Best Forex Brokers in Canada – February 2024

Discovering the top Forex brokers in Canada has become easier with our comprehensive guide. After carefully exploring numerous options, we’ve curated a list of the finest Canadian Forex brokers known for offering an extensive range of features and delivering a fantastic trading experience.

Min. Deposit
Max. Leverage


100% bonus

USD 100




up to $2000 bonus

USD 100





USD 100




up to 50% bonus

USD 100


Fusion Markets Canada



USD 100


What is forex trading in Canada

Forex is an abbreviation of foreign exchange and involves trading different international currencies by exchanging one for the other. Forex traders take advantage of price movements of these currencies to earn profit online using trading platforms.

Forex Trading in Canada

The trading platforms used for forex trading in Canada have advanced tools and plugins to help traders access the market and analyze trends. The tools help them know where to take trading positions and when to exit the market, so they don’t run at a loss.

Forex trading platforms are owned by forex brokers who allow traders to open accounts with them so they can trade in any currency of their choice.

Is forex trading allowed in Canada?

As a Canadian who wishes to engage in forex trading in Canada, you have the opportunity to trade in any currency pair of your choice, and one of the international currencies of trade is the Canadian dollar, often denoted as CAD. There are also other international currencies like

  • US dollars – USD
  • British Pounds – GBP
  • Japanese Yen – JPY
  • Australian dollars – AUD
  • Euros – EUR
  • New Zealand dollar – NZD

These currencies are not traded alone but in pairs against each other. Of all the currencies on offer, the US dollars and the Euros are the top trading currencies of choice for traders in the world, while the Canadian dollar is the 6th most traded currency, equaling about 2% of the global reserve currency held by international banks.

Best forex brokers in Canada for beginners

Below is a list of the top Canadian forex brokers that are licensed in a Canadian province and provide services to residents in Canada. These brokers offer forex webinars for beginners as well as good customer service with low cost.

🥇 #1 CA forex provider FXCC
🔥 Best broker offering welcome bonuses Avatrade
🔝 Tight, fixed spreads broker Easymarkets
⏩ Low minimum deposit broker Fusion Markets
💱 #1 platform to trade major pairs Blackbull Markets
🆓 Legal broker with free demo FXChoice
🎁 Top reliable trading signals LegacyFX
💸 Reliable casino with bonus codes
💰 Fast payout broker Fortrade
🤑 Trustworthy site for forex scalping Fpmarkets

The benefits and risks of forex trading

As more and more individuals choose to trade Forex, it’s not hard to guess that there are far more advantages than disadvantages.


  • High liquidity
  • Low minimum deposit
  • Trade from home or on the go
  • Long market hours
  • Ability to make quick profits in a short time
  • Various currency pairs to choose
  • There’s no central exchange
  • Automated trading possible
  • Easy to learn


  • Capital risk
  • Unpredictable market
  • High leverage risk

The impact on the Canadian economy

Just like other global currencies, the Canadian economy impacts Canadian dollars more than anything else. Another factor that affects it positively or negatively is government fiscal and monetary policy. The Canadian dollar is one of the most stable currencies in the world, and one of the reasons is because the country has enjoyed a positive balance of trade for years.

Another reason for the stability of the Canadian dollar is the strong regulation by the government and its central banks. When you also consider the fact that the economy is largely an export-oriented economy and trades with NAFTA countries like the US and Mexico, you can understand why the economy is as strong as it has ever been.

The strong economy positively impacts the Canadian dollar, making it a currency of choice for forex traders both at home and abroad.

Is it legal to trade forex in Canada?

Forex trading in Canada is legal and regulated by government agencies. This means that trading in foreign currencies within Canada is not an illegal activity. The government agency responsible for regulating the forex market in Canada is the Investment Industry Regulatory Organization of Canada (IIROC). This body is more or less like a national body, but each region within the union has a separate local regulator.

These regional bodies are

These bodies, in conjunction with the IIROC, regulate trading and ensure that trader funds are safe and secure. They also ensure that registered brokers within their jurisdiction play by the rules. This is why only licensed brokers are allowed to operate within the online space of Canada.

However, no rule stops traders in Canada from trading with brokers that are not licensed by any of the above mentioned agencies, but they do so at their own risk.

Why is it wise to trade with a licensed broker?

When you trade with a licensed broker, you are guaranteed the following.

Safety of funds

Your funds are safe because the broker will hold your funds for you whether you trade with it or not. If you don’t enter any trade whatsoever, but your money is lost, the broker will be liable for such loss and compensate you accordingly or face sanctions from Canadian forex regulators.

Safe from sharp practices

Forex traders who trade with unlicensed brokers do so at their own risk, and many have been victims of fraud. Sharp practices like fictitious deduction of funds, fraudulent charges, and indiscriminate rule changes that may cause financial loss are some of the sharp practices you will be protected from when you trade with a licensed broker.

Safe Trading

IIROC regulated brokers are obligated by law to provide traders with all the tools they need to do forex trading in Canada safely and successfully. There is a minimum standard test the broker must pass to even get a license. A safe and user-friendly trading platform is not a guarantee against loss as no forex trader can guarantee that, but it limits the possibility of losses by helping the trader make better trading decisions.

The risk of forex trading in Canada

Many newbie traders often ask if forex trading is risky. The answer is that it is. Just like every other economic activity carries some degree, so also does forex trading.

