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Best Forex Brokers Canada for 2023

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

April 17, 2023

ForexBrokersListing.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in international markets is popular among residents in Canada. Before any fx broker in Canada can accept forex and CFD traders as clients, they must become authorised by the Investment Industry Regulatory Organization of Canada (IIROC), which is the financial regulatory body in Canada. IIROC's website is iiroc.ca. We recommend Canadian residents follow IIROC on Twitter, @IIROCinfo and @FINTRAC_Canada.

Investment Industry Regulatory Organization of Canada (IIROC) logo

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Canadian Forex Brokers for 2023

To find the best forex brokers in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their Overall ranking. Here is our list of the top Canadian forex brokers.

  • CMC Markets - Excellent overall, best platform technology
  • FOREX.com
    - Excellent all-round offering
  • AvaTrade
    - Great for beginners and copy trading

Best Forex Brokers Canada Comparison

Compare Canada authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokersListing.com Overall ranking.

Company Accepts CA Residents Regulated by IIROC Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
CMC Markets logoCMC Markets check check 0.51 $0 5/5 Stars
FOREX.com logoFOREX.com check check 1.0 $100 5/5 Stars Visit Site
AvaTrade logoAvaTrade check check 0.92 $100 4.5/5 Stars Visit Site
Saxo Bank logoSaxo Bank check 0.9 €2,000 5/5 Stars Visit Site
FP Markets logoFP Markets check 1.2 $100 AUD 4.5/5 Stars Visit Site
HYCM (Henyep) logoHYCM (Henyep) check 0.6 $100 4/5 Stars Visit Site
Eightcap logoEightcap check 1.0 $100 4/5 Stars Visit Site
MultiBank logoMultiBank check N/A $50 4/5 Stars

Interested in stock trading? Read our guide to the best online brokers in Canada.

Who are the most trusted forex brokers in Canada?

No matter where you live, it’s always important to make sure that your forex broker is well-regulated. We’ve put together this list of the most trusted brokers in Canada in 2023 that accept Canadian residents and are are regulated by the Investment Industry Regulatory Organization of Canada (IIROC):

#1 - CMC Markets

99 Trust Score - Publicly traded, won our 2023 Annual Award for #1 Most Currency Pairs

A highly trusted online forex and CFD broker, CMC Markets goes above and beyond to offer a rich trading experience with competitive pricing and over 12,000 tradeable instruments. CMC Markets is publicly traded and currently authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Monetary Authority of Singapore (MAS), the Financial Markets Authority (FMA) (New Zealand), and the Financial Conduct Authority (FCA). Read our full-length review of CMC Markets.

Check out some screenshots from CMC Market's trading platforms, taken by our research team during our product testing.

#2 - Interactive Brokers

99 Trust Score - Publicly traded and well-capitalized, earned our top 2023 Annual Award for Offering of Investments

Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in six Tier-1 jurisdictions: the Investment Industry Regulatory Organization of Canada (IIROC), the Securities Futures Commission (SFC), the Japanese Financial Services Authority (JFSA), the Financial Conduct Authority (FCA), the Monetary Authority of Singapore (MAS), the Central Bank of Ireland (CBI), and the Commodity Futures Trading Commission (CFTC). Read our full-length review of Interactive Brokers.

Here are some screenshots of Interactive Brokers' trading platforms, taken by our research team during our product testing.

#3 - FOREX.com

99 Trust Score - Earned the Industry Award for #1 New Trading tool in our 2023 Annual Awards

Founded in 1999, FOREX.com is a GAIN Capital brand under the parent company of StoneX Group (NASDAQ: SNEX), a Fortune 500 company and a member of the National Futures Association (NFA) in the U.S. FOREX.com is licensed by the following tier-1 regulators: the Investment Industry Regulatory Organization of Canada (IIROC), the Japanese Financial Services Authority (JFSA), the Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC). Read our full-length review of FOREX.com.

Browse a gallery of screenshots from FOREX.com’s trading platforms, taken by our research team during our product testing.

