These allow traders to practice strategies and familiarize themselves with the Trading Station and MetaTrader 4 platforms in a risk-free environment. We also made a list of a mix of local and overseas brokers on our accepting client’s comparison. Our proprietary star ranking system ensures that you will avoid scam FX brokers. The selection of top forex brokers in Canada was narrowed down, so Canadian forex traders won’t get overwhelmed trying to find a broker to fit their needs. Yes, you can trade forex in Canada as it is a regulated trading activity overseen by CIRO. There are over 10 CIRO-regulated forex brokers to choose from such as OANDA, Forex.com, and CMC Markets.

Best for Educational Support: AvaTrade

• For professional traders, a broker may offer DMA (direct market access) which means you trade directly with interbank market participants.
• Forex brokers must be registered with the Investment Industry Regulatory Organisation of Canada (IIROC), ensuring they adhere to high standards of conduct.
• The safety, security, and transparency of a broker are essential when choosing one to trade with.
• TMGM is a globally recognized forex and CFD broker that accepts Canadian clients, offering them the benefit of its competitive trading conditions.
• I also enjoyed using the Autochartist plugin for MetaTrader which provides real-time technical analysis of trading ideas using an algorithmic-based market scanner.

While FP Markets accepts Canadian clients and supports CAD trading, it lacks direct Canadian regulatory oversight and a physical presence in Canada. This might be a key consideration for traders prioritizing local investor protections and support. FP Markets is a well-established online broker primarily regulated by ASIC, and internationally by CySEC and FSCA. While it accepts Canadian clients, it’s not regulated by Canadian authorities like CIRO. This means Canadian traders might not have access to local investor protection schemes like CIPF. Yes, FXCM offers free demo accounts loaded with virtual funds (e.g., $20,000 or more).

Best for Professional Traders

• Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
• Our broker ratings are compiled using a rigorous comparison process that examines regulation, trading conditions, and unique features.
• At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.
• 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.
• However, I view them as strong signals that OANDA is trusted as 6 tier-1 regulators have approved them after meeting their strict standards.

These frameworks ensure a broker operates in good faith with transparent services. Although not regulated with CIRO, I found Fusion Markets accepts Canadian traders, which means you can tap into the broker’s excellent Zero account for lower trading costs. Unique to AvaTrade, I found the broker offers vanilla-style options trading through its AvaOptions platform. I’ve tested over 30+ trading platforms and found CMC Markets’ Next Generation (NGEN) platform to be one of the best for beginners in my opinion. It’s web-based, so there is no need to download anything and it works on every device while still offering 80+ technical indicators from MACD to Pivot Points. To help choose a broker, I compared the best forex brokers that accept Canadian clients in 2025 and CIRO forex brokers regulated in Canada.

How Do I Choose the Right Forex Broker and Trading Platforms in Canada

Most brokers offer major and minor markets, but finding one that offers exotics allows for more trading opportunities. You can also check other markets they offer, such as shares CFD, indices, and commodities such as gold. I chose Eightcap as the best broker for crypto trading in Canada because they offer 95+ markets, covering Bitcoin and altcoins, which is the largest selection in the forex industry. The broker also posted solid spreads on its Standard account, averaging 1.16 pips for EUR/USD and 0 pips on its Raw account for low-cost trading.

Frequently Asked Questions on Forex Brokers in Canada:

Brokers that offered timely, knowledgeable, and accessible support were ranked higher, as this ensures traders can get the help they need when it matters most. We considered feedback from Canadian traders who have firsthand experience with these brokers. This feedback provided insights into the day-to-day usability, reliability, and overall satisfaction with the broker’s services. Brokers with consistently positive feedback were rated higher, as this real-world validation reinforces their credibility and reliability.

My findings demonstrate that VT Markets’ spreads are very tight across the most popular instruments. Canadian clients can choose between four account types, including Standard STP, Raw ECN, Cent Standard, and Cent Raw. The platform accommodates basic technical analysis and simple order execution. It features more than 50 analytical tools and chart configurations, as well as trading from the chart and one-click trading.

XM is the kind of broker that feels like a partner in your trading journey, especially if you’re still starting. The educational resources here are top-notch, with everything from webinars and tutorials to detailed guides that can help you grow your skills. For Canadian traders who value learning as much as trading, XM offers an environment that supports both.

Canadian traders need convenient and secure payment methods for managing their trading accounts. Moneta Markets feels like it was designed with the beginner trader in mind, especially those in Canada who are starting forex. The platform is straightforward, with an interface that’s easy to navigate – something we find valuable for new traders who can be easily overwhelmed by complex systems. The educational resources are a highlight, offering blogs, guides, and a demo account to help you practice without the pressure of real money on the line. CMC is another Canadian-regulated broker with competitive pricing, strong analytics, and a proprietary web trading platform.

I picked CMC Markets as the best broker for beginners because its trading platform offers excellent features like automated pattern recognition tools and guaranteed stop-loss orders. CMC Markets also supplies a decent range of educational resources with over 90+ lessons, webinars, and the Artful Trader podcast, which hosts industry professionals you can learn from. FP Markets offers its commissions canadian forex review in USD at $3.00 per lot traded, while most brokers in Canada have much higher commissions of around $7 per lot traded. So with FP Markets’ Raw account, you can save 57% compared to the rest of the CIRO-regulated brokers, making it the best account if you want Raw spreads.

In fact, this document legalized Canadian residents’ access to leveraged forex and CFD products. The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Yes, using the MetaTrader 5 trading platform is perfectly legal in Canada, and it is not illegal for a Canadian resident to use any broker whether they are regulated in Canada or not. No details exist on how much Forex traders make in Canada, and any attempts to answer this question are mere guesswork.

Is MetaTrader 4 available in Canada?

The information and videos are not investment recommendations and serve to clarify the market mechanisms. With the increasing need for flexibility, we tested the mobile trading apps provided by each broker. We focused on the apps’ functionality, ease of use, and how well they mirrored the desktop experience. Brokers that offered user-friendly mobile apps were rated higher, as these allow traders to manage their accounts and execute trades efficiently while on the move. BlackBull Markets is a broker that delivers if variety is what you’re after.