Updated on: January 1st, 2025
Canadians have hundreds of forex brokers to choose from! But making an informed choice is key to successful trading. That’s where we come in.
We’ve reviewed and ranked the best forex brokers in Canada based on essential criteria – trading platforms, competitive spreads, regulatory compliance, withdrawal efficiency, and responsive customer support.
Avatrade is our seasoned option with its transparent fee structure and user-friendly platform. But stay tuned for the complete lineup of the top 6 forex brokers Canada for 2025.
Ready to explore Forex brokers accepting Canadian clients? Let’s get started!
Top-rated forex brokers for Canadian traders
Min Deposit: $20
Min Deposit: $50
Min Deposit: $100
Min Deposit: $100
Min Deposit: $100
Min Deposit: $50
First-choice forex brokers in Canada 2025
- AvaTrade – Diverse trading platforms are available for different trading styles, including day trading and social trading. Spreads are fixed but commission rates are a bit high. Certified by 6 major regulatory bodies.
- FP Markets – Efficient and beginner-friendly trading platforms. Advanced trading tools are available for more experienced traders. Highly trusted with low trading costs.
- EasyMarkets – Highly trusted with licenses from 4 international regulatory bodies. Advanced technical and analysis tools for professional traders.
- Fusion Markets – Competitive spreads on more than 90 currency pairs. Commissions are average and non-trading fees are low. No minimum deposit is required.
- IFC Markets – Charges zero commission and gets profit from fixed or floating spreads. Wide range of tradable assets. Exemplary trading platforms for a variety of account types.
- Fortrade – Regulated by the UK’s FCA. Fast execution, secure transactions and abundant educational tools for traders. Plenty of tradable symbols, including more than 60 currency pairs.
Compare the Best Forex Brokers in Canada
|
Forex Broker |
Regulation |
Average Spread (EUR/USD) |
Commission (per Lot per Trade) |
Minimum Deposit |
Trading Platform |
Tradable Instruments |
Currency Pairs |
|
FP Markets |
ASIC, CySEC, FSCA, FSA |
0.1 |
$3.00 |
$50 |
MT4, cTrader, IRESS |
Forex, CFD, crypto, stock |
71 |
|
AvaTrade |
CBI, ASIC, FSCA, FSA, FFAJ, BVI FSC |
0.9 |
$4 |
$100 |
MT4, WebTrader, Zulu Trader, Mirror Trader, AvaTrader |
Forex, crypto, commodities, indices, stock, bonds, vanilla options, ETFs |
60 |
|
Fusion Markets |
ASIC, FSA, VFSC, |
0.0 |
$2.25 |
$0 |
MT4 |
Forex, CFD, crypto |
90 |
|
IFC Markets |
CySEC, BVI FSC, LFSA |
0.4 |
$0 |
$1 |
MT4, MT5, NetTradeX |
Forex, crypto CFDs, stock, commodities, synthetic instruments |
48 |
|
EasyMarkets |
CySEC, ASIC, BVI FSC, FSA |
0.03 |
$1.13 |
$25 |
MT4 |
Forex, metals, indices, crypto, stock, commodities |
18 |
|
ForTrade |
FCA, ASIC, CySEC |
2 |
$0 |
$100 |
MT4, ForTrader |
Forex, crypto, CFDs, ETFs, US treasuries |
60 |
How We Rate Forex in Canada
When it comes to finding the perfect forex broker, a careful consideration of various factors can make all the difference in your trading journey. At Forex EU, our approach to broker reviews is meticulous and thorough. Here’s a glimpse into our criteria:
6 Best Canadian Forex Brokers Reviews 2025
The number of forex brokers serving Canada traders has been growing constantly over the years. Picking out the cream of the crop has been a challenge. We have chosen the following companies for their exemplary performance in the various criteria and for the outstanding service they can offer to different types of traders in Canada.
