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Global Forex Brokers Directory
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by John Bringans
January 23, 2024
The first step for every forex trader should be choosing a reliable, well-regulated forex broker. The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for Canada-based forex traders. Read more to learn which forex broker is best for your needs.
travel_explore A little bit of Canada trivia
Check out some general Canada facts as well as some info about some of the country's most important financial bodies in the paragraph below, generated by ChatGPT (to learn more about how we ethically incorporate AI into our content, read our generative AI policy).
Canada has a population of 37 million people, making it the 38th most populated country in the world. The national currency of Canada is the Canadian Dollar. The Central Bank of Canada is the Bank of Canada, and its main purpose is to promote the economic and financial welfare of Canada. It does this by setting the monetary policy, specifically setting and implementing the Canadian monetary policy, supervising financial institutions, managing currency in circulation and issuing notes, among other responsibilities. The Canadian investment regulatory organization (CIRO) is the main financial market regulator in Canada. It regulates investment dealers, mutual fund dealers, and their trading activities in marketplaces throughout Canada. The CIRO is responsible for developing rules for marketplaces, enforcing compliance with those rules, monitoring trading activities, conducting investigations, and imposing sanctions when necessary.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers Canada for 2024
- FOREX.com- 9.4/10 Overall
- AvaTrade- 8.7/10 Overall
- FXCM- 8.5/10 Overall
What are the best Canada forex brokers?
We’ve tested over 60 international forex brokers and created unbiased, data-driven broker ratings to show you the best forex brokers in the industry. To help you navigate the world of forex regulations and choose a broker that you can trust, our expert research team has built a proprietary database containing over 100 global regulatory licenses and jurisdictions; that research determines each broker's individual Trust Score. Check out our top picks for the best Canada forex brokers:
Winner: FOREX.com
FOREX.com, part of the StoneX Group, is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. We love FOREX.com's flagship trading platforms for web and desktop (TradingView's powerful charting is fully integrated within the broker's web platform), and MetaTrader loyalists will appreciate that FOREX.com offers both MetaTrader 4 and MetaTrader 5. An impressive number of CFDs are available within the broker's proprietary platform (though fewer are available on MetaTrader). FOREX.com's pricing is great for active traders, but our research found that FOREX.com is slightly expensive compared to the industry average. Overall, FOREX.com is a well-balanced choice for traders of all experience levels.
FOREX.com Trading Platform Screenshots
FOREX.com Features
- Overall rating - 9.4/10
- Trust Score - 99
- Tradeable symbols - 5500
- Minimum deposit - $100
Runner Up: AvaTrade
AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginner forex traders and great tools for social copy trading. AvaTrade's commissions and market research are close to the industry average, and traders gain access to AvaTrade's proprietary platforms as well as third-party favorites like MetaTrader 4 and MetaTrader 5.
AvaTrade Trading Platform Screenshots
AvaTrade Features
- Overall rating - 8.7/10
- Trust Score - 94
- Tradeable symbols - 1260
- Minimum deposit - $100
Podium Finisher: FXCM
Founded in 1999, FXCM (a Jefferies Group company) is a long-standing brand that caters to global forex and CFD traders. FXCM offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite (and access to MetaTrader 4). FXCM is also a great option for beginners due to its wide range of educational materials and easy-to-use platforms (including integration with the popular TradingView platform). Though the range of markets available at FXCM has increased following the addition of its share trading feature, it's worth noting that pricing at FXCM is just average.
