Forex Trading Canada: Trade Fx in top Canadian Forex Brokers


Written By: Ehsan Jahandarpour

Looking for Forex Trading Canada Brokers? Finding the best forex broker in Canada that is not only reputable and reliable but also regulated can be a daunting task for Canadian traders. To help you navigate the market, we’ve compiled a list of the best forex brokers for Canadians that are regulated by the Canadian Securities Administrators (CSA).

Our expert analysis takes into account factors such as trading platforms fees, customer support and regulation to ensure that you find a forex broker that meets your specific needs as a beginner trader in Canada.

Best Forex Brokers Canada

Here is a comprehensive list of the best forex brokers in Canada:

  1. OANDA – Low fees, fast execution, 24/5 customer service, and competitive spreads.
  2. FXCM pros and cons for forex trader– No dealing desk DMA broker, competitive spreads.
  3. AvaTrade Forex Trading Platform – 24/7 customer service, tight spreads, and no commission brokers fees.
  4. FOREX.com – Low fees, fast execution, and low spreads.
  5. IG – Advanced technical analysis tools, low spreads, and no dealing desk.
  6. InterTrader – Low fees, fast execution, and tight spreads.
  7. Interactive Brokers – Large selection of tradable securities [1], low commissions, and quality trading platform.
  8. Saxo Bank – Full range of trading options, competitive fees, and advanced tools.
  9. TD Ameritrade – Comprehensive range of trading options, tight spreads, and low fees.
  10. XTB forex platform – Variety of trading products, automated trading Strategies, and tight spreads.

When comparing Best Forex Brokers Canada, you should consider a few key factors. Firstly, you should make sure that the forex online broker is properly regulated and licensed by the necessary financial authorities. You should also look into the broker’s trading conditions, such as spreads, leverage, and the types of instruments they offer.

You should review the trading platforms they offer and make sure they are MetaTrader 4 broker, as well as the customer service they provide. Finally, you should look into the online forex broker’s reputation in Canada, as this will help you to determine the level of trust they have built among traders.

Where to Start Forex Trading Canada?

To start forex trading in Canada, you should compare online trading platforms for a domestic or offshore forex broker. Make sure to check the broker’s regulations and licensing carefully. You should also get familiar with technical and fundamental market analysis in order to make informed trading decisions. Additionally, you should make sure to practice trading with a demo account to get a feel for the markets before investing real money in one of the best forex trading platforms.

Here is a comprehensive table of forex brokers in Canada and their commission, features, and other details:

Broker NameCommissionFeaturesOther Details
Investous0.4 pipsWide range of currency pairsMetaTrader 4 Platform
Avatrade Mobile Trading Platform0.08 pipsNo deposit or withdrawal feesNegative balance protection
IC Markets0.3 pipsAdvanced charting toolsSupport for best robo advisors and automated trading
FXTM Review0.09 pipsLow minimum depositOver 30 payment methods
Oanda0.2 pipsFree demo accountHigh leverage
Pepperstone UK Broker0.01 pipsIslamic accountsTight spreads, A PayPal forex brokers
XM Brokerage Services0.1 pips24/7 customer supportOver 1600 instruments

Spreads and fees for Brokers Forex & Canadian traders:

Generally speaking, the spreads and fees for beginners forex traders in Canada will vary from broker to broker. Some brokers may offer commission-free trading with no hidden fees or complex pricing structures [1], while others may charge additional spreads and/or commissions.

For experienced forex trader in Canada, there are several brokers that offer competitive spreads and fees. For example, OANDA offers competitive spreads on over 50 currency pairs, with rates from as low as 0.6 pips. Other brokers such as AvaTrade and FXCM offer competitive spreads and fees for their traders in Canada. Additionally, some brokers such as IQ Option offer lower spreads for active traders who trade frequently.

Canadian Forex Trading Platforms:Spreads and Fees
Interactive Brokers0.2 – 0.3 pips
Oanda0.2 – 0.3 pips
Questrade0.1 – 0.2 pips
Thinkorswim0.2 – 0.3 pips
Forex.com broker0.1 – 0.3 pips
Xtrade0.2 – 0.3 pips
FXCM0.2 – 0.3 pips
Scotia iTRADE0.1 – 0.3 pips
CMC Markets0.1 – 0.3 pips
AVA Trade0.2 – 0.4 pips

The typical fees, spreads, and leverage offered by Forex brokers for experienced traders can vary greatly between different brokers. You can Learn About Leverage Trading. However, some general points that can be highlighted are:

Most Forex brokers in Canada charge a spread on trades, which is the difference between the bid and ask price of a currency pair. Some North American currency trading platforms charge a commission on trades, which is a flat fee or a percentage of the trade value.

