Top 5 Canadian Forex Brokers (May 2024)

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:

Warning: Regardless of broker choice or capital deployment, investing always brings a level of risk that must be understood and considered.

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, more than 90 currency pairs are 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.

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 that it's a great platform based out of Canada that offers forex trading, as well as stocks and CFDs. This is the only forex broker on our list headquartered in Canada. It is 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 offers a decent educational offering and a number of unique and insightful research tools. These include access to the third-party Market Intelligence tool, which helps 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. Most traders fit 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.

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 regarding investment platforms that target Canadian residents. The standards for international firms offering forex-type services are very strict. Due to the country's small population size, most opt to simply avoid the expense of doing business in Canada.