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

45

Payment systems

ECN, MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
eToro2eToro2007
ASIC, FCA
57

Payment systems

NDD, STP
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
IG3IG1974
ASIC, FCA
14

Payment systems

DMA, MM
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
TD Ameritrade4TD Ameritrade1975
FINRA, SIPC
6
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
Saxo Bank5Saxo Bank199223

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
LMFX6LMFX2015-25

Payment systems

NDD
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
OANDA7OANDA1996
ASIC, FCA
20

Payment systems

-0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
CMC Markets8CMC Markets1989
ASIC, FCA
30

Payment systems

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

Regulated

10

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
City Index10City Index2001
ASIC, FCA
14

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGlory11FxGlory2012-10

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
XM.COM12XM.COM2009
ASIC, IFSC

Regulated

75

Payment systems

MM
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Capital.com13Capital.com2016
ASIC, FCA
109

Payment systems

MM
20 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AXITrader14AXITrader2007
ASIC, FCA
13

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
XTB.com15XTB.com2002
FCA, CNMV
5

Payment systems

NDD, STP
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RoboMarkets16RoboMarkets2012
CySEC
36

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RoboForex17RoboForex2009
IFSC
20

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Forex4you18Forex4you2007
FSC
31

Payment systems

NDD, STP
20 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
NordFX19NordFX2008
SEBI, VFSC
101

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Plus50020Plus5002008
ASIC, FCA
38

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HYCM21HYCM1977
FCA
163

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FBS22FBS2009
IFSC, NAFD
99

Payment systems

ECN, STP
1 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
EXNESS23EXNESS2008
FCA, CySEC
92

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxPro24FxPro2006
FCA, CySEC

Regulated

156

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Swissquote25Swissquote1996
FINMA
34

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCM26FXCM1999
ASIC, FCA
18

Payment systems

NDD
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Admiral Markets27Admiral Markets2001
FCA, CNMV
23

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AVATrade28AVATrade2006
ASIC, CBI
60

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IQ Option29IQ Option2013
FSA
6

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGiants30FxGiants2015
FCA
37

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Vantage FX31Vantage FX2009
ASIC
18

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Instaforex32Instaforex2007
RAUFR
94

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Alfa-Forex33Alfa-Forex2016
CBR
14

Payment systems

NDD
0 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FIBO Group34FIBO Group1998
FSC, CNMV
35

Payment systems

NDD, MM
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Markets.com35Markets.com2006
CySEC
12

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXOpen36FXOpen2005
ASIC, FCA
105

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
1 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GrandCapital37GrandCapital2006-15

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AMarkets38AMarkets2007
FSA
77

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Dukascopy Bank SA39Dukascopy Bank SA1998
FINMA
14

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Dukascopy Europe40Dukascopy Europe2010
FCMC
19

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FP Markets41FP Markets2005
ASIC, CySEC
19

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Just2Trade42Just2Trade2006
CySEC
48

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
DeltaStock43DeltaStock1998
BNB
20

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IFC Markets44IFC Markets2006
FSC, CySEC
38

Payment systems

STP
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HotForex45HotForex2010
CySEC, FSC
87

Payment systems

NDD
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
IC Markets46IC Markets2007
ASIC
27

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXDD47FXDD2002
MFSA
6

Payment systems

NDD, ECN
250 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Finpari48Finpari2013
CySEC
3

Payment systems

NDD, STP
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ActivTrades49ActivTrades2001
FCA, CNMV
110

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AAFX Trading50AAFX Trading2014
ASIC, FSA
226

Payment systems

NDD, ECN
100 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
LiteForex51LiteForex2005
CySEC
38

Payment systems

ECN
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BCS Forex52BCS Forex2006
FSA
15

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ForexMart53ForexMart2015
CySEC
23

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Binarium54Binarium2012
CROFR
4

Payment systems

-9 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fortrade55Fortrade2013
FCA, FSCS

Regulated

20

Payment systems

-100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
EasyMarkets56EasyMarkets2001
ASIC, CySEC
13

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Orbex57Orbex2010
CySEC
26

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Hantec Markets58Hantec Markets2009
FCA
15

Payment systems

NDD
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ForexChief59ForexChief2014
VFSC
123

Payment systems

ECN, STP
1 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ICM Capital60ICM Capital2009
FCA
4

Payment systems

-200 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Octa FX61Octa FX2011
FCA, FSA
27

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fort Financial Service62Fort Financial Service2010
IFSC
2

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BMFN63BMFN1988
ASIC, FCA
12

Payment systems

NDD, DMA
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Core Spreads64Core Spreads2014
FCA
17

Payment systems

NDD
1 $1:240N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
NPBFX65NPBFX1996
IFSC
23

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FreshForex66FreshForex2004
KROUFR
75

Payment systems

NDD, MM
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
City Index Singapore67City Index Singapore2006
MAS
3
MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Degiro68Degiro2008
BaFin
9
NDD
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GO Markets69GO Markets2006
ASIC
13

