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Best Forex Brokers in Canada

The Canadian regulatory body has legalized forex and CFD trading in the country in 2019. Yet, many international brokers have already started accepting Canadian clients. We have carefully vetted top 10 forex brokers for Canadian brokers based on factors like regulations, leverage, fees, support, trading platform, features, and more.

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31FBSFree VPS HostingRegulated by CySEC, ASICAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Free VPS hostingSpecialized trading accounts24/7 instant money withdrawalRead review
Pros

  • Regulated Broker

  • Competitive Spreads

  • User-Friendly MT4 Platform

Cons

  • Limited Platform Options

  • Mixed Reviews on Customer Support

  • Withdrawal Delays

32BDSwiss1:2000 Max LeverageMin deposit $10Max leverage 1:2000Regulated by CySEC, FSC, FSA +2Add to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Low Minimum DepositMultiple Account TypesSocial tradingRead review
Pros

  • Wide Range of Instruments

  • Multiple Account Types

  • Competitive Spreads and Fees

Cons

  • Geographical Restrictions

  • No Copy Trading

Withdrawal fee $0Deposit fee $10
33DNA MarketsSpreads From 0.0 PipsMin deposit $100Max leverage 500Regulated by ASICAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Low Trading FeesNo Inactivity FeesRead review
Pros

  • Low Trading Fees: Offers low trading fees with spreads starting from 0.0 pips.

  • Tier-1 Regulated Broker: Regulated by ASIC, a tier-1 financial regulator.

  • Multichannel Support: Provides multiple channels for contacting support via phone, live chat, and email.

Cons

  • Only MT5 Available: The platform offering is limited to MT5. Traders seeking alternative platforms will need to trade with other brokers.

  • No Educational Resources: The absence of educational and research tools may limit the appeal to beginners seeking guidance.

  • No Proprietary Trading App: It does not offer a proprietary trading app, which could impact accessibility for mobile traders.

Withdrawal fee $0Deposit fee $0
34UnitedPipsBonus40% deposit bonus40 % bonusMin deposit $10Max leverage 1:1000Regulated by NoAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Specialized trading accountsPayPay for depositRead review
Pros

  • High leverage options (up to 1: 1000) for experienced traders.

  • Multiple account types to suit different trading needs.

  • User-friendly platforms, including mobile trading.

Cons

  • Limited information on regulatory licensing and oversight.

  • Located in St. Lucia, a jurisdiction that may raise regulatory concerns.

  • Lack of detailed information on fees or additional charges.

Withdrawal fee $0Deposit fee $0
35Mirrox Broker24/7 SupportMin deposit $250Max leverage 1:400Regulated by MISAAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Specialized trading accountsAffiliate ProgramRead review
Pros

  • One of the main advantages of Mirrox is the variety of account types it offers. This allows traders to choose an account that fits their trading experience and style, from beginners to more advanced users.

  • Mirrox provides a maximum leverage of up to 1: 400, which can be appealing for those who want to maximize their trading opportunities. This high leverage enables traders to control larger positions with a smaller investment, though it’s important to remember that it also increases the risk.

  • The broker ensures multiple ways to reach support, including live chat, email, and phone. This accessibility is bolstered by 24/7 availability, meaning traders can get help whenever they need it, regardless of their time zone.

Cons

  • Mirrox does not currently offer a mobile trading app, which could be inconvenient for traders who prefer to manage their trades on the go.

  • The platform lacks social or copy trading features, which are popular among traders who like to follow or mirror more experienced traders' strategies.

  • Mirrox operates with a single trading platform (WebTrader), which might not appeal to traders who prefer using other popular platforms like MetaTrader 4 or 5. The lack of platform choice can be limiting for those who are used to other trading software or want to try different interfaces.

Withdrawal fee 3.5%Deposit fee $0
36CIFMarketsSupport in 7 LanguagesMin deposit $250Max leverage 1:200Regulated by FSCAAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
FSCA Regulated BrokerRead review
Pros

  • FSCA Regulated Broker: The company is licensed and regulated by FSCA South Africa, which is a reputable tier-2 regulator.

  • Tradable Assets Available Across 6 Classes: The broker offers tradable assets across forex, metals, commodities, stocks, crypto, and indices.

  • Multichannel and Multilingual Support Available on All Trading Days: Customer service is available from Monday to Friday via call, live chat, and email. Support is available in 7 languages.

Cons

  • No Meta Trader 4/5 Available: CIFMarkets does not offer MetaTrader 4 or 5 trading platforms.

