Major interest in online forex trading in the last years have increased the demand for local forex brokers. Today currency exchange is available to any of the interested parties, whether you live in Canada, United Kingdom, South Africa or USA. Residents of almost all countries can take advantage of online fx trading and participate in world most vast market, open almost every single day, 24 hours non stop.
Canadian dollar, or as traders call it, the loonie, is one of the most favored currency. You might be surprised to know that this is a fact not just in Canada, but all over the globe, due to the stability of the currency and reputation of the political and economic systems.
Canadian forex broker must be registered with Investment Industry Regulatory Organization of Canada (IIROC) is required to be regulated by CIPF, aka Canadian Investor Protection Fund, which basically makes sure that in case your trading account experiences losses to to mischief of the broker itself, your lost funds will be refunded.
Extra regulations might be imposed on registered brokers in specific provinces such as Quebec and Ontatio, however, unlike UK forex brokers, Canadian brokerage allows the use of hedging, maximum leverage amount is not restricted and there is no need to close a previous position in order to open a new one for a specific currency pair.
Despite the perks, there aren’t that much Canada – based forex brokers, since Canadian citizens are not limited to trade only with their local brokers, but can trade with any off-shore company they wish to. That being said, if you still wish to seek a Canadian one, there are major brokers who do have representative offices in the country to be able to serve Canadian customers better.
Canada is definitely one of the attractive destinations to set a brokerage company in, due to not so strict regulation. We have collected a comprehensive list of brokers which have a local office center in the country. Canadian Forex brokers open their doors to clients all over the world, not necessary only for the locals.
Top Forex Brokers in Canada
|eToro||1||https://forexexplore.com/forex-brokers/etoro-review/||200||2||-||https://forexexplore.com/forex-brokers/etoro-review/||eToro Platform||no||yes||Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer||1:30; 1:1 for Crypto Currencies||English, Spanish, Italian, Portuguese, Russian, Chinese, Arabic, German||no||yes||CySec, NFA||yes||yes||1||0||1||0||0||0|
|AGEA||0||https://forexexplore.com/forex-brokers/agea-reviews/||1||3||$5 no-deposit bonus||https://forexexplore.com/forex-brokers/agea-reviews/||Streamster, MetaTrader 4||yes||yes||Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money||1:500||English||no||yes||1||0||1||0||0||1|
|AvaTrade||8||http://www.avatrade.com/?tag=1574||100||1||100%||yes||https://forexexplore.com/forex-brokers/avatrade-review/||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||yes||yes||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney||1:400||English, Chinese, Arabic, Spanish, French, Italian, Portuguese, German, Indonesian||no||yes||Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island||no||yes||no||yes||yes||yes||1||0||1||0||1||1|
|CMCMarkets||2||https://forexexplore.com/forex-brokers/cmc-markets-review/||1||0.7||-||https://forexexplore.com/forex-brokers/cmc-markets-review/||Next Generation web-based||yes||no||Credit cards, Wire Transfer||500:1||English, Chinese, French, Spanish, German||no||no||FCA||no||no||no||1||0||0||0||0||1|
|Tifia||1||https://forexexplore.com/forex-brokers/tifia-review/||10||2.5||https://forexexplore.com/forex-brokers/tifia-review/||Metatrader 4, webtrader||yes||yes||wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay||1:1,000||no||yes||Vanuatu Financial Services Commission VFSC||yes||yes||no||yes||1||1||0||0||0||1|
|LiteFinance||8||https://www.litefinance.com/?uid=900002841||10||3||30% + 15%||yes||https://forexexplore.com/forex-brokers/litefinance-review/||Metatrader 4, Metatrader 5, WebTerminal||yes||yes||Skrill, Webmoney, Bitcoin, Advcash, Credit Card||1:500||English, Russian, Chinese, Malaysian, German, Arabic, Partugese, Spanish, French, Hebrew, Japanese, Greek||no||yes||CySEC, Marshal Islands Business Corporation Act.||yes||no||yes||yes||yes||yes||yes||yes||yes||1||1||1||0||0||1|
|InstaForex||7||https://www.instaforex.com/?x=JR||1||0.6||$100 No Deposit Bonus||yes||https://forexexplore.com/forex-brokers/instaforex-review/||MetaTrader 4, Metatrader 5, Webtrader||yes||yes||Some local Bank transfers, PayCo, AstroPay, Cryptocurrency||1:1,000||English, Russian||yes||yes||RAFMM||yes||yes||yes||yes||1||1||1||0||0||1|
|Dukascopy||4||https://forexexplore.com/forex-brokers/dukascopy-reviews/||250||0.5||-||yes||https://forexexplore.com/forex-brokers/dukascopy-reviews/||Dukascopy||yes||yes||Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts||1:500||English, French, German, Russian, Spanish, Chinese, Japanese, Arabic||KPMG ARIF||yes||1||1||0||1||0||1|
|RealTrade||1||https://forexexplore.com/forex-brokers/realtrade-reviews/||20||3||30% welcome bonus||https://forexexplore.com/forex-brokers/realtrade-reviews/||MetaTrader 4||no||yes||Credit Cards, WebMoney, and Wire Transfer||1:500||English, Russian||no||no||no||no||no||yes||0||0||0||0||0||1|
|FxPro||5||https://forexexplore.com/forex-brokers/fxpro-review/||100||0.5||up to $1,000||yes||https://forexexplore.com/forex-brokers/fxpro-review/||FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium||yes||yes||Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill||1:500||Arabic, Chinese, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish and Vietnamese||no||no||FCA, CySEC||yes||yes||no||yes||1||0||1||0||1||1|
