Best Forex Brokers in Canada 2025

Claire Maumo is our financial writer and leads our editorial team in delivering engaging, informative, and easy-to-understand content. With a background in journalism and finance and a passion for financial education, she ensures our content is well-received by every trader.

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Canada is one of the best places to trade forex for multiple reasons. To begin with, this activity is highly regulated by numerous authorities in the country, including the Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA). It’s also supervised by myriad provincial authorities, like Ontario’s OSC and Quebec’s AMF.

If you are considering trading forex, dive in without any fear. CIRO and the other authoritative bodies have paved the way; you’ll enjoy fair practices, protection, and security. In most cases, your money will also be insured against issues like broker insolvency. Trade with any of the heavily regulated Canadian forex brokers I’ve recommended below to enjoy these and many other perks. 

List of Forex Brokers

  • Forex.com – Overall Best in Canada
  • OANDA – Top for MT4 Users
  • AvaTrade – Most Beginner-Friendly Forex Platform in Canada
  • XTB – Cheapest Forex Trading Platform in Canada
  • Interactive Brokers – Top Forex Broker for Professional Canadian Traders
In This Guide

Compare Platforms Table

I had first to conduct diligent research to ensure I recommend what I believe will benefit our readers. I started by collecting as many CIRO-regulated brokers as possible. Then, I put them through multiple tests while comparing their features, such as fees, demo accounts, currency pair availability, support service, and more, and shortlisted the most outstanding.

After shortlisting potential candidates, I analyzed user testimonials on Google Play, the App Store, and Trustpilot. Finally, I rated the chosen brokers and picked the top 5. Combining the results of all these processes enabled me to remain unbiased and only share brokers based on their features and services. Here is a brief comparison of the frontrunners:

Best Forex Broker CanadaLicense & RegulationMinimum DepositCommission & SpreadsSupport ServiceSoftwarePayment MethodDemo AccountMoney Insurance
Forex.comCIRO (Canada), FCA (UK), CFTC (US), CySEC (Cyprus), NFA (US), CIMA (Cayman Islands), FSA (Japan), MAS (Singapore), ASIC (Australia)C$100From 0.0 points24/5WebTrader, Mobile App, MetaTrader 4, MetaTrader 5, TradingViewCredit/ debit card, Wire transfer YesYes
OANDACIRO (Canada), FCA (UK), CFTC (US), MAS (Singapore), ASIC (Australia)C$0From 0.6 points24/5OANDA Mobile, OANDA Web, TradingView, MT4Debit card, Bank wire transfer, PayPalYesYes
AvaTradeCIRO (Canada), CBI (Ireland), CySEC (Cyprus), PFSA (Poland), ASIC (Australia), FSA (Japan), FSCA (South Africa), ADGM (Abu Dhabi), ISA (Israel)C$100From 0.5 pips24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading Credit/debit card, Google Pay, Bank transferYesYes
XTB CySEC (Cyprus), FCA (UK), IFCS (Belize), CNMV (Spain), AMF (France), KNF (Poland)C$0From 0.1 pips24/5XStation 5, xStation Mobile AppBank transfers, Paysafe, PayPal, credit/debit cardsYesYes
Interactive BrokersCIRO (Canada), CFTC (US), SEC (US), FINRA (US), NFA (US)C$0From 0.01 pips24/5Client Portal, IBKR Desktop, IBKR Mobile, Trader Workstation (TWS), IBKR GlobalTrader, IBKR APIsACH, Wire transfer, Check, Wise, Bank Transfer/ SEPA, BPAYYesYes

Brokers Reviews

Below, I’ve shared my expert opinion about the best forex brokers in Canada. These mini-reviews are based on first-hand experience and hours of research. My goal is to make sure you know what each broker has to offer and make a suitable choice.

Note that I have covered the most crucial details here. After picking what seems to be the most fitting forex broker Canada has to offer, please visit the company’s official site and scour through every little detail just to be sure.

1. Forex.com – Overall Best in Canada

Forex.com is one of the brokers with the most user-friendly interface I’ve ever encountered. Based on my seamless experience while trading with it, it’s perfect for both new and professional forex traders. I also like its commission-free trades on forex trading and low spreads from 0.0 pips on major currency pairs.

Plus, my experience with its trading app was seamless. Its search function made it easier for me to navigate its features on both Android and iOS devices. And when it comes to the choicest platforms, you can rely on Forex.com’s options, including the MT4, TradingView, and MT5 platforms. 

