Finding the best forex broker is something that can make or break a trader’s success in the market. Forex traders in Canada have several exceptional options available to them. Here, we’ve done the research and reviewed the best Canadian forex brokers based on their performance on the most important metrics.
When reviewing these forex brokers, we considered important factors, such as regulation, trading platforms, cost, customer support, and more. By the end, we will have reviewed each of the forex trading platforms, highlighting their strengths and weaknesses. Let’s take a look.
OANDA leads with strong regulation and competitive pricing
FOREX.com offers a wide range of currency pairs and educational resources
TMGM provides fast execution for experienced traders
AvaTrade (Friedberg Direct) excels in user-friendly platforms and educational content
FP Markets stands out for low-cost ECN trading
FXCC offers competitive spreads and a straightforward trading environment
Interactive Brokers provides access to global markets and advanced tools
CMC Markets features a proprietary Next Generation platform
Pepperstone is known for fast execution speeds and low spreads
IC Markets offers true ECN trading with tight spreads
Comparison Table
Broker
Regulation
Min Deposit
Spreads From
Leverage
Notable Feature
OANDA
IIROC, FCA, ASIC
$0
0.6 pips
1:50
Advanced research tools
FOREX.com
IIROC, FCA, CFTC
$100
0.0 pips
1:50
Wide range of currency pairs
TMGM
VFSC
$100
0.0 pips
1:500
High leverage options
AvaTrade
IIROC (via Friedberg Direct)
$100
0.9 pips
1:30
User-friendly platforms
FP Markets
ASIC, CySEC
$100
0.0 pips
1:500
Low-cost ECN trading
FXCC
MISA
$0
0.0 pips
1:500
Competitive spreads
Interactive Brokers
IIROC, FCA, CFTC
$0
0.1 pips
1:50
Global market access
CMC Markets
IIROC, FCA
$0
0.7 pips
1:30
Next Generation platform
Pepperstone
ASIC, FCA
$200
0.0 pips
1:500
Fast execution speeds
IC Markets
ASIC, CySEC
$200
0.0 pips
1:500
True ECN trading
Criteria Breakdown Summary
We have a set of defined criteria we use when reviewing forex brokers in Canada. We review each forex broken in the following areas, rating each on a scale of 1 to 5.
Regulatory Compliance: We look at how strongly regulated each forex broker is. This involves measuring the quality of their regulators and whether they have top-tier regulation. Strong regulatory compliance is important for transparency and investor security.
Trading Platforms: Here, we assess what type of forex trading platform the broker offers. MetaTrader 4 and MetaTrader 5 are industry standards. However, they are not best for everyone. We consider other platforms offered, including proprietary options.
Costs and Fees: How much do forex brokers in Canada charge to use their services in terms of fees and commissions? Some offer zero-commission accounts, while others might have commissions built into the price. We also consider other types of fees, such as withdrawal and inactivity fees.
Available Markets: This is a measure of how many different markets are available. The best currency trading platform will have a range of available markets, allowing traders to diversify their investments.
Customer Support: We look for Canadian forex brokerage providers that offer the best customer support. This is an area that is notoriously difficult for forex brokers to excel in, so we give high props to those who do.
Educational Resources: The best forex brokers offer robust educational and research resources. These are highly important for beginning forex traders, but can also be useful for more advanced traders.
Deposit/Withdrawal Options: Here, we assess the options for making deposits and withdrawals. The best forex brokers offer standard options like credit card and wire transfers, along with digital wallets and crypto.
Leverage Offerings: Higher leverage options can be beneficial for boosting profitability. Most forex brokers offer some degree of leverage, but there is a wide variance among them.
Execution Speed: The speed of trade execution is important, and not just for high-volume traders. We have reviewed the execution speed for each Canadian forex broker on this list. Account Types: The best forex trading brokers offer multiple account types to meet the diverse needs of their clients.
