Top ECN Forex Broker Canada List

The best ECN accounts with no dealing desk are:

Brokers Regulated By CIRO
Brokers Accepting Canadian Traders
Broker Our Rating Regulation Standard
EUR/USD Spread
GBP/USD Spread
AUD/USD Spread
EUR/USD Spread
GBP/USD Spread
AUD/USD Spread
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
61 CIRO, FCA, NFA, CFTC, MAS, JFSA, CIMA 1.2 1.5 1.4 - - - $7.00 30 ms (May 2023) $100 80+ - 33:1 33:1 Visit Site
1.3 1.4 1.7 0.22 0.80 0.40 $3.00 150ms $300 39+ - 30:1 Visit Site
- - - - 0.08%-0.2% 120ms $0 100+ - 30:1 Visit Site
0.6 1 1 0.1 0.6 0.5 $3.0 132ms $100 122+ 37+ 30:1 500:1 Visit Site
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $100 40+ 250+ 30:1 500:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
1.0 1.32 1.11 0.10 0.42 0.21 $3.50 94ms $100 60+ 12+ 30:1 200:1 Visit Site

What Are The Best Canadian Forex Brokers That Offer True ECN?

We have compiled the best Canadian ECN Forex brokers in the list below. Our team at Compare Forex Brokers considered what benefits electronic communication network (ECN) brokers provide and what is important for you as a trader. This means we considered the trading accounts, platforms, and execution speeds for each broker before placing them on the list. Below, we rank the best ECN forex brokers for Canadian traders and their best features.

1. Solid All-Around Offering

Forex Panel Score


Average Spread

EUR/USD = 0.8 GBP/USD = 0.8 AUD/USD = 1.7

Trading Platforms

MT4, MT5, Trading Platform

Minimum Deposit


Why We Recommend

We recommend for its solid all-around offering, which includes competitive spreads and a decent range of markets to trade. With spreads for EUR/USD at just 1.2 pips, it’s more affordable compared to the industry average of 1.24 pips. When trading you can choose between platform, MetaTrader 5 and TradingView all top trading platforms.

In our review, the broker scored 60/100, scoring highly for its excellent educational resources and trading platforms available.

Pros & Cons

  • Decent average spreads
  • A variety of trading platforms
  • Offers exotic gold and silver crosses
  • Requires a minimum deposit
  • Weekday customer support only
  • MetaTrader 5 unavailable

Broker Details has a RAW account with low spreads

Not all CIRO-regulated brokers provide RAW trading accounts. That is why we recommend for their RAW account with spreads from 0.0 pips, the lowest available. So, if you want the protection of CIRO with the lowest spreads from a RAW account, you should choose’s RAW pricing account.

Key Strengths:

  • Trade on multiple platforms
  • Low RAW spreads from 0.0 pips
  • Wide range of currency markets
  • Price improvement technology Offers Low-Cost Trading Accounts provides a RAW Pricing account with low spreads from 0.0 pips on EUR/USD. While spreads start low, charges commissions of CAD$14 per lot round turn, which is double the industry standard for a RAW account.’s standard account, on the other hand, has slightly higher spreads. The broker’s average published spreads across the 5 major forex pairs are 1.66 pips, higher than the industry average of 1.52 pips.

The best way to lower trading costs is if you are an active trader through the ActiveTrader program. This requires you to trade a minimum volume of $50M over a month (or open an account with a $10,000 initial deposit). If you meet the requirements, then you’ll receive cash rebates that can reduce your costs by up to 15%.

