Canadian clients can choose a broker with CIRO regulation or consider a handful of replicable offshore forex brokers. We have compared both types of brokers and made 2023 recommendations based on different trader needs.
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Our 2023 Best Forex Brokers accepting Canadian Clients are:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.83 |
FCA, CIRO, ASIC FSC-BVI, NFA, CFTC MAS, JFSA, KNF |
1.4 | - | - | - | - |
|
|
|
120ms | $0 | 69+ | - | 50:1 | - |
|
||
|
7.0 | CIRO, FCA, NFA, CFTC, MAS, JFSA, CIMA | 1.30 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | - | 33:1 | 33:1 |
|
||
|
8.33 |
CIRO, FSCA ADGM, CBI |
0.90 | - | - | - | - |
|
|
|
160ms | $100 | 37+ | - | 33:1 | 33:1 |
|
||
|
7.17 |
ASIC, FCA MAS, CIRO |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 339+ | - | 30:1 | 500:1 |
|
|
8.17 |
ASIC, FCA MAS, CIRO |
- | - | - | - | 0.08%-0.2% |
|
|
|
120ms | $0 | 100+ | - | 30:1 |
|
|||
|
9.00 | ASIC, SCB, CySEC | 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 |
|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
While it is always recommended to trade with an appropriately regulated broker in your region or province, Canadian clients also have the option to trade with an offshore forex broker. As such, our expert team has come up with a list that includes both types of brokers, that accepts traders based in Canada.
OANDA has great trading execution and speed
OANDA ranks as one of the best Forex brokers in Canada in terms of trade execution. Established in 1996, OANDA is a well-recognised name in the Forex trading field.
Trading Accounts
Traders in Canada have a choice of two types of trading accounts. These are the Standard account and the Premium account.
Both accounts are very similar in that they offer to trade with no commissions. The standard account has a $0 minimum deposit, making it a better choice for retail traders. The Premium account has a minimum deposit and account balance of $25,000.
With such a high balance, the Premium account is better for serious traders. By having a higher account balance, serious traders get extra features, such as faster open order indicators and priority customer service.
Regardless of which account you use, there are no deposit fees and you can fund your account using the following methods for the CAD account option:
Trading Products
OANDA is arguably one of the most popular forex brokers in Canada. With OANDA, you can access a wide range of financial instruments (+120 CFDs) including +70 FX pairs and CFDs on commodities, metals, bonds and stock indices. However, if you wish to trade shares, then OANDA might not be the best choice.
Margin requirements are set by the CIRO (formerly IIROC) and these can change, but maximum leverage for forex can be as high as 50:1 but is usually around closer to 33:1 for major forex pairs.
Spreads for forex trading start from 1.0 pips on EUR/USD while USD/CAD forex pairs average 2.0 pips spread.
Aside from having a good range of CFD markets and transparent trading costs, OANDA also offers +25 years of historical price data, which is suitable for back-testing trading strategies.
Trading Platforms
OANDA’s proprietary trading platform; FXTrade is an award-winning platform that is available as a download for desktop, web and mobile app with iOS and Android.
OANDA Desktop Offers The Following:
OANDA Mobile Has The Following Features:
OANDA clients, however, can also opt to trade through MetaTrader 4 or through the institutional-grade platform TradingView. Choosing TradingView allows you access to a social trading community of 15.5 million active traders and extra technical analysis features.
Canadian clients can trade Forex with lightning-fast execution ensured by an CIRO-regulated broker
In November 2016, OANDA introduced its proprietary execution engine, known as v20, which currently ensures the execution of trade orders in only 1 millisecond, which equals “1/300th of the blink of an eye.” It allows for successful implementation of both scalping and day trading strategies across a range of asset classes, such as currency pairs, metals, commodities, stock index and bond CFDs on OANDA’s own desktop and mobile trading platforms.
Our Verdict Of OANDA
Overall, OANDA is tailored towards traders who want access to fast order execution speed like scalpers or day traders. Automated traders can also find the +25 years of historical price data very handy for back-testing. On the downside, the all-inclusive spreads charged are on average higher compared to a low-spread forex broker.