You can Find the Best Currency Pairs or choose from the standard spread for major currency pairs like the EUR/USD in Canada Forex is usually around 1-2 pips. Some Fx platforms offer variable spreads that can change based on market conditions.

Leverage is the ability to trade with more money than you have in your account. The typical leverage offered in Forex platforms is usually around 1:100 to 1:200.

Forex Trading Bonus & Promotions:

Several Canadian forex brokers offer promotions and bonuses to new and existing customers. For example, Etoro Canada offers a welcome bonus of up to $3000 when you open an account, while Interactive Brokers offers promotional bonuses based on the size of your initial deposit [1]. Other brokers such as TD Ameritrade and RoboForex also offer various promotions and bonuses for their customers.

Here is a table of brokers that offer promotions and bonuses:

Broker NameBonus OfferingsPromotions
TD Bank$200Refer a friend
Las AtlantisLas Atlantis promo codesN/A
TradeStationN/ACrypto trading
XMN/ACFD trading on stocks, stock indices, oil and gold

Best Forex Brokers in Canada Comparison

BrokerRatingSpreadMinimum Deposit
CMC Markets9/10Variable$0
OANDA8/10Variable$20,000
IG Online Broker10/10Variable$0
Interactive Brokers8/10Variable$10,000
Fusion Markets9/10Variable$500
AvaTrade8/10Fixed$100
FOREX.com9/10Variable$50
Pepperstone9/10Variable$200
XM9/10Fixed$5
City Index8/10Variable$100

Are Canadian forex brokers regulated?

Yes, forex brokers in Canada are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). The IIROC is a self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada [1]. The IIROC also sets high standards for its members and enforces rules and regulations to protect investors and maintain confidence in the capital markets. A list of IIROC-regulated brokers in Canada is available on their website.

What are the best forex brokers in Canada for beginners?

If you are a beginner to forex trading in Canada, the best brokers for you are Questrade, Interactive Brokers, FOREX.com, FP Markets, Eightcap, BlackBull Markets, and IFC Markets. Each of these brokers offers intuitive and easy to use trading platforms and low fees, making them ideal for beginners. Additionally, they are all regulated by the Investment Industry Regulatory Organization of Canada (IIROC) to ensure investor protection and fair practice.

  1. Questrade is known for its user-friendly platform and low fees, making it a great option for beginners. It also offers a wide range of educational resources and a demo account for practice trading.
  2. IG: This broker offers a range of educational resources and a user-friendly platform, making it a great choice of broker for beginners. It also offers a wide range of currency pairs and low fees.
  3. Forex.com offers a wide range of educational resources, making it a great choice for beginners. It also offers low fees and a wide range of currency pairs.
  4. TD Ameritrade offers a user-friendly platform and a wide range of educational resources, It also offers low fees and a wide range of currency pairs.
  5. Oanda: This broker offers a user-friendly trading platform for beginners. It also offers low fees and a wide range of currency pairs.

How big is Canada’s Forex Market?

The Canadian foreign exchange market is estimated to be worth around $227 million, with around 242 businesses trading in it. This market is generally considered to be relatively small compared to other major global markets, such as the U.S. and Europe. However, due to the increasing number of participants and the increasing volume of trade in the market, the size of the Canadian foreign-exchange market is expected to grow significantly in the coming years.

The biggest brokers in the Canadian Forex market are CMC Markets, Qtrade Direct Investing, Forex.com, Interactive Brokers, and Oanda. CMC Markets offers access to over 330 forex pairs, while Qtrade Direct Investing shines for its user-friendly website and all-in-one trading platform. Forex.com is one of the best brokers for trading in Canada and provides services in Fx for retail investors. Interactive Brokers is a well-known global broker with a strong reputation in the forex market, and Oanda is a leading online trading solutions provider for traders [4], investors, and advisors.

