If you’re based in Canada and looking to trade forex, I’ll be honest—your options are a bit limited. Not because forex isn’t a thing here, but because Canadian regulations are pretty strict. Only a handful of brokers are actually set up to work with Canadian clients in a way that meets all the regulatory requirements.
That said, the brokers that do accept Canadian traders are genuinely high quality. I’ve dug into the options, tried a few myself, and here’s my take on the best ones available right now.
| Image | Product | Features | Price |
|---|---|---|---|
Best Canadian Forex Broker  | ✔️ Ultra-competitive trading conditions with spreads from 0.0 pips and leverage up to 1:1000 ✔️ Supports MT4, MT5, and cTrader, giving traders full flexibility with top-tier platforms. ✔️ Low entry point with just $100 minimum deposit and the choice between commission-free or ECN-style accounts. | 9.9 | Open Account |
 | ✔️ Spreads as low as 0.0 and No trading commission under one single account type ✔️ Leverage up to 1:500 for Forex, Metals, Indices, Oil ✔️ 100% First Deposit Bonus | 9.5 | Open Account |
 | ✔️ Low trading fees ✔️ Offers Forex, CFD and Crypto ✔️ Easy account creation & deposit | 9.3 | Open Account |
Best for Crypto derivatives  | ✔️ Award-winning Crypto derivatives offering ✔️ Ultra-low spreads across 400+ financial assets ✔️ ASIC, FCA, CySEC and SCB regulated | 9.2 | Open Account |
| ✔️ Offers Forex, CFD, Crypto ✔️ Heavily compliant broker with licences in many geos ✔️ Low trading fees | 9.1 | Open Account |
1. Oqtima - #1 Best Forex Broker in Canada
If you’re based in Canada and looking for a broker that feels like it was built for serious traders—but without the overwhelming complexity—Oqtima is one you’ll want to have on your radar. Even though it’s relatively new (launched in 2023), it’s already gaining traction in the trading community for offering a professional-grade experience that’s surprisingly accessible.
Let me break down why Oqtima is my current pick of the best forex broker in Canada.
Flexible Account Options
One of the first things I liked was how Oqtima gives you a clear choice depending on your trading style. You can go with:
- ECN+ Account – If you're after those razor-thin spreads (starting from 0.0 pips) and don’t mind a small commission ($3 per side), this one's for you. It's ideal for scalpers or anyone trading frequently.
- ONE Account – Prefer commission-free trading? This account type has no trading fees, and spreads start from 1.0 pip. Simple and predictable.
Either way, the minimum deposit is just $100, which makes it super easy to get started.
Top-Tier Platforms
Oqtima supports MetaTrader 4, MetaTrader 5, and cTrader—which covers basically every trader’s preference. Whether you like algorithmic trading, advanced charting tools, or just a slick, responsive UI, they’ve got you covered.
High Leverage, Low Entry
Another standout feature is the leverage—they offer up to 1:1000, which is huge if you’re trading outside of Canada’s local leverage limits (note: this depends on which regulatory entity you're under). Just make sure you understand the risks that come with high leverage—fast profits, but also fast losses if you're not careful.
Global Regulation with a Local Feel
Oqtima operates under two licenses: one in Cyprus (CySEC) and the other in Seychelles (FSA). While they’re not directly regulated by IIROC in Canada, they’ve set up their offering to be friendly to Canadian clients—so you can trade with them while still enjoying strong platform features and security measures.
And even though they’re new, they’ve quickly adopted the kinds of features you’d expect from more established brokers—like tight spreads, fast execution, and a clean interface that’s easy to navigate.
What to Be Aware Of
Like any newer broker, there are some mixed reviews out there. A few traders have flagged issues with withdrawals or account closures, so I’d recommend doing your due diligence before diving in. Maybe start with a smaller amount, test the waters, and get a feel for their customer service. From what I’ve seen, they seem responsive and eager to build trust with their growing user base.
2. FXCC - Runner-Up Best Canadian Forex Broker
FXCC is another top pick if you’re looking for a mix of low cost and excellent trading conditions. What makes them stand out is their ECN XL account. It’s simple—one account type, no trading commission, and spreads that go as low as zero pips. For currency pairs like EUR/USD and USD/JPY, the spread is often zero for about half the day. That basically means you’re trading without any cost on those pairs.
