Intro and winners
Top 5 forex brokers in Canada in 2023
- Fusion Markets is the best forex broker in Canada in 2023 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- CMC Markets - 0.7 pips average spread cost. Immense number of currency pairs. Low withdrawal fee.
- Axi - $3.5 commission per lot plus low spread. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
- TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
- FBS - Excellent selection of currency pairs. Competitive forex spreads. Diverse technical research tools.
While many forex trading brokers offer an excellent service, the ones in our top list go the extra mile.
How did BrokerChooser select the best FX brokers in Canada?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fee, commission),
- Checked minimum deposit requirements,
- Opened an account and tested the platform (charting, features, usability, customer service).
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.
| Broker | FX Commissions per lot | Minimum deposit | Account activated in | Credit/debit card deposit |
|---|---|---|---|---|
| Fusion Markets | $2.25 commission per lot per trade | $0 | 1 day | Yes |
| CMC Markets | No commission is charged | $0 | 1-3 days | Yes |
| Axi | $3.50 commission per lot per trade | $0 | 1-3 days | Yes |
| TMGM | $3.50 commission per lot per trade | $100 | 1 day | Yes |
| FBS | No commission is charged | $0.99 | 1 day | Yes |
Best forex brokers
Fee comparison of the best forex brokers in Canada
See the spreads charged by these online brokers for the most popular currency pairs.
| Fusion Markets | CMC Markets | Axi | TMGM | FBS | |
|---|---|---|---|---|---|
| EURUSD spread | 0.0 | 0.7 | 0.1 | 0.0 | 0.7 |
| GBPUSD spread | 0.2 | 0.9 | 0.1 | 0.3 | 1.2 |
| AUDUSD spread | 0.0 | 0.7 | 0.4 | 0.1 | 1.7 |
| EURCHF spread | 0.6 | 2.5 | 0.4 | 0.3 | 2.3 |
| EURGBP spread | 0.3 | 1.1 | 0.4 | 0.2 | 2.7 |
Best forex brokers
Non-trading fees of the best online forex brokers in Canada
| Fusion Markets | CMC Markets | Axi | TMGM | FBS | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Best forex brokers
Currency pair selection offered by the top online forex brokers in Canada
| Fusion Markets | CMC Markets | Axi | TMGM | FBS | |
|---|---|---|---|---|---|
| Currency pairs (#) | 85 | 338 | 76 | 50 | 100 |
Best forex brokers
Our top scores for the best forex brokers in Canada
Based on our assessments, and hundreds of data points we analyzed, here is our scorecard for the best online broker for trading forex:
| Fusion Markets | CMC Markets | Axi | TMGM | FBS | |
|---|---|---|---|---|---|
| Fees score | 4.7 stars | 3.5 stars | 4.3 stars | 3.9 stars | 4.1 stars |
| Markets and products score | 2.2 stars | 2.5 stars | 2.2 stars | 2.2 stars | 2.1 stars |
| Education score | 1.5 stars | 5.0 stars | 4.5 stars | 3.0 stars | 5.0 stars |
| Charting quality | Mid-range | Great | Mid-range | Mid-range | Mid-range |
Here are a few things that are good to know before diving into forex trading and the financial markets:
What makes a top forex broker?
- First of all, fair forex fees.
- A good selection of currency pairs.
- A great forex trading platform with advanced charting.
- Educational tools to guide you through the basics of trading.
If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.
If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.
Is forex trading legal in Canada?
We only recommend regulated, safe, reliable brokers, so each of these top picks is a good choice to start trading. But if you are worried about scams, here are a few useful tips on what to look out for:
- No information about the broker’s details on the website
- Questionable or difficult to understand parts in the Terms and Conditions
- The broker has no license or it is difficult to find out of it has one
- There are no reviews or many negative reviews
- Few methods of contacting customer support, slow response
- The broker’s representatives are obtrusive, frequently write and call, asking you to deposit money to your account
Forex trading is legal in Canada. The forex market in the country is regulated by the IIROC. (Investment Industry Regulatory Organization of Canada). The IIROC is the national regulator, but each region of Canada has its own provincial regulator making regulation in Canada quite complex, as there is no one single authority that oversees registration or regulation.