1. FP Markets – The Best Forex Broker in Canada For Beginners
FP Markets is one of the best forex brokers for beginners in terms of low trading costs. The spreads are incredibly small on their RAW ECN accounts. These are available in the MetaTrader and cTrader platforms, which deal exclusively with CFDs and currency pairs. Investors looking to trade other instruments can find something much more extensive on the Iress platform, but fees there can be higher.
Operating for nearly a decade now, FP Markets began in 2005 and is now regulated by ASIC and CySEC, plus two other regulatory bodies. They offer more than 1000 tradable symbols, as well as 71 currency pairs. Account opening is fast and easy, taking less than a day to complete. For forex traders looking for security, FP Markets offers negative balance protection, as well as a generous investor protection feature.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| ASIC, FSA, VFSC, | 0.0 | $2.25 | $0 | MT4 | Forex, CFD, crypto | 90 |
Top Features:
- Competitive pricing with tight spreads.
- Multiple trading platforms including MetaTrader and cTrader.
- Extensive range of tradable symbols across forex, indices, commodities, and cryptocurrencies.
- Negative balance protection and investor protection.
- Low trading costs.
- Fully transparent pricing.
- Wide range of trading instruments and markets.
- Fast and easy account opening process.
- Strong regulatory oversight by ASIC and CySEC.
- Setting up their Forex VPS is difficult.
- Limited educational resources.
2. AvaTrade – A Great Mobile Trading Experience
AvaTrade is a versatile forex broker that offers an ideal balance of low trading fees, user-friendly trading platforms, and diverse products. Both newbies and long-time traders find this broker to be appealing because they offer plenty of options for all the different types of traders.
In addition to the MT4 and MT5 platforms, which they have nicely equipped with more than adequate trading tools, they also have the WebTrader and the AvaTradeGO, as well as the AvaOptions designed for mobile trading. Copy traders would definitely appreciate the AvaSocial platform, or they can use the ZuluTrade or DupliTrade platforms that are also offered.
There is no question as to the safety and security of AvaTrade since it is licensed under three tier-1 regulatory bodies, plus six more international regulations. It has been a highly trusted forex broker since 2006.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| CBI, ASIC, FSCA, FSA, FFAJ, BVI FSC | 0.9 | $4 | $100 | MT4, WebTrader, Zulu Trader, Mirror Trader, AvaTrader | Forex, crypto, commodities, indices, stock, bonds, vanilla options, ETFs | 60 |
Top Features:
- Easy-to-use mobile interface.
- Offerings across diverse markets.
- Copy trading platforms for social trading.
- Live 24/5 customer support.
- Easy-to-use platform suitable for all traders.
- Access to MT4 anf MT5.
- Excellent customer support
- Multiple deposit and withdrawal options.
- No Forex VPS support.
- High spreads on minor fx pairs.
3. Fusion Markets – The Best Low Commission Forex Broker
Fusion Markets prides itself on being a low-cost forex broker, which makes it very appealing to a wide range of traders. Specializing primarily in forex and CFD trading, this broker charges very low commissions and non-trading fees. Additionally, there is no minimum deposit, and its spreads are some of the lowest in the industry. Fusion Markets does not charge any fees for deposits and withdrawals, and there is no inactivity fee either.
On Fusion Markets, users are safe from negative balances. This is because Fusion Markets is regulated by ASIC, which ensures negative balance protection for traders. Its regulatory body prioritizes trader protection and safety, guaranteeing a secure trading environment. MetaTrader 4 and 5 are the trading platforms of choice, both for desktop and mobile trading. Fusion Markets has been operating for over seven years and is a safe and reputable broker.
A combination of low-cost trading, strong regulatory oversight, and commitment to trader protection makes Fusion Markets a preferred choice for traders in Canada. With its user-friendly platform and comprehensive support, Fusion Markets empowers traders to achieve their financial goals efficiently.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| CySEC, VFSC | 0.1 | $1.1 | $100 | MT4 | Forex, crypto, stock, metals, CFD, indices, ETF, commodities, energies | 30 |
Top Features:
- Low-cost trading platform.
- No minimum deposit requirement.
- MT4 & MT5 for desktop and mobile trading.
