7 Best Forex Brokers in Canada
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Updated 09/01/2025
Explore our hand pricked list of trusted Forex brokers, each rigorously tested with real funds. All brokers are accessible to traders in Canada.
Quick Answer: What is the Best Forex Broker in Canada?
Based on my experience, CMC Markets stands out as the premier forex broker in Canada, offering a comprehensive trading platform, competitive fees, and strong regulatory oversight.
Featured Platform - CMC Markets
- Advanced Analytics
- Diverse Assets
- Award-Winning App
- Canadian Support
69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Here is our Ranked List of the Top 7 Best Forex Brokers in Canada:
- CMC Markets – Comprehensive trading experience
- OANDA – Forex-focused analytics and tools
- Axi – Advanced tools for experienced traders
- FXCC – Affordable platform with flexibility
- TMGM – Speedy execution and reliable services
- FP Markets – Competitive spreads and diverse options
- AvaTrade – Trusted broker with MetaTrader support
As a seasoned trader, I know how challenging it is to find the right broker in Canada. This list, based on my experience and research, highlights brokers excelling in fees, usability, regulation, and Canadian-friendly features.
How Do These Forex Trading Platforms Compare in Canada?
When I started trading, I quickly realised the importance of comparing brokers side by side. What works for one trader might not suit another. Here’s a table summarising key features to help you decide:
| Rank | Broker | Regulation | Spreads from | Commission per Lot | CAD Pairs Available | Platform Features |
|---|---|---|---|---|---|---|
| #1 | CMC Markets | IIROC | 0.7 pips | None | Extensive | Advanced tools, user-friendly interface |
| #2 | OANDA | IIROC | 1.0 pips | None | Wide range | Superior analytics, economic indicators |
| #3 | Axi | FCA, ASIC | 0.5 pips | $3.50 | Comprehensive | MT4 integration, PsyQuation analytics |
| #4 | FXCC | CySEC | 0.8 pips | None | Moderate | Transparent pricing, flexible trading |
| #5 | TMGM | ASIC | 0.9 pips | $7.00 | Adequate | Fast execution, direct liquidity access |
| #6 | FP Markets | ASIC, CySEC | 0.6 pips | $3.00 | Sufficient | Tight spreads, educational resources |
| #7 | AvaTrade | IIROC, ASIC | 1.3 pips | None | Limited | AvaProtect, MT4/5 support |
- Regulation: IIROC-regulated brokers offer local compliance, while international regulators like ASIC ensure global security.
- Costs: Low spreads (e.g., Axi, FP Markets) and minimal commissions are ideal for budget-conscious traders.
- CAD Pairs: Access to USD/CAD and similar pairs is crucial for Canadians; CMC Markets excels here.
- Features: Choose brokers with tools that match your needs—OANDA for analytics or CMC Markets for a user-friendly platform.
Broker Fee Comparison for Canadian Traders
Fees can make or break your trading profitability, and I’ve learned this the hard way. From spreads to commissions and conversion costs, they can add up quickly. Here’s a breakdown of the typical fees you can expect:
| Broker | Deposit Fees | Withdrawal Fees | Inactivity Fees | Additional Costs | |
|---|---|---|---|---|---|
| CMC Markets | None | None | None | No hidden fees | |
| OANDA | None | Small fee applies | Yes | Transparent fee structure | |
| Axi | None | None | None | Occasional slippage in volatility | |
| FXCC | None | None | None | No commissions | |
| TMGM | None | Small fee applies | None | Minimal withdrawal fees | |
| FP Markets | None | None | None | Wire transfer fees may apply | |
| AvaTrade | None | Small fee applies | Yes | Inactivity fees after 3 months |
The 7 Forex Trading Platforms:
#1 CMC Markets: Comprehensive trading
Why Is It Ranked #1?
CMC Markets offers an all-encompassing trading experience with an intuitive platform, advanced analytical tools, and a wide range of instruments. Its regulation by IIROC provides added security for Canadian traders. The platform’s execution speed and extensive forex pair offerings make it a top choice.
What Are the Pros & Cons?
- Wide range of forex pairs (300+), including CAD pairs.
- Zero commissions and no inactivity fees.
- Advanced tools and user-friendly interface, ideal for all experience levels.
- can feel overwhelming for absolute beginners.
- Spreads can widen during high volatility.
- Limited customisation compared to some competitors.
What are the Fees?
CMC Markets charges no commissions, with spreads starting as low as 0.7 pips for major pairs. There are no inactivity fees, and the deposit/withdrawal processes are seamless, ensuring cost-effective trading.
