Best Canadian Forex Brokers 2021

FX Empire Editorial Board
Last Update:
At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

Canadian traders have the luxury of choice when it comes to the brokers they can work with. FX Empire is here to help these traders choose the best Forex brokers in Canada. We have conducted deep research across a number of key areas including reliability, technology and the service provided by these  firms, in order to help you make the right decision about your trusted trading partner.

The brokers below represent the best forex brokers for trading in Canada.

Scroll for more details
BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Visit Broker>

74.74% of retail investor accounts lose money




MT4, NinjaTrader, Trading Station, Zulutrade


Dealing Desk, Market Maker

Visit Broker>

74.74% of retail investor accounts lose money

First Prudential Markets Pty Ltd
Visit Broker>

Your capital is at risk




IRESS, MT4, MT5, WebTrader


No dealing desk

Visit Broker>

Your capital is at risk

Central Clearing LTD
Visit Broker>

Your capital is at risk






DMA, ECN, No dealing desk, STP

Visit Broker>

Your capital is at risk

Visit Broker>

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk




MT4, MT5


Market Maker

Visit Broker>

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers in Canada

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.


Regulated By:ASIC, FCA, FSP

Foundation Year:1999

Headquarters:20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom

Min Deposit:$300

Visit Broker

74.74% of retail investor accounts lose money

FXCM Group is an international online forex and CFD brokerage brand. Founded on 1999, The company is based in the UK. The brokerage firm also maintains offices in several jurisdictions such as Australia and South Africa.

In terms of tradable products, FXCM offers trading in the spot forex markets, cryptocurrencies, Treasury bond (the bund) and Contract for Difference (CFDs) for market indices and commodities. Due to the new ESMA regulation, the maximum leverage offered by FXCM is now restricted to 1:30 for major currency pairs.

Pros:  Cons:
  • Regulated Broker
  • Multiple choices of trading platforms
  • Numerous free trading tools provided
  • Low minimum deposit requirement
  • Comprehensive educational section
  • Limited product portfolio
  • No longer accepts US clients after losing US regulatory license

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

Visit Broker

Your capital is at risk

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

FP Markets also offers a range of education and market analysis resources through the Traders Hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.


Regulated By:CySEC, VFSC

Foundation Year:2010

Headquarters:Amorosa Centre, 2nd floor, 2 Samou Street, 4043 Yermasoyia, Limassol, Cyprus

Min Deposit:$0

Visit Broker

Your capital is at risk

FXCC was founded in 2010 and operates as a joint brand name of FX Central Clearing Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) and Central Clearing Ltd which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC).

FXCC offers clients access to trade on more than 100+ financial instruments covering Forex, CFDs for Indices, Metals, Energies and Cryptocurrencies all through the globally popular MetaTrader 4 platform.

Clients are offered a single account type called ECN XL which includes commission-free trading, $50 minimum deposit, up to 1:500 leverage, variable spreads from 0.0, free funding and more. Islamic and demo accounts are also available.

Pros: Cons:
  • Commission-free trading
  • 100+ markets to trade on
  • Tons of research and education material
  • Offshore regulation.
  • High withdrawal fees via bank wire.


Regulated By:CFTC, NFA

Foundation Year:1999

Headquarters:135 US Highway 202/206 Bedminster, New Jersey, 07921

Min Deposit:$50

Visit Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk

Forex.com is a leading online forex and CFD trading platform. Founded in 1999, Forex.com has over 16 years of experience of providing trading services to retail traders. In addition, the holding company GAIN Capital Holding Inc which is listed on the New York Stock Exchange (ticker symbol GCAP).

Regarded as the industry standard platform for online forex trading, the MT4 platform is packed with features and tools and even allows traders to customize it for automated trading. With the MT4, traders also get to access more than 30 types of CFDs and 45 forex markets.

