Best Forex Brokers in Canada: 9 Brokers From CIRO Dealers Compared

The 9 brokers we rate, ranked

Ordered by score, highest first, both kinds together: seven scores come from our global testing; two were scored from each firm's published Canadian information through the same eight categories. Each line names the Canadian company that offers the brand; its place in the list comes from its score.

1. OANDA - offered by OANDA (Canada) Corporation ULC
2. FXCM - offered by Friedberg Mercantile Group Ltd.
3. FOREX.com - offered by GAIN Capital - FOREX.com Canada Ltd.
4. CMC Markets - offered by CMC Markets Canada Inc.
5. AvaTrade - offered by Friedberg Mercantile Group Ltd.
6. Interactive Brokers - offered by Interactive Brokers Canada Inc.
7. Plus500 - offered by Plus500CA Ltd.
8. Questrade - offered by Questrade Inc.
9. Fortrade - offered by Fortrade Canada Limited

What are the 9 best forex brokers in Canada?

CIRO dealer member, CIPF member

1. OANDA: offered by OANDA (Canada) Corporation ULC

88.3/100

Global score

#1 of 9 in this ranking

Visit OANDA

Read our full OANDA review

EUR/USD spread, as advertised

0.6 pips, advertised typical, Standard account

Platforms

OANDA Web, OANDA mobile app (iOS/Android), TradingView, MetaTrader 4

CIRO dealer

OANDA (Canada) Corporation ULC: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend OANDA

OANDA suits Canadian traders who want low, spread-only costs with real flexibility. I would send you here if you size into positions carefully, since the minimum trade is 1 unit and the typical EUR/USD spread is 0.6 pips with no commission. There is no minimum deposit, and the demo does not expire, so there is no rush before funding.

Pros & Cons

• Typical EUR/USD spread of 0.6 pips on standard spread-only pricing.
• No minimum deposit, and trades from 1 unit.
• Demo account does not expire, so practice can run as long as needed.

• Alberta residents cannot open an account.
• Core spreads plus commission pricing requires a C$10,000 balance or deposit.

Broker's Detail

OANDA (Canada) Corporation ULC, a CIRO dealer member, runs a standard account with spread-only pricing or core spreads plus a commission of C$1 per 10,000 units. The standard account's typical EUR/USD spread is 0.6 pips for typical order sizes. Core pricing needs a C$10,000 balance or deposit, so in my view the standard account is where most traders should start.

Trading runs on OANDA Web, the OANDA mobile app, TradingView, or MetaTrader 4. There is no minimum deposit, and accounts can be personal, joint, or business. A SIN or a Canadian visa entry document is required to open one, and Quebec residents are served through its derivatives dealer registration there.

EUR/USD as OANDA's Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Standard	0.6 pips, advertised typical, commission none	Canadian site, September 26, 2026

Offered through Friedberg Mercantile Group Ltd., a CIRO dealer member and CIPF member

2. FXCM: offered by Friedberg Mercantile Group Ltd.

68.6/100

Global score

#2 of 9 in this ranking

Official site

Read our full FXCM review

FXCM is offered in Canada by Friedberg Mercantile Group Ltd., a CIRO dealer member that also offers AvaTrade.

EUR/USD spread, as advertised

Spread-only ('opening and closing fees are built into the spread')

Platforms

Trading Station (web/desktop/mobile), MetaTrader 4, TradingView (live trading integration), API trading

CIRO dealer

Friedberg Mercantile Group Ltd.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend FXCM

FXCM suits Canadian traders who want platform choice and a straightforward default cost. My pick for you lands here if you are a chart-first trader, since TradingView integration and API access are both available. Default pricing builds opening and closing fees into the spread with no additional charge, and our global broker test measured 0.93 pips on EUR/USD on a global standard account, not the Canadian entity.

Pros & Cons

• TradingView live trading integration plus FIX, ForexConnect, and Java APIs.
• Default pricing builds opening and closing fees into the spread.
• Free demo with "$50,000 of virtual money".

• The account minimum for any new account is 5,000 in the base currency.
• The commission model applies only to accounts designated in a written notice.

Broker's Detail

FXCM is offered in Canada by Friedberg Mercantile Group Ltd., a CIRO dealer member, and your account is opened by and held with Friedberg Direct, its division. Default pricing builds opening and closing fees into the spread with no additional charge. The commission model, only for designated accounts, charges US$5.00 or C$7.00 per 100k per side, payable at open and close.