Which Forex Pairs Are Available?
The platform provides access to over 300 forex pairs, including CAD-centric pairs like USD/CAD and CAD/JPY, offering ample opportunities for diverse trading strategies.
How Safe Is This Broker?
Regulated by IIROC in Canada, CMC Markets ensures robust risk management features, including two-factor authentication and segregated client funds, enhancing trader security.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
#2 OANDA: Forex-focused analytics and tools
Why Is It Ranked #2?
OANDA stands out for its superior analytics and research tools, featuring advanced charting capabilities and integrated economic data, catering to data-driven traders. Its IIROC regulation and CAD-friendly options further enhance its appeal to Canadian traders.
What Are the Pros & Cons?
- Excellent analytical tools, including economic news integration.
- Low minimum deposit,, making it beginner-friendly.
- Regulated by IIROC,, ensuring reliability.
- Spreads are slightly higher, than competitors.
- Inactivity fees apply,, which could deter casual traders.
- Limited forex pairs, compared to other brokers on this list.
What are the Fees?
With spreads starting from 1.0 pips on major pairs and no commissions, OANDA offers competitive pricing. However, a monthly inactivity fee applies, making it more suitable for active traders.
Which Forex Pairs Are Available?
OANDA offers over 70 forex pairs, including major and minor pairs relevant to Canadian traders, facilitating comprehensive market analysis.
How Safe Is This Broker?
As an IIROC-regulated broker, OANDA complies with Canadian standards, providing strong account protection measures such as secure logins and encrypted transactions.
#3 Axi: Advanced tools for experienced traders
Why Is It Ranked #3?
Axi caters to experienced traders with advanced tools, including seamless integration with MetaTrader 4 and add-ons like PsyQuation for trade analytics. Its focus on customisation allows traders to tailor the platform to their preferences.
What Are the Pros & Cons?
- Integration with MT4 , with powerful add-ons like PsyQuation
- Low spreads for Pro account holders.
- Extensive forex pair selection (140+), suitable for advanced traders.
- No IIROC regulation , which may deter Canadian traders.
- Learning curve can be steep for beginners.
- Support services aren’t 24/7, limiting assistance during off-hours.
What are the Fees?
Axi offers spreads starting from 0.5 pips, with commissions of $3.50 per lot on its Pro accounts. The absence of deposit and withdrawal fees adds to its cost-effectiveness.
Which Forex Pairs Are Available?
With access to over 140 forex pairs, Axi provides a vast selection, including major, minor, and exotic pairs, supporting diverse trading strategies.
How Safe Is This Broker?
Regulated by top-tier authorities such as the FCA and ASIC, Axi emphasizes safety, although it lacks direct IIROC oversight. Features like negative balance protection offer additional security.
#4 FXCC: Affordable platform with flexibility
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.Take 2 mins to learn more.
Why Is It Ranked #4?
FXCC is a cost-effective broker, offering tight spreads and no commissions on its ECN accounts. The platform’s transparent pricing and flexible trading environment make it particularly attractive for Canadian traders looking to minimise costs.
What Are the Pros & Cons?
- Zero commissions and tight spreads make trading affordable.
- No deposit or withdrawal fees , ideal for frequent transactions.
- Flexible account types , catering to various trading strategies.
- Not regulated by IIROC , which may be a concern for Canadian traders.
- Limited CAD-specific forex pairs , reducing local market options.
- No proprietary trading platform , relying on third-party software.
What are the Fees?
FXCC features spreads starting from 0.8 pips and no commissions, making it one of the most affordable brokers. Additionally, there are no deposit or withdrawal fees, which is a significant advantage for cost-conscious traders.
Which Forex Pairs Are Available?
With access to over 70 forex pairs, FXCC covers most major and minor pairs but has a more limited offering of CAD-specific pairs compared to larger brokers.
How Safe Is This Broker?
Regulated by CySEC, FXCC adheres to international compliance standards. Although not directly regulated by IIROC, its focus on client fund segregation and transparency ensures a trustworthy trading environment.
#5 TMGM: Speedy execution and reliable services
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.Take 2 mins to learn more.
Why Is It Ranked #5?
TMGM stands out for its fast execution speeds and direct access to liquidity providers. It is a solid choice for active Canadian traders who prioritise speed and reliability in a trading platform. Its simple account setup process is another appealing feature.
What Are the Pros & Cons?
- Exceptional execution speeds , ideal for scalping and day trading.
