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6 Best Forex Brokers in Canada for 2024
Searching for the top forex broker in Canada? Based on our hands-on analysis, we’ve identified the 6 best options tailored to various trading needs. Practical tips from our experts are included.
By:
Reviewed By:
Updated: Sep 26, 2024
List of Top Forex Brokers and Trading Platforms in Canada
MetaTrader 4. Copy trading app. Research from Autochartist and Trading Central. Free VPS hosting. No minimum deposit. IPO trading opportunities.
Commission-free trading and raw spreads from 0.1 pips. No deposit requirement. VPS hosting. Average execution speed around 60 milliseconds.
Trade from MT4, IRESS platforms. Forex ECN pricing. DMA stock trading. Trading Central tools.
Regulated by IIROC through Friedberg Direct. 170+ financial instruments. Access to MT4, MT5, AvaOptions app. Extensive Trading Academy.
MT4, MT5, cTrader. MAM/PAMM accounts. Social trading. ECN trading accounts.
Canadian Investor Protection Fund. MarketPulse market information. Earn interest on unused margin.
Forex Trading in Canada
Canada is becoming the next hot destination for regulated brokers wanting to expand in North America. This competition means that many forex brokers in Canada are providing a range of excellent products and services for their clients.
In 2019, the Canadian regulator Investment Industry Regulatory Organization (IIROC) published the ‘Proposed Derivatives Rule Modernization, Stage 1’ report, which provided a regulatory framework for Forex and CFD trading products. In fact, this document legalized Canadian residents’ access to leveraged forex and CFD products.
How did FX Empire choose the best forex brokers in Canada?
- I checked the brokers’ regulations and prioritized IIROC-regulated brokers.
- I ensured that each broker accepted Canadian residents.
- I researched if the brokers have a physical presence in Canada and ensured that they provide sufficient client protection.
- I opened a live trading account to assess fees and commissions for Canadian clients.
- I tested the broker’s trading platforms to identify if they were user-friendly and feature-rich.
- I verified if the Canadian Dollar (CAD) is available for deposit and withdrawal.
- I examined whether the brokers offer CAD among the available forex pairs for trading.
- I explored the localized Canadian version of the website to identify any dedicated features for Canadian clients.
- I reviewed the availability of customer support for Canadian residents.
- I checked for any bonuses and promotions the brokers offer Canadian clients.
Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s dive into the selected brokers.
Best Overall
4.2
CFDs carry a high risk of investment loss due to leverage. You do not own or have any rights to the underlying instruments.
- $0Min Deposit
- 293Tradable Instruments
- MediumFees
Why We Picked It
AXI is a well-rounded financial derivatives broker that is headquartered in Australia and regulated by ASIC. It offers access to more than 280 tradable instruments across different asset classes, which can be traded on the renowned MetaTrader 4 platform.
Regional Features:
- Entity for Canadian Clients: AxiTrader Limited, based in St Vincent and the Grenadines
- Maximum leverage: 1:500
- Member of The Financial Commission
- Deposit and withdraw funds in CAD
- Trade on CAD forex pairs
AXI’s global entity, AxiTrader Limited, participates in The Financial Commission, and its clients are protected by up to EUR 20,000 against the entity’s credit risks and liabilities. Canadian traders can trade on currency pairs, commodities, share CFDs, indices, cryptocurrencies, and futures. Additionally, they can benefit from AXI’s wide and diverse research content provided by the seamless Autochartist and Trading Central.
The broker also provides free Virtual Private Server (VPS) hosting for low-latency trading. High-volume traders can make use of it to secure stable internet connectivity and achieve average execution speeds below 5 milliseconds.
I opened a Standard account, which features commission-free trading and floating spreads from 0.9 pips. I discovered that AXI charges low-to-average spreads on indices and commodities, average spreads on cryptocurrencies, and average-to-high spreads on currency pairs.
Pros and Cons
Pros
- Penetrating research content
- Free VPS hosting
- No minimum deposit requirement
- IPO trading opportunities
Cons
- No alternative to MetaTrader 4
Best Low Spreads
4
Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves substantial risk of loss. It is possible to lose all the initial capital invested. Therefore, Forex and CFDs may not be suitable for all investors. Only invest with money you can afford to lose. So please ensure that you fully understand the risks involved. Seek independent advice if necessary.