You can trade on Trading Station, MetaTrader 4, TradingView, or via API, and your base currency is CAD or USD. No province is excluded, and derivatives for Quebec residents are authorized by the Quebec AMF. The free demo comes with "$50,000 of virtual money", though its length is not stated.

EUR/USD pricing as FXCM's Canadian pages state it, not a figure we tested.

Account	EUR/USD pricing, as stated	Source
As stated	Spread-only ('opening and closing fees are built into the spread')	Firm document, September 26, 2026

CIRO dealer member, CIPF member

3. FOREX.com: offered by GAIN Capital - FOREX.com Canada Ltd.

67.6/100

Global score

#3 of 9 in this ranking

Visit FOREX.com

Read our full FOREX.com review

EUR/USD spread, as advertised

1 pip, advertised minimum, Standard account

Platforms

FOREX.com web, FOREX.com mobile, FOREX.com desktop, TradingView, MetaTrader 5, MetaTrader 4 (Standard account, per trading-costs page)

CIRO dealer

GAIN Capital - FOREX.com Canada Ltd.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend FOREX.com

FOREX.com gives Canadian traders a clear choice between simple and raw pricing. I rate it for a trader who wants both options in one place, since the Standard account runs EUR/USD from 1.0 pip with no commission while RAW Pricing starts at 0.0 pips plus US$7 per US$100,000 per side. The "$100" minimum deposit keeps the entry bar low.

Pros & Cons

• RAW Pricing from 0.0 pips plus US$7 per US$100,000 per side.
• Standard account needs no commission and only "$100" to start.
• Demo carries "$50,000" in virtual funds.

• Alberta residents qualify only as Accredited Investors.
• Demos last 90 days and cannot be renewed.

Broker's Detail

FOREX.com is offered in Canada by GAIN Capital - FOREX.com Canada Ltd., a CIRO dealer member registered as an investment dealer in every province and territory and a derivatives dealer in Quebec. The Standard account is spread-only, EUR/USD as low as 1.0 pips. RAW Pricing, on FOREX.com platforms or MT5, adds the commission and suits a trader for whom cost per pip matters more than simplicity.

The base currency is CAD or USD, and currency trades run from 1,000 units. EUR/USD margin is 5% in a CAD account and 3% in a USD account. The $2,500 figure is only a recommendation, so the $100 minimum is the real bar for most traders.

EUR/USD as FOREX.com's Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Standard	1 pip, advertised minimum, commission none	Canadian site, September 26, 2026

CIRO dealer member, CIPF member

4. CMC Markets: offered by CMC Markets Canada Inc.

64.6/100

Global score

#4 of 9 in this ranking

Official site

Read our full CMC Markets review

EUR/USD spread, as advertised

0.5 pips, advertised minimum, Standard account

Platforms

CMC Markets web platform, CMC mobile app, MetaTrader 4, MetaTrader 5, TradingView (CMC platform accounts only)

CIRO dealer

CMC Markets Canada Inc.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend CMC Markets

CMC Markets advertises a 0.5 pip minimum EUR/USD spread on its Standard account with no separate FX commission. In my view it fits you if you trade EUR/USD often and also want a second pricing step, since the FX Active account runs from 0.0 pips plus a 0.0025% commission each way.

Pros & Cons

• Standard account advertises EUR/USD from 0.5 pips with no FX commission.
• FX Active account runs from 0.0 pips plus commission.
• Demo account comes with "$10,000" in virtual funds.

• MT4 and MT5 need a separate account that excludes the CMC platform and TradingView.
• Alberta residents must be accredited investors.

Broker's Detail

CMC Markets Canada Inc., a CIRO dealer member, offers a Standard CFD account and an FX Active CFD account, plus corporate accounts. The Standard account's EUR/USD minimum spread is 0.5 pips, and FX Active charges 0.0025% of transaction value on opening and on closing trades, US$2.50 per US$100,000 per side in its example. There is no minimum deposit.

Your account is held in CAD or USD. The platform choice is wide, with the CMC web platform, the mobile app, MT4, MT5, and TradingView on CMC platform accounts, but the MetaTrader accounts sit apart from the CMC platform. You are eligible if you are a Canadian resident 18 or over and not a US Person, and Quebec is served.

EUR/USD as CMC Markets' Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Standard	0.5 pips, advertised minimum, commission none	Canadian site, September 26, 2026

Offered through Friedberg Mercantile Group Ltd., a CIRO dealer member and CIPF member

5. AvaTrade: offered by Friedberg Mercantile Group Ltd.

64.5/100

Global score

#5 of 9 in this ranking

Official site

Read our full AvaTrade review

AvaTrade is offered in Canada by Friedberg Mercantile Group Ltd., a CIRO dealer member that also offers FXCM.

