Lowest Spread Forex Brokers in Canada

We recommend OANDA as the best for a low-spread standard account, especially for beginners. The broker has no-commission Standard accounts with an average spread of one pip on EUR/USD, one of Canada’s lowest.

This makes it an excellent choice for those just starting forex trading, as it minimizes trading costs. With a score of 71/100, the highest we’ve scored in Canada, the broker stands out as a low-cost and beginner-friendly option.

When we opened our account with OANDA, we found they only offered a Standard account, meaning you’ll just pay the spreads and no commissions on your trading. We think this keeps the fee structure simple, which is ideal for a beginner, as all your trading costs are priced into the spread as a one-time fee.

While testing the broker, we found their spreads competitive, averaging 1.2 pips on EUR/USD and two pips on GBP/USD. These spreads are low for CIRO-regulated brokers so you will save money on your trading fees.

Plus, we liked that OANDA doesn’t have a minimum deposit to open an account. This makes OANDA more accessible by not forcing you to deposit a minimum balance, allowing you to deposit what you feel comfortable to risk – which is ideal for beginners.

We found that the broker’s OANDA Trade leverages TradingView’s charting, which is probably the best tool for technical analysis, offering 100+ indicators (such as RSI and Bollinger Bands) and drawing tools. However, the lack of support for custom indicators on OANDA Trade itself might push you towards MT4 or TradingView for more advanced tools.

While testing the OANDA Trade platform, we noticed you can trade in smaller lot sizes, as low as a one-unit trade. This may be overkill, as your position will be worth around $0.07, but for beginners, it gives you more control over your initial risk. We also like that it shows you the pip value on your order ticket, which is helpful so you can work out how much your take profit and stop loss sizes are in monetary terms.

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FOREX.com is a decent broker with low spreads that make trading more cost-effective. You can enjoy average spreads as low as one pip on EUR/USD and even lower average spreads of 0.1 pips on RAW spread accounts. While there is a $7 commission per lot for the RAW account, it’s in line with industry standards.

FOREX.com has an impressive range of 3,000+ markets, including 80+ forex pairs and multiple trading platforms like MT5 and TradingView.

With FOREX.com’s standard account, we observed an average spread of 1.2 pips on EUR/USD, which is low for Canadian brokers. However, the RAW Pricing account impressed us, offering spreads from 0.0 pips and a reasonable commission rate of $7.00 per lot traded, the average CIRO-regulated commission on RAW accounts.

This helps you keep your costs at a similar level, especially when the markets are volatile. Thanks to the fixed commission, your trading costs will not rise as much as they would in a variable spread account.

During our tests, we found that the broker had a solid selection of markets, effectively allowing you to diversify your trading in a single account. These markets include 84 forex pairs, 17 indices, 13 commodities, and 2,500+ stocks.

The broker offers popular trading platforms like MetaTrader 5 and TradingView and its own Forex.com Web Trader, equipped with TradingView’s advanced charts.

We executed trades to test the Web Trader platform and found it has over 80 indicators, including MACD and Ichimoku indicators, and more than 50 drawing tools. This makes it a solid alternative to TradingView if you want TradingView’s tools without the clutter of social trading and streaming services.

We like FXCM as it offers a decent range of trading platforms specializing in different tools.

With TradeStation 3.0, you can access improved research tools like the Economic Insights tool, providing valuable data for your trades. On the other hand, MetaTrader 4 excels in technical charting, helping you analyze market trends effectively.

We were impressed with its RAW spreads, averaging just 0.2 pips on EUR/USD. However, it’s important to note the $7 commission per lot traded, which is standard in the industry.

In our testing, we found FXCM’s range of platforms impressive, offering something for each trading style. TradingView is ideal for technical analysis because of its impressive range of 100+ indicators and market screening tools to help find new trade ideas.

MetaTrader 4 is an excellent choice if you want to scalp the markets; with its customisation of advanced trading indicators, you can program or download, and its one-click trading feature. Or you have FXCM’s proprietary Trading Station platform, which combines the best of both MT4 and TradingView with 61 indicators, multiple chart types and automated trading.

While testing the Trading Station, we noticed the availability of 34 third-party scalping apps. These apps, like the custom indicators for MetaTrader 4, integrate into your Trading Station platform and further enhance your charting features with Box Price and 24-Hour Trend Locator apps.

One app that stood out was the Daily Extremes Indicator. Its utility in identifying critical price levels from the previous day provides actionable insights into where prices may react/move during the day.

We tested FXCM’s spreads with the standard account and found they offered an average of 1.3 pips on EUR/USD, which is slightly more expensive than OANDA. FXCM’s Active Trader account significantly reduces trading costs, potentially by up to 85% on forex pairs. Our tests confirmed the substantial savings, with spreads on EUR/USD notably dropping from 0.7 to 0.22 pips.