- $0Min Deposit
- 94Tradable Instruments
- LowFees
Why We Picked It
FXCC is a forex and CFD broker offering a hundred tradable instruments at exceptionally low costs. Founded in 2010 in Cyprus, it also stands out with its fast execution speeds below 60 milliseconds and $0 deposit requirements. This makes FXCC a perfect choice for those interested in quality service, favorable prices, and affordable accounts.
Regional Features:
- Regulated by MISA in the Comoros
- Trade on CAD forex pairs
I conducted my tests on a standard ECN XL account type featuring commission-free trading for all asset classes. This means that traders do not have to pay fixed costs when trading higher volumes. Additionally, I measured FXCC’s spread rates on instruments across different asset classes and discovered that, except for cryptocurrencies, the broker charges low-to-average spreads compared to the industry average.
FXCC incorporates the standard suit MetaTrader 4. 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. MT4 also supports algorithmic trading via Expert Advisors (EAs).
Pros and Cons
Pros
- Competitive spreads
- Commission-free trading
- Fast execution speeds
- No deposit requirement
Cons
- No share CFDs
- Withdrawal fee
Best Trading Platform
4.2
80.26% of retails CFD accounts lose money.
- $100Min Deposit
- 10107Tradable Instruments
- HighFees
Why We Picked It
TMGM was founded in 2013 and provides a good range of trading platforms and services for traders. The broker has entities authorized and regulated by Tier 1 regulator Australian Securities and Investments Commission (ASIC) and Tier 3 regulator the Vanuatu Financial Services Commission (VFSC). Clients from Canada are opening accounts with VFSC-regulated entity.
Regional Features:
- VFSC-regulated global entity for Canadian clients
- Deposit and withdraw funds in CAD
- Trade on CAD forex pairs
When testing the broker’s services, we found that you can trade from the world’s most popular trading platform MetaTrader 4 and the more advanced, professional IRESS trading platform.
The MT4 platform can be accessed via desktop, web, and mobile and comes pre-loaded with more than 80 inbuilt indicators and algorithmic trading capabilities.
The IRESS platform is an institutional-grade trading platform that is browser-based with charting tools, real-time news updates, and access to the market depth of thousands of stocks from Europe, the US, and Australia.
Our research also shows that MT4 users can download Trading Central for Windows which provides access to economic calendars and real-time trading ideas. There are also two account types for MT4 users which can both be funded in CAD, USD, EUR, GBP, and others to trade forex, indices, commodities, cryptos, and some stocks.
From my examination, Edge Account offers spreads from 0.0 pips with $3.50 commission per lot, per side. While Classic Account offers spreads from 1.0 pips with zero commissions.
Pros and Cons
Pros
- Access forex ECN low-spread trading accounts.
- CAD, USD, EUR, GBP, and more base account currencies.
- IRESS platform for institutional stock trading.
- MT4 Trading Central tools for real-time trading ideas.
Cons
- High inactivity fee.
- Limited educational content.
Best for Beginners
4.6
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
- $100Min Deposit
- 853Tradable Instruments
- MediumFees
Why We Picked It
Founded in 2006, AvaTrade is authorized and regulated by more than six regulators across six continents, including ASIC, CySEC, and JFSA, and provides a great trading offering with access to a large range of markets.
Regional Features:
- Regulated by IIROC through its partner Friedberg Direct
- Friedberg Direct’s office in Canada – 220 Bay Street, Toronto, Ontario
- Member of the Canadian Investor Protection Fund
- Deposit and withdraw funds in CAD
- Trade on CAD forex pairs
Beginners can benefit from AvaTrade’s extensive educational materials. The broker offers plenty of articles, courses, and videos that delve deep into essential trading concepts such as technical analysis, fundamental analysis, risk management, and the psychology of trading.
From my research, accounts opened in Canada are held by Friedberg Direct, a division of Friedberg Mercantile Group, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), which covers up to CAD $1 million for all general accounts.
With AvaTrade Canada you can trade on forex and CFDs on indices and commodities using the MetaTrader 4 and MetaTrader 5 platforms, as well as AvaTrade’s own web platform and the AvaOptions app for forex options trading.
We found that AvaTrade’s forex trading fees were better than the industry average with spreads on EUR/USD during the London session less than 1.0 pip on average.
Pros and Cons
Pros
- Operates through Friedberg Direct, member of IIROC.
- Website, products, and services tailored to Canada.
- Intuitive proprietary software.
- Good range of instruments including CFDs and forex options.
Cons
- Dormant fee after 3 months of inactivity.