  • No Swap-Free Islamic Accounts: The broker lacks a swap-free trading account option at the time of writing this review.

  • Slightly Initial Deposit: The initial deposit required to start trading with CIFMarkets is $250, which is slightly higher than usual.

37SpovaBonusTrading Credit Bonus Scheme by SpovaExtensive Educational ResourcesMin deposit $250Max leverage 1:400Regulated by NoAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
24/7 Customer SupportRead review
Pros

  • High Leverage Trading: Spova offers a high leverage of 1:400, much higher than what many brokers offer.

  • 24/7 Multilingual and Multichannel Support: Spova offers customer service via calls, live chat, and emails 24/7 in 10+ languages.

  • Proprietary Trading Platform: The company offers its proprietary WebTrader platform that you can access straight from browser and stay on top of your trades from anywhere.

Cons

  • Offshore Regulation: Spova has an offshore regulation, which means the company lacks advanced security features and strict oversight.

  • Limited Availability: Spova does not accept clients from the US, EU, GCC, and the UK.

  • No MT4 or MT5 Trading Platform: The company lacks MT4 and MT5 platforms.

Withdrawal fee 3.5%Deposit fee $0
38Envessa MarketsExtensive Educational ResourcesRegulated by MISAAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
24/7 Support in 10 LanguagesHigh LeverageNegative Balance ProtectionRead review
Pros

  • Round-the-clock Multilingual Support: Customer support is available 24/7 in more than 8 languages. This makes it easier for traders from different regions to get help when needed.

  • Extensive Range of Tradable Assets: Envessa Markets offers access to 160+ CFD instruments across forex, stocks, indices, commodities, metals, and cryptocurrencies.

  • High Leverage & Low Spreads: Forex traders can access leverage of up to 1:400 and spreads as low as 0.9 pips.

Cons

  • MetaTrader 4/5 Unavailable: MetaTrader 4 and MetaTrader 5 are not available. Traders are limited to the broker's WebTrader platform.

  • Offshore Regulated Broker: The broker is regulated by an offshore authority.

  • No Islamic Swap-Free Trading Account: The company does not offer a swap-free/Islamic trading account.

39SuxxessFXIslamic Swap-Free AccountMin deposit $250Max leverage 1:200Regulated by FSAAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Multilingual Customer SupportExtensive Range of CFDsRead review
Pros

  • Extensive Range of Tradable CFDs: SuxxessFX offers around double (320+ in total) the number of tradable assets you usually get from a broker.

  • No Withdrawal, Deposit, and Inactivity Fees: The trading fees from SuxxessFX are very straightforward with no fees on withdrawals, deposits, and inactivity.

  • Proprietary Mobile and Browser Trading Apps: Instead of third-party trading platforms, SuxxessFX offers proprietary WebTrader and mobile trading apps.

Cons

  • No MetaTrader 4 or MetaTrader 5 Options: MetaTrader 4 and MetaTrader 5 are super popular trading platforms among traders. SuxxessFX does not offer these platforms.

  • Lack of Educational Resources: Brokers usually have extensive material for traders on their websites. SuxxessFX has a brief FAQs section on their website instead.

  • Offshore Regulation: Even though the company is registered in Cyprus, the company operates under FSA Seychelles regulation. It could be a step to avoid strictness tier-1 regulatory bodies usually have.

Withdrawal fee $0Deposit fee $0
40FintanaUp To 1:400 LeverageMin deposit 250 USD (Classic Account)Max leverage 1:400Regulated by FSCAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
Specialized trading accounts24/7 SupportDemo AccountsRead review
Pros

  • Fintana offers a range of account types to cater to trading styles and preferences of both beginners and advanced traders.

  • Control larger positions with small investments by Fintana’s maximum leverage of up to 1:400. It’s also important to note that higher leverage increases risk.

  • Fintana offers 24/7 multi channel support in 10 languages via live chat, email, and call. So traders can get support at their preferred time and language. Fintana ensures traders can access support through multiple channels, including live chat, email, and phone.

Cons

  • Fintana is licensed by the Financial Services Commisson of Mauritius (FSC) which is not a top-tier regulatory body unlike ASIC, FCA, etc.

  • The $250 minimum deposit requirement is quite high compared to many international brokers, which can be a hurdle for many traders to start trading with this broker.

  • Fintana only offers the WebTrader platform whereas many brokers offer more popular options like MetaTrader 4 and 5, TradingView, and proprietary platforms.

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Our ranking methodology and selection process