We particularly like that uses its price improvement technology to ensure you get better entries when using limit orders. This is where you can benefit from positive slippage, a bonus because sometimes it can put you into profit immediately. account types for canadian traders 1.2 pips
Trade 80+ Currency Pairs with RAW Pricing has over 3,000 CFD trading products across stocks, indices, forex market and commodities. We like for its solid selection of currency pairs to trade from. You can trade over 80+ currency pairs, including 20+ exotic pairs, which allows you to take advantage of the volatility that exotic pairs can provide, especially when the majors are calm. trading products canada

Our Verdict on provides a solid service that appeals to active traders with its low-spread RAW trading accounts, a wide range of markets and an active trader program to reduce costs further. If choosing a CIRO-regulated broker is important to you, and you want a RAW trading account, then is our top choice. ReviewVisit

2. Friedberg Direct Powered by FXCM Top ECN Broker With Free Trading Tools

Friedberg Direct Powered by FXCM

Forex Panel Score


Average Spread

EUR/USD = 0.3 GBP/USD = 0.9 AUD/USD = 0.4

Trading Platforms

MT4, TradingView, Trading Station,

Minimum Deposit


Why We Recommend FXCM

We recommend FXCM as a top ECN broker for its 30+ free trading tools that can make a big difference in your trading. The broker has low average RAW spreads at 0.3 pips on EUR/USD, allowing you to trade more cost-effectively.

FXCM also offers a range of platforms, including Trading Station and MetaTrader 4. These low spreads are great if you automate trading with tools like Expert Advisors (EAs) on the MetaTrader 4.

Pros & Cons

  • Wide range of free trading tools
  • No Dealing Desk Broker
  • Small trade sizes offered
  • High minimum deposit
  • Restricted support hours
  • No TradingView paltform

Broker Details

Friedberg Direct Powered By FXCM Offers Solid MT4 Platform Experience

If you are looking for an ECN-style provider that pairs well with MetaTrader 4, then Friedberg Direct powered by FXCM is an excellent choice. Using FXCM’s technology, you benefit from low spreads and enhanced execution services with a CIRO-regulated forex broker.

Key Strengths:

  • Great execution and slippage performance
  • Access to a range of major liquidity providers
  • A solid range of trading platforms

FXCM has enhanced MetaTrader 4 execution

Apart from having an intuitive user interface and being a reliable platform, one of the main attractions of MetaTrader 4 is that you can automate your trades using Expert Advisors.
While a lot of brokers offer MT4, FXCM’s enhanced execution technology using MT4 can improve your platform experience. This is because you can use FXCM’s MetaTrader 4 to automate your trades, ensuring your trades are executed at the best prices.

Compare Lowest Spread Forex Brokers

Competitive spreads with discounts for active traders

Friedberg Direct powered by FXCM only offers commission-based accounts, both with competitive spreads from 0.2 pips. The commission charges, however, are expensive, unless you’re an active trader.

You can significantly reduce your trading commission by up to 40% with an Active Trader account. To take advantage of the discount, however, requires substantial initial capital of $25,000 and a minimum monthly trading volume of $50m.


friedberg direct fxcm account types products brief canada

Average Range of Trading Products

Unfortunately, Friedberg Direct with FXCM doesn’t have the broadest range of markets compared to the other brokers on this list. You can access 39 forex pairs consisting of the majors and minors. 13 indices that cover most of the top indices, nine commodities, including wheat, oil and metals, and nine bonds, which include the major treasuries.

This is a lacklustre offering compared to other brokers on this list, such as TMGM, who have significantly more markets to choose from.

Our Verdict on Friedberg Direct powered by FXCM

Overall, Friedberg Direct with FXCM is a no-dealing-desk broker that can provide top execution services if you prefer using the MetaTrader 4 platform. However, the broker’s high commission costs and steep minimum deposit requirements may put some traders off.

3. Admirals Good ECN Broker With MetaTrader 5


Forex Panel Score


Average Spread

EUR/USD = 0.1 GBP/USD = 0.6 AUD/USD = 0.5

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend Admirals

What stands out is that Admiral offers extra premium tools for the MetaTrader 5, packed with features that make trading more efficient for you with new technical analysis plugins. The broker has low average RAW spreads from 0.1 pips on EUR/USD, which is over 50% better than the industry average, which is a positive.

We gave Admirals a score of 68/100, scoring highly for its various platforms, educational resources, and a wide range of markets.