- Strong regulatory compliance.
- Negative balance protection.
- Low forex trading fees.
- No deposit & withdrawal fees.
- Live 24/7 customer support.
- Strong regulatory oversight.
- Only 30+ forex pairs offered.
- Few educational resources.
4. EasyMarkets – Safest Trading Platform with No Slippage
Another popular trading platform in Canada is EasyMarkets. The broker was established in 2001 at easy-forex, back when they primarily offered forex trading. As you can imagine, the company has expanded since and now offers a rich assortment of products, including crypto, metals, indices, and many commodities and in 2016, they formally became known as easyMarkets. It is a safe platform regulated by CySEC (Cyprus Securities and Exchange Commission).
True to its name, easyMarkets is very easy to use, from creating an account to making trades. There are plenty of ways to deposit and withdraw, and there is also no shortage of trading features and tools that a trader can use for market analysis, risk management, and so on.
When it comes to trading platforms, easyMarkets has its own proprietary platform, as well as the familiar MetaTrader 4. On easyMarkets, users’ trades are executed at the price they intended to trade. That’s because there’s no slippage on easyMarkets platform. As a result, we think EasyMarkets is one of the top no slippage forex brokers in Canada.
Investing with easyMarkets is convenient and flexible. Choose from various payment options including debit/credit cards, bank transfers, and popular e-wallets like PayPal and Skrill. With a retail account, you can get started with a minimum deposit of just £25. Unlock greater potential with leverage of up to 200x on selected trades, after completing a simple KYC form.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| CySEC, ASIC, BVI FSC, FSA | 0.03 | $1.13 | $25 | MT4 | Forex, metals, indices, crypto, stock, commodities | 18 |
Top Features:
- No slippage.
- All expert advisors allowed on MT4.
- Guaranteed stop loss.
- Managed Islamic account.
- Easy-to-setup stop loss.
- Low margin requirements.
- Generous sign-up bonus.
- Low fixed spreads.
- Lack of advanced trading features.
- Lack of Metatrader 5 platform.
5. IFC Markets – Get Low Fixed Spreads on 650+ FX Pairs & CFDs
The next forex broker is IFC Markets, which offers both online CFD and Forex trading. Established in 2006, the FX provider is now considered a versatile forex trader that caters to both beginners and experienced traders in the industry. They offer a range of accounts that traders can choose from, using either the MetaTrader 4, MetaTrader 5, or the NetTradex platform. Spreads can be fixed or floating, and this is where the broker earns, since they do not charge a commission per trade.
This forex broker holds licenses from the British Virgin Islands FSC and the LFSA in Malaysia. Fund transfers are quite easy with diverse payment options, and there are only minimal fees associated with these transactions, which are charged by the payment service and not the broker.
On IFC Markets, users can access more than 650 CFDs and forex instruments. A diverse range of tradable instruments allows for greater flexibility and opportunities for profit. Whether you’re trading forex, metals, stocks, or commodities, IFC Markets provides the necessary tools and support to navigate the markets with confidence.
A combination of versatile trading platforms, transparent pricing, and a wide range of market offerings makes IFC Markets a preferred choice for traders. With its focus on customer satisfaction and safety, IFC Markets empowers traders to achieve their financial goals efficiently.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| CySEC, BVI FSC, LFSA | 0.4 | $0 | $1 | MT4, MT5, NetTradeX | Forex, crypto CFDs, stock, commodities, synthetic instruments | 48 |
Top Features:
- NetTradeX (NTTX) trading platform.
- Global STP broker.
- Educational resources.
- Over 100 FX pairs
- No hidden fees.
- Demo accounts do not expire.
- Low-cost fixed spreads.
- Leverage up to 1:400.
- High commissions than competitors.
- No support for VPS.