- Transparent fee structure , with minimal hidden charges.
- Easy account setup , perfect for first-time users.
- Fewer forex pairs than some competitors, limiting options.
- Not IIROC-regulated , potentially less appealing for Canadians.
- Withdrawal fees apply, which may deter frequent fund transfers.
What are the Fees?
Spreads start from 0.9 pips, and commissions are $7 per lot for Edge accounts. TMGM charges a small withdrawal fee but avoids inactivity fees, which is great for traders who don’t trade daily.
Which Forex Pairs Are Available?
TMGM offers 50+ forex pairs, covering most major currencies and a few minor pairs. While adequate, its selection is less extensive compared to competitors.
How Safe Is This Broker?
Regulated by ASIC, TMGM complies with high international standards. Though not IIROC-regulated, its safety features, including segregated accounts, provide strong protection for traders.
#6 FP Markets: Competitive spreads and diverse options
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.Take 2 mins to learn more.
Why Is It Ranked #6?
FP Markets combines tight spreads with a diverse range of trading instruments. I found its platform particularly beginner-friendly, offering educational resources and a strong support network. It’s well-suited for Canadians who want low-cost trading without compromising on quality.
What Are the Pros & Cons?
- Low-cost trading with tight spreads and reasonable commissions.
- Extensive educational resources , ideal for beginners.
- Good range of trading instruments , including forex and CFDs.
- Wire transfer withdrawal fees , which can add up over time.
- Not IIROC-regulated , which may concern Canadian traders.
- Fewer CAD-specific pairs , limiting options for local market focus.
What are the Fees?
FP Markets boasts spreads starting from 0.6 pips and charges a competitive commission of $3 per lot. There are no deposit fees, but wire transfers may incur withdrawal charges.
Which Forex Pairs Are Available?
FP Markets provides access to 60+ forex pairs, including all major and several minor pairs. Its CAD-specific options, while not vast, are sufficient for most Canadian traders.
How Safe Is This Broker?
FP Markets is regulated by ASIC and CySEC, ensuring compliance with international financial standards. While not directly regulated in Canada, its strong reputation globally adds credibility.
#7 AvaTrade: Trusted broker with MetaTrader support
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.Take 2 mins to learn more.
Why Is It Ranked #7?
AvaTrade’s user-friendly platform and MetaTrader 4/5 support make it an excellent choice for casual traders. I was particularly impressed by its innovative AvaProtect feature, which offers added protection for trades, reducing risk.
What Are the Pros & Cons?
- AvaProtect feature , offering trade risk protection.
- MetaTrader 4/5 integration , ideal for experienced traders.
- Strong global reputation , with multiple regulatory approvals.
- Higher spreads compared to competitors.
- Inactivity fees apply, which can deter occasional traders.
- Limited forex pairs , especially for CAD-focused traders.
What are the Fees?
AvaTrade’s spreads start from 1.3 pips, and it charges no commissions. However, inactivity fees apply after three months, making it better suited for active traders.
Which Forex Pairs Are Available?
The broker offers 55+ forex pairs, including major, minor, and exotic currencies. While its selection is sufficient, it is less extensive compared to other brokers.
How Safe Is This Broker?
AvaTrade is regulated by IIROC, ASIC, and other top-tier authorities. This ensures high standards of security, compliance, and trustworthiness for Canadian traders.
Additional Considerations for Canadian Traders
What Are the Tax Implications of Forex Trading in Canada?
Forex trading profits in Canada are taxed as either business income or capital gains. If trading is your primary activity, profits are taxed as business income at higher marginal rates. For casual or part-time traders, gains are classified as capital gains, taxed at only 50% of your marginal rate.
| Trading Type | Tax Classification | Tax Rate | Example | ||
|---|---|---|---|---|---|
| Full-time/Professional | Business Income | Taxed at marginal rate (based on income) | Day trading or regular full-time trading | ||
| Part-time/Casual | Capital Gains | 50% of profits taxed at marginal rate | Occasional trading while employed elsewhere |
Keeping detailed records of trades, profits, losses, and fees is essential. I personally recommend consulting a tax professional to ensure compliance, as incorrect classifications could result in penalties.
How Are Forex Brokers Regulated in Canada?
Forex brokers in Canada must comply with standards set by the Investment Industry Regulatory Organization of Canada (IIROC). This regulation ensures brokers maintain transparency, client fund protection, and secure trading practices.