Best for Professional Traders
4.6
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
- $100Min Deposit
- 8977Tradable Instruments
- LowFees
Why We Picked It
FP Markets was founded in 2005 in Sydney, Australia, and allows trading of over 840 instruments from an ECN trading account using MT4, MT5, and cTrader platforms. The broker has entities authorized and regulated by Tier 1 ASIC and CySEC as well as one unregulated entity based in St.Vincent and the Grenadines (SVG).
Regional Features:
- St.Vincent and the Grenadines entity for Canadian clients
- Deposit and withdraw in CAD
- Trade on CAD forex pairs
During the course of my research, I found that FP Markets provides a great range of tools for advanced traders. As a professional trader myself, I found it great that FP Markets offers ECN pricing on its forex accounts. This means you can access raw, interbank markets spreads paying a commission of 3.50 USD per lot, per side which is the industry average.
Multi-asset class traders may also enjoy access to the IRESS DMA platform which allows you to trade more than 10,000 global shares directly from the order books of the exchange or liquidity provider. This enables a high level of price transparency and extremely fast execution speeds.
FP Markets offers a variety of valuable trading platforms, including MT4, MT5, and cTrader. These platforms provide fast execution, access to over 80 technical indicators, and support algorithmic trading, although they may require some learning curve.
I also enjoyed using the Autochartist plugin for MetaTrader which provides real-time technical analysis of trading ideas using an algorithmic-based market scanner. It quickly identifies trading patterns, saving time on research.
Pros and Cons
Pros
- Rich array of trading platforms and tools.
- ECN and DMA trading accounts.
- Trading Central and Autochartist.
- Deposit and withdraw in CAD.
Cons
- The platforms may require a learning curve.
Best IIROC-Regulated
4.5
Your capital is at risk. Spreadbetting only available in UK.
- $0Min Deposit
- 306Tradable Instruments
- LowFees
Why We Picked It
OANDA was founded in 1996 and provides a great range of trading services and products for retail clients and businesses converting large amounts of currencies. OANDA is regulated by Tier 1 authorities all around the world such as the FCA, CySEC, ASIC, and many others. It is also authorized and regulated by the IIROC and is a member of the Canadian Investor Protection Fund providing a high level of transparency and safety of up to $1 million of your assets in the event of a broker default.
Regional Features:
- Regulated by IIROC
- The IIROC-regulated entity is available to owners of Canadian bank account
- Member of the Canadian Investor Protection Fund
- Office in Canada – 370 King St W, Toronto, Ontario
- Dedicated Canadian website and products
- Deposit and withdraw in CAD
- Trade on CAD forex pairs
During my live testing, I observed that the broker offers a diverse range of over 120 CFDs, including forex, indices, commodities, and bonds. 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.
When using OANDA’s live trading platform, I discovered that spreads were average with EUR/USD during the London open around 1.3 pips. However, Oanda provides a range of different trading accounts where you can access better spreads. For example, I found that the Advanced Trader Program account offers 0.2 pip reduction on forex pairs if more than $100 million notional trade volume is traded in one month.
Pros and Cons
Pros
- The website geared toward Canadian users.
- Member of Canadian Investor Protection Fund to cover assets up to $1 million.
- Abundant selection of trading platforms.
- Tier-based trading accounts offer a spread reduction for active traders.
Cons
- Higher forex spreads compared to other Canadian brokers.
How to Choose a Forex Broker in Canada?
Below are additional elements to take into consideration when choosing a forex broker in Canada to trade with.
How to find a safe forex broker in Canada?
The safety, security, and transparency of a broker are essential when choosing one to trade with. Your broker will be executing your trades and holding your trading capital. Hence, it needs to have the proper authorizations, licenses, and oversight to do it properly.
Traders in Canada have the option to choose a broker regulated by the Investment Industry Regulatory Organization of Canada (IIROC) or other Tier 1 regulators such as the FCA, ASIC, etc. IIROC conducts regular reviews of brokers to make sure they are meeting its high ethical and professional standards, providing a higher level of transparency and safety for your funds.
Check out our list of Best IIROC-regulated forex brokers.
Investment dealers regulated by IIROC are affiliated with the Canadian Investor Protection Fund (CIPF), providing additional protection for individuals in the event of insolvency. As members of the CIPF, investors are safeguarded by up to $1 million in all general accounts. While brokers typically outline these protections on their websites, you can also verify them by conducting an online search on the regulator’s register.
Read more about Best regulated forex brokers.
What fees should you be aware of when choosing a forex broker in Canada?