OANDA
Best Known for Advanced Research Tools
First on our list is OANDA. They have a well-established reputation as one of the most trusted global forex brokers, including Canada. In addition to OANDA’s strong reputation, we feel their advanced forex trading research tools are worthy of recognition. Analytical tools allow traders to make the most informed decisions, while their proprietary OANDA platforms offer streamlined market accessibility. OANDA accomplishes meeting the needs of both novice and more advanced forex traders with its offering of tools and resources.
OANDA has the market mastered when it comes to top-tier research tools and learning resources for Canadian forex traders. Source: OANDA
Features
Accessibility to Advanced Research Tools: This is one of the main areas where we feel OANDA stands out. Their lineup of powerful analytical tools includes advanced charts, technical analysis, and daily updates on critical economic news.
Top-Level Forex Trading Platforms: From the MetaTrader lineup, OANDA offers MT4. Along with this, they offer TradingView and a proprietary platform. The OANDA platform offers options for mobile and web accessibility, along with a crypto platform.
User-Friendly Interface: OANDA receives high praise for its user-friendly interface that is easily accessible for even the newest forex traders.
Pros
Regulated by multiple tier-1 regulating authorities
Excellent research and educational resources
No minimum deposit required
Cons
Unfortunately, OANDA offers a limited product range compared to some competitors.
While there isn’t a minimum deposit for the Standard Account, higher minimums may apply to the premier accounts.
For safety reasons, OANDA only allows a deposit of up to 50% of an individual’s net worth.
On community review sites such as Trustpilot, OANDA is considered to have strong customer backing. From the OANDA community directly, there is praise for the broker’s exceptional educational resources, research tools, and competitive speeds. Some community members wish the leverage options were higher, but this isn’t overall considered a major drawback.
Here are some OANDA community reviews.
“My experience with Oanda has been great as I’ve had constant support and been kept up to date plus had help through deals, information, and many other things.
And the support is great as I know if in future I need help or am struggling I can message or phone and I will be responded to quickly” – Trustpilot review.
One OANDA user picked up on a discrepancy with fees.
“Canadians are charged 2% / day on position value for holding after 5 PM (outside of rate swaps). Americans I think are 1.5% / day. The only broker I’ve seen that does this. Not sure why no one has picked up on this” – TradingView review.
Experts are quick to point out OANDA’s strong regulatory compliance. They highlight the level of safety and transparency it brings to the trading experience. For those who would like to learn more about OANDA, we recommend our comprehensive OANDA review.
Price
Spreads from OANDA vary by account type but start at around 0.6 pips. This forex broker doesn’t offer the lowest fees we’ve seen, but they also aren’t the highest. OANDA does charge an inactivity fee of $10 per month after 24 months of inactivity. While this is a review of forex brokers in Canada, we also want to mention differences in activity fees. The inactivity fee is applied after 12 months for those in the United States.
FOREX.com
Best Known for a Wide Range of Currency Pairs
Next up is FOREX.com, which we place high on the list for its wide range of currency pairs. FOREX.com is one of the best forex brokers for Canadian forex traders who seek diversity in their currency trading options.
With Forex.com’s award-winning status, it offers great options and strong regulatory standing in the market.
Forex.com offers one of the widest ranges of currency pairs in the Canadian forex broker market. Source: FOREX.com
Features
Extensive Offering of Currency Pairs: Forex.com offers more than 80 currency pairs, offering a wide range of options for forex traders.
Exceptional Learning and Analytic Capabilities: We feel the learning and analytic capabilities offered by Forex.com are a few steps above what some competitors offer. This includes tools like Capitalise.ai and Performance Analytics.
Low Fees: Forex.com offers accounts with 0.0 spreads, along with minimum commissions and other fees.
Pros
Strong regulatory compliance
Learning resources for every level of forex trading
Competitive pricing structure
Cons
Higher minimum deposit compared to other Canadian forex brokers
The product range is more limited on the MT4 platform
The FOREX.com community shares lots of positive feedback about the broker. The range of currency pairs is a strong point, among both the community and experts. The same is true for top-level educational resources.
