Our 2024 list of forex brokers that accept canadian clients is:

Top CIRO Regulated forex brokers:
Best Offshore Forex Brokers
  • FP Markets - Top Broker For Scalping
  • TMGM - Best Broker For Range Of Markets
  • Eightcap - Great Forex Broker for Cryptocurrency
  • Fusion Markets - Cheapest Broker with Lowest Commission
Broker Our Rating Regulation Standard
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Read Full Review
1.4 2 1.4 - - - - 120ms $0 69+ - 50:1 - Visit Site
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
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 339+ - 30:1 500:1 Visit Site
- - - - 0.08%-0.2% 120ms $0 100+ - 30:1 Visit Site
0.90 1.5 1.1 - - - - 160ms $100 37+ - 33:1 33:1 Visit Site
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 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

1. OANDA Most Trusted Forex Broker Accepting Canadian Clients


Forex Panel Score


Average Spread

EUR/USD = 1.4
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit


Why We Recommend OANDA

OANDA, excelling with a perfect 100/100 in our Trust category, is our preferred choice for Canadian traders. Established in 1996 and regulated under CIRO, it assures reliability and a long-standing reputation of over 20+ years of operating in forex trading.

The broker offers competitive spreads of two pips on EUR/USD with no commission, which is low compared to its peers. This combination of trust and transparent pricing makes OANDA a solid choice, especially if you value a straightforward, dependable trading partner without hidden costs.

Pros & Cons

  • Well regulated broker
  • No minimum deposit
  • Trade partial lots with OANDA Trade
  • Client support is not 24/7
  • Lacks stock CFDs
  • It does not offer RAW spreads

Broker Details

OANDA offers Great Trading Tools for Beginners

Only a handful of regulated forex brokers with the CIRO exist compared to the rest of the industry. The CIRO directly regulates OANDA, so you can benefit from the framework explicitly created for Canadians. You can get a higher retail leverage trading account of up to 1:50. OANDA provides excellent trading tools with low trading fees and is our top choice for CIRO-regulated forex brokers.

We ranked OANDA as the best CIRO-regulated Forex Broker based on our tests, comprising over 80 thorough checks to review each broker. Our comprehensive methodology scored OANDA a solid 71/100. The scoring criteria are demanding, so its score has put OANDA in the top spot for Canadian Forex Brokers and the top ten of all brokers we’ve reviewed.

Key Strengths:

  • Large range of currency pairs
  • No minimum deposit
  • Choose from three trading platforms
  • Trade with partial lots through OANDA Trader
  • Advanced trading tools with their platforms

Trade on OANDA with Low Spreads

OANDA simplifies the pricing model by offering only one trading account type, the standard account. The standard account offers spreads starting from 0.6 pips. However, our findings show you will pay around 1 to 1.5 pip spread across the majors.

One advantage of the standard account we like is that you do not have to pay any commission because all costs have been priced into the spread. This is excellent for beginners because you can focus solely on trading, knowing that you don’t have to worry about exit commissions.

Although most traders will find the standard account best for you, they do have an Elite Trader Program. If you are a high-volume trader, you may qualify for this account, which requires you to turn over $10m in monthly trading volume. If you meet the program requirements, you will receive lower trading costs through rebates, thereby reducing your trading costs.

oanda account types canada

OANDA has a Wide Range of Products

You can trade over 120+ assets across six markets with OANDA. They have an extensive range of currency pairs, allowing you to trade 69 crosses. This includes the majors, minors, and exotic pairs. So, if you choose to trade forex pairs outside of the majors, then OANDA has a great range for you to choose from with competitive spreads.

Or if you trade commodities, OANDA gives you a more versatile metals market. We like that they give you the option to trade gold and silver with different currencies (up to 10 combinations for each), allowing you to trade metals that could capture more volatility in the market. We haven’t seen many brokers that offer this.

oanda trading products canada

OANDA Provides an Excellent Choice of Trading Platforms

You can trade with OANDA using three different trading platforms depending on your comfort.