FOREX.com has advanced tools for better MT4 experience
FOREX.com is one of the most recognised Forex brokers globally, with two decades of business history. The broker is part of the NASDAQ-listed StoneX Group Inc., which also wholly owns City Index.
Canadian clients can maximize the full potential of MetaTrader trading platforms with the broker’s competitive spreads, exceptional order execution and analytical tools.
Trading Accounts
2 types of trading accounts are available at Forex.com. These are the standard account and the RAW Pricing account.
The Standard account is a spread-only account meaning you won’t have commission costs. Spreads for major pairs such as the EUR/USD with this account average 1.0 pips.
Experienced trading may prefer the RAW Pricing account since the overall cost is generally lower. Spreads with this account can be as low as 0 pips but you will pay a commission of $14.00 round-turn for each lot you trade. This account is not available with MetaTrader 4.
FOREX.com Active Trader Program
If you are a high-volume Forex trader, you can get cash rebates if you take part in FOREX.com’s Active Trader program. Provided you join the active trader program and trade at least 50 million in the month, you can save up to 15%.
Trading Products
FOREX.com allows you to choose from over 300 trading products. This includes over 80 currency pairs making it one of the largest collections of all brokers.
You can also trade over 22 CFDs covering stocks, hard and soft commodities and indices.
Trading Platforms
FOREX.com gives you a choice of 2 trading platforms. These are FOREX.com advanced trading platforms that are available via the web and for mobiles and MetaTrader 4.
If you use the web version, you can access the following
MetaTrader 4 and MetaTrader 5 trading platforms are also available.
Our verdict on FOREX.com
Overall, FOREX.com is among the best forex brokers in Canada that offers the complete MetaTrader 4 solution. Beginner traders that are familiar with the MT4 platform can get a boost with additional trading tools, free VPS and besides that, they allow many EAs, including scalping.
CMC Markets NGEN Platform has a Guaranteed Stop Loss Order
CMC Markets is one of the best forex brokers with CIRO regulation that offers risk management tools. Founded in 1989, CMC Markets is among the leading Forex and CFD brokers globally, as it has over 300,000 clients from 70 countries.
CMC Trading Accounts
Both the CFD and corporate accounts are identical. The only difference is the Corporate account includes Reuters news, Morningstar quantitative equity research, client sentiment tools and pattern recognition scanners. As a retail trader, you are not likely to have a pressing need for these tools, so the CFD account will be suitable.
CMC Markets is a market maker (dealing desk broker) which means most CFD products are spread only.
Trading Products
If you are looking for the widest range of CFD products for trading. CMC Markets can be one of the best choices. Very few brokers can match CMC Markets range of 330 forex trading pairs and 90+ indices.
Over 9000 shares of CFDs are available for trading from the exchanges of 23 countries. Like with currency pairs, few brokers can match CMC Markets range of trading products.
Trading Platforms
CMC Markets offers 2 trading platforms. The first platform is their in-house developed signet platform called Next Generation Trading Platform, the other is the popular MetaTrader 4 trading platform.
There are some good reasons to have a serious look at the CMC Markets trading platform. The first reason is their wealth of trading tools. These include:
It is fair to say Next Generation offers features that go beyond what you will find with many other trading platforms.
Trading features with Next Generation are not limited to those mentioned above. If you trade with this platform, you also get CMC Markets risk management tools. Besides stop-loss orders and trailing stop orders, common to many platforms, CMC Markets also offer guaranteed stop-loss orders (GSLOs) in exchange for a small premium.
The guaranteed stop-loss Order sets an absolute limit on potential losses and also minimises the risk of slippage. If the market turns against a client, his/her active position will be automatically closed by CMC Markets’ trading software at the price level he/she has specified. In case the GSLO is not triggered, the broker will refund the premium in full to the client.
Disclaimer: The GSLO feature can be accessed only through CMC Markets’ Next Generation trading platform.
Summary Of CMC Markets Findings
Overall, CMC Markets is tailored towards beginner traders who want better trading protection against adverse price swings. Besides the risk management features, CMC Markets clients can also enjoy FX spreads starting from 0.7 pips, access to the MT4 platform, market insights, free education tools and an all-in-one CFD account.
