10 Best Canadian Forex brokers (January 2023)

Do not invest more money than you can afford to lose.

Picking a good Forex broker can be difficult, and that is the case for Canadian traders as well. Their choice is made harder by the large amount of excellent companies on the markets of the country. If you wish to get into FX trading, or if you are just seeking to diversify who you deal business with, read on. The following article contains information on the best companies which are currently on the Canadian market. We have given them a brief outline, as well as explored what makes them stand out from their competition:

1. FXCM

FXCM is an international broker, present in Canada as well. The name under which it trades here is Friedberg Direct. The company is licensed with the IIROC and is authorized by the Quebec regulatory body as well. The benefits of dealing with this firm are its tight spreads and low commissions. However, if you are an experienced client, the FXCM Active Trader program is going to be up your alley as well. Designed with high-volume individuals in mind, it allows you to access lower spreads, more analytical tools to better assess the markets and much more. Note that your account needs to be worth at least $25 000 total to qualify.

2. FP Markets

The next broker we would like to highlight for Canadian traders is FP Markets. This company is originally from Australia, but has long since reached global renown in tens of countries. What makes its services stand out is the simplicity to trading with the broker. There are just two accounts, a commission-based and spread-based one. Both have a rather low entry cost and very low trading fees. This means FP Markets might be the right fit for you if you are a novice trader. There is also an in-depth education section to its website, where information on everything about the FX marker can be found. However, this is not only suitable for newer traders – even experienced ones will benefit from the comprehensive guides!

3. OANDA

As you can see above, OANDA holds a series of licenses across many countries. It is very popular in the States as well. There are many reasons for that, but what makes each branch of the firm stand out is the lack of minimum deposit requirement. The brokers we have covered so far do no require you to invest that much either, mind you – but their requirements cannot beat OANDA’s, which just does not set one. Cautious traders will benefit from this policy of the firm. If you are looking to explore the markets without even putting anything on the line at all, demo accounts are also available.

4. CMC Markets

Another broker which originated from Australia, CMC Markets has a strong presence with Canadian traders as well. The company’s tight regulation and low spreads mean dealing with it is worthwhile, but what is unique about it is one of the platforms it has available. Called Next Generation, this web software has a wealth of charting tools and high analytical capabilities. Furthermore, the interface is fully customizable, and supports many community features to be explored as well. Of course, if you are a trader who wishes to stick to what they know and trade on MT4, you can also do so with this firm.

5. Forex.com

Forex.com is one of the most straightforward brokers you can deal with. It aims to make trading easy and streamlined, making it very welcoming to newcomers. What’s even better for them is the quiz, hosted in the Education section of the website it runs. This quiz, which takes about five to ten minutes to complete, then places you in a certain category based on the type of trader you are. There are Beginner, Intermediate and Advanced tiers, and each allows you to access a different course, which the broker e-mails you. They contain useful information on how to best navigate the markets and make the most of the opportunities there and we recommend checking them out.

6. Interactive Brokers

Interactive Brokers allows you yo trade at exceptionally low costs – there are commissions as low as $0,4 to $2, and a spread from 0,1 pips. The company has a focus on high-net worth traders, both individuals and financial institutions. That is why it has such a high entry cost associated with its service. However, what’s interesting about Interactive Brokers is that it is ready to make a concession to individuals who wish to get into the Forex markets and are under 26 years old – they can make an account with $3000. Of note is also the fact the broker does not offer Metatrader 4 or MT5 – it has several proprietary platforms instead.

7. Fortrade

The next broker in our list, Fortrade, stands out with its proprietary platform. Called Fortrader, this is a web software which has a very user-friendly interface and some powerful tools. Clients of it are able to access Take Profit and Stop Loss functionality and a wealth of data. The platform is also available for mobile devices as well. And if you are after a more traditional platform, you can still use MT4 with the broker. On it, you would be able to access EAs and more indicators. Whichever of the two you prefer, Fortrade will support you with its low trading costs and high-speed execution.

8. Admiral Markets

Metatrader platforms can utilize many plugins – and Admiral Markets leans in on that with its Metatrader Supreme edition. Available for both MT4 and its successor, MT5, this is a set of highly sophisticated trading tools. They can completely overhaul the look and functionality of the platforms. For instance, there is the ability to control the orders for a given asset from the chart of another – via the MiniTerminal feature. There is access to automated trading signals too, which can be tinkered with to show you ideas for trading from markets you deem most relevant. They can also help you identify new assets to trade. If you are interested in what else these features include, head to the website of the broker.

9. Questrade

Questrade is an uniquely Canadian entity – this broker is only present in its domestic market. It offers access to FX trading and investment services. One of the more interesting features it has available is the Joint account. This allows several people to open a trading account and pool in their capital. The benefits of doing so include the ability to access higher positions and to divide the risk between the stakes of several individuals. And since the minimum deposit with Questrade is actually rather high – $1000, it can also help deal with this entry cost. The broker reports 250 000 accounts get opened with it annually, too – meaning it has quite the share of the Canadian market.

10. AvaTrade

Last but not least is AvaTrade – a broker with an international reach, which has an office in Canada as well. It services are quite decent, and there seems to be a greater deal of attention it pays to Options trading. The AvaOptions app can help clients tap into that particular market. It is available for mobile devices – Android and IOS and has some rather sophisticated risk-management tools as well as various strategies. There is also a browser add-on the firm offers access to. With it, traders can track Options on FX assets – there are several charts you can access and plot your strategy with.