By default, you can access OANDA’s pricing and trading tools using the OANDA Trade platform. The OANDA Trade allows you to trade directly from the charts and has direct access to their premium trading tools, such as AutoChartist. This is a simplistic forex trading platform that is easy to understand and comes with some advanced tools that cannot be found on other platforms.

For example, you can control your trading size all the way down to a single unit (0.00001 unit). This feature is excellent for beginners because you can start trading in a real environment with your own money for around CAD 1.50 whilst you are learning. We like this because it’s a soft “next step” that beginners can go through to get live trading experience and trade with their own money. By trading real money, you will gain a better experience of what it is like to have skin in the game compared with a demo account, where you can just ignore the losses as there is no risk involved.

oanda trade platform overview

You can also use the MetaTrader 4 platform, which is a more “realistic” trading terminal that features advanced charts and the ability to automate your trades through Expert Advisors. The MetaTrader 4 platform is certainly one of the most versatile offerings because it’s customisable to each trader, unlike OANDA Trade, where you can only use what they give you. So if you have a favourite trading indicator or autotrade with an EA that you programmed, then you should use the MT4 platform with OANDA.

Then there is TradingView, one of the fastest-growing platforms with over 50 million traders. This platform has advanced charts with over 110+ indicators and some tools to speed up your trading analysis.

Although you cannot automate trading on TradingView (in terms of executing and exiting trades), you can set up automatic alerts based on your parameters. These parameters could be the price crossing over a resistance level or the price is now trading above the 200 moving average. You will get an alert as soon as this happens. You can set the alert to go to your email, via push notification to your phone, and a computer notification which appears on the chart. This can save you time if you like to automate your trades but still manually verify the entry levels just in case the market conditions have changed.

Our Verdict on OANDA

OANDA is one of our highest-rated brokers that the CIRO regulates. We recommend OANDA as the best for beginners thanks to its low trade sizes, easy-to-use trading platforms, and solid third-party trading tools like AutoChartist, which can help beginners find trades more easily.

View OANDA ReviewVisit OANDA

2. FOREX.com Top CIRO Broker With 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, FOREX.com Trading Platform

Minimum Deposit


Why We Recommend FOREX.com

FOREX.com is our top choice for MT4 users under CIRO regulation, offering low average spreads from just one pip on EUR/USD on the Standard account. If you want tighter spreads but don’t mind commissions, the RAW account with a $7 per lot commission offers average spreads from 0.5 pips.

Additionally, the broker provides the MT5 platform, which enhances your trading experience with faster execution and a broader range of tools, including more indicators.

Pros & Cons

  • A variety of trading platforms are available
  • Offers a unique choice of gold and silver exotic pairs
  • Has low average spreads
  • It needs a minimum deposit
  • Customer support is only available during the week
  • Lacks MetaTrader 4

Broker Details

FOREX.com has over 80 currency pairs

FOREX.com is one of the longest-serving brokers that the CIRO regulates directly. If you are looking for a broker offering a range of currency pairs, then FOREX.com would be a good choice. This is because FOREX.com has over 80+ forex pairs to trade, the largest in Canada.

Key Strengths:

  • Has multiple trading platforms
  • Competitive spreads from 1.2 pips
  • A diverse range of trading products

Trade Majors, Minors and Exotics with FOREX.com

One of the main reasons FOREX.com stands out, in our opinion, is that it provides a wide range of exotic currency pairs, which is appealing if you are a trader who seeks higher volatility opportunities.

You can trade many of exotic pairs such as the TRY, CNH, ZAR, THB and MXN. Having access to exotic pairs like the TRY crosses provides unique trading opportunities compared to majors.

Since exotic pairs carry higher volatility and risk, most brokers do not provide them. The generous selection available at FOREX.com makes them an ideal choice if you are interested in trading exotic forex pairs beyond the majors and minors. The higher volatility can open up more opportunities, although risk management is a must.