Pros & Cons

  • Offers MetaTrader Supreme Edition
  • Good range of trading products
  • Tight average RAW spreads
  • Lacks social trading tools
  • Charges withdrawal fees
  • Requires minimum deposit

Broker Details

Admirals Offers The Lowest Zero-commission Spreads For Canadian Brokers

Admirals are our choice for the lowest spread Canadian forex broker offering no-commission, ECN-like spreads. In addition, we like Admirals platform offering, particularly its MetaTrader upgrade, Supreme Edition, which enhances your MT4/MT5 trading experience.

Key Strengths:

  • Competitive ECN-like spreads
  • Solid proprietary app
  • Supreme MetaTrader platform upgrade
  • Good educational resources

Lowest ECN-like spreads for a Canadian broker

While Admirals only offers one no-commission account, it uses STP execution, which gives it ECN-like low spreads. In fact, when we tested 15 top brokers, Admirals came out as the top Canadian broker with the lowest spreads for a Standard account. The CIRO-regulated broker had average spreads of 1.31 pips for the 5 major currency pairs, placing it in the top 5 overall and number 1 for Canadian brokers.

admirals account types products ca

Enhanced MetaTrader Platform Experience

With Admirals you can also get an enhanced version of MetaTrader 4 and MetaTrader 5, exclusively available under the name MT4/MT5 Supreme Edition. No other Canadian broker offers this. With this update, you will get such benefits as an enhanced version of 1-Click-Trading, integrated correlation matrix and new types of orders.

We particularly like the charting package, Technical Insight, which you can integrate with Trading Central for those charting nerds who like advanced technical analysis to optimize your trading.

Our Final Verdict on Admirals

In addition to offering the lowest ECN-like, no-commission spreads for a Canadian broker, Admirals offers an enhanced MT4/MT5 platform experience. Having low spreads with no commissions and advanced technical analysis tools is why we recommend Admirals for both beginners and experienced traders.

4. FP Markets Great ECN Broker For Scalping

FP Markets

Forex Panel Score


Average Spread

EUR/USD = 0.1 GBP/USD = 0.2 AUD/USD = 0.1

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend FP Markets

FP Markets is our top pick for scalping forex, as they impressed us with its tight average RAW spreads. In our testing, the broker kept its EUR/USD spreads at 0.0 pips for 97.83% of the time. When it wasn’t at 0.0, it averaged 0.1 pips – these are ideal spreads for scalping.

Plus, you can choose between trading platforms like MetaTrader 4 and MT5, perfect for scalping as you can use the one-click trading feature to execute your trades instantly.

Pros & Cons

  • Has zero-spreads
  • Decent choice of trading products
  • Has copy trading tools
  • The IRESS platform isn’t available
  • Limited access to shares vs. IRESS.
  • The trading app is basic

Broker Details

FP Markets is the best ECN forex broker

FP Markets combines several factors well, including fast execution speeds, low spreads and solid trading platforms which make it our best ECN forex broker overall. The broker offers some of the most competitive spreads across both of its accounts and industry-beating execution speeds. We also like FP Markets’ platform offering, which includes both MetaTrader platforms, its proprietary app and the IRESS platform for shares trading.

Key Strengths:

  • Low spreads
  • Fast Execution speeds
  • MT4 and MT5 available
  • Proprietary app available
  • Social/copy trading offered
  • Competitive spreads
  • Limited products using MT4
  • Mobile app has limited charting
  • Limited risk management tools

FP Markets Has Tight Spreads Across the Board

FP Markets offers both a Standard account and a RAW account, which both offer very competitive spreads. When we measured against the industry average, the broker’s RAW account had spreads averaging 0.22 pips for the top 5 most traded currency pairs. This stacked up well against the industry average of 0.45 pips. For FP Markets’ Standard account, the broker had an average spread of 1.30 pips Vs. the industry average of 1.52 pips for the top 5 majors.