EUR/USD spread, as advertised

0.6 pips, advertised typical, Standard account

Platforms

WebTrader, MetaTrader 4, MetaTrader 5, AvaOptions (desktop/iOS/Android), Mac trading (MT4 Mac/WebTrader), Friedberg Direct / AvaTrade mobile app

CIRO dealer

Friedberg Mercantile Group Ltd.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend AvaTrade

AvaTrade charges no commission on any trade and compensates through the bid-ask spread, which keeps your costs simple. I would point you here if you trade across platforms, since MT4, MT5, WebTrader, and AvaOptions all sit under one roof. Its product guide lists a 0.6 pip typical spread on EUR/USD.

Pros & Cons

• No commission on any trade; costs sit in the bid-ask spread.
• MT4, MT5, WebTrader, and AvaOptions platforms available.
• Islamic account designation is available.

• Minimum deposit is C$300 or US$250, higher than FOREX.com's "$100" and Plus500's C$100.
• EUR/USD margin is stated only as a percentage, 5.00% in a CAD account and 3.00% in a USD account, with no ratio stated by the firm.

Broker's Detail

AvaTrade is offered in Canada by Friedberg Mercantile Group Ltd., a CIRO dealer member, and the contract is with Friedberg Direct, its division. You pay no commission on any trade, and AvaTrade is compensated through the spread except when otherwise stated. EUR/USD margin is 5.00% in a CAD account and 3.00% in a USD account, per its Trading Conditions page.

Your minimum trade size is 1,000 units, and your base currency is CAD or USD. The minimum deposit is C$300 or US$250. Its CFD range covers forex, commodities, indices, share CFDs, bonds, and vanilla FX and metal options, with AvaOptions available on desktop, iOS, and Android.

EUR/USD as AvaTrade's Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Standard	0.6 pips, advertised typical, commission none	Firm document, September 26, 2026

CIRO dealer member, CIPF member

6. Interactive Brokers: offered by Interactive Brokers Canada Inc.

62.3/100

Global score

#6 of 9 in this ranking

Official site

Read our full Interactive Brokers review

EUR/USD spread, as advertised

Spreads 'as narrow as 1/10 PIP'; commission 0.20 basis point x trade value

Platforms

Trader Workstation (TWS), IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, IMPACT, Client Portal (web), TradingView integration

CIRO dealer

Interactive Brokers Canada Inc.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend Interactive Brokers

Interactive Brokers fits experienced Canadian traders who want tight FX pricing inside a multi-currency account. Quotes carry no markup, with spreads as narrow as 1/10 pip plus a 0.20 basis point commission. Note that Interactive Brokers Canada Inc. offers no CFDs; its forex is leveraged spot currency, with IBKR as counterparty.

Pros & Cons

• No markup on quotes, with spreads as narrow as 1/10 pip.
• Commission of 0.20 basis point x trade value, US$2.00 minimum per order.
• Every new account includes a Paper Trading account.

• Leveraged FX needs good or extensive product knowledge and 100 executed or simulated trades.
• Currencies are not allowed in RRSP, TFSA, FHSA, or RRIF accounts.

Broker's Detail

Interactive Brokers Canada Inc., a CIRO dealer member, is an order execution-only dealer that serves Canadian residents only, with its registered office in Montreal. CFDs are absent from its Canadian product list; the only OTC product is leveraged spot currency on IdealPro. Orders below the US$25,000 IdealPro minimum are odd lots, generally executed within 1 pip of the interbank NBBO.

You trade on Trader Workstation, IBKR Desktop, IBKR Mobile, GlobalTrader, IMPACT, or Client Portal, and you choose your base currency. EUR.USD maintenance margin is 3.0%, or 33.3:1. The experience bar is real, so I would not route a beginner here.

EUR/USD pricing as Interactive Brokers' Canadian pages state it, not a figure we tested.

Account	EUR/USD pricing, as stated	Source
As stated	Spreads 'as narrow as 1/10 PIP'; commission 0.20 basis point x trade value	Canadian site, September 26, 2026

CIRO dealer member, CIPF member

7. Plus500: offered by Plus500CA Ltd.

58.8/100

Global score

#7 of 9 in this ranking

Visit Plus500

Read our full Plus500 review

EUR/USD spread, as advertised

Spread only, no commission. Fees page gives an illustrative EUR/USD example of a 0.6 pip market spread

Platforms

Plus500 proprietary web trading platform, Plus500 iOS and Android apps

CIRO dealer

Plus500CA Ltd.: CIRO directory, read September 26, 2026; CIPF member

Why We Recommend Plus500

Plus500 keeps things simple: one proprietary platform on web and mobile, spread-only costs, and no dealing commissions. I would send a trader who wants everything in one place straight here. The demo comes with unlimited virtual funds, no time limit, and funds that can be reset as many times as needed.