|FXOpen||1||https://www.fxopen.com/||1||2||$100||https://www.forexexplore.com/forex-brokers/fxopen-reviews||MetaTrader 4||no||yes||Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney||1:500||English||no||no||ASIC, FCA UK, Financial Dispute Resolution Scheme||yes||yes||no||yes||yes||1||1||1||0||0||1|
|PrimeXBT||4||https://go.primexbt.com/click?pid=2298&offer_id=12||1||https://www.forexexplore.com/forex-brokers/primexbt-review||PrimeXBT, Turbo||yes||no||Credit Cards||1:1000||yes||ASIC||yes||yes||yes||yes||0||0||0||0||0||1|
|ActivTrades||2||https://www.forexexplore.com/forex-brokers/activtrades-reviews||100||2||https://www.forexexplore.com/forex-brokers/activtrades-reviews||Metatrader 4, Activtrader||yes||yes||Credit Card, Wire transfer, neteller, skrill, sofort||1:400||English, German, Spanish, Italian, French, Portuguese||no||no||FCA||1||0||0||0||0||1|
|House of Borse||1||https://www.forexexplore.com/forex-brokers/house-of-borse-review||50000||0.8||https://www.forexexplore.com/forex-brokers/house-of-borse-review||MetaTrader 4||no||yes||credit cards, wire transfer||1:100||no||no||FCA UK||yes||yes||yes||1||0||0||0||0||0|
|FXDD||3||http://www.fxdd.com/||100||2||-||https://www.forexexplore.com/forex-brokers/fxdd-reviews||MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtreme||no||yes||Wire, PayPal, Check, BPS||1:200||English, Chinese, Japanese, Russian, Spanish, Portuguese, German, French, Turkish, Arabic, Vietnamese||yes||Malta Financial Services Authority (MFSA)||yes||1||1||1||0||0||0|
|FXCM||5||https://www.forexexplore.com/forex-brokers/fxcm-review||250||2||-||yes||https://www.forexexplore.com/forex-brokers/fxcm-review||Trading Station II, MetaTrader 4, Active Trader, Forex System Selector||no||yes||Credit/Debit card, Online Check, Bank Wire, Paper Check||1:200||Spanish, French, Chinese, Russian, Portuguese, German, Italian, Arabic||yes||UK Financial Conduct Authority, AFSL||yes||yes||yes||yes||1||0||1||0||0||0|
|Hotforex||2||https://www.forexexplore.com/forex-brokers/hotforex-review||5||2||100% bonus||https://www.forexexplore.com/forex-brokers/hotforex-review||Metatrader 4, mobile platform, rapid trader fix/api||yes||yes||credit cards, skrill, Unionpay, neteller, wire transfer, webmoney, fasapay||1:1,000||no||no||yes||no||yes||0||0||1||0||0||1|
|Oanda||3||https://www.forexexplore.com/forex-brokers/oanda-reviews||1||1.4||https://www.forexexplore.com/forex-brokers/oanda-reviews||Metatrader 4, FXtrade||yes||yes||check, Credit cards, PayPal, Wire transfer||1:50||English, Chinese, German, Spanish, French, Italian, Portuguese and Russian||yes||no||NFA||no||no||no||yes||yes||1||0||0||0||0||0|
|Saxo Bank||2||http://www.saxobank.com||5000||2||n/a||https://www.forexexplore.com/forex-brokers/saxobank-reviews||SaxoTrader||no||yes||Wire||1:100||English, Belgium, German, French, Spanish, Italian, Arabic, Romanian, Russian, Polish||Danish Financial Services Authority and operates in the UAE||1||0||0||0||0||0|
|Forex.com||4||http://www.forex.com/||50||2||-||https://www.forexexplore.com/forex-brokers/forex-reviews||ForexTrader platform (in-house), MetaTrader 4||yes||yes||wire transfer, Credit/Debit Card, Check||1:200||English, Russian, Japanese, Arabic, Turkish, German, Chinese, Albanian, Thai, Italian, Hebrew, Greek||yes||no||CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)||yes||yes||no||yes||1||0||0||0||0||0|
|HYCM||4||https://www.forexexplore.com/forex-brokers/hycm-reviews||100||2||25% up to $5,000||https://www.forexexplore.com/forex-brokers/hycm-reviews||Metatrader 4||no||no||credit cards, wire transfer, Skrill, webmoney||1:400||English, Chinese, Arabic||no||no||FCA UK, CySEC, SFC||no||no||no||yes||1||0||0||0||1||1|
|AdmiralMarkets||1||https://forexexplore.com/forex-brokers/admiral-markets-reviews/||10||3||n/a||https://forexexplore.com/forex-brokers/admiral-markets-reviews/||MetaTrader 4||no||yes||Wire||1:200||English, Spanish, Russian, Lithuanian, Romanian, Latvian, Bulgarian, Greek, Croatian, Polish, Hungarian, Czech, Italian, Estonian, German, Finnish, Portuguese||0||0||1||0||0||0|
|Alpari||2||https://forexexplore.com/forex-brokers/alpari-review/||1||2||50% Welcome||https://forexexplore.com/forex-brokers/alpari-review/||MetaTrader 4||no||yes||Debit or Credit Card, Wire Transfer||1:500||English, Chinese, German, and Arabic||yes||yes||0||1||1||0||0||1|
|Fort Financial Services||1||https://forexexplore.com/forex-brokers/fort-financial-reviews/||5||3||https://forexexplore.com/forex-brokers/fort-financial-reviews/||MetaTrader 4, CQG, Ninja trader, binary options||yes||yes||Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer||1:1,000||English||no||no||IFSC||yes||yes||no||yes||1||1||0||0||0||1|
|Blackwell Global||2||https://forexexplore.com/forex-brokers/blackwell-global-review/||2000||3||-||https://forexexplore.com/forex-brokers/blackwell-global-review/||MetaTrader 4, Blackwell Pro, Mobile||yes||yes||redit/debit cards, Neteller, Skrill, Wire transfer||1:200||Arabic, Chinese, English, Greek, Italian, Korean, French, Romanian||Financial Conduct Authority||1||0||1||0||0||0|
|AAAfx||2||https://forexexplore.com/forex-brokers/aaafx-reviews/||300||0.2||up to 30%||https://forexexplore.com/forex-brokers/aaafx-reviews/||ZTP, MetaTrader 4, Binary options webtrader, Zulutrade||yes||yes||Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi, Bitcoin||1:200||Arabic, Chinese, English, French, German, Greek, Italian, Japanese, Russian||no||yes||HCMC (Greece)||yes||1||0||0||0||0||0|
|XTB||2||https://forexexplore.com/forex-brokers/xtb-reviews/||250||2||https://forexexplore.com/forex-brokers/xtb-reviews/||Metatrader 4, xStation, xMobile||yes||yes||Credit cards, Neteller, Paypal, Skrill, Wire transfer||1:200||no||no||CNMV (Spain), FCA (UK), FSA (Poland)||yes||yes||no||yes||1||0||0||0||0||0|