The other big plus? They don’t care what strategy you’re using. Scalping, news trading, crazy high-frequency EAs—whatever you’re into, they allow it. That’s because they’re an STP (Straight Through Processing) broker, which means your trades go straight to the market. They don’t act as a counterparty to your trades, so there’s no conflict of interest.
They also don’t mess around with execution—it’s fast, typically within 50 milliseconds. And I like how transparent they are. They publish the average spreads for all their major instruments right on their website (https://www.fxcc.com/), so you can see how they stack up against others before you commit.
Here's the quick lowdown:
- No minimum deposit
- Huge leverage, up to 1:500
- 100% deposit bonus (they double your first deposit)
- Trade Forex, Metals, Indices, Oil and even Crypto
- Spreads as low as 0, and still no trading commission
3. TMGM - Top Forex Broker In Canada
TMGM (TradeMax Global Markets) is another broker I really like—especially if you’re interested in CFD trading. They were built by traders, for traders, and it shows. Their execution speed is excellent, and they’re an ECN broker too, so you get direct access to competitive prices from the market.
They support MT4 and MT5, which are basically industry standards at this point. But they also offer the iRESS platform, which is more advanced and great for traders who want live pricing, deeper analytics, and more detailed charts.
TMGM has been around since 2013, and they’ve expanded a lot since then. They’re now operating in over 150 countries and hold licenses from three Tier 1 regulators—which means they’re about as legit as it gets.
Here’s what you get at TMGM:
- $100 minimum deposit
- Zero deposit and withdrawal fees
- Over 50+ FX pairs
- Spreads from 0.0 pips
- No requotes
- Leverage up to 1:500
- 10+ Tier 1 liquidity providers
- Free demo account and training course
- 12,000+ trading instruments including forex, shares, indices, crypto, metals, energy
4. Eightcap - Top Canadian Forex Broker
Eightcap has been around since 2009 and is regulated in multiple regions including ASIC, the FCA, CySEC, and SCB. What makes them stand out—especially if you’re into crypto—is their massive selection of crypto CFDs. They’ve got over 250 crypto derivatives, which include not just coins, but crypto crosses and crypto indices too.
Besides crypto, they also offer forex, indices, commodities, and shares. Their spreads are competitive, and you can choose between a commission-free Standard account or a Raw account with tighter spreads and a commission. Their offerings have been recognised within the industry, and as a result, Eightcap has won numerous awards in 2021, including Best Crypto Broker at the annual AtoZ Markets 2021 awards.
They also partner with Capitalise.ai, which means you can automate your trading strategies without writing a single line of code—huge win if you’re into strategy-based trading but not a programmer.
Highlights:
- Open an account with as little as $100
- Commission-free Standard accounts
- Over 250 crypto CFDs
- 400+ total instruments including forex, commodities and indices
- Regulated by ASIC, FCA, SCB, and CySEC
- Ultra-low spreads
- Demo account with live market conditions
- Automation tools via Capitalise.ai
5. AvaTrade
AvaTrade is another heavyweight in the forex space. They’ve been around since 2006 and are regulated in six jurisdictions—three Tier 1 and three Tier 2. If safety and transparency are your top concerns, AvaTrade really ticks the boxes.
They offer a solid range of platforms: the standard MetaTrader 4 and 5, their own proprietary WebTrader and AvaOptions platforms, and for those interested in copy trading, they integrate with ZuluTrade and DupliTrade.
Fee-wise, they’re very competitive, and the interface is beginner-friendly but still has enough firepower for more advanced traders.
What you get:
- Minimum initial deposit: $100
- Average spread for EUR/USD: 0.91
- Time to open account: 1 day
- Spread as low as 0.6 pips
- Supports 5 base currencies
- Free demo account
6. FOREX.com
FOREX.com is owned by Gain Capital, which is listed on the NYSE. It’s a big name, and they offer several different platforms, including the standard MetaTrader 4, ForexTrader Pro, and Web Trader.
I especially liked their mobile app—it’s probably one of the best out there. It mirrors the desktop experience really well and even includes research tools and real-time analysis. It’s rare to get that kind of functionality on a mobile platform.