A broker’s trading fees are generally categorized into trading and non-trading fees. Trading fees are charged for opening, closing, and holding a trade. This includes the spread, commission, and swap fee.
- Spread is the difference between the buy price and the sell price. Ideally, you want the spread to be as low as possible. In our rating reviews, we consider a spread of less than 1.0 pip on EUR/USD to be low. Read more about Best lowest spread forex brokers.
- Commission is a charge on the opening and closing of a position. Many brokers offer commission-free trading but some will offer commission-based trading with lower spreads. In our broker reviews, we consider a commission of $3.00 per 100,000 units of currency traded to be low.
- Swap fee is the overnight fee to roll over any positions that are using leverage or margin (such as CFD products). The swap fee varies over time as it is typically based on the interest rates of the currencies being traded and a broker markup. There is no swap fee if you close trades before the end of the trading day (typically 10:00 p.m. London time) but needs to be watched for longer-term traders. Discover Best low swap fees brokers.
Non-trading fees are related to the fees charged for dormant accounts or periods of inactivity. There may also be fees related to deposits and withdrawals.
Check out our guide on Best zero spread forex brokers.
What is the best type of forex account in Canada?
Most brokers offer a variety of different trading accounts to their clients. These are typically separated by whether it is commission-free or commission-based and by the execution model.
A commission-based trading account typically charges a commission to open and close a trade, the spread, and any overnight fees. Brokers also offer a commission-free trading account that charges any overnight fees and a higher spread only.
Most forex CFD accounts are based on the STP (straight-through processing) model. This means your trades are directly routed to the broker’s liquidity provider. Some brokers may also offer ECN (electronic communication network) accounts where your trades are matched to prices from different liquidity sources in an anonymous network.
For professional traders, a broker may offer DMA (direct market access) which means you trade directly with interbank market participants.
To select the most suitable account type, it is crucial to understand your trading style and specific requirements, as each account offers distinct features. Additionally, it is worth noting that accounts with advanced features typically have higher minimum deposit requirements.
Read more about Best forex STP accounts and Best forex ECN accounts.
What leverage do forex brokers offer for Canadian clients?
The ability to trade on leverage is the very reason CFD brokers exist. This feature enables traders to execute larger positions with a smaller capital outlay, as the remaining funds are borrowed from the broker.
Leverage-based trading, or margin-based trading, is where the broker lends you the capital to control a bigger position and charges interest on any borrowed funds overnight known as the swap fee. This has the effect of being able to have bigger winners but also bigger losses.
The margin requirements for opening trades differ depending on the instrument and the regulatory body overseeing the broker. Typically, retail CFD brokers regulated by Tier 1 regulators like IIROC may provide a maximum leverage of 1:30. This means you can open a position 30 times bigger than the capital required.
Brokers who advertise much higher leverage are usually unregulated or offshore-based brokers that offer fewer regulatory protections. While the FCA, CySEC, and ASIC regulators have all agreed on what margin is required for each asset class, the IIROC margin requirements are much stricter and depend on the base currency you are trading in (CAD, USD, etc.). IIROC-regulated firms need to detail the margin requirements for each instrument which can be found on the broker’s website.
Find out our picks of Best high leverage forex brokers.
What is the best trading platform in Canada?
When selecting the most suitable platform, consider factors such as your trading experience, specific needs, and desired objectives.
The majority of retail trading brokers provide access to the widely used MetaTrader 4 and MetaTrader 5 trading platforms, accessible via desktop, web, or mobile devices. The desktop platform offers the most extensive range of features, including automated trading capabilities.
Check out our dedicated guides on best MT4 brokers and best MT5 brokers.
In addition, it is recommended to explore the broker’s proprietary trading platform, as they often offer advanced features such as sentiment indicators, real-time news, and trading ideas. Identify the needs for your trading and then choose the appropriate platform.
Opting for a broker that offers access to multiple platforms is advantageous, as it ensures uninterrupted trading in the event of one platform experiencing downtime.
Here is our selection of best forex trading platforms.
What to avoid when choosing a forex broker in Canada?
With the increasing popularity of retail trading in Canada, it is essential to be cautious of brokers that target Canadian residents but lack proper regulation. It is crucial to verify that the broker you choose is authorized and regulated by a reputable Tier 1 regulator, preferably IIROC.
It is also wise to choose a broker that has a presence in Canada or the US. This is because you want to access customer support in your time zone, rather than wait for the European or Asia market to open. Some brokers do offer 24-hour support.