|iFOREX||3||https://forexexplore.com/forex-brokers/iforex-reviews/||100||3||-||https://forexexplore.com/forex-brokers/iforex-reviews/||FXnet Trader||yes||yes||credit cards, wire transfer||1:400||English, Hebrew, Indonesian, German, Spanish, French, Italian, Nederlands, Portuguese, Romanian, Turkish, RUssian, Arabic, Chinese, Japanese||no||no||HFSA in Hungary, CySEC||no||no||no||1||0||1||0||0||1|
|Oinvest||0||https://forexexplore.com/forex-brokers/oinvest-review/||200||0.7||Samsung Galaxy, iPhone||no||https://forexexplore.com/forex-brokers/oinvest-review/||Metatrader 4||yes||yes||Skrill, Neteller, Credit Cards||1:200||no||yes||yes||yes||yes||yes||yes||yes||yes||yes||yes||yes||1||1||1||0||0||0|
|Plus500||5||https://forexexplore.com/forex-brokers/plus500-reviews/||500||2||30%||yes||https://forexexplore.com/forex-brokers/plus500-reviews/||Plus500||yes||no||Skrill, Credit Cards, Wire Transfer||1:200||English, Hebrew, Arabic||Israel Securities Authority||1||0||0||0||1||0|
|TraderTrust||1||http://traders-trust.com/||100||as low as 2||100% upto $5,000||https://www.forexexplore.com/forex-brokers/tradertrust-reviews||SmartForex||no||yes||Skrill, Credit Cards||1:200||English, Russian, Italian, and Arabic||CySec, VFCS||yes||1||0||0||0||0||0|
|AdvancedMarkets||3||https://www.forexexplore.com/forex-brokers/advancedmarkets-reviews||500||0-2.5||-||https://www.forexexplore.com/forex-brokers/advancedmarkets-reviews||Advanced Trader/Pro/Prime, Fortex FX||no||yes||Wire, Check||1:50||English, Spanish, Korean||Australian AFSL, ASIC||yes||1||0||0||0||0||0|
|XM||8||http://clicks.pipaffiliates.com/afs/come.php?id=27&cid=3689&ctgid=16&atype=1||5||1||$30 no deposit||yes||https://www.forexexplore.com/forex-brokers/xm-review||MetaTrader 4, Metatrader 5, XM Webtrader||yes||yes||Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer||1:888||Arabic, Chinese, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Malay, Korean, Polish, Portuguese, Russian, Spanish, Swedish, Turkish, Thai, Vientamese||no||CySEC, ASIC Australia, IFSC Belize||no||yes||yes||no||yes||no||1||0||1||0||1||1|
|Anzo Capital||2||https://anzocapital.com/||100||2||https://www.forexexplore.com/forex-brokers/anzo-capital-review||MetaTrader 4||yes||yes||Webmoney, Skrill, Neteller, Credit Cards||1:1000||English, Chinese||no||no||yes||yes||yes||yes||yes||no||no||yes||no||no||1||1||0||0||0||1|
|MEX Exchange||1||https://www.mexexchange.com/||25||0.2||https://www.forexexplore.com/forex-brokers/mex-exchange-review||Metatrader 4||no||yes||Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer||1:500||no||no||ASIC||yes||yes||yes||yes||1||1||0||0||0||1|
|FBS||1||https://www.forexexplore.com/forex-brokers/fbs-review||1||from 0,2 pips fixed/floating||$123 Welcome Bonus||https://www.forexexplore.com/forex-brokers/fbs-review||MetaTrader 4, Metatrader 5, Webtrading||yes||yes||credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill||up to 1:3,000||English, Bahasa Indonesia, Bahasa Malyasian, Russian, Spanish, Portuguese, Arabic, Vietnamese, Bengali, Lithuanian, Korean, Chinese, Thai, Tamil||IFSC; Cysec||yes||yes||yes||yes||1||0||1||0||0||1|
|FP Markets||3||http://go.fpmarkets.com/visit/?bta=35186&nci=5369||200||starting from 0||10% credit bonus||https://www.forexexplore.com/forex-brokers/fpmarkets-review||MetaTrader 4 (MT4), IRESS, Mobile trading||yes||yes||credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer||1:500||English, Bahasa Melayu, French, Finish, Chinese, Norwegian, Russian, Thai, Italian, German, Portuguese, Spanish and Swedish||no||yes||ASIC||yes||yes||yes||yes||yes||1||1||0||0||1||1|
|DFMarkets||3||http://www.dfmarkets.co.uk||100||from 0.1 pips||10% Trading Credit Promotion up to $1,000||https://www.forexexplore.com/forex-brokers/dfmarkets-reviews||DFTrader, DF WebTrader, DF Mobile||yes||yes||Bank wire, Credit/Debit cards||1:200||English||no||no||FCA||no||no||no||yes||yes||1||0||0||0||0||0|
|EasyMarkets||2||http://www.easymarkets.com||100||2.5||https://www.forexexplore.com/forex-brokers/easymarkets-review||Metatrader 4, EasyMarkets web-based platform||yes||yes||credit cards, neteller, Skrill, Webmney, wire transfer||1:100||no||no||ASIC (Australia), CySEC (Cyprus)||no||no||no||yes||1||0||1||0||0||0|
|OctaFX||9||http://octaengine.com/c/?p=566&bt=gif&b=2368||50||from 0.2||up to 50%||yes||https://www.forexexplore.com/forex-brokers/octafx-reviews||MetaTrader 4, Metatrader 5, cTrader||yes||yes||Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay||1:500||English||yes||FCA UK||yes||yes||yes||yes||yes||1||1||0||0||1||1|
|IronFX||4||https://www.forexexplore.com/forex-brokers/ironfx-reviews||100||0||40%||yes||https://www.forexexplore.com/forex-brokers/ironfx-reviews||Metatrader 4||yes||yes||credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer||1:500||English||no||yes||ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN||yes||yes||yes||1||1||0||0||0||1|
|FxGlory||0||https://forexexplore.com/forex-brokers/fxglory-review/||1||0.5||50% up to $1,000||https://forexexplore.com/forex-brokers/fxglory-review/||MetaTrader4, Mobile||no||yes||Credit/debit cards, Paypal, Bitcoin||1:3,000||English||yes||0||0||0||0||0||1|
|TrioMarkets||0||https://forexexplore.com/forex-brokers/triomarkets-review/||100||3||-||https://forexexplore.com/forex-brokers/triomarkets-review/||MetaTrader 4, Sirix Webtrader||yes||yes||Credit Card, Wire, Skrill, Neteller, Paypal and CashU||1:300||English, Arabic, French, Italian, German||no||yes||CySEC||no||yes||no||1||0||1||0||0||0|
|CityIndex||2||https://forexexplore.com/forex-brokers/cityindex-review/||100||2||-||https://forexexplore.com/forex-brokers/cityindex-review/||MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App||yes||yes||Credit/Debit Cards||1:400||English||Trademark of GAIN Capital UK Ltd - Regulated by FCA||yes||yes||1||0||0||0||0||1|
