Best Forex Broker Canada – Top Forex Brokers in Canada Reviewed

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The forex market is extremely popular in Canada right now. However, if you want to tap into this market, too, you need to choose a reputable forex broker authorized by the relevant regulatory bodies. As there are more and more options online, we have decided to do all the research on your behalf and come up with a curated list of the top five best forex brokers in Canada. In the following sections, we will introduce you to them, their trading platforms, features, and why you should consider them.

#1 Forex Broker Canada – AvaTrade

Best Forex Broker Canada – Our Top 5 Best Canada Forex Trading Platforms

After considering features and tools, costs, and functionality, we have selected the next forex brokers as the best ones in Canada right now:

  • AvaTrade – Best Overall Forex Broker Canada
  • FP Markets – Best Forex Trading Platform Canada for Beginners
  • – Best Forex Broker Canada For Experienced Traders
  • Fusion Markets – Best Forex Broker Canada with Zero-Spread Accounts
  • IFC Markets– Best Forex Broker Canada for Low Capital

71% of retail investor accounts lose money when trading CFDs with this provider.

Best Forex Brokers Canada – In-Depth Reviews

In this section, we will introduce you to each broker presented above. We will cover tools, trading platforms available to Canadian residents, ease of use and, most importantly, what costs you need to consider before signing up. This will help you pick the right forex broker for your needs.

1. AvaTrade – Best Overall Forex Broker Canada

Our first choice is AvaTrade, a broker with more than a decade and a half of experience in this competitive market. This forex broker is licensed throughout all six continents and comes with a robust reputation for security, customer service, and cost-efficient trading platforms.

Whether you are a beginner or advanced investor, you will surely find something attractive in its offering. AvaTrade has perhaps the most expansive choice of trading platforms: WebTrader (for trading right in your browser, no download required), AvaTradeGo (mobile phone app), MetaTrader, AvaOptions (for currency options), AvaSocial (for social trading), and even Mac Trading, which is MetaTrader 4 for Mac users.

For residents living in Canada, choosing AvaTrade comes with complete peace of mind in terms of security. The broker partnered with Friedberg Direct, a Toronto-based independent company, which will manage your account. This means that your trading account is directly regulated by a Canadian firm that manages more than $2 billion in assets and has been on the market for half a century.

In terms of its features and tools, it depends on which trading platform you opt for, as listed above. In other words, your flexibility is nearly unlimited – you can social trade, trade options, or go for the most popular forex trading platform in the world, MetaTrader 4. Even better, all you need to do to get started with AvaTrade is to deposit at least $100, so all of these features are available to small and large investors alike.

Then, you will have access to more than 50 currency pairs that come with extremely competitive costs. AvaTrade is a commission-free broker, which means that you will only have to cover the spread when placing orders. This fee is enclosed in the buying/selling price you see on the chosen trading platform, but it is extremely competitive as it starts from only 0.9 pips.

AvaTrade Fees

Forex Pair Spread Amount 
EURUSD 0.9 Pips
USDJPY 1.1 Pips
GBPUSD 1.6 Pips
USDCHF 1.6 Pips
NZDUSD 1.8 Pips



  • Your account is open and held by a regulated Canadian firm
  • Competitive cost structure
  • Multiple options, CFDs, and currency pairs available
  • Wide range of trading platforms available
  • Highly flexible, ideal for any type of trader
  • Excellent trading features, analysis tools, risk management, and safety measures


  • The inactivity fee is quite high, not suitable for passive investors

71% of retail investor accounts lose money when trading CFDs with this provider.

2. FP Markets – Best Forex Trading Platform Canada for Beginners

FP Markets is another sturdy choice if you reside in Canada. It boasts tight spreads, excellent execution speeds, and multiple tools and features that help you follow your forex trading strategy. Although it is headquartered in Australia, it is available in Canada and comes with more than 60 pairs of currencies. Depending on your chosen account type, you can benefit from spreads starting at 0 pips.

FP Markets may not have as many trading platforms as AvaTrade but does allow access to the most important one – MetaTrader 4. Also, you may want to opt for Iress. This web-based trading platform comes as Trader or ViewPoint, the latter one boasting a fluid design where you can see and compare your data with maximum convenience. Unfortunately, Iress has only 34 currency pairs available but provides more than 10,000 stocks, 10 indices, and seven futures CFDs (contracts-for-difference).

Perhaps the strongest point of FP Markets is the so-called “Traders Hub”. In this section, you can choose from either technical or fundamental analysis articles. There are also a few videos, e-books, and lots of tutorials. For beginners or even experienced traders who want to expand their knowledge, FP Markets has an extremely compelling offer.

