3 Best Online Forex Brokers in Canada – In Depth Review 2024

By Wilbert S

January 10, 2024   •   Fact checked by Dumb Little Man

Want to jump straight to the answer? The best forex broker for traders is Avatrade

The #1 Forex Trading Course is Asia Forex Mentor

Many forex trading brokers in Canada have restricted trading capabilities, making it difficult to locate a broker with the features, account types, and minimum deposit requirements that you require.

Our team of industry experts has compiled a list of the finest Canadian forex brokers, all of which are well-regulated and tailored to different trading methods and objectives.

We’ve compiled a list of the finest forex brokers regulated in Canada to give you a list of highly-rated and award-winning brokers, some of which are tailored to certain trading kinds and others that are all-rounders for Forex. When it comes to the brokers with whom they may deal, Canadian traders have many options.

To assist you in making the right decision regarding your trusted trading partner, we did an extensive study across several crucial categories, including dependability, technology, and the service these organizations provide.

Best Online Forex Brokers in Canada

BrokerBest ForMore Details

Advanced Non-US Traders
Read Review

securely through Avatrade website

Intermediate Non-US Traders
Read Review

securely through FXCC website
Best Forex Trading Software
Overall Broker
Read Review

securely through Forex.com website

3 Best Online Forex Brokers in Canada

#1. Best Advanced for Non-US Traders: Avatrade

Best Online Forex Brokers in Canada
Photo: Avatrade

Avatrade came into being in 2006; it is one of the best Canadian Forex brokers and CFD brokers regulated by different top financial institutes. Moreover, it has many tools and resources that will fascinate all beginners, like paper trading account and 100000 dollars of virtual funds.

This best forex broker is one of the best-regulated brokers in the International Capital Markets PTY as it’s a very secure trading broker within the forex market.

Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex broker. The range of marketing is great, and it should also be good for traders. Avatrade is offering its clients worthy selections for trading platforms. A regulated Forex broker offers online trading with a minimum deposit and negative balance protection.

Avatrade has stopped the trading platforms like mirror trader and Robox. With dedicated web trading platforms and trading accounts like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms catering to automated and manual traders.

Avatrade features attract traders with different skills and levels to offer them an adaptable trade site. There are more than 200000 registered clients with a trading volume of 2 million per month. Want more to know about this CDF and forex broker? Then continue to read about the Avatrade feature.

How does it work?

Webtrader, a default interface, can be accessed via a browser. Concerning its competitors, it lacks a few basic features and is plain, but it is intuitive and user-friendly. Clients who execute traditional fundamental or technical trading strategies can opt for the industry- newer MetaTrader 5 or even the MetaTrader 4.

Following transparency, the AvaTrade account also lists all the pertinent information in the ‘Trading info’ tab on the Avatrade website, like “Stocks Earnings Releases,” “Order Execution Policy,” and “Economic calendar.”

Moreover, the “CFD Rollover” information and ‘holiday trading hour,’ aid the clients in the trading decision. Forex brokers Canada undergo major processes such as Canadian Securities Administrators within the currency pairs and are leading forex brokers.

In addition, the forex calculator link will inform the dealers of the risk of losing money rapidly, how many trading costs, potential profits, and overnight interest calculations. This Forex trading account offers high-grade services and trading conditions to start forex trading.

Web trading platforms offer three order types: simple market orders and two pending orders, with options forex attaching stop loss or take profit orders to them.


  • Fast and effortless account opening
  • Different withdrawal and deposit issues
  • Excellent research tools
  • Effective and reliable functioning


  • Incredible inactivity fees
  • Average forex fees


In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to inactivity fees. It is 50 dollars forex you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading accounts.

Typical spreads are suggestive amounts because they are primarily powered by macroeconomic events and market conditions that impact markets’ financial futures association. In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.

BrokerBest ForMore Details

Best Overall Broker
Read Review

securely through Avatrade website

#2. Best Intermediate for Non-US Traders: FXCC

Best Online Forex Brokers in Canada
Photo: FXCC

FXCC offers forex traders to trade on forex and silver and gold, indices on trusted MetaTrader 4., available as web or download solution. We will log in to Traders Hub to explore minimum regulations, demo, deposits, and leverage accounts in this online broker review.