FOREX.com Trading Accounts

There are two account options when opening an account with FOREX.com. The standard account charges no commissions, so all the trading costs are within the spreads (from 1.2 pips). This straightforward pricing model is ideal if you want simple trading costs with no commissions.

RAW pricing account offers spreads from 0.0 pips paired with a $14 round-turn per one-lot trade. You should choose this account if you are a high-volume trader, where the RAW account can provide lower overall costs thanks to the tight spreads.

forex.com account types for canadian traders

FOREX.com has Enhanced Tools for MetaTrader 4

We like the MetaTrader 4 platform because you can customise it based on your trading needs. This makes it versatile for a wide range of traders. It comes with over 50+ technical analysis tools and MetaTrader 4 is a solid choice if you develop your own trading strategies because you can use their Expert Advisors (EAs) to automate them for you.

However, if you are not tech-savvy enough to develop your own EAs, FOREX.com provides an MT4 plugin bundled with extra features to improve the platform.

One feature we like is the alarm manager EA provided. This tool can help you visually automate your trades by setting up alarms based on your parameters. These parameters could be anything: a moving average crossover or even based on the price breaking above your price level.

As a bonus, you can make the alarm execute trades for you based on your settings. So it’s as close to automating your trades without developing an EA.

forex.com trading platforms canada

Our Verdict on FOREX.com

Overall, FOREX.com delivers many forex pairs, exceeding most Canadian brokers. The extensive range of exotic crosses sets them apart if you seek higher volatility trading opportunities. With FOREX.com’s competitive spreads and improved MT4 tools, FOREX.com provides you with excellent resources to trade the markets in Canada.

3. CMC Markets Great CIRO Broker With Most Currency Pairs

CMC Markets

Forex Panel Score


Average Spread

EUR/USD = 0.5
GBP/USD = 0.9
AUD/USD = 0.6

Trading Platforms


Minimum Deposit


Why We Recommend CMC Markets

We recommend CMC Markets for its impressive range of 330+ currency pairs, giving you a better range of volatile pairs to trade that most brokers don’t offer. This lets you find more opportunities to find trades that suit your strategy, especially if you day trade.

The NGEN platform is a solid trading platform that is very user-friendly and lets you take advantage of CMC’s lowest spreads and fastest execution times.

Pros & Cons

  • Excellent trading platform
  • The most comprehensive range of fx pairs
  • Tight spreads with FX Active account
  • Lacks social trading tools
  • Limited support over the weekend
  • No automated trading on NGE

Broker Details

CMC Markets Offers Institutional Grade Risk Management Tools

CMC Markets provides an extensive trading platform with trading tools that can make managing your risk easy. If you are a beginner and need access to high-quality risk management tools and an intuitive trading platform, then CMC Markets may be a good fit for you.

Key Strengths:

  • Great risk management tools
  • Excellent trading platforms are available
  • Low spreads from 0.7 pips

CMC Markets offers Guaranteed Stop Loss Orders

Not many CIRO-regulated brokers offer guaranteed stop-loss orders, which is a shame considering how useful they can be for your risk management. Fortunately, you can use them with CMC Markets. They offer the reassurance of exiting the markets without you losing more than you intend to.

For example, with a standard stop loss, you could slip a few pips while being taken out – especially if a volatile event has stopped you out. At least with a GSLO, you have peace of mind with your maximum loss should things go sour.

Surprisingly, CMC only offers the GLSO only on the Next Generation platform, which means it is not available on their MT4 or TradingView platforms.

CMC Trading Accounts

With CMC Markets, they offer a variety of trading accounts. Their standard account provides spreads from 0.7 pips with no commissions. Choose this account if you want to simplify your trading costs. Or their FX Active account provides 0.0 pip spreads and charges a small commission of $5 per lot round trade. You should choose this account if you want the lowest spreads CMC Markets offer.

cmc markets account types brief canada

Our Verdict on CMC Markets

CMC Markets provides an excellent trading platform encouraging the use of Guaranteed Stop Loss Orders. If you are a beginner, then this type of stop loss will certainly help you out. CMC also has a choice of low-cost trading accounts. When you pair up the risk management services with the competitive costs, we recommend CMC Markets as a good broker with risk management tools.