The trading technology used by FP Markets is also one of the best on the market. Whether you choose MetaTrader or Iress, the trading experience is smooth. Yet, if you run into any type of trouble, you can easily contact the professional customer service team that will help you overcome any hurdles and resume your trading activity.

FP Markets Fees

Forex Pair Average Spread Amount (Standard Account) 
EURUSD 1.2 Pips
USDJPY 1.2 Pips
GBPUSD 1.3 Pips
USDCHF 1.5 Pips
NZDUSD 1.6 Pips



  • Regulated by trustworthy bodies around the world
  • Flexible pricing, depending on account type and trading platform
  • Rich educational and market analysis sections
  • Excellent execution time
  • Prompt customer service


  • Multiple account types and platforms can be confusing for new traders
  • Iress platform has only 34 currency pairs, and you need to pay extra for live data

71% of retail investor accounts lose money when trading CFDs with this provider.

3. – Best Forex Broker Canada for Experienced Traders

As the name suggests, is a niche broker designed for forex traders. It comes with an impressive range of tradable currency pairs, along with CFDs on commodities, shares, and even indices. It is locally regulated and comes with more than 80 currency pairs, covering major, minor, and multiple rare ones.

The cost structure is quite competitive, too. For instance, if you choose the Direct Market Access (DMA) account, you will have access to quotes that come straight from liquidity providers around the world. This means very low spreads, but you will have to cover commissions that depend on your trading volume. Because of this cost structure, may not be the cheapest alternative for small investors or beginners.

Alternatively, you can opt for a trading account with no commission, but spreads are higher. These are exemplified in the next table below. Fees

Forex Pair Typical Spread Amount (Standard Account) 
EURUSD 1.3 Pips
USDJPY 1.4 Pips
GBPUSD 2.1 Pips
USDCHF 2.1 Pips
NZDUSD 3.3 Pips



  • Regulated in Canada by IIROC
  • Multiple offerings, including forex, CFDs, spread betting, and others
  • Also one of the best US forex brokers
  • Suitable for high-volume trading
  • Transparent pricing available on its website


  • Not a beginner-friendly choice due to costs

71% of retail investor accounts lose money when trading CFDs with this provider.

4. Fusion Markets – Best Forex Broker Canada with Zero-Spread Accounts

Fusion Markets introduce itself as an “MT4” broker with no minimum deposit, no fees to deposit your cash, and has a straightforward approach to your cost – $2.25 per lot commission. One of the good aspects is that Fusion Markets has an average spread of 0 pips, or 0.1 to 0.2, depending on the market volatility for different pairs.

Similar to AvaTrade, it allows you to get inspired by other traders. Fusion+ makes it easy to copy other traders’ moves, have others copy yours, or copy your own moves between different Fusion accounts. Fusion Markets has more than 90 currency pairs available, making for one of the most expansive offerings on the market.

Fusion Markets is appreciated by traders of all levels. It also provides excellent customer support, is a regulated broker, and fully transparent approach to trading.

Fusion Markets Fees

Forex Pair Average Spread Amount (Zero Spread Account) 



  • Regulated, safe broker
  • Spreads start at zero pips
  • No minimum deposit
  • Compatible with MetaTrader 4
  • Different payment methods available


  • Commission of $2.25 per lot

71% of retail investor accounts lose money when trading CFDs with this provider.

5. IFC Markets – Best Forex Broker Canada for Low Capital

IFC Markets boasts impressive asset selection, while trading costs consist of spreads as low as 0.4 and no commissions. Forex traders can choose from nearly 50 currency pairs.

Unfortunately, the trading account types are quite confusing. Beginners can choose between fixed or floating accounts on either NetTradeX or MetaTrader. For instance, on MetaTrader, the standard fixed spread account has a minimum required deposit of $1,000, and spreads start at 1.8, which may seem quite high compared to other alternatives. The micro fixed MT4 account has a $1 minimum deposit requirement, the same minimum spread, but it is capped at $5,000 maximum equity.

IFC Markets Fees

Forex Pair Spread  (Starting From)
EURUSD 1.8 Pips
USDJPY 1.8 Pips
GBPUSD 1.8 Pips
USDCHF 1.8 Pips
NZDUSD 1.8 Pips



  • Two different trading platforms
  • Provides a free demo account
  • Excellent trading conditions
  • You can start with as low as $1


  • Spreads are quite high
  • Beginners with limited budgets can open accounts capped at $5,000

71% of retail investor accounts lose money when trading CFDs with this provider.