|Markets.com||2||https://forexexplore.com/forex-brokers/markets-com-review/||100||2||up to $2,000||https://forexexplore.com/forex-brokers/markets-com-review/||Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader||yes||yes||Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments||1:200||English, French, Spanish, German, Russian, Italian, Chinese, Arabic, Turkish, Portuguese, Japanese, Polish, Greek, Dutch, Swedish||CySEC, FSCA South Africa||yes||yes||1||1||1||0||0||0|
|Orbex||0||https://forexexplore.com/forex-brokers/orbex-review/||500||1.6||https://forexexplore.com/forex-brokers/orbex-review/||MetaTrader 4||no||yes||Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney||1:500||English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu, Greek||no||no||CySEC||yes||yes||no||1||1||0||0||0||1|
|CMTrading||4||https://forexexplore.com/forex-brokers/cmtrading-review/||200||2||15% match||https://forexexplore.com/forex-brokers/cmtrading-review/ה||MetaTrader 4, Sirix||yes||yes||credit/debit cards, Wire transfer, CashU ,Skrill||1:400||Financial Services Board (FSB) South Africa||1||0||0||0||0||1|
|Accent Forex||0||https://forexexplore.com/forex-brokers/accentforex-review/||10||3||50%||no||https://forexexplore.com/forex-brokers/accentforex-review/||MetaTrader 4||no||yes||WebMoney, OkPay, Skrill, Wire Transfer, Credit Cards||1:500||English||0||0||0||0||0||1|
|Grand Capital||0||https://forexexplore.com/forex-brokers/grandcapital-review/||10||2||$500 no deposit||https://forexexplore.com/forex-brokers/grandcapital-review/||MetaTrader 4, WebTrader||yes||yes||Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney||500:1||English, Russian, Chinese, Indonesian||yes||no||Financial Commission FinaCom, EDR Hong Kong external dispute resolution organization||yes||no||no||1||0||1||0||0||1|
|Simplefx||1||https://forexexplore.com/forex-brokers/simplefx-reviews/||1||1||https://forexexplore.com/forex-brokers/simplefx-reviews/||MetaTrader 4 and in-house web-based platform||yes||yes||Wire transfer, Credit/debit cards, Skrill, Neteller, Astropay, Webmoney, FasaPay, Qiwi, Moneta, ru, Yandex, China UnionPay, Bitcoin and litecoin||1:100||no||no||no||no||no||no||yes||0||0||0||0||0||0|
|Alvexo||0||https://forexexplore.com/forex-brokers/alvexo-review/||5000||3.3||-||https://forexexplore.com/forex-brokers/alvexo-review/||MetaTrader 4, WebTrader, Mobile||yes||yes||Cash-U, Credit Card, Webmoney, Wire Transfer||400:1||English, French||no||no||CySEC||yes||yes||1||0||0||0||0||1|
|NSFX||0||https://forexexplore.com/forex-brokers/nsfx-review/||300||3||https://forexexplore.com/forex-brokers/nsfx-review/||Metatrader 4, Webtrader, NSFX Jforex platform||yes||yes||credit cards, Skrill, CashU and wire transfer||200:1||English, Arabic, German, Turkish and Italian||no||no||MFSA||yes||yes||no||1||0||0||0||0||0|
|Synergy FX||1||https://forexexplore.com/forex-brokers/synergyfx-reviews/||500||2||https://forexexplore.com/forex-brokers/synergyfx-reviews/||MetaTrader 4||no||yes||credit cards, skrill, wire transfer||1:500||no||yes||ASIC, AFSL||yes||yes||yes||yes||1||0||0||0||0||1|
|FXGrow||0||https://forexexplore.com/forex-brokers/fxgrow-review/||100||0.8||-||https://forexexplore.com/forex-brokers/fxgrow-review/||MetaTrader 4, NetStation||yes||yes||Credit/Debit cards, Skrill, Neteller, OkPay, CashU, WireTransfer||200:1||English||0||0||1||0||0||0|
|Juno Markets||0||https://forexexplore.com/forex-brokers/juno-markets-review/||500||3||-||https://forexexplore.com/forex-brokers/juno-markets-review/||MetaTrader 4||no||yes||neteller, skrill, credit cards, wire transfer||1:400||English||no||no||FinaCom||no||yes||no||1||0||0||0||0||1|
|Tickmill||3||https://forexexplore.com/forex-brokers/tickmill-review/||100||1.2||-||https://forexexplore.com/forex-brokers/tickmill-review/||MetaTrader 4, Webtrader||yes||yes||wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney||1:500||no||yes||FCA UK, FSA Seychelles||yes||yes||no||yes||1||1||1||0||1||1|
|TeleTrade||0||https://forexexplore.com/forex-brokers/teletrade-review/||2000||5||24%||https://forexexplore.com/forex-brokers/teletrade-review/||MetaTrader 4, Mobile||no||yes||credit cards, Wire transfer, Neteller, Skrill||1:200||English, Russian||0||0||0||0||0||0|
|Financika||1||https://forexexplore.com/forex-brokers/financika-reviews/||250||2||https://forexexplore.com/forex-brokers/financika-reviews/||Profit, WebProfit, MetaTrader 4||yes||yes||credit cards, wire transfer||200:1||no||no||no||no||no||no||0||0||0||0||0||0|
|TenkoFX||3||https://forexexplore.com/forex-brokers/tenkofx-review/||10||3||https://forexexplore.com/forex-brokers/tenkofx-review/||MetaTrader 4, Webtrader||yes||yes||Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi||1:500||English||no||no||International Financial Services Commission of Belize||yes||yes||no||1||0||0||0||0||1|
|KGIeworld||0||https://www.forexexplore.com/forex-brokers/kgieworld-review||1000||3||-||https://www.forexexplore.com/forex-brokers/kgieworld-review||MetaTrader 4||no||yes||Wire Transfer, Check||1:50||English||no||no||MAS||no||yes||no||1||0||0||0||0||0|
|Abshire-Smith||0||http://www.abshire-smith.com/||500||1.8||https://www.forexexplore.com/forex-brokers/abshire-smith-reviews||Vertex fx, Metatrader 4, straticator||no||yes||CashU, Neteller, Skrill, Wire Transfer||1:200||no||no||FCA||yes||1||0||1||0||0||0|
|Alfa Financial||0||http://www.alfafinancials.com||10000||$1 plus $15 commissions||https://www.forexexplore.com/forex-brokers/alfa-financial-review||MetaTrader 4, AX1Trader||yes||yes||1:100||English||no||no||Central Bank UAE||yes||1||0||0||0||0||0|
|Blueberry Markets||4||https://www.blueberrymarkets.com||100||1.5||https://www.forexexplore.com/forex-brokers/blueberry-markets-reviews||MetaTrader 4||no||yes||credit cards, wire transfer, POLi, Skrill||1:500||no||no||ASIC||yes||yes||yes||yes||1||1||0||0||0||1|
