Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Forex Brokers for Canadian traders

Canadian Forex Brokers

Why choose Forex brokers in Canada when there are many options across the globe? It is assumed that brokerage companies from USA, Australia, UK, and other European Union nations are more reliable than others around the world. Over the previous years, FX brokers from Canada  have not been in a position to replicate this kind of success, especially in the FX industry. Nevertheless, brokerage firms in Canada do offer outstanding advantages to both institutional and individual traders.

A notable advantage of using a brokerage firm based in Canada is the CIPF (Canadian Investor Protection Fund) that guarantees investors up to $1 million of their capital in the event that their brokerage firm becomes bankrupt. (See all CIPF members here) This is a relatively huge sum of money, particularly when compared to the 50,000 Euros offered to clients of FCA Forex brokers. This means that forex trading in Canada is suitable if an investor has more than one million dollars capital.

Moreover, brokers don't follow stringent regulations. Canadian trading regulations are committed to the investors' well-being and permit the FX traders to use global brokerage firms. The table below can help you learn more about Canadian brokerage companies and the main features that they offer.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
Filter
Company#LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
leverage
Live spread
Interval:
Live
spread
EUR/USD
Live spread
Interval:
Live
spread
GBP/USD
Live spread
Interval:
Live
spread
USD/CHF
Live spread
Interval:
Live
spread
USD/CAD
Live spread
Interval:
Live
spread
USD/JPY
Live spread
Interval:
Live
spread
AUD/USD
Live spread
Interval:
Live
spread
NZD/USD
Live spread
Interval:
Live
spread
EUR/AUD
Live spread
Interval:
Live
spread
EUR/CAD
Live spread
Interval:
Live
spread
EUR/CHF
Accepting US traders?Account
Forex.com1Forex.combest broker2001
FCA, CFTC

Regulated

26

Payment systems

ECN, MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
eToro2eToro2007
ASIC, FCA
42

Payment systems

NDD, STP
50 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
IG3IG1974
ASIC, FCA
11

Payment systems

DMA, MM
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
TD Ameritrade4TD Ameritrade1975
FINRA, SIPC
4
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
Saxo Bank5Saxo Bank19929

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
LMFX6LMFX2015-23

Payment systems

NDD
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
OANDA7OANDA1996
ASIC, FCA
9

Payment systems

-0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
CMC Markets8CMC Markets1989
ASIC, FCA
15

Payment systems

NDD, STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Interactive Brokers9Interactive Brokers1977
FCA, CFTC

Regulated

7

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
City Index10City Index2001
ASIC, FCA
4

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
TradeStation11TradeStation1988
FCA, CFTC

Regulated

6
DMA
5000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGlory12FxGlory2012-8

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
XM.COM13XM.COM2009
ASIC, IFSC

Regulated

68

Payment systems

MM
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Capital.com14Capital.com2016
ASIC, FCA
30

Payment systems

MM
20 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RoboMarkets15RoboMarkets2012
CySEC
10

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
EXNESS16EXNESS2008
FCA, CySEC
69

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Libertex17Libertex1997
CySEC
62

Payment systems

STP, MM
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AXITrader18AXITrader2007
ASIC, FCA
10

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
JustForex19JustForex2012
IFSC
15

Payment systems

ECN, STP
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
XTB.com20XTB.com2002
FCA, CNMV
3

Payment systems

NDD, STP
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RoboForex21RoboForex2009
IFSC
14

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Forex4you22Forex4you2007
FSC
29

Payment systems

NDD, STP
20 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
NordFX23NordFX2008
SEBI, VFSC
97

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Plus50024Plus5002008
ASIC, FCA
35

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HYCM25HYCM1977
FCA
96

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FBS26FBS2009
IFSC, NAFD
78

Payment systems

ECN, STP
1 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxPro27FxPro2006
FCA, CySEC

Regulated

66

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Swissquote28Swissquote1996
FINMA
15

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCM29FXCM1999
ASIC, FCA
17

Payment systems

NDD
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Admiral Markets30Admiral Markets2001
FCA, CNMV
18

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AVATrade31AVATrade2006
ASIC, CBI
57

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IQ Option32IQ Option2013
FSA
4