How to Find the Best Forex Trading Platform Canada

There are plenty of options when it comes to forex brokers in Canada, but which one is right for you? In the next sections, we will explore the most important aspects you should consider before signing up.

Regulation and Security

A simple internet search may reveal an unlimited list of forex brokers for Canadian traders. However, you should know that not all forex brokers are safe or regulated. Even more, forex trading is not even legal in all the Canadian regions.

For instance, you need to be an accredited investor if you live in Alberta, so you cannot simply sign up and start trading right away. For other areas, forex trading is legal, but it’s always a good idea to double-check your local regulations to make sure you are on the safe side.

In Canada, brokers should be regulated by the IIROC, the Investment Industry Regulatory Organization of Canada. This can be either a directly regulated broker, or a broker like AvaTrade which entered into a partnership with a Canadian firm that oversees all the accounts. Also, while IIROC is the national regulatory body, regional legislation may differ, so make sure you get all the information you need before signing up.

Payment Methods

The choice of payment methods is also important. Most brokers will not offer CAD as a base currency, so you need to check what options you have and what costs you need to cover. If the base currency differs, you will need to pay for a conversion fee or hold the base currency in an e-wallet like PayPal.

Brokers like AvaTrade will not charge you any fee when you deposit or withdraw money, but others will charge you extra for such services. This may also vary according to what payment method you choose. For example, wire transfers may be more expensive than credit card payments.

Variety of Forex Pairs

Since you want to trade forex, you need multiple pairs to choose from or you may want to focus on only one or two, depending on your trading strategy. Fortunately, all of our shortlisted brokers have a generous currency pair offering, so you will most likely find everything you need regardless of which one you choose.


For forex trading, spreads and commissions are the most important fees. Spreads are variable and may depend on the pair you choose and market volatility. Some brokers have wider spreads than others, too, while zero-spread accounts will come with fixed or variable commission.

There is no right or wrong choice – some traders may prefer zero spreads, others prefer zero-commission trading. This is up to you and how much you plan to trade. For instance, zero-commission trading on AvaTrade and different spreads based on currency pair mean that you have more control over your costs.


Finally, leverage is controlled by IIROC in Canada. The maximum ratio is 1:50 in this country, which means that for every $100 transaction, you can open a position worth $5,000. However, some regulated brokers may only allow up to 1:30 for forex trading. This is because trading with leverage can be extremely risky for beginners, so make sure you develop your knowledge and skills before risking your capital.

How to Get Started With the Best Forex Trading Platform Canada

So far, we have introduced you to the best forex brokers and trading platforms in Canada and what you should look for when choosing the best one for your strategy and objectives. In this section, we will cover the basics of opening an account with our top forex broker in Canada, AvaTrade, so you can start forex trading right now.

Step 1: Open an Account

The first step is to access AvaTrade’s website and click to open a real account. Fill in the form with your personal details, or take a shortcut by using your Facebook or Google account to sign up.

71% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify Your Account

Next, you need to verify your account. As AvaTrade is a regulated broker, you will be required to upload your valid government-issued ID and proof of address. The proof of address can be any utility bill, but it shouldn’t have been issued more than half a year ago.

Step 3: Deposit Funds to Your AvaTrade Account

To provide you with a personalized experience, AvaTrade will require you to complete a few more fields with personal information. You may be asked what your income is, for instance, along with other questions that help to determine your trading style and needs. Then, go to your account menu and deposit your funds.

Step 4: Search for Forex Pairs

When you have a live AvaTrade account, you need to decide which trading platform suits you best. You can download software or opt for a web-based trading platform. You may even go for AvaTradeGo, the mobile phone app. Once you chose the trading platform, go to the search bar and look for forex pairs.

Step 5: Buy Forex

Finally, you can buy and sell forex to create a successful portfolio. The forex market is open 24/5, unlike stocks, so you have plenty of time to fine-tune your strategy and watch the markets.

Best Forex Trading Platform Canada – Conclusion

All in all, forex trading in Canada is not a difficult process as long as you choose the right broker. Make sure you check whether it is regulated and if there are any limitations in your region. For more information about trading in Canada, you can check our other pages, including forex trading for beginners, or how to tap into other hot markets, such as cryptocurrency in Canada.

AvaTrade – Best Forex Broker in Canada


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About Ana Frincu PRO INVESTOR

Ana Frincu is a freelance content writer specialised in finance and economics. She has a BA in International Business Management and a MA in International Taxation and Finance. With a keen interest in fintech and personal experience as an investor, she covers a broad range of topics, including trading, alternative data, cryptocurrency, and macroeconomics.