Best Forex Brokers Canada 2023

With a growing number of forex broker services now available, it’s essential to find the best broker for Forex Trading in Canada. Here is a detailed breakdown of the brokers in Canada for Forex based on platform tools, currency pairs, and trading fees. Read on to find out which Forex broker suits your trading needs the best.

Read our guide on the best FX brokers with the lowest spreads.

Top Forex Trading Platforms in Canada 2023

Here are the top 10 Forex trading platforms in Canada based on platform tools, trading fees, and currency pairs.

  1. FP Markets – Best Forex Broker Overall
  2. Interactive Brokers – Best Market Access Forex Broker Canada
  3. AvaTrade – Best Forex Trading Platform Canada
  4. – Best Forex Broker Canada Mobile App
  5. IG – Best Forex Trading Platform Canada for Research
  6. CMC Markets – Great Forex Broker with Low Fees
  7. AXI – Best Tight Spreads Forex Broker Canada
  8. FXCC – Best Execution Forex Trading Platform Canada
  9. BD Swiss – Good Forex Brokerage Canada
  10. HYCM – Low Forex Fees Platform Canada

Best Overall

FP Markets Logo

PFI Rating 4.9

Visit FP Markets

Runner Up

Interactive Brokers Logo

PFI Rating 4.9

Best Trading App

AvaTrade Logo

PFI Rating 4.9

Forex Trading Platforms in Canada in Detail

We break down each forex broker in detail below. We base our analysis on several important factors to help you make the right decision.

Our Top Pick
FP Markets Logo

PFI Rating: 4.9/5

FP Markets – Best Forex Broker in Canada

FP Markets is our top pick as the best broker for forex trading in Canada. FP Markets was founded in 2005 and is regulated by top-tier authorities.

FP Markets offers ultra-low forex trading fees, great educational resources, and a great trading platform. What makes FP markets great is their fast order execution and no requotes. Their spread is as low as 0.0 pips.

The minimum deposit is $100.

They Offer more than 10,000 products on global markets.CFD trading on Forex, Shares, Commodities, Cryptocurrencies, and Indices.

On FP Markets' Official Website

Great For: Forex Trading With Ultra Low Spreads

Pros Cons
Fast order execution Small Learning Curve
Market Access
Top-Tier Regulation
Trading Platform

Mobile App: 4.9/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Runner Up
Interactive Brokers Logo

PFI Rating: 4.9/5

Interactive Brokers – Best Market Access Forex Broker in Canada

Interactive Brokers offers Canadians low trading fees and premium trading platform tools.

Thanks to its IB SmartRouting technology, the broker offers fast order execution. This makes it an ideal choice for active forex traders.

Although this broker is well-suited to active traders, beginners will find it hard to navigate the platform tools. Those with little Forex trading experience should look elsewhere.

On Interactive Brokers' Official Website

Great For: Safety, Regulation, and Market Access

Pros Cons
Fast order execution Small Learning Curve
Market Access
Top-Tier Regulation
Trading Platform

Mobile App: 4.9/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $0

Overall: 4.9/5

Best Forex Trading App
AvaTrade Logo

PFI Rating: 4.9/5

AvaTrade – Best Forex Trading App Canada

As one of the first major forex brokers, AvaTrade has built a solid reputation over the years. Canadian traders have access to a wide range of 55 Forex currency pairs.

Customers enjoy no fees charged for withdrawals and deposits. Avatrade’s account opening process is fast and easy. It offers premium research and user-friendly educational tools.

On the downside, Avatrade has inactivity fees, as most brokers do.

On AvaTrade Official Website

Great For: Mobile Trading

Pros Cons
Fast order execution Small Learning Curve
Market Access
Top-Tier Regulation
Trading Platform

Mobile App: 4.9/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Great For High-Volume Traders logo

PFI Rating: 4.8/5 – Best For High-Volume Forex Traders is a well-established forex brokerage service for Canadians. 

While its desktop platform could be better, it does support the MT4 trading platform. This gives you access to more than 70 technical indicators and 50 drawing tools. offers trading on Shares, Indices, Forex, Commodities, Gold and Silver, and Cryptocurrencies.

The minimum deposit is $100. charges fees and commissions, overnight financing costs, and inactivity fees. offers low fees for forex trading and no withdrawal fees. On the downside, there is an inactivity fee.

On Official Website

Great For: High Volume Traders

Pros Cons
Fast order execution Small Learning Curve
Market Access
Top-Tier Regulation
Trading Platform

Mobile App: 4.7/5

Regulation: 4.9/5

Fees: 4.8/5

Min. Deposit: $100

Overall: 4.8/5


Beginner traders will love IG’s user-friendly mobile and desktop platforms. At the same time, experienced traders have access to a great range of indicators and charting tools.

A downside is that IG has a slow account opening process. There are also high fees for forex trading and a high minimum account deposit.

IG Logo
Beginner-friendly platformsSlow account opening
Trusted broker with a long-standing reputationHigh forex fees
Great research and educational toolsHigh minimum account deposit
Great web and mobile platforms

CMC Markets

CMC Markets offers Canadians low forex trading fees and a versatile mobile trading app platform. 