Pros & Cons

• No dealing commissions; costs sit in the spread.
• Demo has unlimited virtual funds and no time limit.
• Minimum deposit is only C$100.

• Quebec is excluded because Plus500CA Ltd. is not registered there.
• Scalping, hedging, and automated data entry are prohibited.

Broker's Detail

Plus500CA Ltd., a CIRO dealer member, is registered as an investment dealer in all provinces and territories of Canada except Quebec. It is order-execution-only, with no advice. An illustrative EUR/USD example shows a 0.6 pip market spread, and live spreads appear in the platform. The EUR/USD instrument page lists 5.00% initial margin, or 20:1.

The entry point is a minimum of C$100, and the platform is Web-Trader plus iPhone, iPad, Android, and Windows apps. Alberta residents must be accredited investors. The demo allows funds to be reset as many times as needed, so practice can run without pressure.

EUR/USD pricing as Plus500's Canadian pages state it, not a figure we tested.

Account	EUR/USD pricing, as stated	Source
As stated	Spread only, no commission. Fees page gives an illustrative EUR/USD example of a 0.6 pip market spread	Canadian site, September 26, 2026

CIRO dealer member, CIPF member

8. Questrade: offered by Questrade Inc.

42.8/100

Desk-based assessment: scored from published information, not tested

#8 of 9 in this ranking

Visit Questrade

Read our full Questrade review

Scored on eight of eight categories.

EUR/USD spread, as advertised

1.9 pips, advertised typical, Forex and CFDs account

Platforms

Questrade Global (web/desktop; Windows, Mac, Linux), Questrade Global mobile app (iOS, Android)

CIRO dealer

Questrade Inc.: CIRO directory, read September 26, 2026; CIPF member

Who Questrade suits

Questrade suits a Canadian trader who wants a simple spread-only FX account on one platform. Questrade Global runs on web, desktop, and mobile for FX and CFD accounts, and opening costs $0. It is scored from published information, not tested. Its advertised EUR/USD target spread is 1.9 pips, with no FX commission, since Questrade is compensated through the bid-ask spread.

Pros & Cons

• Questrade Global platform covers web, desktop, and mobile.
• Practice account gives C$100,000 in virtual cash for 30 days.
• Opening costs $0, with no general FX and CFD minimum stated.

• Advertised EUR/USD target spread is 1.9 pips.
• A risk capital limit caps cumulative deposits and is set at opening.

Broker's Detail

Questrade Inc., a CIRO dealer member, is a registered investment dealer and a registered derivatives dealer whose derivatives are authorized by the AMF. It is order-execution only. Individual and Corporate Forex & CFDs accounts are available, and Questrade is compensated through the bid-ask spread, with no FX commission. EUR/USD margin is 5% in a CAD account and 3% in a USD account.

Opening needs government-issued ID, a SIN, and financial-situation questions, and a risk capital limit is approved at opening, revisable through a financial update form. The practice account runs 30 days with "$100,000 CAD virtual cash", and complimentary training sessions follow once an account is funded.

EUR/USD as Questrade's Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Forex and CFDs	1.9 pips, advertised typical, commission none	Canadian site, September 26, 2026

CIRO dealer member, CIPF member

9. Fortrade: offered by Fortrade Canada Limited

40.3/100

Desk-based assessment: scored from published information, not tested

#9 of 9 in this ranking

Read our full Fortrade review

Scored on eight of eight categories.

EUR/USD spread, as advertised

2 pips, advertised average, Real account

Platforms

Fortrade proprietary platform (web, iOS, Android)

CIRO dealer

Fortrade Canada Limited: CIRO directory, read September 26, 2026; CIPF member

IIROC Temporary Order, November 9, 2022

Made under IIROC's rules; CIRO, IIROC's successor, keeps it in effect (2024 CIRO 36, Settlement Agreement para 51(f)).

• “Fortrade shall not open any new client accounts”
• “shall not make recommendations”
• “Fortrade shall not seek the deposit of additional funds into existing client accounts”

The order bars Fortrade Canada Limited from opening any new client accounts, from making recommendations, and from seeking the deposit of additional funds into existing client accounts. Our search of ciro.ca on September 26, 2026 found no notice lifting it.