4. Interactive Brokers Best Broker For Professional Traders

Interactive Brokers

Forex Panel Score


Average Spread


Trading Platforms

Trader Workstation

Minimum Deposit


Why We Recommend Interactive Brokers

Our top pick for professional traders is Interactive Brokers, thanks to its extensive trading tools and low-cost volume trading fees. What impressed us is the broker offers in-depth fundamental analysis available alongside chart views, helping you research your trades thoroughly.

The broker has low RAW average spreads of 0.1 pips on EUR/USD and a $2.00 per lot commission. Although this is the minimum charge, which means anything smaller than one lot still charges $2.00 per trade, smaller lot sizes are more expensive than their peers.

Pros & Cons

  • Advanced trading platform for professionals
  • No minimum deposit
  • Low commissions for high-volume traders
  • High commissions for mini and micro-lot traders
  • Lacks TradingView and MetaTrader platforms
  • IBKR takes time to learn

Broker Details

Interactive Brokers Provides ECN-like Executions

Interactive Brokers is one of the largest brokers in the world, regulated by every Tier 1 jurisdiction, including CIRO. IB has advanced trading platforms and offers excellent execution speeds through their IBKR platform, ensuring you get the best possible price while trading. Although they have an institutional-grade trading platform with many features, it’s not beginner-friendly, so you should choose this broker if you are an experienced trader.

Key Strengths:

  • Fast execution speeds through the IBKR platform
  • Institutional-grade trading tools
  • Deep liquidity pools
  • Spreads from 0.1 pips

ECN Style Executions Improve Execution Speed and Lower Costs

The execution of each trade is managed by Interactive Brokers’ IBKR BestX, which uses advanced technology to route your trades to one or more liquidity providers. This ensures that you get the best execution and pricing while using the IBKR platform.

IB sources pricing directly from 17 major banks. This gives you low-cost forex spreads as low as 0.1 pips on EUR/USD and 0.5 pips on USD/CAD. You have to pay a commission with the spread, which ranges from 0.08 to 0.20 basis points based on your trading volume. There are four tiers, so increased trading activity leads to better commissions per trade.

Because IB prices their commissions differently, we opened a demo account to clarify how much a one-lot round trade would cost you.

Interactive Brokers EURUSD Trade

As you can see, a one-lot trade charges a $2.25 commission to enter the markets and the same to exit, giving it a total of $4.50 per lot round trade, which makes it one of the lowest commission brokers available in Canada.

interactive brokers currency tiers

Our Verdict on Interactive Brokers

Overall, Interactive Brokers is our top pick for an ECN-style broker, including the most extensive range of trading instruments. With an institutional-grade platform, ultra-low spreads from 0.1 pips and commissions from 0.20 basis points make IB ideal if you are an experienced forex trader.

5. AvaTrade Good Fixed Spread Broker For Day Trading


Forex Panel Score


Average Spread

EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1

Trading Platforms

MT4, MT5, AvaTradeGo, AvaOptions

Minimum Deposit


Why We Recommend AvaTrade

AvaTrade is one of a few brokers to provide fixed spreads that keep your trading costs the same, even during volatile market movements. The fixed spreads start from 0.6 pips on EUR/USD with no commission fees, making them a very competitive broker with spreads like these.

