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THE BEST FOREX BROKERS FOR CANADIAN TRADERS

A List of the Top Canadian Forex Brokers

The Leading Forex Brokers in Canada

"Traders in Canada have more brokerage options than their US neighbors. But not as many as traders based in the UK, Europe, and Australia.

Let me share with you the best brokers available for Canadian residents"

My recommended Forex brokers are ranked by

- Regulation
- Spread tightness

- The variety of markets offered

- My personal trading experience with them

Canadian traders used to have a wider choice of Forex brokers. However, a recent regulatory change by the Canadian Investment Regulatory Organization (CIRO), formerly IROC, has limited options. Canadian trading clients can now generally only open trading accounts with brokers registered with CIRO or CIPF. The regulatory change has made it hard for Canadian traders to open trading accounts with low-regulated brokers offering high leverage.

Genuine Forex brokers offering services to Canadian residents can be Canadian Investor Protection Fund (CIPF) members. This fund protects Canadian residents trading capital up to $1,000,000. You can search the fund register here.

There are still plenty of brokers available to Canadian clients. Below is a list of the top Forex brokers for Canadian traders.

THE LEADING BROKERS FOR CANADIAN CLIENTS

As a retail trader, you can only trade Forex using CFDs unless you trade currency futures or Forex optionswhich I do not recommended.

 

CFD trading is the only way for a retail trader to have a professional trading experience and follow the spot Forex market.

I trade CFDs daily. I recommend you do the same, though you don't really have a choice!

The Best CFD Brokers

Below is a list of my most recommended brokers for traders in Canada.

Darwinex

Darwinex Forex Broker

Regulator: FCA

Office HQ: London, UK

Other Offices: Spain

Leverage: 1:30 (FCA standard)

Trading Platforms: MetaTrader 4, MetaTrader 5 

Markets: Forex, indices, metals, energies, stocks, and ETFs

Minimum Deposit: 500 EUR/USD/GBP
Payment Methods: Bank transfer, card, Skrill, UnionPay

Account Currencies: EUR, GBP, USD

Social Trading: No

Copy Trading: Yes (Darwins)

Spread Type: Variable

Minimum EURUSD Spread: 0.2 pips
Minimum GBPUSD Spread: 0.6 pips
Minimum USDCAD Spread: 0.7 pips

Minimum USDCHF Spread: 0.7 pips

Minimum USDJPY Spread: 0.6 pips

Key Summary Reliable, strong regulation, copy trading, tight spreads

Open a free demo account with Darwinex

My Rating: 9/10 

CMC Markets

Forex broker CIPF

Regulator: FCA

Office HQ: London, UK

Other Offices: Australia, Austria, Canada, China, Germany, New Zealand, Norway, Poland, Singapore, Spain, UAE

Leverage: 1:30 (FCA standard)

Trading Platforms: Web Trader, Mobile App Trader, MetaTrader 4

Markets: Forex, indices, shares, commodities, treasuries, FX indices

Minimum Deposit: n/a
Payment Methods: Bank transfer, wire transfer

Account Currencies: CAD, AUD, EUR, GBP, NOK, NZD, SGD, USD

Social Trading: No

Copy Trading: No

Spread Type: Variable

Minimum EURUSD Spread: 0.5 pips
Minimum GBPUSD Spread: 0.9 pips
Minimum USDCAD Spread: 1.3 pips

Minimum USDCHF Spread: 1.5 pips

Minimum USDJPY Spread: 0.7 pips

Key Summary strong regulation, professional, CIPF

Open a free demo account with CMC Markets

My Rating: 8/10 

Saxo Bank

saxo bank broker logo

Regulator: FCA, Danish FSA, MAS, FINMA, ASIC

Office HQ: Copenhagen, Denmark

Other Offices: UK, Singapore

Leverage: 1:30 

Trading Platforms: SaxoTraderGO, SaxoTraderPRO, TradingView, MultiCharts, Updata

Markets: Forex, indices, metals, energies, stocks, commodities, Forex options, Futures, Bonds, and ETFs

Minimum Deposit: 2,000 CAD
Payment Methods: Bank transfer, debit card

Account Currencies: EUR, GBP, USD

Social Trading: No

Copy Trading: No 

Spread Type: Variable

Minimum EURUSD Spread: 0.7 pips
Minimum GBPUSD Spread: 0.8 pips
Minimum USDCAD Spread: 0.9 pips

Minimum USDCHF Spread: 0.7 pips

Minimum USDJPY Spread: 0.8 pips

Key Summary wide range of markets, strong regulation, TradingView

Open a free demo account with Saxo Bank

My Rating: 8/10 

FP Markets

High leverage Canada broker

Regulator: ASIC

Office HQ: Sydney, Australia 

Other Offices: St Vincent and the Grenadines

Leverage: 1:500

Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, WebTrader, Mobile Trading Apps

Markets: Forex, shares, indices, metals, commodities, cryptos, bonds, ETFs

Minimum Deposit: No minimum deposit
Payment Methods: Bank transfer, card, Neteller, Skrill

Account Currencies: CAD, EUR, GBP, USD

Social Trading: No

Copy Trading: Yes (MAM, PAMM)

Spread Type: Variable

Minimum EURUSD Spread: 0.0 pips
Minimum GBPUSD Spread: 0.0 pips
Minimum USDCAD Spread: 0.0 pips

Minimum USDCHF Spread: 0.0 pips

Minimum USDJPY Spread: 0.0 pips

Key Summary high leverage, low regulation

Open a free demo account with FP Markets

My Rating: 7/10 

Best spreads: FP Markets

Best Social Trading: n/a

Best Copy Trading: Darwinex

Platform Reliability: Darwinex

Best Customer Service: Darwinex

Biggest Brokerage: CMC Markets

Most Comprehensive Range of Markets: Saxo Bank

Highest Regulated: Saxo Bank

High Leverage Brokers

Canadian residents can only open trading accounts with high-leverage brokers if they sacrifice strong regulation. If you need a high-leverage Forex broker, the only real option is FP Markets.

I encourage you to trade with lower leverage and higher regulation brokers like Darwinex, Saxo Bank, and CMC Markets.

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