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 the USA, Australia, the 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) which guarantees investors up to $1 million of their capital if 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 in capital.

Moreover, brokers don't follow stringent regulations. Canadian trading regulations are committed to the investors' well-being and permit 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
Deposit bonusAccount
1Forex.combest broker2001
FCA, CFTC

Regulated

24

Payment systems

ECN, MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
2eToro2007
ASIC, CySEC

Regulated

29

Payment systems

NDD, STP
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
3TD Ameritrade1975
FINRA, SIPC
2
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
4FXCM1999
ASIC, FCA
8

Payment systems

NDD
5000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
5IG1974
ASIC, FCA
8

Payment systems

DMA, MM
-1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
6Saxo Bank199218

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
7OANDA1996
CFTC, NFA
18
Array
-1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
8CMC Markets1989
ASIC, FCA
20

Payment systems

NDD, STP
-1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
9ActivTrades2001
FCA, CNMV
156

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
10Interactive Brokers1977
FCA, CFTC

Regulated

4

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
11City Index2001
ASIC, FCA
10

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
12XM.COM2009
ASIC, FSC Belize
50

Payment systems

MM
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
13FxGlory2012-9

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
14AXITrader2007
ASIC, FCA
2

Payment systems

NDD
-1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
15FXTM2011
FSC Belize, CySEC
21

Payment systems

NDD, ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
16RoboMarkets2012
CySEC
58

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
17RoboForex2009
FSC Belize
55

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Tradable Protection 50% is available no matter the first deposit. On the next deposits you can receive it from 300$. The extra funds of Tradable Protection are not written off even during “drawdown”.

18HYCM1977
FCA
185

Payment systems

MM
20 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %
19NordFX2008
SEBI, VFSC
10

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
20Plus5002008
ASIC, FCA
9

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
21FBS2009
FSC Belize, NAFD
121

Payment systems

ECN, STP
5 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
22EXNESS2008
FCA, CySEC
69

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
23FxPro2006
FCA, CySEC

Regulated

180

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
24Swissquote1996
FINMA
26

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
25FP Markets2005
ASIC, CySEC
14

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
26Admiral Markets2001
FCA, CNMV
12

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
27AVATrade2006
ASIC, CBI
15

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
28IQ Option2013-45

Payment systems

NDD
10 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
29FxGiants2015
FCA
47

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %

Increase your trading opportunities. Get up to a bonus on all deposits up to $ 2000

30Vantage FX2009
ASIC
14

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
31Instaforex2007
RAUFR
79

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %
32Alfa-Forex2016
CBR
1

Payment systems

NDD
-1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
33Markets.com2006
CySEC
10

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
34FIBO Group1998
FSC, CNMV
45

Payment systems

NDD, MM
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
35Alpari1998
FSC Belize, NAFD
22

Payment systems

ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
36FXOpen2005
ASIC, FCA
85

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1 %

Welcome Bonus is credited to the micro account after making the minimum deposit.

37GrandCapital2006-5

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A40 %

The bonus is charged on any account replenishment without restrictions. The promotion is valid indefinitely.

38AMarkets2007
FSA
56

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15 %
39Dukascopy Bank SA1998
FINMA
10

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Get a 100% Welcome bonus to your account.

40Dukascopy Europe2010
FCMC
16

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
41DeltaStock1998
BNB
17

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
42IFC Markets2006
FSC, CySEC
36

Payment systems

STP
1000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
43HotForex2010
CySEC, FSC
71

Payment systems

NDD
500 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
44IC Markets2007
ASIC
22

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
45FXDD2002
MFSA
3

Payment systems

NDD, ECN
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
46Finpari2013
CySEC
0

Payment systems

NDD, STP
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
47AAFX Trading2014
ASIC, FSA
200

Payment systems

NDD, ECN
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

As a warm welcome to our newest traders, we are offering a 30% bonus on top of your initial deposit into your first AAFX live account.

48LiteFinance2005-34

Payment systems

ECN
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Bonus CRYPTO 100%

49BCS Forex2006
CBR, AFD
13

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Hurry up to get a bonus! Up to $ 5000 on first deposit!