|CIBfx||0||http://www.cibfx.com||100||1||https://www.forexexplore.com/forex-brokers/cibfx-review||MetaTrader 4||yes||yes||Paypal, Skill, Credit Cards, Neteller||1:200||no||no||VSFC||no||yes||no||0||0||0||0||0||0|
|BlackBull Markets||6||https://go.blackbullmarkets.com/visit/?bta=39396&brand=blackbull||200||0.8||yes||https://www.forexexplore.com/forex-brokers/blackbull-markets-review||Metatrader 4, Metatrader 5||yes||yes||Bank Transfer, Credit Card Payments (Visa, MasterCard), Skrill, Neteller, China Union Pay, FasaPay||1:500||yes||no||Financial Services Provider||yes||yes||yes||no||yes||yes||yes||1||0||0||0||0||0|
|Darwinex||0||https://www.darwinex.com/||500||1||https://www.forexexplore.com/forex-brokers/darwinex-review||MetaTrader 4, cTrader||yes||yes||Bank Wire, Credit Cards, UnionPay||1:200||no||yes||FCA||yes||1||0||0||0||0||0|
|ETX Capital||0||https://www.etxcapital.com/||100||1||https://www.forexexplore.com/forex-brokers/etxcapital-review||ETX Trader Pro, Metatrader 4, ETX binary||yes||yes||credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay||1:200||no||no||FCA||no||no||no||1||0||0||0||0||0|
|FCI Markets||1||http://www.fci-markets.co.uk/||250||0.2||https://www.forexexplore.com/forex-brokers/fci-markets-reviews||Currenex, FCI NetStation, MetaTrader 4||yes||yes||credit cards, neteller, skrill, wire transfer||1:100||no||yes||FCA||yes||yes||no||1||1||0||0||0||0|
|Fortrade||1||https://www.fortrade.com/||500||3||https://www.forexexplore.com/forex-brokers/fortrade-reviews||Fortrader||yes||yes||wire transfer, credit cards, skrill, neteller||1:200||no||no||FCA||no||no||no||yes||1||0||0||0||0||0|
|FX Giants||1||https://forexexplore.com/forex-brokers/fxgiants-reviews/||500||2.2||https://forexexplore.com/forex-brokers/fxgiants-reviews/||MetaTrader 4||no||yes||credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer||1:500||no||no||FCA||no||no||yes||1||0||0||0||0||1|
|FXGlobe||1||https://forexexplore.com/forex-brokers/fxglobe-reviews/||250||0.7||https://forexexplore.com/forex-brokers/fxglobe-reviews/||MetaTrader 4||no||yes||Credit cards, Neteller, Skrill, Wire transfer||1:500||no||no||CySEC||yes||no||yes||1||1||0||0||0||1|
|FXonus||1||https://forexexplore.com/forex-brokers/fxonus/||500||3||https://forexexplore.com/forex-brokers/fxonus/||MetaTrader 4||yes||yes||Credit Cards, Skrill, Neteller, Wire Transfer, China Union Pay||1:500||no||no||no||yes||no||no||0||1||0||0||0||1|
|FXoro||1||https://forexexplore.com/forex-brokers/fxoro-reviews/||200||3||https://forexexplore.com/forex-brokers/fxoro-reviews/||Metatrader 4||no||yes||credit cards, wire transfer, skrill, neteller, ecoPayz, CashU||1:400||no||no||CySEC||yes||no||no||1||0||0||0||0||1|
|FXprimus||1||https://forexexplore.com/forex-brokers/fxprimus-reviews/||100||0.3||https://forexexplore.com/forex-brokers/fxprimus-reviews/||Metatrader 4||no||yes||Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer||1:500||no||no||Cysec||yes||yes||yes||1||1||0||0||0||1|
|Infinox||1||https://forexexplore.com/forex-brokers/infinox-reviews/||100||1.5||https://forexexplore.com/forex-brokers/infinox-reviews/||Metatrader 4||no||yes||credit cards, wire transfer, skrill, neteller, china unionpay||1:300||no||bo||FCA UK||yes||yes||no||yes||1||0||0||0||0||0|
|JCMFX||1||https://forexexplore.com/forex-brokers/jcmfx-review/||10||1.8||https://forexexplore.com/forex-brokers/jcmfx-review/||MetaTrader 4||no||yes||credit cards, FasaPay, Wire Transfer, Neteller, Skrill||1:1,000||no||no||FSA||no||no||no||1||0||0||0||0||1|
|Larson&Holz||1||https://forexexplore.com/forex-brokers/larson-holz-review/||100||0||https://forexexplore.com/forex-brokers/larson-holz-review/||Metatrader 4, Web Trader||yes||yes||credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money||1:500||no||no||FMRRC, NAFD||yes||yes||no||1||0||0||0||0||1|
|LCG||1||https://forexexplore.com/forex-brokers/lcg-reviews/||1||1.6||https://forexexplore.com/forex-brokers/lcg-reviews/||MetaTrader 4, LCG Trader (web-based, ECN accounts only)||yes||yes||wire transfer, debit/credit cards, Skrill||1:500||no||no||FCA UK||yes||yes||no||yes||1||0||0||0||0||1|
|LMFX||1||https://www.lmfx.com/||50||1.8||100% match bonus, 15% recovery||https://www.forexexplore.com/forex-brokers/lmfx-review||Metatrader 4, Webtrader||yes||yes||credit cards, Fasapay, neteller, okpay, skrill, wire transfer||1:1,000||yes||no||no||yes||no||yes||yes||0||0||0||0||0||1|
|LQDFX||1||https://www.lqdfx.com/||20||1||https://www.forexexplore.com/forex-brokers/lqdfx-review||MetaTrader 4, xStation||yes||yes||Wire transfer, Credit cards, Skrill, Neteller, Unipay, FasaPay, SoFort, iDeal||1:500||no||no||no||yes||yes||no||0||0||0||0||0||1|
|Mahi FX||1||https://mahifx.com/||1||1||https://www.forexexplore.com/forex-brokers/mahifx-reviews||Metatrader 4, MahiFX||yes||yes||wire transfer, credit cards||1:100||no||no||FCA UK, ASIC, FMA||no||no||no||yes||yes||1||0||0||0||0||0|
|Paxforex||1||https://paxforex.com/||10||No deposit $7 bonus – cannot withdraw||https://www.forexexplore.com/forex-brokers/paxforex-reviews||MetaTrader 4||no||yes||Credit cards, FasaPay, Neteller, OKPAY, Perfect Money, QIWI, Skrill, UnionPay, WebMoney, Wire Transfer||1:500||no||no||no||no||no||yes||0||0||0||0||0||1|
|Pricemarkets||1||https://pricemarkets.com||500||2.5||https://www.forexexplore.com/forex-brokers/pricemarkets-review||MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FX||yes||yes||wire transfer, credit cards||1:400||yes||no||FCA UK||yes||yes||yes||1||0||0||0||0||1|
|Rallytade||1||https://www.forexexplore.com/forex-brokers/rallytrade-review||100||1.6||https://www.forexexplore.com/forex-brokers/rallytrade-review||Metatrader 4, xStation (web-based), xSocial, xOptions||yes||yes||credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay||1;1,000||yes||yes||FinaCOM||no||no||no||1||0||0||0||0||1|