When selecting a broker, I always verify its IIROC membership. This not only guarantees adherence to Canadian laws but also offers protections like account insurance. Brokers regulated by IIROC are listed on their official website, making it easy to verify credentials.
What Should You Know About Trading Costs and Fees?
Trading costs can vary significantly across brokers and may include:
- Spreads: These can range from 0.5 to 1.5 pips depending on the broker.
- Commissions: Charged on certain accounts, often per lot traded.
- Deposit/Withdrawal Fees: Some brokers charge fees for wire transfers.
- Inactivity Fees: Applicable if accounts remain idle for a set period.
| Broker | Spread Fees | Commission | Deposit Fees | Withdrawal Fees | Inactivity Fees |
|---|---|---|---|---|---|
| CMC Markets | From 0.7 pips | None | None | None | None |
| OANDA | From 1.0 pips | None | None | Small fee applies | Yes |
| Axi | From 0.5 pips | $3.50/lot | None | None | None |
| FXCC | From 0.8 pips | None | None | None | None |
| TMGM | From 0.9 pips | $7.00/lot | None | Small fee applies | None |
| FP Markets | From 0.6 pips | $3.00/lot | None | None | None |
| AvaTrade | From 1.3 pips | None | None | Small fee applies | Yes |
How Does Currency Volatility Affect Forex Trading in Canada?
Currency volatility is a key consideration when trading forex in Canada, particularly with pairs like USD/CAD. The value of the Canadian dollar is influenced by factors such as:
- Oil Prices: As a major oil exporter, CAD often correlates with crude prices.
- Bank of Canada Interest Rate Decisions: Rate changes directly impact CAD strength.
- Global Economic Trends: Economic growth or uncertainty can affect CAD demand.
| Factor | Impact on CAD | Example | |||
|---|---|---|---|---|---|
| Oil Prices | Direct correlation to CAD value | Rising oil prices strengthen CAD | |||
| Bank of Canada Rate Decisions | Impacts currency strength | Interest rate hikes increase CAD value | |||
| Global Economic Trends | CAD affected by market demand | Strong global growth increases CAD demand | |||
| US Dollar Strength | USD/CAD inverse relationship | A stronger USD weakens CAD and vice versa |
Summary and Key Takeaways for Canadian Forex Traders
Choosing the right broker is critical for forex trading success. My top pick, CMC Markets, offers a balance of low costs, security, and advanced tools. For budget-conscious traders, brokers like FXCC and FP Markets stand out.
- Opt for brokers regulated by IIROC for enhanced safety.
- Understand the tax implications of forex trading in Canada.
- Compare fees and choose a broker that aligns with your trading style.
Key Takeaways:
Forex trading in Canada offers immense opportunities, but preparation is key. With the right broker and strategy, success is within reach.
Here’s a quick summary table highlighting the key features of the brokers included in this review.
| Broker | Best For | Regulation | Fees | Platform Highlights | |
|---|---|---|---|---|---|
| CMC Markets | Overall trading experience | IIROC, FCA | Low | Comprehensive tools, wide pair selection | |
| OANDA | Analytics & tools | IIROC, NFA | Medium | Advanced charting and economic data | |
| Axi | Advanced traders | FCA, ASIC | Medium | MT4 integration, PsyQuation analytics | |
| FXCC | Budget-conscious traders | CySEC | Low | No commissions, transparent pricing | |
| TMGM | Fast execution | ASIC | Medium | Speedy execution, direct liquidity access | |
| FP Markets | Low-cost trading | ASIC, CySEC | Low | Tight spreads, educational tools | |
| AvaTrade | Risk management tools | IIROC, ASIC | Medium | AvaProtect, MT4/5 support |
FAQs
CMC Markets is the best overall choice, offering low fees, comprehensive tools, and IIROC regulation.
Yes, forex trading is legal in Canada as long as you use brokers regulated by IIROC or equivalent global authorities.
Yes, profits are taxable as business income or capital gains, depending on your trading activity level.
Expect spreads, commissions, and possibly inactivity or withdrawal fees. Brokers like CMC Markets and FXCC minimise these costs.
Brokers regulated by IIROC are trustworthy and adhere to strict financial and operational standards.
Top 5 Brokers
1
CMC Markets
69% of retail investor accounts lose money when trading CFDs with this provider.
2
OANDA
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.3
Axi
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.4
FXCC
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.5
TMGM
Most retail investor accounts lose money when trading financial instruments. Ensure you fully understand the risks before investing.Our #1 Rated Forex Broker
69% of retail investor accounts lose money when trading CFDs with this provider.
