Best Forex Brokers in Canada

Following our in-depth review and ranking process, here are the best forex brokers in Canada;

Best Forex Brokers in Canada

  1. IG
  2. CMC Markets
  3. Forex.com
  4. Capital.com
  5. FXCM

1. IG

IG

IG is a highly reputable global online broker established by IG Group plc; a publicly-traded company listed on the London Stock Exchange. IG offers CFD trading across a wide variety of asset classes including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors and ETFs with over 17,000+ instruments available to trade.

IG offers an exceptional brokerage service, with trading solutions suitable for retail (beginners and professionals) and institutional clients (such as hedge funds, family offices, private investment vehicles, asset managers, brokers, banks and introducing brokers). Also, traders can get access to an extensive list of great brokerage services including deep liquidity, superior trade execution, volume-based rebates, industry-standard trading platforms, competitive spreads, expert customer support service, and much more.

IG Overview

BrokerIG
Regulation CFTC (U.S.), FCA (U.K.), ASIC (Australia), FCA (United Kingdom), FINMA (Switzerland), FMA (New Zealand), MAS (Singapore), FSA (Japan), FSCA (South Africa), DFSA (UAE), BMA (International)
Forex Pairs81
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit$300 (or currency equivalent)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal

Pros

  • Strong regulatory framework.
  • Listed on the stock exchange.
  • 45+ years of industry experience.
  • 313,000+ clients worldwide.
  • Deep liquidity.
  • Negative balance protection.
  • Volume-based rebates.
  • Industry-standard trading platforms are available in web, mobile and desktop versions.
  • Competitive spreads from 0.6 pips on major currency pairs.
  • Fast and secure payment methods.
  • No minimum deposit for bank transfer.
  • Excellent educational offering for beginner, intermediate and advanced traders.
  • Outstanding research offering.
  • Great customer support service.

Cons

  • Inactivity fee charged (after 2 years of inactivity).
  • No support for copy trading and social trading.
  • High financing rate.
  • Limited product portfolio in some countries.
  • No support for social trading and copy trading.

2. CMC Markets

CMC Markets

CMC Markets is a global Forex and CFDs provider established by CMC Group; a publicly-traded company listed on the London Stock Exchange and a constituent of the FTSE 250 Index. It offers CFDs across a wide variety of markets including forex, indices, commodities, shares, ETFs, cryptocurrencies and treasuries with over 11,000+ instruments to trade.

CMC Markets offers excellent trading solutions for both retail and institutional clients (such as banks, brokers, money managers, family offices, fintech and private banks). It also provides support for all trading strategies including scalping, hedging and algorithmic trading etc. Furthermore, traders can enjoy competitive spreads, deep liquidity, superior order execution, industry-standard trading platforms, fast & secure payment methods, quality market research offering, quality education offering and a great customer support team, among others.

CMC Markets Overview

BrokerCMC Markets
Regulation ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), and the FCA (U.K), FMA (New Zealand), DFSA (UAE)
Forex Pairs300+
Trading PlatformsNext Generation platform, MetaTrader 4 (MT4)
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Payment MethodsWire Transfer, Credit / Debit Cards, Electronic Payments.

Pros

  • Strong regulatory framework.
  • Over 30 years in the industry.
  • Beginner friendly.
  • Trusted by over 300,000+ global clients.
  • All client’s funds are segregated.
  • Deep liquidity and no requotes.
  • 330+ currency pairs.
  • No minimum deposit.
  • Industry-standard trading platforms (proprietary and third-party) are available for mobile and desktop devices.
  • Support for expert advisors.
  • Ultra-fast order execution with unmatched liquidity.
  • Flexible and high leverage, from 1:1 to 1:500.
  • Ultra-low spreads from 0.0 pips on major currency pairs.
  • Secure payment methods, with fast deposit and withdrawal processing times.
  • Great customer support with fast response time.

Cons

  • Limited product offering.
  • Withdrawal fee charged for international bank transfer.

3. Forex.com

Forex.com

Forex.com is a highly reputable online broker across the globe and a part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded company that meets the highest standards of corporate governance, financial reporting and disclosure. Forex.com offers forex trading and CFDs across a variety of asset classes including, indices, metals, commodities, stocks and cryptocurrencies, with over 4,500+ instruments to trade.

Forex.com offers a well-rounded trading solution, suitable for retail, commercial and institutional clients. It provides support for all trading strategies (such as hedging, scalping and EAs, etc). In addition, it offers several great trading services including; low-cost trading, top tier liquidity, superior trade executions, industry-standard trading platforms, professional guidance and support, transparent fee structure, an active trader program for reduced trading cost, and much more.

Forex.com Overview

BrokerForex.com
Regulation ASIC (Australia), NFA (US), CFTC (US), FCA (United Kingdom),  FSA (Japan), IIROC (Canada)
Forex Pairs80
Trading PlatformsForex.com Webtrader, Metatrader 4, Forex.com Mobile App
Minimum Deposit$100
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:50
Account CurrenciesUSD, EUR, CAD, JPY, CHF, AUD, GBP
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Paypal, Skrill, Neteller.