How to avoid forex and CFD scams?
To safeguard yourself from forex and CFD scams, it is advisable to trade with firms regulated by top-tier financial authorities exclusively. Brokers regulated by renowned bodies such as IIROC, FCA, and ASIC are obligated to follow stringent regulations that aim to protect your invested capital. Failure to comply with these rules can lead to the revocation of their operating license and imposition of fines.
Here are the five things to avoid when choosing a broker in Canada:
- Neglecting to verify regulatory compliance.
- Overlooking broker fees, such as spreads, commissions, and swap rates.
- Selecting an account type that does not align with your requirements.
- Skipping to review the range of instruments provided by the broker.
- Avoiding straight communication with the support team before opening an account.
Our Methodology
Since pioneering the broker review industry, the data points and methods of testing each broker have changed dramatically. Our reviews now test for more than 250 data points across nine different categories. This systemized, and structured way of reviewing each broker helps to compare each one side by side.
Evaluating the experience when trading with a broker through opening live accounts, viewing live spreads, trading from the broker’s platform, and speaking to customer support agents (where available) helps us to provide in-depth insights for each broker.
Each broker is evaluated according to nine core categories, which include:
- Trust
- Fees
- Platforms and tools
- Tradable instruments
- Customer service
- Deposit and withdrawals
- Account types
- Research
- Education
To identify the best Canadian forex brokers, I prioritized IIROC-regulated brokers and ensured they accept Canadian residents. I researched their physical presence in Canada and client protection measures. Opening live trading accounts, I assessed fees, tested user-friendly platforms, and verified CAD availability. I explored localized features and reviewed local customer support. Additionally, I checked for Canadian-specific bonuses and promotions.
Afterward, I broke down the chosen Canadian brokers into dedicated categories to make them suitable for different traders’ needs.
Meet Our Writers
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Get to Know Our Authors
Dan BlystoneBroker Analyst
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan SolankiBroker Analyst
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Plamen StoyanovBroker Analyst
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
Vladimir ZernovBroker Analyst
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Is forex allowed in Canada?
Yes, forex trading is allowed in Canada and is primarily regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the provincial securities commissions. Forex brokers operating in Canada must be registered with the IIROC as an investment dealers, and they must adhere to specific rules and regulations set by the organization. Furthermore, forex trading platforms and brokers in Canada must comply with anti-money laundering (AML) and know-your-customer (KYC) requirements. These measures aim to prevent financial crimes and ensure the integrity of the financial system.
What is IIROC and what does it mean for forex traders?
IIROC is the Investment Industry Regulatory Organization of Canada, the national SRO overseeing investment dealers and trading in the Canadian securities market, including forex. Its mandate is to protect investors, maintain market integrity, and enforce rules for member firms, including forex brokers. IIROC regulates trading, monitors compliance, and takes disciplinary action when needed. IIROC's oversight helps create a more regulated and transparent forex trading environment in Canada, providing investors with a level of protection and confidence in the market.
How can I verify if a forex broker is regulated in Canada?
To verify if a forex broker is regulated in Canada, you can check if they are registered with the Investment Industry Regulatory Organization of Canada (IIROC) by using the search function on IIROC's website or reviewing their member list. You can also consult provincial securities commissions and review the broker's legal documentation for regulatory information.
What are the differences in protections between brokers regulated by IIROC-regulated brokers versus brokers regulated offshore?
IIROC-regulated brokers in Canada offer stronger investor protections, including regulatory oversight, segregated client accounts, and coverage by the Canadian Investor Protection Fund (your funds are covered up to $1 million in the event of insolvency). Offshore-regulated brokers may have varying levels of investor protection and compensation schemes, depending on the specific jurisdiction. Legal recourse and dispute resolution processes also differ between the two.
How does the available leverage of IIROC-regulated brokers compare to those of brokers regulated offshore?
The available leverage offered by IIROC-regulated brokers in Canada is generally more limited compared to brokers regulated offshore. IIROC has set specific regulations and guidelines for leverage limits in order to mitigate the risks associated with high-leverage trading. IIROC-regulated brokers in Canada are limited to a maximum leverage ratio of 50:1 for major currency pairs and 20:1 for non-major currency pairs. While brokers regulated offshore, depending on the jurisdiction, may offer higher leverage ratios, such as 100:1, 200:1, or even higher. It's important to note that trading with high leverage involves greater risk, as it amplifies both potential profits and losses. While higher leverage can enhance potential returns, it also increases the exposure to market volatility.