Its trading platforms are easily customized with unique features such as an advanced order panel. Extensive research and educational tools are also made available.

There are free deposits and withdrawals, except for international and same-day withdrawals. 

On the negative side, the account verification process is time-consuming and complicated.

CMC Markets Logo
Low forex feesComplicated account verification
Versatile web and mobile platforms
Advanced research and educational tools
Extensive trading tools


Axi is another great brokerage service that caters to both beginner and experienced Canadian traders alike.

It offers low forex fees and doesn't charge inactivity fees. Deposits and withdrawals are free of charge as well, which is a bonus. The account opening process is smooth and fully digital. 

On the negative side, Axi doesn’t have 24/7 customer support. Some research options are also limited on the trading platforms.

Axi Logo
Low trading feesLimited research tools
No inactivity feeOnly 24/5 customer service
No deposit or withdrawal fees


FXCC offers Canadian traders a premium brokerage service. There are 30 currency pairs available for the standard account and 56 pairs for advanced accounts. FXCC offers low spreads compared to competitors.

Traders have access to the advanced MetaTrader4 platform. This has a user-friendly interface and several useful trading tools. FXCC’s iTrader mobile app enables Canadians to trade from their iPads and iPhones.

On the negative side, FXCC has a limited number of withdrawal options.

Range of currency pairs offeredLimited selection of withdrawal options
Tight spreads
Low minimum account deposit
Access to an advanced trading platform

BD Swiss

BD Swiss gives Canadians access to several trading platforms along with its own BDSwiss Web Trader and BDSwiss Mobile App. Users can use its AutoChartist feature as well as live trading alerts through Telegram.

The broker offers premium educational resources and events aimed at both beginners and experienced day traders. 

On the downside, traders will have to pay higher minimum deposits to access the best spread accounts.

BD Swiss Logo
Access to raw spreads availableBest spread accounts require higher minimum deposits
MetaTrader 4 and MetaTrader 5 trading platforms offered
Access to premium charting tools
Great educational resources


HYCM is another option available to Canadians. The firm offers has low forex and a wide selection of educational tools. 

On the downside, HYCM's trading platforms are outdated. This isn’t ideal for advanced traders looking for a premium platform experience. There is also a monthly inactivity fee after 90 days of inactivity.

Low forex feesHigh inactivity fee
Great educational contentOutdated trading platforms design
User-friendly account opening

How Are Forex Brokers Regulated In Canada?

All reliable and safe Canadian foreign exchange brokers are licensed and regulated by the Investment Industry Regulatory Organization of Canada (IIROC). On top of this, each provincial region in Canada also has its local regulator.

According to rule 100.2(d), leverage and margin levels for forex trading are limited to 50:1 in Canada. This lets you take a $50 position with a $1 margin. [1]

Forex profits are usually taxed as income in most countries, but profits made in Canada are taxed as capital gains. This means that 50% of your profit is taxed. You only have to report the amount of your annual net gain or loss if it is above $200. As with any tax laws, this may be subject to change. 

How To Start Trading Forex In Canada?

  1. Make sure you have access to a desktop or device that has a stable internet connection
  2. Choose a forex broker that suits your trading interests. Your broker must accept clients from Canada.
  3. Open a forex account with your chosen broker.
  4. Deposit funds into your forex account using any payment method accepted by your broker.

How To Pick a Forex Broker as a Canadian


All forex brokers should be registered with at least one financial regulating body. Canadian forex brokers are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Your brokers need to follow all the rules set by the IIROC.

Account Security 

It’s important to be aware of the security policies of your forex broker. Account security features help ensure that your forex account is protected from growing cyber threats. A good broker should make customer account security a priority.

Currency Pairs Offered 

A currency pair is two different currencies that are traded on a market. USD to EUR is the most commonly traded currency pair. The first listed currency, known as the base currency, is bought. The second listed currency, known as the quote currency, is then sold. 

Fees & Commission 

Stock brokers charge a wide range of trading and non-trading fees. You should be aware of all the fees that your broker charges in advance. It's important to know how to determine the commission charges on all of your trades.

Rollover Interest 

Rollover interest is the difference between the interest rates of two traded currencies. This means that a position is held at the end of the trading day without the trader settling. Many positions are rolled over daily until they are settled.

Trading Platforms Supported 

A versatile and user-friendly trading platform makes a big difference to your forex trading experience. The best broker should offer access to premium platforms such as proprietary, MT4, MT5, or cTrader. Most brokers also offer their own platforms that come with unique features.

Leverage and Margin 

Leverage is when you use borrowed capital to make a trade or investment. While this might increase your potential return, it increases potential risk at the same time. High leverage generally leads to higher profits or higher loss. This depends on how the trade goes.

Margin risk is the risk that comes with achieving an expected margin. This is the probability that certain economic changes will negatively impact the expected profit margin.

Account Types

Some forex brokers offer different types of accounts to traders. You should be aware of which accounts your broker offers. There might be different trade fees and account minimums for different account types.