Source: Re Fortrade Canada Ltd., 2024 CIRO 36, Appendix A, printed pages 16-17 of 18; Settlement Agreement para 51(f). A search of ciro.ca on September 26, 2026 found no notice lifting the order.

Who Fortrade suits

No new client can open a Fortrade account while the IIROC Temporary Order of November 9, 2022, which CIRO keeps in effect, stands, so I recommend no one start here. The review still serves an existing client checking conditions, or a reader verifying the firm. It is scored from published information, not tested. Fortrade Canada Limited remains a CIRO dealer member, and its published terms still matter to anyone already inside.

Pros & Cons

• Free demo account with "$10,000" in virtual funds.
• Commission-free pricing, with an advertised EUR/USD average spread of 2 pips.
• Fortrade Online Academy offers guides, videos, and weekly webinars.

• The Temporary Order bars new client accounts, recommendations, and requests for additional deposits.
• Quebec is excluded, and Alberta residents must be accredited investors to trade CFDs.

Broker's Detail

Fortrade Canada Limited, a CIRO dealer member, is registered as an investment dealer in all provinces and territories of Canada except Quebec. It offers order-execution-only services under IDPC Rule 3241 and gives no advice or recommendations. Pricing is spread-based with zero commission, and EUR/USD leverage is stated as 20:1 in a CAD account and 33:1 in a USD account.

The proprietary platform runs on web, iOS, and Android, and the base currency is CAD, USD, or EUR. The minimum deposit is as little as C$100, with C$500 recommended. The demo carries "$10,000" in virtual funds, and the Fortrade Online Academy offers structured guides, videos, and weekly webinars.

EUR/USD as Fortrade's Canadian site advertises it, not a figure we tested.

Account	EUR/USD spread and basis	Source
Real	2 pips, advertised average, commission none	Canadian site, September 26, 2026

Which forex brokers are CIRO dealer members?

The eight CIRO dealer members behind the nine brands are OANDA (Canada) Corporation ULC, Friedberg Mercantile Group Ltd., GAIN Capital - FOREX.com Canada Ltd., CMC Markets Canada Inc., Interactive Brokers Canada Inc., Plus500CA Ltd., Questrade Inc., and Fortrade Canada Limited. FXCM and AvaTrade are offered in Canada by Friedberg Mercantile Group Ltd., a CIRO dealer member. The Canadian Investment Regulatory Organization (CIRO) describes itself as “the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces” (ciro.ca, read September 27, 2026). We read the CIRO dealer directory and the CIPF member list on September 26, 2026, and every one of the eight dealers appears on both. I would make the CIRO directory check your first step, before you look at any spread or platform.

CIPF covers property a member firm holds for you that is not returned after the firm’s insolvency: “securities, commodity and futures contracts, cash, cash equivalents and segregated funds”, up to $1 million for all general accounts combined, though CIPF “does not guarantee the value of the property”. One gap matters to a CFD trader: CIPF’s policy does not name OTC CFDs or spot forex contracts. The 10 provinces and 3 territories regulate securities under the Canadian Securities Administrators umbrella, and each firm states its own registration, which the table shows.

Search it yourself: the CIRO dealer directory and the CIPF member list.

Each dealer member on the CIRO register, with its category, CIPF membership and any CIRO action: CIRO-Regulated Forex Brokers in Canada.

Offshore brokers that accept Canadian clients

TabTrade and Fintrix Markets sit outside this ranking, and I would keep them outside your shortlist too. Neither is a CIRO dealer member (CIRO dealer directory, checked September 27, 2026), neither is a CIPF member (CIPF member list, checked September 26, 2026), neither is an OBSI participating firm (obsi.ca, checked September 27, 2026), and neither is in the AMF register (checked September 27, 2026). CIPF coverage does not apply, because CIPF covers customers of its members. OBSI takes complaints only against participating firms. Each advertises leverage up to 1000:1, while the CIRO margin list puts the euro at 3.00%, which is 33.3:1 at most on EUR/USD in a USD-base account. In my view, a Canadian reader who signs up gives up every one of those protections.

TabTrade: offshore broker

Offshore broker. Canadian clients contract with TabTrade (Mauritius) Ltd, licensed by the Financial Services Commission, Mauritius, as an investment dealer (full service dealer, excluding underwriting), licence GB26206419.