Overall, I explored over 80 currency pairs at Forex.com, including majors, minors, and exotics. As a Canadian, you’ll get ample chances to trade CAD pairs, ranging from USD/CAD and CAD/NOK to AUD/CAD, CAD/JPY, and CAD/CHF. There are also plenty of securities for diversification on the platform, including CFDs on indices, crypto, and precious metals.

In addition, plenty of forex learning resources, such as articles, guides, recorded videos, and more, help in skills development. If you’re a newbie, these will come in handy. When you are ready to trade forex, this broker has a virtually funded demo account with which you can gauge your skill level.

Pros & Cons

Pros

  • Low spread from 0.0 pips
  • Plenty of learning and research materials
  • Lists over 80 currency pairs
  • Low fees on forex
  • MT4, MT5, and TradingView available
  • Clean, intuitive interface

Cons

  • C$15 monthly inactivity fee
  • Higher Standard spreads

2. OANDA – Top for MT4 Users

OANDA got me glued with its welcome bonus offer, which ranges from C$100 to a whopping C$100,000. The higher your trading volume, the bigger the reward. Mine was low since I was only testing the service provider, but I bagged a cool C$100 nonetheless.

Getting started with this platform was seamless, and I set up my trading account in minutes. From my exploration and comparison with its peers, I found it reliable and primarily recommend it to MT4 users. Besides the MT4 platform being user-friendly, you will find quality market analysis tools that will boost your research experience. These include an advanced charting package, automated trading, frequent updates, fast trade execution speed, and more.

When it comes to currency pairs, OANDA lists over 68 options. The best part is that forex training attracts low spreads from 0.6 pips on major currency pairs. Besides the MT4, OANDA hosts additional powerful platforms, including TradingView and OANDA Web. There are also additional securities, like stocks, commodities, indices, bonds, and more, for your portfolio diversification.

OANDA

✔Offers a negative balance protection
✔Customizable trading platform

trustpilor logo
1,000 User Reviews
google
7,330 User Reviews
apple
21,500 User Reviews
financeraters logo
Our Rating
Total Rating:
29,830 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Lists over 68 currency pairs to explore
  • Social traders can leverage the power of TradingView
  • Hosts the MT4 trading platform with quality trading resources
  • Offers users an opportunity to earn interest from unused margin
  • No minimum deposit requirement
  • Traders can invest through OANDA TMS

Cons

  • C$10 monthly inactivity fee
  • Not available in Alberta

OANDA broker has a clear fee structure with no hidden charges. This makes it easier for you to know how much you will be paying once you make a commitment. Some of the fees to incur at OANDA include the following:

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $0, depending on your jurisdiction
Commission From 0% on US-listed shares
Spreads From 0.6 points
Deposits and Withdrawals Free deposits. Withdrawal fees apply based on the payment method used
Inactivity $10 after 12 months
Overnight Funding Varies based on global market conditions
Currency Conversion Fee Calculated by applying a 0.5% mark-up or mark-down

From our analysis, we discovered over 8,000 trading instruments at OANDA. The assets are spread across various classes, including forex, shares, commodities, cryptos, indices, ETFs, and more. Note that some asset availability is limited to specific regions. For instance, while the broker mostly focuses on CFD trading and spread betting, real stock investing is offered to clients within the EU. You can invest in real shares from Germany, France, Spain, and the United Kingdom.

The best element about trading at OANDA is an opportunity to apply leverage in CFD and spread betting trades. Retail traders are given favorable limits up to 30:1. In contrast, professionals get 200:1. This makes it easier for you to manage larger positions with a small capital, thus increasing your chances of earning good returns.

Here is a breakdown of the assets offered at OANDA for informed decisions:

Asset Class Number Offered
Forex 70+ currency pairs
Shares 2200+
Indices 14+
Commodities 14+
Cryptocurrencies 30+
ETFs 40+
Bonds 6+

Disclaimer: CFD assets are complex, and carry the risk of losing money due to leverage. While many traders have earned good returns from the activity, more than 76% of retail clients lose their money. Therefore, consider whether you understand how CFD trading works and if you can afford to manage the risk of losing your money before venturing into such assets.

