size.  

Highlights

No. of tradable assets
Min. Deposit
ID verification required	No
Free demo account	No
Supported assets
Mobile trading app	No
Web trading platform	No
Regulatory bodies

Pros & Cons

70+ forex pairs and 200+ financial assets available to trade Extremely low minimum trade sizes Multilingual support in 18+ languages

Minimum withdrawal of $100 Fewer assets than many competitors

Read review Visit

Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

More about the best forex trading platforms in Canada

Is forex trading legal in Canada?

Yes, foreign exchange trading is completely legal in Canada. The forex market operates under the regulations of the Investment Industry Regulatory Organization of Canada (IIROC). 

Your trading activities are legal as long as you trade through a licensed forex broker registered with IIROC. There are no restrictions on trading currencies in Canada.

Are forex brokers regulated in Canada?

Forex brokers in Canada are regulated by the Investment Industry Regulatory Organization (IIROC). IIROC is the national regulator for the Canadian forex industry. 

Any business that wants to offer forex and CFD trading services to retail investors in Canada must be registered with IIROC. Registered online brokers are subject to strict regulatory requirements that protect traders. 

These include minimum capital requirements, regular audits, and oversight of trading practices. When choosing the top Canadian forex brokers, traders should verify the platform is registered with IIROC to ensure it is properly regulated.  

How do I check if a broker is regulated?

You can easily verify if a broker is regulated in Canada by checking for registration with the IIROC. 

The IIROC website has a registry where you can search for any registered broker. The registry details the services a broker is authorised to provide. 

To confirm registration, you should always check the IIROC registry before opening an account with any online forex broker. You can also contact IIROC directly for verification. Registration ensures oversight and reduces the risk for Canadian traders.

Do I have to pay tax on forex in Canada? 

Yes, forex trading profits are subject to taxation in Canada. Any profit you earn from trading forex is considered investment income. This means it is fully taxable as either income or capital gains, depending on whether you are classified as an investor or trader. 

The distinction depends on factors like trading frequency and holding periods. Retail forex traders are generally classified as investors, meaning profits are taxed as capital gains when positions are closed. 

Canada’s capital gains tax rate is 50% of your marginal tax rate. Reporting any forex trading profits or losses on your tax return is important. Consult a tax professional to understand your obligations.

What is the Canadian Investor Protection Fund (CIPF)?

The Canadian Investor Protection Fund (CIPF) provides coverage against the financial insolvency of an IIROC regulated investment dealer. The CIPF protects customer assets an IIROC broker holds up to $1 million per account.

The CIPF is Canada’s national compensation fund for investors who have accounts with an IIROC-regulated dealer. All IIROC registered brokers must participate in the CIPF. It protects customers if their broker cannot return their assets due to insolvency. This could include situations like bankruptcy or fraud. Coverage covers up to $1 million for combined general and separate accounts.

Can I use MT4 in Canada?

Yes, the MetaTrader 4 (MT4) platform is available from many IIROC regulated brokers in Canada. MT4 is one of the most popular forex platforms worldwide. It provides advanced charting tools, a wide range of technical indicators, Expert Advisors for automated trading, and more.

Many Canadian brokers offer MT4 and support trading on the platform. Some also provide access to MT4 directly through the web browser. If you choose a regulated broker, you can use MT4 for your forex and CFD trading in Canada. The platform is fully legal and supports all instruments approved for Canadian forex traders.

Is copy trading available in Canada?

Copy trading, is available from regulated brokers in Canada. Copy trading allows you to copy the real-time trades of more experienced forex traders. Rather than making your own trading decisions, you can automatically replicate the trades of top-performing traders in the market. 

Several IIROC regulated brokers offer copy trading features and platforms.

Are there forex trading limitations in Canada?

There are very few limitations or restrictions on forex trading in Canada. Canadian residents can legally access the global forex market through regulated brokers. All major currencies are available for trading. The only limitations are:

• Trading leveraged products, you must maintain a minimum account balance based on the leverage used.
• Some brokers limit the availability of high leverage ratios.
• Canadians cannot trade with unregulated international brokers or dealers.

Besides that, Canadian traders enjoy an open FX market with the ability to trade in any way they choose, with proper risk management. There are no restrictions on short selling or hedging activity.

What are forex trading hours in Canada?

The foreign exchange market operates 24 hours a day, 5 days a week. But trading hours for Canadian residents are centred around when sessions open and close in major financial markets, considering the time zones. Here are the main trading hours to know:

• Asian session. Open 9pm – 10pm ET Sunday, closes 4am – 5am ET Friday
• London session. Open 3am – 4am ET, closes 11am – 12pm ET
• New York session. Open 8am – 9am ET, closes 5pm – 6pm ET

So the busiest times are when London and New York markets overlap, from about 8am – 12pm ET. But with many brokers offering 24/5 trading, Canadian traders can access the market almost any time.

Can I open a CAD account with a broker?

Yes, most regulated Canadian brokers offer accounts denominated in Canadian dollars (CAD). This allows Canadian traders to avoid currency conversion fees when funding accounts with Canadian Dollar, CAD. 

Trading costs are also generally quoted in Canadian Dollar (CAD) for ease of use. Traders can pick CAD as their base currency when opening a trading account. Top brokers like CMC Markets, FOREX.com and OANDA all support CAD accounts and trading. Using a broker that supports CAD for Canadian residents can save on fees.

Forex broker fees in Canada

When trading forex with a Canadian broker, you may encounter the following trading costs and fees:

• Spread. This is the difference between the bid and ask price on a currency pair. Spreads represent a trading cost charged by the broker. Canadian brokers like CMC Markets and Interactive Brokers offer competitive spreads.
• Commission. Some brokers charge a small commission per trade instead of making money on the spread. Commissions range from $0 to $10 or more per standard lot round turn trade.
• Financing/swap fees. For holding positions overnight, a financing fee represents interest rate differences between the traded currencies.
• Withdrawal fees. Cash withdrawals may incur processing fees, like $25 for international wire transfers. Domestic electronic transfers are often free. While payment charges are not direct trading costs, they can eat into profits quickly if you’re not careful.

Here are the types of fees you may encounter with the 3 best forex brokers in Canada:

Choosing an IIROC regulated broker is important not just for security but also for reasonable fee structures. Comparing broker fee pricing can help find cost-efficient forex trading.

Can I trade other assets with a forex broker in Canada?

You can, though it depends on the type of broker you choose. The best CFD trading platform in Canada usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best online trading platform in Canada or the best crypto exchange in Canada.

How to trade forex in Canada

Following these steps can help beginners start trading forex properly in Canada. The key is finding a trusted, regulated forex broker, keeping risk small, and keep practising trading skills.

How we chose the best Canadian forex brokers

Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

• Regulation with a trusted financial institution. We only recommend the best forex brokers for beginners that are regulated in Canada and offer top-tier protection to their clients.
• Low minimum deposit requirements. An accessible forex trading platform in Canada, with a low minimum deposit, scored higher in our rankings.
• Mobile app availability. Our experts gave preference to the best forex brokers with the best trading apps in Canada.
• Number of currency pairs available to trade. We expect Canada forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
• Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local Canadian regulators.
• Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
• Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
• Compatibility with trading software. Any Canadian forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

Best forex brokers in Canada: your reviews

In addition to our own research and testing we also considered real user reviews when compiling our list of the best Canadian forex brokers in 2025. Using sites like Trust Pilot we were able to analyse ratings and views from existing customers and users for the best forex platforms Canada.

FAQs