Can I trade with non-IIROC-regulated brokers in Canada?
Yes, it is technically possible to trade with non-IIROC-regulated brokers in Canada through brokers’ global entities. However, it is worth checking in which jurisdiction you are opening an account as the level of protection will differ. If you choose to trade with a non-IIROC-regulated broker, be cautious, conduct thorough research, and assess the risks involved.
Do you need to pay tax for forex trading in Canada?
Yes, in Canada, individuals who engage in forex trading are required to pay taxes on their trading profits. Forex trading falls under the category of capital gains and losses for tax purposes. The Canada Revenue Agency (CRA) treats forex trading as a speculative activity, and any profits made from trading forex are considered taxable income. For more details, it’s always best to seek professional advice from a tax lawyer.
Which broker is good for beginners in Canada?
From our research, FXCM is a good choice for beginners in Canada. Through its partner Friedberg Direct, it is regulated by IIROC and a member of the CIPF. FXCM provides a range of trading accounts, platforms, and educational materials.
Which broker is good for professional traders in Canada?
We found that Forex.com is suitable for professional traders in Canada. It is part of StoneX a publicly trading NASDAQ company and offers direct market access (DMA) trading accounts, Moreover, Forex.com provides high-volume traders with an active trader program for cash rebates.
Is cryptocurrency trading available in Canada?
Yes, cryptocurrency trading is available in Canada. The Canadian government and regulatory authorities recognize cryptocurrencies as a legitimate asset class, and individuals are allowed to buy, sell, and trade cryptocurrencies within the country.
Can I trade forex in Canada without a broker?
No, it is not possible to trade forex in Canada without a broker. Forex trading involves participating in the global foreign exchange market, which requires access to liquidity providers, pricing data, and trading platforms. These services are provided by forex brokers who act as intermediaries between individual traders and the market.
What is negative balance protection in forex trading?
Negative balance protection is a feature offered by some brokers that protect traders from incurring a negative account balance. In forex trading, it is possible to lose more money than you have in your account due to leverage, which magnifies gains and losses. With negative balance protection, the broker guarantees that the trader's account balance will never go below zero, even in the event of a sudden and significant market move that results in a large loss. If the trader's account balance falls to zero, the broker will close out their positions and absorb the loss, rather than requiring the trader to cover the negative balance.
How can I verify that my broker has negative balance protection?
To verify whether your broker has negative balance protection, you can review the terms and conditions of your account agreement, which should outline the broker's policy on negative balance protection. This information is usually available on the broker's website or can be obtained by contacting their customer support team.
What is a compensation scheme in forex trading?
A compensation scheme is a type of investor protection program that provides financial compensation to investors who have suffered losses as a result of a broker's insolvency, fraud, or other misconduct. Compensation schemes are designed to protect investors from financial harm and to promote confidence in the financial markets. In most countries, compensation schemes are established and regulated by the government or financial regulatory agencies. These schemes typically have specific eligibility requirements, such as a maximum level of compensation per investor or per claim, and may only cover certain types of financial instruments or transactions.
How can I verify that my broker is a member of the compensation scheme?
To verify whether your broker is a member of a compensation scheme, you can check their regulatory status and the terms and conditions of your account agreement. Compensation schemes are typically established and regulated by government or financial regulatory agencies, and some - but not all - brokers are required to be registered with these schemes to offer protection to their clients. You can also check the website of the compensation scheme in your country or region to see if your broker is listed as a member.
What is a segregated fund?
A segregated fund, also known as a segregated account, is an account that holds clients’ funds of a broker. This ensures that client funds are “segregated” and kept apart from the broker’s funds so client capital is not used as a funding method for the broker’s operations.
How to verify if the broker offers a segregated fund?
To verify if a broker offers segregated funds, you can check their website, contact them directly and review the broker’s legal terms and conditions document. The broker's website should have information about their investment products, including segregated funds. If it is not written anywhere, then it is unlikely the broker segregates your funds from their own.
About the Author
Jitan SolankiBroker Analyst
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Why you can trust FX Empire
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.
Why you can trust FX Empire
Table of Contents
- List of Top Forex Brokers and Trading Platforms in Canada
- How did FX Empire choose the best forex brokers in Canada?
- Best Overall
- Best Low Spreads
- Best Trading Platform
- Best for Beginners
- Best for Professional Traders
- Best IIROC-Regulated
- How to Choose a Forex Broker in Canada?
- Our Methodology
- Meet Our Writers
- FAQ