Some of the abbreviations on this page are expanded to the regulator's full name: a broker regulated by CIRO is regulated by the Canadian Investment Regulatory Organization.
The 9 brokers on this page, 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.
- OANDA - offered by OANDA (Canada) Corporation ULC
- FXCM - offered through Friedberg Mercantile Group Ltd.
- FOREX.com - offered by GAIN Capital - FOREX.com Canada Ltd.
- CMC Markets - offered by CMC Markets Canada Inc.
- AvaTrade - offered through Friedberg Mercantile Group Ltd.
- Interactive Brokers - offered by Interactive Brokers Canada Inc.
- Plus500 - offered by Plus500CA Ltd.
- Questrade - offered by Questrade Inc.
- Fortrade - offered by Fortrade Canada Limited
Which of the 9 brokers on our CIRO dealer list is the best forex broker for beginners in Canada?
1. OANDA: offered by OANDA (Canada) Corporation ULC
Category-weighted score 88.3. Published rating 92, which includes an editorial adjustment of +3.7. Adjustments are disclosed on every page they apply to; see our methodology.
Platforms its Canadian site names: OANDA Web, OANDA mobile app (iOS/Android), TradingView and MetaTrader 4
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Available; the demo "does not expire" (MT4 demo sub-accounts close after 90 days of inactivity); you add the virtual funds, no default balance stated | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | No minimum deposit (standard pricing) | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 0.6 pips, advertised typical, Standard account | Canadian site, September 26, 2026 |
| CIRO dealer member | OANDA (Canada) Corporation ULC: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
2. FXCM: offered through Friedberg Mercantile Group Ltd.
FXCM is offered in Canada through Friedberg Mercantile Group Ltd., the CIRO dealer member that also offers AvaTrade.
Platforms its Canadian site names: Trading Station (web/desktop/mobile), MetaTrader 4, TradingView (live trading integration) and API trading
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Free demo with "$50,000 of virtual money"; length not stated | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | 'the account minimum for any new account is 5,000' (base currency) | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | Spread-only ('opening and closing fees are built into the spread') | Firm document, September 26, 2026 |
| CIRO dealer member | Friedberg Mercantile Group Ltd.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
3. FOREX.com: offered by GAIN Capital - FOREX.com Canada Ltd.
Platforms its Canadian site names: FOREX.com web, FOREX.com mobile, FOREX.com desktop, TradingView, MetaTrader 5 and MetaTrader 4 (Standard account, per trading-costs page)
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | "$50,000 in virtual funds"; demo accounts "last for 90 days after sign up" (MT4 demo accounts 30 days unless trades are open) and "cannot be renewed" | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | Minimum initial deposit $100 | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 1 pip, advertised minimum, Standard account | Canadian site, September 26, 2026 |
| CIRO dealer member | GAIN Capital - FOREX.com Canada Ltd.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
4. CMC Markets: offered by CMC Markets Canada Inc.
Platforms its Canadian site names: CMC Markets web platform, CMC mobile app, MetaTrader 4, MetaTrader 5 and TradingView (CMC platform accounts only)
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Yes, with $10,000 virtual funds; length not stated | Canadian site, September 26, 2026 |
| Minimum deposit, as stated | No minimum deposit | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 0.5 pips, advertised minimum, Standard account | Canadian site, September 26, 2026 |
| CIRO dealer member | CMC Markets Canada Inc.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
5. AvaTrade: offered through Friedberg Mercantile Group Ltd.
AvaTrade is offered in Canada through Friedberg Mercantile Group Ltd., the CIRO dealer member that also offers FXCM.