Pros Cons
  • Global Market Leader
  • Regulated Broker
  • Solid Financial Backing With Listed Company Behind
  • Superior Trade Execution With Reliable Platforms
  • Tight Spreads
  • Market Maker Broker

How to Choose a Forex Broker (as a Canadian Trader)

Despite being a major developed economy, Canada is one of a handful of countries around the world that does not have a specific national regulatory agency monitoring the financial services industries. This is because the Canadian government has been lenient towards financial services providers. This means that Canadian Forex traders can literally work with brokers based anywhere.

However, the lack of a national regulatory framework to regulate offshore forex brokers also means that the Canadian authorities have no way of controlling the influx of scam brokers into the Canadian financial services industry. As a result, Canadian forex traders run the risk of losing their money to these unscrupulous brokers.  Because of this risk, Canadian forex brokers are recommended to trade only with the best forex brokers in Canada and that’s where we can help you narrow down your selection.

While Canadian traders are not restricted from trading with offshore forex brokers they are still highly encouraged to select brokers based out of Canada as their broker of choice, as these brokers are able to offer several advantages which offshore based forex brokers are not able to provide to Canadian traders. Over the course of this article you will learn why it is recommended to trade with a regulated broker, and also the key facets to look for in a broker, which include regulatory status, technology, customer support and trading conditions such as spreads and leverage offered by the broker.

General Regulation & Canada’s Regulation

Although there is no national regulatory framework to regulate the activities of financial services providers in Canada, financial services providers are still being regulated at the provincial and territorial level through multiple regulatory agencies. Each of these regulatory agencies has their own specific functions. The list below shows the main regulatory agencies which are tasked to regulate financial services providers such as forex brokers in Canada.

  • The Alberta Securities Commission
  • The Autorite des marches financiers (Quebec)
  • The British Columbia Securities Commission
  • The Canada Revenue Agency
  • The Canadian Securities Administrators (CSA)
  • The Financial Services Commission of Ontario
  • The Financial Transactions and Reports Analysis Centre of Canada
  • The Investment Industry Regulatory Organization of Canada (IIROC)
  • The Mutual Fund Dealers Association
  • The Office of the Superintendent of Financial Institutions
  • The Ontario Securities Commission

Hence despite the lack of a central regulatory agency in Canada, the country still has the largest number of financial regulatory agencies in one single country. While forex brokerage firms are presently being regulated according to the jurisdiction that the broker is based in, the Canadian government is currently contemplating unifying all the regulatory functions under one single agency. This means that in the future, Canada may very well have its own central financial regulatory agency just the Financial Conduct Authority (FCA) in the UK.

Trading Platform & Software

When choosing which broker to work with, it is also important to see what kind of trading platforms are provided by the broker. Some brokers merely focus on providing their traders with a single type of trading platform whereas other brokers may go through the effort of providing their clients with several choices of trading platforms.

Here you should look for:

  • Download platform – which usually has the most functionality
  • Web Trader – which can be accessed from any computer with internet connection using a login.
  • Mobile trader- for trading on the go

Regardless of how many types of trading platforms are available, the most important thing is to see if the platform suits your trading needs and style. Check and see if the trading platform is also able to provide the following features such as:

  • Transaction History
  • Comprehensive Charts
  • News Feeds
  • Real Time Price Feeds
  • Risk Management
  • Support multiple order types
  • Supports Automated Trading
  • User Friendly Trading Interface
  • Wide Range of Trading Tools and Indicators

Proprietary VS. Generic Platforms

More and more brokers are building their own high spec platforms to match the needs of their clients. This is always a good sign to look for in a broker as it shows a level of seriousness. Some traders like using proprietary platforms as they are quite customizable and often user friendly and tailored to all levels of trader.

The majority of Forex traders today are using the MetaTrader4 platform that is provided by most brokers. This is a generic platform which features the brokers logo on it. Just because it is the most popular doesn’t mean you will get on with it the best. You can the brokers platforms for a test drive before committing to depositing real funds. You can easily sign up for a demo account at the majority of brokers in order to “try before you buy”

Commissions, Spreads & Leverage

Apart from the broker’s regulatory statue and trading platform, the third most important consideration when making your broker’s selection is the trading cost. In forex, trading costs can be in the form of commissions or spreads levied on each trade that the traders make. In terms of spreads, they can be fixed or variable. Fixed spreads although are typically higher than variable lets a trader knows his trading cost prior to his trade execution. Variable spreads on the other hand are usually lower than fixed spreads but are susceptible to spikes due to changes in market volatility.