“Canadian regulated and easy to fund the account.” – Trustpilot review
“I have enjoyed my experience with FOREX. The platform is simple, and I trust the company to manage my financial account. The Support Service has been top drawer! They are courteous and knowledgeable about foreign exchange protocols. Give it a try!” – Trustpilot review
One issue that raises concerns among the community is the higher minimum deposits. These can create a barrier to market entry for budget-conscious new traders. Still, FOREX.com has a high level of regulatory compliance, providing a secure environment for all traders. Our FOREX.com review goes into detail about this Canadian forex broker.
Price
With FOREX.com, spreads with the RAW account are as low as 0.0 pips. RAW accounts charge a $7 commission fee for every USD 100k traded. Spread Only accounts offer variable spreads, starting at 1.2 pips. An inactivity fee of $15 per month is charged for accounts that are inactive for 12 months or longer.
TMGM
Best Known for High Leverage Trading
We’re highlighting TMGM as a Canadian forex provider for its appeal to high-volume forex traders. This is thanks to high-leverage options and efficient speed. TMGM accomplishes this through advanced platforms with cutting-edge technology. This forex broker also offers a good range of market analysis tools for helping traders make the most informed investment decisions.
As a Canadian forex broker, TMGM offers high-leverage trading options for boosted profitability. Source: TMGM
Features
Smart Order Routing: TMGM’s smart order routing is used to execute orders quickly and at the best pricing available.
Tier-1 Liquidity Providers: TMGM’s approach to offering the best rates includes their pool of more than ten top-tier liquidity providers. Few competitors match this Canadian forex brokerage provider in this area.
Major and Exotic Currency Pairs: In addition to offering major currency pairs, TMGM offers exotic pairs, such as AUDSGD, SGDJPY, and EURCNH.
Pros
Good leverage options, up to 1:500
Extremely fast execution speeds
Range of base currencies, including CAD
Cons
Limited educational resources
Limited trading platform options outside of MetaTrader 4 and 5
We noticed that among the community, TMGM’s customer service receives many compliments. The fast and helpful service is something that Canadian forex traders really appreciate.
For example, here’s a review for TMGM from a customer living in Toronto, Canada.
“I spoke with Sami, one of their client representatives, yesterday to help me open a new Live trading account. He was so helpful and extremely friendly throughout the time. Thank you Sami once again for the great support.” – Trustpilot review
Another customer praised this broker’s leverage options.
“Great customer service and excellent rates on the edge account….fast execution and leverage are really good. I like the fact that they have usdt deposit and withdrawal” – Trustpilot review
Experts caution less experienced traders against using high leverage as they’re learning the ropes of forex trading. However, for more advanced traders, experts point out the advantages of what TMGM offers.
Price
TMGM can be considered a budget-friendly forex broker due to its low fee structure. Spreads are as low as 0.0 pips and no commissions on some accounts. Plus, there are no fees for deposits or withdrawals.
AvaTrade (Friedberg Direct)
Best Known for User-Friendly Platforms
It’s difficult to beat AvaTrade as a top forex broker with user-friendly platforms. As one of Canada’s top forex brokers, AvaTrade has a relationship with Friedberg Direct. This allows AvaTrade to offer Canadians access to its expansive global network. AvaTrade offers multiple trading platform options, each designed for different investment needs. Its proprietary platforms are known for their exceptional usability.
AvaTrade Canada forex brokers offer trading platforms known for exceptional user-friendliness.Source: AvaTrade
Features
User-Friendly Trading Platforms: AvaTrade offers great platform trading options for its clients. These include both MetaTrader 4 and MetaTrader 5, along with its proprietary AvaOptions and WebTrader. These options provide functionality and usability for every level of forex trader.
Excellent Trading Conditions: AvaTrade’s trading conditions include zero restrictions on short selling and scalping. Some accounts and transactions also feature super low spreads.