Platforms its Canadian site names: WebTrader, MetaTrader 4, MetaTrader 5, AvaOptions (desktop/iOS/Android), Mac trading (MT4 Mac/WebTrader) and Friedberg Direct / AvaTrade mobile app
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Available, covering MT4, MT5, WebTrader and the mobile app; "a standard Demo balance, set at $/€/£ 100,000" | Canadian site, September 27, 2026; Help centre, September 27, 2026 |
| Minimum deposit, as stated | CAD 300 (CAD account) or USD 250 (USD account) | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 0.6 pips, advertised typical, Standard account | Firm document, September 26, 2026 |
| CIRO dealer member | Friedberg Mercantile Group Ltd.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
6. Interactive Brokers: offered by Interactive Brokers Canada Inc.
Platforms its Canadian site names: Trader Workstation (TWS), IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, IMPACT, Client Portal (web) and TradingView integration
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Paper Trading: "All new accounts include a Paper Trading account" (simulated capital, real market data); balance and time limit not stated | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | USD 0 | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | Spreads 'as narrow as 1/10 PIP'; commission 0.20 basis point x trade value | Canadian site, September 26, 2026 |
| CIRO dealer member | Interactive Brokers Canada Inc.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
7. Plus500: offered by Plus500CA Ltd.
Platforms its Canadian site names: Plus500 proprietary web trading platform and Plus500 iOS and Android apps
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Free demo "with unlimited virtual funds" and "no time limit"; demo funds can be reset | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | C$100 | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 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 | Plus500CA Ltd.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
8. Questrade: offered by Questrade Inc.
Scored on eight of eight categories.
Platforms its Canadian site names: Questrade Global (web/desktop; Windows, Mac, Linux) and Questrade Global mobile app (iOS, Android)
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Questrade Global practice account: "Practice for 30 days" with "$100,000 CAD virtual cash" | Canadian site, September 27, 2026 |
| Minimum deposit, as stated | It costs $0 to open | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 1.9 pips, advertised typical, Forex and CFDs account | Canadian site, September 26, 2026 |
| CIRO dealer member | Questrade Inc.: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
9. Fortrade: offered by Fortrade Canada Limited
Scored on eight of eight categories.
Platforms its Canadian site names: Fortrade proprietary platform (web, iOS, Android)
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”
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.
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as stated | Free demo account with $10,000 in virtual funds; length not stated | Canadian site, September 26, 2026 |
| Minimum deposit, as stated | Recommended C$/US$/EUR 500; possible to start with as little as C$/US$/EUR 100 | Canadian site, September 26, 2026 |
| Advertised EUR/USD spread | 2 pips, advertised average, Real account | Canadian site, September 26, 2026 |
| CIRO dealer member | Fortrade Canada Limited: CIRO directory, read September 26, 2026; CIPF member | CIRO dealer directory |
Demo accounts and deposit terms at the 9 brokers, side by side
Read the two columns together: the demo tells you what you can practise with, and the deposit row tells you what funding takes. CMC Markets gives you “$10,000” in virtual funds with no minimum deposit. FOREX.com gives “$50,000” for 90 days and asks “$100” to fund. Plus500 sets no time limit on its demo and states C$100 as its minimum. AvaTrade states C$300, or US$250 in a USD account, with a standard demo balance of ”$/€/£ 100,000” (AvaTrade’s Canadian help centre). The EUR/USD column is each firm’s advertised figure, not a tested one, and each row names the CIRO dealer member behind the brand. In my view, the demo length matters as much as the balance.
The same nine brands appear on our page covering forex demo accounts in Canada, which sets out each firm’s demo terms on their own.