What makes AvaTrade an easy recommendation is its low fixed spreads for day trading. The broker’s tight fixed spreads, starting at just 0.6 pips on EUR/USD and no commission. This is perfect if you day trade as you’ll never be charged extortionate spreads during volatile markets again, allowing you to trade the markets no matter the volatility.

You can trade AvaTrade’s decent range of markets with various platforms, including AvaTrade WebTrader, MetaTrader 4, and MetaTrader 5.

While testing AvaTrade, the broker’s fixed spreads surprised us as we found them to start from an attractive 0.9 pips on EUR/USD, cheaper than most CIRO-regulated brokers like FXCM.

AvaTrade’s fixed spreads offer peace of mind by eliminating concerns over widening spreads during volatile periods, offering greater cost efficiency than the variable spreads commonly seen across the industry. We think fixed spreads are ideal for day trading as they help stabilise your trading costs, avoiding price spikes when the markets become volatile.

Our testing found that the broker offers a decent choice of markets, including 55 forex pairs, 33 indices, 632 shares, and 17 commodities – covering all the major markets. This gives you plenty of selection if you want low fixed spreads on instruments like EUR/USD, S&P500, and gold.

We found that AvaTrade had a solid choice of trading platforms, including MetaTrader 4, MT5, and AvaTradeGO. During our tests, AvaTradeGO emerged as a standout platform for mobile trading, with 80+ indicators and social trading features on the app. This feature monitors social trends and is particularly valuable for day trading, offering you real-time insights into where AvaTrade clients are buying/selling and helping generate new trading ideas.

CMC Markets is a top choice for low spreads, plus an extensive selection of over 330+ markets. If you like to find volatility in the FX markets, you’ll find plenty of currency pairs to trade.

The standard account spreads averaged 0.5 pips on EUR/USD, and RAW average spreads go as low as 0.0 with a reasonable $2.25 commission per lot. CMC’s NGEN platform simplifies trading with advanced charting and handy tools like the pattern scanner to automate analysis.

CMC Markets offers an impressive 13,000 financial instruments, but what stood out for us was its selection of 330+ currency pairs. This is the most we’ve found from a broker, and it allows you to explore more currency pairs to generate new trading ideas.

In our live spread testing, we found CMC Markets spreads to be competitive, with the Standard account averaging 1.12 pips on EUR/USD, one of the lowest spreads for a CIRO-regulated broker.

If you trade a lot of volume every month, then we think you’ll benefit from its FX Active account, which offers spreads from 0.0 pips and a low commission of $2.50 per lot traded.

CMC Markets’ proprietary NGEN platform deserves a special mention. The platform has advanced charting capabilities, with over 75 indicators and specialised pattern recognition tools, allowing you to perform technical analysis even faster.

We think the platform competes head-to-head with MetaTrader 4 and TradingView, offering a customisable interface with access to up to 30+ indicators on one chart—something TradingView charges for.

This level of customisation and analytical tools will fit the criteria for most traders with a focus on technical analysis. However, we should point out that there is no trade automation feature on the NGEN platform, so if you automate your trades, you should choose MT4.

In our tests, FP Markets achieved zero-pip spreads an impressive 97.83% of the time, which is why we recommend the broker for scalpers.

Even when zero spreads aren’t available, FP Markets offers tight RAW spreads, averaging just 0.1 pips on EUR/USD, beating the industry average of 0.22 pips. With access to both MT4 and MT5 platforms, scalpers can take advantage of features like one-click trading and the ladder trading tool to make quick and precise trades.

FP Markets uses a No-Dealing Desk (NDD) model that places your trades directly with liquidity providers. This not only speeds up execution but also guarantees no markup on prices, offering you transparent spreads that are tighter than what Standard accounts offer.

We tasked our analyst, Ross Collins, to test FP Markets’ execution speeds to see how much of an advantage a no-dealing desk can provide. Ross found that the broker clocked in a market order execution speed of 96 ms, one of the fastest we’ve tested.

This speed is important for scalpers, as it reduces the risk of slippage (keeping your trading costs low), ensuring orders are executed at the intended prices without delay.

Our live trading fee tests showed that the RAW Spread account, with spreads averaging 0.1 pips on EUR/USD, provides tighter, more competitive spreads than the industry average.

As you can see in the table below, FP Markets beat the industry average across its major pairs, cementing its place for low spreads that are ideal for scalpers. This, coupled with lower commission rates (50% cheaper) than those of CIRO-regulated competitors, positions FP Markets as an ideal platform for scalping.

FP Markets’ support for multiple trading platforms, including MetaTrader 4, MT5, cTrader, and TradingView, offers flexibility in trading.