Eightcap has 60+ Forex Pairs and 80+ Crypto pairs
Eightcap ranks as the broker with the best cryptocurrency offering for Canadian traders. Established in 2009 and based in Melbourne, Australia, Eightcap is an online Forex and CFD provider, which offers ECN pricing and execution.
Trading Accounts
Eightcap offers a standard account with no commissions, spreads start from 0.5 pips which is very low for a standard account.
If you wish to use an ECN or STP style account, Eightcap has a Raw Account with spreads from 0.0 pips. The commission for this account is AUD $3.50 or equivalent.
Both accounts have a minimum $100 deposit and can be funded using Tether (USDT) or Bitcoin (BTC) cryptocurrency, which is unusual for an online broker.
MT5 Trading Platform Conditions For Forex And CFDs
With Eightcap, Canadian Forex traders will have access not only to Foreign Exchange but also to assets such as Indices, Commodities, Cryptocurrencies such as Bitcoin and Stocks.
Leverage is tiered, which means the maximum available leverage is restricted for larger accounts. This is a good thing as it helps provide an element of protection should movements not go in your favour.
Cryptocurrencies
Eightcap offers over 250 cryptocurrencies for trading. This includes commonly known coins such as Bitcoin, Ripple, Litecoin, Tron, and Bitcoin Cash but also less known coins such as Shibu Inu, VeChain, Neo, Uniswap, PancakeSwap. Most of these coins can be traded against USD, AUD, CAD, EUR, GBP and MXN.
The main thing to be aware of is that while most coins can be traded against the USD when using MetaTrader 4, you need to be using MetaTrader 5 if you want access to the entire range of cryptos Eightcap offers such as when trading against other currencies such as AUD and CAD.
Trading Platforms
MetaTrader 5 is the recommended choice when using Eightcap since it allows you to trade their entire range of cryptocurrencies and shares.
The software offers powerful charting capabilities, allowing for precise technical analysis with 21-time frames and 80 technical indicators and drawing objects. The platform also offers advanced functionalities, such as expert advisor development, optimization and back-testing in the MQL5 environment.
Another advantage of using MT5 with Eightcap includes access to premium liquidity, with pricing being aggregated from a pool of top-tier liquidity providers. This way the broker is able to offer ultra-tight spreads, starting from 0.0 pips on major currency pairs on its Raw account type, while spreads on other CFD products also are very competitive.
Clients can enjoy low-latency execution of their trades since Eightcap’s MetaTrader servers are in Equinix data centres.
Clients can also take advantage of MT5’s hedging or netting modes, one-click trading option and Depth of Market feature, all of which allow them flexibility and control.
If you prefer to trade via the web, the MT5 Web Trader platform version is available, which can be accessed with ease from any Windows, Linux or macOS device, as well as MT5 mobile apps for iOS and Android-based devices.
Eightcap Regulation
While Eightcap is not licensed by the CIRO, the company has good regulations in Australia (ASIC license) and the UK (FCA license). Internationally, it is regulated by the Securities Commission of the Bahamas (SCB) which applies to Canadian traders.
Summary Of Eightcap Findings
Overall, Eightcap is built for beginner traders which want to access the popular MetaTrader 5 platform. However, on the downside, they only provide a few FX pairs (40 currency pairs) but they compensate with 200 share CFDs and over 250 crypto derivatives.
Fusion Markets Has Low Trading Costs
Fusion Markets distinguishes it from other brokers in the market by offering discounted commissions. The commission is an important expense to consider when trading since you pay commissions costs to open your trade and close your position for each standard lot. If you trade frequently these costs can really add up.
While Fusion Markets is not licensed by the CIRO regulatory body, they do accept traders from Canada, except for Ontario residents, because of local financial laws.
Lower Costs For Canadian Traders With Fusion Markets’ ZERO Account
Commission costs of $3.50 side-ways/$7.00 round-turn is a relatively standard cost when using a no dealing desk/ECN pricing style account. Fusion Markets not only offer lower commissions than their competitors, but spreads that match their competitors.