FXCM Trading Platform Screenshots
FXCM Features
- Overall rating - 8.5/10
- Trust Score - 95
- Tradeable symbols - 440
- Minimum deposit - Starts from $50
Compare trading costs for the best Canada forex brokers
Based on our own data (our independent database contains over 4,000 data points), this table compares trading costs for the top Canada forex brokers.
| Company | Accepts CA Residents | Minimum Deposit | Average Spread EUR/USD - Standard | Average Spread EUR/USD - Mini | All-in Cost EUR/USD - Active | Active Trader or VIP Discounts |
 | check | $100 | 1.4info | 1.4info | 1.0info | Yes |
 | check | $100 | 0.92info | 0.92info | 0.61info | Yes |
 | check | Starts from $50 | 0.74info | 1.34info | 0.74info | Yes |
 | check | $100 AUD | 1.1info | 1.1info | 0.8info | Yes |
 | check | $0 | 1.2info | 1.2info | 0.7info | No |
Comparing trading platforms between Canada forex brokers
Trading platforms grant access to the foreign exchange market and allow you to analyze market conditions, manage positions, and execute trades. Check out a side-by-side comparison of the trading platforms available at the best Canada forex brokers, based on our independent product testing.
| Company | Accepts CA Residents | Desktop Platform (Windows) | Web Platform | Proprietary Platform | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | ZuluTrade | cTrader |
| check | Yes | Yes | Yes | Yes | Yes | No | No |
| check | Yes | Yes | Yes | Yes | Yes | Yes | No |
| check | Yes | Yes | Yes | Yes | No | Yesinfo | No |
| check | Yes | Yes | Yes | Yes | Yes | No | Yes |
| check | Yes | Yes | Yes | Yes | Yes | No | No |
Comparing investment options between Canada forex brokers
We closely monitor the availability of investment products such as forex trading (CFD and spot), stocks (CFD and non-CFD), spread betting, ETFs, and social copy trading – among many others. These investment types are tracked as variables within our extensive independent database. Check out the offering of investments at the top Canada forex brokers.
| Company | Accepts CA Residents | Forex Trading (Spot or CFDs) | Spread Betting | Social Trading / Copy Trading | U.S. Stocks (CFD) |
| check | Yes | No | No | Yes |
| check | Yes | Yes | Yes | Yes |
| check | Yes | Yes | Yes | Yes |
| check | Yes | No | Yes | Yes |
| check | Yes | No | Yes | Yes |
FAQs
Please note:
A member of our editorial team used a proprietary blend of Generative AI technologies to assist in the creation of the content on this page. All information contained herein has been fact-checked by our lead writer in conjunction with our research team, and thoroughly edited by our editorial staff. Learn more about our generative AI policies, our editorial principles, and our testing methodologies.
What is the best forex broker in Canada?
FOREX.com is our pick for the best forex broker in Canada. Founded in 1999, FOREX.com holds licenses across a number of notable global regulatory jurisdictions, and has earned an overall Trust Score rating of 99. FOREX.com's impressive offering of 5500 tradeable symbols opens up a wide variety of trading opportunities for its clients. If you are interested in opening an account, the minimum deposit to get started as a trader at FOREX.com is $100. We've tested and reviewed dozens of forex brokers and created unbiased, data-driven broker ratings to highlight the best forex brokers in the industry. Our overall rating for FOREX.com is 9.4/10. Read our data-driven broker reviews to learn more.
Check out a gallery of screenshots from FOREX.com's trading platforms, taken by our research team during our product testing.
Best Canada Forex Brokers
Here are our picks for the best forex brokers that accept Canada-based clients in 2024. The below table is sorted by the brokers' Overall Ratings.
| Company | Accepts CA Residents | Overall Rating | Minimum Deposit | Average Spread EUR/USD - Standard | Read Review | Visit Site |
| check | 9.4 | $100 | 1.4info | FOREX.com Review | Visit Site |
| check | 8.7 | $100 | 0.92info | AvaTrade Review | |
| check | 8.5 | Starts from $50 | 0.74info | FXCM Review | |
| check | 8.3 | $100 AUD | 1.1info | FP Markets Review | |
| check | 7.9 | $0 | 1.2info | HFM Review | |
 | check | 7.5 | $100 | 1.0info | Eightcap Review | |
 | check | 7.2 | $0 | 0.81info | Spreadex Review | |
 | check | 7.0 | $100 | N/Ainfo | FXPrimus Review |
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our online trading guides are created with the same rigorous, data-driven approach.
The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.
Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.
Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.
Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
