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Compare 6 best forex brokers, platforms & apps in Canada for 2023
Our expert panel tested each leading Canadian forex broker 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 big question: what’s the best forex trading app in Canada for Canadian users?
Read our verdict and compare Canada’s best forex brokers below.
Best forex brokers in Canada 2023
Our experts rank eToro as the best forex broker in Canada.
The list below shows three of the best Canadian forex brokers. These are the top performing Canadian forex trading platforms in terms of their security, service, and support.
Top 6 online forex brokers Canada, reviewed
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.
2. Oanda. Best for trading with live market data
Pros & Cons
We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.
Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.
The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.
3. Capitality. Best for trading like a pro
Pros & Cons
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
How we chose the best forex brokers in Canada
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 forex brokers for beginners that are regulated in Canada and offer top-tier protection to their clients.
- Low minimum deposit requirements. Accessible trading platforms with low minimum deposits scored higher in our rankings.
- Mobile app availability. Our experts gave preference to the fx brokers in Canada with the best forex trading apps.
- Number of currency pairs available to trade. Platforms that allow you to trade major, minor, and exotic currency pairs offer the most comprehensive service.
- 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 regulators.
- Tight spreads. We sought the best value for the average user and 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 broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
More about forex trading platforms in Canada
Which currency pairs can I trade in Canada?
Forex pairs are divided into three categories and what you can trade depends on the broker. Some stick to the most popular currencies – the majors and minors – while the best Canadian forex trading platforms offer a comprehensive selection that includes the exotics. Here’s a quick guide to what the terms mean.
- Major pairs. The US Dollar paired with the most highly traded currencies make up the major pairs. Major pairs include: USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD
- Minor pairs. The minor pairs include at least one of the Euro, British Pound, or Japanese Yen, but do not include the US Dollar.
- Exotic pairs. Exotic pairs include a major currency ‘crossed’ with a developing currency. There are many exotic pairs but they include things like: GBP/HUF, EUR/MXN, and JPY/ZAR.
What forex markets are available in Canada?
There are a couple of different ways to trade the forex market and what’s on offer depends on your broker. One option is to trade the ‘spot’ market, another is to use futures contracts to predict future price movements. Here is some more detail on both options.
- Spot forex. Trading the spot market means to buy and sell currencies instantaneously at the live market rate. This is the most common way to trade for most people.
- Forex futures. Futures contracts are an agreement to buy or sell a currency at a fixed price at a set date in the future. Futures require more understanding of the economic factors that impact prices over time. For that reason, they’re generally only used by people with experience of currency trading.
Is MT4 available in Canada?
Yes, MetaTrader 4 is legal in Canada. When you use MetaTrader software, you have to sign into a brokerage account and any live trade you place goes through a forex trading platform. As long as you can connect to a legal Canadian broker, you can use MT4 or MT5.
What’s the minimum forex trade size in Canada?
The industry standard is 0.01 ‘lots’, which is equivalent to 1,000 units of the currency you want to trade. This is known as a ‘micro lot’. A ‘lot’ equals 100,000 units of the currency you want to trade.
How to start trading forex in Canada
- Sign up to a Canadian forex trading platform. Use the list of top-ranked brokers at the top of the page to help you.
- Create an account and deposit money. Sign up by providing your personal details and a form of photo ID. Transfer funds to the account through a bank transfer, credit or debit card payment, or another payment method, like PayPal.
- Search for a currency pair and place your trade. Find the pair by typing the currency code – such as USD for the US Dollar – and choosing it from the list of results. Enter the details and click ‘buy’ to make the trade.
The best Canadian forex platform for beginners is eToro . It has a low minimum deposit, a quality demo account, and you can join a community of millions of other users.
The best Canadian forex app is eToro . The app is available on iOS and Android and provides a clean and secure trading interface, with the same features as the desktop platform.
eToro is the best low cost Canadian forex broker. With low commission and tight spreads on major currency pairs, it offers the best value for Canadian forex traders.
The most secure Canadian forex trading platform is eToro . It’s well-regulated, stores your funds in secure bank accounts, and offers additional security features such as 2FA to protect your account.
More of the best forex brokers by country
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