The IIROC is a self-regulatory organization, established in 2008, and it creates, monitors and enforces financial rules over the Canadian forex market. To check if a broker is a member of the IIROC, you should check the broker’s registered name which you can usually find at the bottom of their home page. You should be able to search if the broker’s name appears on IIROC’s website. If it is registered with the IIROC, it will appear in the Member section.
Forex brokers in Canada have a big advantage, as they fall under the Canadian Protection Fund (CIPF), which ensures that trades will be covered for up to USD 1 million in the case of insolvency or fraud.
Keep in mind that in some cases a broker might not be licences by the IIROC, but only by a specific region.
If you want to know more, here is our detailed article on forex scams.
If you are a novice trader and want to learn about trading strategies, we put together some trading ideas for you, check them out. A good trading strategy can be key to online trading but also make sure you practice with a demo account at an online forex broker.
If you don't know how currency trading works, take a look at our forex education articles.
Best forex brokers
Get the best brokers tailored to your needs
Didn't find the best broker for you? Answer a few questions and get a personalized broker list!
Your broker toplist will be selected based on your answers.
And now, let's see the top forex brokers in for Canadian residents one by one, starting with the winner, Fusion Markets.
#1 Best forex broker
Fusion Markets
Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal fee | $0 |
| Currency pairs | 85 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2023 |
#2 Best forex broker
CMC Markets
Recommended for forex and cfd traders looking for an advanced trading platform with many research tools
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Deposit method | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal fee | $0 |
| Currency pairs | 338 |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2023 |
#3 Best forex broker
Axi
Recommended for forex traders familiar with the metatrader 4 platform
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal fee | $0 |
| Currency pairs | 76 |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of Axi services, check out our review for 2023 |
#4 Best forex broker
TMGM
Recommended for forex traders who prefer the metatrader platform
| TMGM snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker |
| Withdrawal method | Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker |
| Withdrawal fee | $0 |
| Currency pairs | 50 |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of TMGM services, check out our review for 2023 |
#5 Best forex broker
FBS
Recommended for investors and cfd traders familiar with the metatrader trading platforms
| FBS snapshot | |
|---|---|
| Minimum deposit | $0.99 |
| Mobile app score | 4.3 stars |
| Deposit method | Bank transfer, Credit/debit cards, Skrill, Neteller, Rapid, PerfectMoney,FasaPay |
| Withdrawal method | Bank transfer, Credit/debit cards, Skrill, Neteller, Rapid, PerfectMoney,FasaPay |
| Withdrawal fee | $0 |
| Currency pairs | 100 |
| Inactivity fee | No |
| Read review | For a detailed analysis of FBS services, check out our review for 2023 |
Best forex brokers
Forex broker fees in Canada
To better understand what you are paying for when it comes to forex trading, here is a run-down on what forex brokers can charge, including commissions, spreads and financing fees.
When it comes to commissions, there are two different fee structures forex brokers normally use:
- All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the forex market.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't always mean it's more expensive.
When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.
Still unsure? Use our broker finder tool to pick the best broker for you.
Best forex brokers
FAQ
Do forex traders pay tax in Canada?
Forex is legal in Canada, but keep in mind that each province has different regulations. Before you start trading, get familiar with the basic forex jargon and the most often used forex trading strategies. Choose a broker from our top picks, and if it is available, start practicing with a demo account, so you get familiar with the platform. Once you feel comfortable enough, start trading live.
Can you trade forex in Ontario?
Yes, you can trade forex in Ontario, as forex trading is legal in Canada. The IIROC (Investment Industry Regulatory Organization of Canada) oversees the forex industry on a national level. Keep in mind that local regulators have different rules and also exert control. Locally, the Ontario Securities Commission oversees the capital markets, and forex trading in the province.
Save yourself hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you.
Comments