Best Forex Broker for Beginners in Canada

The 9 brokers on this page, ranked

Ordered by score, highest first, among the nine brands on our list with a demo account and published deposit terms, 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.

1. OANDA
2. FXCM
3. FOREX.com
4. CMC Markets
5. AvaTrade
6. Interactive Brokers
7. Plus500
8. Questrade
9. Fortrade

Which is the best forex broker for beginners in Canada?

CIRO dealer member, CIPF member

1. OANDA

88.3/100

Global score

#1 of 9 on this page

OANDA review

Visit OANDA

Platforms its Canadian site names: OANDA Web, OANDA mobile app (iOS/Android), TradingView and MetaTrader 4

Offered through Friedberg Mercantile Group Ltd.

2. FXCM

68.6/100

Global score

#2 of 9 on this page

FXCM review

Official site

Platforms its Canadian site names: Trading Station (web/desktop/mobile), MetaTrader 4, TradingView (live trading integration) and API trading

CIRO dealer member, CIPF member

3. FOREX.com

67.6/100

Global score

#3 of 9 on this page

FOREX.com review

Visit FOREX.com

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)

CIRO dealer member, CIPF member

4. CMC Markets

64.6/100

Global score

#4 of 9 on this page

CMC Markets review

Official site

Platforms its Canadian site names: CMC Markets web platform, CMC mobile app, MetaTrader 4, MetaTrader 5 and TradingView (CMC platform accounts only)

Offered through Friedberg Mercantile Group Ltd.

5. AvaTrade

64.5/100

Global score

#5 of 9 on this page

AvaTrade review

Official site

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

CIRO dealer member, CIPF member

6. Interactive Brokers

62.3/100

Global score

#6 of 9 on this page

Interactive Brokers review

Official site

Platforms its Canadian site names: Trader Workstation (TWS), IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, IMPACT, Client Portal (web) and TradingView integration

CIRO dealer member, CIPF member

7. Plus500

58.8/100

Global score

#7 of 9 on this page

Plus500 review

Visit Plus500

Platforms its Canadian site names: Plus500 proprietary web trading platform and Plus500 iOS and Android apps

CIRO dealer member, CIPF member

8. Questrade

42.8/100

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

#8 of 9 on this page

Questrade review

Visit Questrade

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)

CIRO dealer member, CIPF member

9. Fortrade

40.3/100

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

#9 of 9 on this page

Fortrade review

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 October 14, 2026 found no notice lifting the order.

Demo accounts and deposit terms at the 9 brokers

Read the two columns together: the demo shows what you can practise with, the deposit what funding takes. CMC Markets asks no minimum deposit, and its “$10,000” demo does not expire; FOREX.com gives “$50,000” for 90 days and asks “$100”; Plus500 sets no demo time limit and a C$100 minimum. AvaTrade’s pages disagree: the help centre says C$300, or US$250 in a USD account, and demos last 21 days; the MT4 page says “a minimum of $100,” the demo page “unlimited.” I would ask the firm which figure applies before funding. The EUR/USD column is each firm’s advertised figure, not one we tested; each row names the CIRO dealer member.

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.

Before you fund any account, I would check the legal name of the CIRO dealer member behind the brand and its CIPF membership, and our CIRO page sets out each of the eight dealer members, including their CIRO category, CIPF membership, and any CIRO actions.

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.

CIRO and CIPF for the nine brands with a demo account and published deposit terms: the eight dealer members in the table above are all in the CIRO dealer directory and all eight on the CIPF member list, read September 26, 2026; each entry is on CIRO-Regulated Forex Brokers in Canada.

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

Opening your account

Identity comes first. OANDA opens accounts for residents of Canada with a valid social insurance number or a Canadian visa entry document; Questrade asks for government-issued ID, a SIN, and financial-situation questions. CMC Markets accepts Canadian residents who are at least 18 and not a US Person; Interactive Brokers takes Canadian residents only, with currencies and margin in Individual, Joint, and Trust accounts, not an RRSP, Spousal RRSP, RRIF, TFSA, or FHSA. I recommend having your SIN and ID ready before you apply.

OANDA’s Standard account and Elite Trader program both run MT4 and TradingView. FOREX.com’s accounts run its platform; Standard adds MT4 and MT5, RAW Pricing MT5 but not MT4. CMC Markets needs a separate Standard or FX Active account for MetaTrader. FXCM and AvaTrade both reach you through Friedberg Direct: FXCM from any platform, and AvaTrade’s MT4 page has you select MetaTrader 4 as your platform at sign-up. Settle your platform before you apply: at FOREX.com the account decides which MetaTrader you get; at CMC Markets MetaTrader needs its own account.

The demo-to-live routes differ. OANDA cannot convert a demo, so you register a separate live account; at CMC Markets you open the live account from inside its demo. Interactive Brokers’ free trial converts to a live account and your settings transfer once it is approved and funded. Plus500’s FAQ says it offers one Real Money account type, for individuals only. If you want your settings carried over, only Interactive Brokers says they will.

FOREX.com is suitability exempt and will not consider your financial situation, investment knowledge, objectives, or risk tolerance; OANDA, Interactive Brokers, and Plus500 are order-execution-only (no advice or recommendations). None will advise you or recommend a trade to you. Before such an account opens, CIRO IDPC Rules s.3241(3) require the dealer member to give the new client a statement confirming it will not provide recommendations and that the client is solely responsible for investment decisions. I would read it carefully. Fortrade Canada Limited cannot open new client accounts under a Temporary Order CIRO keeps in effect.