Micro or Mini Accounts: A micro account, also known as a mini account, is a type of account that allows smaller investors to access the forex market. This is designed for beginner forex traders and those who only trade in smaller volumes.

Retail Accounts: A retail trader is someone who trades their own money but does not trade for a living. Some brokers cater more for retail traders with lower fees and no minimum account balance.

VIP or Professional Accounts: A VIP forex account, also known as a professional account, is designed for traders who deposit large amounts and actively trade large volumes. These accounts offer custom-tailored services. Account-holders usually get charged lower trading fees and are offered more competitive trading costs. 

Demo Account Available

Demo accounts are offered by many online forex brokers. These are also known as paper trading accounts. This allows traders to invest in fake virtual money in real-time markets. This tool is especially useful for beginner forex traders.

Deposit Methods

Make sure you choose a broker platform that has a straightforward deposit process. Usually, investors simply need to login, enter their credit card information, and the funds are deposited within one business day. 

Other methods include bank wiring and transferring money from a digital wallet. Some brokers may offer different deposit options and charge different deposit fees.

Base Currency and the CAD 

If you’re a Canadian trader then you’ll want to look for a broker that offers currency pairs with CAD as the quoted currency. You should choose a Canadian broker that offers a selection of base currencies that you would be interested in trading. A good forex broker should make a wide selection of currency pairs available. 

Order Types 

Forex brokers should cover at least the basic forex order types. The following are the most common order types that each trader should be aware of.

Market orders are orders to execute a trade at the current market price instantly.

Pending orders are orders that are to be executed at a specific price at a later time. 

Limit orders are another important order type. You place a buy limit order to buy either at a specific price or lower. A sell limit order is placed to sell at a specific price or better. 

Stop orders are designed to prevent an order from being executed until the price reaches a specific price. 

Stop loss orders are a type of order that prevents additional losses if a price goes against you.

Trailing stop orders is a stop loss order that changes as the price fluctuates.

Mobile Trading 

A mobile trading platform is a mini version of a proper desktop trading platform. Trades are complete through an app on your smartphone. A broker that offers mobile trading is ideal if you’re looking for an easy way to access your accounts on-the-go.

Type of Brokers 

Market Makers are brokers that create and control the market prices for their clients. They often take the other side of a trade to fix prices.

Both Straight Through Processing (STP) and Electronic Communication Network (ECN) brokers don’t create market prices. They allow clients to trade at current market prices and connect two trading parties.

Education and Research Available 

Education resources are particularly important for new traders. These can include videos, forums, and how-to articles. 

A good online broker should provide a variety of market research. You must be aware of the growth prospects of a currency before investing in it. Access to thorough records of currencies will showcase its earnings and performance on the market.

Trading tools Available 

You should look for a brokerage that offers you enough tools for thorough security analysis. This includes charting tools, analyst ratings, and price alerts. 

Forex trading is often complex, so having a broker with the best forex trading tools could significantly improve your bottom line.

Customer Service 

A good forex broker should offer a helpful 24/7 customer support team. You should always have easy access to the service staff for urgent advice. 

Execution Speeds 

An order is executed when your broker completes a buy or sell order for a trade on your behalf. All your trade orders are executed through a brokerage service. Fast order execution speed is particularly important if you’re looking to day trade.Order execution is when your broker completes a buy or sell order on your behalf. All your orders are sent through to your broker to be executed. Fast order execution speed is particularly important if you’re looking to day trade.

Hedging and Scalping

Scalping is a short-term trading strategy where you aim to make a profit by quickly closing a trade with tight pips. 

Hedging is another trading strategy that involves placing orders on both sides of a specific currency pair. If both a buy and a sell order are made, then a profit is guaranteed.


Is Forex Trading Legal in Canada?

Forex trading is legal in Canada. It doesn’t have a national regulatory forum though. Forex trading in Canada is considered the same as trading in securities and derivatives. You need to be aware of the trading regulations in each province.

How Much Do I Need To Start Trading Forex?

Most forex brokers nowadays let you open an account with as little as $10. While it’s possible to start trading with as little as this, you will need around $100 to properly get started.

How Much Do Forex Traders Make a Day?

The amount of profit you make will depend on how much money you put into trading and how big your risk is. It’s possible to make anywhere from a 1% daily profit to a 100% daily profit. This will depend entirely on how good your trading strategies are. 

The more you want to make, the bigger your risks will have to be. You mustn’t invest any money that you aren’t prepared to lose.

Do Forex Traders Pay Tax In Canada?

Yes, Canadian forex traders do pay tax. If currency trading is part of your livelihood, the Canadian Revenue Agency (CRA) will treat your capital gains as taxable business income

What Is The Percentage Of Tax On Forex In Canada?

Forex profits are marked as Capital Gains tax in Canada. This usually means that 50% of your profit is taxed. You only have to report the amount of your net gain or loss for the year that is more than $200. 

This is subject to change, so it’s best to seek advice from a financial expert if you are unsure.

About the author

Ziga Breznik is the owner and head of research at – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.