While FP Markets’ commissions are just in line with the industry average at CAD $7, having such tight spreads keeps your trading costs low.

One thing to note with FP Markets is you’ll have to use MT5 to trade the majority of the broker’s products. This may be a downside to some who are used to MT4 but to our eyes, MT5 is a far superior trading platform in every way.

FP Markets has fast market order speeds

We tested 20 top brokers to determine which had the fastest execution speeds and found FP Markets had fast market order speeds. Conducted using the MT4 platform to test the average execution speed of limit and market orders, FP Markets had an average market order speed of 96ms. This put FP Markets as the 4th fastest broker for market orders.

The table below highlights how well FP Markets stacks up against other forex brokers in terms of execution speeds.

Our Verdict on FP Markets

Low ECN-like spreads, fast execution speeds and a good platform experience make FP Markets stand out as our best ECN forex broker overall in Canada. With a lack of advanced trading tools, we recommend FP Markets for beginner to intermediate traders.

5. Eightcap Top Choice For Crypto Trading


Forex Panel Score


Average Spread

EUR/USD = 0.06 GBP/USD = 0.73 AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView,

Minimum Deposit


Why We Recommend Eightcap

We highly recommend Eightcap, especially for its 95 cryptocurrencies which you can trade using the TradingView platform. With advanced charting tools, TradingView enhances your technical analysis, speeding up your trading decisions. Other platforms available include MT5 and MT4.

What’s more, Eightcap offers incredibly low average RAW spreads, just 0.06 pips on EUR/USD, making it a cost-effective choice. Eightcap has 56 Forex pairs to trade from.

The focus on providing quality platforms like TradingView and low spreads makes Eightcap an excellent choice if you seek advanced and affordable tools.

Pros & Cons

  • Offers TradingView platform, MT4 and MT5
  • Provides automated trading tools
  • Low average RAW spreads
  • The range of markets is ok
  • No customer support on the weekend
  • Requires a minimum deposit

Broker Details

Eightcap has 80+ Cryptocurrencies to trade

You can use Eightcap’s ECN-like services to trade its wide range of crypto markets. To help you trade crypto, Eightcap offers many third-party services like CryptoCrusher, which provides daily trading ideas for the crypto markets, or, which helps you create automated trading strategies without any coding knowledge. This makes Eightcap a solid choice for trading cryptocurrencies.

Key Strengths:

  • Low spreads on crypto markets
  • Diverse selection of trading platforms
  • Excellent third-party trading tools
  • Wide range of cryptocurrencies

Competitive, ECN-like spreads with Eightcap

Eightcap offers competitive ECN-like spreads across both its accounts compared to the industry average. When looking at published spreads, Eightcap’s Standard account has average spreads of 1.06 pips for the 5 major currency pairs against the industry average of 1.52 pips. Its RAW account spreads were even lower, at 0.30 pips against the industry average of 0.45 pips.

eightcap account types products canada

Choose from 80+ Cryptocurrencies with Eightcap

As a Canadian trader, you can trade an extensive range of crypto markets on Eightcap, including some of the most popular assets like BTC, ETH, XRP, and SOL. You can trade them with spreads starting from 0.2 USD, which is competitive, especially considering most Canadian brokers do not offer them.

We like that Eightcap provides trading tools that specifically help crypto traders. For example, they provide you with a free account for CryptoCrushers, a service where you receive daily trading ideas and technical analysis about the crypto markets in real-time.

Our Verdict on Eightcap

Eightcap has tailored its excellent ECN services to the crypto markets with its variety of crypto markets and low trading costs. Eightcap also provides impressive third-party tools to help you trade the crypto markets. So, if you are a crypto trader who wants ECN services, then Eightcap is our top choice.