Pros & Cons

  • Tight fixed spreads
  • Decent choice of markets
  • Offers options trading with AvaOptions
  • Requires a minimum deposit
  • No RAW-based pricing
  • Limited market research tools

Broker Details

Friedberg Direct offers tight-fixed spreads with no commission

If you are looking for a CIRO-regulated forex broker that offers fixed spreads, then Friedberg Direct (powered by AvaTrade) is our top choice. Based in Toronto, Ontario, Friedberg Direct is directly regulated by the CIRO but uses AvaTrade’s trading technology to offer Canadian traders leveraged trading products. You can trade with low fixed spreads from 0.6 pips on the EURUSD, which is very competitive with the variable spreads available from other brokers.

Key Strengths:

  • Tight fixed spreads
  • A diverse selection of trading products
  • AvaOptions is available for options trading

Simple Trading Account with Fixed Spreads

When you open a trading account with Friedberg Direct, you only have the option to use a standard account. Being directly regulated by the CIRO means that Friedberg Direct can only offer leverage up to 1:50. The standard account comes with fixed spreads from 0.6 pips on the EURUSD, which is surprisingly low for a Canadian broker.

The main advantage of paying spread-only is that you do not pay a commission on each trade. So you only pay the initial spread to enter the trade, and that’s it.

One of the key reasons we recommend fixed spreads is that they do not widen during volatile trading times, e.g., high-impact economic news. This is great if you are a purely technical analysis-based forex trader and don’t want to suffer from spread variation during turbulent times.

avatrade friedberg direct trading accounts for canadian

For a selection of major and minor currency pairs that we made, AvaTrade has fixed its spreads at:

ECN Broker Spreads
1.00 2.00 0.90 1.50 1.10
1.00 2.00 0.70 1.50 1.20
1.83 2.05 1.94 2.11 2.36
1.60 1.80 1.60 1.70 1.90
1.80 2.00 1.50 2.00 1.80
3.00 3.00 3.00 3.00 3.00
4.00 5.00 4.00 3.00 4.00

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Compare Lowest Spread Brokers

Trading Products

With Friedberg Direct, you can access over 700+ trading products, ranging from stock CFDs to currency pairs.

One of the unique offerings with Friedberg Direct is that through AvaTrade, you get access to AvaOptions, which is an alternative trading derivative to CFDs. This means you can use AvaOptions to take advantage of market volatility through options trading. You can access 44 different options, which include currency pairs, silver, and gold.

If you want to use the options available, you can only trade them through the AvaOptions app.
Avatrade products canada overview

Our Verdict on Friedberg Direct (powered by AvaTrade)

Friedberg Direct surprised us with their fixed spreads. Normally, we’d expect them to be wider than other brokers in Canada, but they have kept them nice and competitive by providing fixed spreads from 0.6 pips. When you pair that with the execution and technology provided by AvaTrade, it makes them our top choice for CIRO-regulated forex brokers with fixed spreads.

6. FP Markets Top 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 excels as a top scalping broker, offering incredibly tight RAW spreads, averaging just 0.1 pips on EUR/USD. Interestingly, in our testing, the broker achieved zero-pip spreads 97.83% of the time, meaning you’ll only pay the commission to trade.

The use of the MT4 platform, with its one-click trading feature, makes executing trades fast so you can scalp the markets and improve your profit margins with tight spreads.

Pros & Cons

  • Solid range of trading products
  • Low average RAW spreads
  • Offers a choice of trading platforms
  • IRESS platform is only available in Australia
  • Requires minimum deposit on Standard account
  • Not all shares are available on the MT5 platform

Broker Details

FP Markets offers true ECN pricing

Australian broker FP Markets will appeal to beginner and experienced traders alike with its deep liquidity, ECN-like trading environment and ultra-tight spreads. Leverage that extends to 500:1 means ample opportunities to amplify your profits if you have the nerves and the know-how. If you’re more cautious by nature or still learning the ropes, FP Markets has some excellent educational resources, including a demo account.