The risky nature of trading is the main reason why

  • Newbies are advised to get sufficient training before they start trading forex.
  • Traders are advised to only trade with money they can afford to lose.

Forex trading in Canada is a zero sum game, meaning that for a trader to gain, another must lose. Even the most experienced forex traders in the world suffer substantial losses when the market is volatile.

To help newbie traders get better at forex trading without risks, forex brokers offer account holders a demo account.

Demo accounts are like real trading accounts but without real currency, just digital or fake currency. These accounts run on a parallel trading window like a real account so traders can test their trading strategies and perfect them before going into real-time trading.

Opening a demo account costs nothing; many brokers will automatically grant you one when you open a trading account with them.

So before you engage in forex trading, make sure

  • It is something you really want to do.
  • Get the required training necessary.
  • Open a trading account with only licensed IIROC brokers.
  • Trade with smaller amounts for a start, then increase your investment as you gain more experience.

Forex brokers accepting Canadian clients

One of the benefits forex traders in Canada has is access to a long list of licensed brokers. These brokers offer between 40-90 currency pairs, so the opportunities to trade with currency pairs of their choice are endless. They also offer different currencies, as much as 500 pips, and tight spreads, depending on your preference. Some of the popular brokers operating in Canada include

  • AvaTrade
  • Eightcap
  • FXCC
  • Fusion Markets
  • BDSwiss
  • Axi
  • Oanda
  • BlackBull Markets
  • OctaFX
  • EagleFX
  • SwissQuote

And many more. These brokers also offer traders access to crypto and commodity markets where they can trade in gold, silver, crude oil, gas, and different cryptocurrencies. Some also offer derivatives too.

How to pick a reliable forex broker in Canada

When picking a forex broker to open an account, you have to consider many factors. You may choose a broker based in Canada or a foreign broker; however, their location doesn’t matter. Here are the questions you must ask.

Is the broker licensed?

Is the broker licensed? If yes, how many licenses do they hold? An unlicensed broker is a red flag because they may close up shop at any moment and run away with your money. If the broker is a Canadian-based broker, ensure they are licensed by the IIROC. Foreign brokers should be licensed by at least two or more regulatory agencies. The more licenses they hold, the more they can be trusted.

Do they offer the currency pairs or assets I want?

Another thing you must find out is the type of currencies and assets you can trade on their platform. For instance, if you like to trade JPY/NZD, you need a broker who offers this pair. If you like to trade cryptocurrencies occasionally, you need access to the crypto market. So only choose brokers that offer the assets you prefer.

What is their minimum deposit amount?

How much do you need to deposit into your account to activate it? This is one factor never to overlook. Is it$50, $100, $200, $500 or above? Some brokers accept small deposits like $50, while others will not accept anything below $500 to activate your trading account. For active accounts, some brokers accept deposits of $5 or $10, while others demand more to top up your trading account. It pays to only register with brokers you can afford.

What are their charges?

What are their charges, and how much are they? Common broker charges include

  • Account Activation
  • Deposit charge
  • Withdrawal charge
  • Account maintenance charge
  • Charges for earnings
  • Charges for inactive accounts

These charges may not amount to much, but over a period of time, they may eat into your profit or trading balance. Please do your due diligence by reading their terms of service before deciding whether to open an account with them or not.

Types of forex account and account verification

Brokers offer traders different types of forex accounts, but they all have similar account verification procedures. When you open an account, you will be asked to verify your identity and other requirements using relevant documents before you can start trading actively with the account. You will be asked to verify your

  • Age
  • Occupation
  • Identity
  • Marital status
  • Source of funds
  • Social insurance number
  • Source of funds
  • Investment objectives and experience
  • Income and net worth

You will also be asked to verify that neither you nor your family is a politically exposed person.

Note: The verification procedure differs from one broker to another, but the information above is some of the common ones.

Types of forex accounts

Here are some of the common forex accounts most brokers offer

  • Micro/Mini Accounts: This account is for beginners and requires only a small deposit ranging from $50 to $200. They have small lot sizes.
  • Standard Account: This one is for intermediate traders who have some degree of experience. Traders can trade with higher lot sizes and more amounts. Minimum deposit range from $500 and above.
  • VIP Account: This account is for advanced traders with a bigger investment. Forex trading in Canada with a VIP account allows the broker to trade with thousands of Canadian dollars per trade.


Forex trading in Canada is legal, but it is also a risky venture. If you wish to trade foreign exchange, ensure you only do so with a licensed broker and use funds you can afford to lose for a start. As you gain more experience and get better at it, you can increase your investment and lot size.

Forex trading in Canada FAQs

Why is forex trading popular in Canada?

Forex trading is popular in Canada because it offers traders economic opportunities to earn consistent income five days a week.

Is forex trading in Canada legal?

Yes, it is. The Investment Industry Regulatory Organization of Canada IIROC is the principal regulatory body of forex trading activities in the country. Learn more about the legality of forex trading in Canada by reading on

How can I practice forex trading?

You can practice trading with demo accounts. When you perfect your strategy, you can switch to real trading with a live account.

Can I lose money trading forex?

Yes, you can. Forex is a risky venture with the possibility of earning huge income or sustaining significant losses, so trade wisely.