Pros

  • Strong regulatory framework.
  • Over 20 years of industry experience.
  • Beginner friendly.
  • Top tier liquidity.
  • Low latency and superior order execution.
  • Supports all trading strategies.
  • Negative balance protection.
  • Clients funds are segregated.
  • Over 80 currency pairs, including major, minor and exotic currency pairs.
  • Transparent fee structure with no hidden charges.
  • Low forex trading fee.
  • No deposit or withdrawal fee.
  • Offers Active Trader Program which helps reduce trading cost by up to 15%.
  • Quality educational and market research offering.
  • Industry-standard platforms available in web, mobile and desktop versions.
  • Great customer support service.

Cons

  • Inactivity fee of $15 (or 15 base currency equivalent) charged per month if there is no trading activity or no open positions for a period of 12 months or more.

4. Capital.com

Capital.com

Capital.com is a cutting-edge & innovative global online broker offering forex trading and CFDs across a variety of asset classes including indices, commodities, shares, ETFs and cryptocurrencies, with over 6000+ instruments to trade.

Capital.com offers a well-rounded brokerage service with trading solutions suitable for retail and institutional clients. It also provides support for all trading strategies such as scalping, hedging and algorithmic trading etc. In addition, clients can enjoy an extensive list of great brokerage services including; deep liquidity, low trading fee, ultra-tight spreads with zero commissions, fast order execution, negative balance protection, industry-standard trading platforms, quality education offering and great customer support service, among others.

Capital.com

BrokerCapital.com
Regulation ASIC (Australia), FCA (United Kingdom), CySEC (Europe), NBRB (Belarus)
Forex Pairs138
Trading PlatformsCapital.com Web Platform, MetaTrader 4, TradingView
Minimum Deposit$20
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesGBP, USD, EUR, PLN, AUD
Payment MethodsBank Wire Transfer, Visa, MasterCard, Skrill, Neteller, iDeal, Giropay, Przelewy24, QIWI, WebMoney, Trustly, Worldpay and AstroPay

Pros

  • Strong regulatory framework.
  • Easy account registration process.
  • Low minimum deposit (from $20).
  • Deep liquidity.
  • Fast order execution.
  • Negative balance protection.
  • Industry standard trading platforms.
  • Transparent fee structure, with no hidden charges.
  • Zero commissions.
  • No deposit and withdrawal fees.
  • Consistent ultra-tight spreads.
  • Low overnight fee.
  • Free quality trading education, including online courses, guides and webinars.
  • Unlimited demo account duration.
  • Great customer support service, available 24/7.

Cons

  • MetaTrader 5 is not available.

5. FXCM

FXCM

FXCM is a global leading online broker established and operated by FXCM Group; a subsidiary of the Jefferies Financial Group Inc. (NYSE: JEF) which is a publicly-traded company, listed on the New York Stock exchange. FXCM offers forex and CFDs across a wide variety of global markets including shares, indices, commodities and cryptocurrencies with over 300+ instruments available to trade.

FXCM offers an outstanding brokerage service and well rounded trading solutions for retail traders and institutional clients (such as retail brokers, hedge funds and emerging market banks). It also provides advanced trading tools as well as support for all trading styles and strategies including scalping, hedging, algorithmic trading and copy trading among others. In addition, traders can access superior order execution, deep liquidity, multiple advanced trading platforms, fast & secure payment methods, free quality education and market research offering, friendly and helpful customer support, and much more.

FXCM Overview

BrokerFXCM
Regulation ASIC (Australia), FCA (United Kingdom), FSCA (South Africa), CySEC (Europe)
Forex Pairs45
Trading PlatformsTrading Station, MetaTrader 4, Ninja Trader, ZuluTrade, TradingView, Capitalise AI
Minimum Deposit$50
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:400
Account CurrenciesEUR, USD, GBP, JPY
Payment MethodsBank Wire Transfer, Credit/ Debit Cards (Mastercard, VISA and Discover), Cryptocurrencies, Skrill, Neteller, UnionPay, BPay, POLi, Klarna

Pros

  • Strong regulatory framework.
  • Hassle-free account registration process.
  • Low minimum deposit.
  • Deep liquidity.
  • Negative balance protection.
  • Superior order execution.
  • Multiple advanced trading platform available in web, desktop and mobile versions.
  • Provides support for copy trading.
  • Fast and secure payment methods.
  • No deposit and withdrawal fee (except bank withdrawal fee).
  • Free quality education offering including forex education, e-courses, forex, video tutorials and webinars.
  • Quality market research offering including economic calendar, market news and much more.
  • Friendly and dedicated customer support service fast and helpful support.

Cons

  • Limited product portfolio.
  • Bank withdrawal fee.
  • Inactivity fee charged (after 1 year of account inactivity).