Best forex brokers for Canada in 2024

Written by
Eszter Z.
Fact checked by
Adam N.
Updated
May 2024

Find below the strengths of the best forex brokers available in Canada, updated for 2024:

  1. Fusion Markets is the best forex broker in Canada in 2024 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
  2. Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  3. FP Markets - Decent currency pair selection. Great mobile trading platform. Outstanding education tools.
  4. CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
  5. FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  6. Forex.com - Excellent selection of currency pairs. Competitive forex spreads. Diverse technical research tools.
  7. Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
  8. TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
  9. MultiBank - Comptetitive EUR/USD trading fees. Excellent customer service. Social trading available.
  10. XTB - Low forex financing rates. Free withdrawal in most cases. Great variety of research tools.
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Overview of the best forex brokers in Canada

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

Broker
FX commission per lot
Minimum deposit
Fusion Markets
$2.25 commission per lot per trade
$0
Global Prime
$3.50 commission per lot per trade
$0
FP Markets
$3.00 commission per lot per trade
$50
CMC Markets
No commission is charged
$0
FXTRADING.com
$2.00 commission per lot per trade
$50
Forex.com
No commission is charged
$100
Axi
$3.50 commission per lot per trade
$0
TMGM
$3.50 commission per lot per trade
$100
MultiBank
$3.00 commission per lot per trade
$50
XTB
No commission is charged
$0
Best forex brokers in Canada key data compiled for May 2024

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.

Fee comparison of the best forex brokers in Canada

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

Broker
EURUSD spread
USDCAD spread
Fusion Markets
0.0
0.0
Global Prime
0.1
0.5
FP Markets
0.1
0.3
CMC Markets
0.5
1.3
FXTRADING.com
0.1
0.6
Forex.com
1.2
2.1
Axi
0.2
0.4
TMGM
0.1
0.2
MultiBank
0.6
0.8
XTB
0.8
1.9
Spreads at best forex brokers in Canada in 2024

Non-trading fees of the best online forex brokers in Canada

Broker
Withdrawal fee
Inactivity fee
Fusion Markets
$0
Global Prime
$0
FP Markets
$0
CMC Markets
$0
FXTRADING.com
$0
Forex.com
$0
Axi
$0
TMGM
$0
MultiBank
$0
XTB
$0
Non-trading fees at best forex brokers in Canada in 2024

Currency pair selection offered by the top online forex brokers in Canada

Broker
Currency pairs (#)
Stock index CFDs (#)
Fusion Markets
90
15
Global Prime
56
18
FP Markets
70
19
CMC Markets
330
80
FXTRADING.com
43
17
Forex.com
80
17
Axi
86
15
TMGM
60
15
MultiBank
55
23
XTB
70
33
Currency pair numbers at best forex brokers in Canada in 2024
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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:

Broker
Fees score
Markets and products score
Fusion Markets
4.5
/5
2.3
/5
Global Prime
4.1
/5
2.2
/5
FP Markets
4.5
/5
2.4
/5
CMC Markets
3.8
/5
2.5
/5
FXTRADING.com
4.4
/5
1.7
/5
Forex.com
3.7
/5
2.3
/5
Axi
4.0
/5
2.3
/5
TMGM
4.0
/5
2.3
/5
MultiBank
3.5
/5
2.3
/5
XTB
4.5
/5
3.7
/5
Top scores at best forex brokers in Canada in 2024

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:

  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.

How to choose the best forex brokers and trading platforms in Canada

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

Visit broker
74-89% of retail CFD accounts lose money

Fusion Markets snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku
Withdrawal fee $0
Currency pairs 90
Inactivity fee No
Read review For a detailed analysis of Fusion Markets services, check out our review for 2024

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

Visit broker
74-89% of retail CFD accounts lose money

Global Prime snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Deposit method Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile
Withdrawal fee $0
Currency pairs 56
Inactivity fee No
Read review For a detailed analysis of Global Prime services, check out our review for 2024