| Broker | CIRO dealer member | Demo account, as stated | Minimum deposit, as stated | Advertised EUR/USD spread and basis | Sources |
|---|---|---|---|---|---|
| OANDA | OANDA (Canada) Corporation ULC | Available; the demo "does not expire" (MT4 demo sub-accounts close after 90 days of inactivity); you add the virtual funds, no default balance stated | No minimum deposit (standard pricing) | 0.6 pips, advertised typical, Standard account | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| FXCM | Friedberg Mercantile Group Ltd. | Free demo with "$50,000 of virtual money"; length not stated | 'the account minimum for any new account is 5,000' (base currency) | Spread-only ('opening and closing fees are built into the spread') | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Firm document, September 26, 2026 |
| FOREX.com | GAIN Capital - FOREX.com Canada Ltd. | "$50,000 in virtual funds"; demo accounts "last for 90 days after sign up" (MT4 demo accounts 30 days unless trades are open) and "cannot be renewed" | Minimum initial deposit $100 | 1 pip, advertised minimum, Standard account | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| CMC Markets | CMC Markets Canada Inc. | Yes, with $10,000 virtual funds; length not stated | No minimum deposit | 0.5 pips, advertised minimum, Standard account | Demo account: Canadian site, September 26, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| AvaTrade | Friedberg Mercantile Group Ltd. | Available, covering MT4, MT5, WebTrader and the mobile app; "a standard Demo balance, set at $/€/£ 100,000" | CAD 300 (CAD account) or USD 250 (USD account) | 0.6 pips, advertised typical, Standard account | Demo account: Canadian site, September 27, 2026; Help centre, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Firm document, September 26, 2026 |
| Interactive Brokers | Interactive Brokers Canada Inc. | Paper Trading: "All new accounts include a Paper Trading account" (simulated capital, real market data); balance and time limit not stated | USD 0 | Spreads 'as narrow as 1/10 PIP'; commission 0.20 basis point x trade value | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Plus500 | Plus500CA Ltd. | Free demo "with unlimited virtual funds" and "no time limit"; demo funds can be reset | C$100 | Spread only, no commission. Fees page gives an illustrative EUR/USD example of a 0.6 pip market spread | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Questrade | Questrade Inc. | Questrade Global practice account: "Practice for 30 days" with "$100,000 CAD virtual cash" | It costs $0 to open | 1.9 pips, advertised typical, Forex and CFDs account | Demo account: Canadian site, September 27, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
| Fortrade | Fortrade Canada Limited | Free demo account with $10,000 in virtual funds; length not stated | Recommended C$/US$/EUR 500; possible to start with as little as C$/US$/EUR 100 | 2 pips, advertised average, Real account | Demo account: Canadian site, September 26, 2026; Minimum deposit: Canadian site, September 26, 2026; EUR/USD spread: Canadian site, September 26, 2026 |
How to start forex trading in Canada
You start by picking a brand offered through a CIRO dealer member, confirming it serves your province, and practising on its demo account. Then you read its minimum deposit and margin terms, fund the account, and place a small first trade. The five steps below walk you through each part in order.
- Choose a brand offered through a CIRO dealer member. Search the Canadian legal name, not the brand, in the CIRO dealer directory at ciro.ca and on the CIPF member list at cipf.ca. For FXCM and AvaTrade, that name is Friedberg Mercantile Group Ltd. We read both lists on September 26, 2026, and every dealer entity behind this page appears on them.
- Check that the firm serves your province. Check the provinces row before you apply. Plus500CA Ltd. does not serve Quebec. OANDA does not accept Alberta residents. FOREX.com, CMC Markets, and Plus500 take Alberta residents only as accredited investors.
- Practise on a demo account. Use the demo before you fund anything. Questrade's practice account is good for 30 days and carries "$100,000 CAD virtual cash". Interactive Brokers opens a Paper Trading account as part of all new accounts. OANDA's demo "does not expire". I would give the demo at least a month before funding.
- Read the minimum deposit and the margin. Read both numbers before you fund. OANDA states no minimum deposit on standard pricing and 20:1 on EUR/USD in a CAD-base account. Questrade states a 5% EUR/USD margin rate in a CAD account, 3% in a USD account. I would fund above the stated minimum to give a trade room.
- Fund the account and place a first trade. Fund with a method the firm names on its Canadian pages: OANDA takes debit card, bank wire, and PayPal; Questrade takes Interac instant deposit. Then place a small first trade. OANDA's minimum trade is 1 unit; FOREX.com's and AvaTrade's is 1,000 units.
FAQs
Which is the best forex broker for beginners in Canada?
Can you start forex trading in Canada with $100?
Is $500 enough to trade forex in Canada?
Do Canadian forex dealers check a beginner's experience?
Which brokers on our Canadian list offer free forex education?
Related pages
About the author
Justin Grossbard is the CEO & Co-Founder of CompareForexBrokers established in 2014, along with Noam Korbl and works as Strategic Head Of Research.
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