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGiants33FxGiants2015
FCA
3

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Vantage FX34Vantage FX2009
ASIC
3

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Instaforex35Instaforex2007
RAUFR
70

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Alfa-Forex36Alfa-Forex2016
CBR
12

Payment systems

NDD
0 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FIBO Group37FIBO Group1998
FSC, CNMV
15

Payment systems

NDD, MM
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Alpari38Alpari1998
IFSC, NAFD
37

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Markets.com39Markets.com2006
CySEC
6

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXOpen40FXOpen2005
ASIC, FCA
64

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
1 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GrandCapital41GrandCapital2006
CySEC
12

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AMarkets42AMarkets2007
FSA
60

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Dukascopy Bank SA43Dukascopy Bank SA1998
FINMA
11

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Dukascopy Europe44Dukascopy Europe2010
FCMC
4

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FP Markets45FP Markets2005
ASIC, CySEC
5

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Just2Trade46Just2Trade2006
CySEC
24

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
DeltaStock47DeltaStock1998
BNB
3

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IFC Markets48IFC Markets2006
FSC, CySEC
29

Payment systems

STP
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HotForex49HotForex2010
CySEC, FSC
63

Payment systems

NDD
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IC Markets50IC Markets2007
ASIC
14

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXDD51FXDD2002
MFSA
3

Payment systems

NDD, ECN
250 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Finpari52Finpari2013
CySEC
1

Payment systems

NDD, STP
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ActivTrades53ActivTrades2001
FCA, CNMV
22

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AAFX Trading54AAFX Trading2014
ASIC, FSA
176

Payment systems

NDD, ECN
100 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
LiteForex55LiteForex2005-33

Payment systems

ECN
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BCS Forex56BCS Forex2006
FSA
2

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ForexMart57ForexMart2015
CySEC
12

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Binarium58Binarium2012
CROFR
2

Payment systems

-9 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fortrade59Fortrade2013
FCA, FSCS

Regulated

4

Payment systems

-100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
EasyMarkets60EasyMarkets2001
ASIC, CySEC
11

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Orbex61Orbex2010
CySEC
8

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Hantec Markets62Hantec Markets2009
FCA
3

Payment systems

NDD
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ForexChief63ForexChief2014
VFSC
86

Payment systems

ECN, STP
1 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ICM Capital64ICM Capital2009
FCA
3

Payment systems

-200 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Octa FX65Octa FX2011
FCA, FSA
25

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fort Financial Service66Fort Financial Service2010
IFSC
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BMFN67BMFN1988
ASIC, FCA
10

Payment systems

NDD, DMA
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Core Spreads68Core Spreads2014
FCA
5

Payment systems

NDD
1 $1:240N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
NPBFX69NPBFX1996
IFSC
6

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FreshForex70FreshForex2004
KROUFR
34

Payment systems

NDD, MM
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
City Index Singapore71City Index Singapore2006
MAS
2
MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Degiro72Degiro2008
FCA, AFM
1
NDD
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GO Markets73GO Markets2006
ASIC
3

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Forex.ee74Forex.ee2004
FSA
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Tickmill75Tickmill2014
FCA, SIBA
9

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Yadix.com76Yadix.com2010
FSC
34

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXPRIMUS77FXPRIMUS2009
CySEC, VFSC
10

Payment systems

STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Swiss Markets78Swiss Markets2012
CySEC
2

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
PSB Forex79PSB Forex2016
CBR, NAFD

Regulated

2
NDD
1500 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ICE FX80ICE FX2015-2

Payment systems

STP
30 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FriedbergDirect81FriedbergDirect2008
IIROC
3

Payment systems

NDD, STP
0 $1:33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
TrioMarkets82TrioMarkets2014
CySEC
3

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
iOCBCfx83iOCBCfx2004
MAS
1
NDD
1000 $1:35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
UOB Kay Hian84UOB Kay Hian2000
MAS
1
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
KGI Futures85KGI Futures2001
MAS
1
NDD
1000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
KE Forex86KE Forex1972
MAS
2
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Haitong87Haitong2010
MAS
1
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCitizen88FXCitizen2010
VFSC
1

