The ForexBrokers.com annual review is among the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Industry leaders trust us because our rigorous testing is totally independent and 100% unbiased.
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. Here is our list of the top Canadian forex brokers.
- FOREX.com - Great All-around, Low Costs
- City Index - Well-rounded Offering
- OANDA - Well-rounded Offering
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.
| Forex Broker | Accepts CA Residents | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Open Account |
|---|---|---|---|---|---|---|
| FOREX.com | Yes | 0.770 | $250.00 | 92 | Open Account | |
| City Index | Yes | 0.770 | £100.00 | 92 | N/A | |
| OANDA | Yes | 1.400 | $0.00 | 88 | Open Account |
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:
- British Columbia Securities Commission
- Alberta Securities Commission
- Saskatchewan Financial Services Commission
- Manitoba Securities Commission
- Ontario Securities Commission
- Autorité des marchés financiers
- New Brunswick Securities Commission
- Nova Scotia Securities Commission
- Prince Edward Island
- Newfoundland Securities Commission
For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.
More Forex Guides
- Best Forex Brokers
- Best Forex Brokers for Copy Trading
- Best MetaTrader Brokers
- Best cTrader Brokers
- Compare Forex Brokers
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.
