The Foreign Exchange (Forex) market in Canada is highly competitive, with many local and international brokers offering a diverse range of trading services. With so many options to choose from, it can be challenging to select the best Forex broker that suits your needs.
But fear not; we’ve conducted extensive research and evaluated the features and services of various Forex brokers in Canada to provide you with a list of the best options. Whether you’re a new trader looking to get started or an experienced trader searching for a new platform, our comprehensive evaluation considers factors such as currency pairs available, fees, spreads, trading platform, regulations, and more.
In this guide, we’ll help you compare and find the best Forex broker for your needs. So, let’s dive into our list of the top Forex brokers in Canada for 2024.
Best Forex Brokers in Canada
Interactive Brokers | Best for a wide range of currency pairs and advanced tools
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. It is regulated by several international financial authorities. Their trading platform, the Trader Workstation (TWS), offers excellent customization, advanced technical indicators, and fundamental trading tools, which are ideal for professional traders and easy to use by beginners as well.
Fusion Markets | Best for lowest Forex spreads
A CFD and Forex broker based in Australia offering over 250 products, no spreads on most currency pairs, no minimum deposit and a demo account to test their platforms and tools. Please note that Fusion Markets is not available in the Ontario region.
CMC Markets | Best for tight spreads
CMC Markets (CMC) is a global CFD and Forex broker with a massive portfolio of over 12,000 tradable products, including 330 Forex pairs. They offer low fees on Forex and spread betting, but for stock CFDs, fees are somewhat higher than competitors.
FP Markets | Best for social trading and user-friendly platform
FP Markets is a leading Forex and CFD broker with over 60 currency pairs, competitive spreads and ECN pricing. They give you access to popular trading platforms like MetaTrader4 (MT4), MetaTrader5 (MT5), and IRESS. FP Markets offers social trading, educational resources and analysis tools, catering to both new and experienced traders.
Forex.com | Best for low forex fees and free withdrawals
Forex.com is a global Forex broker that offers a range of financial instruments, including Forex, CFDs, indices, stocks, commodities, and cryptocurrencies. They have over 80 currency pairs available with low spreads for highly liquid pairs and a variety of account types suitable for traders of all levels of experience.
Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.
Best Forex Brokers in Canada for 2024 compared
| Broker | IBKR | Fusion Markets | CMC Markets | FP Markets | Forex.com |
| Number of currency pairs | 100+ | 75+ | 330+ | 60+ | 80+ |
| Maximum leverage | 1:40 | 1:500
(depends on account type and currency pair) |
1:40
(depends on account type and currency pair) |
1:30 (standard account)
1:500 (pro account) |
1:40
(depends on account type and currency pair) |
| Minimum deposit | $0 | $0 | $0 | $100 | $100 |
| Spreads starting at
(pips)* |
0.1 (subject to commission) | 0.0 (subject to commission) | 0.7 | 1 (standard account)
0 (pro account) |
0 (subject to commission);
1 (no commission) |
| Deposit method | Bank transfer | Visa, MasterCard (credit & debit), PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Cryptos or bank wire. | Bank transfer, credit/debit cards, PayPal | Bank transfer, credit/debit cards, Neteller, Skrill, and more. | Bank transfer, credit/debit cards. |
| Withdrawal fees | 1 free withdrawal per month | $0 | $0 | $0 | $0 |
*The above spreads are mentioned as presented on the broker’s website.
You can check below the spreads of those brokers on the most used currency pairs.
Spread comparison of the best Forex brokers in Canada
| Currency | IBKR | Fusion Markets | CMC Markets | FP Markets | Forex.com |
| EUR/USD | 0.1 | 0.03 | 0.7 | 1.1 | 1.3 |
| GBP/USD | 1.5 | 0.14 | 0.9 | 1.4 | 1.6 |
| AUD/USD | 0.5 | 0.10 | 0.7 | 1.2 | 1.5 |
| USD/JPY | 100 | 0.14 | 70 | 140 | 160 |
| USD/CAD | 1.0 | 0.11 | 1.3 | 1.4 | 2.7 |
| CAD/CHF | 0.5 | 0.41 | 1.4 | 1.4 | 3.7 |
| Gold (XAU/USD) | 900 | 1.05 | 3,000 | 2,100 | 7,500 |
| Silver (XAG/USD) | 70 | 0.80 | 250 | 200 | 420 |
Spreads are in pips (equal to 0.0001)
The spread in forex trading is the difference between the ask and bid prices on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers can increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.