FXCC follows the STP/ECN model; it offers a competitive price and execution without re-quotes or intervention. The clients choose three accounts to choose from and then trade on precious metals, indices, and forex on the well-known MT4 terminal.

FXCC provides MT4 to every client accessible on various gadgets and major web browsers. The platform has many advanced features for trading; this includes a built-in library with more than 50 indicators for indicating technical Forexsis.

There is also access to plus embedded charts, stop and pending orders, the market for accurate analysis. It offers advanced traders different options with competitive spreads and CMC markets within the Canadian dollar.

How does it work?

As the best broker, it also provides users to leverage. It can make multiple the initial accounts balance. But as a matter of fact, it should be used very wisely as it can increase the power of losses too.

For the convenience of traders, they can start a risk-free trial of 30 days on a demo account to easily test new strategies and practice skills before they commit real money. Following some easy steps, you can start up with your practice account loaded with virtual funds of 10000 dollars.

You can connect your trading account from any place with the help of the MT4 mobile phone app. Due to its easy-to-use reliability and interface, the state-of-the-art platform gets good feedback.

In Canada, this forex broker offers a reliable sell price to trade forex with Financial Conduct Authority FCA and a trading account. The regulatory organization of Canada will constitute financial advice within the investment dealers association.


  • 100% first deposit
  • Free Virtual Private Server
  • Includes MetaTrader 4 platform
  • high leverage trading


  • It does not include U.S. based traders
  • Lacks different trading platforms


When you trade with an FXCC ECN account, you will be linked to many currencies GBP, EUR, USD featured along with tight spreads.

They are from 0.01 pips with the availability of trading over 30 currencies with a span of tools such as SNS notifications, trading tools, VPN, Technical analysis, and E.A.s. You can see the spread comparison of FXCC spreads below.

The only thing it costs is presented by spreads from 0,1 pips and no commission fees. You can compare spreads of FXCC with another well-known online broker like Fondex and refer to a comparison of the spreads for most Forex instruments. The foreign exchange market us all about such trading’s.

BrokerBest ForMore Details

Intermediate for Non US Traders
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securely through FXCC website

#3. Best Overall Broker: Forex.com

Best Online Forex Brokers in Canada
Photo: Forex.com

FOREX.com provides a really extensive span of various offerings from spread betting to CFDs across various asset classes, but every region can access all. It is considered to be safe due to having a long track record. The top financial tiers regulate this trading forex broker.

The parent company of this forex broker has been listed on the stock exchange. Aside from the market, where derives the name, FOREX.com also offers indices, commodities, ETFs, bonds, individual stocks, silver, and gold.

The Canadian service offers clients’ accounts security like ESMA-mandated anti-guaranteed to stop losing orders and balance protection. FOREX.com is ideal for every trader who seeks exposure to a wide array of asset classes and materials.

It is an excellent fit for high-volume forex traders. Material offerings vary by place but still, it emphasizes reliable and fast execution, diversity of other and forex platforms, and security accounts. In the United States, it’s geared to those interested in trading exchange markets worldwide.

How does it work?

FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to U.S. clients. One of the top Canadian Forex brokers available with a demo account and forex pairs.

A navigable and well-organized website and complete disclosure of fees and services, research and education tools, multiple user interfaces that are on par, and the industry’s standards and regulatory oversight place.

So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.

The Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches. TradingView powers all the charts as well, as it is loaded with approximately ten chart types, 100 indicators, and 14 timeframes.

Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.


  • A wide variety of products
  • TradingView chaForexdeal for high-volume traders
  • User-friendly and reliable


  • No guaranteed for U.S. clients
  • Lacks effective website maintenance


The spreads vary depending upon the client that, which kind of account they choose. For instance, the least EUR/USD spreads for clients from the United States on ‘standard’ account is one pip; on the other hand, ‘STP Pro’ and ‘commission’ will show you spreads of 0.1 and 0.2.

Although the two that are latter have 50 dollars and 60 dollars per million commissions added to displayed spreads, the regions that are not in the U.S. provide Direct Market Access accounts for bigger account sizes like 25000+.

BrokerBest ForMore Details
Best Forex Trading Software

Overall Broker
Read Review

securely through Forex.com website

How do we rank the Best Online Forex Brokers in Canada?