Company Canadian clients contract with

TabTrade (Mauritius) Ltd (Mauritius Terms and Conditions, September 4, 2026, PDF p.2, cl.1.1-1.2)

Regulator

Financial Services Commission, Mauritius

Licence, as the FSC register shows it

SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting), dated July 2, 2026 (FSC Online Public Register, read September 27, 2026)

Licence number

GB26206419, as the firm's own document states it; the register prints no licence number (firm document, PDF p.1 (cover))

Canadian checks

Not listed: CIRO dealer directory, September 27, 2026; Not listed: CIPF member list, September 26, 2026; Not listed: OBSI participating firms, September 27, 2026; Not listed: AMF register of firms (Quebec), September 27, 2026

Canadian warning lists

Not named on nine Canadian securities regulators' warning lists we searched, September 27, 2026

Tested spread, our measurement

0.145 pips, average of six major pairs, Edge (RAW) account, measured 09:00 AEST August 18, 2026 to 09:00 AEST August 19, 2026 (our spread test)

Read our TabTrade review Visit TabTrade

Fintrix Markets: offshore broker

Offshore broker.

Contracting company in its client agreement

Fintrix Markets Ltd (Client Agreement, PDF p.4 cl.1.1)

Regulator

Financial Services Commission, Mauritius

Licence, as the FSC register shows it

SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting), dated December 6, 2022 (FSC Online Public Register, read September 27, 2026)

Licence number

GB22200883, as the firm's own document states it; the register prints no licence number (firm document, PDF p.1 header; p.4 cl.1.1)

Canadian checks

Not listed: CIRO dealer directory, September 27, 2026; Not listed: CIPF member list, September 26, 2026; Not listed: OBSI participating firms, September 27, 2026; Not listed: AMF register of firms (Quebec), September 27, 2026

Canadian warning lists

Not named on nine Canadian securities regulators' warning lists we searched, September 27, 2026

Read our Fintrix Markets review Visit Fintrix Markets

How to choose a forex broker in Canada

Five checks before you deposit

1. Find the dealer in the CIRO directory

Search the brand’s Canadian legal name in the CIRO dealer directory at ciro.ca. The entry shows the legal name, the address and the category, and there is no status field to check. For a brand like FXCM, search Friedberg Mercantile Group Ltd., not the brand. When the legal name is not there, I would stop and ask the firm for its exact registered name before you send money.

Search the CIRO dealer directory · Search the CIPF member list

2. Check its CIPF membership

Search the same legal name on the CIPF member list at cipf.ca. CIPF covers property a member firm holds for you that is not returned after the firm’s insolvency, up to $1 million for all general accounts combined. A claim must be filed within 180 days of the date of the member firm’s insolvency. In my view the 180-day window is the fact to remember from this check, because it is the deadline that decides whether your claim is made in time.

3. Match the legal name on the firm’s Canadian site

Match the legal name on the firm’s Canadian site and account agreement, because that company is the one you contract with. The FXCM and AvaTrade brands in Canada both contract through Friedberg Mercantile Group Ltd. When the name on the agreement differs from the brand you searched for, it is the wrong document, and any protection you checked belongs to a different company. I rate this the check that tells you which company holds your money.

4. Read the advertised spread and its basis

Read the advertised spread and its basis, because “as low as”, “typical”, “average” and “minimum” mean different things. CMC Markets advertises 0.5 pips as a minimum on its Standard account, while OANDA advertises 0.6 pips as typical, so the two figures are not directly comparable. I check the basis before I compare a number, or you will rank a minimum against a typical and pick the wrong brand.

5. Check the margin and your province

Check the margin for your account currency and your province. FOREX.com states 5% on EUR/USD in a CAD-base account and 3% in a USD-base account, and AvaTrade states 5.00% and 3.00% for the same pair. Provinces differ too: Plus500CA and Fortrade Canada do not serve Quebec, and OANDA does not accept Alberta residents. Check both before you apply, so the account you open is the one you can fund.

Is forex trading legal in Canada?

Yes, forex trading is legal in Canada. The Canadian Securities Administrators states: “Either way, firms or individuals seeking to offer forex trading services must be appropriately registered in the province in which they intend to work and must also be a member of the Canadian Investment Regulatory Organization (CIRO).” I would treat that registration as the first fact to confirm, ahead of any pricing or platform question. The Canadian Securities Administrators (CSA) describes itself as “the umbrella organization of Canada’s provincial and territorial securities regulators”, and the CSA states that “the 10 provinces and 3 territories in Canada are responsible for securities regulations” (securities-administrators.ca, read September 27, 2026). Each dealer on our list states its own registration: OANDA, FOREX.com, CMC Markets and Friedberg Mercantile Group Ltd. each state registration as an investment dealer in every province and territory and as a derivatives dealer in Quebec, while Plus500CA and Fortrade Canada state registration in every province and territory except Quebec (each firm’s Canadian documents, read September 26, 2026). Complaints about securities violations go to the regulator in your province or territory.