Strong Canadian Regulatory Compliance: Canadian forex traders don’t have to worry about security when trading with AvaTrade. Regulatory coverage across Canada is through Friedberg Direct, which is a member of the Investment Industry Regulatory Organization of Canada.
Pros
IIROC regulated through Friedberg Direct
Excellent educational resources
Innovative risk management tools
Cons
AvaTrade’s spreads are wider, and thus somewhat higher, than some of its competitors
AvaTrade reserves the right to charge an inactivity fee, which is higher than what most others charge
AvaTrade has generally favorable reviews among its community, with experts endorsing the forex broker for its strong regulatory standing. The user-friendliness of AvaTrade’s platforms is also a detail that the community points out as one of the broker’s strongest points.
Here’s an AvaTrade review that sums up the broker’s strong points,
“I am giving them 4 starts due to support and assistance from Giancarlo Barosso. I would give them a 5 star but I have not started using a live account. It was very easy for me to transfer my MT5 trading bots onto Ava MT5 account with no issues as long as I did not use the Ava MT client and used the normal MT5 client, but that’s a lack of understanding on my side. I am hitting my stop losses and taking profits with no issues on the technical side. As soon as I test my bots on the live account and test a withdrawal I will update my feedback on trustPilot.
Overall the platform and dashboards provided by Ava are miles ahead of the competition and me being a future thinker and software developer I can say 5/5 on platform for both trading and the partner portals. The structures and offers look great and Ava does encourage partners to do the best they possibly can. I am extremely happy with the service that Giancarlo Barosso gave me and he explained everything to me over and over until I understood. Great account manager, we are excited to get started. Giancarlo Barosso let’s go !!!!! 🙂 🙂” – Trustpilot review
This community review highlights some frustration and addresses how AvaTrade turned it around.
“Honestly, at the beginning, I was not impressed by the support provided by Friedberg. The chatline did not and still does not work. Emails were not properly read because the received answers were beside the topic or even requests for submitting documents were issued repeatedly. With the support of Tatiana P., Ruben A. and quick response to my requests by overlooking my/our account it worked out great. Thank you very much” – Trustpilot review
For more on AvaTrade, we recommend reading our AvaTrade review.
Price
It’s difficult to put AvaTrade’s pricing structure into a nice little box. There’s a wide range of spreads with its forex pairs. However, spreads start as low as 0.9 pips on major forex pairs. One area where AvaTrade’s pricing exceeds its competitors is with inactivity fees. Rather than monthly, AvaTrade Canada charges quarterly. However, the fee is $50 a quarter, which is still more than what many other brokers charge.
FP Markets
Best Known for Low-Cost ECN Trading
In our professional opinion, FP Markets stands out for its cost-effective ECN trading model. This includes superior speed of execution with minimal slippage. FP Market’s electronic communication network (ECN) features top-tier technology for connection to various liquidity providers. This gives its customers some of the best pricing in the market. Additionally, we also value FP Markets for its diverse range of tradable instruments for Canadian investors.
Among Canadian forex brokers, FM Markets offers the best platform for low-cost ECN trading. Source: FP Markets
Features
IRESS ViewPoint Trading Platform: FP Markets offers the IRESS ViewPoint platform for an improved trading experience. This includes advanced tools and functionalities that are essential for meeting the needs of traders using ECN technology.
Unlimited Demo Accounts: The low cost ECN platform is an attractive feature for new traders. For this reason, we’re glad to see FP Markets offering unlimited demo accounts. Trading through demo accounts offers new traders the essential practice needed to be successful on their first live trades.
Competitive Spreads: With FP Markets, RAW spreads start as low as 0.0 pips, offering rock-bottom pricing for Canadian forex traders.
Pros
With low spreads, FP Markets offers a highly competitive pricing structure
Ultra-fast and swift execution speeds
Good diversity of tradable instruments for forex traders
Cons
We’d like to see IIROC regulation for Canadian clients
FP Markets has an exceptional reputation among the public community. This is especially true among experienced traders. A couple of community members highlighted the ECN environment specifically.