50ForexMart2015
CySEC
18

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

50% приветственный бонус – это специальное бонусное предложение для всех клиентов компании ФорексМарт. Воспользовавшись данной акцией вы сможете удвоить ваше депозит, выполнив всего два действия. Перв

51Binarium2012
CROFR
1

Payment systems

Array
9 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
52Fortrade2013
FCA, FSCS

Regulated

15

Payment systems

Array
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

Fortrade offers a welcome bonus, amounting to 30% of the first deposit (up to €3000). The deposit must be €100 as a minimum and the bonus expires within 90 days. Bonus monies may be used for tr

53EasyMarkets2001
ASIC, FSC
4

Payment systems

MM
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
54Orbex2010
CySEC
25

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
55Hantec Markets2009
FCA
11

Payment systems

NDD
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
56Octa FX2011
FCA, FSA
5

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Deposit bonus can only be credited to a verified account. Deposit bonuses can only be credited to any MT4 | MT5 account.

57ForexChief2014
VFSC
110

Payment systems

ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
58ICM Capital2009
FCA
1

Payment systems

Array
200 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
59Fort Financial Service2010
FSC Belize
17

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Due to our developed system you can increase the amount of every deposit up to 50%! No doubt that more funds on your account means, more profit from trading is available for you.

60FreshForex2004
KROUFR
78

Payment systems

NDD, MM
-1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5 000 %

Bonus 101%

61NPBFX1996
FSC Belize
20

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
62BMFN1988
ASIC, FCA
8

Payment systems

NDD, DMA
50 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %

New or existing accounts at BMFN who enroll in the Bonus Program and make a qualifying deposit will receive a deposit bonus up to $10,000!

63Core Spreads2014
FCA
13

Payment systems

NDD
1 $1:240N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Open a CoreTrader account and start trading our tight, fixed spreads. After a month claim your bonus

64City Index Singapore2006
MAS
3
MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
65Degiro2008
BaFin
6
NDD
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
66GO Markets2006
ASIC
5

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
67Yadix.com2010
FSC
60

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Get a 50% Cash Bonus up to $10,000 on your first deposit. Cash bonuses are credited to your balance after the requirements are met.

68Forex.ee2004
FSA
5

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15 %
69Tickmill2014
FCA, SIBA
3

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
70FXPRIMUS2009
CySEC, VFSC
7

Payment systems

STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
71Swiss Markets2012
CySEC
4

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
72PSB Forex2016
CBR, NAFD

Regulated

6
NDD
1500 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
73ICE FX2015-6

Payment systems

STP
30 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Компенсация издержек при переводе депозита из других компаний (брокеров, фондов и т.д.). Компенсируется до 100% издержек при транзакции депозита.

74FriedbergDirect2008
IIROC
6

Payment systems

NDD, STP
-1:33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
75TrioMarkets2014
CySEC
4

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
76iOCBCfx2004
MAS
6
NDD
1000 $1:35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
77UOB Kay Hian2000
MAS
3
NDD
-1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
78KGI Futures2001
MAS
5
NDD
1000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
79KE Forex1972
MAS
5
NDD
-1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
80Pepperstone2010
ASIC
7

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
81Haitong2010
MAS
6
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
-1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
82FXCitizen2010
VFSC
7

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
83Land FX2013
FCA, FSCS

Regulated

7

Payment systems

NDD, ECN
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %

10% bonus applies equivalently to First deposit amount above $300

84PhillipCapital UK1975
ASIC, FCA
5
NDD
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
85Ak Investment1996
SPK
7
NDD, DMA

Broker type

  • NDD
  • DMA
  • MM
5000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
86InvestAZ2010
FSP, SPK
5
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
87Corner Trader2012
FINMA
6
MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
88Abshire-Smith2011
FCA, FSCS
5

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
89ArgusFX2000
CySEC
7

Payment systems

STP
-1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
90Ayondo2008
FCA, BaFin
6