Top Forex brokers in Canada Reviewed
1# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators including the Investment Industry Regulatory Organization of Canada (IIROC). Compared to other Forex brokers, Interactive Brokers offers a wide range of currency pairs, great research tools and advanced trading platforms.
There are several account base currencies at Interactive Brokers without a minimum amount required, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:
Interactive Brokers spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.1 |
| GBP/USD spread | 1.5 |
| AUD/USD spread | 0.5 |
| USD/JPY spread | 100 |
| USD/CAD spread | 1 |
| CAD/CHF spread | 0.5 |
| XAU/USD spread | 900 |
| XAG/USD spread | 70 |
In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.
Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.
Interactive Brokers trading features
| Trading platforms | IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app). |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
We recommend you check out our comprehensive Interactive Brokers review.
2# Fusion Markets
Fusion Markets at a glance
Founded in 2017, Fusion Markets is a Forex and CFD broker with offices in Australia, Vanuatu and the Seychelles, but it accepts clients from most countries worldwide (exceptions include the US and New Zealand). The broker offers access to 250+ products, including Forex and CFDs on Energy, Precious Metals, Equity Indices, US stocks and Crypto.
On AUD and USD currencies, the commissions offered are $2.25 per side commission, so a standard lot will be $4.50. On the “Zero Account”, spreads start from 0.0 and on the “Classic Account”, the spreads start at 0.9. The main difference between the two is that the latter includes your commissions in each trade. Below is a sample of the spreads applied to major currency pairs:
Fusion Markets spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.03 |
| GBP/USD spread | 0.14 |
| AUD/USD spread | 0.10 |
| USD/JPY spread | 0.14 |
| USD/CAD spread | 0.11 |
| CAD/CHF spread | 0.41 |
| XAU/USD spread | 1.05 |
| XAG/USD spread | 0.80 |
Fusion Markets offers several investment platforms in desktop, web and mobile apps, namely MetaTrader 4 and 5, and cTrader. All platforms give you customisable charts, fundamental and technical indicators and an intuitive interface. cTrader presents more advanced market depth options like price depth and VWAP depth.In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.
Fusion Markets trading features
| Trading platforms | MetaTrader 4 and 5, and cTrader |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
We recommend you check out our comprehensive Fusion Markets review.
3# CMC Markets
CMC Markets at a glance
CMC Markets (CMC) is a global CFD and Forex broker that was established in 1989 and is listed on the London stock exchange. It currently serves more than 300,000 clients globally and gives access to over 330 currency pairs. It is regulated by many international top-tier regulators, including the Canadian IIROC regulator.
CMC Markets spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.7 |
| GBP/USD spread | 0.9 |
| AUD/USD spread | 0.7 |
| USD/JPY spread | 70 |
| USD/CAD spread | 1.3 |
| CAD/CHF spread | 1.4 |
| XAU/USD spread | 3,000 |
| XAG/USD spread | 250 |
CMC Markets has its own web platform and mobile app available in many languages, which are highly customisable to fit your needs. Alternatively, you can use the well-known MetaTrader 4 (MT4) as well.
CMC Markets trading features
| Trading platforms | Next Generation web-platform, MetaTrader 4 (MT4), and CMC Markets mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | Yes |
It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. Additionally, CMC Markets supports up to 10 account currencies, including CAD, and you can fund your account by credit or debit card, bank transfer, or PayPal. However, if your account has had no trading activity for 12 months, you will be charged a monthly inactivity fee of $15 or equivalent.
4# FP Markets
FP Markets at a glance
FP Markets is another broker included in our list of the best forex brokers in Canada. It is one of the few brokers that give you access to social trading, allowing you to find, follow and copy successful traders automatically. It was founded in 2016; they give you access to trade more than 60 currency pairs.
FP Markets spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 1.1 |
| GBP/USD spread | 1.4 |
| AUD/USD spread | 1.2 |
| USD/JPY spread | 140 |
| USD/CAD spread | 1.4 |
| CAD/CHF spread | 1.4 |
| XAU/USD spread | 2,100 |
| XAG/USD spread | 200 |
FP Markets has its own well-designed web trading platform and mobile application. In addition, you can trade using the online trading platform Iress, and the famous MetaTrader trading platforms MT4 and MT5. These trading platforms offer a wide range of indicators and drawing tools that assist you in analysing trends and market movements. You can open an account online, fund it by bank transfer, credit or debit cards, Neteller, Skrill, or several other online payment methods, and the minimum deposit is $100.