6. Fusion Markets Cheapest Broker

Fusion Markets

Forex Panel Score


Average Spread

EUR/USD = 0.13 GBP/USD = 0.21 AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit


Why We Recommend Fusion Markets

We recommend Fusion Markets as the cheapest broker we’ve tested, with an unbeatable commission rate of only $2.25 per lot, about 35% lower than the industry average. The broker’s Zero account RAW spreads average 0.22 pips for EUR/USD, the best we’ve seen.

This combination of low commission and tight spreads is why we’ve rated Fusion Markets a remarkable 79/100. If you seek value and efficiency, Fusion Markets is a top-tier choice that maximises your trading potential while minimising costs.

Pros & Cons

  • Lowest commissions broker
  • Fast execution speeds
  • Provides decent trading tools
  • Lacks TradingView
  • The product range is limited
  • Inactivity fees

Broker Details

Fusion Markets has the Lowest Trading Costs in Canada

One of the key reasons traders look for an ECN broker is for the reduced forex trading costs due to their ECN pricing accounts. Fusion Markets is a top choice for this because its Zero account has the lowest commissions available in Canada.

Key Strengths:

  • Lowest commissions for an ECN broker
  • High leverage available to Canadian traders
  • Strong selection of currency pairs
  • Fastest Execution speeds

Number One for Low Trading Costs

We tested 15 of the best ECN-style forex brokers to see which broker offered the lowest commissions. Fusion Markets was the lowest from our results, making it our number one forex broker for low commissions.

This is thanks to the broker’s Zero trading account, which has the lowest spreads based on our testing. Compared to a list of 15 top brokers, Fusion Markets had average spreads of 0.22 pips, which topped our list of lowest ECN/RAW account spreads.

Combining these low spreads with commissions of CAD$ 6 per one lot round turn, these are the lowest trading costs in Canada.

Similarly, Fusion Markets’ Classic account had competitive spreads

Fusion Markets Account Types

Fast execution speeds for an ECN broker

Not only does Fusion Markets off the lowest trading costs, it also offers some of the fastest execution speeds for an ECN broker. We tested the execution speeds of 20 top brokers using limit and market orders on MT4 and Fusion Markets came out 2nd overall. The broker had execution speeds of 79ms for limit orders and 77ms for market orders, which is lightning fast.

Our Verdict on Fusion Markets

Fusion Markets took the top spot in our tests for lowest commissions after beating 15 other brokers. So, if you want a true ECN broker with low trading fees, you should choose Fusion Markets.

7. TMGM Top Broker For Range Of Markets


Forex Panel Score


Average Spread

EUR/USD = 0.1 GBP/USD = 0.42 AUD/USD = 0.21

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend TMGM

TMGM is the top MetaTrader 4 ECN broker, particularly for its impressive range of over 12,000 markets, including shares, forex, indices, and commodities. This diverse offering is ideal if you seek out different markets to exploit volatility.

In our review, TMGM earned a score of 72/100, reflecting its low trading costs, excellent market choices, and comprehensive range of trading platforms.

Pros & Cons

  • Fast execution speeds
  • Wide choice of markets
  • Low trading fee
  • Educational resources are lacking
  • Minimum deposit required
  • Limited forex pairs range


Broker Details

TMGM offers High Leverage & Fast Execution Speeds

TMGM provides excellent execution speed and low spreads through the broker’s ECN pricing and deep liquidity pool. As a bonus, TMGM also provides a high leverage of 1:500 for Canadian traders, thanks to its VFSC regulations.

We rated TMGM a solid score of 72/100 in our broker tests. Our methodology is thorough, so this score puts TMGM in the top 10 brokers we’ve tested. The broker scored highly in our trading experience tests thanks to its ECN services. In particular, TMGM performed excellently in our execution speed tests.

Key Strengths:

  • High leverage offered to Canadian traders
  • Wide range of trading products
  • Low spreads and commissions
  • Improved MetaTrader through plugins

Top 4 Most Competitive ECN-like spreads

TMGM offers two main trading accounts, which both have competitive spreads from our testing. The broker’s Classic account has average forex spreads of 1.11 pips while its Edge account has average spreads of 0.32 pips across the 5 major pairs. This puts TMGM in the top 4 brokers for both Standard accounts and RAW/ECN accounts.