3. AvaTrade – Most Beginner-Friendly Forex Platform in Canada

If you are a beginner trader looking to venture into the currency market, AvaTrade is the best broker for you. I tested it, and it is among the most user-friendly on both desktop and mobile devices. Besides, many users on Google Play, the App Store, and Trustpilot highly rate it as efficient and reliable.

With AvaTrade, rest assured, you’ll enjoy unlimited access to quality learning materials and a virtually funded demo account to get started with. These are goldmines, especially if you’re just starting out and need to polish your knowledge and skills. All you have to do is sign up for an account and deposit at least C$100 as per its minimum deposit requirement.

I sample forex across more than 60 currency pairs, including CAD pairs like USD/CAD and GBP/CAD, with tight spreads starting from 0.5 pips. I also explored additional securities, including CFDs on stocks, indices, bonds, and commodities.

While AvaTrade’s asset offerings are limited compared to its peers, beginners have adequate options to get started with and diversify their portfolios. I also like that it hosts multiple platforms with advanced resources to help with market analysis, including WebTrader, MT4, and MT5.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
11,000 User Reviews
google
10,800 User Reviews
apple
27 User Reviews
financeraters logo
Our Rating
Total Rating:
21,827 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • User-friendly platforms, including the AvaTradeGo app, MT4, and MT5
  • A vast collection of educational resources, especially on AvaAcademy
  • Commission-free forex trading and reasonable spreads
  • Lists over 60 currency pairs to explore
  • Simple, beginner-friendly user interface

Cons

  • C$10 monthly inactivity fee after 2 consecutive months of dormancy
  • Limited asset class collection compared to its peers

Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.

That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.

Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:

Fees and Charges Amount
Spreads From 0.9 pips
Administration fee $100
Inactivity fee $50
Overnight premium Yes

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

4. XTB – Cheapest Forex Trading Platform in Canada

Many traders are skeptical about taking the first step in trading forex due to the fear of overspending. If this is holding you back, I have splendid news. With XTB , you can trade the markets without breaking the bank. Here’s why I’ve said that.

 Besides having a free and straightforward account setup procedure, this broker has no minimum deposit requirement. This means you can start trading with as little as C$1. Moreover, it hosts a funded demo account, which allows you to explore its features and the FX market without spending your hard-earned money. Sweet, right? That’s just the tip of the iceberg.

XTB has more than 7,500 financial instruments, among them being 70+ currency pairs. Spreads for forex trading are low, starting from 0.0 pips. While trading forex pairs and CFDs on diverse financial instruments, you can also buy/sell stocks and ETFs.

I also recommend this broker because it supports micro lot trading, which allows you to manage positions from 0.01 lots. And although there are no third-party platforms like the MT4/5, its xStation 5 and xStation Mobile platforms host quality trading materials that will keep you glued long-term.

XTB

✔User-friendly interface
✔Expert customer support services

trustpilor logo
2,000 User Reviews
google
91,500 User Reviews
apple
8,400 User Reviews
financeraters logo
Our Rating
Total Rating:
101,900 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • No set minimum funding requirement
  • Tight spreads from 0.0 pips
  • 70+ currency pairs, including AUD/CAD, CAD/CHF, etc.
  • CFDs on 2,300+ instruments for diversification
  • Traders can invest in real stocks and ETFs

Cons

  • C$10 monthly inactivity fee
  • No third-party trading software

We love XTB because it is one of the most affordable brokers out here. How so? For starters, there are no XTB minimum deposit requirements. Moreover, the broker’s users don’t have to pay additional fees while funding their accounts or cashing out. Most importantly, XTB doesn’t require traders to cover account opening, maintenance, or inactivity fees. In the table below, we’ve highlighted the fees, commissions, and costs you should take note of before committing to XTB.

Fees and Charges Amount
Account opening and maintenance $0
Minimum deposit $0
Deposit fee $0
Withdrawal fee $0 for withdrawals above $50; $30 for withdrawals below $50
Investing commission From 0%
Spreads From 0.3 pips
Currency conversion fee 0.5%
Inactivity fee $0

XTB users have unlimited access to 5,800+ financial products, ranging from forex pairs to commodities. You will be hard-pressed to find a broker with a more impressive asset portfolio than XTB. Let’s run through some of the assets we encountered while exploring and evaluating the XTB online trading platform:

  • Shares: Over 2,900 stocks are available on the XTB online trading platform, including popular products like Tesla, Amazon, and Intel Corp. You can start investing in them with capital as low as $10.
  • ETFs: As an XTB client, you can diversify your portfolio by investing in different ETFs, such as Dell Technologies, FACC AG, and PayPal Holdings PLC. The best part is such products have zero commission and a $10 minimum order requirement, which is pretty low.
  • Forex: Over 71 popular forex pairs are accessible to XTB users, from EUR/GBP and AUDCHF to NZD/USD, USD/CAD, and GBP/ZAR.
  • Indices: Presently, this broker offers 30+ indices, including popular instruments like AUS200, FRA, and US100. You can trade these products and magnify potential returns with flexible leverage.
  • Commodities: XTB offers you the opportunity to trade CFDs over 25 commodities, from cocoa and coffee to oil, gold, and gas.

