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Top 5 Canadian Forex Brokers (May 2024)

Updated on is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

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.

#1 Rated Low Cost Broker

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. Both MT4 and MT5 platforms are available to choose from. These are among the most popular and respected in the industry and allow for a host of customizable features, indicators, and charts and are 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, the MetaTrader WebTrader platform is available and can be accessed within your browser without needing a download. 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.

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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).

Questrade Commercial 2024 | The Eighth Wonder: Compound Interest | RRSP

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.

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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.

What is Forex? | AvaTrade Tutorial

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.

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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, it has grown to become a major forex broker that now offers 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 | More than trading

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 and for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders.

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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 the ‘Investment Industry Regulatory Organization of Canada'

The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization that 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 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 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.

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