What leverage can Canadian forex traders use?

On EUR/USD, OANDA states 5% (20:1) in a CAD-base account and 3% (33.3:1) in a USD-base account, Interactive Brokers states a 3.0% maintenance margin (33.3:1), and Plus500 states 5.00% initial margin (20:1). FOREX.com, Questrade, and AvaTrade each state 5% in a CAD-base account and 3% in a USD-base account, CMC Markets states 5%, and FXCM states margin per 10K lot. For a CAD-base account I would check the firm’s CAD figure first, since it is the one that sizes the margin on your positions. CIRO sets foreign exchange margin minimums in its rules, sections 5460 to 5469, with the spot risk rates in CIRO Bulletin 25-0232, effective August 13, 2025. The 5% figure several dealers publish for a CAD-base account equals the euro rate (3.00%) plus the U.S. dollar rate (2.00%) on CIRO’s list, and the 3% USD-base figure equals the euro rate alone, though no dealer on our list cites a CIRO rule number for its figures. A dealer may require more than the minimum. Our margin calculator works out what a position ties up.

The rule: CIRO's Investment Dealer and Partially Consolidated Rules, sections 5460 to 5469, and its foreign exchange spot risk margin list.

What it costs to trade with a Canadian dealer

CMC Markets advertises 0.5 pips minimum on its Standard account, and OANDA and AvaTrade advertise 0.6 pips typical. I keep the advertised Canadian figures and our global test figures apart, and the table labels them apart so you never mix the two. Our global broker test measured OANDA at 1.06 pips, FXCM at 0.93 pips and CMC Markets at 0.8 pips on global standard accounts over 30 hours on March 14 and 15, 2026, and it measured the global accounts, not the Canadian entities. At US$10 a pip on one standard lot, a 0.6 pip spread costs you US$6.00 round turn, while Questrade’s 1.9 pip typical costs US$19.00. In my view the gap between those two numbers matters more than any platform feature. The full method sits in our standard-account spread test.

How much do you need to start trading forex in Canada?

OANDA and CMC Markets state no minimum deposit, FOREX.com states “$100”, Plus500 states C$100, AvaTrade states C$300 (or US$250 in a USD account), and FXCM states 5,000 in the base currency. The deposit is only the start, because the margin on a trade sets what a position actually ties up, and I would fund well above the minimum if you want room to hold a position through a drawdown.

Opening a forex account in Canada

Opening an account at these dealers involves identity and financial checks. Questrade asks for government-issued ID, a SIN, and financial-situation questions, and it sets a risk capital limit at opening, which caps the maximum you can deposit cumulatively over the life of the account. OANDA asks Canadian residents for a valid SIN or a Canadian visa entry document. Under CIRO Rule 3202, a Dealer Member must take reasonable steps to establish the client’s identity and complete an account application for each new client. The rule’s collection of personal and financial circumstances, investment needs and objectives, and investment knowledge does not apply to an order execution only account (s.3208(1)). Interactive Brokers serves Canadian residents only, and its leveraged FX needs good or extensive product knowledge plus 100 executed or simulated trades. OANDA, Interactive Brokers, Plus500, Questrade and Fortrade offer order-execution-only accounts with no recommendations, and FOREX.com, as a suitability-exempt dealer, will not consider your financial situation, investment knowledge, objectives or risk tolerance. Provinces matter at this step. Plus500CA and Fortrade Canada do not serve Quebec, and OANDA does not accept Alberta residents, while CMC Markets, FOREX.com, Plus500 and Fortrade take Alberta residents only as accredited investors. Confirm your province’s rules before you fill in the form, so your application is one the dealer can accept.

Demo accounts at Canadian dealers

Every brand on our list names a demo or practice account on its Canadian pages, so you can try the platform before you fund anything. FXCM and FOREX.com each give you “$50,000” in virtual funds, and FOREX.com’s demo lasts 90 days after sign up. CMC Markets and Fortrade start you at “$10,000”. Questrade’s practice account runs for 30 days with C$100,000 in virtual cash. Plus500 sets no time limit, and OANDA’s demo does not expire. Interactive Brokers includes a Paper Trading account with every new account. AvaTrade offers one too, covering MT4, MT5, WebTrader, and the mobile app, with a standard demo balance set at ”$/€/£ 100,000” (AvaTrade’s Canadian help centre). In my view, you should use one for at least a month before risking real money.

