Compare top 6 best forex brokers in Canada for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in Canada to trade forex for beginners.
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Updated: Feb 2, 2024
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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?

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Our experts rank AvaTrade 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.

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1
$ 100
Best offer
9.8
Powerful Forex trading platforms, both automated and manual
Access to over 50+ currency pairs including major, minor and exotic pairs
Enjoy competitive spreads, starting at only 0.8 pips per trade
:
American Express, Bank Transfer, Credit Card, Debit Card, Discover, Mastercard, MoneyBookers, PayPal, Rapid Transfer, SEPA, Visa, WebMoney, Wire Transfer, neteller, , skrill
:
ASIC, FSA, FSCA, MiFID
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.
2
$ 100
Best offer
9.9
MT4 offering instruments in 9 time-frames with 30 pre-installed indicators
Trade on spreads from as low as 0.0 pips
Multiple funding and swift withdrawal options. Choose from PayPal and more
:
Credit Card, Cryptocurrencies, PayPal, Wire Transfer, neteller, skrill
:
ASIC, CySEC, FCA
74-89% of retail CFD accounts lose money
3
$ 50
Best offer
9.0
Global online trading brokerage
Optimal trading conditions
Premium multilingual customer service
:
Credit Card, Debit Card, Wire Transfer
:
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.

Top 6 online forex brokers Canada, reviewed

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1. AvaTrade. Best regulated broker for secure trading

From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

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

Overview

We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade 55 forex pairs with leverage up to 30:1 for retail clients and 400:1 for professional accounts. 

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There is no commission on any forex trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start from 0.7 pips and 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

Visit AvaTrade 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.

2. Eightcap. Best online broker for choice of trading platform

Up to $3.5 RT

Fees

$100

Minimum deposit

800

No. assets

Yes

Demo/virtual account

Pros & Cons

Low trading fees for CFDs Trade directly from the TradingView platform Regulated by top-tier authorities Leverage up to 1:500 Partnered with multiple proprietary trading firms
Some markets are not available to all regions Customer support does not operate 24/7

Overview

We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors. 

TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap has over 40 forex pairs available, including the majors, minors, and some exotic crosses.  

The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Visit Eightcap Eightcap Review
74-89% of retail CFD accounts lose money

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

pacific union logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

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

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 30 forex pairs, including majors and minors. 

It’s an award-winning broker with 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: There are fees with Pacific Union, but it depends on your account type. Its standard account is commission free, but Bid/Ask spreads start at 1.3 pips. Pro accounts are charged a $3.5 RT per lot commission and have spreads starting from 0 pips. Swap charges for holding a trade overnight vary depending on size.  

Highlights

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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

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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?

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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?

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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? 

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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)?

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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?

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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?

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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. For example, eToro is one of the most popular forex brokers in Canada used by many Canadian investors. Copy trading provides an alternative method for beginners to participate in the forex markets. As long as you use a regulated broker, engaging in copy trading as a Canadian resident is completely legal.

Are there forex trading limitations in Canada?

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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?

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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?

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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

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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.

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?

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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

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Step 1. Choose a regulated forex broker in Canada

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The first step is selecting an online broker properly regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Look for established forex brokers in Canada like eToro, FOREX.com, OANDA, Interactive Brokers or CMC Markets. Open an account by providing personal information and confirming your identity.

Step 2. Deposit funds into your account

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Once your forex trading account is open, deposit Canadian dollars using methods like bank wire, e-Transfer or debit card. Brokers have minimum deposits, often around $250. Make sure you understand all broker fees too.

Step 3. Practice trading on a demo account

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Gain experience risk-free by practising on the broker’s demo trading account using virtual money. Test different strategies while getting familiar with the trading platforms and tools. Demo trading allows you to get comfortable without risking real capital. All of the best forex brokers in Canada offer paper trading accounts.

Step 4. Develop your trading strategy

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Come up with a strategy for analysing the market, entering trades, managing risk, and booking profits. This requires understanding technical and fundamental analysis. Your strategy should match your risk tolerance and investment goals.

Step 5. Start live trading cautiously

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When you feel ready, go live with small position sizes and conservative risk management. Only risk 1%-2% of capital per trade. Keep recording and analysing your trades to refine your strategy with real-world results.

Step 6. Continue practising trading skills

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Successful trading requires ongoing practice and education. Keep reading forex books, analysing the markets and improving your strategy. Don’t let losses affect your trading psychology. With discipline and practice, you can work toward forex trading mastery.

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

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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.
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Fact-checking & references
Risk disclaimer
James Knight
Editor of Education

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Prash Raval
Financial Writer

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.