5. Interactive Brokers – Top Forex Broker for Professional Canadian Traders

Interactive Brokers (IBKR) is one of the most highly rated global broking firms. I tested it and liked its superior services, which kept me trading for an extended period. I find it the best for professional traders, primarily due to its vast selection of free and premium market research analysis tools.

Learning resources and demo accounts are also provided for traders looking to boost their knowledge and skill levels. All these resources and more are offered on its IBKR GlobalTrader, IBKR Desktop, IBKR Mobile, and Trader Workstation platforms. You can also use your demo mode to gauge these trading tools before committing.

I also urge you to try out IBKR because it has no minimum deposit requirement  and its forex trading fees are reasonably low. Day traders can trade multiple times without overspending, thanks to the broker’s low fees, starting from 0.1 pips. You’ll also trade and take breaks without fretting since IBKR has no inactivity fee.

Not to forget, an additional 10,000+ securities are also at your disposal for portfolio diversification. They range from low-commission stocks, ETFs, and options to US spot gold, bonds, and futures/FOPs.

Interactive Brokers

✔$0 minimum deposit requirement
✔No account inactivity fees

trustpilor logo
4,000 User Reviews
google
55,500 User Reviews
apple
9,800 User Reviews
financeraters logo
Our Rating
Total Rating:
69,300 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • No minimum deposit requirement
  • Powerful trading systems ideal for professionals
  • Comprehensive research and reporting tools
  • Competitive spreads from 0.1 pips
  • Up to 3.83% interest on instantly available cash balances
  • Zero inactivity fees

Cons

  • Doesn’t host third-party trading software
  • Only 1 free withdrawal per month

After conducting thorough research and extensive assesments, we can confidently categorize Interactive Brokers as one of the most affordable service providers out here. As we’ve already mentioned, this company has no minimum deposit requirement. Plus, it allows traders to fund their accounts with payment methods like ACH and wire transfer at no additional cost. We also highly recommend IBKR because, unlike other brokers, it doesn’t require traders to pay inactivity fees for dormant accounts.

Here’s an overview of the Interactive Brokers fees and charges our team unearthed during our evaluation and exploration:

Type Fee
Account opening and maintenance $0
Deposit $0
Withdrawal Yes
Inactivity $0
Overnight charges Yes
Currency conversion 0,5%

Tens of thousands of instruments are available on Interactive Brokers, which is one of the reasons we highly recommend this service provider. You should have an easy time finding your favorite assets and diversifying your portfolio on IBKR. Here’s a brief rundown of the assets we discovered while researching and assessing this terrific broker:

  • Stocks: IBKR offers thousands of stocks, and they come with juicy commissions starting from $0.
  • ETFs: With an IBKR account, you can trade different ETFs around the clock and enjoy low commissions starting from $0.
  • Options: Many options are available on the IBKR trading platform, and the best part is they come with commissions as low as $0.15 per contract.
  • Futures: IBKR offers its users access to futures on a broad selection of asset classes, from cryptocurrencies and metals to agriculture, energy, and interest rates. The contracts come with tight commissions starting at $0.25 per contract.
  • Currencies: While trading with IBKR, you can access over 100 currency pairs with spreads as sharp as 0.1 pips. Popular pairs range from GBP/USD and EUR/USD to USD/JPY and USD/CAD. 
  • US spot gold: IBKR allows US spot gold enthusiasts to trade their favorite asset and enjoy low, transparent commissions. The best part is that with this broker, you can leverage efficient pricing in low quantities starting from 1 ounce.
  • Bonds: This broker gives traders unmatched access to a humongous selection of 1 million+ global bonds. These products have low commissions and zero built-in spreads or mark-ups.