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Forex.ee70Forex.ee2004
FSA
8

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Tickmill71Tickmill2014
FCA, SIBA
10

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Yadix.com72Yadix.com2010
FSC
65

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXPRIMUS73FXPRIMUS2009
CySEC, VFSC
11

Payment systems

STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Swiss Markets74Swiss Markets2012
CySEC
3

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
PSB Forex75PSB Forex2016
CBR, NAFD

Regulated

8
NDD
1500 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ICE FX76ICE FX2015-8

Payment systems

STP
30 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FriedbergDirect77FriedbergDirect2008
IIROC
11

Payment systems

NDD, STP
0 $1:33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
TrioMarkets78TrioMarkets2014
CySEC
8

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
iOCBCfx79iOCBCfx2004
MAS
8
NDD
1000 $1:35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
UOB Kay Hian80UOB Kay Hian2000
MAS
7
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
KGI Futures81KGI Futures2001
MAS
8
NDD
1000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
KE Forex82KE Forex1972
MAS
9
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Haitong83Haitong2010
MAS
8
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCitizen84FXCitizen2010
VFSC
10

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Land FX85Land FX2013
FCA, FSCS

Regulated

11

Payment systems

NDD, ECN
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Pepperstone86Pepperstone2010
ASIC
13

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
PhillipCapital UK87PhillipCapital UK1975
ASIC, FCA
7
NDD
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ak Investment88Ak Investment1996
SPK
12
NDD, DMA

Broker type

  • NDD
  • DMA
  • MM
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
InvestAZ89InvestAZ2010
FSP, SPK
8
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Corner Trader90Corner Trader2012
FINMA
9
MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Abshire-Smith91Abshire-Smith2011
FCA, FSCS
10

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ArgusFX92ArgusFX2000
CySEC
10

Payment systems

STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ayondo93Ayondo2008
FCA, BaFin
9

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Bacera94Bacera2009
ASIC
10

Payment systems

MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BogoFinance95BogoFinance2006
CySEC
11

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Capital Index96Capital Index2014
FCA, CySEC

Regulated

3

Payment systems

NDD, STP
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Core Liquidity Markets97Core Liquidity Markets2012
ASIC, FSA
10

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
CMG98CMG2015
ASIC
19

Payment systems

-250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Colmex Pro99Colmex Pro2010
CySEC
13
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Darwinex100Darwinex2012
FCA
10

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
eTrader101eTrader2014
CySEC
11
NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Flatex102Flatex1999
BaFin
9
NDD, MM
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Fullerton Markets103Fullerton Markets2015
FSP
12

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FX88104FX882016
CySEC
2

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXCC105FXCC-
FCA, CySEC
147

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FX Choice106FX Choice2010
IFSC
6

Payment systems

NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FxGrow107FxGrow2008
CySEC
4

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
GMG Markets108GMG Markets2015
FCA
2
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
HMS Markets109HMS Markets1972-2
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Infinox Capital110Infinox Capital2009
FCA
11

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
iTrader111iTrader2012
IFSC
4

Payment systems

NDD
250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Mex Exchange112Mex Exchange2012
ASIC
3

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FXPCM113FXPCM2007
FSC, DFSA

Regulated

2

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Rakuten Securities Hong Kong114Rakuten Securities Hong Kong2002
SFC
2
NDD, STP
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
RietumuFX115RietumuFX1992
FCMC
9
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
TFI Markets116TFI Markets1999
CySEC
3
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Tradealot117Tradealot2010
FCA
8

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
FinmaxFX118FinmaxFX2017
CROFR, VFSC
20

Payment systems

MM
250 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
CommSec119CommSec1998
ASIC
3
DMA, MM
10 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
VTB 24 Forex120VTB 24 Forex2009
CBR, KROUFR
2

Payment systems

NDD
2000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Finam Forex121Finam Forex1994
CBR, NAFD

Regulated

3

Payment systems

NDD, DMA
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
MultiBank Group122MultiBank Group2005
ASIC
2

Payment systems

ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AMP Global123AMP Global2018
CySEC, CFTC

Regulated

6

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Ingot Brokers124Ingot Brokers2004
ASIC
7
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Alvexo125Alvexo2014
CySEC, SIBA
10

Payment systems

ECN
0 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
AETOS126AETOS2007
ASIC
5

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Arum Capital127Arum Capital2017
CySEC
3

Payment systems

ECN, STP
0 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ATFX128ATFX2015
FCA
17

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Key to Markets129Key to Markets2010
FCA, FSP

Regulated

5

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Trading.com130Trading.com2018
FCA
3

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
BDSwiss131BDSwiss2012
CySEC, FSC
9

Payment systems

ECN
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ATC Brokers132ATC Brokers2005-3
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
ACY.com133ACY.com2011
ASIC, VFSC
2
ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Milton Prime134Milton Prime2015
CySEC, SIBA
1

Payment systems

NDD
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
Capex135-Capex2018
CFSFA, DMCC

Regulated

2

Payment systems

DMA, MM
50 $1:30N/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.