To open your position for a standard lot (10,000) you will pay CAD 3.00 or CAD 6.00 round-turn. While CAD 1 saving might not sound like much, when you trade frequently using leverage, the commission costs is something worth keeping in mind.
You will find these commissions with Fusion Markets Zero Account. This account offers ECN style pricing, which means spreads are provided from a liquidity pool. Fusion Markets can keep the spread as low as 0.0 pips since there is no dealing desk.
If you prefer to trade with no commissions, there is also a Classic account. Spreads are wider on this account, but they don’t come with additional commission costs.
In addition, traders can benefit from zero non-trading costs, as Fusion Markets will not charge any fees on deposits and withdrawals and any inactivity fees.
Other advantages include:
Trading Products
Fusion markets offer the usual products you will find with most brokers and except for cryptocurrencies, these products have no commissions costs.
One thing to note is the high leverage for most products. Leverage is a high-risk instrument, so should be used responsibly. For this reason, Fusion Markets limit the maximum leverage depending on your trading account size. This is a sensible practice on the broker’s behalf.
Trading Platforms
Fusion Markets like other brokers on this list are MetaTrader 4 and MetaTrader 5 specialists. Like all good ECN-style brokers, EA’s and scalping are permitted.
Should you wish to social trade, then Myfxbook AutoTrade is available. While DupliTrade is available for those that want copy trading platform features or mirror trade elements without the social element.
Fusion Markets Regulation
The brokerage has dual regulation, as it complies with standards of:
As a Canadian trader, you will receive VFSC regulation however, expect services in line with that required by ASIC.
Our Verdict on Fusion Markets Findings
Overall, Fusion Markets is a low-cost online trading provider that caters to the needs of forex traders who want to reduce their total trading costs. There is no minimum deposit with this forex broker so, anyone can open a trading account with no strings attached.
Friedberg Powered By AvaTrade Has Fixed Spreads
If you are looking for a broker that is regulated in Canada that offers fixed spreads, then Friedberg Direct (powered by AvaTrade) is the best (if not only) option.
To get these fixed spreads, you sign up with Friedberg Direct, which is a division of Friedberg Mercantile Group Ltd with its headquarters in Toronto, Ontario. This broker has a partnership arrangement with AvaTrade (and FXCM) to offer AvaTrade CFD trading services to Canadian residents.
While signing up with Friedberg Direct means you are protected by CIRO oversight, you will receive AvaTrade-level brokerage services.
AvaTrade is one of the leading forex trading brokers in the world with over 300,000 traders as clients. This broker is also one of the most regulated brokers being regulated across 7 jurisdictions. As such you can be confident in the features AvaTrade offers as a partner of Friedberg Direct if you are a client of Friedberg Direct.
Trading Accounts And Spreads
Choosing Friedberg Direct (powered by AvaTrade) gives you access to the competitive fixed spreads AvaTrade has a reputation for. These low fixed spreads are available because of the dealing desk (market maker) model AvaTrade operates.
As Friedberg Direct (powered by AvaTrade) spreads are fixed for CFD and Forex pairs, you will find the spreads are wider compared to ECN pricing accounts and Standard accounts. This is expected as the broker is taking on extra risk to offer you safer and more stable trading conditions.
Despite the wider spreads, the spreads AvaTrader offers are better than what many brokers have for their standard accounts. This comparison is fair since both trading accounts are spread-only accounts meaning no commissions.
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 |
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1.60 | 1.80 | 1.60 | 1.70 | 1.90 |
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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 01/09/2023
Choosing Friedberg Direct with AvaTrade, there will be a minimum deposit of CAD 300 or USD 250. Funding methods include Visa and Mastercard and Bank Transfer.
Trading Products
AvaTrade offers a good range of trading products. 37 forex pairs are available and the leverage will vary depending on if you are using a USD or CAD account. Major forex pairs such as the EUR/USD come with leverage of 33:1 (3% margin) for USD accounts or 22:1 (4.50%) for CAD accounts. Leverage is determined by CIRO and can change.
While AvaTrade spreads are fixed, gold and silver will widen between 22:0 and 2:00 GMT. Energies will widen 22:00-05:00 GMT and during weekly inventories, so it may be best to avoid these stocks during these times.