How to Start with a Canadian Forex Broker

Whether you want to trade forex on the side or do it professionally, using the right platform is paramount. You will only go far while trading on a site or an app with superior security, the necessary tools, and reasonable charges. Otherwise, if you make a lousy broker your service provider, you will be hampered by countless issues, like slow order execution, constant glitches, and poor support.

Start trading with the right Canadian forex brokers by following these steps:

Step 1: Choose the right forex broker
Step 2: Sign up
Step 3: Verify your account
Step 4: Deposit trading funds
Step 5: Trade

The broker you choose will determine your entire trading experience, so this step is crucial. We’ve covered 5 of the most reputable and reliable service providers here, so you don’t have to risk your money and peace of mind on shoddy brands. Just pick the right broker from my list, while considering factors like your trading experience, preferred trading tools, etc.

Visit your chosen broker’s official site and explore; I’d like you to have a first-hand view of the offerings. If you see a platform you like, test it with a demo account. And if you need clarification about anything like fees, contact support.

To officially get started, hit the sign-up button. It may have a different label, like “Register” or “Open Account” but it’ll get the job done. The next step is providing your personal information. Make sure everything is factual and valid. For instance, your name must be as it is on your ID, and the email you share must be active.

Next, most brokers will ask you to set your password and other security details. The former should have a mix of 12 or more uppercase/lowercase letters, numbers, and special characters. Don’t set a weak password with your name or any other easy-to-guess information.

You must verify your new trading account before you start trading and accessing other crucial functions. Simply put, you need to confirm your identity and location. No regulated broker will allow you to skip this step and proceed undeterred because regulations set by CIRO and other authorities require all service providers to collect KYC information from new customers.

You’ll be required to provide 2 types of documents in most cases: proof of identity (government ID) and proof of address (like a recent bank statement). While taking pictures, make sure all images are legible and clear. You may also be required to take a selfie while holding your ID, so be prepared.

After successful account verification, go to your broker’s deposit section and pick the best payment method for depositing funds. As you know, you need money to trade forex and other markets. To avoid disappointment, check every funding method’s transaction processing time and fees before authorizing deposits and withdrawals.

While funding your account, ensure you meet or exceed the broker’s minimum deposit requirement. If you’re using a payment method that guarantees instant deposits, expect the funds to appear in your account within a few minutes at most. Otherwise, be patient and wait for your deposit to be processed.

With a registered, verified, and funded account, you can dive into trading headfirst. To increase your odds of success, work with a well-defined strategy, like scalping or news trading. If you don’t have a strategy, find one before risking your hard-earned money.

Pick currency pairs to trade with utmost caution. Keep in mind that majors like USD/CAD have high liquidity, while most minors and exotics often have lower liquidity. Also, geopolitical events and other factors can significantly influence FX pairs.

How We Test

At BrokerRaters, we take our commitment to guiding our readers to the best brokers very seriously. Rest assured that the service providers recommended here and in other guides are the most credible and reliable. I say these words with unwavering confidence since we diligently research and test every service provider before making recommendations.

While conducting research and tests, our gurus scrutinize and gauge various functions, from regulatory status, security, and tools to customer support, educational resources, and online reputation. That’s how thorough we are. And we never favour or taint any broker’s reputation; we are always focused on informing and guiding you, our reader, with factual and unbiased information.

Having said that, we remind you to trade responsibly at all times. That is the surest route to enjoying sustainable and successful trading experiences.

Conclusion

Forex trading is legal in Canada, but the stringency of regulations varies from province to province. Places like Ontario have super-strict mandates, making it harder for most brokers to offer services there. Others, like Alberta, are less restrictive and preferred by both local and international trading service providers.

Remember to check each service provider’s availability in your province while searching for the best forex broker. Also, read and familiarize yourself with national and provincial tax mandates. 

Additionally, consider exploring high leverage forex brokers if you seek greater potential for returns, but ensure you understand the risks involved.

author image
Claire Maumo

Claire Maumo has experience in investment banking, strategic consultancy, and journalism. She has a Bachelor’s degree in Business Management and a Master’s in finance. She has a knack for making complex concepts easy to understand. Her primary focus is on crypto, blockchain, and financial instruments. Follow her for expert insights on trading and investment.

One Reply to “Best Forex Brokers in Canada 2025”

  • Nicolae says:

    I’ve had a great experience with Forex.com, but I’d also recommend checking out IG Group for their user-friendly platform and solid customer support.

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