FP Markets trading features
| Trading platforms | MetaTrader4 (MT4), MetaTrader5 (MT5), Iress, FP Markets WebTrader and Mobile app. |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
FP Markets does not charge any fees on deposits and withdrawals. Still, on the downside, they provide very few educational materials and research reports compared to other brokers.
5# Forex.com
Forex.com at a glance
Forex.com is a global online broker regulated by several top-tier regulatory authorities including the IIROC in Canada. It is a subsidiary of a publicly traded company, StoneX, which makes it a safe broker due to strict requirements regarding its financial information reliability and availability. At Forex.com, you can trade over 80 currency pairs, Forex, stocks, indices, commodities, and cryptocurrencies through CFDs.
Forex.com spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 1.3 |
| GBP/USD spread | 1.6 |
| AUD/USD spread | 1.5 |
| USD/JPY spread | 160 |
| USD/CAD spread | 2.7 |
| CAD/CHF spread | 3.7 |
| XAU/USD spread | 7,500 |
| XAG/USD spread | 420 |
The spreads provided in the table are applicable to standard accounts while for RAW pricing accounts, the spreads are significantly lower.
Forex.com offers traders a wide range of options when it comes to trading platforms. They provide access to three platforms, including the popular MetaTrader4 and MetaTrader5 platforms, as well as their exclusive trading platform, which is accessible via desktop, web, or mobile app, and offers advanced tools and functionality for experienced traders.
Forex.com has flexible account funding options, including bank wire transfers, credit or debit cards, and e-wallets such as Neteller or Skrill. Additionally, it does not charge any fees for depositing or withdrawing funds, and they offer three different account types with varying fee structures to suit different trading styles and volumes.
Forex.com trading features
| Trading platforms | MetaTrader4 (MT4), MetaTrader5 (MT5) and Forex.com Platform |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | No |
| Guaranteed stop loss | No |
On the downside, Forex.com charges a $15 monthly inactivity fee if there are no trades made within a 12-month period.
What Makes a Good Forex Broker?
Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:
- Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
- Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
- Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.
The bottom line
It can be challenging to compare different trading conditions and find the best Forex broker in Canada. There are various parameters to check, and it takes time to collect all the data and make the best decision for your needs. However, our analysts have completed this work for you and presented their results and analysis of the “Best Forex Brokers in Canada,” which is summarized below:
Best Forex Brokers in Canada
| #1 | Interactive Brokers | Best for a wide range of currency pairs and advanced tool |
| #2 | Fusion Markets | Best for lowest Forex spreads |
| #3 | CMC Markets | Best for tight spreads and a wide range of currency pairs |
| #4 | FP Markets | Best for social trading and user-friendly platform. |
| #5 | Forex.com | Best for low Forex fees and free withdrawals. |
If you’re unsure which broker is the right fit for you, don’t worry! Our “Help Me Choose” tool can give you a personalized recommendation based on your preferences. Additionally, our comparison table breaks down the key features of various brokers, making it easier for you to compare them side by side. Finally, our reviews provide even more details about each broker’s products and services.
We hope this article has been helpful in your search for the best Forex broker in Canada and that it saves you some time in your research. Remember that it is always best to do your research and determine which online broker is best for you. Remember, a demo account might also be helpful.
Other FAQs
Is Forex trading legal in Canada?
Yes, Forex trading in Canada is legal. The Investment Industry Regulatory Organization of Canada (IIROC) is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada.
How do I start Forex trading in Canada?
To start Forex trading in Canada, you first need to open an account with a regulated Forex broker to gain access to the Forex market. Next, you will need to analyze the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.
Can I trade Forex in Canada with $10? And $100?
Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. However, keep in mind that with such small amounts, the trade size will be small as well.
What is the minimum amount required to start Forex trading in Canada?
The minimum amount required to start Forex trading in Canada varies depending on the broker. Some brokers offer accounts with no minimum deposit, while others require a certain minimum balance to start trading. It is important to choose a broker that suits your trading needs and budget.
Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.