Additionally, the one-click trading feature on MT4, which we found helps you enter a trade instantly without completing an order ticket, is a crucial benefit for scalpers aiming for faster executions.

Fusion Markets had the lowest trading fees in our tests, making it the top choice if you want a cheap broker offering decent execution speeds and platforms. With an average spread of just 0.22 pips on EUR/USD for its RAW account, Fusion Markets beats the industry average of 0.49 pips on EUR/USD.

We ranked the broker’s commission as the lowest available, which is $2.25 per lot, making Fusion Markets cheaper than other CIRO-regulated brokers that charge around $7 per lot.

In our tests, Fusion Markets was one of the cheapest brokers. The broker offers an impressive commission of $2.25 per lot traded, significantly lower than we’ve seen across the industry.

To put this in perspective, we found Fusion Markets to be 35% lower than the industry average and 67% cheaper than CIRO-regulated brokers, which is a huge saving. This allows you to cut down your trading costs and improve your profit margins, which will benefit you if you are an active trader.

To test the spreads, we tasked our analyst, Ross Collins, to use the RAW account to capture the average spreads across the majors and compare them with 14 other brokers. Ross’ findings proved that Fusion Markets is the cheapest broker after recording an impressive 0.16 pip average spread on EUR/USD.

The tight RAW spreads and low commissions make it an attractive platform for active traders who can benefit from the fixed commission costs, protecting you from volatile markets. So not only is it overall cheaper, but it is also predictable.

You are also not limited in your choice of trading platforms, with the broker providing MetaTrader 4, MT5, and cTrader, all top trading platforms. We like that the broker has done this, as it means you can have low trading costs and a choice of popular trading platforms without being forced to use one platform.

Eightcap is our best broker for low-spread trading with cryptocurrency markets. With average spreads as low as 0.06 pips on EUR/USD for RAW accounts, it outperforms the industry average of 0.22 pips. Even its Standard account spreads, averaging one pip on EUR/USD, are lower than the industry average of 1.24.

What also stands out for offering the most extensive range of cryptocurrencies, with over 90+ markets, including popular options like Bitcoin, XRP, and Ethereum.

When testing Eightcap, we were struck by its impressive range of 95 crypto markets, the largest choice of all the brokers we’ve tested. This gives you easy access to crypto markets, including Bitcoin, Ethereum, and Litecoin, and gives you another market to capitalise from if you seek high risk and volatility.

In addition to its crypto markets, we found the broker offers a decent overall market selection, including 56 forex pairs, 586 stocks, 16 indices, and eight commodities. While it may not have the largest range available from the brokers we’ve tested, it offers popular markets with the lowest spreads.

In our live fee testing, we captured the majors’ average spreads to understand the average trading costs for trading forex. The findings impressed us, with Eightcap coming in fourth place with a low average of 1.06 pips, 0.46 pips lower than the industry average. Particular spreads that stood out were the EUR/USD and GBP/USD, averaging one pip spread, one of the lowest in Canada.

Another highlight was Eightcap Labs, which offered a decent range of technical analysis and educational resources, covering the basics of trading and strategies to get you started. We liked that the resources were in both text and video format and that there were weekly webinars that could help you learn how to trade in real-time with an expert.

In our tests, TMGM averaged just 0.32 pips on EUR/USD, making it one of the tightest spreads available in Canada, coupled with fast execution times.

TMGM’s offering of 12,000+ markets allows you to trade multiple markets with one account, which is excellent if you like to trade different markets throughout the day.

We found the broker’s range of markets ideal for day traders participating in multiple markets. TMGM offers trading across 61 forex pairs, 1,200 stocks, 12 indices, 10 commodities, and 20 crypto markets, ensuring you can trade multiple markets with a single trading account. This saves you time from opening multiple broker accounts to trade different assets and allows you to deposit your trading capital in one account.

We like that the Classic account offers spreads from 1 pip on EUR/USD, making it accessible for beginners or those preferring straightforward trading costs. However, with its 0.0 pip spreads and a commission, the Edge account stands for experienced traders who are more active in the markets.

Our analyst, Ross Collins, tested how frequently TMGM offered its spreads at zero pips on the majors using the MetaTrader 4 platform. Ross found that TMGM’s advertised 0.0 pips was available 97.53% of the time on the forex majors. However, EUR/USD, AUD/USD, and GBP/USD had 0.0 pips 100% of the time. Zero-pip spreads significantly enhance trading efficiency, reducing the cost of trade execution and potentially increasing profitability.

Because TMGM isn’t CIRO-regulated, we found the forex leverage to be 1:500, far exceeding CIRO’s 1:50 limit. This opens up considerable opportunities for you to leverage small capital for larger positions, amplifying potential returns while acknowledging the increased risk.