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Land FX89Land FX2013
FCA, FSCS

Regulated

3

Payment systems

NDD, ECN
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Pepperstone90Pepperstone2010
ASIC
6

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
PhillipCapital UK91PhillipCapital UK1975
ASIC, FCA
6
NDD
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ak Investment92Ak Investment1996
SPK
2
NDD, DMA

Broker type

  • NDD
  • DMA
  • MM
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
InvestAZ93InvestAZ2010
FSP, SPK
1
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Corner Trader94Corner Trader2012
FINMA
1
MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Abshire-Smith95Abshire-Smith2011
FCA, FSCS
3

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ArgusFX96ArgusFX2000
CySEC
1

Payment systems

STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ayondo97Ayondo2008
FCA, BaFin
1

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Bacera98Bacera2009
ASIC
2

Payment systems

MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BogoFinance99BogoFinance2006
CySEC
1

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Capital Index100Capital Index2014
FCA, CySEC

Regulated

1

Payment systems

NDD, STP
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Core Liquidity Markets101Core Liquidity Markets2012
ASIC, FSA
3

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
CMG102CMG2015
ASIC
8

Payment systems

-250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Colmex Pro103Colmex Pro2010
CySEC
1
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Darwinex104Darwinex2012
FCA
1

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
eTrader105eTrader2014
CySEC
5
NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Flatex106Flatex1999
BaFin
1
NDD, MM
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fullerton Markets107Fullerton Markets2015
FSP
8

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FX88108FX882016
CySEC
1

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCC109FXCC-
FCA, CySEC
39

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FX Choice110FX Choice2010
IFSC
5

Payment systems

NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGrow111FxGrow2008
CySEC
3

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GMG Markets112GMG Markets2015
FCA
1
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HMS Markets113HMS Markets1972-1
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Infinox Capital114Infinox Capital2009
FCA
1

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
iTrader115iTrader2012
IFSC
3

Payment systems

NDD
250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Mex Exchange116Mex Exchange2012
ASIC
2

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXPCM117FXPCM2007
FSC, DFSA

Regulated

1

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Rakuten Securities Hong Kong118Rakuten Securities Hong Kong2002
SFC
1
NDD, STP
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RietumuFX119RietumuFX1992
FCMC
1
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
TFI Markets120TFI Markets1999
CySEC
2
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Tradealot121Tradealot2010
FCA
1

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FinmaxFX122FinmaxFX2017
CROFR, VFSC
7

Payment systems

MM
250 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
CommSec123CommSec1998
ASIC
2
DMA, MM
10 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
VTB 24 Forex124VTB 24 Forex2009
CBR, KROUFR
1

Payment systems

NDD
2000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Finam Forex125Finam Forex1994
CBR, NAFD

Regulated

2

Payment systems

NDD, DMA
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AMP Global126AMP Global2018
CySEC, CFTC

Regulated

4

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ingot Brokers127Ingot Brokers2004
ASIC
1
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Alvexo128Alvexo2014
CySEC, SIBA
2

Payment systems

ECN
0 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AETOS129AETOS2007
ASIC
4

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Arum Capital130Arum Capital2017
CySEC
1

Payment systems

ECN, STP
0 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ATFX131ATFX2015
FCA
9

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Key to Markets132Key to Markets2010
FCA, FSP

Regulated

3

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Trading.com133Trading.com2018
FCA
1

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BDSwiss134BDSwiss2012
CySEC, FSC
8

Payment systems

ECN
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ATC Brokers135ATC Brokers2005-1
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ACY.com136Forex broker ACY.comACY.com2011
ASIC, VFSC
1
ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0


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History of Forex Trading in Canada

The study of FX trading in Canada shows that foreign exchange reforms were introduced between 1939 and 1945 (World War 2). It also led to the establishment of Foreign Exchange Control order and Exchange Fund Account in 1971. The former was tasked to regulate foreign currency while the latter took care of the gold reserve. Through Foreign Exchange Control order, FECB (Foreign Exchange Control Board) was supposed to strengthen the Canadian dollar against the sterling pound and the U.S dollar. The Canadian banks and investors were supposed to sell all their foreign exchange to FECB.

