Yes, CMC Markets offers free demo accounts with virtual funds that allow you to practice trading on their Next Generation platform or MetaTrader 4. These demo accounts generally do not expire and can be topped up, providing a risk-free environment to test strategies. For the Canadian brokers, you have FP Markets with its Social Trading app, while for other brokers, you can use their MT4/MT5 integrations for MetaTrader Signals. Offshore brokers like Fusion Markets use DupliTrade, and TMGM has its own copy trading platform. In Canada, you may be eligible to pay taxes on any profits made from forex trading because the Canadian government treats profits from FX trades as capital gains. I felt that Interactive Brokers provided a better trading environment for professional traders as the IBKR platform has advanced charting and Level II pricing for Direct Market Access.

FP Markets

Additionally, I found that traders have access to multiple platforms such as MT4, TradingView, and the broker’s comprehensive desktop, web, and mobile trading platform. I also discovered that PU Prime offers Canadian traders several account types, all of which support copy trading. I checked the fee competitiveness of the Standard account, which features commission-free trading, floating spreads from 1.3 pips, and a $50 deposit requirement.

What are the best forex brokers in Canada?

Forex brokers must be registered with the Investment Industry Regulatory Organisation of Canada (IIROC), ensuring they adhere to high standards of conduct. Brokers must be members of the Canadian Investor Protection Fund (CIPF), which safeguards clients’ funds in case of insolvency. For low-spread, high-performance trading, canadian forex review brokers like IC Markets, FP Markets, and SwitchMarkets are excellent choices.

Deposit and Withdrawal Options

Here’s an overview of the top brokers that made the list of the best forex brokers in Canada. Only the best-scoring Canadian forex brokers have made it into our ranking system. In this line of thought, similar to other regulatory bodies across the globe (FCA, ASIC, CySEC, etc.), CIRO enforces a system of rules aimed at preventing the insolvency of brokers it regulates. Trading costs play a huge role in your profitability while trading currency pairs. I recommend you look for one of the Lowest Spread Forex Brokers with competitive commission costs. As my base currency was CAD, my commission was only $4.50 per lot traded ($9.00 round turn), making it competitive but not as cheap as FP Markets.

Trading Platforms

Access to Trading Central is a significant plus, as it provides you with expert insights and signals that can enhance your trading decisions. VT Markets integrates advanced technical analysis tools directly into their trading platforms, allowing you to transition from research to trade execution seamlessly. However, strict provincial regulations and limited IIROC-approved brokers often lead traders to seek internationally regulated brokers that accept Canadian clients. In this guide, we’ve reviewed the best forex brokers for Canadians — focusing on safety, regulation, low fees, and trading features.

The spreads start at 0.0 pips, and based on your account type, you can get favourable terms for forex trading. Forex trading in Canada provides a secure and transparent environment for traders, thanks to the robust oversight from CIRO and investor protection from CIPF. Canadian forex brokers are recognized for their dedication to client safety, clear regulatory standards, and providing essential trading tools and education for new traders. While XTB offers strong tools and negative balance protection, traders prioritizing full Canadian investor protection might prefer locally regulated brokers.

Established on January 1st, 2023, through the combination of the Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). The CIRO is a non-profit, national self-regulatory organization (SRO), like the IIROC and MFDA. We are not actualy sure what policy IIROC have when it comes to Crypto CFDs, What we can tell you is that no CFD brokers offer Crypto trading with CFDs. Client accounts, that are held at CIRO-regulated investment intermediaries, are also safeguarded by the Canadian Investor Protection Fund (CIPF) within particular limits. I strongly recommend consulting with a qualified tax professional to ensure complete compliance with current tax regulations and to receive advice tailored to your specific situation. I also chose CMC Markets for low spreads on its Standard account with no commissions after my analyst colleague confirmed that CMC Markets was a top performer.

• The broker supports trading on MetaTrader 4 and 5, ensuring that you have access to reliable and robust platforms.
• This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated.
• MultiBank Group provides multiple platforms to suit different trading styles and experience levels.
• Eightcap provides a choice between three advanced trading platforms—MT4, MT5, and TradingView—and offers trading tools including code-free algorithmic trading and an AI-powered economic calendar.
• A major advantage of CIRO regulation is the automatic protection by the Canadian Investor Protection Fund (CIPF), which safeguards clients if a member brokerage goes bankrupt.

However, it’s important to note that they are not regulated by Canadian authorities like CIRO. Canadian traders will be onboarded under one of FP Markets’ international entities. Formerly called the Investment Industry Regulatory Organization of Canada (IIROC), CIRO aims to ensure a fair market environment and financial stability. The CIRO acts as the main Foreign Exchange regulatory body, which is empowered to supervise the business activities of Forex brokers and advisors that operate in the local Forex market.

• You get access to top trading platforms for technical analysis and automated trading with TradingView, MT4, and MT5, while its own Web Trading Platform has advanced features for performance management.
• These commissions start at $2.00 per lot, which already places Interactive Brokers as one of Canada’s lowest commissions.
• For Canadian traders who value learning as much as trading, XM offers an environment that supports both.
• During my live testing, I observed that the broker offers a diverse range of over 120 CFDs, including forex, indices, commodities, and bonds.

How To Check Broker Is CIRO Regulated

However, some traders might find the absence of bonuses, limited asset range, and lack of MT5 support to be disadvantages. When I opened my Edge account, I liked that it offers the option to change your base currency to CAD to simplify my trading costs and eliminate currency exchange fees. The Edge account is TMGM’s ECN account, which gives tight spreads averaging 0.15 pips on EUR/USD based on the test my analyst did. Interactive Brokers is one of the largest CIRO-regulated forex brokers with access to 65,000 markets from 117 forex pairs to over 17,000 share CFDs, the largest in Canada. My preferred style of forex brokers are ECN brokers, which provide the best trading conditions and fees compared to market makers. Interactive Brokers is able to offer low spreads because it receives multiple offers through the ECN; therefore, the best price is taken, which is typically the cheapest.

USD/CAD was also 62% lower than its industry average (0.62 pips), recording an average spread of 0.23 pips. However, USD/CAD is fixed at 2 pips, which is on the expensive side for this pair compared with variable spreads that averaged 1.8 pips from my testing. Our broker reviews are reader supported and we may receive payment when you click on a partner site.

Commodities, including gold, silver, platinum, crude oil, and other energy commodities, are offered for trading as CFDs. The below table compares the Canadian leverage caps by asset class with the typical rates offered by a “true” offshore Forex broker. The Canadian Investment Regulatory Organization (CIRO) regulates Forex trading in Canada.

BDSwiss is also a very well-decorated broker, having collected a number of awards, particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications and for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders. Of these brokers, the ones that will be best for you will depend upon what you want to trade, and your trading style and frequency.