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Top 5 Canadian Forex Brokers (January 2023)

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We have reviewed numerous forex brokers, there are 5 forex brokers which have met our quality guidelines and accept residents of Canada. We recommend the following:


1. Fusion Markets

Fusion Markets is a well regulated broker that offers more than 250 financial products to trade in across a number of the most popular markets in the industry. Firstly, in terms of forex trading, there are more than 90 currency pairs available. This includes major, minor, and exotic currencies and is a comparatively large offering.

Commodities including gold, silver, platinum, crude oil, and other energy commodities are offered for trading as CFDs. Major indices can also be traded as CFDs. There are also more than a dozen cryptocurrencies that can be traded including BTC, DOGE, ETH, BCH, LTC, EOS, DOT, LINK, LUNA, SOL, MATIC, XLM, ADA, AVAX, and BNB as well as over 100 CFDs on US-listed shares from some of the biggest names in the world.

Fusion Markets offers several top trading platforms. Available to choose from are both MT4 and MT5 platforms. These are among the most popular and respected in the industry and allow for a host of customizable features, indicators, and charts along with being very accessible and easy to navigate for almost any level of trader. The broker also provides copy trading services through their Fusion+ copy trading platform which is very intuitive and user-friendly.

Alongside the desktop platforms, MetaTrader WebTrader platform is available and can be accessed within your browser without the need for a download. On mobile, both the MT4 and MT5 mobile platforms are available through apps that can be downloaded on iOS and Android devices. These mobile platforms have all of the functionality of the other platform types and are very easily accessible to traders.

Read our Fusion Markets Review or visit Fusion Markets.

Warning: 74 to 89% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.


2. Questrade

Questrade is hands down a top choice for Canadian residents, and the reason for this is it’s a great platform that is based out of Canada and that offers forex trading, as well as stocks and CFDs. This is the only forex broker on our list that is headquartered in Canada. They are well-regulated and Questrade, Inc. is a registered investment dealer, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).

Along with the ability to trade Canadian markets, you will have access to stocks on the NYSE, NASDAQ, and other US and international exchanges with ETFs, Bonds, Mutual Funds, and more all available to trade through the IQ Web and IQ Edge web-based trading platforms which both run well and are complemented with a wide selection of charting and analysis tools.

Together with these basic features, this Canadian-Only broker has a decent educational offering and a number of unique and insightful tools when it comes to research. These include access to the third-party Market Intelligence tool helping you gather as much data as possible on your potential trades.

Trading Costs: For a well regulated platform the forex costs are quite reasonable, with spreads as low as 0.8 pips.

If you are interested in stock trading this broker has two competitive pricing structures with most traders fitting under their Questrade Democratic pricing plan which is $0.01 per share with a $4.95 minimum, and $9.95 maximum. Options trades are $9.95 + $1 per contract, while ETFs are commission-free.

You can visit Questrade directly to get started or for any more information you may need.


3. AvaTrade

AvaTrade is able to offer trading opportunities to Canadian residents due their Collaboration with Friedberg Direct in Canada. The well known dealer Friedberg Mercantile Group Ltd. Friedberg Direct has licensed the AvaTrade Technology in order to offer AvaTrade platforms to Canadian residents.

While they were founded in 2006 in Ireland, they have since grown to become one of the top forex brokers in the sector offering services around the world.

A low minimum deposit requirement of just $100 across most of the available account types, coupled with respected regulation from a number of bodies worldwide, make AvaTrade a popular choice for new and experienced Canadian traders.

The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more. AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders.

Read our Detailed AvaTrade Review

Visit AvaTrade

Warning: Trading Forex/CFD & Options on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite.


4. BD Swiss

BD Swiss founded in 2012. Since that time they have grown to become a major forex broker who now offer trading services in more than 180 countries worldwide. They are also have regulatory oversight in place from a number of trusted bodies in the industry. BDSwiss LLC is authorised and registered with the U.S. National Futures Association NFA ID: 0486419, other regulatory bodies they abide by include CySEC.

BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications, as well as for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders.

Read Our Detailed BDSwiss Review

Visit BDSwiss

Warning: Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.


What is the IIROC?

This stands for: Investment Industry Regulatory Organization of Canada

The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

This is a Federal regulatory body, this regulations oversees deals in all Canadian provinces.

Do these brokers accept clients from Canada?

While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Canada. There are no restrictions in place for individual Canadian provinces (Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan.)

Why are there only 4 Canadian Brokers?

In an effort to protect Canadians, the Canadian Federal Government has enacted one of the strictest regulatory bodies in the world when it comes to offering investment platforms that target Canadian residents. The standards for international firms to offer forex type services are very strict. Due to the small population size of the country, most opt to simply avoid the expense of doing business in Canada.

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