|Range Markets||1||https://www.rangeforex.com/||100||3||https://www.forexexplore.com/forex-brokers/range-markets-reviews||Metatrader 4||no||yes||Neteller, Credit Cards, wire transfer||1:500||no||no||FSA of St. Vincent and the Grenadines||no||no||no||1||0||0||0||0||1|
|Rekuten Securities||1||https://www.forexexplore.com/forex-brokers/rakuten-reviews||1||0.7||https://www.forexexplore.com/forex-brokers/rakuten-reviews||MarketSpeed FX, Trading Station (inherited from FXCM)||yes||yes||wire transfer, checks, ATM (only for local residents)||1:50||no||no||SFC||no||yes||no||yes||1||0||0||0||0||0|
|Roboforex||1||http://www.roboforex.com/||1||2||https://www.forexexplore.com/forex-brokers/roboforex-review||MetaTrader 4, cTrader||yes||yes||credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money||1:500||no||no||Cysec, IFSC, FSP, FSCL||yes||yes||no||1||0||0||0||0||1|
|Swissmarkets||0||https://www.swissmarkets.com/?campaign=1341&p1=&p2=334&p3=6m8j8j7w#signup||200||1.2||https://www.forexexplore.com/forex-brokers/swissmarkets-review||Metatrader 4, Webtrader||yes||yes||credit cards, wire transfer, neteller, skrill, iDEAL, giropay||1:500||no||no||CySEC, MiFID||no||yes||no||1||0||0||1||0||1|
|Trade360||0||https://www.trade360.com/||100||1.8||35%, $60 no deposit for real account||https://www.forexexplore.com/forex-brokers/trade360-review||Trade360||yes||no||credit cards, skrill, neteller, wire transfer||1:1,000||no||no||CySEC||no||no||no||yes||yes||1||0||0||0||0||1|
|Tradersway||1||https://forexexplore.com/forex-brokers/traders-way-reviews/||0||1||https://forexexplore.com/forex-brokers/traders-way-reviews/||Metatrader 4, ctrader||yes||yes||Skrill, Neteller, Perfect Money, Webmoney, QIWI, MonetaRu, EasyPay, Boletto, CashU||1:1,000||no||no||no||yes||yes||no||0||1||0||0||0||1|
|Trading212||1||https://forexexplore.com/forex-brokers/trading212-review/||100||2.5||https://forexexplore.com/forex-brokers/trading212-review/||Trading212||yes||no||wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay||1:200||no||no||FCA UK||no||yes||no||yes||1||0||0||0||0||0|
|Turnkey||1||https://forexexplore.com/forex-brokers/turnkey-forex-reviews/||5||2||100% deposit bonus; 30 days of commission-free trading; 30% rescue bonus||https://forexexplore.com/forex-brokers/turnkey-forex-reviews/||MetaTrader 4, Trade Station||yes||yes||credit cards, wire transfer, neteller||1:200||yes||yes||no||yes||yes||yes||0||0||0||0||0||0|
|Whaleclub||1||https://forexexplore.com/forex-brokers/whaleclub-reviews/||1||1||https://forexexplore.com/forex-brokers/whaleclub-reviews/||in-house whaleclub web platform||yes||no||bitcoin||1:100||no||no||no||no||no||no||0||0||0||0||0||0|
|Z.com Trade||3||https://forexexplore.com/forex-brokers/z-com-trade-reviews/||1||1.4||https://forexexplore.com/forex-brokers/z-com-trade-reviews/||Z.com trader web, Z.com trader pro (demo account only)||yes||yes||credit cards, wire transfer, china unionpay, skrill||1:200||no||no||FCA UK||yes||yes||no||1||0||0||0||0||0|
|Freshforex||3||https://forexexplore.com/forex-brokers/freshforex-review/||1||3||+5% to each cryptocurrency deposit; get 300% for each deposit||https://forexexplore.com/forex-brokers/freshforex-review/||Metatrader 4||yes||yes||WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking||1:1000||no||yes||KROUFR||yes||yes||yes||yes||yes||yes||yes||yes||yes||1||1||0||0||1||1|
|ForexMart||0||https://forexexplore.com/forex-brokers/forexmart-review/||1||0.0||$150 no deposit needed||https://forexexplore.com/forex-brokers/forexmart-review/||Metatrader 4||yes||yes||credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin||1:1,000||no||no||CySEC||no||yes||yes||yes||yes||yes||yes||yes||1||0||0||0||0||1|
|Pepperstone||3||https://forexexplore.com/forex-brokers/pepperstone-review/||200||1.2||100% Match Bonus||https://forexexplore.com/forex-brokers/pepperstone-review/||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||yes||yes||bPay, credit cards, Paypal||1:500||English||yes||yes||ASIC, FCA UK||yes||yes||yes||yes||yes||yes||yes||yes||1||1||1||0||0||1|
|Forexee||0||https://forexexplore.com/forex-brokers/forexee-review/||50||0.5 plus commissions||Special trading commission $1, Welcome Bonus $15 for STP, 0% commission for deposits||https://forexexplore.com/forex-brokers/forexee-review/||MetaTrader 4||no||yes||Credit Cards, Webmoney, Wire Transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, litecoin, Fasapay, etherium, Payza, Perfect Money||1:500||English||no||no||no||yes||yes||no||yes||0||1||0||0||0||1|
|AETOS||0||https://forexexplore.com/forex-brokers/aetos-review/||250||2||https://forexexplore.com/forex-brokers/aetos-review/||MetaTrader 4||yes||yes||Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY||1:200||no||no||FCA UK||no||no||no||yes||yes||1||0||0||0||0||0|
|TradeFW||3||https://forexexplore.com/forex-brokers/tradefw-review/||0||250||https://forexexplore.com/forex-brokers/tradefw-review/||yes||yes||Bank wire, Credit/Debit Card.||1:30||no||no||Cysec||yes||yes||no||yes||1||1||0||0||0||0|
|1Market||0||https://forexexplore.com/forex-brokers/1market-review/||250||3||https://forexexplore.com/forex-brokers/1market-review/||Webtrader, Metatrader 5||yes||yes||credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt||1:400||no||no||Cysec||no||no||no||no||yes||1||0||0||0||0||1|
|Trade Nation||4||https://forexexplore.com/forex-brokers/tradenation-review/||1||0.6||https://forexexplore.com/forex-brokers/tradenation-review/||in-house web-based platform, Metatrader 4 MT4||yes||yes||Credit Card, Srill||1:30; 1:200||English||yes||yes||FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas||yes||1||1||0||0||0||0|
|PlusMarkets||0||https://forexexplore.com/forex-brokers/plusmarkets-review/||0||0.1||https://forexexplore.com/forex-brokers/plusmarkets-review/||Metatrader 4, PlusMarkets Trader||yes||yes||cards, wire transfers, and some alternative payment methods, which aren’t specified||1:30||no||no||CySec||no||yes||no||1||0||0||0||0||0|
