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5 Best Forex Brokers Canada

Steven Hatzakis

Published by Steven Hatzakis


Wednesday, May 16th, 2018

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Trading forex (currencies) in international markets is popular among residents in Canada. Before any fx broker in Canada can accept forex and CFD traders as clients, they must become authorised by the Investment Industry Regulatory Organization of Canada (IIROC), which is the financial regulatory body in Canada. IIROC's website is iiroc.ca. We recommend Canadian residents follow IIROC on Twitter, @IIROCinfo and @FINTRAC_Canada.

Best Canadian Forex Brokers for 2019

To find the best forex broker in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their 2019 Overall Ranking. The result is our top canadian forex brokers list.

Best Forex Brokers Canada Comparison

Compare Canada authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.

IIROC Authorised (Canada) Average Spread EUR/USD - StandardMinimum Initial DepositTrust ScoreOverall
FOREX.com Yes 0.77$250.0092 4 Stars
Interactive Brokers Yes N/A$091 4 Stars
CMC Markets Yes 0.744$0.0090 4.5 Stars
OANDA Yes 1.40$0.0088 4 Stars
FXCM Yes 1.30$0.0080 4 Stars

How to Verify IIROC Regulation

To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from OANDA's website:

OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.

Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA's website website which shows each province that the broker can operate in Canada.

About the IIROC

IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Maket Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatorty bodies in Canada:

For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.

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Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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