6. ForTrade – Algo Trade 35 Currency Pairs with Spreads from 0.1 Pips
Completing the list of our 10 best forex brokers in Canada today is ForTrade. Licensed by the formidable FCA, ASIC, and CySEC, this forex broker is possibly the most versatile forex broker today. Its MT4 trading platform allows for a variety of trading strategies, including hedging, scalping, arbitrage, and algo trading. They also have their own ForTrader that is primarily built for stock asset trading. As a result, we think ForTrade is one of the best forex brokers for scalping in Canada.
Transparency is a high priority for this broker, which is beneficial for traders. Flexible trading terms come with a uniform account, and opening an account takes all of ten minutes. The main drawback for ForTrade would be the higher than average spread of 2 pips on the EUR/USD currency pair. But they charge no commission or fund transfer fees so that balances it out. There are also more than 60 currency pairs available, plus 300 stock CFDs, and also plenty of CFDs for indices and commodities.
| Regulation | Average Spread (EUR/USD) | Commission (per Lot per Trade) | Minimum Deposit | Trading Platform | Tradable Instruments | Currency Pairs |
| FCA, ASIC, CySEC | 2 | $0 | $100 | MT4, ForTrader | Forex, crypto, CFDs, ETFs, US treasuries | 60 |
Top Features:
- Regulated by FCA, ASIC, and CySEC.
- MetaTrader 4 platform with market analysis tools.
- Offers a demo account.
- Algorithmic trading is allowed.
- Highly regulated.
- Access to MetaTrader 4 platform.
- Diverse range of tradable instruments.
- Excellent customer support.
- High spreads for the EUR/USD currency pair.
- Poor mobile interface.
Forex Broker Regulators in Canada
Choosing a broker regulated by these bodies ensures you’re working with a legitimate and reliable entity, providing an added layer of security for your investments. In Canada, forex brokers are regulated by several authorities to ensure fair practices and protect traders. The primary regulatory bodies include:
-
Investment Industry Regulatory Organization of Canada (IIROC): IIROC oversees all investment dealers and trading activities on debt and equity marketplaces in Canada. Brokers must adhere to strict financial standards and maintain high levels of transparency and ethical conduct.
-
Canadian Securities Administrators (CSA): The CSA is an umbrella organization of provincial and territorial securities regulators. It coordinates regulation and enforcement across Canada, ensuring that brokers comply with local laws and provide adequate protections for traders.
-
Provincial Regulators: Each province and territory in Canada has its own regulatory authority, such as the Ontario Securities Commission (OSC) or the British Columbia Securities Commission (BCSC). These regulators work in conjunction with IIROC and the CSA to oversee forex trading activities within their jurisdictions.
How to Choose the Best Forex Brokers in Canada?
Selecting the right forex broker can significantly impact your trading experience and success. Here are some key factors to consider:
-
Regulation and Licensing: Ensure the broker is regulated by IIROC or other relevant Canadian authorities. This guarantees compliance with local laws and protection of your funds.
-
Trading Platform: A user-friendly and reliable trading platform is essential. Look for brokers that offer popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which provide advanced charting tools and automated trading capabilities.
-
Account Types and Minimum Deposits: Choose a broker that offers various account types to suit your trading needs. Pay attention to minimum deposit requirements and whether they align with your budget.
-
Leverage and Spreads: Understand the leverage options and spreads offered by the broker. High leverage can increase potential profits but also magnifies risks. Low spreads are preferable as they reduce trading costs.
-
Customer Support: Responsive and multilingual customer support is crucial, especially when trading in different time zones. Ensure the broker offers support in English and French, as well as other commonly spoken languages in Canada, such as Punjabi, Spanish, and Mandarin.
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Educational Resources: A good broker should provide educational resources like webinars, tutorials, and market analysis to help you improve your trading skills and stay informed.
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Deposit and Withdrawal Options: Check the available deposit and withdrawal methods. Ensure they are convenient and come with reasonable processing times and fees.
Is Forex Trading Legal in Canada?
Yes, forex trading is legal in Canada. However, traders must use brokers that are properly regulated by Canadian authorities like IIROC and comply with local laws. This ensures a safe trading environment and protection of your investments. Trading with unregulated brokers is risky and can lead to potential losses without any recourse.