The brands on our list whose Canadian site advertises a demo account: Best Forex Demo Account in Canada.

Forex brokers for beginners in Canada

You can start small with OANDA, which has no minimum deposit on standard pricing and a 1-unit minimum trade, or with FOREX.com, which asks $100 and lets you trade 1,000 units. AvaTrade also runs a 1,000-unit minimum. Money is only part of it: FXCM’s new-account minimum is 5,000 in the base currency, which I would not call a beginner amount. For learning, OANDA, FOREX.com, and CMC Markets publish education hubs on their Canadian pages, from articles to webinars. Keep two cautions in mind: Interactive Brokers asks for good or extensive product knowledge and 100 executed or 100 simulated trades before margin forex, and Questrade sets a risk capital limit on your deposits at opening. For a trader starting out, I would begin with OANDA’s demo, a small deposit, and its education hub, then widen out. You can also compare CFD brokers in Canada before committing.

The brands on our list with a demo account and published deposit terms: Best Forex Broker for Beginners in Canada.

Trading platforms on our Canadian list

I would pick the platform first and the dealer second, because a good spread on a platform you dislike still makes for bad trading. Three of the nine brands offer MetaTrader 5, and five offer MetaTrader 4: OANDA, FOREX.com on its Standard account, CMC Markets, FXCM, and AvaTrade. Five of the nine offer TradingView: OANDA, FOREX.com, CMC Markets, FXCM, and Interactive Brokers. All nine name a mobile app, and every one of the nine names a platform of its own, including OANDA Web at OANDA, Trading Station at FXCM, and WebTrader and AvaOptions at AvaTrade. Plus500, Questrade, and Fortrade name no MetaTrader and no TradingView, only their own platforms. CMC Markets puts MetaTrader and its own platform in separate accounts, so check which one you want before you open.

The brands on our list whose Canadian site offers MetaTrader 4: MetaTrader 4 (MT4) Brokers in Canada.

The brands on our list whose Canadian site offers MetaTrader 5: MetaTrader 5 (MT5) Brokers in Canada.

The brands on our list with a mobile trading app: Best Forex Trading Apps in Canada.

Can you copy trade with a CIRO dealer?

No, none of the firms’ Canadian customer documents we read names a copy-trading service, and our September 27, 2026 searches of eight of the brands’ Canadian sites found none. FOREX.com’s search returned an education article on social trading only. A CIRO dealer opening an order-execution-only account must give the client a statement, under CIRO rule 3241, that it will not provide recommendations and that the client is solely responsible for all investment decisions. You pick your own trades here, and in my view that is worth knowing before you go looking for a follower feed.

When the forex market is open in Canadian time

The forex market runs from 5 p.m. ET Sunday to 5 p.m. ET Friday, per FOREX.com’s and OANDA’s Canadian pages. Your clock matters. B.C. keeps Pacific time at UTC-7 all year since clocks moved ahead on March 8, 2026, so the Sunday open is 2 p.m. in B.C. until November 1, 2026, when Eastern time falls back and B.C.’s does not, then 3 p.m. until March 13, 2027, and 2 p.m. again from March 14, 2027, when US daylight time starts. The table converts each centre’s session. A B.C. trader’s Sunday open moves an hour later on November 1, 2026, while an Ontario trader’s stays at 5 p.m. ET. I would note the change in your calendar, because missing the first hour of the week is an easy habit to fall into.

Every session in Eastern and Pacific time, with the clock changes: Forex Market Hours in Canada.

B.C. time: Government of British Columbia, daylight saving time.

How we score the 9 brokers: global tests and desk-based assessments

How we score

Seven of the nine scores on this page are carried over from global testing of each brand’s global account, not the Canadian entity: OANDA, FXCM, FOREX.com, CMC Markets, AvaTrade, Interactive Brokers, and Plus500. Questrade and Fortrade have no global review, so each carries a desk-based assessment: our team scored its published Canadian information through the same eight categories, not tested. Both kinds of score sit in one order, highest first, and you can see which is which in the score basis column. OANDA’s published score includes a disclosed editorial adjustment, which we show on every page it applies to. On top of the scoring, we ran a CIRO membership check: every row is a CIRO dealer member and a CIPF member, confirmed in the CIRO dealer directory and the CIPF member list, read September 26, 2026. I use this ranking to build a shortlist, and I read the review of any brand before I would open an account.

Compare brokers by trader type

Each page ranks the brands on our CIRO dealer list that offer one thing, read from each firm's own Canadian pages.

Most searched brokers in Canada

Source: Google search volume, Canada, English, 12-month average, pulled September 26, 2026.