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

Visit broker
72.5% of retail CFD accounts lose money

FP Markets snapshot
Minimum deposit $50
Mobile app score 3.8 stars
Deposit method Bank transfer, Credit/debit cards, Neteller, Skrill, PayPal, Asia Banks, Sticpay, fasapay, Virtual Pay, Rupee Payments, Rapyd, Perfect Money, pagsmile, Cryptocurrency Solution, Crypto (finrax), mybux, ypay, Apple Pay, Google Pay, B2Binpay
Withdrawal method Bank transfer, Credit/debit cards, Neteller, Skrill, PayPal, Asia Banks, Sticpay, fasapay, Virtual Pay, Rupee Payments, Rapyd, Perfect Money, pagsmile, Cryptocurrency Solution, Crypto (finrax), mybux, ypay, Apple Pay, Google Pay, B2Binpay
Withdrawal fee $0
Currency pairs 70
Inactivity fee No
Read review For a detailed analysis of FP Markets services, check out our review for 2024

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

Visit broker
71% of retail CFD accounts lose money

CMC Markets snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Deposit method Bank transfer, Credit/debit cards
Withdrawal method Bank transfer, Credit/debit cards
Withdrawal fee $0
Currency pairs 330
Inactivity fee Yes
Read review For a detailed analysis of CMC Markets services, check out our review for 2024

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
74-89% of retail CFD accounts lose money

FXTRADING.com snapshot
Minimum deposit $50
Mobile app score 3.8 stars
Deposit method Bank transfer, Credit/debit cards, PayPal, Neteller, UnionPay, USDT
Withdrawal method Bank transfer, PayPal, Neteller, UnionPay, USDT
Withdrawal fee $0
Currency pairs 43
Inactivity fee No
Read review For a detailed analysis of FXTRADING.com services, check out our review for 2024

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

Visit broker
69-77% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit $100
Mobile app score 4.5 stars
Deposit method Bank transfer, Credit/debit cards, Skrill, Neteller, PayPal
Withdrawal method Bank transfer, Credit/debit cards, Skrill, Neteller, PayPal
Withdrawal fee $0
Currency pairs 80
Inactivity fee Yes
Read review For a detailed analysis of Forex.com services, check out our review for 2024
Axi Logo

Axi

Recommended for forex traders familiar with the MetaTrader 4 platform

Visit broker
76.3% of retail CFD accounts lose money

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 Union Pay
Withdrawal method Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Union Pay
Withdrawal fee $0
Currency pairs 86
Inactivity fee Yes
Read review For a detailed analysis of Axi services, check out our review for 2024

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
80.26% of retail CFD accounts lose money

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 60
Inactivity fee Yes
Read review For a detailed analysis of TMGM services, check out our review for 2024

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

Visit broker
74-89% of retail CFD accounts lose money

MultiBank snapshot
Minimum deposit $50
Mobile app score 4.3 stars
Deposit method Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Swift, pagsmile, my Fatoorah, Plus wallets, Thai QR payment, PayTrust, Pay Retailers, korapay, PaymentAsia, Boletol, pix, SPE, Praxis, GCash, dragonpay, Gobe pay
Withdrawal method Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Swift, pagsmile, my Fatoorah, Plus wallets, Thai QR payment, PayTrust, Pay Retailers, korapay, PaymentAsia, Boletol, pix, SPE, Praxis, GCash, dragonpay, Gobe pay
Withdrawal fee $0
Currency pairs 55
Inactivity fee Yes
Read review For a detailed analysis of MultiBank services, check out our review for 2024
XTB Logo

XTB

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

Visit broker
76-83% of retail CFD accounts lose money

XTB snapshot
Minimum deposit $0
Mobile app score 4.4 stars
Deposit method Bank transfer, Credit/debit cards, Paysafe, Skrill, ecommpay, PayU, PayPal
Withdrawal method Bank transfer
Withdrawal fee $0
Currency pairs 70
Inactivity fee Yes
Read review For a detailed analysis of XTB services, check out our review for 2024

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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),
  • 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!

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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.

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 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.

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Engage with our growing community of traders and investors like you to find your answers.
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Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author
Eszter Zalán
Author of this article
Eszter is a former Editor and Financial Journalist for BrokerChooser. She wrote and edited BrokerChooser's content from 2021 onwards, bringing her more than a decade-long experience in journalism to the team. She has covered world affairs and several financial crises, and dove deep into SEO and coding to make BrokerChooser's content more accessible to users.
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