|HonorFX||0||https://forexexplore.com/forex-brokers/honorfx-review/||100||0.2||https://forexexplore.com/forex-brokers/honorfx-review/||Metatrader 5||no||yes||Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money||1:500||FSA||yes||1||0||1||0||0||1|
|Tiger Brokers||0||https://forexexplore.com/forex-brokers/tiger-brokers-review/||0||https://forexexplore.com/forex-brokers/tiger-brokers-review/||Tiger Trade||no||yes||Bank Wire Transfer, FAST, DDA, PayNow||Up to 4x (day trade), Up to 2x (next day)||yes||US Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC)||yes||1||0||0||0||0||0|
|MarketBull||0||https://forexexplore.com/forex-brokers/marketbull-review/||1000||1.8||100% match the deposit||https://forexexplore.com/forex-brokers/marketbull-review/||Metatrader 4||yes||yes||Credit Cards, Neteller, Skrill, Bank Wire Transfer||1:1000||jurisdiction of the UK||yes||yes||yes||yes||yes||1||1||0||0||0||1|
|CedarFX||0||https://forexexplore.com/forex-brokers/cedarfx-review/||50||3||https://forexexplore.com/forex-brokers/cedarfx-review/||MetaTrader 4||yes||Credit Card, Bank Wire, Bitcoin||1:500||yes||1||0||0||0||0||1|
|GCI Trading||0||https://forexexplore.com/forex-brokers/gci-trading-review/||500||1||50% on deposit||https://forexexplore.com/forex-brokers/gci-trading-review/||MetaTrader 4, ActTrader||yes||yes||Bank Wire Transfer, Credit Card, Neteller, Skrill||1:400||IFSC||yes||yes||1||1||0||0||0||1|
|Axi||0||https://forexexplore.com/forex-brokers/axitrader-review/||200||1.2||https://forexexplore.com/forex-brokers/axitrader-review||Metatrader 4||yes||yes||Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer||1:400||no||no||ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines||no||no||yes||1||0||0||0||0||1|
How To Choose a Forex Brokerage if you are Canadian trader
You have to decide on your currency pairs and trading style. Practice with demo account before you invest any real money into the game. Keep in mind that Metatrader 4 platform is one of the popular and safest out there and is available for either download and web-based including mobile versions.
Whether a complete newbie or experienced trader, check out terms and conditions of each broker you have selected to trade with. Little hidden fees, high spreads, limitations on trading styles can be a huge disadvantage for your investing career.
What you need to look out for the most:
- Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
- Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
- Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
- Respected regulation authority such as DFSA, FCA UK, Cysec
- Segregated accounts for your trading funds (meaning that your money is kept separately from the company’s finances)
- Satisfactory reviews from real forex traders from Kenya and around the globe
- Various payment methods with fast deposit and withdrawal options
- Low spreads and outstanding trading features
- Reputable trading platform such as Metatrader 4
- High quality customer support via chat email and phone
Is forex trading illegal in Canada?
Forex trading is legal in Canada. The IIROC (Investment Industry Regulatory Organization of Canada) oversees the forex industry on a national level, but local regulators also exert control. Canadian FX traders should check a broker is licensed with the IIROC before they open an account.
How to Verify IIROC Regulation
To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker’s homepage.
About the IIROC
IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Maket Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatorty bodies in Canada:
- British Columbia Securities Commission
- Alberta Securities Commission
- Saskatchewan Financial Services Commission
- Manitoba Securities Commission
- Ontario Securities Commission
- Autorité des marchés financiers
- New Brunswick Securities Commission
- Nova Scotia Securities Commission
- Prince Edward Island
- Newfoundland Securities Commission
Is forex trading legal in Ontario?
Forex trading in Canada is legal. However, it does not have a national regulatory forum. Trading in securities in Canada is considered the same as trading in the securities and derivatives. You need to be conversant with the forex trading regulations in each province.
Get Started with Forex in Canada
Find an online forex broker that accepts clients from Canada. Open a margin account with that broker. Deposit funds using a payment method the broker accepts. Download the broker’s trading platform or one you can use with that broker.
Can you make money forex trading in Canada?
Yes – you can generate income forex trading in Canada. However, most FX traders lose money. New traders should enter the forex market aware of the risks and should not invest more than they can afford to lose.
How do we rank and review?
Our team consists of traders with more than 15 years experience in forex. We have collected, reviewed, ranked and test driven more than 300 online international forex brokers and have created a full 2023 Forex Broker Review guide for our visitors.
Top 5 Tips for Choosing the Best Canadian Forex Broker
- Choose a Forex broker in Canada that is regulated by the Investment Industry Regulatory Organization of Canada, or IIROC.
- Choose a Forex broker in Canada that also gives you the best Forex trading platform in Canada for your needs.
- Find a Forex broker with good execution speeds to make certain you get the best prices when executing your trades.
- When trying to find the best Forex broker in Canada, you want to make sure they have great support. For example, can they be contacted by phone as well as email?
- The best Forex brokers in Canada will have tight spreads and will sometimes allow you to choose between floating and fixed spreads to meet your needs.