They’ve got 80+ currency pairs, tight spreads, and different account types depending on how you want to trade (standard, commission-based, etc.).
Here’s the breakdown:
- $100 minimum deposit
- 80+ pairs offered
- Spreads: 0.2 to 1.0 pips on average
- Commissions: $0 or starting at $60 per million traded
- Excellent mobile app with integrated research
7. Fusion Markets
Fusion Markets is a newer player but quickly becoming a favorite, especially if you’re looking for ultra-low trading costs. Their spreads average around 0.0–0.1 pips, and they charge just $2.25 per lot ($4.50 round turn), which is among the lowest you’ll find.
Another cool thing? You can trade US stocks like Apple or Google commission-free, and there’s no minimum deposit—you can start with as little as $10. Their Fusion+ copy trading platform is also solid if you want to follow (or be followed by) other traders.
Here’s what they offer:
- Minimum initial deposit: $10
- Average EUR/USD spread: 0.1
- Account setup: under 10 minutes.
- Commission: $4.50 per lot (and $0 on US shares)
- Copy trading via Fusion+
- Demo account available
- Supports 5 base currencies
Quick Note on Forex Order Types
If you’re new to forex, you’ll want to get familiar with the basic types of orders:
- Market Order – Buy/sell at the best available price.
- Limit Order – Executes only when your set price is hit.
- Stop Order – Turns into a market order when a specific price is hit.
- Stop Limit Order – Turns into a limit order when a certain price is reached.
A Word on Risk When Trading Forex
Forex trading isn’t a guaranteed way to make money. Just like investing in stocks or running a business, there’s always risk involved. What makes forex a bit different is the leverage—you can multiply your gains, but losses too. Be smart about it. Educate yourself, use demo accounts, and don’t risk money you can’t afford to lose.
The instrument that investors and traders will use to capitalize on small movements in the price of currency can also lead to substantial price swings, which can result in margin calls. As a result, investors must add additional funds or margin costs.
Volatility or variability refers to the changes in price quotes for a currency pair over a time period. When volatility is high and the swings in prices are wider, opening or closing a position can be more challenging, since the prices are moving up and down.
Governments and central banks use interest rates as a means of increasing or decreasing the money supply within the economy. Since the exchange rate between a pair of currencies is typically determined from the supply and demand for each currency in the pair, changes to the interest rates of one or both of them can result in higher or lower movements in the pricing.
Governments will always back their native currencies, and when geopolitical events occur in a country, this will often be reflected in the currency prices. As a result, currencies from countries with a government that is at a higher risk of these events will often trade at a discount, while more stable and reliable governments tend to garner premiums.
A counterparty is the entity that provides investors with assets when they trade. There is some risk involved with these companies, including the risk of them defaulting and no longer being able to cover all of their transactions. However, regulators such as the IIROC in Canada will regulate these companies to make sure that they have an appropriate safety net in place for this situation.
The ability to sell relies on somebody being willing to buy. Participants in the market could be reduced by geopolitical events and more.
What I Looked For When Choosing Forex Brokers
When I was narrowing things down, there were a few key things I really paid attention to—stuff that can seriously impact your trading experience, especially if you're in Canada.
Transaction Costs
This one’s big. Most brokers make their money from the spread—that’s the difference between the buying price (bid) and the selling price (ask) of a currency. The tighter that spread, the less it costs you to get in and out of trades. So, I looked for brokers that consistently offer low spreads, ideally starting at 0.0 pips or close to it. Some even skip the commissions altogether, which is a huge bonus.
IIROC Regulation
In Canada, brokers are regulated by the Investment Industry Regulatory Organization of Canada, or IIROC for short. They're the ones who set the rules around leverage and client protection. So, for example, if a broker goes bust, the Canadian Investor Protection Fund (CIPF) can cover you for up to $1 million—which definitely gives you some peace of mind.
That said, the rules here are stricter than in a lot of other countries. Leverage is capped at around 2.2%, which means Canadian brokers can only offer relatively low margin compared to brokers overseas. That’s not a bad thing—it means you’re less likely to blow your account overnight with crazy leverage.
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