“ This is my 3rd month with FP, so far it’s the best broker with the best condition on an ECN account. Top up is expressing fast and withdrawal takes 1-2 working days, which is pretty good.” – Trustpilot review
“FP is my best ECN broker so far, I’m enjoying working with this broker as my middle man, the spread is the most interesting.” – Trustpilot review
A downside to FP Markets, at least for Canadian forex, is the lack of IIROC regulation. We recommend doing thorough research before jumping in. Our FP Market review covers all the details.
Price
As we’ve mentioned, FP Markets shines as a low-cost ECN Canadian broker. As far as their regular pricing structure is concerned, RAW spreads are super low, beginning at 0.0 pips with a $3 commission per lot. The Standard account offers spreads from 1.0 pips, with zero commission.
FXCC
Whenever we mention that a forex broker in Canada offers competitive spreads, we see traders instantly take notice. FXCC is one of the best-known forex brokers for offering Canadian investors low trading costs and uber-competitive spreads. Additionally, FXCC also offers good leverage at 1:500. This provides the perfect trading environment for forex investors to maximize the value of their investment.
FXCC Canadian forex broker offers low fees, low spreads, and no minimum deposit. Source: FXCC
Features
MetaTrader 4 Platform for Usability: The primary platform offered by FXCC is one of the leading in the industry – MetaTrader 4. Of all the most popular forex trading platforms, MT4 is known for its ease of use and beginner-friendly interface.
Expert Advisors Accepted: FXCC accepts expert advisors for algorithmic traders, for the purpose of creating automated trading strategies.
Free VPS Service: FXCC gives customers the option of a free VPS service for enhanced speed and security.
Pros
FXCC is known for its highly competitive spreads and low commissions.
Low minimum deposit, with amounts varying depending on the deposit method. Some are zero.
Swift execution speeds
Cons
Limited product selection
Lack of IIROC regulation for Canadian forex brokers
FXCC earns accolades from the community and experts for its competitive pricing. Experts also like that this broker promotes a straightforward trading environment, keeping things as simple as possible.
We like how this review sums up the FXCC experience;
“I like that the picture I was drawing in my head before joining this broker fully aligned with what I eventually got.
I mean, I read some reviews, some of them were positive, others were not so positive and I got mixed feelings. However, after trading here for a while, making around 20 deals, I should praise FXCC for STP execution, a rapid one + real quotes and many markets for trading. Nice!” – Trustpilot review
There is also this community review that caught our attention;
“FXCC is quite a unique broker and I can provide some evidence why I think like that:
1. Firstly, it’s execution is flawless, seriously. As far as I know it’s straight-through processing system that ensures seamless order execution without slippages and requotes.
2. Then, about its trading platform. It’s a renowned MT4, my favorite software with all those instruments that come in handy daily. I have never used signals though, but I am sure it can be useful.
3. Finally… uhm, I would say their pricing is mellow. It means that traders can trade profitably regardless of markets they like.” – Trustpilot review
For those who like to know more about FXCC, we recommend reading the full FXCC review.
Price
As we’ve mentioned, FXCC is a great forex broker for cost-conscious traders in Canada. Spreads begin as low as 0.0 pips, with zero commission. In addition to this, there are no deposit fees charged and no minimum deposit amounts of certain funding options.
Interactive Brokers
Best Known for Global Market Access
Now we come to Interactive Brokers, which is our top choice for its global market access. Through Interactive brokers, clients in Canada have access to 150 markets in 34 countries. In addition to its global reach, Interactive Markets offers advanced trading platforms and tools, for the best possible forex trading experience.
Interactive Brokers offers an expansive global reach, serving 150 markets across 34 countries. Source: Interactive Brokers
Features
Award Winning Platforms: Interactive Brokers stands out for its award winning platforms, including IBKR GlobalTrader. We like that Interactive Brokers defines which platforms are best suited for each level of trader, from beginner to advanced.