Key Strengths:

  • True ECN pricing with spreads from 0.0 pips
  • 33 different account funding methods, including crypto
  • Ten base currency options, including minor currencies

FP Markets Offers Low Spreads and High Leverage

When we put top forex brokers’ raw spread accounts to the test, FP Markets emerged as a clear winner. Minimum spreads for the RAW account start at 0.0 and, more importantly, stay tight even during periods of peak liquidity.

fp markets spread execution

According to our tests, the average spread for the benchmark EUR/USD currency pair hovers at 0.1 pips. That’s among the tightest spreads globally for any broker with Tier-1 regulation.

Standard Account Spreads
1.10 1.20 1.30 1.30 1.30
1.20 0.90 1.50 1.80 1.80
1.20 1.40 1.50 1.60 1.50
1.10 1.20 1.40 1.50 1.20
1.20 1.30 1.20 1.30 1.10
1.70 1.60 1.70 2.00 1.60
1.20 1.80 1.90 1.90 1.60

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Tight spreads impress on their own, but when you couple them with leverage, the profit potential increases dramatically. (Along with the risk of loss, of course.) FP Markets stands out for combining consistently tight spreads with the maximum allowable leverage of 500:1.

FP Markets Trading Accounts

If you opt to trade with FP Markets, you’ll have a choice between two account types: a Standard account with spread-only pricing or a RAW account where you’ll pay commissions.

fpmarkets brief trading accounts canada

The Standard account makes excellent sense if you’re still new to trading, as it allows you to take advantage of the broker’s ECN-like trading conditions without the complexity of calculating trading costs plus commissions. The minimum spread of 1.1 pips is slightly higher than comparable brokers, most of which start at 1.0 pips, but the access to deep liquidity and speedy execution for market orders means you likely won’t feel much difference.

If, on the other hand, you’re a more experienced trader or interested in scalping and hedging, the RAW account may better fit your needs. As the name implies, this account offers you access to RAW spreads, sometimes as tight as 0.0 pips, with FP Markets charging a commission of CAD 7.00 to execute the trade. As with the Standard account, the broker’s fees exceed those of its peers, but the consistently lower spreads, thanks to deep liquidity, mean you stand a good chance of coming out ahead.

We appreciate that both account types come with few indirect trading costs – no deposit or withdrawal fees here. FP Markets also makes adding money to your account as easy as possible. The broker accepts over 33 funding methods, from Visa to PayPal to Skrill to crypto wallets. We weren’t so fond, however, of the mandatory minimum deposit. USD 50 isn’t a lot, but with other brokers forgoing the requirement, we hope FP Markets follows suit soon.

FP Markets Has Excellent Trading Platforms

While other brokers focused on developing in-house trading platforms, FP Markets took another tack, one we think offers account holders the best of both worlds. While the broker does offer a proprietary mobile app, its web trader and desktop app rely on tried and tested trading platforms MetaTrader 4 and MetaTrader 5.

fp markets trading platform mt4 mt5

Far from simply white labelling these popular forex and stock trading platforms, however, FP Markets offers a collection of third-party apps, integrations and trading tools designed to allow you to mix and match according to your trading needs.

If you’re a technical or algorithmic trader, for example, you can take advantage of Autochartist for advanced charting, additional drawing tools and supplementary objects. Curious about social or copy trading? FP Markets allows you to integrate MyFXBook and its own social trading app into your MetaTrader trading experience. If you don’t see your preferred app or tool in the list of native integrations, you have access to an API key to facilitate connections.

One downside of the mix-and-match approach? The user experience sometimes suffers. The platforms and tools do perform as advertised, but navigating the competing designs sometimes left us confused. A more mindful approach to layouts would go a long way.

Our Verdict on FP Markets

An excellent broker for those looking for a customised trading experience and tight spreads, FP Markets offers a ‘choose your own adventure’ to forex trading that grows with you as your trading skills develop.

7. TMGM Best 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

We like TMGM as it offers one of the broadest market choices with over 12,000 trading products, including forex, indices, commodities, and shares. This variety is ideal if you trade multiple markets, allowing you to trade from one account.

The spreads are decent too; TMGM ranked joint-third in our tests with an average RAW spread of 0.32 pips.

