7 Best Forex Brokers In Canada for 2024

7 Best Forex Brokers In Canada for 2024

Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. Filippo Ucchino is the founder and CEO of the brand InvestinGoal and the owning company 2FC Financial Srl.

• Our research also shows that MT4 users can download Trading Central for Windows which provides access to economic calendars and real-time trading ideas.
• The massive money flows mean that not only is it hard to manipulate the markets, but trading costs are low.
• In Canada, Forex brokers must be regulated by the Canadian Investment Regulatory Organization, the regulatory body for non-banking financial services in the country.
• Canadian forex brokers must abide by the rules and regulations laid out by the Investment Industry Regulatory Organization of Canada (IIROC) if they want to work with traders from Canada.
• Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA.
• TWS also provides an excellent range of market scanners that allows you to find potential FX trading opportunities based on your criteria – a bit like TradingView’s scanner, but more advanced.

With this, there is no restriction on leverage offered to Canadian citizens which allows traders to take advantage of higher offers. That said, they should be used with caution as the higher the leverage the higher the risk. It is strongly advised that traders start off with a low leverage, and a higher initial deposit. Although the price that you have to pay to make use of their services is high, Saxo Bank can offer you a well-rounded package that won’t leave even the most demanding of traders wanting. If you can afford the minimum deposits, take a closer look at our in-depth review of Saxo Bank. However, it is important to note that not all currency pairs may be on offer to Canadian traders.

The Canadian Forex market is regulated by CIRO, which works in coordination with provincial and territorial securities commissions across the country. Fusion Markets is our top broker for the lowest commissions after reviewing based on our tests, beating 15 other brokers. You can access copy trading features, which are ideal for traders who lack time to monitor the markets.

List of Top Forex Brokers and Trading Platforms in Canada

For example, in Canada, a forex broker only needs to have $250,000 in capital, whereas, in the United States, a firm needs at least $20 million. Demo accounts not only develop your trading skills, they help you decide if the broker is a good fit for your needs. What might work for others might not work for you and given the fact that there are many good brokers out there you can afford to be choosey. There is a range of different accounts to choose from, so the service can be set up according to your trading profile and aims.

Best IIROC-Regulated

You also must reveal all third parties who have any form of interest in your finances to comply with anti-money laundering rules. This means that the firm must verify your identity and various other personal details, including your net worth, income, and number of dependents. The commissioner of oaths or guarantor will fill out a form entitled “Verification of Individual’s Identity in Canada by Commissioner or Guarantor”, which you can then supply to the forex broker.

Therefore, it is advised that if you are a Canadian citizen, you stick to Canadian FX brokers to ensure you have the protection needed when trading in the forex market. It also boasts 180 currency pairs, one of the widest ranges available on the FX market. However, Interactive Brokers does offer a slightly wider range of assets all in all. TD Ameritrade’s platform, thinkorswim, comes with both a desktop and a web-based version. Although the desktop platform is exceedingly customizable and powerful, with almost 350 technical indicators, it is also hard to navigate for beginners.

Can I trade with an offshore broker as a Canadian resident?

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score. With this in mind, choosing a top forex broker that is regulated in Canada makes sense for Canadian citizens. It is worth noting that the security of funds is the number one priority for investors worldwide, as extreme volatility increases the chances of brokers going bankrupt, compared to any other market. Legally, Forex Brokers can enlist investors in Canada without requiring a regulatory licence from that country.

Economic Turbulence and Times of Crisis 📉

You can build your own or you can use or buy ready-made ones for the MQL4 store. You can use MT4 on a desktop, as a webtrader and on iOS and Android mobile apps and all will work seamlessly together. You can also view your trading history, download historical trading data per currency pair, request detailed reports, and track past charts. We tested Capitalise.ai and found it pleasant to work with, as it offered interactive tutorials on how to use the tool. After 10 minutes, we could write our automated strategy by selecting our rules, and Capitalise.ai did the rest, including backtesting and optimizing. Please note, that Eightcap is regulated by the Vanuatu Financial Services Commission (VFSC), not IIROC, but still accepts Canadian clients.

What to avoid when choosing a forex broker in Canada?

While its offering is broad, the focus on CFDs rather than direct ownership of certain assets may be a limitation for investors seeking traditional investments. AvaTrade remains a competitive choice, especially for traders looking for flexibility and variety. We particularly liked AvaTrade’s diverse range of assets, including forex, stocks, cryptocurrencies, and ETFs, which cater to both novice and experienced traders looking for variety in their portfolios. HelloSafe is an expert in financial products, advising more than a million users every month. Our experts have tested the services of dozens of brokers around the world, opening accounts and carrying out real transactions. Given the differences in regulations between Canadian provinces and territories, some brokers only accept clients from certain regions.

• Our findings also showed that CMC Market’s Standard account spreads were competitive.
• The additional utilities allow you to trade more efficiently, so you can focus on trading and finding new ideas instead of doing your account admin.
• We recommend FOREX.com as a top CIRO broker for its solid all-around offering.
• In order to do this efficiently, the Canadian financial market is broken up into separate divisions that are regulated by multiple regulatory authorities, enforcing individual regulations.
• FXCM is a well-established forex broker, but what stands out for us is that FXCM offers over 50+ trading tools that can make your trading smoother.
• AXI’s global entity, AxiTrader Limited, participates in The Financial Commission, and its clients are protected by up to EUR 20,000 against the entity’s credit risks and liabilities.

Which broker is good for professional traders in Canada?

CIRO requires that only qualified persons with no criminal background can work for a  Forex broker. It ensures that brokers segregate client funds from their own operational funds in Canadian banks and requires that Forex brokers are honest about their services and products. CIRO is one of the world’s top regulators, and we consider brokers who have been licenced by CIRO to be trustworthy for Canadian traders.

Below are additional elements to take into consideration when choosing a forex broker in Canada to trade with. The tax generally applies only to profits of more than $200; gains above that threshold are taxed at 50% of your marginal tax rate. As your specific tax obligation can vary according to other circumstances, it may be smart to consult a tax pro to assist, particularly for more active traders. canadian forex review HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws.