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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.

Order by
61Key to Markets Investor protection0-Pip EUR/USD SpreadsMin deposit $100Max leverage 1:500Regulated by FCA, FSCAdd to compare listRating 3.6 / 5Start trading
Pros, cons & fees
Competitive SpreadsFast WithdrawalsAffiliate ProgramRead review
Pros

  • Key To Markets is regulated by the Financial Conduct Authority (FCA) and the Financial Services Commission (FSC), providing traders with security and confidence in the platform's legitimacy.

  • The broker offers Myfxbook AutoTrade, allowing traders to link their MT4 trading account to preferred trading systems listed on Myfxbook.com. This feature enables traders to follow successful strategies without performance fees or management charges.

  • Key To Markets provides competitive spreads, making it an attractive option for cost-conscious traders seeking favorable trading conditions.

Cons

  • One drawback of trading with Key To Markets is the relatively limited availability of educational resources. Traders seeking comprehensive learning materials may find the offerings to be somewhat limited.

  • Key To Markets lacks live chat support, which can be a disadvantage for traders who prefer immediate assistance when encountering issues or inquiries.

  • The absence of a trader forum on the platform may be a drawback for those who value engaging with a community and sharing insights and experiences with fellow traders.

Withdrawal fee $0Deposit fee $0
62BCS ForexBest Spreads OfferMin deposit 1 $Max leverage 1:200Regulated by CySECAdd to compare listRating 3.6 / 5Start trading
Pros, cons & fees
24/7 instant money withdrawalRead review
Pros

  • Two commission-free accounts: Charging trading commissions on transactions is how many brokers make their profit. However, BSC Forex offers its customers two commission-free accounts; pro and direct.

  • Offers a range of tradable instruments: BSC has multiple trading instruments on its platform. Traders can access forex pairs, commodities, cryptocurrencies, CFDs, and stocks.

  • Popular Trading Platforms: BCS Forex provides clients access to the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are available on the web and the broker's proprietary mobile app.

Cons

  • Charges Inactivity Fees: Unlike many brokers who wait about 12 - 16 months before charging inactivity fees, BCS Forex charges its customers a $100 monthly inactivity fee after six months of an account's dormancy.

  • Charges Personal Income Tax: This review gathered that BSC Forex is a tax agent; hence, clients must pay personal income tax on every withdrawal.

  • Limited Customer support: The customer support channels on BCS Forex are only available 24/5 between 9 a.m. and 9 p.m. GMT +3. This implies that trading hitches can only be resolved on weekdays and within the specified 12 hours.

63FreshForexBonus101% deposit bonusBest For Trading Without Min DepositMin deposit $10Max leverage 1:2000Regulated by NoAdd to compare listRating 3.3 / 5Start trading
Pros, cons & fees
Specialized trading accountsFree VPS hostingRead review
Pros

  • Multiple Trading Platforms: Fresh Forex offers traders the popular MetaTrader 4 and 5 platforms on desktop, web, and mobile devices.

  • Wide Range of Assets: Traders have access to a variety of assets, including forex, commodities, indices, and cryptocurrencies.

  • Competitive Spreads: Fresh Forex offers competitive spreads starting from as low as 0.1 pips for major forex pairs.

Cons

  • Limited Customer Support: Fresh Forex only offers customer support from Monday till Friday 24/5, which may be inconvenient for traders who have questions on weekends.

  • No US and Canada Clients: Fresh Forex does not accept clients from the United States, limiting its reach to traders from these regions.

  • Commission on CFD Trades: Fresh Forex charges a commission on CFD trades, which can increase trading costs.

Withdrawal fee $0Deposit fee $0
64MauntoMultiple Account TypeMin deposit 250$Max leverage 1:400Regulated by NoAdd to compare listRating 4.4 / 5Start trading
Pros, cons & fees
Robust Customer SupportMultiple Account TypeRead review
Pros

  • Offers multiple account types to cater to different trading preferences.

  • Implements negative balance protection, safeguarding traders from losses exceeding their account balance.

  • Provides an excellent range of instruments, including Forex, indices, metals, stocks, cryptocurrencies, and commodities.

Cons

  • Restricted regional availability may limit access for traders from certain regions.

  • The lack of MT4 and MT5 trading platforms may disappoint traders accustomed to these popular platforms.

  • According to few reviews, the withdrawal process can be lengthy, taking 8-10 business days, which may inconvenience traders needing prompt access to their funds.

Withdrawal fee 3.5% / 30$Deposit fee No
65GO Markets Investor protectionBonusVolume Rebate Program by GO MarketsGreat Customer ServiceMin deposit $0Max leverage 1:500Regulated by FSC, ASIC, CySEC +2Add to compare listRating 4.1 / 5Start trading
Pros, cons & fees
24/6 Multilingual SupportAffiliate ProgramTier-1 RegulationsRead review
Pros

  • Highly Regulated Broker: GO Markets is licensed by ASIC (Australia), CySEC (Cyprus), FSC (Mauritius), and FSA (Seychelles).

  • Extensive Range of Tradable Assets: The broker offers 600+ instruments, such as forex, indices, commodities, metals, cryptocurrencies, and CFDs on global stocks.

  • Multiple Trading Platforms: Unlike most brokers who merely support MT4 or MT5, GO Markets provides cTrader, TradingView, and WebTrader as well.

Cons

  • No Fixed-Spread Accounts: All accounts are variable spread, which might not suit traders who prefer the stability of fixed spreads.

  • Regional Restrictions: Clients from certain countries, including the US and Canada, cannot open accounts due to regulatory limitations.

  • No Islamic or Swap-Free Accounts: Go Markets does not offer Islamic or Swap-Free accounts unlike many popular brokerages.

66Solus FinanceBonusRefer a Friend & Earn with SolusFinance24/7 Trading CompetitionsRegulated by NoAdd to compare listRating 4.1 / 5Start trading
Pros, cons & fees
24/7 Trading CompetitionsRead review
Pros

  • Gamified Trading: Solus gamifies the complex trading experience which is great for new traders with limited complex trading knowledge.

  • Proprietary Mobile App (Android): The company has a proprietary mobile trading app available on PlayStore.

  • Multiple Online Payment Options: Traders (or players) can fund their accounts via Crypto, PayPal, Volet, and Cryptic.

Cons

  • Unclear Regulatory Framework: ITU Financial Services Inc. is registered in Delaware, US but not as a financial services provider. According to the company, they do not identify as a brokerage and therefore do not need to be regulated.

  • No Visa or Mastercard Payment Options: The company does not accept Visa or Mastercard payment options.

  • No iOS App: Solus lacks an iOS mobile app. Currently, the app is only available for Android devices and all mobile devices through mobile web.

Our ranking methodology and selection process