Whether you’re a Canadian resident or not, finding the best Canadian Forex brokers can help you find the best investor protection available anywhere in the world as well as access to some of the best Forex trading platforms and online trading software.
There is a great deal of choice amongst Canadian Forex brokers from account types, trading platforms, trading software, and margin requirements. Our team of analysts and experts at ForexExplore.com have searched and found the best Forex brokers in Canada so you do not have to do the hard work.
Forex Regulation in Canada
Getting Started with Forex Regulations in Canada
The first thing to know about Canadian Forex brokers is that they are classed as “investment dealers” by the country’s regulators and as a result Forex regulation in Canada is governed by the Investment Industry Regulatory Organization of Canada, or IIROC. This is great news because IIROC has some of the best rules anywhere in the world making Canadian Forex brokers amongst the safest in the world. If you are looking for the best Forex broker for your trading, Canadian Forex brokers are a great please to start looking.
Canada is uniquely divided into multiple jurisdictions along the lines of their provinces and territories. Each province has its own regulatory body that can provide additional rules over and above IIROC requirements. For example, residents in the province of Alberta have to meet additional conditions, such as their net worth and level of trading experience, before being permitted to open a Forex trading account. Fortunately, many of the local layers of regulation have been recently harmonized, making it more consistent nationally.
Canada is one of the very few developed nations in the world that allow its citizens to invest their money with overseas Forex brokers that are not regulated in Canada. If you want the full protection of IIROC regulation as a trader, it is up to you to choose a Forex broker that is regulated by IIROC.
Understanding IIROC Regulation
IIROC has a comprehensive rule book for Canadian Forex brokers that govern how clients’ deposits are held, how much leverage is allowed and what information must be disclosed. When a Canadian Forex Broker is regulated by IIROC, it also means they will be protected by the Canadian Investor Protection Fund (CIPF) which covers depositors up to $1,000,000 each if a Forex broker fails. The best Forex brokers in Canada will have this level of coverage.
IIROC will set out a Canadian Forex brokers’ minimum capital requirement and screen every single employee for suitability of professional qualifications and good character. The maximum leverage which may be offered to any retail client by an IIROC regulated Canadian Forex broker is 50 to 1, which is a relatively generous limit for a Western OECD nation: in comparison, in the European Union, the maximum leverage is 30 to 1. Unless you are trading a very small account, 50 to 1 is enough leverage to enable profitable trading but still control risk so you do not lose your entire online Forex trading account overnight.
How to Verify IIROC Regulation
It is easy to verify which Forex brokers in Canada are covered by IIROC. You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information. Some Forex brokers in Canada also put this information in the “About Us” section of their websites. You can visit IIROC’s website directly where it will list which Forex brokers in Canada they cover – this is the best way to verify that the information provided by the Forex broker in Canada is correct.
Do the Same Trading Rules Apply to Canadian & American Forex Brokers?
Different rules apply to Forex brokers in Canada compared to Forex brokers in the US. For example, there are different leverage and margin rules between Forex brokers in Canada versus the US. Also, many Forex brokers in the US will not accept accounts from Canadian residents. If you are looking for a broker that offers the best currency trading platform in Canada for your trading needs, all the trading platforms offered globally are available from Forex brokers in Canada. For example, MetaTrader 4 and MetaTrader 5 are a standard for many Forex Brokers in Canada.
Forex Trading in Canada
The Advantages of Choosing Forex Brokers in Canada
The biggest advantage of picking Forex brokers in Canada is the strong regulations they must follow that ultimately protects customers. When you look at Forex Canada, it has amongst the best investor protection in the world.
Minimum Deposit Required for Trading with Canadian Forex Brokers
There are no minimum deposit requirements for Forex trading in Canada. It will depend on the broker, the type of trading account you want to open, for example, a mini account or a standard account, and the currency trading platform you want to use.
Choosing a Forex Broker as a Canadian Trader
Naturally, you want the best Forex broker for your online trading. This means finding a broker that has the best forex trading platform in Canada and the best additional software to ultimately give you the best chance of success.
These allow your trade sizes to be as little as one micro lot. A micro lot is 1,000 units of a base currency, or a hundredth the size of a standard lot. One pip of a currency pair based in U.S. dollars is equal to $0.10 when trading a micro lot. For example, if you are in a EUR/USD long trade and the price moves up by 150 pips, your trading profit is $15 for every micro lot you trade.
Mini accounts allow you to place trades at one mini lot or greater. A mini lot is one-tenth the size of a standard, or 10,000 units of a base currency. One pip of a currency pair based in U.S. dollars is equal to $1.00 when trading a micro lot. For example, if you are in a GBP/USD short trade and the price moves down by 50 pips, the profit is $50 for every mini lot you have traded.
These typically have a minimum trade size of one standard lot. A standard lot is the equivalent of 100,000 units of the base currency. One pip of a currency pair based in U.S. dollars is equal to $10.00 when trading a standard lot. For example, if you are in an AUD/USD long trade and the price moves higher by 25 pips, your profit is $250 for every standard lot.
Many brokers offer “VIP” accounts for customers with high deposit levels. Aside from getting the best trading conditions in the form of execution speed and spreads, VIP accounts normally come with a dedicated account manager to handle the trader’s requests.
Forex typically involves interest paid or received when holding positions for longer than a day. This is incompatible with Islamic finance principles, so Islamic Forex accounts were created to meet this gap in the market. These types of accounts replace the variable interest charge with a fixed charge for overnight positions or no charge at all thereby making currency trading compatible with Islamic finance principles.
Minimum Deposits for Different Account Types
When you are deciding what type of account you want, the biggest factor will often be the amount of money you have available to deposit with your Forex broker in Canada. Micro accounts and mini accounts will normally require a smaller deposit than a standard account. For example, if you want to start with as little as a $100 deposit, you will probably be eligible for a micro account. In comparison, a standard account will require you to fund $1,000 or even $10,000.
About the Best Forex Brokers Canada Review
Forex Explore is a financial portal that strives to provide forex traders of all backgrounds with reliable information. Our detailed Forex Brokers Canada review was conducted by our independent analysts, which based the review on a wide range of factors including:
- The regulatory framework for Canadian brokers
- Financial transaction cost (commissions and spreads)
- Range of markets available
- Trading platform solution
- FX brokers with high leverage
- Minimum deposits (deposits and withdrawal options)
- Direct market access
Only the best Canadian forex brokers have made it into our ranking system. Our proprietary star ranking system ensures that you will avoid scam FX brokers. The selection of top forex brokers in Canada was narrowed down to only 4 names, so forex traders won’t get overwhelmed trying to find a broker to fit their needs.