Pros & Cons

  • Solid selection of markets
  • Trading fees are low
  • Decent execution speeds
  • Educational tools aren’t great
  • A minimum deposit is needed
  • The range of forex pairs is limited to majors and minors

Broker Details

TMGM offers 1:500 leverage with forex trading

TMGM’s ECN model provides lightning-fast order execution, reducing costly slippages so you can fill your orders at the desired price. Ideal if you are a breakout trader who sets order limits to execute a trade on its earliest confirmation.

Key Strengths:

  • Offers high leverage for Canadian traders
  • Fast execution speeds with MT4
  • Wide range of markets from forex to crypto
  • Low minimum deposit ($100 to get started)

TMGM has fast execution speeds

Every millisecond counts in forex. So, our team tested over 20 brokers to find the fastest execution brokers, and TMGM recorded an average execution speed of 94ms. This put it in the top five brokers worldwide based on our tests. The NDD/STP model is what powers this fast execution speed.

Non-CIRO Regulated means Higher Leverage up to 1:500

Although CIRO does not directly regulate them, TMGM is regulated in multiple jurisdictions where their main regulator is ASIC (Australia’s Tier 1 regulator). TMGM accepts Canadian clients through their off-shore entity. This entity is regulated by the Vanuatu Financial Services Commission (VFSC), which is how you can trade higher leverage as a Canadian retail trader.

Three low-cost trading accounts

TMGM provides three trading accounts that connect you to the foreign exchange markets with low fees.

If you want a simple trading account where all of the trading costs are bundled into one price, then the Classic account is ideal for you. You only pay the 1.0 pip spread to enter a trade. The bonus with the Classic account is that you do not pay a commission.

The Edge account is ideal if your strategies are sensitive to wider spreads, such as a scalper. You can get an Edge account with spreads from 0.0 pips and pay CAD 9.00 per lot round turn in commission.

Another option you get with TMGM is the IRESS account. This is solely focused on trading the stock market, but this account gives you access to 12,000 shares. The IRESS account requires you to deposit a minimum of $5,000, and you pay a commission per share traded.

tmgm account types canada

TMGM has the MetaTrader 4 Platform

Both the Classic and EDGE trading accounts give you access to the MetaTrader 4 platform, which we think is one of the best platforms and is especially beneficial if you are a scalper. TMGM’s ECN execution model delivers fast execution speeds on MT4, which allows you to enter and exit your trades faster while reducing slippage.

Meanwhile, one of the features we like is the one-click feature, which allows you to trade the markets without filling in an order ticket. This is helpful so you can instantly execute the trades you need instead of wasting time filling in a new order ticket.

Our Verdict on TMGM

TMGM provides competitive pricing and high-leverage trading accounts to Canadian traders who are happy to open an account with an off-shore broker. More importantly, TMGM provides fast execution speeds through their ECN model, making it an easy recommendation for the best non-CIRO forex brokers overall.

8. Eightcap Great Forex Broker for Cryptocurrency


Forex Panel Score


Average Spread

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

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit


Why We Recommend Eightcap

For trading the cryptocurrency markets, Eightcap is a solid choice offering a range of 95+ crypto markets – ideal if you want to take on more risk through non-traditional currencies.

Eightcap’s spreads are tight too, averaging 0.06 pips on EUR/USD with its RAW account and one pip average spread on the Standard account. This combination of crypto trading and low spreads opens an affordable route to trade the crypto markets as a Canadian trader.

Pros & Cons

  • Offers a solid choice of trading platforms
  • Provides a wide range of cryptocurrencies
  • Low average RAW spreads
  • Not the largest range of markets
  • Lacks weekend client support
  • Has a minimum deposit

Broker Details

Eightcap offers the largest range of crypto instruments to trade

Eightcap is based in Melbourne, Australia, and the ASIC regulates them. Eightcap is best known for its low trading fees and its crypto markets. Eightcap operates outside CIRO’s jurisdiction, so you can access 80+ cryptocurrency markets unavailable through CIRO-regulated forex brokers. This is our recommended broker if you want exposure to the crypto markets.