Competitive Pricing: With Interactive Brokers, clients will find no inactivity fees and no minimums. Spreads on forex are as low as 1/10 pip.
Free Trading Tools: Interactive Brokers provides a range of educational resources and trading tools, including Trader’s Insights and other analytical tools. All are free for Interactive Broker clients.
Pros
Extremely low trading cost
Extensive global market access
Advanced trading platforms for every type of trader
Cons
Some trading platforms are complex and potentially overwhelming for beginners
If we’re being completely transparent, the community reviews don’t align completely with our experience with Interactive Brokers. First, let’s say industry experts are quick to recommend Interactive Brokers for more advanced traders. However, they also feel the platforms are a bit complex for those just starting out.
Now, onto the community reviews. Here are a few that caught our attention.
“Buying shares, ETFs is super easy. The summary tables of one’s performance are fantastic. You can see immediately where you win and lose money and your IRR compared to several indexes. You can buy a very wide variety of financial instruments. Fees are very reasonable. Once you test IBKR, you close all your share accounts in traditional commercial banks for individuals” – Trustpilot review
“The best broker for advanced users.
If you are looking for auto/algo trading experience, there is nothing better than IB’s API.
Yes, their (old) platform looks like it’s from the 80s, but it’s damn well functional unlike the other platforms. TOS is good, but Schwab is running it to the ground, so just shifted all my accounts here.” – Trustpilot review
Price
Overall, we place Interactive Brokers as a cost-conscious broker for Canadian forex traders. They offered both tiered and fixed pricing structures, with zero minimum deposits. They don’t charge an inactivity fee, which is a rarity among forex brokers. Low spreads and commissions are a major appeal for clients. We encourage a visit to Interactive Brokers to learn more.
CMC Markets
Best Known for Next Generation Platform
CMC Markets is known for its proprietary platform called Next Generation. This platform features exceptional usability and advanced features and tools. This combines the best of both worlds, catering to both novices and more experienced traders.
CMC Markets offers Canadian forex traders one of the leading proprietary platforms with Next Generation. Source: CNC Markets
Features
Next Generation Platform: The Next Generation proprietary platform is award-winning and innovative in many ways. It prioritizes functionality and advanced tools to provide a higher level of trading experience.
Free Access to Market News and Analysis: Through the Next Generation platform, clients have access to a robust set of trading tools. These include daily insights, Morningstar equity research reports, and CMC TV.
One-Click Trading: Clients can benefit from executing trades in a flash with one-click trading capabilities. With this feature, traders are executed almost instantly, providing the best prices and order management.
Pros
User-friendly proprietary trading platform
Large range of markets for Canadian investors
Extensive and thorough educational resources
Cons
Spreads are higher than those offered by some other ECN brokers
Of course, when looking at community and expert reviews, it’s the Next Generation platform that stands out for CMC Markets. Overall, the feedback on Next Generation is positive among the community and experts alike.
“CMC MARKETS is definitely the best CFD / forward contract trading broker in Canada and among the world . Probably the 2nd! They’re trustworthy brokerage, reliable, very competitive, etc.. The platform new generation is something largely beyond the trading platform. I spent 10 years relationship with them and I am very satisfied with their services. I hope they will keep their standards.
CMC Markets receives positive feedback for its Next Generation platform and diverse market offerings. Traders value the intuitive interface and educational resources. Some users note the higher spreads compared to ECN brokers. Industry experts recommend CMC Markets for traders seeking a balance of user-friendly tools and market variety.” – Trustpilot review
Other community members share their insights on the platform’s ease of use.
“I started with a demo account which was very intuitive to use, and CMC has loads of useful advice to help novices like me! I have now progressed to a live account, and I’m very happy with the platform. I can highly recommend CMC, in fact I recommended a friend who is now practicing on his own demo account” – Trustpilot review
As this community member mentioned, the demo account is a very useful tool. We recommend that anyone new to a platform spend time exploring with a demo account.