What currencies do FX brokers allow you to trade?

The best currencies that canadian traders choose o trade on the Canadian forex market are the US Dollar (USD), the Canadian Dollar (CAD), the Euro (EUR), the British Pound (GBP), and the Japanese Yen (JPY). These currencies are the most liquid and widely traded on the Canadian forex market, and are often seen as safe havens for traders. Additionally, these currencies are highly correlated with the Canadian economy, making them good choices for traders looking to capitalize on market movements.

Top Mobile Apps For Trading Forex for Canadaians

Here is a list of the top forex trading apps available in Canada to trade with both Google and iOS forex Apps:

Google Play Store:

  • Oanda fxTrade
  • Forex Trading Game
  • FXCM Trading Station Mobile
  • TD Ameritrade Mobile
  • Trade Interceptor

iOS App Store:

  • Oanda fxTrade
  • FXCM Trading Station Mobile
  • TD Ameritrade Mobile
  • IG Trading
  • MetaTrader 4
  • Trade Interceptor
  • TradeHero
  • Forex Signals

Forex Trading with Interactive brokers

Yes, Interactive Brokers is available in Canada. The company is a member of the Interactive Brokers Group, a leading global electronic trading platform, and provides direct global access to stocks [2], options, futures, currencies, bonds and funds for Canadian traders and investors. Interactive Brokers offers a wide range of services, including CFDs, automated trading, portfolio analysis and optimization, and access to IB SmartRouting for US listed securities.

Trading account types for forex traders:

Canadian forex speculators can open a variety of different trading account types, depending on using forex trading strategies for beginners or advanced traders, risk tolerance, and preferences. Popular account types include standard accounts, margin accounts, and Islamic accounts. Standard accounts allow traders to access the full range of trading products, while margin accounts require traders to deposit a minimum amount in order to access leverage.

Is foreign exchange trading taxed in Canada?

Yes, foreign exchange trading is taxed in Canada. Understand the Tax Strategies for Trading or any Gains or losses from currency exchange transactions are considered capital gains or losses, and are taxed according to the same rules as other capital gains or losses. This means that any profits from trading foreign currencies are subject to Canada’s forex taxation according to the applicable tax rates. In addition, any income from trading must be reported on your Canadian tax return.

Are there any restrictions on forex in Canada?

Yes, there are restrictions on trading forex in Canada. Forex brokers must be registered with the Investment Industry Regulatory Organization of Canada (IIROC) in order to be authorized to offer forex trading services. Additionally, Canadian residents must follow IIROC’s margin requirements and trade with IIROC-regulated dealers. Other restrictions include the maximum leverage available, the minimum deposit required, and the types of currencies available for trading.

What is IIROC’s margin requirements for forex?

The Investment Industry Regulatory Organization of Canada (IIROC) sets the minimum margin requirements for forex trader. The current margin rate is 2%, meaning that a trader must have at least 2% of the total value of the position in their account in order to trade. This margin rate can vary depending on a variety of factors, including the trade volatility of the market, the size of the trade, and any special offers or promotions that may be in place.

Conclusion

In conclusion, finding the best broker for forex trading in Canada can be a daunting task, but with a little bit of research and due diligence, it is definitely possible for traders to start with forex.

The Canadian market is known for its strict regulations, which ensures that traders are protected from fraud and scams. When looking for a Forex trading platform, it’s important to consider the regulatory environment, online platforms, customer support, and overall reputation of the broker. Some of the top Forex trading sites in Canada include TD Ameritrade, Interactive Brokers, and Forex.com. These brokers have been around for many years, are regulated by the Canadian Securities Administrators (CSA), and have a reputation for providing excellent customer service and trading platforms.

In addition, they offer a wide range of financial instruments, including currencies, commodities, indices, and stock options. However, it’s always best to do your own research and compare the features and fees of different brokers before making a decision. Remember, the best Forex broker in Canada for one trader may not be the best for another, so it’s important to choose a broker that meets your plan and goals.

Ultimately, the key to successful Forex trading is to find a reputable and reliable broker that provides a secure and user-friendly trading environment, competitive spreads, and excellent customer support. With the right broker, you can be confident that you are trading in a regulated and safe environment, which will allow you to focus on your trading strategies and achieve your financial goals.