Trading Platforms
AvaTrade offers some 42 options for trading, if you wish to trade this derivative then it is recommended you use the AvaOptions app. This app has been built specifically for options trading and is suitable for iOS and Android mobile platforms.
If you wish to trade any other type of CFD, then the choice is between MetaTrader 4 (including the Web Trading version for browsers) and MetaTrader 5.
best broker in metatrader 4 is the most recognised trading platform by traders right across the globe. It offers all the important features you will need for successful forex trading including:
MetaTrader 5 is an upgrade on MetaTrader 4. It offers all the same features and more. So if you are new to trading, it is suggested you choose this platform. metatrader 5 brokers is also a better choice for stocks, as MetaTrader 4 is not designed for trading with centralised exchanges.
Our Verdict Of AvaTrade
Overall, AvaTrade caters to the needs of traders who want to exploit low-spread scalping strategies. In addition, Canadian traders can trade over 100 CFDs on MT4, MT5 or AvaOptions, access free education tools, news and market research, and a friendly customer support service.
Interactive Brokers has spot (not CFD) trading with large range of products
Interactive Brokers (IBKR) does not offer CFDs for trade instead, IBKR is the best Canadian forex broker for spot foreign exchange purchases. While IBKR does not offer CFDs, it makes up for this by offering a large range of Mutual Funds, Hedge Funds, Futures and Options which you don’t find with other brokers.
Trading With Interactive Brokers
IBKR account choices are quite different from what you find with other brokers. Instead of a standard account and ECN pricing type of account, they offer accounts for specific types of traders.
As a retail trader, you will likely find the “Individual, Joint, Trust” account or “Friend and Family” accounts of most interest.
Regardless of which account you choose, you will have access to IBKR low spreads and commission rates.
IBKRs can offer low spreads because the brokerage sources its pricing directly from a pool of 17 of the largest financial institutions worldwide that take part in the Forex market, As a result, Canadian residents can trade major Forex pairs such as EUR/USD, USD/JPY and AUD/USD with spreads of as low as 0.1 pips and USD/CAD with spreads of as low as 0.5 pips.
With commission, if you trade Stocks, ETFs, Warrants, Options or Futures then you can select between fixed or tiered commissions. While most other products such as Forex offer tiered commissions. Tier commissions are especially beneficial if you are trading high volumes. The more you trade, the lower your commissions will be.
IBKRs charge clients a small commission (ranging from 0.08 to 0.20 basis points times the trade size). Depending on clients’ monthly trade value of spot currency trades, IBKRs commissions are structured in four different tiers.
Trading Products With IBKR
IBKR provides its Canadian clients with direct access to interbank quotes on more than 100 currency pairs that include 23 different currencies (USD, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, ZAR and KRW).
You can also trade stocks and ETFs from over 80 stock exchanges and receive some of the best financing rates in the industry. These are margin loan rates of USD 0.75% to 1.57%. Commissions range from USD 0,0005 to USD 0.0035 per share.
Remember, these products are spot, not contracts, so you can take physical delivery of some of these products.
Trading Platforms:
Interactive Brokers FXTrader
Along with deep liquidity and competitive pricing, Canadian traders can also take advantage of professional Forex trading tools available on Interactive Brokers’ FXTrader software. Main features and benefits include:
As with otherCIRO-regulated online brokers, IB will not accept clients based in Alberta, unless they are classified as accredited investors.
Summary Of Interactive Brokers Findings
Overall, Interactive Brokers cater to the need of the clients who want to trade spot-based FX instruments. Aside from this, Interactive Brokers is ideal for traders who have more time on their hands to learn how to use their trading platform, which has a steep learning curve.
View Interactive Brokers ReviewVisit Interactive Brokers Markets
There are brokers that accept Canadian clients and those that are actually regulated by the local regulator (the CIRO). If your looking to see all of our lists then first visit our forex broker comparison homepage and then select the type of broker your looking for.
Ask an Expert
If I live in Canada but am not a Canadian citizen, should I still use these brokers or should I use US-based brokers?
There is no reason to use a US-based broker, you should use a Canadian regulated broker.