Price
Spreads vary for forex pairs, but begin at 0.7 pips. The rates charged by CMC Markets are higher than a good number of other ECN brokers. While there isn’t a minimum deposit with CMC Markets, there is an inactivity fee of $10 after one year of inactivity. More information on CMC Markets is available on its website.
Pepperstone
Best Known for Rapid Execution
We’ve reviewed Pepperstone previously and mentioned this broker in a number of our roundups. Here, we are happy to highlight Peppertone for its fast execution speeds, combined with a competitive pricing structure. Pepperstone caters to a variety of trading styles and levels. This makes them a good option for growth-minded beginners, and for those with more advanced trading experience.
Pepperstone offers fast execution speeds and competitive pricing. It provides multiple trading platforms, including MT4/MT5 and cTrader, catering to various trading styles and preferences.
Pepperstone offers fast execution and razor sharp spreads for Canadian forex trading. Source: Pepperstone
Features
Multiple Trading Platforms: A feature that lends itself to Pepperstone’s wide appeal is its platform options. Pepperstone provides MetaTrader 4, MetaTrader 5, TradingView, cTrader, and their proprietary platform.
Razor-Thin Spreads: Spreads start as low as 0.0 pips, with commission charged only on Razor accounts.
VPS for Pro Traders: Forex traders who make their way to the pro status account level benefit from Pepperstone’s free VPS service.
Pros
Exceptionally low spreads and commissions
Lightening-fast execution on all orders
Cons
Pepperstone lacks IIROC regulation (FCA and ASIC regulated broker)
It’s difficult to deny Pepperstone’s swift execution and competitive pricing. This is something that carries through into community reviews as well. While some users and experts share concerns about the lack of IIROC regulation, Pepperstone does maintain a strong reputation. Customer service appears to be another area where Pepperstone shines.
“Customer support is pro, fast and Hao provided me with an answer right away, but the speed of withdrawal could be better. Overall good and I recommend” – Trustpilot review
“The customer service was very good and my issue was resolved immediately and in a timely manner. All the questions and queries I had were answered, I’m very happy now I can access my account and trade again. Thank you Paulina for assisting me and resolving my issue professionally, I appreciate it a lot.” – Trustpilot review
For more information about this broker, we recommend reading our comprehensive Pepperstone review.
Price
RAW spreads are as low as 0.0 pips, with a small commission fee. Even with the Standard minimum and average spreads, fees are relatively low. Commission charges are based on which trading platform is used. Pepperstone does not charge any of its clients an inactivity fee.
IC Markets
Best Known for True ECN Trading
Last but not least on our list is IC Markets for its ECN trading environment. IC Markets provides investors accessibility to the interbank forex market. This allows traders to invest with minimum broker intervention. Features like low-latency and tight spreads make IC Markets a leader in the ECN market.
IC Markets is a leader in providing a true ECN trading environment and robust features for its forex clients. Source: IC Markets
Features
Copy Trading: IC Markets provides a copy trading platform, which is a great tool for new and intermediate forex traders. Copy trading allows investors to copy the trades of more experienced and successful traders.
Range of Trading Platforms: Clients of IC Markets can choose from MetaTrader 5, MetaTrader 5, cTrader, and TradingView.
Deep Liquidity: IC Markets partners with multiple liquidity providers for the most competitive pricing.
Of all the brokers we’ve reviewed, IC Markets could have one of the strongest customer reputations online. When looking over what the community had to say, we first focused on reviews about the ECN environment.
“I have been using IC Markets for 5 years. I have never experienced any issue or problem with them. They have a great and very responsive support team. They are very transparent about their services and very generous to explain things in detail. They are ECN Brokers which means they have better pricing and faster trade execution. And more importantly they do not have dealing desk intervention so there will be no conflict of interest to their client. Thanks IC Markets. We like you 3000” – Trustpilot review
“IC MARKET broker shines with unmatched durability, rapid customer service, tight spreads, and top ECN status. Their reliability in executing trades, swift support responses, and transparent market access make them a top choice for me seeking a seamless and profitable experience. I was cleared on my issues today based on slippage thanks” – Trustpilot review
We agree with industry leaders praising IC Markets as an option for experienced traders. We’ve highlighted more details about this broker in our IC Markets review.