For brokers who offer Electronic Communication Network (ECN) access to interbank rates, (eg. those brokers who pass on the trades directly to the liquidity providers through the electronic network rather then taking the other side of the trade), there will usually be a small commission charge on top of the raw spreads which traders get from the liquidity providers. Brokers who offer ECN access are termed as Non Dealing Desk (NDD) brokers as they merely pass on the clients’ trades direct to the liquidity pool. For professional traders who deal with larger trading volumes than the average retail trader, this type of broker is the most cost effective.


As forex brokers in Canada are subjected to different regulatory requirements from the US, the leverage ratio which forex brokers in Canada are able to offer to their traders are significantly higher than what forex traders in the US are receiving from their brokers. In the U.S, forex brokers are only permitted to offer a maximum of 1:50 leverage. In addition, no hedging is permitted (eg. opening two opposite trades at the same time, like buying the EUR/USD and selling the EUR/USD simultaneously).

These are put in place by the U.S regulatory authorities in order to minimize the losses that US traders make from trading forex. For forex brokers in Canada, they have more leeway than brokers in the U.S. This is why some Canadian based brokers are able to offer leverage as high as 1:500.

Account Types

Depending on the broker’s primary focus, there are 4 main types of trading accounts which traders can choose from:

  • A micro or mini trading account

Micro or Mini trading accounts typically have the lowest minimum deposit requirements and are geared towards beginner traders. Their minimum deposit requirement usually ranges from $100 to $250. These types of trading accounts allow traders to trade in less than a standard lot of 100,000 units of currency.

  • A standard trading account

For traders who are more experienced, they usually go for the standard trading account which allows them to access more trading features as well as assets to be traded. The typical minimum deposit for the standard account usually starts from $500 to a few thousand dollars.

  • VIP trading account

For traders who demand more from their brokers, they have the choice of the VIP trading account. This type of trading account typically requires a minimum investment which runs into tens of thousands of dollars. They also normally come with a dedicated account manager to handle the trader’s requests.

  • Islamic Account

Finally if you are a Muslim forex trader, you might want to consider trading with a swap free trading account as there is no interest or commission applicable on trades making this type of trading account compliant with Shariah law.

On top of the trading account types, always make a point to check the terms and conditions for withdrawals which are attached to the different types of trading account.

Customer Service

Of course with all the different factors to consider, it is easy for a person to overlook customer support. Nevertheless, customer support is as important as all the other factors which a trader must not overlook. Regardless of how experienced a trader you may be, there will always be an occasion that you will need help from customer support. You need to be sure that whenever you need assistance, help is always nearby, as there is nothing more frustrating than not being able to reach customer support when you are in difficulty. Equally as frustrating is speaking to a support staff member that doesn’t’ have the information you are looking for. Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are.

In addition, check what methods are available for communicating with the support staff. The best forex brokers are those which provide their traders with different methods of contacting the support team hence ensuring that you can communicate with the broker with minimum hassles.

Usually you will be able to contact support staff by:

  • Phone
  • Email
  • Live Chat
  • Address
  • Fax

Additional Services

In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services. These services are often offered as a further incentive for traders to sign up with the broker offering them. Furthermore these value added services also serve to help the broker differentiate their products and services from other brokers in the industry. Examples of these value added services include VPN service, one to one training, pattern charting, social trading and signal trading services.


In order to help our readers make an informed decision, we have reviewed some of the key brokers that offer trading to the area and are able to meet the trading needs of Canadian forex traders and recommend our readers to check them out. These forex brokers are all strictly evaluated on the same criteria that we have mentioned above in this guide.

Trade With A Regulated Broker