The history also shows the difference between economic reforms instigated during the World War 1 and 2. During the World War 1, there were no strict regulations and UK was the main foreign creditor. However, things changed in 1939 when the US become the principal source of foreign exchange in Canada but most US investors did not invest a lot of money in the country. This continued until 1950 when the economy of Canada started improving.

Another significant event worth noting was in 1940s when there was a debate in regard to whether the off the record rate was the accurate reflection of the Canadian dollar. Famous economists like the then financial advisor to the government warned small traders against investing and recommended the introduction of exchange control systems that would balance trade.

Regulation of Canadian FX Brokerage companies

Regulation Canada

Although a developed nation, Canada allows its residents use international brokerage firms without a local license. This move enhances competitiveness in the industry but also has some serious disadvantages. For example, the country’s retail FX market regulatory body doesn’t have the ability to control scammers from other regions This often results in loss of huge amounts of capital invested by local investors from the country. Also, it is worth noting that no single Canadian body has the authority to issue fines or sanctions on these international brokers.

Canada lacks a principal regulatory body; the country has the biggest number of regulators in the globe. The Canadian government plans to unify all these organizations but the plan has not been put into effect. This comes after several recommendations from advisors proposed the creation of one agency with a mandate of controlling and supervising all FX stakeholders in the country. Nonetheless, Canadian markets are classified into diverse territories that enforce different trading regulations through numerous regulatory bodies.

The Relationship between IIROC and the territorial regulatory organizations

One of IIROC’s main mandate is to regulate national financial markets. With the provision of two regulatory bodies, traders and even brokers have found the regulations of the FX market to be unclear and confusing. Consequently, both the national and territorial agencies have tried to unify the situation leading to the introduction of new rules that guide the industry's conduct.

Initially, the confusion arose because different territory regulators classified trading rules in their own ways. For instance, in Quebec the main concern was derivative while in Montreal it was more of security. This meant the brokers had to follow 2 different set of rules. With the introduction of new rules, both the provincial and national regulators use the same regulations.

IIROC FX Trading Guidelines

All Canadian brokers offering services that involve trading in currency pairs must be members of IIROC. Another new rule enforced by the commission is the leverage limits of 18:1. Although this move reduces the risks of losing, it makes trading a thing for those with huge capital.

Moreover, all employees including salespeople of an IIROC registered brokerage must be competent and experienced.

Can one choose a Broker who is not IIROC-registered?

It is illegal for you to use a broker not registered and regulated by the national regulator. However, the existing provincial rules allow investors to trade with international FX broker without any repercussions. Provided, there are numerous regulatory bodies in Canada; Canada citizens can invest with any global broker.

How to Pick the Best Canadian Forex Brokers

With the intrusive search option on the IIROC official website, you can check whether your broker is IIROC-registered or not. Conducting a research prior to investing is very vital; there are handful brokers who claim to be registered yet they are not. You will also get information related to approval and disciplinary actions.   

Becoming a successful Forex Broker in Canada

Fx for Canadians

At topbrokers.com, you will find that there is a more rewarding world of making money and trading other than bonds and stocks. Well, bonds and stocks are popular investment methods but the most profitable financial market is FX. This is because investors, governments, and banks take a chance on the cost of global currencies.

Learn the basics of Forex trading; Get Education

To become a successful broker, you should have skills, patience, confidence, focus, objectivity, and confidence. In addition, you need an understanding and knowledge of geopolitical happenings that affect global currencies every single minute. For instance, an experienced broker should sell Canadian dollars and purchase euros in an event they predict the Canadian dollar will lose its value as compared to the euro.

There is no one size fits all approach when it comes to FX trading, if there was, every Tom, Dick, and Harry would be Canadian forex brokers. Just like the stock market, to become a successful broker, you must take a course where you learn to analyze technical and fundamental indicators.  Knowledge in the FX industry is power; the more you know about FX markets, the better equipped you are to analyze different global currencies as well profits and reduce losses in the lucrative industry in question. You will also be in a position to identify different trends as they arise, make use of risk management strategies and learn how to establish techniques and targets as a way of generating consistent income.