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
91Bacera2009
ASIC
7

Payment systems

MM
500 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
92BogoFinance2006
CySEC
8

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
93Capital Index2014
FCA, CySEC

Regulated

1

Payment systems

NDD, STP
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
94Core Liquidity Markets2012
ASIC, FSA
6

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
95CMG2015
ASIC
13

Payment systems

Array
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
96Colmex Pro2010
CySEC
10
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
97Darwinex2012
FCA
7

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
98eTrader2014
CySEC
8
NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
99Flatex1999
BaFin
6
NDD, MM
-1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
100Fullerton Markets2015
FSP
17

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
101FX882016
CySEC
0

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
102FXCC-
FCA, CySEC
157

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
103FX Choice2010
FSC Belize
2

Payment systems

NDD
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
104FxGrow2008
CySEC
1

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
105GMG Markets2015
FCA
0
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
106HMS Markets1972-0
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
107Infinox Capital2009
FCA
7

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
108iTrader2012
FSC Belize
2
Array
250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
109Mex Exchange2012
ASIC
0

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
110FXPCM2007
FSC, DFSA

Regulated

0

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %

To get this bonus, you just need to open a live trading account by registering with the new cabin.

111Rakuten Securities Hong Kong2002
SFC
0
NDD, STP
-1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
112RietumuFX1992
FCMC
8
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
113TFI Markets1999
CySEC
2
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
114Tradealot2010
FCA
5

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
115FinmaxFX2017
CROFR, VFSC
15

Payment systems

MM
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Follow the link, register, replenish your trading account at least $ 100.

116CommSec1998
ASIC
1
DMA, MM
10 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
117Woxa2019
FSC
8
MM
-1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
118MultiBank Group2005
ASIC
2

Payment systems

ECN
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
119Finam Forex1994
CBR, NAFD

Regulated

1

Payment systems

NDD, DMA
100 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
120IUX Markets2016
FSA
7

Payment systems

MM
10 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
121Neo Markets2001-0

Payment systems

ECN, STP
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
122AMP Global2018
CySEC, CFTC

Regulated

3

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
123Ingot Brokers2004
ASIC
5
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
124Alvexo2014
CySEC, SIBA
6

Payment systems

ECN
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
125AETOS2007
ASIC
1

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
126Arum Capital2017
CySEC
2

Payment systems

ECN, STP
500 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
127ATFX2015
FCA
13

Payment systems

NDD
500 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
128Key to Markets2010
FCA, FSP

Regulated

2

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
129Trading.com2018
FCA
1

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
130BDSwiss2012
CySEC, FSC
6

Payment systems

ECN
-1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
131ATC Brokers2005-1
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
132ACY.com2011
ASIC, VFSC
2
ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
133Milton Prime2015
CySEC, SIBA
1

Payment systems

NDD
400 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
134-Capex2018
CFSFA, DMCC

Regulated

2

Payment systems

DMA, MM
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
135TopBrokers--0
---N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-


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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 the 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 World Wars 1 and 2. During World War 1, there were no strict regulations and the 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 the 1940s when there was a debate regarding 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 to 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 can’t control scammers from other regions This often results in the 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 mandates 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, confusion arose because different territory regulators classified trading rules in their ways. For instance, in Quebec, the main concern was derivative while in Montreal it was more about security. This meant the brokers had to follow 2 different sets 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 limit 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 brokers without any repercussions. Provided, there are numerous regulatory bodies in Canada; Canadian 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. Researching before investing is very vital; there are a handful of 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 an 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 the 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 were, 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 as 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 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 professional development and compliance courses. Normally, the duration of time one has been certified determines their requirements. Although CSI global education courses 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?

Before 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, few 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 brokerage firms adhere to the money laundering laws of the land. In the 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 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 in compensation. Compared to 50,000 Euros offered by UK-regulated forex brokers, CIPF compensation gives traders the liberty to trade any amount of money with no worries about their Canadian Forex broker shutting up the 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 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 the Canadian market and redirected its all clients to Friedberg Direct, which 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 stations. 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.