#4 - AvaTrade

93 Trust Score

AvaTrade is a trusted forex broker that stands out for its rich selection of trading platform options and for its educational content for beginners. AvaTrade is licensed by the following tier-1 regulators: the Australian Securities & Investment Commission (ASIC), the Investment Industry Regulatory Organization of Canada (IIROC), the Central Bank of Ireland (CBI) , and the Japanese Financial Services Authority (JFSA). Read our full-length review of AvaTrade.

Check out some screenshots from AvaTrade's trading platforms, taken by our research team during our product testing.

Our research team evaluates and monitors dozens of the top regulators in the forex industry. Learn more about forex regulators on our Trust Score page.

How to Verify IIROC Regulation

To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from OANDA's website:

OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.

Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA's website which shows each province that the broker can operate in Canada.

About the IIROC

IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatory bodies in Canada:

For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.

Is forex legal in Canada?

Yes, forex trading is legal in Canada. It’s always recommended to choose a broker that is well-regulated (preferably locally) and highly trusted. Forex trading in Canada is regulated provincially; each Canadian province is regulated by its own respective regulatory authority. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others.

Do you pay tax on forex trading in Canada?

With the important caveat that we cannot provide tax advice, it should be said that residents of Canada must report all income to the Canadian Government – including capital gains made from trading forex. How your tax professional may elect to apply any such gains or losses you have from trading in the financial market may vary depending on your unique circumstances.

It may be best for Canadian citizens or residents to consult a tax professional to determine any potential Canadian tax obligations. If you are not a Canadian resident or citizen, then you must report your global income from forex trading in the country of your permanent residence.

How do I start trading forex in Canada?

To open a forex trading account in Canada, it’s important to start by selecting a forex broker that is well-regulated and properly licensed in Canada by the Investment Industry Regulatory Organization of Canada (IIROC). Once you’ve chosen a forex broker, you can follow this step-by-step guide to getting started with forex trading in Canada:

  1. Complete the live account application process with your forex broker and read through the applicable terms and conditions.
  2. Next, you’ll need to fund your new brokerage account. Choose your preferred deposit method, and make sure you are starting with an amount you can afford to risk.
  3. Check out a demo (or, virtual trading) account to familiarize yourself with the broker’s trading platform. Get comfortable with the broker’s website and product offerings, and consume any available educational content.
  4. Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits).
  5. Now, you can enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.

How do you trade the Canadian dollar currency pair?

Popular approaches to trading the Canadian dollar as the base currency often involve either the Japanese Yen or the euro (the CAD/JPY or EUR/CAD pair). These currency pairs are popular with investors in Canada (and across the world) due to their correlation to the price of oil. Canada is a major producer of oil and Japan is a major importer, thus the CAD/JPY pair can be affected by the price of oil. Similarly, the price of Canadian oil itself can be influenced by the CAD/JPY rate.

Note: Any attempt to try to capture statistical arbitrage (when trading the CAD/JPY while tracking the price of oil, for example) must involve strict risk management and carefully calibrated trade timing and duration.

What is the best forex trading app in Canada?

The best forex trading app available to forex traders in Canada is CMC Markets’ mobile app. CMC Markets delivers a terrific overall mobile app experience. Featuring a clean, intuitive design, CMC Markets' mobile app delivers powerful charts, multiple research tools, integrated educational content, and much more. Our researchers have rated CMC Markets’ mobile forex trading app highly in our full-length review of CMC Markets.

Check out our walkthrough of CMC Markets' highly rated mobile app:



Check out a gallery of screenshots from CMC Markets' mobile trading app, taken by our research team during our product testing:

Who is the best forex broker in Canada?

CMC Markets is our number one rated forex broker in Canada in 2023. CMC Markets is a highly trusted brand that is publicly traded (LON: CMCX) and regulated by the Investment Industry Regulatory Organization of Canada (IIROC). CMC Markets offers an extensive range of 10,000+ tradeable investment products on its Next Generation web trading platform and mobile app.

Popular Forex Guides

Methodology

At ForexBrokersListing.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokersListing.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokersListing.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokersListing.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


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