As a Canadian forex trader, there are various things to be aware of that may be acceptable in other countries but not in Canada.

Binary options trading, for example, is prohibited in Canada, although spread betting is permitted. While derivative products such as CFDs are not authorized in the United States, they are permissible in Canada. Cryptocurrency trading is also allowed in Canada, and Canadian traders love it.

In Canada, there are fewer restrictions on leverage and other trading conditions. Negative balance protection is not required in the United States as it is in Europe. Still, it is nonetheless widely supplied by top brokers, along with the usage of segregated bank accounts.

With those requirements to keep in mind, here are some recommendations for ranking a forex broker in Canada:

Search for forex brokers regulated in Canada

This idea applies to every location; you should always look for the best legislation. The Canada IIROC is the national regulating agency and is extremely well-respected in Canada, so brokers operating in all provinces must be licensed by them. This is an excellent strategy to implement to boost trust.

In addition, IIROC brokers normally follow the Canadian Investor Protection Fund (CIPF) program, which means that in the event of insolvency, the trader will be repaid a specific sum according to the CIPF Rules and Regulations.

Evaluate Trading Conditions 

An effective forex broker should include consistent and smooth execution with high-grade support to provide good trading conditions. Do you know trading is the most reliable and most accessible to offer exclusive options and reliability?

How to choose the Best Online Forex Brokers in Canada?

Let’s consider in detail what you need to look for when choosing a broker in Canada!

Try to look for brokers that offer CAD currency

We all wish to stay as far away from costs as possible. This means looking for a broker that accepts CAD deposits as well as the base currency. It will save you money on both the broker’s and your bank’s commissions and fees. Fortunately, most Canadian forex brokers already offer this service.

Look for Negative Balance Protection

Negative balance protection might help you avoid losing more money than you have in your account. This might happen in rare instances when the market is turbulent, especially if you are a beginner trader.

Even though it is not required in Canada, it is prudent to seek out and select a broker who provides this protection for your advantage. After the investor compensation fund offered by most Canadian brokers, this is an additional layer of safety.

Choose Asia Forex Mentor for Your Forex and Stocks Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.





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Conclusion: Best Online Forex Brokers in Canada

Currency trading, often known as Forex trading, is quite popular among Canadians and provides a variety of financial choices.

However, the primary worry is a secure trading environment and investment among the alluring trading options, which is only feasible through well-regulated brokers.

While Canadian traders have a wide range of alternatives and may select from virtually any broker globally, there are numerous advantages and possibilities accessible through Canadian-based brokers.

However, the Canadian legal system may have different regulation needs depending on the location, which impacts Canadian brokers.

Best Online Forex Broker in Canada FAQs

Is Forex trading legal in Canada?

Is Forex trading illegal? Well, it’s a myth, seriously. Forex trading is legal within Canada. The Investment Industry Regulatory Organization of Canada offers a Canadian investor protection fund that oversees the industry at the national level. The FX market includes currency pairs and options.

FX trades and trading costs offer trading in Canada to shop online for offshore FX brokers. It is secured by the British Columbia Securities Commission to complete forex trading in Canada that aids in trading CFDs and Capital gains tax for assistance.

Can you use MetaTrader in Canada?

The best Forex Brokers offer Canada Forex trading for retail investors or FX traders, as you can get the best trading platform that suits your trading needs. Therefore, MetaTrader 4 and MetaTrader 5 are standard for best Forex brokers Canada.

MetaTrader 5 is undoubtedly a multi-asset platform that ultimately provides traders an exceptional trading CFDs experience with the right currency pairs. A Canadian forex broker offers premium services for better assurance.

Is Investment Industry Regulatory Organization a government agency?

FINRA is not called a Governmental organization. Basically, it’s a private organization designed by member firms with financial institutions such as financial professionals or broker-dealers. The rules and regulations promoted by FINRA are, thus, under the auspices of a self-regulatory framework.

Besides this, FINRA includes an oversees arbitration between brokers and included parties. It ensures a standard to access different disputes that limit actions and offer great services.




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#1 Forex, Crypto and Stocks trading course. Ranked most comprehensive by Investopedia and Best by Benzinga. Free to Try!

Wilbert S

Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.

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