Key Strengths:

  • A strong selection of cryptocurrencies to trade
  • Free third-party services like Capitalise.ai
  • Low spreads with ECN execution

Eightcap has Impressive Trading Accounts to Trade Crypto

The standard account has spread from one pip and no commission trading. You can use this account to trade across all of the Eightcap trading platforms.

Or you could use the RAW account with spreads from 0.0 pips and a commission of CAD$ 7 per lot round trade. With this account, you can trade on all platforms apart from TradingView.

Both of these accounts have access to Eightcap’s crypto markets. You can trade some of the most popular cryptocurrencies in the world, such as BTC/USD, ETH/USD, and SOL/USD.

What we like about Eightcap is they provide extra services that can benefit you with your crypto trading. You can use Capitalise.ai to automate your trading. There is also a specialist crypto analyst tool called CryptoCrusher, which provides daily trade ideas for crypto.

eightcap account types canada
Our Verdict on Eightcap

If you want to trade popular cryptocurrencies like BTC, SOL, and ETH with a broker that accepts Canadian traders, then Eightcap is a solid choice. They provide low-cost trading accounts and valuable extra tools like Capitalise.ai and CryptoCrusher services that can benefit your trading for free. We recommend Eightcap because they deliver an ideal solution for Canadian traders focused on Crypto.

9. Fusion Markets Cheapest Broker with Lowest Commission

Fusion Markets

Forex Panel Score


Average Spread

https://www.compareforexbrokers.com/landing-redirect/?pid=fusion-markets Why We Recommend Fusion Markets

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit


Why We Recommend Fusion Markets

Fusion Markets is the best forex broker for lower commissions, charging only $2.25 per lot, the lowest we’ve encountered (the average is $3.48 in our tests). This makes it an excellent choice for traders looking to minimize trading costs.

The broker’s average RAW spreads are impressive, at just 0.22 pips on EUR/USD, significantly lower than the industry average of 0.49 pips. Fusion Markets doesn’t have its own platform, but the broker has MetaTrader 4 and 5, two top platforms to take advantage of these low spreads.

Pros & Cons

  • Have the lowest commissions tested
  • Fast execution speeds
  • Offers a top selection of trading tools
  • No TradingView available
  • The overall market range is low
  • Charges inactivity fees

Broker Details

Fusion Markets delivers some of the lowest commissions in Canada

Fusion Markets is another broker not directly regulated by CIRO but accepts Canadian clients. ASIC regulates them and has some of the lowest commissions based on our tests. They offer spreads from 0.0 pips and commissions from CAD$6 per lot round turn. That is why we recommend them as the best Canadian forex broker with the lowest commissions.

Key Strengths:

  • Lowest commission costs
  • ECN Broker
  • Wide range of trading platforms with copy trading

Lower Costs For Canadian Traders With Fusion Markets’ ZERO Account

Our team tested 15 brokers that offer commission-based trading accounts to find which broker had the lowest commissions. In our tests, Fusion Markets placed second place overall, but in Canada, it is the broker with the lowest commissions. You are charged CAD $6 per one-lot round-turn traded with spreads from 0.0 pips. We also tested brokers to see how often they keep their spreads at 0.0 pips and found that Fusion Markets kept their spreads at the minimum offered for 98.55% of the time.

Not only do you get the most cost-effective trading environment, but because Fusion Markets are not regulated directly by CIRO, you can get access to 1:500 leverage too. ASIC and VFSC regulate Fusion Markets. They accept Canadians through their VFSC licence, where you’ll open your account.

fusion markets account type canada

Our Verdict on Fusion Markets

Fusion Markets is a low-cost ECN broker that accepts Canadian traders. Based on our findings, it’s easy to recommend Fusion Markets as the best broker with the lowest commissions.