Price
When looking at IC Market’s pricing structure, we see that spreads are super low, starting at 0.0 pips. This is for the Raw Spread accounts. Standard account spreads are slightly higher at 0.8 pips. Commissions are generally low, but vary depending on the trading platform used.
Notable Mentions
Exness
Exness is a forex trading platform currently serving over 800,000 active traders. Exness offers competitive spreads, and a wide variety of account types. Standard, Professional, and demo accounts are available. For the average trader, the Standard account is perfect, and requires a low $10 minimum deposit.
We recommend reading our comprehensive Exness review to learn more.
eToro
eToro is one of the most popular forex trading platforms. Behind its popularity are the user-friendly platform and social trading capabilities. eToro has over 35 million users worldwide. This broker offers a wide range of instruments for portfolio diversification. We’ve written a comprehensive eToro review that provides all the details about this broker.
FXTM
FXTM is a global forex broker, with a great range of educational resources. These learning resources are perfect for those new to the world of trading. They offer comprehensive guides for learning the basics of forex and CFD trading. Besides a collection of educational tools, FXTM also offers competitive trading conditions.
Frequently Asked Questions
What should I look for in a Canadian forex broker?
Selecting a Canadian forex broker requires the same diligence of choosing a broker for any other region. Prioritizing regulatory compliance is a must. For Canadian forex trading, IIROC is preferred. After regulation, look for features like trading platforms, pricing, available markets, and customer support.
Advanced traders might want to also consider details like leverage options. We’ve put together a list of the highest leverage forex brokers for today.
How does IIROC regulation protect Canadian forex traders?
IIROC regulation is the highest level of protection for Canadian forex traders. This agency is charged with enforcing capital requirements and mandating transparent reporting. IIROC also ensures client funds are segregated from other financial accounts. Brokers who are regulated by IIROC are required to adhere to strict operational and ethical standards.
What are the advantages of using a Canadian forex broker versus an international one?
Investors can choose to go either way with this, but choosing a Canadian forex broker has some advantages. IIROC compliance ensures the broker is adhering to local regulations. It also makes for easier conflict or dispute regulation. There are multiple financial and legal concerns that are best handled by a Canadian forex broker.
How do I determine the best forex broker for my trading style?
Finding the best forex broker for an individual trading style requires looking at trading habits and history. For example, what is the experience level with forex trading and what is the acceptable risk tolerance. We recommend looking at platform options to find the one that feels the most intuitive and meets trading goals and needs. For example, MetaTrader 4 has wide appeal for a large number of traders. We recommend reading our roundup of MT4 forex brokers.
Final Thoughts
Choosing the right forex broker is important for Canadian traders seeking to successfully navigate today’s currency markets. In our comprehensive guide, we’ve covered ten of the best Canadian forex brokers for every style of trader.
Let’s take a look at a few key points from our review:
Regulatory standing matters. For Canadian forex traders, looking for a broker that offers IIROC regulation is key.
Consider details like platform options and user-friendliness for the best experience.
Smart forex investors consider trading costs. This includes spreads, commissions, and other associated broker fees.
While the focus here is forex, diversity is still important. Consider a broker that offers a robust range of instruments for portfolio diversification.
At TopBrokers we understand that we all have to start somewhere when setting out on our forex trading journeys. That said, there are a number of resources we regularly recommend to those just learning about forex, including:
At TopBrokers, we live and breathe by helping investors learn more about brokers and the forex trading market. We encourage you to visit us and explore our resources. Whether you’re brand new to forex trading or are looking for insights in leveling up your strategy, TopBrokers can help.