Register as an FX Broker

All brokers and individuals working for/with an IIROC regulated brokerage must be registered with the national regulatory body. Registration with the commission shows investors and the general public that the member is committed to upholding the practice's ethics and standards. To be registered with IIROC you must have completed and passed the CSC (Canadian Securities Course), be an employee of an IIROC-regulated company and undergo a three months training immediately after registration where one should not handle with retail clients

Continuing training for Canadian Forex Brokers

IIROC-regulated brokers should meet the CE (Continuing Education) requirements to retain their work eligibility and registration. Continuing education comprises of professional development and compliance courses. Normally, the duration of time one has been certified determines their requirements. Although CSI global education course can be used to meet these requirements, it is wise for brokers to check with the commission for course selection and guidelines.

Want to Start an FX Brokerage Outfit?

Prior to investing, a wise prospective broker should put the following questions into consideration:

  1. How soon do you want to start your brokerage?

  2. How will you be processing transactions?

  3. Will the jurisdiction maintain and secure clients?

  4. Which bank will you use?

  5. How much is your capital?

So what do you do from there? Visit financial websites like topbrokers.com and speak to a consultant. They will answer all your questions as well as offer you support and advice that will get you started.

Limitations and Comparison to other Countries/scams

FX brokerage firms in Canada don't adhere to the same regulations that are followed by brokers from neighboring nations like the USA. For instance, brokerage companies in the US follow CFTC (Commodity Futures Trading Commission) and NFA (National Futures Association) regulations such as implementing a set leverage of 50:1 on maximum currency and 20:1 on minors, a no hedging policy and also implementing the FIFO rule. Although such regulatory restrictions reduce risks, they limit the true potential of retail FX trading. There are, however, little restrictions in Canada but the country can enforce policies that will keep financial malpractices and violations to the minimum.

Moreover, the country is quite lenient when it comes to international transactions from global forex brokers, as long as both the brokerage firms adhere to money laundering laws of the land. In USA and European Union nations, for example, traders and investors are not permitted to send any funds to international forex brokers.  Although these strict restrictions on international payment are a result of threats to the national security, they limit citizens while transferring their funds.

One of the major concerns of all traders is the security of their funds since there are chances of their broker going into bankruptcy. As a result, CIPF guarantees investors $ 1 million compensation. Compared to 50,000 Euros offered by UK-regulated forex brokers, CIPF compensation gives traders liberty to trade any amount of money with no worries about their Canadian Forex broker shutting up company. 

Canadian Forex Brokers: Who is the Most Reliable?

Due to the popularity of forex, thousands of new FX brokers have swamped the market, all in quest of your patronage. Look for recommendations and reviews from forums such as topbrokers.com; it will help you find the right Forex broker in Canada for you. Below is a review of the top 3 Canadian Forex brokers. 

XM

XM Forex broker was founded in 2009 by Trading Point of Financial Instruments Company. Since then, it has served over 10 million clients. This can be attributed to reliable customer care support. This brokerage offers 5 days in a week and 24 hours in a day customer support in 20 different languages.

Account opening with XM is very simple. First, you register then indicate your preferred currency and finally select the payment method. Some of the payment methods include credit cards, Western Union, Skrill, bank wire, MoneyGram, and China UnionPay.

TrioMarkets

TrioMarkets is a major player as far as FX is concerned. The broker has numerous account packages that suit both small and big traders. This successful brokerage not only offers a reliable FX trading platform but also trains investors. This, as a result, prevents conflict of interests. 

Friedberg Direct

Friedberg Direct is one the oldest Canadian Forex brokers. Following the regulatory changes in Canada, FXCM withdrew from Canadian market and redirected its all clients to Friedberg Direct, who provides similar services as FXCM.

This brokerage does not a wide range of accounts; instead, they have legal structures such as corporate, partnership and individual. Traders can also choose between popular trading platforms like trade station. Ninja Trader, and MetaTrader 4. 

Make the right choice

The list above is as candid as possible to assist you to make an informed and confident decision. Well, different brokers may be the best for different investors depending on their needs. It is therefore always advisable to first open a demo account with your preferred brokers. Taken together, you are a resident of a nation with so many possibilities and options.