Both trading accounts give you access to the high leverage and fast ECN-style execution speeds that TMGM offers.

tmgm account types canada

TMGM offers fast Execution Speeds

One of the strengths of trading with an ECN broker is the execution speed is faster than the market maker model. We tested 20 leading brokers to find the fastest execution speeds. TMGM recorded an impressive average execution speed of just 94ms for limit orders. This execution speed puts them in the top five fastest execution brokers worldwide.

TMGM offers A High Leverage of 1:500

TMGM is unique to this list, as an ECN forex broker overall, given the broker provides high leverage up to 1:500.

The reason for this high leverage is that TMGM isn’t directly regulated by CIRO in Canada, which restricts leverage to 50:1. As a Canadian trader, you will be opening an account with their VFCS entity, which is how TMGM can offer you 1:500 leverage.

Our Verdict on TMGM

TMGM offers some of the most competitive spreads out there with the added benefit of 1:500 leverage. In addition, our tests found TMGM to be one of the fastest-executing brokers in Canada, so it’s safe to say that TMGM is a top ECN forex broker.

8. Interactive Brokers Great ECN Broker For Professional Traders

Interactive Brokers

Forex Panel Score


Average Spread


Trading Platforms

IBKR Workstation, IBKR Global Trader, IBKR Mobile

Minimum Deposit


Why We Recommend Interactive Brokers

We recommend Interactive Brokers for professional traders because of the range of professional trading tools and low commissions. The broker’s low average RAW spreads for EUR/USD are just 0.1 pips, significantly below the industry average. This means you get to trade with minimal costs, maximising your potential profits.

Moreover, its minimum commission is only $2.25 per lot, one of the lowest for a CIRO-regulated broker.

Pros & Cons

  • Excellent all-in-one platform
  • No minimum deposit
  • Largest choice of markets available
  • High commissions for low trade sizes
  • No MetaTrader platforms
  • IBKR platform has a steep learning curv

Broker Details

Trade Over One Million Trading Products with Interactive Brokers

Interactive Brokers is an all-in-one broker catering to experienced traders seeking advanced trading tools and global market access. If you are an experienced trader, you may appreciate the range of products offered by Interactive Brokers, which includes over 100+ currency pairs, so they can capture more volatility with a broader range of products to trade with.

Key Strengths:

  • Extensive range of markets
  • Institutional-grade trading platforms
  • Deep liquidity pools to improve execution speed and pricing
  • Low-cost trading fees from 0.1 pips

Over 1 Million Trading Instruments with Interactive Brokers

The variety of markets available on IB benefits traders seeking to diversify their trading portfolio under one trading account. In addition to common markets such as forex and stocks, you can also trade complex derivatives such as options, ETFs and mutual funds. We think this is ideal for experienced traders who seek a wide range of markets from one broker. From our analysis, no other broker comes close to offering such an extensive selection of products.
interactive brokers trading products

Low Free Trading Accounts

Interactive Brokers achieve low trading fees with its BestX technology, which optimizes order routing. This is achieved by getting the market prices from 17 of the world’s largest FX dealers to get the best possible pricing and execution.

If you want to trade spot forex, then the spreads start at 0.1 pips, but you have to pay a small commission. The commission is charged in basis points instead of a fixed amount, which ranges from 0.08 bp to 0.20 bp, with a minimum of a $4 commission per lot per, round turn.

While these commissions are low against the industry average of $7, It should be noted that commissions vary based on your trade value, making trading costs harder to track. As such, we can only recommend IB for experienced traders who can manage their trading costs well.

interactive brokers international

Our Verdict on Interactive Brokers

Interactive Brokers is a good choice if you are an experienced trader who wants to trade multiple products in a wide variety of asset classes. It has one of the largest selections of trading products, and you can trade them with low trading costs thanks to its ECN-style services.