Best forex brokers for Canada in 2024

While many forex trading brokers offer an excellent service, the ones in our top list go the extra mile.

Popularity of the best forex brokers in Canada

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

See the spreads charged by these online brokers for the most popular currency pairs.

Based on our assessments, and hundreds of data points we analyzed, here is our scorecard for the best online broker for trading forex:

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:

1. 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.
2. 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.

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 Canadian Investment Regulatory Organization (CIRO). The CIRO 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 CIRO is a self-regulatory organization, previously called IIROC, and it creates, monitors and enforces financial rules over the Canadian forex market. To check if a broker is a member of the CIRO, you should check the broker’s registered name on CIRO website.

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 CIRO, 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.

Here are a few things that are good to know before diving into forex trading and the financial markets:

• 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.

And now, let's see the top forex brokers in for Canadian residents one by one, starting with the winner, Fusion Markets.

Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform

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74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders who are familiar with the MetaTrader trading platforms

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74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders familiar with the MetaTrader and IRESS trading platforms

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72.5% of retail CFD accounts lose money

Recommended for forex and CFD traders looking for an advanced trading platform with many research tools

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71% of retail CFD accounts lose money

Recommended for forex traders who prefer the MetaTrader platform

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74-89% of retail CFD accounts lose money

Recommended for forex traders looking for low fees and great research tools

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69-77% of retail CFD accounts lose money

Recommended for forex traders familiar with the MetaTrader 4 platform

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76.3% of retail CFD accounts lose money

Recommended for forex traders who prefer the MetaTrader platform

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80.26% of retail CFD accounts lose money

Recommended for forex and CFD traders familiar with the MetaTrader trading platform

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74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders looking for low fees and great deposit/withdrawal service

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76-83% of retail CFD accounts lose money

Answer a few questions and get a personalized broker list!

• We checked whether the broker is regulated by a trusted regulator,
• Compared fees (including spreads, withdrawal fee, commission),
• Compared the number of currency pairs,
• Checked order routing and research,
• 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 600 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 60,000 data points overall.

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 Canadian Investment Regulatory Organization (CIRO) 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.